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Stock market reaction to the military conflict between Russia and Ukraine: an event study for the European tourism and hospitality industry 股票市场对俄罗斯和乌克兰之间军事冲突的反应:欧洲旅游和酒店业的事件研究
4区 经济学
Journal of Applied Economics Pub Date : 2023-09-22 DOI: 10.1080/15140326.2023.2261756
António Miguel Martins, Pedro Correia, Susana Cró
{"title":"Stock market reaction to the military conflict between Russia and Ukraine: an event study for the European tourism and hospitality industry","authors":"António Miguel Martins, Pedro Correia, Susana Cró","doi":"10.1080/15140326.2023.2261756","DOIUrl":"https://doi.org/10.1080/15140326.2023.2261756","url":null,"abstract":"This paper examines the short-term market reaction of European tourism and hospitality industry to the beginning of the military conflict between Russia and Ukraine (24 February 2022). Using an event study, for a sample of 165 listed firms, we observe a negative and statistically significant stock price reaction at and around the beginning of the military conflict between Russia and Ukraine. These results are consistent with investor sentiment hypothesis and asset-pricing perspective. These reactions are reinforced or mitigated by firm-specific characteristics such as liquidity, size, profitability, and institutional ownership. Finally, we find that listed firms located in: (i) countries in which Russia and Ukraine are the largest source of inbound foreign tourists, and (ii) countries formerly occupied by the Soviet Union and/or that share a common border with Russia, tend to show more negative abnormal returns.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136060968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The measurement of zombie enterprise under information asymmetry–a case of China’s iron and steel industry 信息不对称下僵尸企业的测度——以中国钢铁行业为例
4区 经济学
Journal of Applied Economics Pub Date : 2023-09-21 DOI: 10.1080/15140326.2023.2259245
Shiue-Hung Lin
{"title":"The measurement of zombie enterprise under information asymmetry–a case of China’s iron and steel industry","authors":"Shiue-Hung Lin","doi":"10.1080/15140326.2023.2259245","DOIUrl":"https://doi.org/10.1080/15140326.2023.2259245","url":null,"abstract":"The problem of zombie enterprises originated in Japan’s bubble economy around 1990. Afterward, after China’s oversupply problem in 2016, it gained attention and received policy support from the Chinese government in solving related problems. The contribution of this measurement is to integrate the investor’s demand index for listed companies and the company’s actual production and operation performance simultaneously. Based on the panel data of 28 Chinese-listed iron and steel enterprises from 2003 to 2022, the simulation and empirical analysis are carried out. Our research found that the 28 listed steel enterprises in China generally performed poorly from 2007 to 2016, and even some steel enterprises had negative operating profits, but they still survived in the market. In addition, there is a problem of information asymmetry between the actual operation of the enterprise and the capital or financial market in the listed steel industry in China.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136237275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The linkages between trade, financial openness, and economic growth in China: an ARDL-bound test approach 中国贸易、金融开放与经济增长之间的联系:基于ardl约束的检验方法
4区 经济学
Journal of Applied Economics Pub Date : 2023-09-18 DOI: 10.1080/15140326.2023.2258616
Khalid Usman
{"title":"The linkages between trade, financial openness, and economic growth in China: an ARDL-bound test approach","authors":"Khalid Usman","doi":"10.1080/15140326.2023.2258616","DOIUrl":"https://doi.org/10.1080/15140326.2023.2258616","url":null,"abstract":"This research examines the linkages between trade, financial openness, and economic growth in China from 1992 to 2021, using Granger causality analysis in the ECM model to identify the trend of a causal relationship between the variables. The results confirm the validity of export-led growth and the supply-leading hypotheses in China. Moreover, China’s broad money is output-oriented, and the significance of exports to China’s economy is supported by the influence of real income and imports caused by exports. Lastly, the research highlights that domestic credit expansion by the banking industry stimulates global trade growth; however, import changes cause broad money fluctuations. Policymakers can utilize these findings to identify the trend of the growth and development of the trade and financial industry of the economy, as there is substantial proof that a meaningful relationship is occurring between economic growth, trade, and the financial development sectors of the economy.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135149144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate life cycle and credit scoring 企业生命周期和信用评分
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-09-05 DOI: 10.1080/15140326.2023.2255444
Ala’a Adden Abuhommous
{"title":"Corporate life cycle and credit scoring","authors":"Ala’a Adden Abuhommous","doi":"10.1080/15140326.2023.2255444","DOIUrl":"https://doi.org/10.1080/15140326.2023.2255444","url":null,"abstract":"ABSTRACT This paper examines how the corporate life cycle affects credit scoring. Previous empirical studies have shown that the life cycle has an impact on financial policies, creditworthiness, risk and performance. This study utilizes panel data of U.S. listed companies for the period 1985–2017. The Dickinson model, which divides the life cycle into four stages (introduction, growth, mature, and decline), is used. The Probit model is employed to investigate this relationship. The findings show that firms in the introduction, growth, and maturity stages have a favorable and significant impact on the likelihood of a positive credit rating change (upgrade). Conversely, firms in the decline stage show a negative relationship with credit rating positive upgrades. This suggests that credit rating agencies consider a firm’s life cycle status. Therefore, firms should strive to reach the growth and mature phases in order to benefit from higher credit ratings.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48316518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
World uncertainty and national fiscal balances 世界不确定性和各国财政平衡
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-08-04 DOI: 10.1080/15140326.2023.2242110
T. Nguyen, B. Pham, Hector Sala
{"title":"World uncertainty and national fiscal balances","authors":"T. Nguyen, B. Pham, Hector Sala","doi":"10.1080/15140326.2023.2242110","DOIUrl":"https://doi.org/10.1080/15140326.2023.2242110","url":null,"abstract":"ABSTRACT The Great Recession and the COVID-19 pandemic shared two of its critical macroeconomic consequences: a major increase in world uncertainty and great stress on public finances. In this paper, we show that not only these are not independent phenomena but, on the contrary, world economic uncertainties are relevant in determining country-specific fiscal balances. We provide consistent evidence for 143 countries over the period 1990–2019 that the former harms fiscal balances irrespective of the degree of economic development. In this way, an increase of 0.1 points in the world uncertainty index triggers, on average, 0.15 GDP percentage points deterioration in the fiscal balance. This average value is subject to significant non-linearities characterized by larger negative effects the higher the fiscal balance is. In a critical period in which public debts have climbed to unprecedented historical levels, economic stability appears as a non-negligible factor in the forthcoming process of public accounts rebalancing.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47490478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The dynamic of discriminatory reform: how does discretionary pricing neutralize the productivity gains of energy subsidy reform in Iran? 歧视性改革的动态：可自由支配的定价如何抵消伊朗能源补贴改革带来的生产力收益？
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-08-01 DOI: 10.1080/15140326.2023.2241167
Ali Hojati Najafabadi, Mohammad H. Rahmati, S. A. Madanizadeh
{"title":"The dynamic of discriminatory reform: how does discretionary pricing neutralize the productivity gains of energy subsidy reform in Iran?","authors":"Ali Hojati Najafabadi, Mohammad H. Rahmati, S. A. Madanizadeh","doi":"10.1080/15140326.2023.2241167","DOIUrl":"https://doi.org/10.1080/15140326.2023.2241167","url":null,"abstract":"ABSTRACT A distortion caused by previous policies could distort the results of reforms. This may explain why policies to reduce industrial fuel subsidies have not necessarily resulted in increases in aggregate productivity in countries with mandated pricing. To identify and measure these distortions’ effects, we estimate a structural dynamic firm model with endogenous technology adaptation using data from the manufacturing firms in Iran. By connecting two price distortions and their results on the real sector, results suggest significant room for a distributional policy. We estimated dispersion elasticity comparable to the price elasticity of energy consumption in the manufacturing sector. Results suggest that the intensive margin is the primary driver of energy price elasticity, whereas the other channels mostly offset it. Moreover, total factor productivity slightly improves in light of a reduction in energy consumption if, at the same time, the redistribution policy boosts the aggregate demands.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46791127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
What drives income inequality? Bayesian evidence from the emerging market economies 是什么导致了收入不平等?新兴市场经济体的贝叶斯证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-07-18 DOI: 10.1080/15140326.2023.2237692
Sheng-wang Wang, Yuan Gao, Mingjin Luo
{"title":"What drives income inequality? Bayesian evidence from the emerging market economies","authors":"Sheng-wang Wang, Yuan Gao, Mingjin Luo","doi":"10.1080/15140326.2023.2237692","DOIUrl":"https://doi.org/10.1080/15140326.2023.2237692","url":null,"abstract":"ABSTRACT What drives income inequality in emerging market economies? To end it, we approach this topic utilizing Bayesian model averaging and 27 emerging market economies panel dataset from 1990 to 2019. First, differently, we find a U-shaped Kuznets curve in emerging market economies rather than the notable inverted U-shaped curve. Besides, we find four strictly robust determinants of income inequality in emerging market economies, including the population aging, the female labor force participation, the unemployment level and the share of labor compensation in output. These results remain stable through a series of robustness checks. In most cases, the government expenditure and real exchange rate could also robustly drive the dynamics of income inequality in emerging market economies. Further, a comparative analysis suggests that financial development, inflation, human capital condition, total factor productivity and urbanization are distinct determinants of income inequality in the market economies.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59974229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of maternity on labor outcomes and employment quality for women in Chile 生育对智利妇女劳动成果和就业质量的影响
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-07-06 DOI: 10.1080/15140326.2023.2232965
Juan Pedro Eberhard, Javier Fernandez, Catalina Lauer
{"title":"Effects of maternity on labor outcomes and employment quality for women in Chile","authors":"Juan Pedro Eberhard, Javier Fernandez, Catalina Lauer","doi":"10.1080/15140326.2023.2232965","DOIUrl":"https://doi.org/10.1080/15140326.2023.2232965","url":null,"abstract":"<p><b>ABSTRACT</b></p><p>Parenthood have a significant impact on engagement in the labor force. Parents may decide to look for jobs with specific characteristics, and in some cases, they may decide to not participate in the labor market. Using survey data from Chile, we use a propensity score matching estimation to compare various labor outcomes of women and men with and without children. We found that maternity has an impact on several dimensions of labor engagement. To study how these multidimensional effects are compounded at the individual level, we use a quality of employment (QoE) index to estimate the drop in job quality post-childbirth. We found a drop in quality only for mothers. Moreover, for less educated women, the drop in QoE is equivalent to no longer being hired under contract. For single mothers, the drop is equivalent to a reduction in wages that would make the family fall below the poverty line.</p>","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138524183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Legacy of the Czar: Complementarity between education and work in Russia 沙皇的遗产:俄罗斯教育与工作的互补性
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-07-03 DOI: 10.1080/15140326.2023.2230623
A. Zhangaliyeva, Masaki Nakabayashi
{"title":"Legacy of the Czar: Complementarity between education and work in Russia","authors":"A. Zhangaliyeva, Masaki Nakabayashi","doi":"10.1080/15140326.2023.2230623","DOIUrl":"https://doi.org/10.1080/15140326.2023.2230623","url":null,"abstract":"ABSTRACT Vocational school graduates enjoy a higher employment probability than other types of graduates across industrial economies. This may result from either the signaling effects of vocational school degrees or skill complementarity between vocational schooling and work experience. Regarding wage regressions, signaling effects should make the coefficient of the interaction term between years of schooling and work experience negative, whereas complementarity between education and work experience should increase this coefficient because the cross-derivative of output with respect to schooling and work experience is positive. Thus, the negativity of the interaction term between years of schooling and work experience decreases as schooling becomes more complementary to work. We find that the negativity of the interaction term is smaller for vocational track graduates than for general track graduates in Russia. This result is arguably because the Russian vocational track emphasizes complementarity between education and work to a greater degree than its general track.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44199539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An empirical analysis of e-cigarette addiction 电子烟成瘾的实证分析
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-06-14 DOI: 10.1080/15140326.2023.2223953
Xueting Deng, Yuqing Zheng, J. Butler
{"title":"An empirical analysis of e-cigarette addiction","authors":"Xueting Deng, Yuqing Zheng, J. Butler","doi":"10.1080/15140326.2023.2223953","DOIUrl":"https://doi.org/10.1080/15140326.2023.2223953","url":null,"abstract":"ABSTRACT This paper examines the role of addiction in influencing the demand for e-cigarettes using the Nielsen Retail Scanner Data and the Nielsen Consumer Panel Data between 2012 and 2017. With a comparison of a myopic addiction model, a forward-looking model, and a rational addiction model, this paper tests whether the consumption of e-cigarettes is addictive and rational. Results from both the macro data and the microdata support the rational addictiveness of e-cigarettes. Applying an OLS method and an instrumental variable method in causal inference, results show that the long-run price elasticity estimates are larger than the estimates of the short-run price elasticity of demand for e-cigarettes. Estimates of both long-run and short-run elasticities are greater than one, −1.50 and −1.05, suggesting e-cigarette demand is elastic in both the long run and short run.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47127691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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