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on Microeconomic European Issues |
| By: | von Graevenitz, Kathrine; Rottner, Elisa; Richter, Philipp M. |
| Abstract: | Relative prices determine competitiveness of different locations. In this paper, we focus on the role of regulatory differences between Germany and other EU countries which affect the shadow price of carbon emissions. We calibrate a Melitz-type model, extended by firms' emissions and abatement decisions using data on aggregate output, trade and emissions. The parameter estimates are estimated from the German Manufacturing Census. The quantitative model allows us to recover a measure of how regulatory stringency evolved in the EU and Germany in terms of an implicit carbon price paid on emissions. This price reflects energy and carbon prices in addition to command-and-control measures and decreased from 2005 to 2019 in most sectors - both in Germany and other EU countries. The trend is more pronounced in Germany than in the rest of the EU. In counterfactual analyses, we show that this intra-EU difference has substantially increased German industrial emissions. Had the EU experienced the same decrease in implicit carbon prices as Germany, German emissions would have been substantially lower. Germany has increasingly become a pollution haven |
| Keywords: | Carbon emissions, Climate Policy, Melitz model, Manufacturing |
| JEL: | F18 H23 L60 Q56 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:283591&r=eur |
| By: | Celidoni, Martina; Costa-Font, Joan; Salmasi, Luca |
| Abstract: | Longevity expectations (LE) are subjective assessments of future health status that can influence a number of individual health protective decisions. This is especially true during a pandemic such as COVID-19, as the risk of ill health depends more than ever on such protective decisions. This paper examines the causal effect of LE on some protective health behaviors and a number of decisions regarding forgoing health care using individual differences in LE. We use data from the Survey of Health Ageing and Retirement in Europe, and we draw on an instrumental variable strategy exploiting individual level information on parental age at death. Consistent with the too healthy to be sick hypothesis, we find that individuals, exhibiting higher expected longevity, are more likely to engage in protective behaviours, and are less likely to forgo medical treatment. We estimate that a one standard deviation increase in LE increases the probability to comply always with social distancing by 0.6%, to meet people less often by 0.4% and decreases the probability to forgo any medical treatment by 0.6%. Our estimates vary depending on supply side restrictions influencing the availability of health care, as well as individual characteristics such as their gender and the presence of pre-existing health conditions. |
| Keywords: | coronavirus; Covid-19; longevity expectations; private information; health behaviours; foregone medical treatment; health capital; SHARE; Europe; instrumental variables; forgone medical treatment |
| JEL: | I12 I18 |
| Date: | 2022–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:115979&r=eur |
| By: | Riedel, Lukas |
| Abstract: | This paper assesses the impact of a large expansion of public childcare in Germany on wage inequality. Exploiting regional variation in childcare supply over the 1990s, I show that in regions with stronger increases in childcare, wage inequality among women increased less strongly compared to regions with smaller increases. This is primarily driven by the lower half of the wage distribution and qualitatively similar for full- and part-time workers. Larger expansions in childcare, however, do not contribute to a further closing of the gender wage gap. |
| Keywords: | wage inequality, childcare, gender wage gap |
| JEL: | J13 J16 J31 J82 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:283614&r=eur |
| By: | Melanie Marten (Université de Cergy-Pontoise, THEMA) |
| Abstract: | This paper investigates the impact of a 2016 electricity tax reform on French manufacturing using micro-panel data spanning eight years. The reform intro- duced a tax reduction on electricity use contingent on gross electricity tax liabil- ity exceeding 0.5% of firm value-added. Firms that satisfy the threshold criteria are considered electro-intensive. This paper exploits a Differences-in-Differences (DiD) event study specification to estimate the effect of the tax cut relative to inel- igible firms. On average, electro-intensive firms experienced a relative drop in in their average electricity costs ranging between 8.5% and 12.4% in the post-reform period. Findings also uncover heterogeneous effects across manufacturing sectors. Nevertheless, results do not indicate that the reform had a significant or robust im- pact on either energy use input choice or on economic performance. |
| Keywords: | Electricity tax, Policy Evaluation, Manufacturing, France |
| JEL: | Q48 L5 L6 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ema:worpap:2024-02&r=eur |
| By: | Vogel, Justus; Hollenbach, Johannes; Haering, Alexander; Augurzky, Boris; Geissler, Alexander |
| Abstract: | Public investment in hospitals in Germany has been insufficient for decades, making it difficultto finance digitization. Due to dual financing, hospitals could alternatively use their own profitsto pay for digitization efforts. This raises the question of whether there is a relationship betweenprofitability and digitization, i.e., whether profitable hospitals are more digitally mature, and whatother factors might influence digital maturity. To investigate this relationship, we use novel data ondigital maturity of German hospitals and combine them with balance sheet data. Our multivariateregression results do not show a robust correlation between profitability and digital maturity.Rather, being part of a large chain seems to be more important for digitalization. We concludethat hospitals in chains are more digitally mature because they benefit from a standardizationof IT infrastructure and internal policies. Individual hospitals may also benefit from centralizingparts of their IT strategy development. |
| Abstract: | Die Finanzierung von Digitalisierungsprojekten in deutschen Krankenhäusern wird durch die seit Jahren zu geringen öffentlichen Investitionen erschwert. Aufgrund der dualen Finanzierung in Deutschland haben Krankenhäuser jedoch die Alternative, eigene Gewinne zur Finanzierung von Digitalisierungsmaßnahmen zu verwenden. Dies wirft die Frage auf, ob es einen Zusammenhang zwischen Profitabilität und Digitalisierungsgrad gibt, d.h. ob profitablere Krankenhäuser digital reifer sind und welche weiteren Faktoren die digitale Reife beeinflussen. Um diesen Zusammenhang zu untersuchen, verwenden wir neue Daten zum digitalen Reifegrad deutscher Krankenhäuser und kombinieren diese mit Bilanzdaten. Unsere multivariaten Regressionsergebnisse zeigen keinen robusten Zusammenhang zwischen Profitabilität und digitaler Reife. Vielmehr scheint die Zugehörigkeit zu einer großen Kette eine größere Bedeutung für die Digitalisierung zu haben. Größere Ketten sind digital reifer, weil sie eine kettenweite IT-Strategie verfolgen, die IT-Architektur und -Richtlinien standardisieren und Investitionen querfinanzieren können. |
| Keywords: | Hospital profitability, hospital digitization, digital maturity |
| JEL: | I11 I18 M15 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:284395&r=eur |
| By: | Reljic, Jelena; Zezza, Francesco |
| Abstract: | We contribute to the long-standing debate on the Italian North-South divide by assessing the impact of public spending on social infrastructure - including education, healthcare, childcare and social assistance - on the gender employment gap over the last two decades, using a PSVAR analysis. These investments, while not explicitly targeting women, may increase both their labour supply - by reducing the unpaid care work burden - and pro-women labour demand through job creation in care sectors that predominantly employ women. Our research reveals a positive and long-lasting impact of social infrastructure expenditure on private investment, GDP and employment in all areas of the country. However, the reduction of the gender employment gap is detected only in the South and among high-skilled women. These results stress the need for targeted policies to fill the investment gaps in social infrastructure, aiming for a more inclusive labour market, particularly in Southern regions, which suffer from chronic underinvestment and structural challenges. |
| Keywords: | Social infrastructure, Gender inequality, Fiscal Policy, Panel SVAR, Italian regions |
| JEL: | C33 E24 H30 J16 J18 J21 R58 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:1407&r=eur |
| By: | Wessel Vermeulen; Fernanda Gutierrez Amaros |
| Abstract: | Data on online job postings represents an important source of information for local labour markets. Many countries lack statistics on labour demand that are sufficiently up-to-date and disaggregated across regions, sectors and occupations. Web-scraped data from online job postings can provide further insights on the trends in labour demand and the skills needed across regions, sectors and occupations. This paper assesses the comparability and validity between Lightcast and other data sources for Austria, Belgium, Bulgaria, Germany, Hungary, the Netherlands, Portugal, Romania, Spain and Sweden, for the years 2019 to 2022 across regions, sectors and occupations. It concludes with some recommendations for labour market analysts that want to use data on online job postings for assessing labour demand trends. |
| Keywords: | big data, Lightcast (Burning Glass), online job postings, unconventional data sources, vacancy data |
| JEL: | C89 J23 J29 J63 O50 R12 Y1 |
| Date: | 2024–03–11 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2024/02-en&r=eur |
| By: | David Kreitmeir; Paul A. Raschky |
| Abstract: | We analyse the individual productivity effects of Italy's ban on ChatGPT, a generative pretrained transformer chatbot. We compile data on the daily coding output quantity and quality of over 36, 000 GitHub users in Italy and other European countries and combine these data with the sudden announcement of the ban in a difference-in-differences framework. Among the affected users in Italy, we find a short-term increase in output quantity and quality for less experienced users and a decrease in productivity on more routine tasks for experienced users. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.01964&r=eur |
| By: | Füner, Lena; Berger, Marius; Bersch, Johannes; Hottenrott, Hanna |
| Abstract: | New business formation is a key driver of regional transformation and development. While we know that a region's attractiveness for new businesses depends on its resources, infrastructure, and human capital, we know little about the role of local business networks in promoting or impeding the birth of new firms. We construct local business networks connecting more than 350 million nodes consisting of managers, owners and firms using administrative data on all German businesses from 2002 to 2020. Differentiating between serial and de-novo entrepreneurs, we show a positive but decreasing relation between a region's connectedness and firm entry of serial entrepreneurs. Networks are, moreover, positively linked to firm survival. Relating our findings to a measure of ownership concentration, we show that networks provide additional explanations for regional variation in new business formations. These patterns are robust to synthetic instrumental variable estimations |
| Keywords: | New Firm Formation, Business Networks, Serial Entrepreneurship, RegionalDynamics, Ownership Concentration |
| JEL: | L14 L26 M13 O31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:283589&r=eur |
| By: | Ekaterina Prytkova; Fabien Petit; Deyu Li; Sugat Chaturvedi; Tommaso Ciarli |
| Abstract: | This paper measures the exposure of industries and occupations to 40 digital technologies that emerged over the past decade and estimates their impact on European employment. Using a novel approach that leverages sentence transformers, we calculate exposure scores based on the semantic similarity between patents and ISCO-08/NACE Rev.2 classifications to construct an open–access database, ‘TechXposure’. By combining our data with a shift–share approach, we instrument the regional exposure to emerging digital technologies to estimate their employment impact across European regions. We find an overall positive effect of emerging digital technologies on employment, with a one-standard-deviation increase in regional exposure leading to a 1.069 percentage point increase in the employment-to-population ratio. However, upon examining the individual effects of these technologies, we find that smart agriculture, the internet of things, industrial and mobile robots, digital advertising, mobile payment, electronic messaging, cloud storage, social network technologies, and machine learning negatively impact regional employment. |
| Keywords: | occupation exposure, industry exposure, text as data, natural language processing, sentence transformers, emerging digital technologies, automation, employment |
| JEL: | C81 O31 O33 O34 J24 O52 R23 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10955&r=eur |
| By: | Vandaele, Kurt,; Piasna, Agnieszka,; Zwysen, Wouter, |
| Abstract: | This study contributes to the understanding of unionization in the platform economy, both in terms of membership rates among different groups of platform workers and the potential for unionization among those who are not yet members. The findings are based on a unique cross-national and comparative survey, dedicated to the analysis of various forms of digitally-mediated work and trade union-related behaviour, which allows for an explicit link between the platform economy and the conventional economy. |
| Keywords: | platform workers, trade unionization |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ilo:ilowps:995329393402676&r=eur |
| By: | Peiffer-Smadja, Océane; Mitra, Alessio; Ravet, Julien; Di Girolamo, Valentina |
| Abstract: | This paper uses multiple linear and fractional probit regressions to assess the importance of regional research capacities and assets, as well as intrinsic characteristics of the regions in defining success in the European R&I Framework Programme. We find that quality of research outputs matters more than quantity, particularly in projects targeting societal challenges, while quality of patenting activity matters more than quantity, particularly in projects targeting industrial objectives. Less-developed regions benefit from improved institutions, while advanced regions gain from increased R&D and human resources investments. We provide recommendations on how regions can improve their capacity to participate in the EU FP for R&I. |
| Keywords: | European R&I Framework Programme, Regional innovation |
| JEL: | O38 R58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:283908&r=eur |
| By: | Hafemann, Lucas |
| Abstract: | This paper focuses on the downside risks to the German residential real estate market. It applies the "at-risk" methodology to the German housing market. Quantile regressions reveal that different quantiles of the house price forecast distribution are heterogeneously affected by the same exogenous variables. While past house prices have a very pronounced impact on the median, variations in interest rates predominantly affect the lower quantiles of the distribution. Other factors, such as employment, affect different quantiles more equally. The at-risk model shows that, in the recent era of high inflation and rising interest rates, the forecast distribution of house prices has shifted to the left, resulting in lower expected growth rates of real house prices. Additionally, we find that sparsely populated districts have more pronounced downside risks than densely populated ones. |
| Keywords: | residential real estate, housing, growth-at-risk, quantile regression, Germany |
| JEL: | C32 E37 G01 R31 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubtps:283351&r=eur |
| By: | Laura Nurski; Nina Ruer |
| Abstract: | In this paper, we take a dual approach to assess the impact of GenAI on the European labour market. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bre:wpaper:node_9794&r=eur |
| By: | Scherrer, Aline; Helferich, Marvin; Speth, Daniel; Link, Steffen |
| Abstract: | The electrification of heavy-duty road transport and logistics operations presents a significant challenge in meeting CO2 reduction goals. Despite increasing attention to battery-electric trucks (BETs) as a primary strategy among manufacturers, their market share remains limited in Europe and Germany. Logistics companies, as primary users of heavy-duty vehicles (HDVs), face various challenges such as tight budgets, time constraints, and diverse operational needs, which significantly influence the adoption of BETs. Previous studies have identified general key obstacles including purchase price, charging infrastructure availability, vehicle range, payload limitations, total ownership costs, technology perception, and operational adaptations. However, further investigation is needed to understand company-specific requirements and operations of different logistics segments, especially regarding charging infrastructure limitations. This study employs a mixed methods approach to explore logistic companies' perspectives on charging infrastructure and BET adoption. A survey of German logistics companies, followed by semi-structured interviews, provides insights into current fleet operations, attitudes towards BETs, and motivations for electrification. The survey findings highlight the diverse vehicle types and driving profiles within logistics fleets, with a focus on identifying most readily electrifiable trucks (RETs) based on usage patterns. Analyses of survey data, conducted mainly through descriptive statistics, reveal the complexities of trip planning, on-site charging infrastructure, and public charging implications for BET adoption. Interviews with selected respondents further delve into company characteristics, daily operations, usage intentions, and barriers related to BET adoption and charging infrastructure. The results indicate that the regularity and plannability of trips differs across tour types and distances, impacting the potential integration of BETs in operations. Tour regularity varies greatly for individual vehicles beyond urban applications, impacting the flexibility needed for charging. The longest coherent parking time is predominantly spent on private property, with home depots being more important than client locations. Challenges for establishing and using charging infrastructure include the lack of medium voltage grid connections for fast charging at home depots, heterogeneous conditions at client waiting and loading areas, and uncertainties regarding the availability and operational integration of public charging infrastructure. Companies in the sample operating a large number of RETs also hold the most positive attitudes towards BETs, with some already deploying such vehicles. Factors influencing the engagement of logistics companies in fleet electrification include personal motivations, growing customer demands for decarbonised transport, and regulatory requirements. Methodological limitations of the study include a bias towards large fleets in the sample, limiting extrapolation of findings to the broader market. Key recommendations include addressing barriers to at-home and client location charging to support fleet electrification efforts effectively. The findings provide insights into the operational considerations and motivations driving charging infrastructure deployment and fleet electrification. Furthermore, they offer implications for policymakers and industry stakeholders aiming to accelerate the transition to electric HDVs. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fisisi:285361&r=eur |
| By: | M. Trabandt; W. Lasarov (Audencia Business School); G. Viglia |
| Abstract: | The tourism sector is actively exploring methods to reduce its adverse environmental impact. Our study introduces hedonic appeals as a novel approach to encourage guests to reduce their room cleaning requests. We contend that combining this approach with sustainable appeals is at least as effective as the previously identified most effective strategy, namely providing guests with financial incentives. The effectiveness of hedonic appeals is channeled through guest value creation. Our empirical evidence – involving a field experiment at a European hotel and a lab experiment – supports the proposed effects and explanation mechanisms. We also demonstrate that our new strategy is the most profitable by introducing a profitability index that considers room cleaning requests, monetary investments, and side effects. We therefore recommend hotels to adopt this cost-effective strategy to reduce room cleaning requests without affecting overall guest satisfaction. |
| Keywords: | Sustainable tourism, Field experiment, Room cleaning practices, Hedonic appeals, Financial incentives, Sustainable appeals, Guest value, Guest behavior |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04464032&r=eur |
| By: | Eraslan, Sercan; Reif, Magnus |
| Abstract: | This paper introduces a weekly GDP indicator to track real economic activity in Germany in real-time. We use a mixed-frequency dynamic factor model with quarterly, monthly, and weekly indicators and obtain the weekly GDP indicator as the weighted common component of the mixed-frequency dataset. Our indicator is able to approximate latent week-on-week growth of German GDP. In addition, it enables computing a weekly GDP series in levels, which is also of great interest for central bankers, policy makers, and practitioners interested in analysing the current state of the economy in a timely manner. Finally, we demonstrate the benefits of our indicator for high-frequency tracking of the German economy using a recursive nowcasting exercise. |
| Keywords: | Business cycle, dynamic factor model, economic indicator |
| JEL: | C38 C43 E32 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubtps:283352&r=eur |
| By: | Clemens Fuest; Andrei Marcu; Michael Mehling |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:econpr:_48&r=eur |
| By: | Geppert, Frauke; Krachunova, Tsvetelina; Bellingrath-Kimura, Sonoko Dorothea |
| Abstract: | In this study, we identified currently available digital and smart technologies for German agriculture and classified their applicability. We differentiated our findings by three categories and ten sub-categories, including complex systems for data collection, software- and hardware-based technologies with a total of 201 commercial technologies. Additionally, we took an inventory of the country-specific agricultural environmental impacts and conducted an online survey on the barriers and potentials of digital technologies in relation to sustainability, followed by an experts' dialogue with stakeholders from agriculture, policy, industry, research, and civil societies, and a literature review assessment. On this basis, we elaborated key recommendations for further actions that prevail barriers and promote potentials for a sustainable digitalisation in German agriculture. We also provided best-practice examples from other European countries. Our findings showed that policy actions are urgently needed to establish a broader use of digital and smart technologies for sustainability purposes in daily farm work. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:efisdi:284380&r=eur |
| By: | Nicolas Jullien (IMT Atlantique - LUSSI - Département Logique des Usages, Sciences sociales et Sciences de l'Information - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris], MARSOUIN - Môle Armoricain de Recherche sur la SOciété de l'information et des usages d'INternet - UR - Université de Rennes - UBS - Université de Bretagne Sud - ENSAI - Ecole Nationale de la Statistique et de l'Analyse de l'Information [Bruz] - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - UR2 - Université de Rennes 2 - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris], LEGO - Laboratoire d'Economie et de Gestion de l'Ouest - UBS - Université de Bretagne Sud - UBO - Université de Brest - IMT - Institut Mines-Télécom [Paris] - IBSHS - Institut Brestois des Sciences de l'Homme et de la Société - UBO - Université de Brest - UBL - Université Bretagne Loire - IMT Atlantique - IMT Atlantique - IMT - Institut Mines-Télécom [Paris]) |
| Abstract: | Academic institutions and their staff use, adapt and create software. We're thinking of business tools used to carry out their mission: teaching management (Moodle) or subject teaching support (such as Maxima for formal calculus), for example. We're talking about software resulting from research work, designed by a researcher or a team as part of a research project (funded by ANR, Europe, etc. or not) or as a research service for a third party. These projects can last for decades (such as the Coq program proof assistant project, or the GPAC multimedia content distribution platform). We discuss why this software is produced, with what resources, the interest that institutions derive from it, what we call the "valorization" of software resulting from scientific research. The latter is multifaceted, as are the missions of scientific institutions: social value (contribution to the world heritage of knowledge), financial value (contracts), economic value (business creation), scientific value (publication), image value (visibility of the institution among target audiences: students, researchers, companies, prescribers). |
| Abstract: | Les établissements scientifiques, et leurs salariés, utilisent, adaptent, créent du logiciel. On pense aux outils métiers pour réaliser leur mission : gestion des enseignements (Moodle) ou support d'enseignement d'une matière (comme Maxima pour le calcul formel), par exemple. Nous parlerons ici des logiciels issus de travaux de recherche, conçus par un chercheur ou une équipe, dans le cadre d'un projet de recherche (financé, par l'ANR, l'Europe, etc. on non financé), ou en prestation de recherche pour un tiers. Ces projets peuvent s'étendre sur des décennies (comme le projet d'assistant de preuve de programme Coq, ou la plateforme de distribution de contenu multimédia GPAC). Nous discutons pourquoi ces logiciels sont produits, avec quelles ressources, l'intérêt que les établissements en retirent, ce que nous appellerons la « valorisation » des logiciels issus de la recherche scientifique. Celle-ci est multiple, comme le sont les missions des établissements scientifiques : valorisation sociale (contribution au patrimoine de connaissance mondiale), valorisation financière (contrats), valorisation économique (création d'entreprises), valorisation scientifique (publication), valorisation d'image (connaissance de l'institution parmi les publics-cibles : étudiants, chercheurs, entreprises, prescripteurs). |
| Keywords: | Open / free software, Open access, university, Public research, value, valorisation, université, Recherche publique, Open access - évaluation |
| Date: | 2024–01–23 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04473408&r=eur |
| By: | Angel De la Fuente; Pep Ruiz |
| Abstract: | This Working Paper provides a concise overview of the recent enhancements to the sector module within the RegData FEDEA-BBVA database. This Working Paper provides a concise overview of the recent enhancements to the sector module within the RegData FEDEA-BBVA database. |
| Keywords: | homogeneous series, series homogéneas, income, renta, Employment, Empleo, Spain, España, Regional Analysis Spain, Análisis Regional España, Working Paper, Documento de Trabajo |
| JEL: | E01 R1 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bbv:wpaper:2404&r=eur |
| By: | Billio, Monica; Fitzpatrick, Aoife Claire; Latino, Carmelo; Pelizzon, Loriana |
| Abstract: | In this study, we unpack the ESG ratings of four prominent agencies in Europe and find that (i) each single E, S, G pillar explains the overall ESG score differently, (ii) there is a low co-movement between the three E, S, G pillars and (iii) there are specific ESG Key Performance Indicators (KPIs) that are driving these ratings more than others. We argue that such discrepancies might mislead firms about their actual ESG status, potentially leading to cherry-picking areas for improvement, thus raising questions about the accuracy and effectiveness of ESG evaluations in both explaining sustainability and driving capital toward sustainable companies. |
| Keywords: | ESG Investing, ESG ratings, Asset Allocation, Portfolio Management, Sustainable Finance |
| JEL: | M14 G24 G11 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:safewp:284398&r=eur |
| By: | Charlotte Bartels; Simon Jäger; Natalie Obergruber |
| Abstract: | What are the long-term economic effects of a more equal distribution of wealth? We investigate consequences of land inequality, exploiting variation in land inheritance rules that traverse political, linguistic, geological, and religious borders in Germany. In some German areas, inherited land was to be shared or divided equally among children, while in others land was ruled to be indivisible. Using a geographic regression discontinuity design, we first show a more equal land distribution in areas with equal division; other potential drivers of growth are smooth at the boundary and equal division areas were not historically more developed. Today, equal division areas feature higher average incomes and more entrepreneurship which goes in hand with a right-shifted skill, income, and wealth distribution. We show evidence consistent with the more even distribution of land leading to more innovative industrial by-employment during Germany’s transition from an agrarian to an industrial economy that, in the long-run, led to more entrepreneurship. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10936&r=eur |
| By: | Lena Abou El-Komboz; Moritz Goldbeck |
| Abstract: | Are national borders an impediment to online collaboration in the knowledge economy? Unlike in goods trade, knowledge workers can collaborate fully virtually, such that border effects might be eliminated. Here we study collaboration patterns of some 144, 000 European developers on the largest online code repository platform, GitHub. To assess the presence of border effects we deploy a gravity model that explains developers’ inter-regional collaboration networks. We fnd a sizable border effect of –16.4%, which is, however, fve to six times smaller than in trade. The border effect is entirely explained by cultural factors such as common language, shared interests, and historical ties. The international border effect in Europe is much larger than the state border effect in the US, where cross-border cultural differences are much less pronounced, further strengthening our conjecture that culture is a main driver of the border effect in virtual collaboration. |
| Keywords: | digitization, software development, knowledge work, culture, language |
| JEL: | F66 J61 O31 O33 O36 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ifowps:_407&r=eur |
| By: | Gabriel Felbermayr (Supply Chain Intelligence Institute Austria, Austrian Institute of Economic Research); Klaus Friesenbichler (Supply Chain Intelligence Institute Austria, Austrian Institute of Economic Research); Peter Klimek (Supply Chain Intelligence Institute Austria, Medical University of Vienna, Complexity Science Hub Vienna) |
| Abstract: | ASCII proposes a revision of the EU directive on supply chain due diligence, the EU Corporate Sustainable Due Diligence Directive. The directive is based on European values and is to be welcomed. ASCII suggests that the Directive should focus, where possible, on direct monitoring of suppliers rather than on bilateral relationships between buyers and sellers. The directive should be amended to allow the use of negative and positive lists of countries and suppliers. Such lists contain foreign suppliers that are prohibited (negative lists) or authorised (positive lists) to participate in EU supply chains. When contracting with companies on positive lists, EU importers do not have to carry out due diligence on the companies. They are prohibited from doing business with companies on negative lists. The Directive will continue to apply to non-listed companies. This reduces the overall cost of the regulation for EU importers, reduces the likelihood of unwanted side-effects and makes the instrument more effective, as non-compliance by a foreign supplier leads to delisting throughout the EU, not just with a single buyer. It would also increaseeffectiveness by reducing legal uncertainty and extending the scope of the regulation beyond EU-based production networks. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:bdt:asciis:1&r=eur |
| By: | Stephan Puehringer (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Georg Wolfmayr (Institute for European Ethnology, University of Vienna, Austria) |
| Abstract: | This paper develops a better understanding of the explicit and implicit implications of the academic field’s competitization, with a specific focus on the role that academic social networks and platforms (ASNPs) play in this process. By applying a mixed-methods approach combining a structural analysis and a questionnaire study, we compare ResearchGate, Google Scholar and Twitter and ask how and to what extent they contribute to the competitive subjectivation of their users. Therefore, we differentiate between suggested and enacted subjectivation, i.e., different levels of amplifying the self-perception of a ‘competitive self.’ We particularly find that ResearchGate, which is used by about two thirds of our respondents, offers a broad variety of tools for competitive subjectivation, yet all three ASNPs support the metric logic of individual research evaluation. Concerning differences in age, gender and disciplinary background, our results show that ASNPs are used more by younger and male researchers and these groups also perceive their work more competitively and act more competitively. While metric research evaluation is assessed as most important in the natural sciences and economics and rather unimportant in the humanities, social scientists especially perceive their work and their relation to colleagues in a competitive context. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:150&r=eur |
| By: | Alexandru Petrea (Alexandru cel Bun Military Academy, Chisinau, Republic of Moldova) |
| Abstract: | The European Union has set ambitious targets for renewable energy, aiming to increase the percentage share of renewable energy in gross final energy consumption and promote its use in transportation and heating sectors. Romania, having a significant potential in renewable energy, especially wind and solar energy, can play an important role in achieving these goals. The exploitation of abundant natural resources and the development of production capacities in wind, solar and hydropower can contribute to the transition to a cleaner and more sustainable energy system, bringing economic and environmental benefits to the country and contributing to significant reductions in greenhouse gas emissions. |
| Keywords: | Renewable Energy Source, Energy Transition, Energy Policies, Energy Efficiency, Climate Goals, Sustainable Energy Technologies and Assessments |
| Date: | 2023–06 |
| URL: | http://d.repec.org/n?u=RePEc:smo:raiswp:0286&r=eur |
| By: | Ombeline Jullien de Pommerol (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Pierre Madec (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Mathieu Plane (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po); Raul Sampognaro (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po) |
| Abstract: | Le pouvoir d'achat des ménages a continué à croître pendant la période Covid (1, 8 % par unité de consommation entre 2019 et 2021, soit 350 euros en moyenne par an), soutenu par les transferts publics. En revanche, il s'est stabilisé entre 2021 et 2023 (10 euros par an) durant l'épisode inflationniste grâce notamment aux mesures d'urgence mises en place pour limiter le choc énergétique. Entre 2019 et 2023, le pouvoir d'achat des ménages au niveau macroéconomique a bénéficié du dynamisme des revenus du patrimoine, des baisses de fiscalité et des mesures de blocage des prix. Les fortes créations d'emplois, y compris chez les indépendants, ont compensé les baisses de salaires réels dans l'évolution des revenus du travail. Enfin, les prestations sociales ont contribué négativement au pouvoir d'achat en raison notamment des décalages d'indexation. En 2024, sous l'impulsion des fortes revalorisations de prestations sociales du début d'année et des hausses attendues de salaires réels ainsi que de revenus du patrimoine encore dynamiques, le pouvoir d'achat par UC repartirait à la hausse (+1 %, soit un gain de 380 euros par UC). Celui-ci serait, fin de 2024 2, 6 points au-dessus de son niveau de fin 2019 alors que le PIB par UC serait de 0, 2 point au-dessus. La « sur-épargne » accumulée par les ménages depuis début 2020 (240 milliards d'euros courants), principalement financière, a été rognée par la perte de valeur réelle de l'encours du patrimoine financier en raison du retour de l'inflation (qui prend la forme d'une « taxe inflationniste ») en 2022 et 2023. En raison des disparités d'évolution des composantes du pouvoir d'achat, la dynamique macroéconomique du revenu et de l'inflation masque des situations hétérogènes au sein des ménages. Si l'inflation s'établit à 12, 3 % entre septembre 2021 et décembre 2023, le panier de consommation se serait renchéri de moins de 10, 7 % pour 10 % des ménages les moins impactés et de plus de 13, 9 % pour 10 % des ménages les plus exposés au choc. Globalement, le choc inflationniste est plus marqué en zone rurale qu'en milieu urbain, chez les ménages les plus modestes que chez les plus aisés, pour les retraités que pour les actifs en emploi. Entre 2021 et 2023, les ménages appartenant aux 10 % les plus modestes ont connu une légère hausse de leur pouvoir d'achat (0, 3 % par an). Cependant, ces ménages ayant en moyenne un taux d'épargne négatif, leur gain de pouvoir d'achat n'est pas un gain de revenu disponible en euros mais une moindre dégradation de leur situation financière. Les ménages appartenant aux déciles 2 à 7 de niveau de vie (60 % des ménages) ont, en moyenne, des baisses de pouvoir d'achat (comprises entre -0, 3 % et -0, 8 %). Les ménages appartenant aux 20 % les plus aisés ont enregistré des gains de pouvoir (de 0, 4% pour le 9e dixième à 1, 2 % pour les 10 % de ménages les plus aisés). Au-delà de l'analyse en niveau de vie, les ménages dont la personne de référence est en emploi ont connu des évolutions de pouvoir d'achat plus favorables que les ménages qui ne sont pas en emploi (retraités, chômeurs, inactifs). Au sein des dixièmes de niveau de vie, de fortes hétérogénéités de pouvoir d'achat existent à la fois entre unités urbaines mais surtout entre les statuts vis-à-vis de l'emploi. Du fait du mode d'indexation des pensions de retraite revalorisées avec retard sur l'inflation (au 1er janvier), les seuls retraités enregistrant des gains de pouvoir d'achat sont ceux appartenant aux 10 % de ménages les plus aisés, mieux lotis en patrimoine. L'intégration de la revalorisation des pensions de retraite de 5, 3 % au 1er janvier 2024 modifierait sensiblement les résultats puisque celle-ci devrait contribuer à accroître de 2 à 3 points le pouvoir d'achat des ménages retraités. |
| Keywords: | crise Covid, choc inflationniste, pouvoir d’achat |
| Date: | 2024–02–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04460329&r=eur |
| By: | Adeline Gu\'eret; Wolf-Peter Schill; Carlos Gaete-Morales |
| Abstract: | Electrifying the car fleet is a major strategy for mitigating greenhouse gas emissions in the transport sector. However, electrification alone will not solve all the negative externalities associated with cars. In light of other problems such as street space as well as concerns about the use of mineral resources for battery electric cars, reducing the car fleet size would be beneficial, particularly in cities. Carsharing could offer a way to reconcile current car usage habits with a reduction in the car fleet size. However, it could also reduce the potential of electric cars to align their grid interactions with variable renewable electricity generation. We investigate how electric carsharing may impact the power sector in the future. We combine three open-source quantitative methods, including sequence clustering of car travel diaries, a probabilistic tool to generate synthetic electric vehicle time series, and an optimization model of the power sector. For 2030 scenarios of Germany with a renewable share of at least 80%, we show that switching to electric carsharing only moderately increases power sector costs. In our main setting, carsharing increases yearly power sector costs by less than 100 euros per substituted private electric car. This cost effect is largest under the assumption of bidirectional charging. It is mitigated when other sources of flexibility for the power sector are considered. Carsharing further causes a shift from wind power to solar PV in the optimal capacity mix, and may also trigger additional investments in stationary electricity storage. Overall, we find that shared electric cars still have the potential to be operated largely in line with variable renewable electricity generation. We conclude that electric carsharing is unlikely to cause much damage to the power sector, but could bring various other benefits, which may outweigh power sector cost increases. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2402.19380&r=eur |
| By: | Stephan Puehringer (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria); Georg Wolfmayr (Institute for European Ethnology, University of Vienna, Austria) |
| Abstract: | - |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:ico:wpaper:152&r=eur |
| By: | Francesc Dilmé |
| Abstract: | This paper studies bargaining between a seller and a buyer with binary private valuation. Because the setting is more tractable than the case of general valuation distributions (studied in Gul et al., 1986), we are able to explicitly construct the full set of equilibria via induction. This lets us provide a simple proof of the Coase conjecture and obtain new results: The seller extracts all surplus as she becomes more patient, and the equilibrium outcome converges to the perfect-information outcome as private information vanishes. We also fully characterize the case where there is a deadline: We establish that if the probability that the buyer’s valuation is high is large enough, then the seller charges a high price at all times, there are trade bursts at the outset and the deadline, and trade occurs at a constant rate in between. |
| Keywords: | Bargaining, private information, one-sided offers. |
| JEL: | C78 D82 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2024_515&r=eur |
| By: | Markus Leippold (University of Zurich; Swiss Finance Institute); Zacharias Sautner (University of Zurich - Department of Banking and Finance; Swiss Finance Institute; European Corporate Governance Institute (ECGI)); Tingyu Yu (University of Zurich - Department of Banking and Finance) |
| Abstract: | A common concern is that ambitious climate policy is—at least in parts—obstructed by corporate lobbying activities. We quantify corporate anti- and pro-climate lobbying expenses, identify the largest corporate lobbyists and their motives, establish how climate lobbying relates to corporate business models, and document whether and how climate lobbying is priced in financial markets. Firms spend on average $295, 921 per year on anti-climate lobbying ($164, 991 on pro-climate lobbying). Recently, firms have tried to camouflage their climate lobbying activities. Large anti-climate lobbyists have more carbon-intensive business models and face more climate-related incidents in the future. Firms that spend more on anti-climate lobbying earn higher returns, probably because of a risk premium. Their stock prices went up when the Waxman-Markey Cap-and-Trade Bill failed, and down when the Inflation Reduction Act was announced. |
| Keywords: | Corporate Lobbying, Climate Change, Stock Returns |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp2414&r=eur |