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on Investment |
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Issue of 2024‒05‒06
35 papers chosen by |
| By: | Simplice A. Asongu (Oxford, UK); Sara le Roux (Oxford, UK) |
| Abstract: | The study investigates the role of governance (i.e., ‘voice & accountability’, political stability/no violence, regulatory quality, government effectiveness, corruption-control and the rule of law) in the incidence of short-term debt services on infrastructure development in the perspective of telecommunication infrastructure and access to electricity. The focus of the study is on 52 African countries for the period 2002-2021. The generalized method of moments is employed as estimation strategy and the following findings are established. Debt service has a negative unconditional effect on access to electricity and telecommunication infrastructure. Governance dynamics moderate the negative effect of debt service on infrastructure dynamics. Effective moderation is from regulatory quality and corruption-control for access to electricity and from government effectiveness, regulatory quality, corruption-control and rule of law, for telecommunication infrastructure. Policy implications are discussed. |
| Keywords: | Debt service, governance; information technology; access to electricity; Africa |
| JEL: | F34 H63 O10 O40 O55 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:24/003&r=inv |
| By: | Fryzlewicz, Piotr |
| Abstract: | We propose Robust Narrowest Significance Pursuit (RNSP), a methodology for detecting localized regions in data sequences which each must contain a change-point in the median, at a prescribed global significance level. RNSP works by fitting the postulated constant model over many regions of the data using a new sign-multiresolution sup-norm-type loss, and greedily identifying the shortest intervals on which the constancy is significantly violated. By working with the signs of the data around fitted model candidates, RNSP fulfils its coverage promises under minimal assumptions, requiring only sign-symmetry and serial independence of the signs of the true residuals. In particular, it permits their heterogeneity and arbitrarily heavy tails. The intervals of significance returned by RNSP have a finite-sample character, are unconditional in nature and do not rely on any assumptions on the true signal. Code implementing RNSP is available at https://github.com/pfryz/nsp. |
| Keywords: | confidence intervals; structural breaks; post-selection inference; post-inference selection; narrowest-over-threshold; Confidence intervals; EP/V053639/1; T&F deal |
| JEL: | C1 J1 |
| Date: | 2024–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121646&r=inv |
| By: | Yang, Fan; Havranek, Tomas; Irsova, Zuzana; Novak, Jiri |
| Abstract: | We examine the factors influencing published estimates of hedge fund performance. Using a sample of 1, 019 intercept terms from regressions of hedge fund returns on risk factors (the alphas) collected from 74 studies, we document a strong downward trend in the reported alphas. The trend persists even after controlling for heterogeneity in hedge fund characteristics and research design choices in the underlying studies. Estimates of current performance implied by best practice methodology are close to zero across all common hedge fund strategies. Additionally, our data allow us to estimate the mean management and performance fees charged by hedge funds. We also document how reported performance estimates vary with hedge fund and study characteristics. Overall, our findings indicate that, while hedge funds historically generated positive value for investors, their ability to do so has diminished substantially. |
| Keywords: | Hedge funds, alpha, performance, fees, meta-analysis, model uncertainty |
| JEL: | J23 J24 J31 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:289497&r=inv |
| By: | Oliver Pfäuti; Fabian Seyrich; Jonathan Zinman |
| Abstract: | Business cycle models often abstract from persistent household heterogeneity, despite its potentially significant implications for macroeconomic fluctuations and policy. We show empirically that the likelihood of being persistently financially constrained decreases with cognitive skills and increases with overconfidence thereon. Guided by this and other micro evidence, we add persistent heterogeneity in cognitive skills and overconfidence to an otherwise standard HANK model. Overconfidence proves to be the key innovation, driving households to spend instead of precautionary save and producing empirically realistic wealth distributions and hand-to-mouth shares and MPCs across the income distribution. We highlight implications for various fiscal policies. |
| JEL: | D01 D91 E03 E2 E21 E22 E32 E62 G51 H31 H6 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32305&r=inv |
| By: | Felix Chopra (Department of Economics, University of Copenhagen); Ingar Haaland (NHH Norwegian School of Economics); Christopher Roth (University of Cologne) |
| Abstract: | We examine the relative importance of accuracy concerns and belief confirmation motives in driving the demand for news. In experiments with US voters, we first vary beliefs about whether an outlet reports thenews in a right-wing biased, left-wing biased, or unbiased way. We then measure demand for a newsletter covering articles from this outlet. Right-wing voters strongly reduce their demand for left-wing biased news, but not for right-wing biased news. The reverse patterns hold for left-wing voters. These results suggest a trade-off between accuracy concerns and belief confirmation motives. We quantify this trade-off using a structural model and find a similar quantitative importance of both motives. |
| Keywords: | News Demand, Media Bias, Accuracy Concerns, Belief Confirmation |
| JEL: | D83 D91 L82 P00 |
| Date: | 2024–04–17 |
| URL: | http://d.repec.org/n?u=RePEc:kud:kucebi:2407&r=inv |
| By: | Scott Delhommer; Domonkos F. Vamossy |
| Abstract: | This paper presents the first quasi-experimental research examining the effect of both local and state anti-discrimination laws on sexual orientation on the labor supply and wages of lesbian, gay, and bisexual (LGB) workers. To do so, we use the American Community Survey data on household composition to infer sexual orientation and combine this with a unique panel dataset on local anti-discrimination laws. Using variation in law implementation across localities over time and between same-sex and different-sex couples, we find that anti-discrimination laws significantly reduce gaps in labor force participation rate, employment, and the wage gap for gay men relative to straight men. These laws also significantly reduce the labor force participation rate, employment, and wage premium for lesbian women relative to straight women. One explanation for the reduced labor supply and wage premium is that lesbian couples begin to have more children in response to the laws. Finally, we present evidence that state anti-discrimination laws significantly and persistently increased support for same-sex marriage. This research shows that anti-discrimination laws can be an effective policy tool for reducing labor market inequalities across sexual orientation and improving sentiment toward LGB Americans. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.03794&r=inv |
| By: | Jaime Arellano-Bover (Yale University/IZA/CESifo); Fernando Saltiel (McGill University/IZA) |
| Abstract: | We present evidence that is consistent with large disparities across firms in their onthe-job learning opportunities, using administrative datasets from Brazil and Italy. Wecategorize firms into discrete “classes”—which our conceptual framework interprets asskill-learning classes—using a clustering methodology that groups together firms withsimilar distributions of unexplained wage growth. Mincerian returns to experience varywidely across experiences acquired in different firm classes. Four tests leveraging firmstayers and movers, occupation and industry switchers, hiring wages, and displacedworkers point towards a portable and general human capital interpretation. Heterogeneousemployment experiences explain an important share of wage variance by age 35, thus contributing to shape wage inequality. Firms’ observable attributes only mildlypredict on-the-job learning opportunities. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:aoz:wpaper:317&r=inv |
| By: | Díaz-Bonilla, Eugenio; Centurión, Miriam |
| Abstract: | Este trabajo es el segundo producto de la consultoría de corto plazo para analizar los programas y pro yectos de Honduras y sugerir opciones hacia el futuro. Acá se complementa información sobre gasto público agropecuario desde 2015 hasta 2018. Un aspecto central del análisis del gasto público es definir el ámbito de análisis, en términos del tipo de sectores cubiertos, y de las entidades públicas involucradas. En el caso de Honduras en los últimos años se han llevado a cabo revisiones de gastos del sector público1 (individualmente, o como parte de estu dios regionales) cubriendo diferentes aspectos (ver, por ejemplo, Banco Mundial, 2015; BID, 2006; An son and Zegarra, 2008; del Cid, Pagoaga, y Núñez, 2017; Izquierdo, Loo-Kung, y Navajas, coordinado res, 2013). Estos trabajos contemplan en detalle diferentes componentes individuales que podrían ser considerados como una parte solamente de una noción amplia de desarrollo agropecuario, rural y de seguridad alimentaria y nutricional (DARSAN).2 Por su parte, ICEFI (2014) e IFPRI (2017) han tomado una visión amplia del gasto público analizado en DARSAN. En el caso de ICEFI (2014), cubre varios países en América Central (incluido Honduras)3 para el período 2007-2011, y se centra en el gobierno central, con menor consideración de entidades descentralizadas. En el caso de IFPRI, 2017, la clasifi cación del gasto es más detallada, abarca 2015-2016 y cubre el gobierno central y entidades descentra lizadas. 4 Recientemente, la UTSAN ha completado un estudio del gasto relacionado con la seguridad alimentaria y nutricional (SAN) que cubre temas similares a este trabajo. Al momento de escribir este análisis no se ha podido conseguir el trabajo detallado de la UTSAN. Sin embargo, basado en presen taciones se comentan más abajo las diferencias en el tratamiento de los gastos considerados. La organización del documento se describe a continuación. Primero, se discute brevemente la cobertura sectorial que se va a utilizar para guiar el análisis del gasto público en desarrollo agropecuario, rural y de SAN. El período temporal es 2015- 2018. Se presentan los bloques de actividades y de gastos que se van a analizar, procurando delimitar lo que se considera gasto público en relación al ámbito definido, y qué aspectos quedan fuera del análisis. Segundo, se procede a presentar la información del gasto público en general como marco de gasto en DARSAN. Tercero, se analiza el gasto para cada uno de los cinco componentes de DARSAN identificados en este trabajo. Cuarto, se presentan algunas conclu siones finales. |
| Keywords: | public expenditure; economic aspects; agriculture; Caribbean; Central America; Honduras |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:lacwps:31&r=inv |
| By: | Cordella, Antonio; Gualdi, Francesco; van de Laar, Mindel |
| Abstract: | Academic literature has mostly discussed digital skills concerning end-users’ capability to access and use single technologies. Against this background, the paper sheds light on a missing element: the digital literacy of those who frame ICT-mediated policies that pursue sustainable development. The paper offers a novel conceptualization of digital skills as the capabilities to understand the socio-technical assemblages that emerge in social contexts after the adoption of ICT-mediated policies. Exploring the case study of the United Kingdom’s Government Digital Service, the paper argues that empowering public administrators and civil servants with these digital skills is paramount to design, implement, and manage ICT-mediated policies that aim to achieve Sustainable Development Goals. |
| Keywords: | digital services; digital skills; public sector; Sustainable Development Goals; AAM requested |
| JEL: | R14 J01 |
| Date: | 2024–02–20 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:122256&r=inv |
| By: | Mathieu Lefebvre (AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique); Pierre Pestieau (Université de Liège, CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Gregory Ponthiere (UCL - Université Catholique de Louvain = Catholic University of Louvain) |
| Abstract: | Under income-differentiated mortality, poverty measures suffer from a selection bias: they do not count the missing poor (i.e., persons who would have been counted as poor provided they did not die prematurely). The Pre-Industrial period being characterized by an evolutionary advantage (i.e., a higher number of surviving children per household) of the non-poor over the poor, one may expect that the missing poor bias is substantial during that period. This paper quantifies the missing poor bias in Pre-Industrial societies, by computing the hypothetical headcount poverty rates that would have prevailed provided the non-poor did not benefit from an evolutionary advantage over the poor. Using data on Pre-Industrial England and France, we show that the sign and size of the missing poor bias are sensitive to the degree of downward social mobility. |
| Keywords: | Measurement, Selection effects, Missing poor, Poverty |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03620370&r=inv |
| By: | Alessandro Annarelli; Tiziana Catarci; Laura Palagi |
| Abstract: | Pursuing sustainable development has become a global imperative, underscored adopting of the 2030 Agenda for Sustainable Development and its 17 Sustainable Development Goals (SDG). At the heart of this agenda lies the recognition of social sustainability as a pivotal component, emphasizing the need for inclusive societies where every individual can thrive. Despite its significance, social sustainability remains a "forgotten pillar, " often overshadowed by environmental concerns. In response, this paper presents the development and validation of the S-Assessment Tool for Social Sustainability, a comprehensive questionnaire designed to evaluate organizations' performance across critical dimensions such as health and wellness, gender equality, decent work, and economic growth, reducing inequalities, and responsible production and consumption. The questionnaire was constructed on the critical dimensions identified through a systematic and narrative hybrid approach to the analysis of peer-reviewed literature. The framework has been structured around the values of the SDGs. It aims to empower organizations to better understand and address their social impact, fostering positive change and contributing to the collective effort towards a more equitable and sustainable future. Through collaborative partnerships and rigorous methodology, this research underscores the importance of integrating social sustainability into organizational practices and decision-making processes, ultimately advancing the broader agenda of sustainable development. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.04077&r=inv |
| By: | Aline Bütikofer; Deirdre Coy; Orla Doyle; Rita Ginja |
| Abstract: | Pregnancy loss is often a traumatic event which may impact both parents and subsequent children. Using Norwegian registry data, we exploit the random nature of single, early miscarriages to examine the impact of pregnancy loss on parental investment and family outcomes. We find that pregnancy loss improves maternal health investments in the subsequent pregnancy regarding supplement use, smoking, preventative healthcare, and physician choice. While a miscarriage negatively affects labor market attachment, it has limited effects on children born after the loss. This suggests that investment in the next pregnancy may offset the negative consequences of stress associated with pregnancy loss. |
| Keywords: | miscarriage, parental investment, healthcare use, household labor supply |
| JEL: | I12 J13 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_11003&r=inv |
| By: | Yu, Chen |
| Abstract: | As the global population ages, the integration of Artificial Intelligence (AI) technologies holds significant promise in addressing the multifaceted challenges and opportunities presented by aging societies. This article explores the potential impact of AI in healthcare, the economy, social integration, and ethical considerations within the context of an aging population. By examining the role of AI in extending quality of life, promoting independence, and fostering inclusive policies, this study elucidates the ways in which AI can serve as a boon to aging societies. Through international collaboration and innovation, AI has the potential to revolutionize the landscape of aging, offering tailored solutions that enhance the well-being and social inclusion of older adults worldwide. |
| Date: | 2024–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:osf:thesis:a8suh&r=inv |
| By: | Bora Yongacoglu; G\"urdal Arslan; Lacra Pavel; Serdar Y\"uksel |
| Abstract: | Weakly acyclic games generalize potential games and are fundamental to the study of game theoretic control. In this paper, we present a generalization of weakly acyclic games, and we observe its importance in multi-agent learning when agents employ experimental strategy updates in periods where they fail to best respond. While weak acyclicity is defined in terms of path connectivity properties of a game's better response graph, our generalization is defined using a generalized better response graph. We provide sufficient conditions for this notion of generalized weak acyclicity in both two-player games and $n$-player games. To demonstrate that our generalization is not trivial, we provide examples of games admitting a pure Nash equilibrium that are not generalized weakly acyclic. The generalization presented in this work is closely related to the recent theory of satisficing paths, and the counterexamples presented here constitute the first negative results in that theory. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.18086&r=inv |
| By: | Margot Belguise |
| Abstract: | Politicians often use “red herrings” to distract voters from scandals. When do such red herrings succeed? I develop a model in which an incumbent runs for re-election and potentially faces a scandal. Some incumbents enjoy telling “tales” (attention-grabbing stories) while others use tales to distract voters from the scandal. Multiple equilibria can arise: one with a norm of tale-telling in which red herrings succeed and another with a norm against tale-telling in which they fail. Increased media attention to tales has a non-monotonic effect, facilitating red herrings at low attention levels, but serving a disciplinary function at high levels. |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:not:notnic:2024-01&r=inv |
| By: | Etcheverry, Mauro; Verna, Roberto; Porris, María Susana; Zanfrillo, Alicia Inés |
| Abstract: | En diferentes trabajos se postula que la capacidad de innovación de las empresas depende de sus capacidades de absorción (Cohen y Levinthal, 1990; Ponce-Espinosa et al., 2020), así como las endógenas y relacionales (Yoguel, 2000). Cohen y Levinthal (1990) plantean que las capacidades de absorción de las empresas -entendidas como la capacidad de una firma para reconocer el valor de la nueva información externa, asimilarla, y aplicarla a fines comerciales- son críticas para el desarrollo de la innovación. Ponce-Espinosa et. al (2020) identifican diferentes factores que tienen impacto sobre la capacidad de absorción de las firmas, asociados a la capacidad de des-aprendizaje organizacional, la valoración de la información y la estructura de las organizaciones. Asimismo reconocen la influencia de las capacidades en función de experiencias, las fuentes de conocimiento, la integración de datos, el stock de conocimiento, el comportamiento de los colaboradores, las estrategias organizacionales y los sistemas de información. Según Yoguel (2000), las capacidades endógenas son las que propician las nuevas ideas, cambios organizacionales, de actividades productivas y en procesos, para mejorar la inserción de sus productos en el mercado. Las capacidades relacionales de las empresas son aquellas habilidades que le permiten desarrollar vínculos e interactuar con su medio circundante, para obtener información, conocimientos, nuevos recursos y desarrollar nuevas habilidades, los cuales no estaría en condiciones de obtener por sí misma. La transformación digital ha sido mayormente desarrollada y estudiada en las empresas del sector tecnológico, de servicios y en empresas de gran tamaño (Berger, 2016), y no tan ampliamente en MiPyMEs industriales. La descripción de estas experiencias pretende contribuir a la definición de lineamientos que posibiliten un esquema orientativo para la formulación de estos procesos, bajo la perspectiva de colaboración entre actores, a fin de favorecer el aprendizaje colaborativo, considerando particularmente la trayectoria y el ámbito de aplicación de estas organizaciones. |
| Keywords: | Transformación Digital; Microempresas; Empresas Industriales; Bahía Blanca; 1996-2019; |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:4052&r=inv |
| By: | Touhami Abdelkhalek; Dorothee Boccanfuso |
| Abstract: | Public policies, particularly those related to taxes and subsidies, should help to reduce poverty and inequality. However, the combination of components of these two systems, as implemented, leads sometimes to an increase in poverty and or inequality without being necessarily anticipated. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb42-23&r=inv |
| By: | Park, Ihn-Hwi (Ewha Womans University); Choi, Yong Sub (SUN MOON University); Lee, Hyo Won (INCHEON NATIONAL UNIVERSITY); Lee, Wang Hwi (Ajou University); Jeong, Hanbeom (Korea National Defense University); Jung, Sung Chul (MYONGJI University); Choi, Kyong Jun (KONKUK University) |
| Abstract: | 본 연구는 과거 영국과 미국이 주도했던 국제질서 변화 분석을 통해 미중간 패권국가 지위 변동 및 국제질서 변화 가능성을 전망했다. 무역, 금융, 군사력, 다자주의 등 4개 영역에 대한 연구 결과, 미래에 중국이 미국을 대체하여 패권국이 되거나 혹은 미국보다 더 큰 영향력을 행사할 가능성은 현재로서는 매우 희박해 보인다. 무역의 경우 많은 국가들이 자유주의 질서하에서 이익 극대화를 추구하고 있으며, 금융 영역에서도 중국은 글로벌 기축통화 지위를 위한 여건을 아직 갖추지 못했거나 나아가서 자체적으로 거부하고 있다. 군사력은 경제력, 운용 능력, 조직력, 해외기지 운용 역량, 첨단기술 등 여러 요소들의 총합인데, 총력 기준으로 중국은 미국에 비해 상당히 뒤처져 있다. 다만 다자주의의 경우 다양한 구심력을 중심으로 국제질서가 재편되는 과정에서, 미국과 중국 간 자국 중심의 다자주의 국제질서 구축전이 치열해질 전망이다. (There has been extensive research on the possibility of the change of the hegemonic leadership between the U.S. and China. When we take a look back the history of the modern international relations, we can recognize that there have been specific leader countries who played leadership roles within each international structural stage. This means the previous experience of the leadership change between the U.K. and the U.S. should tell us some meaningful lessons to prospect the possibility of the leadership change between the U.S. and China. The research starts from this research question. Simply speaking, it is impossible for China to play the role of the U.S. in the areas of ① trade, ② global finance, ③ military security, and ④ multilateralism. Firstly in trade, most of the nations in the current international society pursue to maximize there national interests with the current liberal international trade order. Most of the nations never understand China should play a role to initiate the future international trade order in terms of value, institutions, leadership, and followership even with the many structural problems of the current trade order. Secondly, China, in particular, has not prepared a global financial leadership in the perspective of ‘gold-standard system’ which is one of the most critical preconditions for the global financial leadership. It is also interesting to know that the total volume of the US dollar in the global financial market has been smaller than before, and the same time the portion of the Euro and the Yen got larger, not the Chinese currency. (the rest omitted) |
| Keywords: | International politics; political economy; US-China hegemony; trade; finance; security |
| Date: | 2024–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:kieppa:2023_029&r=inv |
| By: | Ebele S. Nwokoye (Nnamdi Azikiwe University Awka, Nigeria); Stephen K. Dimnwobi (Nnamdi Azikiwe University Awka, Nigeria); Favour C. Onuoha (Evangel University Akaeze, Nigeria); Chekwube V. Madichie (University of York, United Kingdom) |
| Abstract: | An inquiry into the impact of external and domestic borrowings is considered timely for Nigeria, given the growing public debt profile amid deteriorating human capital development. Using data from 1990 to 2021, the study estimates the effects of domestic and external debts on Nigeria’s human capital development. The study employed the fully modified ordinary least squares (FMOLS) and canonical cointegration regression (CCR) as the main estimation technique and the robustness check respectively. The study discovered that domestic and external debt, economic growth and debt servicing exert positive and significant influence on human capital development in Nigeria while environmental pollution has an inverse and significant impact on human capital development in Nigeria. Premised on the outcomes, policy suggestions aimed at enhancing human capital development in Nigeria have been put forward. |
| Keywords: | Nigeria, Domestic debt, External debt, Human capital development |
| JEL: | H63 H68 I24 O15 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:24/006&r=inv |
| By: | Makoto HASEGAWA; Michi KAKEBAYASHI |
| Abstract: | Multinational corporations repatriate foreign profits through dividends, royalties, and interest paid by foreign affiliates to their parent firms. International tax rules concerning how to tax repatriated foreign earnings influence decisions on profit repatriation. In 2009, Japan introduced a foreign dividend exemption system (so-called territorial tax system) that exempted dividends received by Japanese firms from their foreign affiliates from home-country taxation. This paper examines the effects of this tax reform on profit repatriation through dividends, royalties, and interest. The enactment of the foreign dividend exemption system decreased the effective tax rate on foreign income repatriated through dividends on average by 6.8 percentage points in 2009. We find that in response to this tax rate reduction, Japanese-owned foreign affiliates increased dividend payments, but did not change either royalty or interest payments. As a result, these affiliates increased the total payments to their Japanese parents. |
| Keywords: | International taxation; Multinational corporations; Profit repatriation; Foreign dividend exemption; Worldwide tax system; Territorial tax system |
| JEL: | H25 H26 F23 |
| Date: | 2023–05 |
| URL: | http://d.repec.org/n?u=RePEc:kue:epaper:e-20-004-v2&r=inv |
| By: | Käsbohrer, Andrea (Catholic University Eichstätt-Ingolstadt); Grillitsch, Markus (CIRCLE, Lund University); Zademach, Hans-Martin (Catholic University Eichstätt-Ingolstadt) |
| Abstract: | By integrating the concept of opportunity spaces into the debate on multi-scalarity in transitions, this paper explains how and why actors engage in institutional change processes across scales. Opportunity spaces for change conceptualize a multi-scalar institutional architecture as structure for agency and take account of the future-past-dimension of agency. Actors rescale institutional rationalities by carrying out institutional work across scales with the intention to strengthen an industrial path. Our conceptual elaborations are illustrated by in-depth interviews and participant observation of industry associations in the market for residential storage systems in Germany. Af-ter having constructed and exploited a national opportunity space for this niche, particularly indus-try associations and companies engage in institutional work fostering the national implementation of EU legislation and affecting legislation, discourses and standards at a European scale. While insti-tutional semi-coherence is found as constraining condition for rescaling institutional rationalities, holding positions at multiple scales enhances agency. |
| Keywords: | Multi-scalarity; transitions; agency; opportunity space; institutional work; energy |
| JEL: | L50 O33 R11 R58 |
| Date: | 2024–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2024_006&r=inv |
| By: | International Monetary Fund |
| Abstract: | The economy has cooled, but signs of overheating remain. After two years of strong recovery, growth decelerated in 2023, reflecting the energy shock, tighter financial conditions, and a slowdown in key trading partners, particularly Germany. Still, core inflation remains elevated, reflecting a tight labor market, robust wage growth, and healthy profit margins. Fragmented results in November elections are leading to a prolonged government formation, with possible implications for pro-growth and climate policies. |
| Date: | 2024–04–08 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2024/085&r=inv |
| By: | Otaviano Canuto |
| Abstract: | The global economic environment has changed as the U.S.—and to a less confrontational degree, the European Union—have clearly established a context of technological rivalry with China. Hindering China’s progress in the sophistication of semiconductor production has become a centerpiece of current U.S. foreign policy. While the U.S. is clearly winning the semiconductor war, the picture is different when it comes to clean-energy technology. Both technology wars overlap with access to and refinement of critical raw materials (CRM), which are key upstream components of the corresponding value chains, encompassing mineral-rich emerging markets and developing economies. The way in which the U.S. and the European Union approach the goal of self-sufficiency, as well as access to and refinement of CRMs, will make a big difference to their stakes in the technology wars. |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ocp:ppaper:pb41-23&r=inv |
| By: | Eskander, Shaikh; Istiak, Khandokar |
| Abstract: | Understanding how energy efficiency improvement can mitigate CO2 emissions is critical for global climate change policies to ensure environmental sustainability and a low carbon future. Being the catalyst for training future generations, universities can play a leading role in this vision by adopting energy-saving and emissions reduction strategies. Using HESA data, a centralized system of reporting energy use and corresponding emissions, we adopt a two-step system GMM estimation procedure to estimate the effect of energy efficiency on CO2 emissions for 119 UK universities over the period between 2008-09 and 2018-19. Results confirm that higher energy efficiency is conducive to lower emissions. However, the less-than-elastic relationship between energy efficiency and emissions implies that energy efficiency improvement alone cannot enable the UK universities to comply with their net-zero objectives unless they increasingly adopt renewable energy sources. Despite this, universities were able to avoid 2.21 gtCO2e emissions over the sample period due to energy efficiency improvements. Our results are robust to alternative specifications. |
| Keywords: | emissions; energy; Fisher index; university |
| JEL: | Q41 Q42 |
| Date: | 2022–10–08 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:116687&r=inv |
| By: | Durandard Th\'eo; Strulovici Bruno |
| Abstract: | We establish the existence, uniqueness, and $W^{1, 2, p}$-regularity of solutions to fully nonlinear parabolic obstacle problems when the obstacle is the pointwise supremum of arbitrary functions in $W^{1, 2, p}$ and the operator is only assumed to be measurable in the state and time variables. The results hold for a large class of non-smooth obstacles, including all convex obstacles. Applied to stopping problems, they imply that the decision maker never stops at a convex kink of the stopping payoff. The proof relies on new $W^{1, 2, p}$-estimates for obstacle problems where the obstacle is the maximum of finitely many functions in $W^{1, 2, p}$. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.01498&r=inv |
| By: | Passmore, Reid; Watkins, Kari E; Guensler, Randall |
| Abstract: | Planners and engineers need to know how to assess the impacts of proposed cycling infrastructure projects, so that projects that have the greatest potential impact on the actual and perceived cycling safety are selected over those that would be less effective. Planners also need to be able to communicate these impacts to decision-makers and the public. This research addresses these problems using the BikewaySim cycling shortest path model. BikewaySim uses link impedance functions to account for link attributes (e.g., presence of a bike lane, steep gradients, the number of lanes) and find the least impedance path for any origin-destination pair. In this project, BikewaySim was used to assess the impacts of using time-only and time with attribute impedances, as well as two proposed cycling infrastructure projects, on 28, 392 potential trips for a study area in Atlanta, Georgia. These impacts were visualized through bikesheds, individual routing, and betweenness centrality. Two metrics, percent detour and change in impedance, were also calculated. Results demonstrate that BikewaySim can effectively visualize potential improvements of cycling infrastructure and has additional applications for trip planning. An expanded study area was also used to demonstrate bike + transit mode routing for four study area locations. Visualizations examine the accessibility to TAZs, travel time, and the utilized transit modes for each location. Compared to the walk + transit mode, the bike + transit mode provided greater access to other TAZs and reached them in a shorter amount of time. The locations near the center of the transit network where many routes converge offered the greatest accessibility for both the bike + transit and walk + transit modes. The difference in accessibility was greatest for locations near fewer transit routes. This research demonstrated how BikewaySim can be used to both examine the current cycling network and show changes in accessibility likely to result from new infrastructure. Both BikewaySim and TransitSim are open-source Python based tools that will be made available for practitioners to use in bicycle network planning. Future research will focus on calibrating link impedance functions with revealed preference data (cycling GPS traces) and survey response data (surveys on user preference for cycling infrastructure). View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, bicycle networks, shortest path routing, bicycle route choice, bicycle facility preference, first and last mile travel |
| Date: | 2024–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt7pt4d1tk&r=inv |
| By: | Tuuli Tähtinen |
| Abstract: | This paper investigates whether social media access is associated with increased probability or intensity of ethnic conflict in Myanmar. In this context most people use mobile phones, and particularly the Facebook app, to access the internet. To distinguish the effects of social media from those of the broader internet, I exploit geographic variation in mobile phone coverage as a proxy for Facebook availability. Despite evidence of a hate-campaign utilizing Facebook to reach wide audiences, I do not find that social media access is associated with increased probability or intensity of conflict. The only exception to the null result is variation related to the Rohingya crisis: in this regional setting suggestive evidence points to Facebook availability being associated with slightly higher probability of conflict. |
| Keywords: | internet, social media, conflict, propaganda, Myanmar, Rohingya |
| JEL: | D74 O33 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ifowps:_408&r=inv |
| By: | Daniel Ofori-Sasu (University of Ghana Business School); Elikplimi Komla Agbloyor (University of Ghana Business School); Dennis Nsafoah (Niagara University); Simplice A. Asongu (Johannesburg, South Africa) |
| Abstract: | This study examines the effect of regulatory independence of the central bank in shaping the impact of electoral cycles on bank lending behaviour in Africa. It employs the dynamic system Generalized Method of Moments (SGMM) Two-Step estimator for a panel dataset of 54 African countries over the period, 2004-2022. The study found that banks lend substantially higher during election years, and reduce lending patterns thereafter. The study shows that countries that enforce monetary policy autonomy of the central bank induce a negative impact on bank lending behaviour while those that apply strong macro-prudential independent action and central bank independence reduce lending in the long term. The study provides evidence to support that regulatory independence of the central bank dampens the positive effect of elections on bank lending around election years while they amplify the reductive effects on bank lending after election periods. There is a wake-up call for countries with weak independent central bank regulatory policy to strengthen their independent regulatory policy frameworks and political institutions. This will enable them better strategize to yield a desirable outcome of bank lending to the real economy during election years. |
| Keywords: | Political Economy; Political Credit Cycles, Electoral Cycle; Central Bank Regulatory Independence; Bank lending Behaviour |
| JEL: | D7 D72 G2 G3 E3 E5 E61 G21 L10 L51 M21 P16 P26 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:24/002&r=inv |
| By: | KARLIS Panagiotis (European Commission - JRC); PRESICCE Francesco (European Commission - JRC); GINER SANTONJA German (European Commission - JRC); BRINKMANN Thomas (European Commission - JRC); ROUDIER Serge (European Commission - JRC) |
| Abstract: | The Best Available Techniques (BAT) Reference Document (BREF) for Slaughterhouses, Animal By-products and/or Edible Co-products Industries is part of a series of documents presenting the results of an exchange of information between EU Member States, the industries concerned, non-governmental organisations promoting environmental protection, and the Commission, to draw up, review and – where necessary – update BAT reference documents as required by Article 13(1) of Industrial Emissions Directive 2010/75/EU. This document is published by the European Commission pursuant to Article 13(6) of the Directive. The BREF for Slaughterhouses, Animal By-products and/or Edible Co-products Industries covers operating slaughterhouses with a carcass production capacity greater than 50 tonnes per day, the processing of animal by-products and/or edible co-products (such as rendering and fat melting, feather processing, fishmeal and fish oil production, blood processing and gelatine manufacturing) and a number of other activities specified in the Scope of the document. The BREF consists of seven main chapters. General information on the Slaughterhouses, Animal By-products and/or Edible Co-products Industries and their key environmental issues is given in Chapter 1. Chapter 2 provides information and data on generally applied processes and techniques, emission levels and techniques to consider for the determination of BAT across the sector. Chapter 3 provides information and data on applied processes and techniques, emission and consumption levels and techniques to consider in the determination of BAT for slaughterhouses. Chapter 4 provides information and data on applied processes and techniques, emission and consumption levels and techniques to consider in the determination of BAT for installations processing animal by-products and/or edible co-products. Chapter 5 presents the BAT conclusions as defined in Article 3(12) of the Industrial Emissions Directive (2010/75/EU). Chapter 6 provides information on emerging techniques. Concluding remarks and recommendations for future work are presented in Chapter 7. |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc135916&r=inv |
| By: | Robert Gold; Julian Hinz; Michele Valsecchi |
| Abstract: | Do economic sanctions affect internal support of sanctioned countries’ governments? To answer this question, we focus on the sanctions imposed on Russia in 2014 and identify their effect on voting behavior in both presidential and parliamentary elections. On the economic side, the sanctions significantly hurt Russia’s foreign trade — with regional variance. We use trade losses caused by the sanctions as measure for regional sanctions exposure. For identification, we rely on a structural gravity model that allows us to compare observed trade flows to counterfactual flows in the absence of sanctions. Difference-in-differences estimations reveal that regime support significantly increases in response to the sanctions, at the expense of voting support of Communist parties. For the average Russian district, sanctions exposure increases the vote share gained by President Putin and his party by 13 percent. Event studies and placebo estimations confirm the validity of our results. |
| Keywords: | economic sanctions, voting behaviour, gravity estimation, rally-around-the-flag |
| JEL: | F12 F14 F15 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_11033&r=inv |
| By: | Mauro Romero Stefani (Universidad Nacional del Sur); Mara Leticia Rojas (Universidad Nacional del Sur/IIES (UNS-CONICET)); María María Ibáñez Martín (Universidad Nacional del Sur/IIES (UNS-CONICET)) |
| Abstract: | Los determinantes del crecimiento económico son objeto de estudio de numerosos trabajos, encontrando una multiplicidad de factores que inciden en la performance de las economías y que varían en función de su grado de desarrollo. En particular, los efectos de la apertura comercial y de los términos de intercambio han sido ampliamente estudiados, aunque no se encuentra consenso al respecto. A partir de estimaciones paramétricas para datos de panel, se analiza la incidencia de ambas variables sobre el crecimiento de un conjunto de 176 economías. Adicionalmente, se estudian los efectos para grupos de países en función de su nivel de ingreso para diferentes indicadores de apertura y términos de intercambio. Los resultados evidencian un efecto diferencial para los distintos grupos de países: en países de ingresos bajos y altos, la apertura comercial y la tasa de crecimiento de los términos de intercambio se relacionan positivamente con el crecimiento económico, mientras que los términos de intercambio no guardan correlación con el incremento del producto. Por su parte, en los países de ingreso medio un mayor grado de apertura comercial, una mejora en los términos de intercambio o un incremento de su tasa de variación se relacionan positivamente con la tasa de crecimiento del producto. |
| Keywords: | Apertura Comercial, Términos de Intercambio, Crecimiento Económico |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:aoz:wpaper:318&r=inv |
| By: | Tiziana Assenza (Toulouse School of Economics, University of Toulouse Capitole, IAST); Alberto Cardaci (Goethe University, Frankfurt. E-mail: albertocardaci@gmail.com); Stefanie J. Huber (Department of Economics, University of Bonn; ECONtribute Research Cluster) |
| Abstract: | This paper investigates and quantifies citizens’ susceptibility to fake news and assesses, using a randomized control trial, the effectiveness of a policy intervention to raise awareness. We find that the average citizen lacks proficiency in identifying fake news and harbors an inflated perception of his/her ability to differentiate between true and fake news content. Increasing awareness by providing information about personal susceptibility to fall for fake news causally adjusts individuals’ beliefs about their fake news detection ability. Most importantly, we show that the simple intervention of informing citizens about their personal susceptibility to fall for fake news causally increases their willingness to pay for the fact-checking service. |
| Keywords: | Fake news, misinformation, disinformation, fact checking, information provision experiments, belief updating, willingness to pay |
| JEL: | C83 D83 D84 D91 |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:290&r=inv |
| By: | Coskun, Sena (Institute for Employment Research (IAB), Nuremberg, Germany); Dauth, Wolfgang (Institute for Employment Research (IAB), Nuremberg, Germany); Gartner, Hermann (Institute for Employment Research (IAB), Nuremberg, Germany); Stops, Michael (Institute for Employment Research (IAB), Nuremberg, Germany); Weber, Enzo (Institute for Employment Research (IAB), Nuremberg, Germany ; Univ. Regensburg) |
| Abstract: | "This paper examines how the shift towards working from home during and after the Covid-19 pandemic shapes the way how labor market and locality choices interact. For our analysis, we combine large administrative data on employment biographies in Germany and a new working from home potential indicator based on comprehensive data on working conditions across occupations. We find that in the wake of the Covid-19 pandemic, the distance between workplace and residence has increased more strongly for workers in occupations that can be done from home: The association of working from home potential and work-home distance increased significantly since 2021 as compared to a stable pattern before. The effect is much larger for new jobs, suggesting that people match to jobs with high working from home potential that are further away than before the pandemic. Most of this effect stems from jobs in big cities, which indicates that working from home alleviates constraints by tight housing markets. We find no significant evidence that commuting patterns changed more strongly for women than for men." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | IAB-Open-Access-Publikation ; Integrierte Erwerbsbiografien |
| JEL: | J61 R23 |
| Date: | 2024–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabdpa:20246&r=inv |
| By: | Berg, Marco (infas Institut für angewandte Sozialwissenschaft GmbH); Cramer, Ralph (infas Institut für angewandte Sozialwissenschaft GmbH); Dickmann, Christian (infas Institut für angewandte Sozialwissenschaft GmbH); Gilberg, Reiner (infas Institut für angewandte Sozialwissenschaft GmbH); Jesske, Birgit (infas Institut für angewandte Sozialwissenschaft GmbH); Kleudgen, Martin (infas Institut für angewandte Sozialwissenschaft GmbH); Beste, Jonas (Institute for Employment Research (IAB), Nuremberg, Germany); Dummert, Sandra (Institute for Employment Research (IAB), Nuremberg, Germany); Frodermann, Corinna (Institute for Employment Research (IAB), Nuremberg, Germany); Malich, Sonja (Institute for Employment Research (IAB), Nuremberg, Germany); Schwarz, Stefan (Institute for Employment Research (IAB), Nuremberg, Germany); Wenzig, Claudia (Institute for Employment Research (IAB), Nuremberg, Germany); Trappmann, Mark (Institute for Employment Research (IAB), Nuremberg, Germany); Bähr, Sebastian (Institute for Employment Research (IAB), Nuremberg, Germany); Bömmel, Nadja (Institute for Employment Research (IAB), Nuremberg, Germany); Coban, Mustafa (Institute for Employment Research (IAB), Nuremberg, Germany); Collischon, Matthias (Institute for Employment Research (IAB), Nuremberg, Germany); Gundert, Stefanie (Institute for Employment Research (IAB), Nuremberg, Germany); Küfner, Benjamin (Institute for Employment Research (IAB), Nuremberg, Germany); Mackeben, Jan (Institute for Employment Research (IAB), Nuremberg, Germany); Müller, Bettina (Institute for Employment Research (IAB), Nuremberg, Germany); Stegmaier, Jens (Institute for Employment Research (IAB), Nuremberg, Germany); Teichler, Nils (IAB); Wunder, Anja (Institute for Employment Research (IAB), Nuremberg, Germany) |
| Abstract: | "FDZ-Datenreporte (FDZ data reports) describe FDZ data in detail. As a result, this series of reports has a dual function: on the one hand, those using the reports can ascertain whether the data offered is suitable for their research task; on the other, the data can be used to prepare evaluations. This data report documents the data preparation of the PASS wave 16 and is based upon the fifteenth wave’s data report: Marco Berg, Ralph Cramer, Christian Dickmann, Reiner Gilberg, Birgit Jesske, Martin Kleudgen (all infas Institute for Applied Social Sciences), Jonas Beste, Sandra Dummert, Corinna Frodermann, Stefan Schwarz, Claudia Wenzig, Mark Trappmann, Sophie Altschul, Sebastian Bähr, Matthias Collischon, Mustafa Coban, Patrick Gleiser, Stefanie Gundert, Benjamin Küfner, Jan Mackeben, Sonja Malich, Bettina Müller, Jens Stegmaier, Nils Teichler, Stefanie Unger (all Institute for Employment Research (IAB)): Codebook and documentation of the panel Study ‘Labour Market and Social Security’ (PASS), Datenreport wave 15, FDZ Datenreport, 10/2022 (en), Nürnberg." (Author's abstract, IAB-Doku) ((en)) |
| Keywords: | Bundesrepublik Deutschland ; IAB-Open-Access-Publikation ; Datenaufbereitung ; Datenorganisation ; Datenqualität ; Datenzugang ; Erhebungsmethode ; Datensatzbeschreibung ; personenbezogene Daten ; private Haushalte ; Stichprobe ; 10.5164/IAB.PASS-SUF0622.de.en.v1 ; IAB-Haushaltspanel ; 2017-2022 |
| Date: | 2024–03–14 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabfda:202312(en)&r=inv |
| By: | Muqiao Huang; Ruodu Wang |
| Abstract: | We establish a profound connection between coherent risk measures, a prominent object in quantitative finance, and uniform integrability, a fundamental concept in probability theory. Instead of working with absolute values of random variables, which is convenient in studying integrability, we work directly with random loses and gains, which have clear financial interpretation. We introduce a technical tool called the folding score of distortion risk measures. The analysis of the folding score allows us to convert some conditions on absolute values to those on gains and losses. As our main results, we obtain three sets of equivalent conditions for uniform integrability. In particular, a set is uniformly integrable if and only if one can find a coherent distortion risk measure that is bounded on the set, but not finite on $L^1$. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.03783&r=inv |