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on Investment |
| By: | Chiswick, Barry; Corman, Hope; Dave, Dhaval; Reichman, Nancy E. |
| Abstract: | This study analyzes, for the first time, the effect of increases in the minimum wage on the labor market outcomes of working age adults with cognitive disabilities, a vulnerable and low-skilled sector of the actual and potential labor pool. Using data from the American Community Survey (2008-2023), we estimated effects of the minimum wage on employment, labor force participation, weeks worked, and hours worked among working age individuals with cognitive disabilities using a generalized difference-in-differences research design. We found that a higher effective minimum wage leads to reduced employment and labor force participation among individuals with cognitive disabilities but has no significant effect on labor supply at the intensive margin for this group. Adverse impacts were particularly pronounced for those with lower educational attainment. In contrast, we found no significant labor market effects of an increase in the minimum wage for individuals with physical disabilities or in the non-disabled population. |
| Keywords: | Cognitive Disability, Employment, Labor Market Outcomes, American Community Survey |
| JEL: | J14 J2 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1630 |
| By: | Tomáš Boukal (Charles University); Petr JanskyÌ (Charles University); Miroslav PalanskyÌ (Charles University and Tax Justice Network) |
| Abstract: | We develop a methodology to decompose the tax revenue impact of the global minimum tax introduced in 2024 into several components and quantify its potential impact on profit shifting. We apply it to 34 thousand multinational-country observations from tax returns, financial statements and country-by-country reports of all multinationals active in Slovakia. We find that the global minimum tax has the potential to decrease profit shifting by most multinationals, which are on average likely to pay higher effective tax rates in most countries worldwide post-reform. We find that Slovak corporate tax revenues will increase by 4%, with half of the increase due to its minimum top-up taxes. The other half of the increase is corporate income tax on profits that will no longer be shifted out of the country. We expect the global minimum tax to target 49% of previously shifted profits. |
| Keywords: | Global minimum tax, profit shifting, multinationals, tax avoidance |
| JEL: | H25 H26 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:dbp:wpaper:025 |
| By: | Sofia Lamperti (INPG - Institut National Polytechnique de Grenoble, CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes); Jean-Marie Courrent (Labex Entreprendre - UM - Université de Montpellier, MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School); Sylvie Sammut (MRM - Montpellier Research in Management - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVD - Université de Perpignan Via Domitia - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School) |
| Abstract: | A growing number of business incubation programs are showing interest in supporting sustainable entrepreneurship in response to pressing social and environmental challenges. However, while the need for a sustainability orientation is widely acknowledged, it remains unclear how and to what extent business incubators are translating this interest into concrete actions. The risk that the focus of business incubators on sustainability may remain largely symbolic-expressing a commitment without meaningful change-rather than substantive, with a real impact on their structures and programs, exists. Drawing on the distinction in institutional theory between symbolic and substantive actions, this study presents a comparative case analysis of three French business incubators to explore how they operationalize their missions to foster sustainable new ventures. The findings provide both research and practical insights on understanding and implementing sustainability orientation within business support structures. |
| Keywords: | Business incubators Sustainability orientation Institutional theory Sustainable entrepreneurship Case study methodology |
| Date: | 2025–05 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05101546 |
| By: | Wesley M. Cohen; Matthew J. Higgins; William D. Miles; Yoko Shibuya |
| Abstract: | Using detailed product- and invention-level data from the pharmaceutical industry, we demonstrate that firms with particularly high-selling “blockbuster” products concentrate their development efforts on new products that both target the same customer segments and are more likely to be technically similar to existing blockbuster products. This behavior, driven by an expectation of the stickiness of demand for existing product offerings, limits firms' incentives to invest in entirely new products targeting different customer segments. Our findings offer insights into how blockbuster products shape firms' customer segment and innovation choices, with implications for understanding the dynamics of technological change in R&D-intensive industries. |
| JEL: | O3 O31 O33 |
| Date: | 2025–06 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33957 |
| By: | Olivier Bargain (UB - Université de Bordeaux, IUF - Institut universitaire de France - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Rose Camille Vincent (D-MTEC - Department of Management, Technology, and Economics [ETH Zürich] - ETH Zürich - Eidgenössische Technische Hochschule - Swiss Federal Institute of Technology [Zürich], U.S.E. - Utrecht School of Economics - Universiteit Utrecht / Utrecht University [Utrecht]); Emilie Caldeira (CERDI - Centre d'Études et de Recherches sur le Développement International - IRD - Institut de Recherche pour le Développement - CNRS - Centre National de la Recherche Scientifique - UCA - Université Clermont Auvergne) |
| Abstract: | Decentralization, championed by international institutions, has been one of the most prominent public sector reforms of the last decades, particularly in sub-Saharan Africa. To date, few studies propose a quasi-experimental evaluation of its capacity to contribute to local development. We exploit the phase-in of decentralization at the commune level in Burkina Faso. We use satellite information on night-time light density as a proxy for local development levels, which has the advantage of being measured and comparable over time and space. The communes that were decentralized first can be compared to the others after the reform relative to the pre-reform situation. The difference-in-difference approach includes commune fixed effects and inverse propensity score reweighting to account for time-varying differences across communes. We find a positive impact of decentralization on the night-light intensity trends of the early-decentralized communes. This is supported by alternative measures (remote sensing of built-up settlements and a welfare index), which shows the possibly broader scope of decentralization gains. We show that decentralization did not lift all boats: only the communes with the ability to generate own-source revenues benefited from effective decentralization. |
| Abstract: | La décentralisation, soutenue par les institutions internationales, est l'une des réformes du secteur public les plus marquantes des dernières décennies, en particulier en Afrique subsaharienne. À ce jour, peu d'études proposent une évaluation quasi-expérimentale de sa capacité à contribuer au développement local. Nous exploitons le déploiement progressif de la décentralisation au niveau communal au Burkina Faso. Nous utilisons des données satellitaires sur la densité de luminosité nocturne comme proxy des niveaux de développement local, offrant l'avantage d'une mesure comparable dans le temps et l'espace. Les communes décentralisées en premier sont comparées aux autres après la réforme par rapport à la situation pré-réforme. La méthode de différence-endifférences inclut des effets fixes par commune et une repondération par score de propension inverse pour tenir compte des différences temporelles entre communes. Nos résultats révèlent un impact positif de la décentralisation sur les tendances d'intensité lumineuse des communes décentralisées précocement. Ces conclusions sont corroborées par des mesures alternatives de résultat (télédétection des zones bâties et un indice de bien-être), qui mettent en évidence l'ampleur potentielle des gains liés à la décentralisation. Cependant, la décentralisation n'a pas bénéficié à toutes les communes : seules celles ayant la capacité de générer des revenus propres ont véritablement tiré parti de cette réforme. |
| Keywords: | Economic development, Local development, Africa, Burkina Faso, Decentralization, Décentralisation, Développement économique, Gouvernance locale, Afrique |
| Date: | 2025–01–20 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05088873 |
| By: | Ms. Alina Carare; Juan P Celis; Metodij Hadzi-Vaskov; Yasumasa Morito |
| Abstract: | Growing remittance flows to emerging and developing economies may lead to real exchange rate appreciation and weaken their competitiveness. While the empirical literature finds mixed results about the relevance of this relationship, it does not delve into understanding the interplay of two crucial elements for policymakers—the exchange rate regime and the structure of the economy. Filling this gap in the literature, our paper examines how exchange rate regimes and the structure of the economy affect the impact of remittance flows on the real effective exchange rate (REER). Using data from a large sample of economies over 2008-21, we arrive at three key findings. First, REER overvaluation correlates positively with remittance flows under flexible exchange rate regimes. Once controlling for potential endogeneity in a dynamic panel and other variables determining exchange rate behavior, we find that countries with fixed exchange rate regimes also experience appreciation, albeit smaller and slower relative to countries under flexible regimes. Second, we find relatively larger REER appreciation effects for countries that have import-to-GDP ratios lower than the world median, and countries with remittances-to-GDP ratios higher than the world median. Third, for countries that receive relatively high remittances and import relatively less, the REER appreciates after a remittance shock, regardless of the exchange rate regime. The results are robust to alternative classifications, data sources, specifications and sample size. |
| Keywords: | Remittance; Real Exchange Rates; Dutch disease |
| Date: | 2025–06–20 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/122 |
| By: | Marc Jacob (IDHES - Institutions et Dynamiques Historiques de l'Économie et de la Société - UP1 - Université Paris 1 Panthéon-Sorbonne - UP8 - Université Paris 8 Vincennes-Saint-Denis - UPN - Université Paris Nanterre - UEVE - Université d'Évry-Val-d'Essonne - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay) |
| Abstract: | Cazes au Crédit lyonnais. De l'international à la direction générale (des années 1930 aux années 1960), éditions Droz, 2024, 134 p. Professeur émérite d'histoire économique de l'Université de Bordeaux IV, Hubert Bonin a écrit de nombreux ouvrages relatifs à l'histoire économique et plus particulièrement concernant les Banques. Cette biographie d'un dirigeant du Crédit lyonnais tombé dans l'oubli, permet de retracer de façon vivante tout à la fois l'itinéraire d'un pur produit de la « République des capacités » et l'ascension d'un homme qui a réalisé toute sa carrière au sein d'un même établissement, ce qui constituait sans doute la norme à cette époque. Fondé sur une exploitation très solide des riches archives du Crédit lyonnais, le livre d'Hubert Bonin permet également de mettre en lumière le dynamisme et la capacité d'adaptation, longtemps sous-estimés, dont a su faire preuve au cours des années qui vont de l'après-guerre à la fin des années soixante la première banque française de son temps. Né en 1903 à Pauillac en Gironde, Marcel Cazes est issu d'un milieu provincial relativement modeste. Brillant élève, il intègre l'école polytechnique et fait très vite le choix d'entreprendre une carrière dans la banque plutôt que dans les grands corps du service public. Entré au Crédit lyonnais en 1928, il rejoint rapidement la direction de la Haute banque qui était plus particulièrement active dans la gestion du bilan et de la trésorerie (« les mouvements de fonds ») mais aussi dans le suivi des grands comptes et des activités internationales. C'est d'ailleurs dans ce dernier domaine que Marcel Cazes a excellé. Après avoir exercé diverses responsabilités à l'étranger, d'abord au sein de la Banque franco portugaise, filiale du Crédit lyonnais, puis des succursales d'Anvers et de Luxembourg, il retrouve la direction de la Haute banque au sortir de la guerre. Il y est promu directeur des relations internationales dès 1953. C'est dans ce contexte que Marcel Cazes s'est imposé comme l'un des artisans principaux de la relance des activités internationales du Crédit lyonnais notamment en Amérique latine, au Moyen Orient et en Afrique. Au Brésil tout d'abord, il a présidé aux négociations qui ont conduit à la création en 1948 d'une nouvelle filiale, le Banco Francès e Brasiliero. |
| Keywords: | Crédit lyonnais, Marcel Cazes, Hubert Bonin |
| Date: | 2024–12–30 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05063491 |
| By: | Ana Hernández Kent |
| Abstract: | An analysis of census data among Eighth District states finds that the main reasons given by adults for their inability to join the workforce differed by geography. |
| Keywords: | Current Population Survey (CPS); Federal Reserve District, 8th; labor force participation; barriers to employment; family responsibilities; child care; health |
| Date: | 2025–07–08 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00001:101254 |
| By: | Laetitia Dillenseger; Thi Huong Nhai NguyenAnne Stenger; Thi Kim Cuong Pham; Anne Stenger |
| Abstract: | This paper examines how different motivations for engaging in organic farming may impact the farmers’ subjective well-being using a large-scale 2023 survey database from the French Agence Bio and leveraging the multi-dimension of well-being. Three measures capturing both affective and cognitive aspects of the well-being of farmers brought by their involvement in organic farming are used: Feelings of Pride, Satisfaction, and Feeling of Happiness. We focus on the effects of two types of motivations: intrinsic and extrinsic. Our results indicate that most intrinsic motivations, including concern about public health and human health, concern about the environment, and the request for autonomy in farming decisions, significantly and positively impact both the affective aspect (i.e., Pride, Happiness) and the cognitive aspect (i.e., Satisfaction) of farmers’ well-being. In contrast, extrinsic motivations related to the request for profits earned from fair prices and the response to demand incentives exert a negative influence. Besides motivations, our multi-dimensional well-being analyses also reveal that income, farming experience and difficulty, and production types significantly impact both affective and cognitive well-being. It is shown that social comparison (income) does not matter while social ties do. Finally, some aspects of farming characteristics and lifestyle factors (e.g., number of working hours and number of vacation days) contribute to cognitive well-being, while others (e.g., support from family and others) are associated with affective well-being. |
| Keywords: | cognitive well-being, affective well-being, intrinsic and extrinsic motivations, organic farming, pro-environmental decision, subjective well-being. |
| JEL: | D62 I31 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ulp:sbbeta:2025-20 |
| By: | Dumas, Christelle; Gautrain, Elsa; Gosselin-Pali, Adrien |
| Abstract: | In sub-Saharan Africa, child fostering-a widespread practice in which a child moves out of the household of her biological parents-can have significant implications for a child's overall well-being. Using longitudinal data from South Africa that includes individual tracking, we employ double machine learning techniques to evaluate the impact of fostering on nutrition, addressing biases related to selection into treatment and endogenous attrition, two common challenges in the literature. Our findings reveal that fostering reduces the probability of being stunted by 6.8 percentage points, corresponding to a 37 percent reduction compared to the mean prevalence. This improvement appears to be driven by foster children relocating to smaller, rural households, often including retired individuals, typically grandparents, who receive a pension. Furthermore, we find that it not only enhances the nutritional status of foster children but also benefits the nutrition of other children from sending households, suggesting that fostering can be mutually beneficial for both groups. |
| Keywords: | Child Fostering, Nutrition, Machine Learning, South Africa |
| JEL: | I15 J12 J13 O15 C14 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1628 |
| By: | Camilo Gómez; Mariana Escobar-Villarraga; Ligia Alba Melo-Becerra; Héctor M. Zárate-Solano |
| Abstract: | This paper examines the impact of the Federal Reserve’s 2022 capital requirements on Colombian banks’ access to foreign credit lines. These measures, more stringent than in previous years, introduced a stronger stress capital buffer in response to global recession risks and inflationary pressures. A key contribution of the study is its distinction between the announcement, publication, and implementation phases of these regulations, highlighting how expectations, information flows, and uncertainty shape banks’ financial strategies. Using a Synthetic Difference-in-Differences (SDID) approach, the findings reveal that credit from affected U.S. banks declined significantly following the announcement, with further reductions observed as the enforcement date approached. Substitution effects partially mitigate this decline, offering insight into the global interconnectedness of financial systems and the broader implications of regulatory changes. The study contributes to a deeper understanding of how capital regulations influence cross-border liquidity, capital allocation, and risk exposure, particularly in periods of heightened global uncertainty. *****RESUMEN: Este documento analiza el impacto de los requerimientos de capital de la Reserva Federal de 2022 en el acceso a líneas de crédito extranjeras a los bancos en Colombia. Estas medidas, más estrictas que en años anteriores, introdujeron un buffer de capital de estrés más sólido en respuesta a los riesgos de recesión global y las presiones inflacionarias. Una contribución clave del estudio es la diferenciación entre las fases de anuncio, publicación e implementación de estas regulaciones, indicando cómo las expectativas, la información y la incertidumbre moldean las estrategias financieras de los bancos. Utilizando una aproximación de Diferencias en Diferencias Sintéticas (SDID), los hallazgos indican que el crédito de los bancos estadounidenses afectados disminuyó significativamente tras el anuncio, con reducciones que se intensificaron cerca de la fecha de implementación. Los efectos de sustitución compensaron parcialmente esta disminución, indicando la importancia de la interconectividad global de los sistemas financieros y las consecuencias de las políticas regulatorias. El estudio proporciona una comprensión más profunda de cómo las restricciones de capital influyen en la liquidez transfronteriza, la asignación de capital y la exposición al riesgo durante períodos de elevada incertidumbre global. |
| Keywords: | macroprudential capital restrictions, Fed, foreign capital funding, synthetic Difference-in-Differences, restricciones macroprudenciales de capital, Fed, financiamiento de capital extranjero, Diferencias en Diferencias Sintéticas. |
| JEL: | E51 E58 F34 G21 G28 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:bdr:borrec:1321 |
| By: | Lidia Farre; Libertad Gonzalez; Claudia Hupkau; Jenifer Ruiz-Valenzuela |
| Abstract: | Between 2017 and 2021, Spain progressively extended paternity leave from 2 to 16 weeks, equalizing it with maternity leave and introducing mandatory weeks. A 2018 reform also allowed fathers to split their leave. Using administrative data on all leave permits since 2016, we analyze trends in paternity leave take-up. Following the introduction of mandatory leave, the share of fathers taking leave increased by around 20 percentage points, and most now use nearly the full entitlement. The share opting to split leave has steadily grown, surpassing 50% by 2023. However, this behavior shows marked heterogeneity: while overall uptake is uniform across groups, leave-splitting is far more common among higher-income fathers and more prevalent in certain sectors. Spain's experience illustrates how policy design can significantly increase paternity leave usage, though workplace flexibility and income-related constraints shape how fathers use that time. |
| Keywords: | paternity leave, reform, take-up, mandatory parental leave |
| Date: | 2025–07–02 |
| URL: | https://d.repec.org/n?u=RePEc:cep:cepdps:dp2111 |
| By: | Yen Thi Hai Nguyen; Truc Ngoc Hoang Dang; Brian Buh; Isabella Buber-Ennser |
| Abstract: | Due to strong filial piety, parents(-in-law) play an important role in their adult daughtersâ fertility decisions in Vietnam; women feel pressured to fulfil their duties to produce a male descendant for the family. However, rapid urbanisation and industrialisation mean that multigenerational households are becoming less common, despite having been the standard household structure for centuries. Based on the 2020â21 Vietnam Multiple Indicator Cluster Survey, we investigate if women who coreside with the parental generation are more likely to desire additional children. In an industrialised economy, grandparents may be an important source of childcare while simultaneously exerting pressure on their adult children to have additional children. Further, we explore the association of the sex of previous child(ren) to capture the pressure associated with son preference. Multivariate regressions reveal an association between coresiding with parents and the desire for a second child, regardless of the sex of the first child. Among women with two children, third-child desires do not appear to be associated with coresiding with parents but are substantially related to having two daughters. Given the strong two-child norm in Vietnam and previous policies implying negative consequences for parents with three or more children, few women show a desire for a third child. Those women who report a desire for a third child mostly have two daughters, reflecting societal norms about the need for a male heir. |
| Keywords: | Coresiding with parents, Desire for additional children, Son preference, Vietnam Multiple Indicator Cluster Survey |
| Date: | 2023–08 |
| URL: | https://d.repec.org/n?u=RePEc:vid:wpaper:2303 |
| By: | Claudia Godbout; Yang Xu; Adam Su |
| Abstract: | We update an assessment of potential changes in payments that mortgage holders could face at renewal in 2025 and 2026. We use an enhanced dataset (RESL2) that provides a more accurate starting point for mortgage balances. |
| Keywords: | Credit and credit aggregates; Financial institutions; Financial stability; Housing; Interest rates; Recent economic and financial developments |
| JEL: | D12 D14 G21 G28 R20 |
| Date: | 2025–07 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocsan:25-21 |
| By: | Adrian Pop (Faculté de Droit, Economie et Gestion de l’université d’Angers., GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement); Diana Pop (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement) |
| Abstract: | This article documents the existence of an anchoring bias in the pricing and acceptance of takeover bids in a blockholder regime where the mandatory bid rule applies. Our analysis, performed on the Romanian market for corporate control, shows that the 52‐week high price of the target and the pricing of direct privatisations conducted by the government are strong predictors of both bid premium and outcome. The tender decision depends also on the scope of expropriation perceived by minority shareholders. Our results suggest that stronger capital market discipline is also important for insuring an effective protection of minority shareholders. |
| Keywords: | 52‐week high, acquisition premium, mandatory bid rule, minority shareholder rights, privatisation premium, reference point, tender outcome |
| Date: | 2025–03–28 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05067197 |
| By: | Paunić, Alida |
| Abstract: | Different payment means started from early human age existence in form of goods, wheats, gold and developed in China as coins or Babilon as Interest rates. Today the world has access to various types of financing opportunities and reaches the global market by satellite and computers. Although technology improved real quality connections between personal finance, government finance and corporate finance are lingering in their own aims and advantages. Quality linking is a message that needs to be done and accomplish measuring constant statistical data and making comparison of growth, interest levels, inflation rise with human advancement- free medical free schooling, secure pension , corporate responsibility growth with environmental protection and government responsibility – providing diversify jobs and increase in standard of all people. |
| Keywords: | finance, payment, development, personal , government, corporate , cooperation, advancemnet |
| JEL: | E0 F0 F00 G0 H0 |
| Date: | 2025–06–21 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:125070 |
| By: | Yusheng Feng; Haishi Li; Siwei Wang; Min Zhu |
| Abstract: | Using Chinese firm-level trade data combined with global anti-dumping (AD) and countervailing duty (CVD) investigations, we uncover a hidden cost of industrial policy under WTO agreements. At every stage of AD/CVD investigations, industrial subsidies significantly raise the probability of affirmative tariff rulings and lead to higher imposed tariffs. Firms that received larger subsidies are also less likely to be granted firm-specific duties, which are lower than the product-level tariffs applied to all other firms exporting the investigated product. While AD/CVD tariffs create a moderate trade barrier that an average Chinese firm expects to face, they represent a significant cost of subsidy for those heavily subsidized and those potentially receiving firm-specific duties. AD/CVD tariffs induced by subsidies reduced the subsidy effect on firm revenue growth by 25%. The intended benefits of industrial subsidies are partially offset by increased foreign trade protection. |
| Keywords: | industrial policy, subsidies, anti-dumping, countervailing duties |
| JEL: | F13 L52 O25 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11982 |
| By: | Gu, Helena; Mu, David |
| Abstract: | In 2018, Minneapolis became the first U.S. city to eliminate single-family zoning through the Minneapolis 2040 Plan, with a central focus on improving housing affordability. Using a synthetic control approach, this paper finds that the reform reduced the growth of housing costs over the subsequent five years: home prices were 16-34% lower and rents 17.5-34% lower than a counterfactual Minneapolis. Placebo tests show these declines were the steepest among 83 donor cities (p=0.012). The effects are consistent across multiple robustness exercises and are not the result of new housing supply, but are likely due to weakened housing demand. |
| Keywords: | zoning reform, land use regulation, house prices, rental prices, synthetic control |
| JEL: | R52 R30 R58 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1629 |
| By: | Bo WU; Ioana FILIPAS |
| Abstract: | This paper investigates the GHG emission reduction incentive problem when a supply chain faces dual moral hazard and multi-goal. We innovatively characterize dual moral hazard and multi-goal functions of a supply chain and obtain some findings. First, when a brand prioritizes multiple goals, it will make greater efforts to reduce GHG emissions than the manufacturer. Surprisingly, the more complex the environment of moral hazard, the less likely the manufacturer will make concessions. In general, considering multi-goal of brand reduces the problem of double marginalization in a supply chain. Second, while supply chains face complex double moral hazard, the brand’s burden of GHG reduction can only be reduced by prioritizing heavily sustainability and consumer surplus goals. Third, firms face a dual moral hazard when pursuing sustainability and consumer surplus goals, which can sometimes be positive. |
| Keywords: | sustainable efforts; moral hazard; multi goals; risk aversion; uncertainty. |
| JEL: | Q51 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ulp:sbbeta:2025-25 |