|
on Investment |
| By: | Roisin O'Neill; Shailee Manandhar; Douglas L. Kruse |
| Abstract: | People with disabilities are disproportionately represented in low-wage work, raising concerns that higher wage floors may reduce their employment opportunities, particularly for workers with more severe disabilities. We examine the effects of state minimum wage increases and state subminimum wage terminations on employment outcomes for people with disabilities using American Community Survey data from 2010–2023. We find little evidence that minimum wage increases reduce employment or labor force participation among people with disabilities, including those with more severe disabilities. While many estimates are statistically imprecise, confidence intervals generally rule out economically meaningful negative employment effects. We likewise find no evidence that terminating subminimum wages reduces employment opportunities for affected workers, and some estimates suggest positive employment effects for groups most likely to have been employed under subminimum wage arrangements. These gains may reflect complementary policies that often accompany repeal, such as Employment First initiatives. Overall, the results provide little support for the view that higher wage floors create disproportionate employment barriers for people with disabilities. |
| JEL: | J14 J21 J38 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35368 |
| By: | Dominik Wied |
| Abstract: | This paper proposes a synthetic control (SC) framework for the estimation of conditional distributional treatment effects. Identification rests on a parallel trends condition formulated in the parameter space of the semiparametric distribution regression (DR) model, which keeps the counterfactual conditional distribution within the model class. The weights solve a least-squares problem subject to an adding-up constraint, yielding a closed-form estimator. We derive the asymptotic distribution of the counterfactual estimator, with DR estimation error and weight estimation error contributing at the same rate to the asymptotic variance. Moreover, we propose a supremum test for the null of no treatment effect, whose limit is the supremum of a Gaussian process. Simulations illustrate that conditioning on covariates can reveal effects being difficult to detect from the unconditional distribution alone. An application to the 1992 New Jersey minimum wage increase using CPS data finds effects concentrated in the minimum-wage corridor for low-education, low-experience workers. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.09625 |
| By: | Mistopoulou, Elisavet; Steffen, Sascha |
| Abstract: | Private credit funds intermediate illiquid, long-horizon loans with bank-dependent and increasingly encumbered liabilities, without the deposit-insurance or lender-of-last-resort backstops that support banks. We construct the first facility-level panel of the complete liability structure of U.S. Business Development Companies (BDCs) — the only segment of the market that files audited financial statements — covering 195 BDCs, more than 2, 900 funding facilities, and $267 billion in outstanding debt from 2017 to 2025, and ask whether this funding structure is itself a source of fragility that markets recognize. We document a three-tier funding hierarchy — secured bank, securitized, and unsecured — governed by listing status rather than size: public BDCs substitute toward unsecured notes, whereas 72% of private-BDC debt is bank-originated and the median private BDC has no unsecured market access, a divide that persists even among the largest funds. Public BDCs face market-dependent refinancing risks due to a growing unsecured maturity wall, from $2.4 billion in 2023 to $18.1 billion in 2026, whose near-term exposure predicts larger stock-price declines during credit stress, and only since 2023, once the wall became material. Neither undrawn credit lines nor cash holdings attenuate this repricing consistent with investors recognizing that bank liquidity backstops cannot resolve a possible rollover risk problem, for example, because of borrowing bases or other lending restrictions. |
| JEL: | G21 G23 G28 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21587 |
| By: | Florian Navarro (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: | We propose a new associated game built around the marginal contributions of players to the complementary coalition. We use this associated game in an associated consistency axiom. We identify the subset of efficient, symmetric and linear sharing rules that satisfy this associated consistency and show that, amongst these, only the egalitarian value is monotonic. |
| Keywords: | cooperative games, egalitarian value, associated consistency, consistency, linear values |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04964303 |
| By: | Maryem Ezbiri; Lotfi Lotfi Benazzou (UIT - Université Ibn Tofaïl) |
| Abstract: | Résumé : Dans un environnement économique marqué par l'incertitude, la concurrence accrue et la transformation numérique, la question de la gestion des risques opérationnels devient cruciale pour la pérennité des entreprises marocaines. Les très petites, petites et moyennes entreprises (TPME), qui constituent le pilier de l'économie nationale, sont particulièrement vulnérables aux perturbations financières, technologiques et organisationnelles. Notre étude s'inscrit dans cette dynamique en cherchant à comprendre dans quelle mesure la gestion des risques opérationnels influence la performance financière des TPME marocaines. La problématique repose sur la nécessité d'évaluer l'efficacité des pratiques de gouvernance, de gestion de trésorerie, de maîtrise des processus, de capital humain et de cybersécurité, dans un contexte où la formalisation de la gestion du risque demeure encore limitée. Sur le plan méthodologique, la recherche adopte une approche quantitative, fondée sur un raisonnement hypothético-déductif et une perspective épistémologique positiviste. Les données ont été recueillies par un questionnaire structuré et analysées à l'aide de la modélisation par équations structurelles (PLS-SEM) à travers le logiciel SmartPLS. L'échantillon initial comprenait 147 entreprises contactées, dont 117 réponses valides ont été exploitées. Les résultats empiriques mettent en évidence une contribution notable des dimensions stratégique, financière, opérationnelle et technologique du risque dans l'explication de la performance, avec un pouvoir explicatif global satisfaisant du modèle. Ils révèlent également que la gouvernance et la gestion de trésorerie constituent les leviers les plus influents, tandis que la dimension humaine demeure faiblement intégrée dans les pratiques de gestion. L'étude conclut à la nécessité de renforcer la culture du risque, de structurer les processus internes et d'intégrer les technologies de gestion sécurisée pour consolider la performance et la résilience des TPME marocaines. Mots clés : Gestion des risques opérationnels, Performance financière, TPME marocaines Classification JEL : M10, G32, L25, C30. Type du papier : Recherche empirique Abstract : In an economic environment marked by uncertainty, increased competition, and digital transformation, the issue of operational risk management is becoming crucial for the sustainability of Moroccan businesses. Very small, small, and medium-sized enterprises (VSMEs), which form the backbone of the national economy, are particularly vulnerable to financial, technological, and organizational disruptions. Our study addresses this dynamic by seeking to understand the extent to which operational risk management influences the financial performance of Moroccan VSMEs. The research question hinges on the need to assess the effectiveness of governance practices, cash management, process control, human capital, and cybersecurity, in a context where the formalization of risk management remains limited. Methodologically, this study adopts a quantitative approach based on hypothetical-deductive reasoning and a positivist epistemological perspective. Data were collected using a structured questionnaire and analyzed using partial least squares structural equation modeling (PLS-SEM) via the SmartPLS software. The initial sample comprised 147 contacted companies, of which 117 valid responses were analyzed. The empirical results highlight a significant contribution of the strategic, financial, operational, and technological dimensions of risk in explaining performance, with the model demonstrating satisfactory overall explanatory power. They also reveal that governance and cash management are the most influential levers, while the human dimension remains poorly integrated into management practices. The study concludes that there is a need to strengthen risk culture, structure internal processes, and integrate secure management technologies to consolidate the performance and resilience of Moroccan micro, small, and medium-sized enterprises (MSMEs). Keywords: Operational risk management, Financial performance, Moroccan SMEs JEL Classification: M10, G32, L25, C30. Paper Type: Empirical Research |
| Keywords: | L25, C30. Type du papier : Recherche empirique Operational risk management, Financial performance, Moroccan SMEs JEL Classification : M10, C30, G32, TPME marocaines Classification JEL : M10, Performance financière, Gestion des risques opérationnels, Gestion des risques opérationnels Performance financière TPME marocaines Classification JEL : M10 G32 L25 C30. Type du papier : Recherche empirique Operational risk management Financial performance Moroccan SMEs JEL Classification : M10 G32 L25 C30 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05575367 |
| By: | Daniel Brunner; Florian Heiss; Anna B. Schmidt |
| Abstract: | We study consumer demand in large-scale retail settings with many products, multiple categories and repeated purchase behavior. While inertia and brand loyalty are well documented, existing discrete choice models typically focus on single categories or become computationally infeasible in high-dimensional environments. We propose a dynamic product-level factor model that captures heterogeneity in baseline preferences, price sensitivity and inertia through a shared latent factor structure. By factorizing individual-product coefficients, the model pools information across individuals and categories and allows for correlated heterogeneity. We estimate the model using Bayesian variational inference, enabling scalable estimation with tens of thousands of parameters. In a simulation study calibrated to realistic retail data, we show that the dynamic factor model substantially improves predictive performance relative to static factor models and mixed logit benchmarks, particularly when individual purchase histories are sparse. Accounting for inertia also leads to more elastic demand estimates, underscoring the importance of dynamics for measuring consumer responsiveness. Our results highlight dynamic factor models as a scalable and flexible approach for demand estimation in modern, high-dimensional retail markets. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2605.23703 |
| By: | Comparato, Gabriel; Diez Alberdi, Ane Miren; Rucci, Ana Clara |
| Abstract: | En el escenario internacional actual, la transformación digital, la sostenibilidad y la adopción de nuevos modelos de gobernanza están redefiniendo la gestión del desarrollo en los destinos turísticos. En particular, el enfoque de los Destinos Turísticos In- teligentes (DTI) se consolida como un paradigma de planificación que, mediante la incorporación de tecnología, la innovación, la sostenibilidad, la accesibilidad y una gobernanza participativa, busca mejorar la experiencia del visitante y elevar la calidad de vida de la población residente. En América Latina, la expansión del modelo español de DTI ha avanzado considerable- mente en los últimos años, especialmente a partir del trabajo de cooperación y transferencia de conocimiento liderado por la Sociedad Mercantil Estatal para la Gestión de la Innovación y las Tecnologías Turísticas, S.A.M.P (SEGITTUR) y, en menor medida, el Instituto Valenciano de Tecnologías Turísticas (INVAT-TUR). En particular, Argentina representa un caso singular, con un desarrollo híbrido que combina iniciativas estatales, impulso del sector privado y liderazgo de actores subnacionales (Farberoff et al., 2018; Rucci et al., 2025). En función de lo antes expuesto, el objetivo de este capítulo es presentar una caracterización de la situación actual de Argentina en materia de inteligencia turística, analizando sus antecedentes, los marcos institucionales existentes y el grado de apropiación del modelo DTI a nivel nacional y subnacional. Para ello, se adoptó una metodología cualitativa basada en análisis documental (legislación nacional, normativa técnica, informes oficiales, estadísticas turísticas, planes de desarrollo) que, frente a la dispersión de información, permitió sistematizar marcos de actuación, actores relacionados e instrumentos de política pública vigentes. |
| Keywords: | Planificación Turística; Destinos Turísticos; Ciudades Inteligentes; Argentina; |
| Date: | 2025–11 |
| URL: | https://d.repec.org/n?u=RePEc:nmp:nuland:4530 |
| By: | Paduano, Stephen; Devie, Jules; Courtial, Jean |
| Abstract: | This paper analyzes Bolivia’s twin fiscal and external crisis. It reviews how the crisis emerged, the stabilization agenda of the Paz government thus far, and what more is needed. It raises concerns that the government’s reform commitment has weakened. Conducting a Debt Sustainability Analysis, it demonstrates that Bolivia must enact a fiscal and external adjustment, alongside a five-year reprofiling its bilateral and private external debt, to stabilize debt and restore growth. The paper also calls attention to challenges facing the future of Bolivia’s growth — idiosyncratic headwinds for the hydrocarbon and lithium sectors — and encourages renewed multilateral investment in the strong but underappreciated agricultural sector. Lastly, it draws attention to the deterioration of the Bolivian Central Bank’s balance sheet, as a result of loans to non-performing SOEs and the opaque use of gold derivatives, and advocates a review of reserve management policies and a fiscal recapitalization. |
| Keywords: | Bolivia, Debt Sustainability Analysis, IMF, Restructuring, Sovereign Debt |
| Date: | 2026–04 |
| URL: | https://d.repec.org/n?u=RePEc:cpm:notfdl:2607 |
| By: | Lilou Abrial (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Lucie Bouzerand (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Mohamed Chabaane (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Claire-Marine Cesbron (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel); Sacha Rouxel (IAE Paris-Est - Institut d'Administration des Entreprises - Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel) |
| Abstract: | Dans le cadre d'un cours de huit heures en ludopédagogie pour la promotion 2025-2026 du master 2 Gestion des Ressources Humaines et Transformations du Travail dans les Organisations (TTO), nous avons imaginé des détournements de jeux de loisirs afin de concevoir des dispositifs ludopédagogiques au management pour des managers en formation continue, donc déjà en activité. Pour ce faire, nous avons étudié six jeux. Après avoir assimilé leurs règles, nous les avons couplés avec les concepts managériaux à transmettre aux apprenants : Maudit Mot dit avec l'écoute active, Catan avec l'avantage comparatif, Les Loups-garous de Thiercelieux avec le biais de confirmation, Smile Life avec la rationalité procédurale, WHAAAT? avec l'intelligence collective et The Mind avec la cognition distribuée. Notre article détaille chaque projet et propose une synthèse collective. |
| Keywords: | Serious gaming, Management, Ludopédagogie, Ludopédagogie Management Enseignement supérieur Serious gaming, Enseignement supérieur |
| Date: | 2026–05–13 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05620569 |
| By: | Hinh T. Dinh |
| Abstract: | This paper, the fourth in a research series on services-led growth in the Global South, examines Egypt’s potential for growth and economic transformation through the integration of services into Global Value Chains (GVCs). It employs a new taxonomy that classifies services into Knowledge Services (KS), Enabling Services (ES), and Local Services (LS) and applies OECD 2025 Trade in Value-Added (TiVA), Trade in Employment (TiM), and input-output databases to benchmark Egypt against Morocco, Tunisia, and the EU15. The analysis shows that while services account for roughly 55 percent of Egypt’s GDP, KS remain thin at about 6 percent of GDP and 3.5 percent of employment—well below EU15 benchmarks of 15–17 percent of GDP and 12–15 percent of employment—while ES reach 12–14 percent and LS 34–37 percent of GDP. The paper identifies a structural imbalance between a large, geography-driven ES sector and a fragmented KS base. Egypt’s ES are dominated by transport and logistics linked to the Suez Canal, which generate high domestic value-added in exports but function mainly as geographic rent rather than GVC-embedded logistics, with limited private supply-chain integration or knowledge spillovers. Within LS, wholesale and retail trade is the central node in the domestic distribution network, and accommodation and food services remain a major, foreign-demand-dependent employer whose fortunes closely follow the tourism cycle. The data confirm that structural change over 2012–2022 has been services-led rather than manufacturing-led, with agriculture losing employment shares while business services and LS absorb most new workers. The data also show that its services are present upstream in other countries' production networks at levels that match or exceed EU15 benchmarks, yet they source almost no specialized foreign inputs in return — a configuration of autarky with upstream reach that defines the ceiling on Egypt's current GVC trajectory. Within KS, the study documents two divergent development pathways that contrast with the “dual orientation” pattern observed in the EU15 and, increasingly, in Morocco. Professional, scientific, and technical services (M) follow a domestication pathway characterized by exceptionally high forward linkages to the local economy but a lack of international competitiveness. Administrative and support services (N), including Business Process Outsourcing, follow an export-enclave pathway, successfully reaching foreign final demand but remaining structurally disconnected from domestic industries. While Egypt possesses the essential "building blocks" for a knowledge economy—including a massive labor force and a large domestic market—it has not yet synchronized these disconnected pathways The central policy priority appears therefore not to build KS capability from scratch but to connect these domestication and enclave pathways while preventing Suez-driven ES expansion from crowding out investment in KS, through a coordinated “big-push” strategy that deepens N’s domestic embedding and raises the international orientation and productivity of M. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:ocp:rpaeco:rp08_26 |
| By: | Nocke, Volker; Peitz, Martin; Schutz, Nicolas |
| Abstract: | How should merger control account for future changes in market conditions? We study horizontal merger policy in the presence of industry-wide cost or demand shocks, using both a homogeneous-goods Cournot model and a multiproduct-firm model of price competition with constant elasticity of substitution (CES) or multinomial logit (MNL) demand. We derive two main sets of results. First, regarding deterministic shocks: under both Cournot competition with incomplete pass-through and multiproduct-firm price competition, an adverse shock increases industry concentration but calls for softer merger control. Second, regarding cost or demand uncertainty: under a cautious maxmin approach, aggregate cost uncertainty calls for softer merger control under the same assumptions. By contrast, under a risk-neutral expected-consumer-surplus standard, greater cost uncertainty demands tougher merger control in the Cournot model with log-concave demand, and in the multiproduct-firm price competition model when the outside option is sufficiently attractive. |
| JEL: | L13 L40 L41 K21 D43 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:21598 |
| By: | Gulzar, Saad (Notre Dame University); Khan, Muhammad (University of Pittsburgh); Sonnet, Luke (Independent Scholar) |
| Abstract: | Why does women’s political participation continue to lag behind men’s in much of the world? This paper argues that one reason for the political participation gap is a discrepancy between what people believe others think about women’s political participation and what those people actually think. Using data from 37 communities in Pakistan, we first show that expectations of norms around women’s political participation are more pessimistic than actual beliefs. Second, despite previous evidence that the household primarily structures women’s behavior in patriarchal societies, we find (1) that women’s social networks are distinct from those of men in their households and (2) that women’s pessimistic expectations about others’ beliefs are more strongly correlated with beliefs of socially proximate women than with men in their households. Efforts to reduce the gender gap in political participation may therefore benefit from targeting pessimistic expectations of norms and focusing on women’s distinct networks. |
| Keywords: | social norms, pluralistic ignorance, social networks, gender gap in voting |
| JEL: | J6 O12 D83 D85 D72 Z13 |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp18716 |
| By: | Dean, Adam; Shadlen, Kenneth C.; Storm, Hannah |
| Abstract: | Since the 1980s, the United States has unilaterally pressured many developing countries to open their markets to American exports. Despite such pressure coinciding with trade liberalization around the world, prior research largely concludes that US pressure was ineffective. This paper challenges this conventional wisdom by mitigating selection bias in previous studies, which focused on late-stage forms of pressure such as Section 301 investigations and sanctions. In contrast, this paper estimates the effect of US pressure starting at an earlier stage: inclusion in the US’ National Trade Estimate (NTE) Report. Using a staggered difference-in-differences design with data on 157 developing countries from 1980 through 2020, we find that US pressure significantly increased imports from the US, with targeted countries increasing imports by 26.6 percent more than non-targeted countries after five years. We also find evidence that US pressure is especially effective on countries with high levels of trade dependence on the US. We supplement these quantitative results with qualitative evidence from US efforts to open cigarette markets abroad, demonstrating the effectiveness of US pressure associated with the NTE. The research provides important insights for understanding the exploitation of power asymmetries to enact policy change, an increasingly prominent feature of the contemporary global political economy. |
| JEL: | J1 |
| Date: | 2026–06–24 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:138495 |
| By: | Mdhlalose, Dickson |
| Abstract: | The Balanced Scorecard (BSC), originally developed by Kaplan and Norton in 1992, remains one of the most widely referenced strategic performance management frameworks globally. However, the question of whether South Africa's largest corporations, as represented by the JSE Top 40 index, continue to use the BSC as a living strategic instrument or have allowed it to calcify into a static compliance exercise is both empirically underexplored and strategically consequential. This paper examines the current use, adaptation, and perceived effectiveness of the BSC among JSE Top 40 companies, with specific attention to two transformative pressures: digital disruption, which is reshaping the technological infrastructure of performance management; and environmental, social, and governance (ESG) imperatives, which are demanding a fundamental reconceptualisation of the dimensions of corporate value creation. Drawing on an integrative review of 60 peer-reviewed and practitioner sources published between 2020 and 2026, the paper argues that the BSC is neither obsolete nor adequate in its classical form. Rather, a new generation of adaptive, digitally enabled, and ESG-integrated BSC architectures is emerging among leading JSE companies, though uptake is uneven and the quality of adoption varies considerably. The paper contributes a conceptual evolution framework, synthesises the latest empirical evidence on JSE adoption patterns, and offers recommendations for boards, executives, and management accountants seeking to restore the BSC's strategic vitality. |
| Keywords: | Balanced Scorecard (BSC), JSE Top 40, Environmental, Social, and Governance (ESG) integration, Digital performance management, Strategy execution |
| JEL: | M41 M19 L20 G34 Q56 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341497 |