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on Project, Program and Portfolio Management |
| By: | Pauline Lam; Jeffrey Wurgler |
| Abstract: | Green finance emphasizes “additionality, ” meaning funded projects should offer distinct environmental benefits beyond standard practice. Analysis of U.S. corporate and municipal green bonds, however, indicates that the vast majority of green bond proceeds is used for refinancing ordinary debt, continuing ongoing projects, or initiating projects without green aspects that are novel for the issuer. Only 2% of corporate and municipal green bond proceeds initiate projects with clearly novel green features. Investors and market participants also do not distinguish among levels of additionality: Offering yields, announcement effects, green bond index inclusion, and green bond fund holdings are uncorrelated with additionality. |
| JEL: | G10 G32 Q50 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:32960 |
| By: | Riukula, Krista; Väänänen, Touko |
| Abstract: | Abstract Effects on labour market outcomes are often referred to when discussing the wider economic benefits of transport projects. However, research on the topic in the Finnish context is scarce. Thus, proponents of transport projects may put exaggerated hopes on the labour market effects when arguing for the projects. This review aims to give researchers a good starting point for analyzing the labour market effects of transport projects in Finland. We review theoretical frameworks and recent empirical literature on the effects of transport projects and accessibility on the labour market. We discuss the available data sources in Finland and methodological considerations for analyzing causal effects. Furthermore, we explore the integration of labour market impacts into cost-benefit analyses considering, for example, the risk of double-counting benefits. |
| Keywords: | Transport project, Labour market, Wider economic impacts, Empirical research |
| JEL: | R42 H43 J68 H54 |
| Date: | 2024–10–02 |
| URL: | https://d.repec.org/n?u=RePEc:rif:wpaper:120 |
| By: | Gherbi Laid (Echahid Hamma Lakhdar University) |
| Abstract: | This study aims to shed light on the role of business incubators in supporting entrepreneurship and entrepreneurship development in the university environment, as incubators are considered one of the most important support and accompaniment mechanisms that contribute to the development of entrepreneurial projects, The study adopted a case study approach through the preparation and development of a questionnaire, which was distributed, The study concluded that Algeria is striving to develop a diverse and integrated system to support, accompany and promote entrepreneurship in various aspects that affect it directly or indirectly, The business incubator at the University of the Valley is one of the most important of these mechanisms, as there is a positive impact of the business incubator's activity on entrepreneurship among students at the University of the Valley. |
| Keywords: | entrepreneurship, business incubator, support and accompaniment mechanisms, University of the Valley. JEL Classification Codes: L26 L31 D2 O3, University of the Valley. JEL Classification Codes: L26, L31, D2, O3 |
| Date: | 2023–12–30 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04680590 |
| By: | Ma, Mingye (University of Southampton); Riener, Gerhard (University of Southampton); Xu, Youzong (University of Nottingham Ningbo China) |
| Abstract: | We explore the role of self- and peer evaluations in education, with a particular emphasis on gender differences. We construct a model of (self-)deception to predict outcomes for scenarios with and without self-evaluation. By using unique data from a first-year economics class at a Sino-UK university, we examine how students assess their own and their peers' contributions to group projects under varying self-assessment conditions. Our findings reveal a significant self-serving bias across both genders, though with subtle distinctions. Women, despite greater societal recognition, exhibit smaller self-social evaluation gaps (SSEG). The variation in abstention rates between treatments is mainly attributed to lowerperforming males. These findings indicate that the possibility of self-assessment influences rating behavior, potentially exacerbating gender disparities and affecting gender equity. |
| Keywords: | higher education, incentives, field experiment, peer evaluation, gender |
| JEL: | D01 D91 I23 C93 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17267 |
| By: | Liu, Tingjun (The University of Hong Kong); Bernhardt, Dan (University of Illinois & University of Warwick) |
| Abstract: | We consider a classical auction setting in which an asset/project is sold to buyers who privately receive signals about expected payoffs, and payoffs are more sensitive to the signal of the bidder who controls the asset. We show that a seller can increase revenues by sometimes allocating cash-flow rights and control to different bidders, e.g., with the highest bidder receiving cash flows and the second-highest receiving control. Separation reduces a bidder’s information rent, which depends on the importance of his private information for the value of his awarded cash flows. As project payoffs are most sensitive to the information of the bidder who controls the project, allocating cash flow to another bidder lowers bidders’ informational advantage. As a result, when signals are close, the seller can increase revenues by splitting rights between the top two bidders. |
| Keywords: | Control and cash flow rights ; separation of rights ; mechanism design ; interdependent valuations JEL Codes: D44 ; D82 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:wrk:warwec:1516 |
| By: | Doron Yeverechyahu; Raveesh Mayya; Gal Oestreicher-Singer |
| Abstract: | Generative AI (GenAI) has been shown to enhance individual productivity in a guided setting. While it is also likely to transform processes in a collaborative work setting, it is unclear what trajectory this transformation will follow. Collaborative environment is characterized by a blend of origination tasks that involve building something from scratch and iteration tasks that involve refining on others' work. Whether GenAI affects these two aspects of collaborative work and to what extent is an open empirical question. We study this question within the open-source development landscape, a prime example of collaborative innovation, where contributions are voluntary and unguided. Specifically, we focus on the launch of GitHub Copilot in October 2021 and leverage a natural experiment in which GitHub Copilot (a programming-focused LLM) selectively rolled out support for Python, but not for R. We observe a significant jump in overall contributions, suggesting that GenAI effectively augments collaborative innovation in an unguided setting. Interestingly, Copilot's launch increased maintenance-related contributions, which are mostly iterative tasks involving building on others' work, significantly more than code-development contributions, which are mostly origination tasks involving standalone contributions. This disparity was exacerbated in active projects with extensive coding activity, raising concerns that, as GenAI models improve to accommodate richer context, the gap between origination and iterative solutions may widen. We discuss practical and policy implications to incentivize high-value innovative solutions. |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.08379 |
| By: | Robson, Sally (Resources for the Future); Russell, Ethan (Resources for the Future); Shawhan, Daniel (Resources for the Future) |
| Abstract: | Electricity from offshore wind is considered important for reducing energy-related emissions because of its ability to serve coastal areas and complement other nonemitting electricity sources. However, there are open questions about the degree to which it will replace emitting versus other nonemitting generation, improve public health, and affect the total cost of the electricity supply. In the face of recent input cost increases and project cancellations, governments are deciding how strongly to support offshore wind development. To help with such decisions, we project and evaluate several effects of a set of 32 planned or proposed offshore wind farms along the Atlantic and Gulf coasts of the United States, which would produce approximately 2.5 percent of US and Canadian electricity generation. We examine how those offshore wind farms would affect other electricity generation capacity, generation, emissions, health, costs for electricity and natural gas customers, profits of the electricity and natural gas supply industries, and net government revenues, in the year 2035. We include capital expenditure recovery and financing among the costs.In our modeling results, from a detailed power sector capacity expansion and dispatch model, the offshore wind farms’ estimated net benefits are positive, with an estimated benefit-to-cost ratio of 14 to 1. Generation from the offshore wind farms disproportionately reduces natural gas and coal-fueled generation, causing large emissions reductions. Further, the emissions reductions tend to be upwind of densely populated areas. Consequently, the offshore wind farms reduce annual estimated US premature deaths from airborne particulate matter and ground-level ozone by 520 per year. Black, Hispanic, and low-income Americans account for a disproportionately large share of the premature deaths avoided, as do residents of the New York City area. The offshore wind farms reduce worldwide projected future deaths from climate change by 1, 600 per year of their operation. The offshore wind farms increase the overall nonenvironmental costs of the electricity supply but reduce customer electricity and natural gas bills. Though our study is relatively comprehensive, it, like others, does not include all benefits and costs. Notably, it does not include estimates of the likely downward effect of the 32 offshore wind farms on the cost of subsequent offshore wind development or the benefits of the increased future development that is likely to result. |
| Date: | 2024–09–26 |
| URL: | https://d.repec.org/n?u=RePEc:rff:dpaper:dp-24-17 |