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Digital trade, legal environment, and corporate financing constraints: Evidence from China 数字贸易、法律环境和企业融资约束:来自中国的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-07 DOI: 10.1016/j.frl.2026.109622
Siyu Zhou , Yunyi Gao
This study empirically examines the impact of digital trade on corporate financing constraints and its operational boundaries, using cross-border listed companies on China's A-share market from 2015 to 2024 as the sample. The findings reveal: firstly, digital trade significantly alleviates financing constraints for cross-border enterprises; secondly, a favourable legal environment amplifies this alleviating effect; furthermore, this mitigating impact is more pronounced among non-state-owned enterprises and firms in highly competitive industries. This research provides micro-level evidence for understanding the economic consequences of digital trade and offers insights for optimising institutional environments to empower corporate digital transformation.
本研究以2015 - 2024年中国a股市场跨境上市公司为样本,实证检验了数字贸易对企业融资约束及其运营边界的影响。研究发现:第一,数字贸易显著缓解了跨境企业的融资约束;其次,良好的法律环境会放大这种缓解效果;此外,这种缓解影响在非国有企业和竞争激烈行业的公司中更为明显。本研究为理解数字贸易的经济后果提供了微观层面的证据,并为优化制度环境以促进企业数字化转型提供了见解。
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引用次数: 0
Corrigendum to “Cross-border cannibalization: Spillover effects of wind and solar energy on interconnected European electricity markets” [Energy Economics, 143, March 2025, 108251] “跨境蚕食:风能和太阳能对互联欧洲电力市场的溢出效应”的勘误表[能源经济,143,March 2025, 108251]
IF 12.8 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-06 DOI: 10.1016/j.eneco.2026.109167
Clemens Stiewe, Alice Lixuan Xu, Anselm Eicke, Lion Hirth
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引用次数: 0
Retraction notice to “Trading volume and the predictability of return and volatility in the cryptocurrency market” [Finance Research Letters 29 (2019) 340-346] 对“加密货币市场的交易量及回报和波动性的可预测性”的撤回通知[金融研究通讯29 (2019)340-346]
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109484
Elie Bouri, Chi Keung Marco Lau, Brian Lucey, David Roubaud
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引用次数: 0
Embodied universalism: An Aristotelian perspective for evaluating the good life 具身普遍主义:亚里士多德评价美好生活的观点
IF 7 2区 经济学 Q1 ECOLOGY Pub Date : 2026-02-06 DOI: 10.1016/j.ecolecon.2026.108946
Cécile Ezvan, Fiona Ottaviani
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引用次数: 0
Competition Enforcement and Accounting for Intangible Capital 竞争执法与无形资本会计
IF 8 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1111/jofi.70028
JOHN D. KEPLER, CHARLES G. MCCLURE, CHRISTOPHER R. STEWART
Antitrust laws mandate review of mergers and acquisitions (M&As) that exceed an asset size threshold based on accounting standards that exclude most intangible capital. We show that this exclusion leads to thousands of intangible-intensive M&As being nonreportable. Acquirers in nonreportable deals achieve higher equity values and price markups, especially when consolidating product markets. Furthermore, nonreportable pharmaceutical deals are three times more likely to involve overlapping drug projects, which are subsequently 40% more likely to be terminated. Our results suggest that the growth of intangible assets may exacerbate market power through nonreportable consolidation of the sectors most concerning for consumers.
反垄断法要求对资产规模超过一定门槛的并购(M&As)进行审查,该标准不包括大多数无形资本。我们表明,这种排除导致成千上万的无形密集型管理是不可报告的。在非报告性交易中,收购方获得了更高的股权价值和价格加价,尤其是在整合产品市场时。此外,未报告的制药交易涉及重叠药物项目的可能性是其他交易的三倍,而这些项目随后终止的可能性要高出40%。我们的研究结果表明,无形资产的增长可能会通过消费者最关心的部门的非报告合并而加剧市场力量。
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引用次数: 0
Impact of climate vulnerability on fiscal risk: Do religious tensions and financial development matter? 气候脆弱性对财政风险的影响:宗教紧张和金融发展重要吗?
IF 12.8 2区 经济学 Q1 ECONOMICS Pub Date : 2026-02-06 DOI: 10.1016/j.eneco.2026.109180
Jamel Saadaoui, John Beirne, Donghyun Park, Gazi Salah Uddin
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引用次数: 0
Health insurance coverages and demand for modern contraceptive choices among reproductive-age women in Thailand. 泰国育龄妇女的健康保险覆盖面和对现代避孕选择的需求。
IF 3.3 3区 经济学 Q1 ECONOMICS Pub Date : 2026-02-06 DOI: 10.1186/s13561-026-00738-8
Nattanon Phonkacha, Piriya Pholphirul

Contraception is crucial for women's well-being and national development, which is particularly salient in Thailand's rapidly aging society where maximizing the health of the working-age population is essential. While health insurance is pivotal, this research moves beyond analyzing financial barriers to examine the distinct structural influence of Thailand's three major health insurance systems-the Universal Coverage Scheme (UCS), Social Security Scheme (SSS), and Civil Servant Medical Benefit Scheme (CSMBS)-on modern contraceptive method choices among reproductive-age women. Using data from the 2022 Multiple Indicator Cluster Survey (MICS) (n = 10,922 women currently using contraception), a Multinomial Logistic Regression model yielded significant findings. The results demonstrate that the specific scheme structure, rather than just the presence of coverage, significantly predicts method selection. Women under the Social Security Scheme (SSS) showed a statistically significant higher propensity for hormonal methods (pills, injections, implants). In contrast, members of the Civil Servant Medical Benefit Scheme (CSMBS) showed a significant preference for device-based methods (condoms, IUDs, diaphragms). These distinct preferences align with the structural incentives of the schemes: the SSS's capitation payment model may favor time-efficient hormonal dispensing, while the CSMBS's fee-for-service model and provider flexibility facilitate access to medical devices and non-hormonal options. Additionally, religious beliefs and concerns about hormonal side effects (observed among highly educated, affluent women) played a substantial role in the adoption of natural methods. This study underscores the need for public health policies that move beyond guaranteeing financial access and consider the structural diversity of health insurance systems to promote appropriate and sustainable contraceptive access and informed choice.

避孕对妇女的福祉和国家发展至关重要,这在泰国迅速老龄化的社会中尤为突出,因为最大限度地提高劳动年龄人口的健康水平至关重要。虽然健康保险是关键,但本研究超越了分析财务障碍,考察了泰国三大健康保险制度——全民覆盖计划(UCS)、社会保障计划(SSS)和公务员医疗福利计划(CSMBS)对育龄妇女现代避孕方法选择的独特结构性影响。利用2022年多指标类集调查(MICS) (n = 10922名目前使用避孕措施的妇女)的数据,多项逻辑回归模型得出了显著的发现。结果表明,具体的方案结构,而不仅仅是覆盖率的存在,显著地预测了方法的选择。社会保障计划(SSS)下的妇女采用激素方法(药丸、注射、植入)的倾向在统计上显著增加。相比之下,公务员医疗福利计划(CSMBS)的成员对基于器械的方法(避孕套、宫内节育器、子宫内膜)表现出明显的偏好。这些不同的偏好与这些方案的结构性激励相一致:SSS的人头支付模式可能有利于节省时间的激素分配,而CSMBS的按服务收费模式和供应商灵活性有助于获得医疗设备和非激素选择。此外,宗教信仰和对激素副作用的担忧(在受过高等教育的富裕妇女中观察到)在采用自然方法方面发挥了重要作用。这项研究强调,需要制定公共卫生政策,不仅要保证获得资金,还要考虑健康保险制度的结构多样性,以促进适当和可持续的避孕药具获取和知情选择。
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引用次数: 0
Spatial price analysis of the fish markets in Istanbul and the impact of the Turkish wholesale market reform 伊斯坦布尔鱼市场空间价格分析及土耳其批发市场改革的影响
IF 3.9 2区 经济学 Q1 AGRICULTURAL ECONOMICS & POLICY Pub Date : 2026-02-06 DOI: 10.1080/13657305.2026.2625661
Yılmaz Köprücü
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引用次数: 0
When deregulation wins: Cross-sectional evidence from the 2024 Trump election 放松管制何时获胜:来自2024年特朗普大选的横截面证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109597
Alan Kwan , Cagri Berk Onuk , Ekaterina Volkova
We examine how regulatory fragmentation – the division of oversight among multiple agencies – shapes market reactions to Donald Trump’s 2024 election and the launch of the Department of Government Efficiency (DOGE). The surprise victory and DOGE’s mandate to consolidate or eliminate agencies created an unprecedented deregulatory shock targeting the structure, rather than the scale, of federal oversight. Firms operating in industries that depend on inter-agency coordination, such as utilities, finance, and technology, experienced the largest gains. The results show that fragmentation itself – not regulatory quantity – drives cross-sectional return differences: when policy momentum favors consolidation, investors reprice the value of administrative complexity.
我们研究了监管碎片化(多个机构之间的监管分工)如何影响市场对唐纳德·特朗普2024年大选和政府效率部(DOGE)成立的反应。这一意外的胜利和DOGE合并或取消机构的授权创造了前所未有的放松监管冲击,目标是联邦监管的结构,而不是规模。在公用事业、金融和技术等依赖机构间协调的行业中运营的公司收益最大。结果表明,分散本身——而不是监管数量——驱动了横断面回报差异:当政策势头有利于整合时,投资者会重新定价管理复杂性的价值。
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引用次数: 0
Can the remuneration scheme of general practitioners affect their antibiotic prescription behaviour? 全科医生的薪酬方案会影响他们的抗生素处方行为吗?
IF 3.3 3区 经济学 Q1 ECONOMICS Pub Date : 2026-02-06 DOI: 10.1186/s13561-026-00736-w
Yana V Zykova, Eivor H Hoff, Kristian B Kraft, Arnstein Mykletun, Kristian A Østby

Background: Antibiotic resistance poses a significant global health threat, exacerbated by over-prescription of antibiotics, which often happens in primary care for respiratory tract infections (RTIs). Studies indicate that up to half of these prescriptions may be unnecessary. Little is known about how general practitioners' (GPs) remuneration schemes influence prescribing. GPs compensated via fee-for-service (FFS) and capitation (CAP) may face stronger incentives to prescribe antibiotics compared to salaried GPs, as prescriptions can signal quality, reduce consultation time, and aid patient retention - critical where reimbursements depend on consultations and list size. This study examines how GP remuneration influences antibiotic prescribing for RTIs using Norwegian register data.

Methods: We utilized linked registry data (2015-2019) from the Control and Payment of Health Reimbursements Database (KUHR), National GP Registry, Norwegian Prescribed Drug Registry (NorPD), and Statistics Norway. We matched antibiotic prescriptions to patient-GP contacts for RTIs. The dataset covers regular GPs (mixed FFS/CAP or fixed salary) and locum GPs (FFS or salary).

Outcomes: (1) probability of antibiotic prescription during RTI contacts; (2) probability of selecting non-phenoxymethylpenicillin (non-PcV). We used linear probability, logit, and probit models, controlling for GP, patient, contact, and practice attributes. To mitigate selection bias, we exploited within-GP variation among those who switched remuneration type during the study period.

Results: Regular FFS/CAP GPs had a 12-15% higher relative probability of prescribing antibiotics for RTIs than salaried GPs, especially at initial contacts. When prescribing, they were 9-11% more likely to choose non-PcV. Switchers analyses showed that FFS/CAP increased prescription rates by 14% and non-PcV choice by 8%. Among locums, we did not find any significant difference in overall prescription rates between FFS and salary, but FFS locums favoured non-PcV by 7%.

Conclusions: Remuneration schemes may influence antibiotic prescribing behaviour. FFS/CAP is linked to higher prescription rates and broader-spectrum antibiotic use among regular GPs, likely due to patient retention and time-efficiency incentives. Policy interventions, such as monitoring of prescriptions depending on the remuneration type or adjustments to the remuneration scheme (e.g., antibiotic-related pay-for-performance), could promote prudent prescribing. Further research is needed on prescription appropriateness and quality impacts.

背景:抗生素耐药性对全球健康构成重大威胁,并因抗生素的过度处方而加剧,这种情况经常发生在呼吸道感染(RTIs)的初级保健中。研究表明,这些处方中多达一半可能是不必要的。关于全科医生(gp)的薪酬计划如何影响处方,人们知之甚少。与受薪的全科医生相比,通过按服务收费(FFS)和按人头收费(CAP)获得报酬的全科医生开抗生素的动机可能更强,因为处方可以表明质量,减少咨询时间,并有助于患者保留——在报销取决于咨询和清单规模的情况下,这一点至关重要。本研究考察了全科医生薪酬如何影响rti使用挪威注册数据的抗生素处方。方法:我们使用来自健康报销控制和支付数据库(KUHR)、国家全科医生登记处、挪威处方药登记处(NorPD)和挪威统计局的链接注册表数据(2015-2019)。我们将抗生素处方与RTIs患者-全科医生接触者进行了匹配。该数据集涵盖常规gp(混合FFS/CAP或固定工资)和临时gp (FFS或工资)。结果:(1)接触RTI时使用抗生素的概率;(2)选择非苯氧甲基青霉素(non-PcV)的概率。我们使用线性概率、logit和probit模型,控制GP、患者、接触者和执业属性。为了减轻选择偏差,我们利用了在研究期间转换薪酬类型的员工的gp内部差异。结果:普通FFS/CAP全科医生对RTIs开抗生素的相对概率比有薪全科医生高12-15%,特别是在初次接触时。在开处方时,他们选择非pcv的可能性高出9-11%。转换者分析表明,FFS/CAP使处方率提高了14%,非pcv选择率提高了8%。在医生中,我们没有发现FFS和工资之间的总体处方率有显著差异,但FFS医生偏好非pcv的比例为7%。结论:薪酬方案可能影响抗生素处方行为。FFS/CAP与普通全科医生中更高的处方率和更广泛的抗生素使用有关,可能是由于患者保留和时间效率激励。政策干预措施,例如根据薪酬类型监测处方或调整薪酬方案(例如,与抗生素有关的按绩效支付薪酬),可促进审慎开处方。处方适宜性及其对质量的影响有待进一步研究。
{"title":"Can the remuneration scheme of general practitioners affect their antibiotic prescription behaviour?","authors":"Yana V Zykova, Eivor H Hoff, Kristian B Kraft, Arnstein Mykletun, Kristian A Østby","doi":"10.1186/s13561-026-00736-w","DOIUrl":"https://doi.org/10.1186/s13561-026-00736-w","url":null,"abstract":"<p><strong>Background: </strong>Antibiotic resistance poses a significant global health threat, exacerbated by over-prescription of antibiotics, which often happens in primary care for respiratory tract infections (RTIs). Studies indicate that up to half of these prescriptions may be unnecessary. Little is known about how general practitioners' (GPs) remuneration schemes influence prescribing. GPs compensated via fee-for-service (FFS) and capitation (CAP) may face stronger incentives to prescribe antibiotics compared to salaried GPs, as prescriptions can signal quality, reduce consultation time, and aid patient retention - critical where reimbursements depend on consultations and list size. This study examines how GP remuneration influences antibiotic prescribing for RTIs using Norwegian register data.</p><p><strong>Methods: </strong>We utilized linked registry data (2015-2019) from the Control and Payment of Health Reimbursements Database (KUHR), National GP Registry, Norwegian Prescribed Drug Registry (NorPD), and Statistics Norway. We matched antibiotic prescriptions to patient-GP contacts for RTIs. The dataset covers regular GPs (mixed FFS/CAP or fixed salary) and locum GPs (FFS or salary).</p><p><strong>Outcomes: </strong>(1) probability of antibiotic prescription during RTI contacts; (2) probability of selecting non-phenoxymethylpenicillin (non-PcV). We used linear probability, logit, and probit models, controlling for GP, patient, contact, and practice attributes. To mitigate selection bias, we exploited within-GP variation among those who switched remuneration type during the study period.</p><p><strong>Results: </strong>Regular FFS/CAP GPs had a 12-15% higher relative probability of prescribing antibiotics for RTIs than salaried GPs, especially at initial contacts. When prescribing, they were 9-11% more likely to choose non-PcV. Switchers analyses showed that FFS/CAP increased prescription rates by 14% and non-PcV choice by 8%. Among locums, we did not find any significant difference in overall prescription rates between FFS and salary, but FFS locums favoured non-PcV by 7%.</p><p><strong>Conclusions: </strong>Remuneration schemes may influence antibiotic prescribing behaviour. FFS/CAP is linked to higher prescription rates and broader-spectrum antibiotic use among regular GPs, likely due to patient retention and time-efficiency incentives. Policy interventions, such as monitoring of prescriptions depending on the remuneration type or adjustments to the remuneration scheme (e.g., antibiotic-related pay-for-performance), could promote prudent prescribing. Further research is needed on prescription appropriateness and quality impacts.</p>","PeriodicalId":46936,"journal":{"name":"Health Economics Review","volume":" ","pages":""},"PeriodicalIF":3.3,"publicationDate":"2026-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146133223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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