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Norms and Efficiency in a Multi-Group Society: An Online Experiment 多群体社会中的规范与效率:在线实验
IF 1.1 4区 经济学 Q3 ECONOMICS Pub Date : 2024-12-17 DOI: 10.1111/jpet.70010
Marco Catola, Simone D'Alessandro, Pietro Guarnieri, Veronica Pizziol

In this study, we measure personal normative beliefs, empirical expectations, and normative expectations in a multilevel public goods game, where two local public goods are nested in a global one. We use these measures as indexes of subjective personal and social norms to pursue a twofold objective. On the one hand, we aim to understand whether and to what extent contribution decisions are driven by personal or social norms. On the other hand, we aim to investigate whether changes in the relative efficiency of the two public goods affect norms and norm compliance. In our online experiment, personal norms emerge as the main driver of contribution decisions especially when the efficiency of the related public good increases. However, compliance to empirical expectations signals that social norms still play a role in both positively affecting the contribution to the relative public good and negatively the contribution to the other one.

在本研究中,我们测量了多层次公共产品博弈中的个人规范信念、经验预期和规范预期,其中两个地方公共产品嵌套在一个全球公共产品中。我们将这些指标作为个人和社会主观规范的指数,以实现双重目标。一方面,我们旨在了解贡献决策是否以及在多大程度上受个人或社会规范的驱动。另一方面,我们旨在研究两种公共产品相对效率的变化是否会影响规范和规范遵守情况。在我们的在线实验中,个人规范成为捐款决定的主要驱动力,尤其是当相关公共产品的效率提高时。然而,对经验预期的遵从表明,社会规范在对相关公共产品的贡献产生积极影响的同时,也对另一种公共产品的贡献产生消极影响。
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引用次数: 0
Within-regime volatility dynamics for observable- and Markov-switching score-driven models 可观测和马尔可夫切换分数驱动模型的区间波动动态
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-12-16 DOI: 10.1016/j.frl.2024.106631
Szabolcs Blazsek, Dejun Kong, Samantha R. Shadoff
We study the novel Markov-switching (MS) Beta-t-EGARCH (exponential generalized autoregressive conditional heteroscedasticity) model, using within-regime volatility dynamics, similar to the recent observable-switching (OS) Beta-t-EGARCH model. We report in-sample results on the Standard & Poor’s 500 (S&P 500) and a random sample of 50 firms from the S&P 500 from March 1986 to July 2024. We compare the out-of-sample forecasting performances of OS-Beta-t-EGARCH and MS-Beta-t-EGARCH from May 2005 to July 2024 and confirm that OS-Beta-t-EGARCH is superior to MS-Beta-t-EGARCH.
我们研究了新的马尔可夫转换(MS)Beta-t-EGARCH(指数广义自回归条件异方差)模型,该模型使用了与最近的可观测转换(OS)Beta-t-EGARCH 模型类似的区间内波动动态。我们报告了 1986 年 3 月至 2024 年 7 月期间标准普尔 500 指数(S&P 500)和从 S&P 500 指数中随机抽取的 50 家公司的样本内结果。我们比较了 OS-Beta-t-EGARCH 和 MS-Beta-t-EGARCH 在 2005 年 5 月至 2024 年 7 月期间的样本外预测性能,结果证实 OS-Beta-t-EGARCH 优于 MS-Beta-t-EGARCH。
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引用次数: 0
Does ESG enhance asset quality and funding cost management in banking diversification?
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-12-16 DOI: 10.1016/j.frl.2024.106542
Seungho Baek, Moonsoo Kang
This study examines the impact of Environmental, Social, and Governance (ESG) practices on asset quality and funding cost management within the global banking sector, focusing on the role of income diversification. Motivated by the increasing importance of sustainability in finance, this research explores how ESG performance influences banks’ loan portfolio quality and funding costs, particularly through a focus on classical interest income from lending activities versus non-traditional non-interest income. Utilizing a dataset of 1,865 banks across both developed and emerging markets from 2005 to 2022, this study employs panel fixed-effect regression models to assess the relationship between ESG integration, income diversification, and financial outcomes. The findings reveal that banks with stronger ESG performance experience enhanced asset quality and reduced funding costs due to a greater reliance on interest income activities. However, over-diversification into non-interest income activities is associated with deteriorating asset quality and increased credit costs. These results have significant implications for financial risk management, regulatory policy, and the development of sustainable banking practices in both mature and developing financial markets. The study provides a foundation for guiding banking sector policies that balance revenue diversification and ESG sustainability, ultimately enhancing banks’ asset quality and funding cost management.
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引用次数: 0
Hello, stranger? How attraction trumps interaction in ‘new’ public space
IF 4.7 1区 经济学 Q1 ENVIRONMENTAL STUDIES Pub Date : 2024-12-16 DOI: 10.1177/00420980241295974
Sverre Bjerkeset
Chance interaction among diverse strangers is a much-celebrated feature of urbanity. The rise in privately owned and managed public spaces, tending to displace people, activities and exchanges that may threaten business interests, has thus raised broad concerns. However, how such ‘new’, high-profile public spaces of the neoliberal or entrepreneurial city differ from ‘traditional’, everyday ones in terms of spontaneous encounters, is not well covered in the ever-growing public space research. Drawing on long-term ethnographic fieldwork in Oslo, Norway, this article explores the occurrence of peaceful chance interactions among strangers in ‘new’ public space. In the two examined urban squares, representing ‘traditional’ and ‘new’ public space, strangers interact on a regularised versus an episodic basis, reflecting major differences in ‘contact-supporting circumstances’. A close reading of the pertinent scholarly literature indicates that these findings have a broader significance. The article’s key contribution is the detailed documentation and conceptualisation of basic circumstances that distinguish a ‘new’ from an ordinary, everyday public space with regards to chance interactions. Herein, the study points to an important shift in urban governance and planning since the 1980s. A market-led notion of attractiveness in the physical and social environment takes centre stage in prestigious urban developments, at the expense of the disordered exchanges of everyday life.
不同陌生人之间的偶然交往是城市的一个备受赞誉的特征。因此,私人拥有和管理的公共空间的兴起引起了人们的广泛关注,它们往往会取代可能威胁商业利益的人、活动和交流。然而,新自由主义或创业型城市中这种 "新 "的、引人注目的公共空间与 "传统 "的、日常的公共空间在自发相遇方面有何不同,这在不断增长的公共空间研究中并没有得到很好的阐述。本文以在挪威奥斯陆进行的长期人种学实地调查为基础,探讨了在 "新 "公共空间中陌生人之间偶然发生的和平互动。在所考察的两个分别代表 "传统 "和 "新 "公共空间的城市广场上,陌生人之间的互动是经常性的还是偶发性的,这反映了 "支持接触的环境 "的重大差异。对相关学术文献的仔细阅读表明,这些发现具有更广泛的意义。文章的主要贡献在于详细记录和概念化了 "新 "公共空间与普通日常公共空间在偶然互动方面的基本差异。研究指出,自 20 世纪 80 年代以来,城市治理和规划发生了重要转变。在著名的城市发展项目中,以市场为主导的物质和社会环境吸引力概念占据了中心位置,而日常生活中的无序交流则成为了牺牲品。
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引用次数: 0
Strategic insider trading and its consequences for outsiders: Evidence from the eighteenth century
IF 8.9 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-12-16 DOI: 10.1016/j.jfineco.2024.103974
Mathijs Cosemans, Rik Frehen
This paper uses hand-collected historical data to provide empirical evidence on the strategic trading behavior of insiders and its consequences for outsiders. Specifically, we collect all equity trades of all insiders and outsiders in an era without legal restrictions on insider trading and a market where trading is non-anonymous. We find that access to private information creates a significant gap between the post-trade returns of insiders and outsiders. Consistent with theory, insiders capitalize on their information advantage by hiding their identity and timing their trades. Both experienced and inexperienced outsiders face expected losses due to this strategic insider trading.
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引用次数: 0
Zoning a productive city? A typology of clustering, diversity and specialisation in Melbourne’s urban industrial areas
IF 4.7 1区 经济学 Q1 ENVIRONMENTAL STUDIES Pub Date : 2024-12-16 DOI: 10.1177/00420980241297839
Carl Grodach, Nícolas Guerra-Tão
This research focuses on identifying the nuanced land use dynamics of urban industrial zones. Industrial lands in major Western cities have undergone significant change in the face of increasingly competitive property markets. At the same time, many countries seek to reshore manufacturing and support local industrial activity amid changes in production technologies, global supply chain shocks and geopolitical insecurity. Yet policymakers often fail to seriously consider the contemporary character of industrial zones and research has yet to analyse this in a systematic way. In response, we employ k-means cluster analysis to develop a typology of industrial zones in Melbourne, Australia. The typology captures a range of industrial zone clusters, which vary by industry mix, specialisation and spatial pattern. While some clusters represent traditional industrial areas, others are highly diverse in terms of firm and employment mix encompassing service sector activity and specialised manufacturing industries. These variations underscore the limitations of traditional zoning frameworks focused predominately on use separation and point towards the need for more responsive and context-specific urban economic development and industrial land use policies.
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引用次数: 0
Aging of population, digital financial inclusion, and public education expenditure
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-12-16 DOI: 10.1016/j.frl.2024.106652
Huilin Wang, Jiliang Liu
Based on panel data from 2011 to 2022, this paper explores the correlation between the aging of population and public education expenditure. The baseline regression indicates that the intensification of the aging population suppresses the intensity of public education expenditure. Mechanism analysis confirms that digital inclusive finance and urbanization can mitigate this suppressive effect. Additionally, heterogeneity analysis reveals that differences in social consumption levels and geographical locations lead to variations in the suppressive effect of the aging population.
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引用次数: 0
Is the difference between deep hedging and delta hedging a statistical arbitrage? 深度套期保值和 delta 套期保值之间的区别是统计套利吗?
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-12-16 DOI: 10.1016/j.frl.2024.106590
Pascal François, Geneviève Gauthier, Frédéric Godin, Carlos Octavio Pérez Mendoza
Horikawa and Nakagawa (2024) claim that in a complete market admitting statistical arbitrage, the difference between the deep hedging and the replicating portfolio hedging positions is a statistical arbitrage. Deep hedging can thus include an undesirable speculative component. We test whether this remains true in a GARCH-based incomplete market dynamics. We observe that the difference between deep hedging and delta hedging is a speculative overlay if the risk measure considered does not put sufficient relative weight on adverse outcomes. Nevertheless, a suitable choice of risk measure can prevent the deep hedging agent from engaging in speculation.
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引用次数: 0
New industrial path development in “less glamorized regions”: actors, agencies, and rural opportunities
IF 2.9 2区 经济学 Q1 ECONOMICS Pub Date : 2024-12-16 DOI: 10.1093/jeg/lbae045
David Doloreux, Claudia De Fuentes, Jahan Ara Peerally, Stephen Quilley
This article analyses the case of the wine industry in rural Nova Scotia (Canada) and addresses the following question: what sparks a new wine industry path in rural regions that lack supportive preconditions and local assets? We examine this from the perspective of different actors and their agencies when creating the conditions and structures for shaping new path development. Our findings provide a novel, empirically based understanding of individual and system-level agency and a nuanced account of new industrial path development in rural regions, which is often missing in contemporary debates.
本文分析了加拿大新斯科舍省农村地区葡萄酒产业的案例,并探讨了以下问题:在缺乏支持性先决条件和当地资产的农村地区,是什么激发了新的葡萄酒产业发展道路?我们从不同参与者及其机构的角度来研究这个问题,为塑造新的发展道路创造条件和结构。我们的研究结果提供了一种新颖的、基于经验的对个人和系统层面代理的理解,以及对农村地区新产业道路发展的细致入微的描述,而这正是当代辩论中经常缺乏的。
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引用次数: 0
Deglobalization: three scenarios 去全球化:三种情况
IF 4.4 2区 经济学 Q1 DEVELOPMENT STUDIES Pub Date : 2024-12-16 DOI: 10.1093/cjres/rsae037
Peter A G van Bergeijk
The trade developments of the first quarter of the 21st century prompt speculation on how future generations will perceive them. Will they interpret this era as one where deglobalization took root and flourished, marked by a slowdown in world trade? Or will they view it as a mere pause in globalization’s upward trajectory? The literature explores these possibilities, noting the impact of events like the Financial Crisis, COVID-19 lockdowns and the Ukraine and Gaza wars on world trade. There is disagreement over whether globalization is receding or evolving. Three scenarios offer varied perspectives, from a bleak outlook of disintegrating international relations to a more optimistic view where deglobalization is seen as a temporary setback. These scenarios highlight the complexity and uncertainty surrounding (de)globalization, emphasizing the need for interdisciplinary analysis and a nuanced understanding of global trends.
21 世纪第一季度的贸易发展促使人们猜测子孙后代将如何看待这些发展。他们会将这一时代解释为以世界贸易放缓为标志的去全球化扎根并蓬勃发展的时代吗?或者他们会认为这只是全球化上升轨迹中的一个停顿?文献探讨了这些可能性,指出了金融危机、COVID-19 封锁、乌克兰战争和加沙战争等事件对世界贸易的影响。关于全球化是在消退还是在演变,存在分歧。从国际关系解体的黯淡前景到将去全球化视为暂时挫折的乐观观点,三种情景提供了不同的视角。这些设想凸显了(去)全球化的复杂性和不确定性,强调了跨学科分析和对全球趋势细致理解的必要性。
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