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Carbon assurance, corporate capital structure, and debt maturity: Global evidence 碳保证、公司资本结构和债务期限：全球证据
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-12 DOI: 10.1016/j.econlet.2024.112067
Abdullah Bugshan , Faisal Alnori , Walid Bakry , Rina Datt
This study used a cross-country sample of firms from 47 nations that participated in the Carbon Disclosure Project (CDP) questionnaire over the years 2011 and 2020, to examine whether the verification of carbon emissions information by an independent third party affects corporate capital structure and debt maturity decisions. Using alternative methods and robustness checks, we explore that carbon assurance importantly shapes both corporate capital structure and debt maturity. In particular, firms that are involved in independent carbon assurance have significantly higher leverage in their capital structure compared to non-assured firms. Further, assured firms have better access to long-term debt compared to non-assured firms. The outcomes of this study are attributed to the notion that the verification of carbon information increases the creditability of a firm's voluntary reporting and reduces its informational asymmetry between corporations and lenders.
本研究以 2011 年至 2020 年期间参与碳信息披露项目（CDP）问卷调查的 47 个国家的企业为跨国样本，考察独立第三方对碳排放信息的核查是否会影响企业资本结构和债务期限决策。通过使用其他方法和稳健性检验，我们发现碳保证对企业资本结构和债务期限都有重要影响。特别是，参与独立碳保证的企业与未参与碳保证的企业相比，其资本结构中的杠杆率明显更高。此外，与非保证企业相比，保证企业更容易获得长期债务。这项研究的结果归因于这样一种理念，即碳信息的核查提高了企业自愿报告的可信度，减少了企业与贷款人之间的信息不对称。
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引用次数: 0
Technical efficiency of SO2 scrubbers with byproduct contracts 签订副产品合同的二氧化硫洗涤器的技术效率
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-07 DOI: 10.1016/j.econlet.2024.112049
Qingxin He, Jonathan M. Lee
This paper explores the impact of synthetic gypsum, a byproduct of sulfur dioxide (SO2) abatement, on the technical efficiency of SO2 scrubber technology. On average SO2 scrubbers are 60% efficient suggesting substantial emission reductions are possible by narrowing the efficiency gap. Gypsum marketability provides an economic incentive for improved power-plant operation of scrubbers with 8.8% average increases in technical efficiency. By contrast, we do not find any statistically significant evidence of innovative change in scrubbing technology.
本文探讨了二氧化硫（SO2）减排副产品合成石膏对二氧化硫洗涤器技术效率的影响。二氧化硫洗涤器的平均效率为 60%，这表明通过缩小效率差距可以实现大幅减排。石膏的可销售性为改进电厂洗涤器的运行提供了经济激励，使技术效率平均提高了 8.8%。相比之下，我们在统计上没有发现洗涤技术革新的显著证据。
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引用次数: 0
Beyond the Blackwell order in dichotomies 超越二分法中的布莱克韦尔顺序
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-07 DOI: 10.1016/j.econlet.2024.112042
Andrew Kosenko
I establish a translation invariance property of the Blackwell order for dichotomies and show that the norm of the distance from the identity matrix may be interpreted as a measure of informativeness. The better experiment is closer to the fully revealing experiment; this measure extends the Blackwell order, is complete, and prior-independent.
我为二分法建立了布莱克威尔秩的翻译不变性属性，并证明与同一矩阵的距离的规范可解释为信息量的度量。更好的实验更接近于完全揭示性实验；这一度量扩展了布莱克威尔秩，是完整的，并且与先验无关。
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引用次数: 0
Matching workers to firms facing budget constraints 为面临预算限制的企业选配工人
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-06 DOI: 10.1016/j.econlet.2024.112048
Amirreza Ahmadzadeh , Behrang Kamali Shahdadi
We study a many-to-one matching model with salaries in which firms face budget constraints. Mongell and Roth (1986) show that when firms face a budget constraint, a stable matching may not exist. We introduce an algorithm to find a strong stable matching by changing the budget of firms such that the total budget remains the same and each firm’s budget change is bounded by the value of at most one worker for that firm.
我们研究的是企业面临预算限制的多对一薪酬匹配模型。Mongell 和 Roth（1986 年）的研究表明，当企业面临预算约束时，可能不存在稳定匹配。我们引入了一种算法，通过改变企业的预算，使总预算保持不变，且每个企业的预算变化以该企业最多一名工人的价值为界，从而找到一种强稳定匹配。
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引用次数: 0
Comovement of labor supply and human capital investment in policy analysis 政策分析中劳动力供给与人力资本投资的相关性
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112056
Minhyeon Jeong , Euiyoung Jung , Chul-In Lee
Quantitative studies of human capital report the comovement of labor and human capital investment in response to policy changes, which is usually understood based on the intuition that human capital is utilized only while working: both inputs are complements in the formation of effective labor. Given the lack of (i) theoretical analysis of exact conditions and (ii) the preference-side intuition that both inputs involve disutility leading to a similar comovement, we fill the gap. The general condition for the comovement specifies the minimum extent of disutility smoothing between labor and human capital investment, and the prior intuition relaxes this condition, raising comovement possibilities. The conclusion has wide applicabilities in policy analysis.
对人力资本的定量研究报告了劳动力和人力资本投资随政策变化而产生的相关性，这种相关性通常基于这样一种直觉来理解，即人力资本只有在工作时才会被利用：在有效劳动力的形成过程中，这两种投入是互补的。鉴于缺乏（i）对确切条件的理论分析和（ii）偏好方面的直觉，即两种投入都涉及导致类似协动的效用，我们填补了这一空白。这种联动的一般条件规定了劳动力和人力资本投资之间的最小效用平滑程度，而先前的直觉则放宽了这一条件，提高了联动的可能性。这一结论在政策分析中具有广泛的适用性。
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引用次数: 0
The equilibrium strategy of insurance companies’ dividends and reinsurance games 保险公司分红与再保险博弈的均衡策略
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112040
Bo Yang , Yizhi Wang , Dingjun Yao , Yueyang Wang , Xin Xu
We investigated the optimal risk management strategies of an insurance company within a two-player non-cooperative differential game framework. The key feature of this model is considering the company’s surplus as a strategic variable to make the insurance company more attractive to shareholders. In this setup, shareholders are participants who demand a share of the surplus, while managers are participants concerned with the risk management of the surplus. The objective of the shareholders is to maximize the expected discounted dividends. We address this asymmetric game under two different assumptions about the managers’ objectives: in the first scenario, the managers aim to minimize the probability of bankruptcy; in the second scenario, the managers aim to maximize the expected discounted utility derived from the surplus.
我们在双人非合作差分博弈框架内研究了保险公司的最优风险管理策略。该模型的主要特点是将公司盈余视为一个战略变量，以使保险公司对股东更具吸引力。在这一设置中，股东是要求分享盈余的参与者，而管理者是关注盈余风险管理的参与者。股东的目标是最大化预期贴现红利。我们在管理者目标的两种不同假设下讨论这种不对称博弈：在第一种情况下，管理者的目标是最小化破产概率；在第二种情况下，管理者的目标是最大化盈余带来的预期贴现效用。
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引用次数: 0
Does the income elasticity of energy demand vary with the stages of economic development? 能源需求的收入弹性是否随经济发展阶段而变化？
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-05 DOI: 10.1016/j.econlet.2024.112055
Nader AlKathiri, Abdulelah Darandary, Jeyhun I. Mikayilov
This paper revisits the empirical evidence on the income elasticity of energy demand by investigating whether it varies with the level of economic development. We estimate the elasticity using mean-group type estimators for a sample of 111 countries spanning three decades. Our analysis reveals that the elasticity is not constant and tends to decline as countries become wealthier. As economies become more developed, their energy intensity falls, eventually reaching zero elasticity, indicating a decoupling between economic growth and energy demand. This finding underscores the importance of considering countries’ stages of economic development when making energy outlook projections.
本文通过研究能源需求的收入弹性是否随经济发展水平而变化，重新审视了有关能源需求收入弹性的经验证据。我们使用均值组类型的估计方法对三十年间 111 个国家的样本进行了估计。我们的分析表明，该弹性并非恒定不变，而是随着国家变得越来越富裕而趋于下降。随着经济体越来越发达，其能源强度也会下降，最终达到零弹性，这表明经济增长与能源需求之间存在脱钩。这一发现强调了在预测能源前景时考虑各国经济发展阶段的重要性。
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引用次数: 0
Welfare measurement with income-dependent discrete choice 依赖收入的离散选择的福利衡量
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112051
P. Delle Site , K. Kilani
The expectation of the random compensating variation is the welfare change measure that is used in discrete choice models. The expectation of the equivalent variation is equally founded theoretically. When choices are income independent and income enters utilities linearly, the two measures are identical. The case of income-dependent choices remains an area for exploration. The paper provides the equivalent variation counterparts of the formulas that are available for the expectation of the compensating variation.
随机补偿变化的期望值是离散选择模型中使用的福利变化指标。等效变化的期望值同样具有理论依据。当选择与收入无关且收入与效用呈线性关系时，这两种衡量方法是相同的。收入依赖选择的情况仍是一个有待探索的领域。本文提供了补偿变化期望公式的等效变化对应公式。
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引用次数: 0
High school to work: How did Millennials fare? 从高中到工作：千禧一代的表现如何？
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112044
Audra Bowlus , Yuet-Yee Linda Wong
This paper studies Millennials’ school-to-work transition by race and gender based on flow-sampled data. We construct labor market histories upon entry for a sample of high school graduates, and estimate a wage posting equilibrium search model. We find the labor market deteriorated substantially for white male Millennials relative to those in Generation X resulting in the disappearance of racial differences. Further, Millennial males search less efficiently but receive higher mean wage offers than females pointing to a gender wage gap driven only by productivity differences.
本文基于流动抽样数据，按种族和性别研究了千禧一代从学校到工作的转变。我们为高中毕业生样本构建了入职时的劳动力市场历史，并估算了工资职位均衡搜索模型。我们发现，相对于 "X 代"，"千禧一代 "白人男性的劳动力市场大幅恶化，导致种族差异消失。此外，与女性相比，千禧一代男性的搜索效率更低，但获得的平均工资却更高，这表明性别工资差距仅由生产力差异驱动。
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引用次数: 0
Solving HACT models with bankruptcy choice 利用破产选择解决现金转移统一办法模型
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-11-02 DOI: 10.1016/j.econlet.2024.112045
Gustavo Mellior , Katsuyuki Shibayama
We introduce bankruptcy choice to the heterogeneous agent in continuous time (HACT) framework developed in Achdou et al. (2022). We demonstrate that real-options-like problems such as the decision to declare bankruptcy can be efficiently solved using the “value-matching” condition only (unlike alternative methods that require both value matching and “smooth pasting”). Moreover, we show that under certain conditions, smooth-pasting may not hold. Given this, we recommend (and demonstrate the use of) linear complementarity problem (LCP) solvers for real-option like problems, especially in settings where control variables depend on the slope of the value function. We show that this approach is more flexible and computationally efficient than other popular solution methods. In particular, it is less prone to errors in settings that have corner solutions.
我们将破产选择引入 Achdou 等人（2022 年）提出的连续时间异质代理（HACT）框架。我们证明，类似于实物期权的问题，如宣布破产的决策，只需使用 "价值匹配 "条件就能有效解决（与同时需要价值匹配和 "平滑粘贴 "的其他方法不同）。此外，我们还证明，在某些条件下，平滑粘贴可能不成立。有鉴于此，我们建议（并演示了）使用线性互补问题（LCP）求解器来求解类似实际期权的问题，尤其是在控制变量取决于价值函数斜率的情况下。我们证明，与其他流行的求解方法相比，这种方法更加灵活，计算效率更高。特别是，在有角解的情况下，它不容易出错。
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