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New findings on the asset growth anomaly: The joint effect of profitability and financing constraints 关于资产增长异常的新发现：盈利能力和融资限制的共同影响
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112016
Kyungyeon (Rachel) Koh
In previous studies, the asset growth anomaly is found to be driven by less profitable firms or firms with losses. However, we provide contrary evidence that the risk-adjusted return on the low-minus-high asset growth portfolio is statistically and economically significant among more profitable firms, when controlling for financing constraints. In fact, the asset growth effect is most pronounced in firms with both high profitability and high financing constraints. We present a theoretical framework demonstrating that these results are consistent with q-theory, supporting the hypothesis that the discount-rate channel underlies the asset growth effect. In our analysis, we employ the most up-to-date, machine-learning-based indices developed by Linn and Weagley (2023), to enhance accuracy of measuring financing constraints.
在以往的研究中，资产增长异常被发现是由盈利能力较低的公司或亏损公司驱动的。然而，我们提供了相反的证据，即在控制融资约束的情况下，低减高资产增长组合的风险调整收益在盈利能力较强的企业中具有显著的统计和经济意义。事实上，资产增长效应在高盈利能力和高融资约束的企业中最为明显。我们提出了一个理论框架，证明这些结果符合 q 理论，支持贴现率渠道是资产增长效应基础的假设。在分析中，我们采用了 Linn 和 Weagley（2023 年）开发的基于机器学习的最新指数，以提高衡量融资约束的准确性。
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引用次数: 0
“Is cash better with color?” – Do CEOs of color generate higher value of cash? "有色人种的现金价值更高吗？- 有色人种首席执行官产生的现金价值更高吗？
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112007
Gajanan Ganji , Arati Kale , Devendra Kale
We investigate the impact of CEO ethnicity on the value of cash. We find that CEOs of color generate higher value of cash. For each dollar held, CEOs of color generate an additional $1.04 compared to white CEOs. Our results are robust to alternative proxies for CEOs of color, changes to model specifications, fixed effect choices, sub-sample analysis, and matched sample analysis. Since CEOs of color have to meet more rigorous standards, we conjecture that it is likely that CEOs of color are more skilled and/or show higher confidence since they have a higher bar to cross than white CEOs. This allows such CEOs to extract higher value of cash. Hence, they juice more value out of cash held.
我们研究了首席执行官的种族对现金价值的影响。我们发现，有色人种首席执行官创造的现金价值更高。与白人首席执行官相比，有色人种首席执行官每持有 1 美元现金，就能多产生 1.04 美元。我们的结果对有色人种首席执行官的替代代用指标、模型规格变化、固定效应选择、子样本分析和匹配样本分析都是稳健的。由于有色人种首席执行官必须达到更严格的标准，我们推测，有色人种首席执行官很可能比白人首席执行官拥有更高的技能和/或表现出更强的信心，因为他们需要跨越更高的门槛。这使得这些首席执行官能够榨取更高价值的现金。因此，他们从持有的现金中榨取了更多的价值。
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引用次数: 0
Government certified environmental labels and trade credit: Evidence from green factories 政府认证的环境标签和贸易信贷：来自绿色工厂的证据
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112008
Panni Li , Shouyu Yao , Lin Fan , Shihao Yin , Huibin Du
Using novel data from a manually collected green factory list, our results show government-certified labels significantly enhance trade credits by reducing information asymmetry. Heterogeneity analysis reveals stronger effects in highly monopolized, low-reputation markets, where green certification provides a competitive advantage.
利用人工收集的绿色工厂名单中的新数据，我们的研究结果表明，政府认证标签通过减少信息不对称显著提高了贸易信用。异质性分析表明，在高度垄断、低声誉的市场中，绿色认证能提供竞争优势，从而产生更强的效果。
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引用次数: 0
Regional bombs and firm investment decisions: Evidence from the Vietnam War 地区炸弹与企业投资决策：越南战争的证据
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112012
Thu Thanh Luu , Duong Phuong Thao Pham
This study examines the impact of historical bomb density on the investment decisions of Vietnamese firms, particularly in infrastructure. Employing an instrumental variable approach, this study examines the causal relationship between bomb density and tangible asset investments. The findings indicate that bomb density significantly influences these investments, with infrastructure quality and literacy rates as mediating factors.
本研究探讨了历史上的炸弹密度对越南企业投资决策的影响，尤其是对基础设施投资决策的影响。本研究采用工具变量法，探讨了炸弹密度与有形资产投资之间的因果关系。研究结果表明，炸弹密度对这些投资有重大影响，而基础设施质量和识字率则是中介因素。
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引用次数: 0
Competition for publication-based rewards 竞争出版物奖励
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112017
Mike Felgenhauer
This paper studies how more competition among researchers for publication-based rewards affects the quality of the publication process. Publishable results can be generated via costly informative sequential private experimentation or costly uninformative manipulation. By reducing expected rewards, competition may discourage manipulation in favor of experimentation, but not vice versa. It also reduces excessive experimentation. Both effects improve the quality of the publication process.
本文研究了研究人员之间为获得发表奖励而展开的更激烈竞争如何影响发表过程的质量。可发表的结果可以通过代价高昂的信息性连续私人实验或代价高昂的非信息性操作产生。通过降低预期回报，竞争可能会抑制操作，而有利于实验，但反之亦然。竞争还能减少过度实验。这两种效应都会提高出版过程的质量。
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引用次数: 0
Supply chain adjustments to tariff shocks: Evidence from firm trade linkages in the 2018-2019 U.S. trade war 关税冲击下的供应链调整：2018-2019 年美国贸易战中企业贸易联系的证据
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-05 DOI: 10.1016/j.econlet.2024.112009
Kyle Handley , Fariha Kamal , Ryan Monarch
We use the 2018-2019 U.S. trade war to examine how supply chains adjustments to a tariff cost shock affect imports. Using confidential trade data, we show that the decline in U.S. imports of tariffed goods during the trade war was driven primarily by the exit of firms from import markets, discontinued buyer–supplier relationships, and reduced entry into importing. However, tariffed products where imports were concentrated in fewer suppliers exhibited smaller declines in import growth.
我们利用 2018-2019 年的美国贸易战来研究供应链对关税成本冲击的调整如何影响进口。利用机密贸易数据，我们表明，贸易战期间美国关税商品进口量的下降主要是由企业退出进口市场、买方与供应商关系中断以及进口进入减少所驱动的。然而，进口集中于较少供应商的关税产品的进口增长下降幅度较小。
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引用次数: 0
Detecting market bubbles: A generalized LPPLS neural network model 检测市场泡沫：广义 LPPLS 神经网络模型
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-04 DOI: 10.1016/j.econlet.2024.112003
Juntao Ma, Chenchen Li
To enhance bubble detection capabilities, we introduce two significant improvements to the Log-Periodic Power Law Singularity (LPPLS) model: (1) a novel fitting approach, which yields more accurate predictions of critical price distributions within a single sample window; (2) a restructured neural network approach further enhances the estimations of the probability distributions of the critical points across both time and price dimensions, and it can be fine-tuned with real-world data. The simulation and practical applications to typical asset price bubbles in cryptocurrencies, commodities, and equity indices demonstrate that our refined model, the Generalized-LPPLS Neural Network (G-LPPLS-NN), outperforms all other models we examined in terms of predictive accuracy for critical point distributions.
为了增强泡沫检测能力，我们对对数周期幂律奇点（LPPLS）模型进行了两项重大改进：（1）采用新颖的拟合方法，在单个样本窗口内对临界价格分布进行更准确的预测；（2）采用重组神经网络方法，进一步增强对临界点在时间和价格两个维度上的概率分布的估计，并可根据实际数据进行微调。对加密货币、大宗商品和股票指数等典型资产价格泡沫的模拟和实际应用表明，我们的改进模型--广义 LPPLS 神经网络（G-LPPLS-NN）--在临界点分布的预测准确性方面优于我们研究的所有其他模型。
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引用次数: 0
Anti-Maintenance of Certification laws and older physician supply 反维持认证法与老年医生供应
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-03 DOI: 10.1016/j.econlet.2024.112001
Shishir Shakya , Tulasiram Nepal , Manu M. Mathew , Edward J. Timmons
The American Board of Medical Specialties (ABMS) mandates Maintenance of Certification (MOC) exams every ten years to improve patient care and physician skills, but some states consider it expensive and burdensome and have introduced anti-MOC laws. We exploited state-level staggered adoption of anti-MOC laws and found an additional 1.4–1.9 percentage point biannual increase in older physicians aged 60+ in states with anti-MOC laws, with no effect on younger physicians under 60. Our study suggests that anti-MOC laws improve the supply of older physicians.
美国医学专科委员会（ABMS）规定每十年进行一次认证维护（MOC）考试，以提高患者护理水平和医生技能，但一些州认为这既昂贵又繁琐，因此出台了反 MOC 法。我们利用各州交错通过反 MOC 法的机会，发现在有反 MOC 法的州，60 岁以上的老年医师每半年会增加 1.4-1.9 个百分点，而对 60 岁以下的年轻医师则没有影响。我们的研究表明，反机会均等法改善了老年医生的供应。
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引用次数: 0
Intergenerational effects of affirmative action in higher education: Evidence from India 高等教育平权行动的代际效应：印度的证据
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-10-03 DOI: 10.1016/j.econlet.2024.112010
Pragati, Sounak Thakur
We study the intergenerational effects of affirmative action in higher education on children's nutritional outcomes. Our context is India, where we exploit a policy-induced introduction of reservation of seats in higher education for the socially disadvantaged Other Backward Classes. We find that children of exposed mothers are less likely to be stunted. The effect is more pronounced for daughters. Higher levels of education and greater autonomy amongst treated mothers plausibly drive these results.
我们研究了高等教育平权行动对儿童营养结果的代际影响。我们的研究背景是印度，在印度，我们利用了一项政策，即在高等教育中为社会弱势的 "其他落后阶层 "保留名额。我们发现，接受高等教育的母亲的子女发育迟缓的可能性较小。对女儿的影响更为明显。受访母亲的教育水平更高，自主性更强，这可能是导致这些结果的原因。
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引用次数: 0
Gender differences in the added (home) worker effect 新增（家庭）工人效应的性别差异
IF 2.1 4区 经济学 Q2 ECONOMICS
Economics Letters
Pub Date : 2024-09-30 DOI: 10.1016/j.econlet.2024.111998
Jim Been , Eduard Suari-Andreu , Daan Wisselo
This study combines the literature on home production and on the added worker effect as households’ self-insurance mechanisms against unemployment. Exploiting Dutch panel data with detailed information on time use categories and subjective job loss expectations, we estimate the causal effect of an unforeseen job loss on spouses’ time use decisions regarding paid work and home production. In the analysis we explicitly differentiate between males and females who experience sudden unemployment. We find no effect on the intensive or extensive margins of spousal labor supply or on spousal time in home production.
本研究结合了有关家庭生产和作为家庭失业自我保险机制的新增工人效应的文献。我们利用荷兰面板数据（包含时间使用类别和主观失业预期的详细信息），估算了意外失业对配偶在有偿工作和家庭生产方面的时间使用决策的因果效应。在分析中，我们明确区分了经历突然失业的男性和女性。我们发现，这对配偶劳动供给的密集边际或广泛边际以及配偶的家庭生产时间都没有影响。
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