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Tribalism and Finance 部落主义和金融
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-11-28 DOI: 10.2139/ssrn.3739171
Oasis Kodila‐Tedika, S. Asongu
We assess the correlations between tribalism and financial development in 60 countries using data averages from 2000 to 2010. The tribalism index is used to measure tribalism whereas financial development is measured from perspectives of financial intermediary and stock market developments. The long-term finance variable is stock market capitalisation while short-run variable is private and domestic credit. We find that tribalism is negatively correlated with financial development and the magnitude of negativity is higher for financial intermediary development relative to stock market development. The findings are particularly relevant to African and Middle Eastern countries where the scourge of tribalism is most pronounced. JEL: E62, H11, H20, G20, O43
我们使用2000年至2010年的平均数据评估了60个国家的部落主义与金融发展之间的相关性。部落主义指数用于衡量部落主义,而金融发展是从金融中介和股票市场发展的角度来衡量的。长期金融变量是股票市值,短期变量是私人和国内信贷。研究发现,部落主义与金融发展呈负相关,金融中介发展的负相关程度高于股票市场发展。这些发现与非洲和中东国家特别相关,因为这些国家的部落主义祸害最为明显。Jel: e62, h11, h20, g20, o43
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引用次数: 0
A Simplified Measure of Investor Risk Aversion 投资者风险厌恶的简化度量
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-09-17 DOI: 10.1177/0260107920924518
John E. Grable, E. Kwak, M. Fulk, Aditi Routh
This article introduces a simplified measure of investor risk aversion. The singleitem question combines elements from revealed preference and propensity measurement techniques in a way that matches traditional constant relative risk-aversion estimation procedures. Based on survey data from 500 investors living in the United States, scores from the proposed measure were found to correlate with other measures of risk aversion, as well as with indicators of risk-taking. A validity test showed that answers to the proposed measure were statistically associated with equity and cash ownership holdings in respondent portfolios. The simplicity and intuitive nature of the proposed measure and the alignment of question response categories to estimates of constant relative risk aversion make this a potentially valuable addition to the toolkit of researchers, financial educators, investors and those who provide advice to investors. JEL: C83, D10, D11, D14, D19, D81
本文介绍了一种简化的投资者风险规避度量。单项目问题结合了揭示偏好和倾向测量技术的元素,以一种与传统的恒定相对风险厌恶估计程序相匹配的方式。根据对生活在美国的500名投资者的调查数据,研究人员发现,拟议措施的得分与其他风险厌恶措施以及风险承担指标相关。一项效度检验表明,对所提出的措施的回答在统计上与被调查者投资组合中的股权和现金所有权持有相关。所提议的测量方法的简单性和直觉性,以及问题回答类别与持续相对风险厌恶的估计值的一致性,使其成为研究人员、金融教育者、投资者和向投资者提供建议的人的工具包中潜在的有价值的补充。Jel: c83, d10, d11, d14, d19, d81
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引用次数: 7
The Gender Gap: Looking at the Entire Distribution 性别差距:观察整个分布
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-09-15 DOI: 10.1177/0260107920938544
Yanay Farja, Avi Tillman, Ori Zax
We propose a new method of estimating wage differences among individuals from different populations, which is based on looking at the distribution of fixed effects from a wage regression. We use this method to compare males’ and females’ wage distribution at different levels of education and at different ages. In most cases, unobserved, time-constant factors increase the wage of males, compared to that of females, by a constant share. But this is not true when looking at the tails of the distribution. We also discuss the advantages of our method. JEL: J71, J31
我们提出了一种估算不同人群个体之间工资差异的新方法,该方法基于观察工资回归的固定效应分布。我们用这种方法比较了不同受教育程度和不同年龄的男女工资分配情况。在大多数情况下,与女性相比,未观察到的时间常数因素使男性的工资增加了一个恒定的份额。但当观察分布的尾部时,情况就不一样了。我们还讨论了该方法的优点。j71, j31
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引用次数: 0
Interdependences Between Cryptocurrencies: A Network Analysis from 2013 to 2018 加密货币之间的相互依赖性:2013年至2018年的网络分析
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-09-15 DOI: 10.1177/0260107920938559
C. Schinckus, D. Duy, N. P. Canh
Through a data-driven analysis, namely network analysis, we investigate the relationships between all existing cryptocurrencies. Starting from the analysis of cryptocurrencies in 2013, we extend our study until July 2018 to study the interdependencies between 1636 cryptocurrencies. Our study shows that, although Bitcoin is the older and the most famous cryptocurrency, it does not appear as an influential asset on the virtual currency market. Our analysis also indicates a densification of the interconnections between virtual currencies, indicating that change of a single coin will likely influence many other coins. Interestingly, we also observe that the most influential cryptocurrencies for a year appear not to be influential the following year. Finally, cryptocurrencies tend to change their influence over time suggesting a short-term interdependence between them. JEL: G11, G12
通过数据驱动的分析,即网络分析,我们研究了所有现有加密货币之间的关系。从2013年对加密货币的分析开始,我们将研究延长至2018年7月,以研究1636种加密货币之间的相互依赖性。我们的研究表明,尽管比特币是最古老、最著名的加密货币,但它在虚拟货币市场上并没有成为一种有影响力的资产。我们的分析还表明,虚拟货币之间的相互联系趋于致密化,这表明单个硬币的变化可能会影响许多其他硬币。有趣的是,我们还观察到,一年内最具影响力的加密货币在第二年似乎没有影响力。最后,加密货币往往会随着时间的推移而改变其影响力,这表明它们之间存在短期的相互依存关系。杰尔:g11, g12
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引用次数: 7
Maps of Behavioural Economics: Evidence from the Field 行为经济学图谱:来自实地的证据
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-08-23 DOI: 10.1177/0260107920925675
S. Frid-Nielsen, M. Jensen
Behavioural economics is a research agenda, which gradually has moved from the periphery to the centre of the discipline of economics. The rise of behavioural economics has fostered a burgeoning number of studies dealing with the past, present and future of the field. In contrast to these studies which focus on predestinated scholars, outlets and key concepts, this article uses exploratory bibliometric approaches to map behavioural economics. Utilising a novel data set, comprising 104,558 references across 1,872 articles published in the period 1956–2016, the article systematically illuminates the historical foundations, development and interdisciplinary nature of behavioural economics. The article shows (a) the overlooked role of several behavioural psychologists in shaping the field; (b) the influence of the Anglo-Saxon universities, such as University of California Berkeley, Harvard University and University of Pennsylvania; and that (c) behavioural economics mainly draws knowledge from five disciplinary clusters: (a) economics and policy, (b) psychology, (c) pharmacology, (d) health and (e) law.
行为经济学是一门研究议程,它逐渐从经济学学科的边缘走向中心。行为经济学的兴起催生了大量关于该领域过去、现在和未来的研究。与这些专注于预定学者、渠道和关键概念的研究不同,本文使用探索性文献计量方法来绘制行为经济学。这篇文章利用一个新颖的数据集,包括1956年至2016年期间发表的1872篇文章中的104558篇参考文献,系统地阐明了行为经济学的历史基础、发展和跨学科性质。这篇文章展示了(a)几位行为心理学家在塑造这一领域中被忽视的作用;(b) 盎格鲁撒克逊大学的影响,如加州大学伯克利分校、哈佛大学和宾夕法尼亚大学;(c)行为经济学主要从五个学科集群中汲取知识:(a)经济学和政策,(b)心理学,(c)药理学,(d)健康和(e)法律。
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引用次数: 7
A Behavioural-economic Perspective on Conflicts of Interest Among Shareholders, Debtholders, and Directors 股东、债务人和董事利益冲突的行为经济学视角
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-07-17 DOI: 10.1177/0260107920934204
Daisuke Asaoka
Corporations have conflicts of interest among shareholders, debtholders and directors, and, corporate law gives each party avenues to pursue others, while protecting themselves. While debtholders are exposed to excessive risk-taking by directors and abuse of limited liability by shareholders, they are protected by legal institutions like directors’ liabilities to third parties and piercing of the corporate veil. Shareholders are subject to the risk of veil-piercing and director negligence, but they are protected by derivative suits. And directors, while under threat of liability suits by debtholders and shareholders, are protected by the business judgement rule, liability exemption and liability insurance of directors and officers (D&O). This web of legal institutions comprises a dual structure of economic and psychological factors, built upon economic incentives but also upon such psychological factors as bounded rationality, the chilling effect, the desire for certainty, loss aversion and the sense of fairness. Any change in the balance will affect their behaviour; greater protection of directors, for example, provokes greater risk-taking, both economically and psychologically. JEL: K22, G41, D91
公司在股东、债权人和董事之间存在利益冲突,公司法为各方提供了追求他人的途径,同时保护自己。虽然债券持有人面临董事过度冒险和股东滥用有限责任的风险,但他们受到法律制度的保护,如董事对第三方的责任和揭开公司面纱。股东有被刺破面纱和董事疏忽的风险,但他们受到衍生诉讼的保护。董事在面临债务持有人和股东提起责任诉讼的威胁时,受到商业判断规则、董事和高管的责任豁免和责任保险的保护。这种法律制度网络包括经济和心理因素的双重结构,建立在经济激励的基础上,也建立在有限理性、寒蝉效应、对确定性的渴望、对损失的厌恶和公平感等心理因素的基础上。平衡的任何变化都会影响他们的行为;例如,对董事的更大保护会引发更大的经济和心理风险。JEL:K22,G41,D91
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引用次数: 0
Conflict–Poverty Relationship in Africa: A Disaggregated Approach 非洲冲突与贫困的关系:分类分析
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-07-12 DOI: 10.1177/0260107920935726
Olalekan Charles Okunlola, I. G. Okafor
This article investigates the conflict–poverty relationship in Africa between 1980 and 2015. Conducting a panel regression, we test the effect of disaggregated conflict on the poverty index (POV) and indicators in Africa. Conflict causes poverty in Africa, and not the other way round as many studies have suggested. We also found that internal conflict causes poverty in Africa; it increases the poverty rate and worsens the standard of living. However, interstate conflicts have little effects on poverty indicators, it reduces the life expectancy of people in Africa. This article concludes that poverty is not the prime cause of conflict in Africa; there are other causes (i.e., political, structural, and sociological), poverty only stimulates conflict. This article suggests that peacemaking and peacebuilding mechanisms should be strengthened in Africa. Also, emphasis should be laid on other causes of conflict, such as political, structural and sociological, as it has been established that poverty is not the cause of conflict in Africa.
本文研究了1980年至2015年间非洲的冲突与贫困关系。通过面板回归,我们检验了分类冲突对非洲贫困指数(POV)和指标的影响。冲突导致了非洲的贫困,而不是像许多研究表明的那样导致了非洲的贫困。我们还发现,内部冲突导致了非洲的贫困;它增加了贫困率,降低了生活水平。然而,国家间冲突对贫困指标几乎没有影响,它降低了非洲人民的预期寿命。这篇文章的结论是,贫穷不是非洲冲突的主要原因;还有其他原因(即政治、结构和社会),贫穷只会刺激冲突。本文建议在非洲加强建立和平与建设和平机制。此外,还应强调冲突的其他原因,例如政治、结构和社会原因,因为已经确定贫穷不是非洲冲突的原因。
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引用次数: 9
From Hybrid Organizations to Social-purpose Hierarchies: Toward a Transaction Cost Economics of Social Enterprises 从混合组织到社会目的层级:社会企业的交易成本经济学
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-07-01 DOI: 10.1177/0260107919846791
Alejandro Agafonow
Building on Oliver E. Williamson’s work, this article lays the basis for a transaction cost theory of social enterprises. It is submitted that the more proprietary-centred the creation of value is, the lower the governance costs of economizing on bounded rationality to protect patrons from the hazard of opportunism. Since not all productive activities can be organized within the range of the lowest governance costs, a discrete structural analysis is developed, with different ranges of governance costs suitable for different purposes depending on the kinds of value creation intended and the class of patrons to be protected. Accepting higher governance costs is justified by preventing the exploitation of bargaining asymmetries at the expense of selected classes of patrons like disadvantaged customers and stakeholders at large, subject to what is feasible, or Williamson’s remediableness standard. JEL: D23, M14
本文以奥利弗·E·威廉姆森的研究成果为基础,提出了社会企业交易成本理论。有人认为,价值创造越是以所有权为中心,为保护赞助人免受机会主义风险而节约有限理性的治理成本就越低。由于并非所有生产活动都可以在最低治理成本的范围内组织,因此开发了一种离散的结构分析,根据预期的价值创造类型和要保护的赞助人类别,不同的治理成本适用于不同的目的。接受更高的治理成本是合理的,因为它可以防止以牺牲弱势客户和广大利益相关者等特定类别的赞助人为代价,利用议价不对称,但要遵守可行的标准或威廉姆森的可补救标准。JEL:D23,M14
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引用次数: 6
The Impact of Financial Crises on the Asset Allocation: Classical Theory Versus Behavioral Theory 金融危机对资产配置的影响:古典理论与行为理论
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-07-01 DOI: 10.1177/0260107919848629
Amen Aissi Harzallah, Mouna Boujelbène Abbes
The aim of this article is to compare the portfolio optimization generated by the behavioral portfolio theory (BPT) and the mean variance theory (MVT) by investigating the impact of the global financial crisis on the asset allocation. We use data from the Canadian Stock Exchange over the 2002–2015 period. By comparing both approaches, we show that for any level of aspiration and admissible failure, the BPT optimal portfolio will always contain a part of the mean–variance frontier. Thus, in the case of higher degree of risk aversion induced by typical BPT investors, the security set is located on the upper right of the Markowitz frontier. However, even if the optimal portfolios of MVT and BPT may coincide, MVT investors associated with an extremely low degree of risk aversion will not systematically choose BPT optimal portfolios. Our results also indicate the period of financial crisis generate huge losses in MVT portfolio values that implies a lower expected return and a higher level of risk. Furthermore, we point out the absence of the BPT optimal portfolio when potential losses are higher during the 2008 global financial crisis. JEL: G11, G17, G40
本文的目的是通过研究全球金融危机对资产配置的影响,比较行为投资组合理论(BPT)和均值方差理论(MVT)产生的投资组合优化。我们使用加拿大证券交易所2002年至2015年期间的数据。通过比较这两种方法,我们表明,对于任何级别的期望和可接受的失败,BPT最优投资组合都将始终包含一部分均值-方差边界。因此,在典型的BPT投资者引发更高程度的风险厌恶的情况下,安全集位于Markowitz边界的右上角。然而,即使MVT和BPT的最优投资组合可能重合,与极低风险厌恶程度相关的MVT投资者也不会系统地选择BPT最优投资组合。我们的研究结果还表明,金融危机时期会导致MVT投资组合价值的巨大损失,这意味着预期回报率较低,风险水平较高。此外,我们指出,在2008年全球金融危机期间,当潜在损失更高时,BPT最优投资组合的缺失。JEL:G11、G17、G40
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引用次数: 2
Broad Insecurity and Perceived Victimization Risk 广泛的不安全感和感知的受害风险
IF 0.6 Q3 Economics, Econometrics and Finance Pub Date : 2020-07-01 DOI: 10.1177/0260107919829966
R. A. C. Caliso, J. P. Francisco, Emmanuel Garcia
Appealing to fear of crime and perceived risk of victimization is a known political strategy for gaining popular support. While fear of crime and perceived risk may stem from vulnerability and past experiences of victimization, high levels of fear and perceived risk, despite declining crime rates, had prompted researchers to investigate other sources of fear of crime and perceived victimization risk. We used survey data from 1,200 households in Metro Manila to test the hypothesis that perceived risk of victimization may be predicted by broad insecurity, which encompasses insecurities in finances, employment, education, health, disaster preparedness and rights protection. Multivariate regression is used to measure variable effects. Our results showed that broad insecurity significantly influences perceived risk of victimization. Other reliable predictors included past victimization, local government spending and social identifiers such as age and gender, but none was as strong as broad insecurity. These findings suggest that perceptions of public safety depend not only on tough policing, but also economic opportunities, human capital development and overall wellbeing. This article corroborates budding research on the diffuse sources of fear of crime and victimization. It informs political and economic prioritization in pursuit of social harmony and development amidst a rapidly changing socioeconomic and political landscape. JEL: Z13, Z18
呼吁对犯罪的恐惧和被感知的受害风险是获得民众支持的一种众所周知的政治策略。虽然对犯罪和感知风险的恐惧可能源于脆弱性和过去的受害经历,但尽管犯罪率下降,但高度的恐惧和感知风险促使研究人员调查对犯罪和认知受害风险的恐惧的其他来源。我们使用了来自马尼拉大都会1200户家庭的调查数据来检验这样一种假设,即感知的受害风险可以通过广泛的不安全感来预测,其中包括财务、就业、教育、健康、备灾和权利保护方面的不安全。多元回归用于衡量变量效应。我们的研究结果表明,广泛的不安全感会显著影响感知到的受害风险。其他可靠的预测因素包括过去的受害情况、地方政府支出以及年龄和性别等社会因素,但没有一个能像广泛的不安全感那样强烈。这些发现表明,人们对公共安全的看法不仅取决于严格的治安管理,还取决于经济机会、人力资本发展和整体福祉。这篇文章证实了对犯罪和受害恐惧的扩散来源的初步研究。它为在快速变化的社会经济和政治格局中追求社会和谐与发展提供了政治和经济优先事项。JEL:Z13、Z18
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引用次数: 5
期刊
Journal of Interdisciplinary Economics
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