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Gender homophily and local bias in equity crowdfunding Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-24 Dandan Wang, Jörg Prokop
We investigate gender-specific local biases among investors in equity crowdfunding. Based on data from a major German crowdfunding platform, we find that domestic investors favour ventures that are geographically closer to their own place of residence. This bias is particularly evident among female investors, although it is partially offset by gender homophily, whereby female investors favour companies
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Investment decision and efficiency: Global insights on manufacturing firms amidst energy uncertainties Energy Econ. (IF 13.6) Pub Date : 2024-07-24 Dao Le Trang Anh, Quang Nguyen Thi Thieu, Nguyen Tuan Anh
This study examines the impacts of energy-related uncertainties on manufacturing listed firms' investment decisions and performance in advanced and emerging markets using panel data during the period 2004–2022. Our empirical investigations show that energy-related uncertainties significantly and positively affect firms' investment scale. This indicates a tendency of manufacturing firms to invest more
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Financial inclusion and the global net-zero emissions agenda: Does governance quality matter? Energy Econ. (IF 13.6) Pub Date : 2024-07-24 Alex O. Acheampong, Rabie Said
We inspect the impact of financial inclusion on carbon (CO) emissions and the role that quality of governance plays using a global dataset from 119 countries between 2004 and 2020. We address endogeneity using the dynamic two-step generalized method of moment estimator and further test the robustness of results using the Driscol-Kraay estimator, which is crucial for addressing cross-sectional and temporal
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Turning the page on energy poverty? Quasi-experimental evidence on education and energy poverty in Zimbabwe Energy Econ. (IF 13.6) Pub Date : 2024-07-24 Marshall Makate
We investigate the long-term causal effects of education on energy poverty among men and women, leveraging the 1980 Zimbabwe school reform as a natural experiment. This reform, which significantly expanded educational opportunities for all children, serves as an ideal setting for assessing the impact of education on energy poverty within a regression discontinuity design, with age at reform determining
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Natural gas in Europe: The potential impact of disruptions to supply Energy Econ. (IF 13.6) Pub Date : 2024-07-24 Gabriel Di Bella, Mark Flanagan, Karim Foda, Svitlana Maslova, Alex Pienkowski, Martin Stuermer, Frederik Toscani
This paper studies the economic impact of a potential full disruption in Russian pipeline gas flows to Europe. We apply a modeling framework that takes into account frictions within the pipeline infrastructure, and compare results to those from a framework assuming a fully integrated EU market. Our findings suggest that the most vulnerable countries in Eastern Europe – Hungary, the Slovak Republic
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The Dynamics of Abusive Relationships Q. J. Econ. (IF 11.1) Pub Date : 2024-07-24 Abi Adams, Kristiina Huttunen, Emily Nix, Ning Zhang
Domestic abuse encompasses a range of damaging behaviors beyond physical violence, including economic and emotional abuse. We analyze the impact of cohabiting with an abusive partner on victims’ economic outcomes. In so doing, we highlight the systematic role of economic suppression in such relationships. Using Finnish administrative data and a matched control event study design, along with a within-individual
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Consensus and Disagreement: Information Aggregation under (Not So) Naive Learning Journal of Political Economy (IF 6.9) Pub Date : 2024-07-23 Abhijit Banerjee, Olivier Compte
Journal of Political Economy, Ahead of Print.
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Weather conditions, climate change, and the price of electricity Energy Econ. (IF 13.6) Pub Date : 2024-07-23 Stephania Mosquera-López, Jorge M. Uribe, Orlando Joaqui-Barandica
We estimate the effect of temperature, wind speed, solar radiation, and precipitation on wholesale electricity prices for six European countries, analyzing the full distribution of the weather variables. We provide evidence on nonlinear and extreme weather effects on electricity prices. In all countries, reductions in temperature below a certain threshold increase electricity prices, yet these thresholds
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Does M&A activity spin the cycle of energy prices? Energy Econ. (IF 13.6) Pub Date : 2024-07-23 Jianuo Wang, Martin Enilov, Renatas Kizys
This research investigates the predictive power of mergers and acquisitions (M&A) activity on returns and volatility in energy commodities from January 1997 to September 2023. Utilizing a novel time-varying robust Granger causality framework, we analyse the dynamic relationship between M&A activity and energy returns and volatility within the global oil and gas (O&G) industry. In addition, we examine
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“Carbon” boards and transition risk: Explicit and implicit exposure implications for total stock returns and dividends payouts Energy Econ. (IF 13.6) Pub Date : 2024-07-23 Matteo Mazzarano, Gianni Guastella, Stefano Pareglio, Anastasios Xepapadeas, Simone Borghesi
Transition risk disclosure facilitates investors' understanding of the potential company-level risks associated with a low-carbon transition. Among the others, stricter regulations could undermine companies' financial performances, affecting operations costs and revenues and their impact being proportional to the business carbon intensity. Transition risk disclosure takes two forms. One is a textual
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Impact of climate risk on energy market risk spillover: Evidence from dynamic heterogeneous network analysis Energy Econ. (IF 13.6) Pub Date : 2024-07-23 Qinen Gu, Shaofang Li, Sihua Tian, Yuyouting Wang
Using meteorological monitoring data from eight climate disasters across the globe, the Climate Policy Uncertainty (CPU) Index, and the financial data of eight energy markets between 2010 and 2020, this study employs the fixed base extreme difference entropy method to construct a Climate Risk Index (CRI) and investigates the impact of climate risk on the risk spillover among energy markets based on
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Entrepreneurship and innovation in worker cooperatives and conventional firms: the role of external cooperation Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-22 Francisco J. Santos, Carmen Guzmán, Lidia Valiente
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From Man vs. Machine to Man + Machine: The art and AI of stock analyses J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-22 Sean Cao, Wei Jiang, Junbo Wang, Baozhong Yang
An AI analyst trained to digest corporate disclosures, industry trends, and macroeconomic indicators surpasses most analysts in stock return predictions. Nevertheless, humans win “Man vs. Machine” when institutional knowledge is crucial, e.g., involving intangible assets and financial distress. AI wins when information is transparent but voluminous. Humans provide significant incremental value in “Man
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The Effects of Combat Deployments on Veterans’ Outcomes Journal of Political Economy (IF 6.9) Pub Date : 2024-07-18 Jesse Bruhn, Kyle Greenberg, Matthew Gudgeon, Evan K. Rose, Yotam Shem-Tov
Journal of Political Economy, Ahead of Print.
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Expectations, Infections, and Economic Activity Journal of Political Economy (IF 6.9) Pub Date : 2024-07-18 Martin Eichenbaum, Miguel Godinho de Matos, Francisco Lima, Sergio Rebelo, Mathias Trabandt
Journal of Political Economy, Ahead of Print.
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Advisors for micro-entrepreneurs: is one as good as another in accessing alternative finance? Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-18 Maria Gaia Soana, Doriana Cucinelli, Beatrice Ronchini
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Block trade contracting J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-19 Markus Baldauf, Christoph Frei, Joshua Mollner
We study the optimal execution problem in a principal–agent setting. A client contracts to purchase from a dealer. The dealer hedges, buying from the market, creating temporary and permanent price impact. The client chooses a contract, which specifies payment as a function of market prices; hidden action precludes conditioning on the dealer’s hedging trades. We show the first-best benchmark is theoretically
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How can a regional innovation system meet circular economy challenges? Conceptualization and empirical insights from Germany Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-19 Martina Fromhold-Eisebith
Promoting the circular economy (CE) increasingly draws on regional approaches. But in particular the potentially supportive role of regionally provided innovations requires more exploration. This paper suggests an expanded categorization of innovation demands for the regional CE and integrates them into an enriched conceptualization of the challenge-oriented regional innovation system (CORIS). How
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Jim Crow and Black Economic Progress After Slavery Q. J. Econ. (IF 11.1) Pub Date : 2024-07-18 Lukas Althoff, Hugo Reichardt
This paper studies the long-run effects of slavery and restrictive Jim Crow institutions on Black Americans’ economic outcomes. We track individual-level census records of each Black family from 1850 to 1940, and extend our analysis to neighborhood-level outcomes in 2000 and surname-based outcomes in 2023. We show that Black families whose ancestors were enslaved until the Civil War have considerably
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Is Money Essential? An Experimental Approach Journal of Political Economy (IF 6.9) Pub Date : 2024-07-17 Janet Hua Jiang, Peter Norman, Daniela Puzzello, Bruno Sultanum, Randall Wright
Journal of Political Economy, Ahead of Print.
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Impact of carbon capture and storage, cap-and-trade, and multiproduct cost structure on pollution in an oligopoly Energy Econ. (IF 13.6) Pub Date : 2024-07-16 Shi Chen, Xiaoyu Duan, Jyh-Horng Lin, Ching-Hui Chang
This paper presents an oligopolistic model to examine the effects of cap-and-trade regulations, carbon capture and storage (CCS), and multiproduct cost structures on reducing pollution emissions. It investigates an oligopoly consisting of both carbon-intensive and environmentally friendly manufacturers that produce goods and pollutants concurrently. The findings suggest that in a quasi-competitive
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The role of uncertainty and sentiment for intraday volatility connectedness between oil and financial markets Energy Econ. (IF 13.6) Pub Date : 2024-07-15 Karol Szafranek, Michał Rubaszek, Gazi Salah Uddin
We quantify intraday volatility connectedness between oil and key financial assets and assess how it is related to uncertainty and sentiment measures. For that purpose, we integrate the well-known spillover methodology with a TVP VAR model estimated on a unique, vast dataset of roughly 300 thousand 5 min quotations for most heavily traded financial assets: crude oil, the US dollar, S&P 500 index, gold
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Governance, energy utilization and environmental protection: Role of extreme events Energy Econ. (IF 13.6) Pub Date : 2024-07-14 Quan-Jing Wang, Susan Sunila Sharma, Guo-Hua Ni, Chun-Ping Chang
According to the theory of environmental governance, we try to uncover the impact of governance quality on environmental protection by employing cross-country level data for 164 countries during the period of 2002–2019 via GMM estimation. The baseline estimation indicates that better governance would benefit for the environmental protection, which is credibility when we conducted robustness tests by
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Seasonality in deep learning forecasts of electricity imbalance prices Energy Econ. (IF 13.6) Pub Date : 2024-07-14 Sinan Deng, John Inekwe, Vladimir Smirnov, Andrew Wait, Chao Wang
In this paper, we propose a seasonal attention mechanism, the effectiveness of which is evaluated via the Bidirectional Long Short-Term Memory (BiLSTM) model. We compare its performance with alternative deep learning and machine learning models in forecasting the balancing settlement prices in the electricity market of Great Britain. Critically, the Seasonal Attention-Based BiLSTM framework provides
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Unbundling Quantitative Easing: Taking a Cue from Treasury Auctions Journal of Political Economy (IF 6.9) Pub Date : 2024-07-11 Walker Ray, Michael Droste, Yuriy Gorodnichenko
Journal of Political Economy, Ahead of Print.
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Token governance in initial coin offerings: Implications of token retention and resale restrictions for ICO success Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-10 Johannes Fuchs, Paul P. Momtaz
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Optimal retail contracts with contractible uncertainty Energy Econ. (IF 13.6) Pub Date : 2024-07-10 Darryl R. Biggar, Mohammad Reza Hesamzadeh
Around the world policymakers and regulators are struggling with the question of how to design retail electricity tariffs in the face of increasing penetration of local generation (e.g., solar PV), smart appliances, local storage, and electric vehicles. There is a widespread recognition that retail tariffs should vary dynamically across time and space, reflecting the changing conditions (congestion
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Is temperature adversely related to economic development? Evidence on the short-run and the long-run links from sub-national data Energy Econ. (IF 13.6) Pub Date : 2024-07-10 Daniel Meierrieks, David Stadelmann
We examine the effect of rising temperatures on regional economic development, using annual sub-national data for over 1500 regions in 152 countries between 1990 and 2017. In a panel setting with region- and country-year fixed effects, we find no evidence of a homogeneous or heterogeneous effect of rising temperatures on economic development as measured by regional per capita income. Additionally,
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Are clean energy markets hedges for stock markets? A tail quantile connectedness regression Energy Econ. (IF 13.6) Pub Date : 2024-07-10 Salem Adel Ziadat, Walid Mensi, Sami Al-Kharusi, Xuan Vinh Vo, Sang Hoon Kang
Acknowledging the long-term potential of alternative energy sources, this paper examines the quantile frequency connectedness between clean energy markets and international stock markets, with implications related to hedging effectiveness. The main results point out that spillovers run from the US, the EU, the UK, and the Renewable Energy and Clean Technology Index to Japan and the Global Clean Energy
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Amsterdam’s circular economy at a world-ecological crossroads: postcapitalist degrowth or the next regime of capital accumulation? Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-10 Matthew Thompson, Charlotte Cator, David Beel, Ian Rees Jones, Martin Jones, Kevin Morgan
This article conceptualises the circular economy as a space of immaterial, as well as material, metabolic flows mediated by capitalism and planetary urbanisation. World-ecology provides us with the critical lens to view the circular economy as part of an emergent regime of accumulation that may supersede neoliberalism. However, if each regime entails new frontier zones for appropriating cheap natures
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Slow burn: Weak energy transition in a growing economy Energy Econ. (IF 13.6) Pub Date : 2024-07-09 Juan Fercovic, William Foster, Sumeet Gulati
Despite impressive recent gains in income (now classified by the World Bank as a “high income country”), and access to alternative heating systems, Chileans continue to have amongst the highest levels of per-capita wood consumption in the world, with serious attendant health and environmental implications. In this paper, we estimate the income elasticity of the use of firewood as a primary residential
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Returns to solar panels in the housing market: A meta learner approach Energy Econ. (IF 13.6) Pub Date : 2024-07-09 Elias Asproudis, Cigdem Gedikli, Oleksandr Talavera, Okan Yilmaz
This paper aims to estimate the returns to solar panels in the UK residential housing market. Our analysis applies a causal machine learning approach to Zoopla property data containing about 5 million observations. Drawing on meta-learner algorithms, we provide strong evidence documenting that solar panels are directly capitalized into sale prices. Our results point to a selling price premium above
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Consumers' environmental awareness and endogenous managerial delegation choice between sales and environmental incentives Energy Econ. (IF 13.6) Pub Date : 2024-07-09 Lili Xu, Sang-Ho Lee
This study considers consumers' environmental awareness (CEA) and examines firms' managerial delegation contracts between sales and environmental performance incentives under different competition modes. Under sales delegation contracts, quantity competition yields higher sales incentives and better environmental performance, whereas welfare depends on marginal environmental damage. Under environmental
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Dispatch strategies for large-scale heat pump based district heating under high renewable share and risk-aversion: A multistage stochastic optimization approach Energy Econ. (IF 13.6) Pub Date : 2024-07-09 Muhammad Bilal Siddique, Dogan Keles, Fabian Scheller, Per Sieverts Nielsen
Heat pumps play an essential role in decarbonizing the heating sector, and their adoption is projected to rise significantly. The high share of large-scale heat pumps in district heating exposes heating utilities to uncertainty in electricity markets. This challenge is further exacerbated by 1) future high share of renewable energy resulting in increased uncertainty of electricity prices, and 2) introduction
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Natural resource extraction and economic diversification in Russian regions: Application of dynamic DID Energy Econ. (IF 13.6) Pub Date : 2024-07-08 Kazi Sohag, Rogneda Vasilyeva, Valentin Voytenkov, Shawkat Hammoudeh
The abundance of natural resources can hinder economic diversification. Russia's heavy reliance on natural resources has not thoroughly been examined to determine whether a resource extraction boom promotes or stifles economic diversification. This study uses a dynamic DiD event approach to analyze panel data for 83 Russian regions over the 1996–2019 period. We compare regions with and without oil
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Keeping pace with the digital transformation — exploring the digital orientation of SMEs Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-06 Kevin Escoz Barragan, Felix Simon Rudolf Becker
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Monetary and fiscal policy responses to fossil fuel price shocks Energy Econ. (IF 13.6) Pub Date : 2024-07-06 Anna Bartocci, Alessandro Cantelmo, Pietro Cova, Alessandro Notarpietro, Massimiliano Pisani
We use a dynamic equilibrium model featuring different sources of energy to assess the macroeconomic effects in the euro area of a temporary reduction in excise taxes on fossil fuels and increase in lump-sum transfers to the poorest (“hand-to-mouth”) households, and raising the monetary policy rate in response to a temporary increase in the international price of fossil fuels. The central bank must
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Are cryptos different? Evidence from retail trading J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-06 Shimon Kogan, Igor Makarov, Marina Niessner, Antoinette Schoar
Trading in cryptocurrencies grew rapidly over the last decade, dominated by retail investors. Using data from eToro, we show that retail traders are contrarian in stocks and gold, yet the same traders follow a momentum-like strategy in cryptocurrencies. The differences are not explained by individual characteristics, investor composition, inattention, differences in fees, or preference for lottery-like
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Towards a Territorial and Political Ecology of “circular bioeconomy”: a 30-year review of metabolism studies Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-06 Simon Joxe, Jean-Baptiste Bahers
In the context of the increasingly present policies of circular economy and the emergence of “Circular Bioeconomy” (CB), this article presents the results of a literature review on the sociometabolic research of biomasses. Six schools of thought are identified and distinguished according to their authors, their conceptions of metabolism, methodologies and social and spatial dimensions. Based on this
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Cyberattack, cyber risk mitigation capabilities, and firm productivity in Kenya Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-05 Godsway Korku Tetteh, Chuks Otioma
Most scholarly work has focused on the positive effects of digitalisation in Sub-Saharan Africa without accounting for the associated risks and mitigation measures at the firm level. Using the 2016 Enterprise ICT Survey of Kenya which provides a rich source of information on the use of ICT among firms, we examine the effect of cybersecurity breach on labour productivity and show how this effect is
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Carbon capture and renewable energy policies: Could policy harmonization be a puzzle piece to solve the electricity crisis? Energy Econ. (IF 13.6) Pub Date : 2024-07-04 Mahelet G. Fikru, Fateh Belaïd, Hongyan Ma
The electricity market crisis, driven by factors such as increased energy demand, rising fuel prices, aging infrastructure, and greenhouse gas emissions, requires a multifaceted approach including the strategic implementation of Carbon Capture and Storage (CCS) technologies, which despite high costs and potential adverse impact on renewable investments, can allow the use of fossil fuels to maintain
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Macroeconomic shocks and volatility spillovers between stock, bond, gold and crude oil markets Energy Econ. (IF 13.6) Pub Date : 2024-07-04 Yongdeng Xu, Bo Guan, Wenna Lu, Saeed Heravi
This paper introduces a novel model to analyze the impact of macroeconomic shocks on volatility spillovers within key financial markets, such as Stock, Bond, Gold and Crude Oil. By treating macroeconomic variables as external factors to financial market volatility, our study distinguishes between internal financial volatility spillovers and external shocks arising from macroeconomic changes. Our analysis
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Monetary tightening and U.S. bank fragility in 2023: Mark-to-market losses and uninsured depositor runs? J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-04 Erica Xuewei Jiang, Gregor Matvos, Tomasz Piskorski, Amit Seru
We develop a conceptual framework and an empirical methodology to analyze the effect of rising interest rates on the value of U.S. bank assets and bank stability. We mark-to-market the value of banks’ assets due to interest rate increases from Q1 2022 to Q1 2023, revealing an average decline of 10 %, totaling about $2 trillion in aggregate. We present a model illustrating how asset value declines due
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Mechanisms for implementing fossil fuel divestment in portfolio management with impact on risk, return and carbon reduction Energy Econ. (IF 13.6) Pub Date : 2024-07-03 Pasin Marupanthorn, Christina S. Nikitopoulos, Eric D. Ofosu-Hene, Gareth W. Peters, Kylie-Anne Richards
Mechanisms to incentivize divestment strategies, such as divestment schedules, are an important component of carbon reduction strategies. We use dynamic asset allocation methodologies to assess this impact over time on index portfolios (S&P 500 and FTSE 100), and global exchange-traded funds (ETFs). Although return profiles are not affected, the risk profile of S&P 500 divestment portfolios is impacted
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A multiscale time-series decomposition learning for crude oil price forecasting Energy Econ. (IF 13.6) Pub Date : 2024-07-03 Jinghua Tan, Zhixi Li, Chuanhui Zhang, Long Shi, Yuansheng Jiang
Crude oil price forecasting is important for market participants and policymakers. However, accurately tracking oil prices is quite a challenging task due to the complexity of temporal oil data and the nonlinear relationships involved in the forecasting task. In this study, a multiscale time-series decomposition learning framework is proposed to deal with this issue. First, a multiscale temporal processing
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High-frequency trading in the stock market and the costs of options market making J. Financ. Econ. (IF 10.4) Pub Date : 2024-07-03 Mahendrarajah Nimalendran, Khaladdin Rzayev, Satchit Sagade
We investigate how high-frequency trading (HFT) in equity markets affects options market liquidity. We find that increased aggressive HFT activity in the stock market leads to wider bid–ask spreads in the options market through two main channels. First, options market makers’ quotes are exposed to sniping risk from HFTs exploiting put–call parity violations. Second, informed trading in the options
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Responsibility fixes: patching up circular economy value chains Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-07-03 Anna Barford, Saffy Rose Ahmad
Recycled plastics value chains are being collaboratively constructed amid calls for greater responsibility of the corporates driving today’s plastic waste crisis. The resulting ‘responsibility fix’ bolts new arrangements onto linear production processes, offering a mechanism to push linear processes towards circularity, while starting to patch up some of the social and economic injustices associated
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Risky business: venture capital, pivoting and scaling Small Bus. Econ. (IF 6.5) Pub Date : 2024-07-02 Pehr-Johan Norbäck, Lars Persson, Joacim Tåg
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Recent Referees Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, July 2024.
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JPE Turnaround Times Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, Page 2530-2530, July 2024.
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Front Matter Journal of Political Economy (IF 6.9) Pub Date : 2024-07-01
Journal of Political Economy, Volume 132, Issue 7, July 2024.
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Differentiated pricing for the retail electricity provider optimizing demand response to renewable energy fluctuations Energy Econ. (IF 13.6) Pub Date : 2024-07-01 He Li, Pengyu Wang, Debin Fang
As renewable energy expands, its fluctuations challenge grid security. Demand response (DR) is a crucial solution for ensuring grid stability. This paper designs a two-stage optimization model for the retail electricity provider (REP), aiming to develop differentiated prices to incentivize multiple types of users in DR. In the first stage, the REP utilizes energy storage to adjust electricity purchases
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The effect of PV generation's hourly variations on Israel's solar investment Energy Econ. (IF 13.6) Pub Date : 2024-07-01 I. Milstein, A. Tishler, C.K. Woo
Limited by sunniness and conversion efficiency, one installed MW of photovoltaic (PV) capacity can only produce MWh of electricity in daytime hour , where = positive fraction that we call PV's (HEC). Based on a sample of commercially operating PV plants in Israel, HEC rises throughout the 08:00–11:00 period, peaks in the 11:00–14:00 period and then declines in the 14:00–18:00 period. Further, HEC values
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Monetary policies on green financial markets: Evidence from a multi-moment connectedness network Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Tingguo Zheng, Hongyin Zhang, Shiqi Ye
This paper introduces a novel multi-moment connectedness network approach for analyzing the interconnectedness of green financial market. Focusing on the impact of monetary policy shocks, our study reveals that connectedness within the green bond and equity markets varies with different moments (returns, volatility, skewness, and kurtosis) and changes significantly around Federal Open Market Committee
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Renewable energy investment under stochastic interest rate with regime-switching volatility Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Jérôme Detemple, Yerkin Kitapbayev, A. Max Reppen
We examine the impact of the interest rate and its characteristics, such as long run mean and instantaneous variance risk (VR), on renewable energy investments in the power sector. The model has stochastic electricity price, stochastic interest rate, and variance regime switches. We show that an increase in the interest rate, while generally increasing the value of a power project, can have a non-monotone
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Volatility dynamics of agricultural futures markets under uncertainties Energy Econ. (IF 13.6) Pub Date : 2024-07-01 Anupam Dutta, Gazi Salah Uddin, Lin Wen Sheng, Donghyun Park, Xuening Zhu
The objective of this study is to examine the effect of various uncertainty measures on the realized volatility of agricultural futures markets. In doing so, we use a range of uncertainty indicators in our analysis to investigate whether news-based uncertainty measures (e.g., geopolitical risk and economic policy uncertainty) have better predictive contents than the market-based uncertainty measures
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Government procurement contracts, external audit certification, and financing of small- and medium-sized enterprises Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-28 Kelvin Mugambi Kinyua, Frederick Kibon Changwony, Kevin Campbell
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Using Divide-and-Conquer to Improve Tax Collection Q. J. Econ. (IF 11.1) Pub Date : 2024-06-27 Samuel Kapon, Lucia Del Carpio, Sylvain Chassang
Tax collection with limited enforcement capacity may be consistent with both high- and low-delinquency regimes: high delinquency reduces the effectiveness of threats, thereby reinforcing high delinquency. We explore the practical challenges of unraveling the high-delinquency equilibrium using a mechanism design insight known as divide-and-conquer. Our preferred mechanism takes the form of prioritized
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Dynamic quantile connectedness between oil and stock markets: The impact of the interest rate Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Jingrui Qin, Xiaoping Cong, Di Ma, Xueyun Rong
This paper explores the heterogeneous and dynamic connectedness between the oil and stock markets of emerging economies under various market conditions by introducing a novel quantile regression TVP-VAR network method. Moreover, a semiparametric model is used to analyze the impact of interest rates on the connectedness. The results show that (1) the total connectedness between the oil and stock markets
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Alternative monetary policies and renewable energy stock returns Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Natali Gordo, Alistair Hunt, Bruce Morley
The aim of this study is to determine how monetary policy interacts with the financial sector specialising in renewable energy, especially since the implementation of Quantitative Easing (QE). Using EU data and the VAR approach incorporating the interest rate, representing monetary policy, an index of renewable energy stock prices, oil prices, technology and the VIX, this paper applies Granger causality