Article
Economics
Xiaohang Ren, Xiao Zhang, Cheng Yan, Giray Gozgor
Summary: Using data from 2605 Chinese A-share listed companies, this study finds that climate policy uncertainty has a negative impact on firm-level total factor productivity (TFP), especially for low-productivity, non-state-owned, labor-intensive, and capital-intensive firms. Furthermore, climate policy uncertainty hinders research and development investment and reduces free cash flow. The findings emphasize the importance of introducing forward-looking climate policies to mitigate the negative impact of policy uncertainty.
Article
Economics
Susan Athey, Guido W. Imbens
Summary: This paper examines the estimation and inference of average treatment effects in panel data, particularly focusing on the staggered adoption setting. The study shows that under random assignment of adoption dates, the standard Difference-In-Differences (DID) estimator is an unbiased estimator of a specific weighted average causal effect, and characterizes the exact finite sample properties of this estimand. Additionally, it is demonstrated that the standard variance estimator tends to be conservative.
JOURNAL OF ECONOMETRICS
(2022)
Review
Economics
Fotios Petropoulos, Daniele Apiletti, Vassilios Assimakopoulos, Mohamed Zied Babai, Devon K. Barrow, Souhaib Ben Taieb, Christoph Bergmeir, Ricardo J. Bessa, Jakub Bijak, John E. Boylan, Jethro Browell, Claudio Carnevale, Jennifer L. Castle, Pasquale Cirillo, Michael P. Clements, Clara Cordeiro, Fernando Luiz Cyrino Oliveira, Shari De Baets, Alexander Dokumentov, Joanne Ellison, Piotr Fiszeder, Philip Hans Franses, David T. Frazier, Michael Gilliland, M. Sinan Gonul, Paul Goodwin, Luigi Grossi, Yael Grushka-Cockayne, Mariangela Guidolin, Massimo Guidolin, Ulrich Gunter, Xiaojia Guo, Renato Guseo, Nigel Harvey, David F. Hendry, Ross Hollyman, Tim Januschowski, Jooyoung Jeon, Victor Richmond R. Jose, Yanfei Kang, Anne B. Koehler, Stephan Kolassa, Nikolaos Kourentzes, Sonia Leva, Feng Li, Konstantia Litsiou, Spyros Makridakis, Gael M. Martin, Andrew B. Martinez, Sheik Meeran, Theodore Modis, Konstantinos Nikolopoulos, Dilek Onkal, Alessia Paccagnini, Anastasios Panagiotelis, Ioannis Panapakidis, Jose M. Pavia, Manuela Pedio, Diego J. Pedregal, Pierre Pinson, Patricia Ramos, David E. Rapach, J. James Reade, Bahman Rostami-Tabar, Michal Rubaszek, Georgios Sermpinis, Han Lin Shang, Evangelos Spiliotis, Aris A. Syntetos, Priyanga Dilini Talagala, Thiyanga S. Talagala, Len Tashman, Dimitrios Thomakos, Thordis Thorarinsdottir, Ezio Todini, Juan Ramon Trapero Arenas, Xiaoqian Wang, Robert L. Winkler, Alisa Yusupova, Florian Ziel
Summary: This article reviews the theory and practice of forecasting, providing a wide range of theoretical models, methods, and principles, as well as their applications in various contexts. The article also includes references to software implementations and databases. The non-linear reading mode allows readers to explore different topics according to their interests.
INTERNATIONAL JOURNAL OF FORECASTING
(2022)
Article
Economics
Xiong Wang, Xiao Wang, Xiaohang Ren, Fenghua Wen
Summary: This study investigates the impact of digital financial inclusion on CO2 emissions in 284 prefecture-level cities in China using a spatial econometric model. The results show that digital financial inclusion has a positive impact on CO2 emissions in local cities, but a negative impact on neighboring cities. Additionally, the breadth of coverage and depth of use are significantly correlated with CO2 emissions. The study also confirms that digital financial inclusion influences city-level CO2 emissions through industrial structure and economic growth.
Article
Economics
Qihan Wu, Dong Yan, Muhammad Umair
Summary: This paper discusses how small and medium-sized enterprises can strengthen their dynamic capabilities through metrics and knowledge management procedures. It explores the influence of social media analytics on competitive intelligence stages within manufacturing enterprises. The study reveals that social media analytics positively impacts the stages of collecting and analysis.
ECONOMIC ANALYSIS AND POLICY
(2023)
Article
Economics
Quan-Jing Wang, Hai-Jie Wang, Chun-Ping Chang
Summary: This study empirically examines the relationships among environmental performance, green finance, and green innovation in developing countries, and finds that there are cointegration relationships among these variables. The results also indicate that the impact of environmental performance and green finance on green innovation varies depending on the type of country.
Article
Economics
Kirill Borusyak, Peter Hull, Xavier Jaravel
Summary: This study introduces a new econometric framework for shift-share instrumental variable regressions, where identification is based on quasi-random assignment of shocks and endogeneity of exposure shares is allowed. The motivation for the framework comes from an equivalence result where orthogonality between a shift-share instrument and an unobserved residual can be represented as orthogonality between underlying shocks and a shock-level unobservable. The study discusses and illustrates practical insights of this framework in estimating the effect of Chinese import competition on manufacturing employment in U.S. commuting zones, based on the setting of Autor et al. (2013).
REVIEW OF ECONOMIC STUDIES
(2022)
Article
Economics
Jinlin Li, Litai Chen, Ying Chen, Jiawen He
Summary: Based on panel data from 2011 to 2018 in 277 cities in China, this paper constructs digital economy index and green economy efficiency index. The research found that digital economy significantly improves efficiency of green economy, especially in the eastern region and large cities, with technological innovation being a key factor.
MANAGERIAL AND DECISION ECONOMICS
(2022)
Article
Economics
Irfan Khan, Abdulrasheed Zakari, Vishal Dagar, Sanjeet Singh
Summary: Energy is crucial for sustainable development, and countries should balance the energy trilemma to achieve economic growth and environmental sustainability. The study shows that energy policy coherence and integration can improve both economic growth and environmental sustainability.
Article
Business, Finance
Yizhong Wu, Chien-Chiang Lee, Chi-Chuan Lee, Diyun Peng
Summary: The study shows that high-speed rail construction can improve investment efficiency in China, particularly for companies with low information transparency and media coverage. High-speed rail can mitigate information asymmetry and reduce external regulatory costs. Additionally, non-state-owned enterprises, high-growth firms, and companies located in core cities benefit more.
JOURNAL OF BANKING & FINANCE
(2022)
Article
Ecology
Andrea Appolloni, Charbel Jose Chiappetta Jabbour, Idiano D'Adamo, Massimo Gastaldi, Davide Settembre-Blundo
Summary: This paper analyzes the ceramic tile industries in Italy and Spain as examples of strategic innovation in the European manufacturing context. The study shows the importance of considering social and environmental attributes in products to compete with emerging countries' producers who rely solely on price strategies.
ECOLOGICAL ECONOMICS
(2022)
Article
Economics
David Powell
Summary: This paper introduces a quantile regression estimator for panel data with nonadditive fixed effects and a nonseparable disturbance term. It uses within variation in the instruments to estimate the impact of exogenous or endogenous treatment variables on the outcome distribution. Unlike most quantile panel data estimators, the proposed estimator produces consistent estimates for small T. The paper also estimates the effect of the 2008 tax rebates on the short-term household consumption distribution.
EMPIRICAL ECONOMICS
(2022)
Article
Economics
Mara Madaleno, Eyup Dogan, Dilvin Taskin
Summary: The study aims to analyze the causal relationship among green finance, clean energy, environmental responsibility, and green technology. The results show bidirectional causality, but with a decrease in significance during specific periods. The impact of clean energy on green finance is less evident, while green finance has a stronger influence on clean energy.
Article
Business, Finance
Muhammad Asif Khan, Hammad Riaz, Masood Ahmed, Abubakr Saeed
Summary: The Asian Development Bank (ADB) is playing a significant role in sustainable development and climate change through climate finance, which has shown positive impacts on reducing ecological footprints in Asian economies.
BORSA ISTANBUL REVIEW
(2022)
Article
Business
Zhenghui Li, Hao Dong, Christos Floros, Athanasios Charemis, Pierre Failler
Summary: The article explores the heterogeneous feature in determining Bitcoin volatility using a Markov regime-switching model and tests its forecasting ability based on the CAViaR approach. Results indicate significant relationship between Bitcoin volatility and crypto-asset returns, with speculation, investor attention, market interoperability, and their interactions being the main determinants of volatility. Additionally, evidence suggests that investor attention is the main source of volatility, while speculation and interaction show a U-shaped relationship and investor attention and market interoperability exhibit a linear trend on Bitcoin volatility.
EMERGING MARKETS FINANCE AND TRADE
(2022)
Article
Business, Finance
Doron Avramov, Si Cheng, Abraham Lioui, Andrea Tarelli
Summary: This paper analyzes the impact of uncertainty about the corporate ESG profile on asset pricing and portfolio implications. The results show that ESG uncertainty leads to an increase in market premium and a decrease in demand for stocks. In addition, ESG uncertainty is found to increase the CAPM alpha and effective beta, while weakening the negative relationship between ESG alpha and stock returns. Using the standard deviation of ESG ratings from six major providers as a proxy for ESG uncertainty, the findings of this study support the predictions of the model.
JOURNAL OF FINANCIAL ECONOMICS
(2022)
Article
Economics
Nawazish Mirza, Birjees Rahat, Bushra Naqvi, Syed Kumail Abbas Rizvi
Summary: The massive spread of Covid-19 in the European Union has disrupted numerous businesses, leading to reduced revenues and cash flows and a potential rise in corporate bankruptcies. This study examines the impact of the pandemic on the solvency of firms in EU member states. The findings reveal a progressive deterioration in solvency, with increased default probability, debt burdens, and declining coverages. The manufacturing, mining, and retail sectors are particularly vulnerable. The study suggests policy interventions such as tax deferral and hybrid support to sustain solvency.
QUARTERLY REVIEW OF ECONOMICS AND FINANCE
(2023)
Article
Economics
Huwei Wen, Shuai Chen, Chien-Chiang Lee
Summary: This study examines the productivity effect of the low-carbon city pilot policy (LCCP) in China and investigates its financing and investment mechanisms using the difference-in-difference method. The empirical results show that the LCCP policy significantly improves the total factor productivity of energy-intensive enterprises by increasing bank credit supply and encouraging long-term investment. The findings suggest that the LCCP is an effective comprehensive policy for promoting the high-quality development of energy-intensive industries.
Article
Economics
Muhammad Mohsin, Farhad Taghizadeh-Hesary, Muhammad Shahbaz
Summary: This paper estimates the association between financial development and energy poverty in Latin America. The results indicate that the increase in energy poverty is primarily attributed to low levels of financial development.
Article
Economics
Muhammad Shahbaz, Jiaman Li, Xiucheng Dong, Kangyin Dong
Summary: This study examines the impact of financial inclusion on pollutant and carbon emissions in 30 Chinese provinces from 2011 to 2017. The results show that financial inclusion plays a role in reducing pollutant emissions, regardless of geographical location. However, its impact on carbon emissions is asymmetric and varies across different regions. The study also highlights the indirect effects of financial inclusion, such as through energy consumption and the renewable energy sector, on the reduction of pollutant and carbon emissions.
