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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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An inquiry into the nexus between artificial intelligence and energy poverty in the light of global evidence Energy Econ. (IF 13.6) Pub Date : 2024-06-26 Tao Ding, Hao Li, Li Liu, Kui Feng
Energy poverty is a global challenge that constrains economic development, jeopardizes people's health, and impedes the improvement of people's lives. Artificial intelligence (AI) could be an important tool to reverse this dilemma. We utilize a panel data covering 64 countries during 2000–2019 to examine AI's impact on energy poverty. The findings reveal that the application of AI effectively alleviates
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Intensive personal mentoring: accelerators’ secret sauce Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-25 Eyal Rechter, Gil Avnimelech
Over the past fifteen years, the startup accelerator sector has emerged as a vital component in the entrepreneurial ecosystem, offering structured support to novice entrepreneurs. This study explores the impact of mentorship within accelerators, shedding light on the critical role mentors play in the success of early-stage entrepreneurs. Utilizing comprehensive data from 779 graduates of Israeli accelerators
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Borrow now, pay even later: A quantitative analysis of student debt payment plans J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-25 Michael Boutros, Nuno Clara, Francisco Gomes
In the U.S., student debt is currently the second largest component of consumer debt. Households are required to repay these loans early in their lifecycle, when marginal utility is particularly high. We study alternative contracts that offer partial or full payment deferral until later in life. We calibrate an economy with the current contracts, and then solve for counterfactual equilibria. The alternative
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The impact of oil shocks on green, clean, and socially responsible markets Energy Econ. (IF 13.6) Pub Date : 2024-06-24 Ahmed H. Elsayed, Rabeh Khalfaoui, Samia Nasreen, David Gabauer
The study employs novel empirical approaches, namely wavelet quantile correlation (WQC) and cross-quantilogram analysis, to examine the interrelationship between green bonds (GB), clean energy (GCE), socially responsible stocks (ESG), and variants of oil shocks during the period spanning from June 28th, 2013 to June 1st, 2023. Empirical findings from the WQC highlight consistent diversification benefits
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Perceptions About Monetary Policy Q. J. Econ. (IF 11.1) Pub Date : 2024-06-24 Michael D Bauer, Carolin E Pflueger, Adi Sunderam
We estimate perceptions about the Federal Reserve’s monetary policy rule from panel data on professional forecasts of interest rates and macroeconomic conditions. The perceived dependence of the federal funds rate on economic conditions varies substantially over time, in particular over the monetary policy cycle. Forecasters update their perceptions about the Fed’s policy rule in response to monetary
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The reserve supply channel of unconventional monetary policy J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-21 William Diamond, Zhengyang Jiang, Yiming Ma
We find that central bank reserves injected by QE crowd out bank lending. We estimate a structural model with cross-sectional instrumental variables for deposit and loan demand. Our results are determined by the elasticity of loan demand and the impact of reserve holdings on the cost of supplying loans. The reserves injected by QE raise loan rates by 7.4 basis points, and each dollar of reserves reduces
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Financial statement audit and regulatory focus in equity crowdfunding decisions Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-20 Regan Stevenson, Jared Eutsler, Bradley Lang, Jesse C. Robertson
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On transmission channels of energy prices and monetary policy shocks to household consumption: Evidence from India Energy Econ. (IF 13.6) Pub Date : 2024-06-20 Pragati Priya, Chandan Sharma
This study examines the channels of transmission of unanticipated energy price changes and monetary policy shocks to household consumption decisions. We use a large and dynamic panel data set of Indian households for the analysis. Our findings show that both shocks have adverse effects on aggregate consumption and its categories. Furthermore, rising energy prices and monetary tightening policies disproportionately
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Estimating the emissions reductions from supply-side fossil fuel interventions Energy Econ. (IF 13.6) Pub Date : 2024-06-20 Brian C. Prest, Harrison Fell, Deborah Gordon, TJ Conway
Supply-side interventions that retire highly emitting fossil fuel assets have received increased attention from policymakers and private actors alike. Yet concerns about market leakage—wherein reduced supply from one source is partially offset by increased production from other sources—have raised questions about how much emissions reductions they can achieve. In this paper, we estimate the effects
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Do climate risks affect dirty–clean energy stock price dynamic correlations? Energy Econ. (IF 13.6) Pub Date : 2024-06-19 Di Li, Zhige Wu, Yixuan Tang
Prior studies have extensively exhibited an interest in exploring the connectedness between dirty and clean energy stock prices alongside the drivers of such price connectedness, shedding light on hedging strategies for finance practitioners. Nevertheless, no empirical research has examined whether climate risks, the emerging indicator for investors to handle the divestment of dirty energy stocks,
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The impact of renewable energy on inflation in G7 economies: Evidence from artificial neural networks and machine learning methods Energy Econ. (IF 13.6) Pub Date : 2024-06-19 Long Zhang, Hemachandra Padhan, Sanjay Kumar Singh, Monika Gupta
This paper examines the impact of cleaner energy adoption (i.e., renewable energy consumption and generation) on inflation rates in G7 economies from 1997 to 2021. The Principal Component Analysis is used to construct the renewable energy consumption and generation indices. Then, the paper runs various artificial neural networks and machine learning methods to test the validity of the cleaner energy-led
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Importance of transaction costs for asset allocation in foreign exchange markets J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-19 Ilias Filippou, Thomas A. Maurer, Luca Pezzo, Mark P. Taylor
Transaction costs have a first-order effect on the performance of currency portfolios. Proportional costs based on quoted bid–ask spread are relatively small, but when a fund is large, costs due to the trading volume price impact are sizable and quickly erode returns, leaving many popular strategies unprofitable. A mean–variance-transaction-cost optimized approach (MVTC) that accounts for costs in
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Bottlenecks for Evidence Adoption Journal of Political Economy (IF 6.9) Pub Date : 2024-06-18 Stefano DellaVigna, Woojin Kim, Elizabeth Linos
Journal of Political Economy, Ahead of Print.
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Environmental policy stringency and ecological footprint linkage: Mitigation measures of renewable energy and innovation Energy Econ. (IF 13.6) Pub Date : 2024-06-18 Kazi Sohag, Shaiara Husain, Ugur Soytas
We scrutinize the environmental policies' efficacy in reducing ecological footprint by interweaving two other vibrant parameters of environmental degradation mitigation, i.e., renewable energy sources and innovation. To this end, we apply a Cross-Sectional Autoregressive Distributed Lags (CS-ARDL) approach to analyze panel time-series data (1990–2018) in the context of OECD countries. Our analysis
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Crises and energy markets reforms Energy Econ. (IF 13.6) Pub Date : 2024-06-15 Luca Bettarelli, Davide Furceri, Pietro Pizzuto, Khatereh Yarveisi
The spikes in energy prices observed following recent major global shocks—e.g., COVID-19 and Russia-Ukraine war —as well as issues related to the diffusion of renewable energy power generation, have reopened the debate about the design of electricity markets and the role of the “state” vs. “market” in the electricity markets governance. In this article, we contribute to this debate by looking at the
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Evolution vs. Creationism in the Classroom: The Lasting Effects of Science Education Q. J. Econ. (IF 11.1) Pub Date : 2024-06-15 Benjamin W Arold
Anti-scientific attitudes can impose substantial costs on societies. Can schools be an important agent in mitigating the propagation of such attitudes? This paper investigates the effect of the content of science education on anti-scientific attitudes, knowledge, and choices. The analysis exploits staggered reforms that reduce or expand the coverage of evolution theory in US state science education
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The effects of policy interventions to limit illegal money lending J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-15 Kaiwen Leong, Huailu Li, Nicola Pavanini, Christoph Walsh
We estimate a structural model of borrowing and lending in the illegal money lending market using a unique panel survey of 1,090 borrowers taking out 11,032 loans from loan sharks. We use the model to evaluate the effects of interventions aimed at limiting this market. We find that an enforcement crackdown that occurred during our sample period increased lenders’ unit cost of harassment and interest
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Non-firm vs priority access: On the long run average and marginal costs of renewables in Australia Energy Econ. (IF 13.6) Pub Date : 2024-06-14 Paul Simshauser, David Newbery
In Australia, the National Electricity Market (NEM) has experienced a rapid expansion of Variable Renewable Electricity (VRE) projects, not without obstacles. Entry frictions such as movements in Marginal Loss Factors and/or network congestion adversely impacted ∼15% of new projects. Are these the expected results in a workably functioning market, or due to market design defects? Policy advisors have
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The short-termism trap: Catering to informed investors with limited horizons J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-14 James Dow, Jungsuk Han, Francesco Sangiorgi
Does the stock market exert short-term pressure on listed firms, do they respond, and is this response value reducing? We show that limited investor horizons indeed have those consequences, as follows. First, informative stock prices increase firm value; in our model, they reduce the agency cost of incentivizing managers. Second, short project maturity improves stock price informativeness by catering
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Financial market concentration and misallocation J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-14 Daniel Neuhann, Michael Sockin
How does financial market concentration affect capital allocation? We propose a complete-markets model in which real investment and financial price impact are jointly determined in general equilibrium. We identify a two-way feedback mechanism whereby price impact induces misallocation and misallocation raises price impact. The mechanism is stronger if productivity is low or productivity dispersion
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Culture and social entrepreneurship: the role of value-practice misalignment Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-13 Katrina M. Brownell, Diana M. Hechavarria, Colleen C. Robb, Jill Kickul
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A Ramsey Theory of Financial Distortions Journal of Political Economy (IF 6.9) Pub Date : 2024-06-13 Marco Bassetto, Wei Cui
Journal of Political Economy, Ahead of Print.
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Exploring the endogenous structure and evolutionary mechanism of the global coal trade network Energy Econ. (IF 13.6) Pub Date : 2024-06-13 Yuxin Liu, Yunting Li, Yue Pu
The uneven distribution of global coal supply and demand markets has driven coal trade. Effectively characterizing the global coal trade pattern and exploring its evolutionary mechanisms are important for economic development and international energy security. Therefore, this study adopts complex network methods to construct global coal trade network (GCTN) from 1995 to 2021. Based on exploring the
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Strategies for circular economy in the Nordics: a comparative analysis of directionality Camb. J. Reg. Econ. Soc. (IF 5.6) Pub Date : 2024-06-13 Mari Wardeberg, Henrik Brynthe Lund, Jens Hanson, Riina Kärki, Linda Rekosuo, Anna Tenhuen-Lunkka, Sarianna Palola
In this paper we mobilize sustainability transitions literature to explore directionality for circular economy (CE) transitions, by drawing on and adapting a framework for analysing roadmaps to empirically investigate CE strategies. Specifically, this paper explores circular economy CE strategy documents in the Nordics, the commonalities and differences between them and to what extent they provide
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Unpacking the relationship between sense of place and entrepreneurs’ well-being Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-12 Teemu Kautonen, Aracely Soto-Simeone, Ewald Kibler
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From independent inventor to inventor entrepreneur: an application of the knowledge spillover theory of entrepreneurship Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-12 Kevin A. Miceli, Shirish Sundaresan, Atul Nerkar, Tian Chen
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Exchange rate movements and the energy transition Energy Econ. (IF 13.6) Pub Date : 2024-06-12 Yanran Hong, Keyu Luo, Xiaochao Xing, Lu Wang, Luu Duc Toan Huynh
Exchange rate changes affect economic activities and reflect the country's financial strength. In the current critical energy transition period, are exchange rate changes affected by the global energy transition? This paper focuses on three major exchange rates: USD/EUR, USD/CNY, and USD/JPY. Besides, we use total energy consumption, renewable energy consumption, and CO2 emissions in the residential
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Attention to climate change and eco-friendly financial-asset prices: A quantile ARDL approach Energy Econ. (IF 13.6) Pub Date : 2024-06-12 Walid M.A. Ahmed
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Safe haven properties of industrial stocks against ESG in the United States: Portfolio implication for sustainable investments Energy Econ. (IF 13.6) Pub Date : 2024-06-12 Zulfiqar Ali Imran, Muhammad Ahad, Khurram Shahzad, Mobeen Ahmad, Imran Hameed
This study explores the safe haven role of industry sectors classified by the Global Industry Classification Standards (GICS) for global Environmental, Social, and Governance (ESG) stocks in the United States. Our study applies the novel cross-quantilogram and quantile time-frequency connectedness approach for daily time series data from November 2019 to October 2023. Our findings confirm that industry
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Market volatilities vs oil shocks: Which dominate the relative performance of green bonds? Energy Econ. (IF 13.6) Pub Date : 2024-06-12 Yu Wei, Chunpei Shi, Chunyan Zhou, Qian Wang, Yuntong Liu, Yizhi Wang
The market performance of green bonds determines whether they will make a significant contribution to future financial markets and sustainable investment. It is therefore important to conduct a thorough study of the dominant factors affecting the market performance of green bonds, particularly their performance relative to conventional bonds. Thus, the main objective of this paper is to investigate
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Interpreting Trends in Intergenerational Mobility Journal of Political Economy (IF 6.9) Pub Date : 2024-06-10 Martin Nybom, Jan Stuhler
Journal of Political Economy, Ahead of Print.
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The Morality of Markets Journal of Political Economy (IF 6.9) Pub Date : 2024-06-10 Mathias Dewatripont, Jean Tirole
Journal of Political Economy, Ahead of Print.
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Aftermarket Frictions and the Cost of Off-Platform Options in Centralized Assignment Mechanisms Journal of Political Economy (IF 6.9) Pub Date : 2024-06-10 Adam Kapor, Mohit Karnani, Christopher Neilson
Journal of Political Economy, Ahead of Print.
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Income Inequality in the United States: Using Tax Data to Measure Long-Term Trends Journal of Political Economy (IF 6.9) Pub Date : 2024-06-10 Gerald Auten, David Splinter
Journal of Political Economy, Ahead of Print.
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Tax versus regulations: Polluters’ incentives for loosening industry emission targets Energy Econ. (IF 13.6) Pub Date : 2024-06-11 Kosuke Hirose, Akifumi Ishihara, Toshihiro Matsumura
We investigate the political incentives of a polluter in affecting industry emission targets (relaxing emission restrictions) imposed by the government in a monopoly market. Specifically, we compare three typical environmental policies—two command-and-control regulations (an emission cap regulation that restricts total emissions and an emission intensity regulation that restricts emissions per output
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Monetary policy uncertainty and ESG performance across energy firms Energy Econ. (IF 13.6) Pub Date : 2024-06-11 Emmanuel Joel Aikins Abakah, Aviral Kumar Tiwari, Mohammad Abdullah, Qiang Ji, Zunaidah Sulong
This study investigates the relationship between monetary policy uncertainty and the Environmental, Social, and Governance (ESG) performance of energy firms. For empirical analysis this study used unbalanced panel data of 3991 firm-year observations from 35 countries covering the period from 2002 to 2021. Utilizing the Shadow Short Rate as a proxy for monetary policy uncertainty, our baseline results
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US gasoline response to vehicle fuel efficiency: A contribution to the direct rebound effect Energy Econ. (IF 13.6) Pub Date : 2024-06-10 Hillard G. Huntington
This study measures the response of gasoline consumption to improved vehicle fuel efficiency (miles per gallon). Although an inverse relationship exists, the percentage decline is always less than the percentage efficiency improvement. As usually measured by past researchers, the long-run response in this study is approximately 80% of the efficiency improvement. The remaining 20% is the direct rebound
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Clean energy market connectedness and investment strategies: New evidence from DCC-GARCH R[formula omitted] decomposed connectedness measures Energy Econ. (IF 13.6) Pub Date : 2024-06-10 Teodoro Cocca, David Gabauer, Stefan Pomberger
In this study, we investigate the return propagation mechanism across four clean energy indices, namely, the NASDAQ OMX Green Economy Index, NASDAQ OMX Solar Energy Index, NASDAQ OMX Wind Energy Index, and NASDAQ OMX Geothermal Energy Index ranging from December 21st, 2010 until June 2nd, 2023 by using a novel DCC-GARCH-based decomposed connectedness approach. This framework allows us to efficiently
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The ‘complex’ transition: Energy intensity and CO2 emissions amidst technological and structural shifts. Evidence from OECD countries Energy Econ. (IF 13.6) Pub Date : 2024-06-10 Alessandro Marra, Emiliano Colantonio, Marco Cucculelli, Eugenia Nissi
The purpose of the paper is twofold. Firstly, we investigate whether technological and structural shifts result in reduced energy intensity and lower CO2 emissions. Secondly, we explore whether such technological and industrial transformations interact and have a joint impact on the environment. We use a PVAR model in first differences for a panel of 34 OECD countries spanning from 1994 to 2019, as
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How AI shapes greener futures: Comparative insights from equity vs debt investment responses in renewable energy Energy Econ. (IF 13.6) Pub Date : 2024-06-10 Jun Wen, Hua-Tang Yin, Chun-Ping Chang, Kai Tang
This paper offers insights regarding the potential of AI software development to narrow the financing gap in renewables. By employing a panel of 49 economies covering 2011–2020, we estimate a two-way fixed effects model and reveal that AI software development significantly promotes equity investments in renewables while imposing no substantial effect on debt investments in the same field. Such results
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Stories, Statistics, and Memory Q. J. Econ. (IF 11.1) Pub Date : 2024-06-10 Thomas Graeber, Christopher Roth, Florian Zimmermann
For many decisions, we encounter relevant information over the course of days, months or years. We consume such information in various forms, including stories – qualitative content about individual instances – and statistics – quantitative data about collections of observations. This paper proposes that information type – story versus statistic – shapes selective memory. In controlled experiments
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Recent Referees Journal of Political Economy (IF 6.9) Pub Date : 2024-06-07
Journal of Political Economy, Volume 132, Issue 6, June 2024.
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JPE Turnaround Times Journal of Political Economy (IF 6.9) Pub Date : 2024-06-07
Journal of Political Economy, Volume 132, Issue 6, Page 2178-2178, June 2024.
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Front Matter Journal of Political Economy (IF 6.9) Pub Date : 2024-06-07
Journal of Political Economy, Volume 132, Issue 6, June 2024.
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The Lifetime Impacts of the New Deal's Youth Employment Program Q. J. Econ. (IF 11.1) Pub Date : 2024-06-09 Anna Aizer, Nancy Early, Shari Eli, Guido Imbens, Keyoung Lee, Adriana Lleras-Muney, Alexander Strand
We study the lifetime effects of the first and largest American youth employment and training program in the U.S.—the Civilian Conservation Corps (CCC), 1933–1942. We match newly digitized enrollee records to Census, World War II enlistment, Social Security, and death records. We find that longer service in the CCC led to improvements in height, health status, longevity, geographic mobility, and lifetime
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Concealed carry J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-08 Spencer Andrews, Riccardo Colacito, Mariano M. Croce, Federico Gavazzoni
The slope carry takes a long (short) position in the long-term bonds of countries with steeper (flatter) yield curves. The traditional carry takes a long (short) position in countries with high (low) short-term rates. We document that: (i) the slope carry return is slightly negative (strongly positive) in the pre (post) 2008 period, whereas it is concealed over longer samples; (ii) the traditional
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Regional embeddedness is the key: Quantity and quality of regional business opportunity perception Small Bus. Econ. (IF 6.5) Pub Date : 2024-06-07 Jessica Birkholz
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How do Treasury dealers manage their positions? J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-07 Michael Fleming, Giang Nguyen, Joshua Rosenberg
Using 31 years of data (1990–2020) on U.S. Treasury dealer positions, we find that Treasury issuance is the main driver of dealers’ weekly inventory changes. Such inventory fluctuations are only partially offset in adjacent weeks and not significantly hedged with futures. Dealers are compensated for inventory risk by means of subsequent price appreciation of their holdings. Amid increased balance sheet
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Intermediation frictions in debt relief: Evidence from CARES Act forbearance J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-07 You Suk Kim, Donghoon Lee, Tess Scharlemann, James Vickery
We study how intermediaries – mortgage servicers – shaped the implementation of mortgage forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the causal effects of forbearance on borrowers. Forbearance provision varied widely across servicers. Small servicers, nonbanks, and especially nonbanks with small liquidity buffers, facilitated fewer forbearances and saw a higher
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The death of a regulator: Strict supervision, bank lending, and business activity J. Financ. Econ. (IF 10.4) Pub Date : 2024-06-07 João Granja, Christian Leuz
We exploit the extinction of the thrift supervisor (OTS) to analyze the effects of supervision on bank lending and bank management. We first show that the OTS replacement resulted in stricter supervision of former OTS banks. Next, we analyze the ensuing lending effects and show that former OTS banks on average increase small business lending by roughly 10 percent. This increase is concentrated in well-capitalized
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The Effect of Incentives in Nonroutine Analytical Team Tasks Journal of Political Economy (IF 6.9) Pub Date : 2024-06-05 Florian Englmaier, Stefan Grimm, Dominik Grothe, David Schindler, Simeon Schudy
Journal of Political Economy, Ahead of Print.
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Persuasion and Welfare Journal of Political Economy (IF 6.9) Pub Date : 2024-06-05 Laura Doval, Alex Smolin
Journal of Political Economy, Ahead of Print.
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On representation of energy storage in electricity planning models Energy Econ. (IF 13.6) Pub Date : 2024-06-06 James H. Merrick, John E.T. Bistline, Geoffrey J. Blanford
This paper considers the representation of energy storage in electricity sector capacity planning models. The incorporation of storage in long-term systems models of this type is increasingly relevant as the costs of storage technologies, particularly batteries, and of complementary variable renewable technologies decline. To value energy storage technologies appropriately in optimization models, a
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Impact of Contracts for Differences for non-carbon electricity generation on efficiency of electricity market Energy Econ. (IF 13.6) Pub Date : 2024-06-06 Arjen T. Veenstra, Machiel Mulder
In response to the recent energy crisis, the European Commission proposed two-way Contracts for Differences (CfDs) to secure renewable energy investments and protect consumers. The proposed CfDs, however, raised concerns regarding the potential impact on electricity prices. This study examines the effects of various CfD design elements on day-ahead electricity prices, welfare, and renewable energy
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Extant linkages between Shanghai crude oil and US energy futures: Insights from spillovers of higher-order moments Energy Econ. (IF 13.6) Pub Date : 2024-06-05 Ameet Kumar Banerjee, Andreia Dionisio, Ahmet Sensoy, John W. Goodell
This study is epicentral to analyzing the impact of futures volatility on portfolio and risk management, as extant literature indicates the challenges of using economic variables that fall short of forecasting volatility beyond lagged values. Further, higher moments may be better adaptive to signaling distress during market upheavals. This paper sources data from Bloomberg from March 26, 2018–April
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Dynamic dependence and spillover among the energy related ETFs: From the hedging effectiveness perspective Energy Econ. (IF 13.6) Pub Date : 2024-06-05 Hao Ji, Muhammad Naeem, Jing Zhang, Aviral Kumar Tiwari
Due to the fundamental position of energy, the dynamics of the energy ETF markets are of great interest when facing unexpected event shocks. To explore the volatility spillovers within the energy ETF market and with other related markets under event shocks, we use the PCA method to extract macroeconomic factor series (ME) from four types of ETF return series. Then, we apply the DCC-GARCH-Copula model
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How connected is the oil-bank network? Firm-level and high-frequency evidence Energy Econ. (IF 13.6) Pub Date : 2024-06-05 Yunhan Zhang, David Gabauer, Rangan Gupta, Qiang Ji
By introducing a new generalized forecast error variance decomposition (GFEVD) approach that splits the same into its contemporaneous and lagged components, we investigate the risk spillover effects of different order moments, derived from intraday data, for the top 10 banks and top 10 oil and gas companies in the U.S., covering the period from December 29, 2017 to December 30, 2022. The study finds
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Tax holidays and the heterogeneous pass-through of gasoline taxes Energy Econ. (IF 13.6) Pub Date : 2024-06-05 Tsvetan Tsvetanov