Displaying from 1 to 10 of 94 available piece of news category "Article"
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Corporate Decarbonization: Understanding CO2 Emission Drivers and CO2 Efficiency across High- and Low-Polluting Firms
Decarbonization of the economy is a central challenge in the fight against climate change. Although most governments show clear commitment to limiting global warming, the drivers of corporate decarbonization remain underexplored. Using a dataset of 1052 firms from OECD, this article analyses how intangible assets and environmental innovation affect corporate environmental performance. By applying bootstrapped quantile regressions, we show how firm-and country-level factors are associated with high-and low-polluting firms.
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Beyond Infrastructure: Evaluating the Financial Inclusion Effects of China’s BRI Participation Across Partner Economies
This study analyzes the impact of participation in the Belt and Road Initiative (BRI) on financial inclusion across 135 countries from 2007 to 2021. Using an Ordinary Least Squares Interrupted Time Series Analysis (OLS-ITSA), the findings show that BRI participation significantly improves access to financial infrastructure, particularly through increased Automated Teller Machines (ATM) penetration in low- and middle-income countries.
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When digital meets green: digital and circular practices among European start-ups and scale-ups
This article analyses the role of digital technologies and readiness on the adoption of reduce, recycle, and redesign practices, the so-called twin transition. Using the Flash Eurobarometer 486, we apply multivariate probit models to determine the drivers of circular economy practices among European SMEs.
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Explaining Episodes of High Inflation: Demand- and Supply-Side Drivers in Times of Uncertainty
In this paper, we investigate the extent to which uncertainty anticipates episodes of high inflation in 30 economies worldwide. Our analysis accounts for several factors, including inflation expectations, real global economic activity, and supply chain disruptions.
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Knowledge might not be enough: acceptance of energy communities across the urban-rural divide
The transition towards a sustainable energy model requires broad
consensus for success. This paper analyses the role of
environmental conscience, (general and specific) knowledge, and
social context on the acceptance of Energy Communities (ECs) in
a sample of individuals living in urban and rural Catalan
municipalities with and without Energy Communities. Regression
estimates show that while having an environmental conscience
has direct and positive, albeit small, effects on the acceptance of
ECs, the effects of social context and specific knowledge of the
ECs are larger and only arise through the urban-rural divide and
differences in individual characteristics (education and labour
status), respectively. In contrast, a general knowledge of climate
agreements and environmental regulations does not change the
acceptance of ECs, neither directly nor mediated by the urbanrural
divide. Public policies supporting energy communities
should prioritize removing legal barriers, target rural areas first,
and tailor communication and education efforts to diverse social
groups. Solving these ones should be a priority and a starting point for
policy makers. -
Cross-country dependence and financial integration in the last 150 years
Over the last two centuries, the international financial system has
undergone significant developments, with key historical events shaping
financial markets and economies worldwide. We offer a new long-term
perspective on international financial market integration using a flexible
dynamic panel approach that accommodates heterogeneous slope
coefficients while accounting for cross-country dependence. Our analysis
uncovers several interesting findings. For real long-term interest rates, we
observe a distinct U-shaped pattern. In contrast, the integration of global
financial markets for equities has significantly increased in recent years.
Additionally, long-term nominal interest rates and bond markets have
become considerably more integrated since the Bretton Woods era,
exhibiting a J-shaped pattern throughout the period under study. -
Merging-splitting-proofness in financial systems: A characterization result
In this paper, we explore the issue of manipulability in the setting of financial systems by considering two weak forms of immunity: merging-proofness and splitting-proofness. Not surprisingly, splitting-proofness conflicts with basic requirements such as the priority of debt over equity and the limited liability of equity. Remarkably, we provide a comprehensive characterization of the class of bankruptcy rules that gives rise to financial rules that satisfy merging-proofness.
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Self-consistency for multi-valued solutions and reasonable outcomes
We explore the compatibility of uniform self-consistency and ordinary self-consistency, two extensions for handling multi-valued solutions within the consistency principle introduced by Hart and Mas-Colell (1989), with basic properties, such as reasonableness, which establishes bounds for payoffs based on the marginality principle. Our analysis focuses on convex games and balanced games through the study of almost positive games, a subset of convex games that plays a crucial role in the vector lattice structure of games. Further, we provide new axiomatic foundations of the core incorporating these consistency properties.
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Cooperative TU-games: Dominance, stable sets, and the core revisited
"Stable sets are introduced by von Neumann and Morgenstern (1944) as
«the solution» of a cooperative game. Later on, Gillies (1953) defines the
core of the game. Both notions can be established in teStable sets were
introduced by von Neumann and Morgenstern (1944) as "the solution" to
a cooperative game. Later, Gillies (1953) defined the core of the game.
Both concepts can be formulated in terms of dominance. It is well known
that the core may be empty, while stable sets may fail to exist or may
yield multiple proposals. We introduce a new dominance relation such that
the stable set obtained under this notion (the delta-stable set) always
exists, is unique, and coincides with the core of the cooperative game
whenever the core is non-empty. We apply this concept to certain specific
classes of transferable utility games (TU-games) that typically have an
empty core: voting (majority) games, minimum cost spanning tree games
with revenue, controlled capacitated networks, and m-sequencing
games." -
Can Uncertainty Increase Investments in the Hospitality Industry? Understanding Overbuilding and Overcapacity
Investing in tourism lodging capacity is often a gamble, as decisions must be made long before demand is known. This uncertainty creates a challenging environment where investors must anticipate future market conditions. In our research, we developed a two-stage theoretical model to analyze how firms make capacity investment decisions under uncertainty and how strategic competition shapes these choices. Surprisingly, we found a U-shaped relationship between investment and uncertainty-an insight that reconciles previously conflicting studies on the subject.
