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on Investment |
| By: | Alec Brandon (Johns Hopkins University); Justin E. Holz (University of Michigan); Andrew Simon (The University of Chicago, Australian National University, Research School of Economics); Haruka Uchida (University of Chicago) |
| Abstract: | When minimum wages increase, employers may respond to the regulatory burdens by substituting away from disadvantaged workers. We test this hypothesis using a correspondence study with 35, 000 applications around ex-ante uncertain minimum wage increases in three U.S. states. Before the increases, applicants with distinctively Black names were 19 percent less likely to receive a callback than equivalent applicants with distinctively white names. Announcements of minimum wage hikes substantially reduce callbacks for all applicants but shrink the racial callback gap by 80 percent. Racial inequality decreases because firms disproportionately reduce callbacks to lower-quality white applicants who benefited from discrimination under lower minimum wages. |
| Keywords: | minimum wage, correspondence study, racial discrimination |
| JEL: | J23 C93 J71 J15 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:upj:weupjo:23-389&r=inv |
| By: | Hervé Dumez (i3-CRG - Centre de recherche en gestion i3 - X - École polytechnique - IP Paris - Institut Polytechnique de Paris - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Dans une de ses chroniques, Bruno Latour (2006, p. 54) parle de cet ouvrage comme d'un « éblouissant petit livre » et sans doute y a-t -il trouvé une philosophie proche de la sienne, ainsi qu'une inspiration à relire Tarde. Jean Bastien en a donné un aperçu dans le Libellio (Bastien, 2008). Il n'est pas question ici de résumer la philosophie de Willam James, ni même ce livre qui lui est consacré, juste de donner quelques aperçus en revenant sur les incompréhensions souvent liées au pragmatisme. |
| Date: | 2023–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04348792&r=inv |
| By: | Shnece Duncan; Andrea Menclova (University of Canterbury); Maggie-Lee Huckabee; Dominique Cadilhac; Anna Ranta |
| Abstract: | INTRODUCTION: Stroke-related dysphagia poses a substantial challenge, both in terms of its prevalence and the economic costs associated with its management. Despite its significance, there is a lack of comprehensive studies focusing on the economic burden of stroke-related dysphagia in the New Zealand context. The aims of this research are to estimate the economic costs and quality of life of patients with stroke-related dysphagia in New Zealand, emphasising the importance of understanding and addressing this issue from a healthcare management perspective. METHODS: Secondary analysis of data from the REGIONS Care study, a New Zealand wide sample of all patients hospitalised with stroke within a 6-month period (between 1st May 2018 and 30th October 2018) including follow-up up to 12 months. Patients were identified as dysphagic if they received a swallow screen during hospital admission and were seen by a Speech Language Therapist (SLT). Severe dysphagia was identified if the patients had a nasogastric feeding tube during their hospital admission and were seen by an SLT. Optimal linear propensity score matching was utilised to acquire a better counterfactual group for dysphagic stroke patients. All cost estimates were converted to NZ$2021 to compare to existing literature. RESULTS: Of all patients with stroke in the REGIONs Care study, 40% (952/2, 379) were identified as dysphagic and 5% (119/2, 379) as severely dysphagic. Using these percentages and the total number of reported strokes in 2021/22 in New Zealand, we estimated that 3, 588 were dysphagic and 449 were severely dysphagic. These stroke-related dysphagic patients in 2021 presented a total additional cost of $89.6 million to New Zealand society, or a marginal cost of $25, 000 per dysphagic patient. This estimate includes the additional hospitalisation costs ($16, 100), community rehabilitation services ($1, 370), hospital-level aged residential care ($4, 030) and reduced quality of life (QoL) over a 12-month period post-hospital admission ($3, 470). The total marginal cost of severely dysphagic stroke -related patients was $19.9 million overall, or $44, 300 per patient. DISCUSSION/CONCLUSION: The costs derived from the REGIONS Care study and the estimates of reduced QoL due to dysphagia provide a novel contribution for New Zealand, and internationally. While there is international literature estimating the marginal cost of dysphagic stroke-related hospitalisation, few extend this analysis to post-hospitalisation care and even fewer to the costs of reduced QoL. By quantifying this economic burden, we can advocate for improved dysphagia management strategies and ultimately enhance the overall quality of care for stroke survivors. |
| Keywords: | Dysphagia, stroke-related, economic cost, quality of life, New Zealand |
| JEL: | I1 |
| Date: | 2023–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:23/16&r=inv |
| By: | Masahiro Kato; Shinji Ito |
| Abstract: | This study investigates the problem of $K$-armed linear contextual bandits, an instance of the multi-armed bandit problem, under an adversarial corruption. At each round, a decision-maker observes an independent and identically distributed context and then selects an arm based on the context and past observations. After selecting an arm, the decision-maker incurs a loss corresponding to the selected arm. The decision-maker aims to minimize the cumulative loss over the trial. The goal of this study is to develop a strategy that is effective in both stochastic and adversarial environments, with theoretical guarantees. We first formulate the problem by introducing a novel setting of bandits with adversarial corruption, referred to as the contextual adversarial regime with a self-bounding constraint. We assume linear models for the relationship between the loss and the context. Then, we propose a strategy that extends the RealLinExp3 by Neu & Olkhovskaya (2020) and the Follow-The-Regularized-Leader (FTRL). The regret of our proposed algorithm is shown to be upper-bounded by $O\left(\min\left\{\frac{(\log(T))^3}{\Delta_{*}} + \sqrt{\frac{C(\log(T))^3}{\Delta_{*}}}, \ \ \sqrt{T}(\log(T))^2\right\}\right)$, where $T \in\mathbb{N}$ is the number of rounds, $\Delta_{*} > 0$ is the constant minimum gap between the best and suboptimal arms for any context, and $C\in[0, T] $ is an adversarial corruption parameter. This regret upper bound implies $O\left(\frac{(\log(T))^3}{\Delta_{*}}\right)$ in a stochastic environment and by $O\left( \sqrt{T}(\log(T))^2\right)$ in an adversarial environment. We refer to our strategy as the Best-of-Both-Worlds (BoBW) RealFTRL, due to its theoretical guarantees in both stochastic and adversarial regimes. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.16489&r=inv |
| By: | Roth, Felix |
| Abstract: | Using a unique international database on generalized trust - constructed from more than 1, 000 individual national surveys containing more than 1 million individual observations - covering 142 countries across the world for the 41-year time period from 1980 to 2020, this paper finds strong evidence that generalized trust at the country level is not stable over time. In fact, the paper finds a pronounced intertemporal variation of generalized trust over time in many countries across the globe. The paper's findings lend greater credibility to the theory of "experiential" trust over that of "cultural" trust, which leads the author to argue for using standard and dynamic panel estimation approaches in future analyses of generalized trust outcomes. |
| Keywords: | Generalized Trust, Intertemporal Variation, Stability, Panel Data, Causality |
| JEL: | C23 O47 O50 Z13 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:uhhhdp:15&r=inv |
| By: | Simon Evenett; Adam Jakubik; Fernando Martín; Michele Ruta |
| Abstract: | This paper introduces the New Industrial Policy Observatory (NIPO) dataset and documents emergent patterns of policy intervention during 2023 associated with the return of industrial policy. The data show that the recent wave of new industrial policy activity is primarily driven by advanced economies, and that subsidies are the most employed instrument. Trade restrictions on imports and exports are more frequently used by emerging market and developing economies. Strategic competitiveness is the dominant motive governments give for these measures, but other objectives such as climate change, resilience and national security are on the rise. In exploratory regressions, we find that implemented measures are correlated with the past use of measures by other governments in the same sector, pointing to the tit-for-tat nature of industrial policy. Furthermore, domestic political economy factors and macroeconomic conditions correlate with the use of industrial policy measures. We intend for the NIPO to be a publicly available resource to help monitor the evolution and effects of industrial policies. |
| Keywords: | Industrial Policy; Trade Policy; Data |
| Date: | 2024–01–04 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:2024/001&r=inv |
| By: | Sahar Arshad; Seemab Latif; Ahmad Salman; Saadia Irfan |
| Abstract: | Financial forecasting plays an important role in making informed decisions for financial stakeholders, specifically in the stock exchange market. In a traditional setting, investors commonly rely on the equity research department for valuable reports on market insights and investment recommendations. The equity research department, however, faces challenges in effectuating decision-making due to the demanding cognitive effort required for analyzing the inherently volatile nature of market dynamics. Furthermore, financial forecasting systems employed by analysts pose potential risks in terms of interpretability and gaining the trust of all stakeholders. This paper presents an interpretable decision-making model leveraging the SHAP-based explainability technique to forecast investment recommendations. The proposed solution not only provides valuable insights into the factors that influence forecasted recommendations but also caters to investors of varying types, including those interested in daily and short-term investment opportunities. To ascertain the efficacy of the proposed model, a case study is devised that demonstrates a notable enhancement in investor's portfolio value, employing our trading strategies. The results highlight the significance of incorporating interpretability in forecasting models to boost stakeholders' confidence and foster transparency in the stock exchange domain. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.16223&r=inv |
| By: | Mejía, William |
| Abstract: | The study focuses on migrants’ contributions to Jamaica’s development from the ECLAC perspective on the contributions of international migration to sustainable development. Improving understanding of these contributions will enhance capacity to formulate and implement public policies and development plans that take into account the opportunities and challenges of international migration in countries of origin or return, transit and destination, in compliance with the commitments set forth in international and multilateral agreements, such as the Global Compact for Safe, Orderly and Regular Migration, the Montevideo Consensus on Population and Development and the 2030 Agenda for Sustainable Development. The first chapter analyses recent population trends, focusing on population changes between 1990 and 2020 and highlighting the role of migration. The second addresses the current contributions of migrants to sustainable development. Lastly, the document presents a series of conclusions drawn from the study. |
| Date: | 2023–12–14 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col022:68749&r=inv |
| By: | Fabrice Hervé (CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE]); Sylvain Marsat (CleRMa - Clermont Recherche Management - ESC Clermont-Ferrand - École Supérieure de Commerce (ESC) - Clermont-Ferrand - UCA - Université Clermont Auvergne) |
| Abstract: | Drawing on a survey of 671 French individual investors, we document for the first time the connection between emotions towards the environment and investment in green funds. Both eco-anxiety and connectedness to nature have a significant impact on deciding to invest in green funds, but, interestingly, do not exert any influence on the amount invested. Hence, investing in green funds seems to be a way to buy a good conscience towards the environment, but the good deed ends there since the amount itself is not linked to environmentally related emotions. |
| Keywords: | Green Investment, Green Funds, Eco-anxiety, Connectedness to nature, Emotions, Behavioral Finance |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04150758&r=inv |
| By: | Apondi, M.; Enokenwa Baa, Ojongetakah; Nortje, Karen |
| Abstract: | This report aims to explore the intersection of gender and social inclusion, with a focus on the challenges and opportunities faced by women and youth in the agribusiness sector. It examines the ways in which gender norms and stereotypes shape social inclusion, and how exclusionary practices can perpetuate gender-based inequalities. The report draws on the gender analysis studies, baseline surveys and positive case study examples from diverse settings to highlight the key issues and strategies for promoting Gender and Social Inclusion (GESI) in the agribusiness sector. It also offers recommendations for policymakers, practitioners, and civil society actors to enhance gender-responsive approaches to social inclusion, and to ensure that marginalized groups are included in decision-making processes and benefit from development interventions and underscores the importance of addressing gender-based discrimination and promoting social inclusion as a means of advancing human rights and achieving sustainable development. These include measures such as inclusive disruptive innovation, equal involvement in policy making processes, inclusive market and production systems and representation in decision making. The report emphasizes that promoting GESI is not only a matter of social justice, but also essential for achieving sustainable development goals and building more resilient societies. |
| Keywords: | Agribusiness, Agricultural and Food Policy, Research and Development/Tech Change/Emerging Technologies |
| Date: | 2023–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iwmirp:339147&r=inv |
| By: | Michel Andre Maréchalⓡ; Alain Cohnⓡ; Jeffrey Yusofⓡ; Raymond Fismanⓡ; Michel André Maréchal; Raymond Fisman |
| Abstract: | Using cross-sectional data from 93 countries, we investigate the relationship between the desired level of redistribution among citizens from different socioeconomic backgrounds and the actual extent of government redistribution. Our focus on redistribution arises from the inherent class conflicts it engenders in policy choices, allowing us to examine whose preferences are reflected in policy formulation. Contrary to prevailing assumptions regarding political influence, we find that the preferences of the lower socioeconomic group, rather than those of the median or upper strata, are most predictive of realized redistribution. This finding contradicts the expectations of both leading experts and regular citizens. |
| Keywords: | elite capture, median voter theorem, preferences for redistribution |
| JEL: | H23 D72 D78 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10846&r=inv |
| By: | Mariana Laverde (Boston College); Elton Mykerezi (University of Minnesota); Aaron Sojourner (W.E. Upjohn Institute for Employment Research); Aradhya Sood (University of Toronto) |
| Abstract: | Although the literature on assignment mechanisms emphasizes the importance of efficiency based on agents’ preferences, policymakers may want to achieve different goals. For instance, school districts may want to affect student learning outcomes but must take teacher welfare into account when assigning teachers to students in classrooms and schools. This paper studies both the potential efficiency and equity test-score gains from within-district reassignment of teachers to classrooms using novel data that allows us to observe decisions of both teachers and principals in the teacher internal transfer process, and test-scores of students from the observed assignments. We jointly model student achievement and teacher and school principal decisions to account for potential selection on test score gains and to predict teacher effectiveness in unobserved matches. Teachers, but not principals, are averse to assignment based on the teachers’ comparative advantage. Estimates from counterfactual assignments of teachers to classrooms imply that, under a constraint not to reduce any retained teacher’s welfare, average student test scores could rise by 7% of a standard deviation. Although both high and low achievers would experience average gains under this counterfactual, gains would be larger for high-achieving students. |
| Keywords: | Two-sided market, mechanism design, labor market matching, K12 teachers |
| JEL: | D47 D82 J20 I21 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:upj:weupjo:23-392&r=inv |
| By: | Giulio Cornelli; Fiorella De Fiore; Leonardo Gambacorta; Cristina Manea |
| Abstract: | Fintech credit, which includes peer-to-peer and marketplace lending as well as lending facilitated by major technology firms, is witnessing rapid growth worldwide. However, its responsiveness to monetary policy shifts remains largely unexplored. This study employs a novel credit dataset spanning 19 countries from 2005 to 2020 and conducts a PVAR analysis to shed some light on the different reaction of fintech and bank credit to changes in policy rates. The main result is that fintech credit shows a lower (even non-significant) sensitivity to monetary policy shocks in comparison to traditional bank credit. Given the still marginal – although fast growing – macroeconomic significance of fintech credit, its contribution in explaining the variability of real GDP is less than 2%, against around one quarter for bank credit. |
| Keywords: | fintech credit, monetary policy, PVAR, collateral channel |
| JEL: | D22 G31 R30 |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:1157&r=inv |
| By: | Augusto Nieto-Barthaburu |
| Abstract: | We present a model of a forecaster who must predict the future value of a variable that depends on an exogenous state and on the intervention of a policymaker. Our focus is on the incentives of the forecaster to acquire costly private information to use in his forecasting exercise. We show that the policy-making environment plays a crucial role in determining the incentives of the forecaster to acquire information. Key parameters are the expected strength of policy intervention, the precision of the policymaker's private information, and the precision of public information. We identify conditions, which are plausible in applications, under which the forecaster optimally acquires little or no private information, and instead bases his forecast exclusively on information publicly known at the time the forecast is made. Furthermore we show that, also under plausible conditions, stronger policy intervention and more precise policymaker's information crowd-out forecaster's information acquisition. |
| Date: | 2023–12 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2312.07757&r=inv |
| By: | Mishra, Mukesh Kumar |
| Abstract: | Sustainability is indeed one of the most significant challenges facing the world today, driven by a multitude of interconnected issues, including climate change, social inequality, and environmental degradation. In response to these challenges, various stakeholders, including policymakers, regulators, and intergovernmental organizations, are taking substantial actions to address and mitigate these concerns. This highlights the need for more comprehensive and immediate action at various levels, including the private sector. Changing attitudes and expectations about the role of business in society are driving a shift towards a more responsible and sustainable approach to corporate conduct. Companies can respond to social issues in ways that are good for both business and society. Companies will need reliable data as well as sustainability expertise for the Corporate Sustainability Reporting Process. This paper contribute the embracing a holistic approach to corporate social responsibility (CSR) and integrating ESG principles into their core strategies, companies can not only contribute to addressing pressing global challenges but also enhance their reputation, attract socially conscious consumers and investors, and ultimately secure long-term success in an evolving business landscape where sustainability and social responsibility are paramount. |
| Keywords: | Environment, Corporate Governance, Sustainability, Public Policy |
| JEL: | Q50 Q51 G30 Q01 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:esprep:280833&r=inv |
| By: | Sileo, Antonio; Bonacina, Monica |
| Abstract: | This paper studies the effects of the latest European regulations on carbon emissions on the Italian car market and discusses the possibility of achieving climate neutrality of road transport through the “mere” replacement of cars currently on the road with new zero-emission cars. Since 2016, automakers’ production strategies have changed dramatically, with an increasing number of zero (and low) emission models on car lists. To date, these changes on the supply side have not been matched by similar changes in purchasing habits. In recent years, not only have few zero (and low) emission cars been sold, but also few new cars. Unless epoch-making changes occur, it is completely unrealistic to think that we can achieve climate neutrality by 2050 by leveraging exclusively on the renewal of the fleet. |
| Keywords: | Environmental Economics and Policy |
| Date: | 2024–01–15 |
| URL: | http://d.repec.org/n?u=RePEc:ags:feemwp:339238&r=inv |
| By: | Zaheer Allam (IAE Paris - Sorbonne Business School); Simon Elias Bibri; David Jones; Didier Chabaud (IAE Paris - Sorbonne Business School); Carlos Moreno (IAE Paris - Sorbonne Business School) |
| Abstract: | The ‘15-minute city' concept is emerging as a potent urban regeneration model in post-pandemic cities, offering new vantage points on liveability and urban health. While the concept is primarily geared towards rethinking urban morphologies, it can be furthered via the adoption of Smart Cities network technologies to provide tailored pathways to respond to contextualised challenges through the advent of data mining and processing to better inform urban decision-making processes. We argue that the ‘15-minute city' concept can value-add from Smart City network technologies in particular through Digital Twins, Internet of Things (IoT), and 6G. The data gathered by these technologies, and processed via Machine Learning techniques, can unveil new patterns to understand the characteristics of urban fabrics. Collectively, those dimensions, unpacked to support the ‘15-minute city' concept, can provide new opportunities to redefine agendas to better respond to economic and societal needs as well as align more closely with environmental commitments, including the United Nations' Sustainable Development Goal 11 and the New Urban Agenda. This perspective paper presents new sets of opportunities for cities arguing that these new connectivities should be explored now so that appropriate protocols can be devised and so that urban agendas can be recalibrated to prepare for upcoming technology advances, opening new pathways for urban regeneration and resilience crafting. |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03997414&r=inv |