企业数字化转型程度对融资成本的影响

近年来，大量企业基于数字化转型实现了弯道超车。选取2007—2021年A股上市公司数据，利用企业年报中数字关键词的词频来描述数字化转型程度，研究企业数字化转型程度对企业融资成本的影响。研究发现：企业数字化转型与融资成本显著负相关；检验延长时间窗口发现，在企业实施数字化转型后的一段时间内，数字化转型仍然降低了融资成本；根据异质性分析，数字化转型对非国有企业降低融资成本产生的效果更好，且东部地区企业深化数字化转型降低成本的作用更显著。     

Producing drama: a comparison of film tax incentives to alternative uses

Incentive packages are popular tools for economic development. However, development projects are often considered in isolation without an analysis of opportunity costs. In this study, we use an intuitive framework for comparing projects and weigh alternate projects against North Carolina’s film incentive programme. The results indicate that there are substantial differences in the economic impact of the projects we consider in this study. Our results suggest that policy decisions by governments and economic development officials should weigh a potential project against alternative uses in order to optimize the use of incentives.     

Winning us with trifles: Adverse selection in the use of philanthropy as insurance

Research Summary: We study the use of corporate philanthropy as a form of reputation insurance, developing a formal model of such insurance to examine how the terms of insurance in equilibrium change under different assumptions about the firm and its stakeholders. We then test the predictions from this model in the U.S. petroleum industry and find that philanthropic donations offer insurance‐like benefits, but are also positively associated with subsequent oil spills—firms that give more, spill more—with this association being stronger for spills that are under firms’ control and in states with low civic capacity. These results are consistent with an adverse selection/moral hazard equilibrium and suggest that the use of philanthropy as reputation insurance may benefit firms at the cost of society. Managerial Summary: Firms that donate to social causes develop a reputation for being socially responsible, and are often given the benefit of doubt when negative information about them comes to light. But are philanthropic firms truly more responsible? We argue that firms that donate more may be more likely to do harm—those that expect to do harm later are likely to give more now, and those that know their reputation protects them may become less careful. Evidence from the U.S. petroleum industry is consistent with this argument, with firms that give more having more subsequent oil spills, but only the type of spills that are under the firm's control, and only in states where the firm faces weaker scrutiny.     

Viewpoint: Soda taxes – Four questions economists need to address

The popularity of soda taxes as a public health policy has grown rapidly in the last few years. While the evidence that the tax works in reducing the purchases of soda is emerging, there are a number of questions that are yet to be answered before the broader effectiveness of this measure can be determined. Beyond health effects, there is more specifically a need to better understand the economic mechanisms of change, redistributive effects, as well as causal and spillover effects in food systems and economy more broadly.     

Signaling in science-based IPOs: The combined effect of affiliation with prestigious universities,underwriters, and venture capitalists

This paper studies the combined effect of affiliation with prestigious universities, underwriters, and venture capitalists on the valuation of biotech ventures at IPO and their post-IPO performance. We argue that affiliation to a prestigious university provides the affiliated firm with a quality signal in the scientific domain. The pure quality signaling effect of the affiliation is isolated from the substantive benefits it provides by performing a difference-in-difference approach based on the scientific reputation of scientists in firms' upper echelons. The signal is stronger the weaker is the scientific reputation of scientists of the focal IPO-firm and is additive to those provided by prestigious venture capitalists and underwriters. Results for a sample of 254 European biotech ventures that went through an IPO between 1990 and 2009 confirm our predictions.     

Discouraging Rainforest Transformation: An Ex-ante Policy Impact Analysis

Despite extensive efforts made by national and international certification agencies, Indonesian smallholder farmers’ participation in palm oil certification schemes adoption remains low. A fundamental obstacle is the smallholder practice of rainforest transformation into oil palm plantation which is forbidden by the agencies. In this context, we investigate three policies that could lead to a reduction in rainforest deforestation by smallholders: price premium on certified palm oil; the provision of environmental information; contributor recognition. In order to evaluate the influence of the policies ex-ante, we conduct a social dilemma experiment involving rubber and oil palm smallholders in Jambi Province, Sumatra, Indonesia. The findings indicate that the price premium and provision of context-specific environmental information could reduce rainforest transformation. However, a statistically significant effect of contributor recognition was not found.     

Drivers of research impact: evidence from the top three finance journals

We study the characteristics of all published papers in the top three finance journals (JF, JFE and RFS), and how these paper characteristics affect the number of citations in Google Scholar and the Web of Science database. First, we find the characteristics in the universalist perspective remain constant while the characteristics in the constructivist and presentation perspectives increase over time. Second, some characteristics are significantly different between the high-impact and the low-impact papers. Third, paper quality, research method, journal placement and paper age are the most important drivers. Last, different drivers play different roles in different journals.     

Is DNA fingerprinting the gold standard for estimation of adoption and impacts of improved lentil varieties?

In the early 1980s, disease susceptibility in short-season lentil landraces began to limit productivity in areas where relay cropping took place in Bangladesh. Since then, several improved high-yielding lentil varieties, which are resistant to rust and blight and suitable in the relay cropping system, have been released jointly by national and international research centers. This study used three methods, namely a panel of experts, a survey of 1000 households where the respondents named the variety they used, and DNA fingerprinting of seed samples collected from all lentil plots cultivated by survey households to estimate adoption. Double hurdle and instrumental variables regression methods were applied to the household survey and DNA fingerprinting data to identify determinants of adoption and measure their impacts. Of particular interest was whether estimates of adoption, determinants of adoption and impacts varied by method of variety identification. Results showed that the expert panel overestimated the adoption of more recent varieties while about 89% of the farmer-reported varieties were accurate, as verified by DNA fingerprinting. DNA fingerprinting appears to have little advantage for estimating the level of adoption in this case, where few varieties of lentils are found, local variety names do not exist, and most seed is obtained through a formal system. However, even under these conditions, determinants of adoption vary by identification method, and use of farmer-reported information on the variety can lead to erroneous conclusions about determinants of adoption. Because recent breeding efforts have focused on taste and cooking considerations, yield impacts were not significantly different from zero.     

The impact of real exchange rate shocks on manufacturing workers: An autopsy from the MORG

We study the impact of large real exchange rate shocks on workers in sectors initially more exposed to international trade using the Current Population Survey’s (CPS) Merged Outgoing Rotation Group (MORG) from 1979 to 2010 combined with new annual measures of imported inputs, a proxy for offshoring. We find that in periods when US relative prices are high, and imports surge relative to exports, workers in sectors with greater initial exposure to international trade were more likely to be unemployed or exit the labor force a year later, but did not experience significant declines in wages conditional on being employed. Contrary to the usual narrative, we find negative wage effects for higher-wage, but not lower-wage workers, particularly for those who are less-educated.     

Return of the inoperability

There has been unrest in the research community investigating the inoperability of an economic system under disaster situations. The inoperability input–output model (IIM), which is very popular in the risk management field, has become a center of argument, particularly from the input–output researchers, that IIM is a straightforward application of the standard Leontief input–output model. This paper revisits the concept of inoperability, rather than IIM, and proposes its new role in disaster impact analysis using a conventional tool, i.e. the RAS method, for illustrating how the inoperability of an economic system in the aftermath of disaster can be evaluated. The proposed framework is employed to examine the inoperability of industries resulting from the 1995 Kobe earthquake. The findings of the analysis reveal the usefulness of inoperability concept that can even incorporate resilience (gained operability) using the proposed framework of this paper.