Electoral uncertainty and financial volatility: Evidence from two‐round presidential races in emerging markets

We study how the predictability and the decisiveness of electoral outcomes affect financial volatility. We argue that traders’ optimal investment strategies depend on their ability to make accurate electoral forecasts and the prospective losses associated with placing a bet on the wrong candidate. Using a triple difference‐in‐difference approach and data from two‐round presidential elections in five Latin American countries between 1999 and 2018, we find that financial volatility is greatest in the days immediately following unpredictable, decisive, elections. Postelectoral volatility also occurs following predictable, indecisive elections. The effect of learning the identity of the winning candidate on financial volatility is null when the election is unpredictable and indecisive, as well as when the election is decisive, but the outcome is predictable. These findings offer insights into investors seeking to hedge price risk around elections. They also have important implications regarding the relationship between public opinion polls and postelectoral financial volatility.     

Bibliometric and Scientometric analysis on CSR practices in the banking sector

This paper provides a bibliometric and Scientometric analysis of the corporate social responsibility (CSR) in banking sector. Our study analyzes 551 articles from the Scopus database to find out the relationship between CSR and banking. A bibliometric method was used to visualize the results using R-studio and VOS viewer software. The Scientometric analysis was conducted to determine the findings and mappings of the research themes, directions of current and future research, impact, co-occurrence, co-citations and impact and collaboration trends. We explore how CSR literature has evolved over the years in the banking sector between 1993 and 2021. We find that publication in the CSR and banking domain has increased significantly during 2017 and 2021. Social aspects, board of directors, CSR, environment, competitions, Islamic banking, sustainability, disclosure, ethics, legitimacy theory, sustainable banking, loyalty, and brand equity are the popular research trends and collaboration trends identified. We also provide further scope of the study based on the extensive review of the past literature. Our findings may provide help to future researchers, bankers, and regulators in understanding the current trends and future research progression in the CSR and banking sector.     

智慧居家养老服务协同供给的优化路径研究——以广西钦州市智慧居家养老项目的实践经验为例

智慧居家养老服务的协同供给可以形成社会联动效应，降低公共服务成本。运用公共服务协同供给分析框架，通过交叉分类方法从协同主体的利益与目标两个变量的耦合性出发分析广西钦州市智慧居家养老项目中养老服务主体间不同种类的协同关系，可以从加强政府领导、形成合作联盟、建立市场标准、创新扶持政策4个方面完善政府、企业、社会组织之间不同类型的协同供给，实现社会资源的高效利用以及向智慧居家养老服务的发展和转变。     

State‐Led Financial Regulation and Representations of Spatial Fixity: The Example of the Spanish Real Estate Sector

This article offers a bottom‐up contribution to the fixity–motion literature. It aims to unravel the apparent contradiction of real estate spatial fixity in Spain, which is portrayed both as a barrier to accumulation and as a unique source of investment by different capitalist actors. Empirically, it describes the shifts in real estate ownership and changes in profit‐making strategies that have taken place across the real estate sector during the crisis years, and the role of the state in these shifts. The article asserts that the idea of spatial fixity representing a spatial barrier for accumulation does not necessarily apply in the Spanish case. It further claims that the tensions in capital circulation through real estate are not only to be found in the action of time, but in different state strategies pursued by various actors. The opposing representations of fixity are the result of state regulation of interest rates, taxation and risk weighting. The state also increasingly promotes land rents as a source of liquidity creation.     

A Kaleckian Perspective on Financialisation and Distribution in Three Main Eurozone Countries before and after the Crisis: France,Germany and Spain

The purpose of this article is twofold. First, we examine if, and to what extent, a general Kaleckian analysis of the potential effects of financialisation on income shares in advanced capitalist economies is of relevance for the three Eurozone countries under investigation—France, Germany and Spain—in the period before the recent financial and economic crisis. Second, we study changes in the financialisation–distribution nexus that have occurred in the course of and after the financial and economic crisis. We find that the countries examined here have shown broad similarities regarding redistribution before the crisis, although there are some differences in the underlying determinants. These differences have continued during the period after the crisis and have led to different results in the development of distribution since then.     

IFRS adoption,reporting incentives and financial reporting quality in private firms

This study examines financial reporting quality (FRQ) effects around voluntary International Financial Reporting Standards (IFRS) adoptions by German private firms across two important dimensions, earnings quality and disclosure practices. To capture differences in the motivations for IFRS adoptions, we identify four different types of IFRS adopting firms based on a comprehensive set of firm characteristics. We observe earnings quality improvements around IFRS adoptions primarily for one type of firm, which is young, fast growing and seeking access to public equity markets. Using a matched sample of private German GAAP and IFRS reporting firms, we find some evidence suggesting that IFRS also contribute to higher earnings quality. Recognizing that our earnings quality metrics are only incomplete measures of FRQ, we also compare the disclosure practices of IFRS and German GAAP firms. We find that all IFRS firm types disclose significantly more information in their financial reports and show a higher propensity to publish their financial reports voluntarily on the corporate website. Our findings indicate that failure to identify earnings quality changes around IFRS adoption cannot be automatically interpreted as IFRS adoption having no effect on the FRQ of (private) firms. Collectively, our results suggest that both incentives and accounting standards shape private firms’ FRQ.     

Assessing the role of components of life satisfaction

Factors affecting subjective well-being and their gross effect measurement have been widely studied. However, how people derive utility from these factors has not been fully explored. This article provides a way to decompose the gross effect of major determinants on life satisfaction into direct and indirect effects and make inference for the latter. Because the indirect effect is nonlinear in parameters associated with different models in an equation system, it creates a problem in estimating the standard error. Besides, the categorical nature in survey data further introduces bias to the covariance estimation even asymptotically. To address these issues without knowing the form of heteroskedasticity under the null hypothesis, we propose to extend the wild bootstrap procedure in this particular context. Its robustness against various data properties is validated via several simulation experiments. Using three recent waves of World Values Survey, we find that the relative importance of life control has significantly increased recently, and endowing citizens with the right to enjoy their freedoms and liberties is a more effective policy in raising life satisfaction than promoting national income.     

Financial development,financial liberalization and social capital

The relationship between financial liberalization policies and financial development is controversial. The impact of these policies differs greatly across countries. In the literature, the quality of formal institutions has been identified as an important source of this heterogeneity, as countries with a weak institutional environment generally fail to benefit from financial liberalization. Using panel data covering 82 countries for the period 1973–2008, we find evidence that social capital may substitute for formal institutions as a prerequisite for effective financial liberalization policies. In particular, we find that during the post Washington-consensus period countries with a high prevailing level of social capital can ensure that financial liberalization positively influences financial development, despite the poor quality of their formal institutions.     

纳税信用评级结果披露与研发投入

以纳税信用评级披露作为一个天然外生冲击,并基于2013—2016年1214家A股上市公司的微观数据构造准自然实验,使用双重差分法系统评估纳税信用评级结果披露对上市公司研发投入的影响。结果发现:纳税信用评级结果披露显著增加了上市公司的研发投入。基于PSM-DID方法的估计结果与上述结论无明显差异。稳健性检验也表明上述结论的正确性。机制检验表明,纳税信用评级结果披露通过降低企业的融资约束,进而促进企业增加研发投入。此外,分样本回归发现纳税信用评级结果披露只能对中小型企业和民营企业的研发投入产生促进作用。