A characterization of optimistic weighted Shapley rules in minimum cost spanning tree problems

In this paper we present an axiomatic characterization of the weighted Shapley value of the optimistic TU game associated with a minimum cost spanning tree problem. This characterization is based on two monotonicity properties, population monotonicity (if a new agent joint the society nobody is worse off) and the strong cost monotonicity (if the connection cost between any pair of agents increases nobody is better off), and weighted share of extra costs (the extra costs should be divided proportionally to the weights of the agents).      

A Micro‐Econometric Analysis of the Antipoverty Effect of Social Cash Transfers in Italy

We analyze the anti‐poverty effect of social cash transfers using a micro‐econometric approach. Aggregate analyses, based on comparing average poverty indicators before and after public transfers, fail to address who receives the transfers and how the transfers are distributed among the poor. We consider three dichotomous outcome variables: (i) poverty status before the receipt of transfers; (ii) the receipt of transfers; and (iii) poverty status after the receipt of transfers. We use a trivariate probit model with sample selection, connecting the outcome variables to the characteristics of the household and its head. Our empirical results highlight that the Italian social transfers system overprotects certain household typologies at the expense of others, as social transfers are primarily awarded to employees with permanent positions and the elderly, while the system is not generous enough to large households with dependant children, the self‐employed, temporary contract workers, and the unemployed.     

Maritimer EU-Handel auf Wachstumskurs

Im Zuge der expansiven Entwicklung des internationalen Warenhandels z?hlte auch die Frachtschifffahrt in den vergangenen Jahrzehnten zu den wachstumsstarken Wirtschaftsbereichen. Die fortschreitenden weltweiten Integrationsprozesse, der weitere Abbau von Handelshemmnissen und die zu erwartende Steigerung des Wohlstands in zahlreichen Regionen der Welt werden auch in den kommenden Jahrzehnten eine deutliche Expansion der Frachtschifffahrt f?rdern und erfordern. Welche Potentiale ergeben sich für den Seehandel der EU-Staaten? Und wie werden die H?fen im europ?ischen Fahrtgebiet hiervon betroffen sein? Dr. Alkis H. Otto, 33, und Dr. Silvia Stiller, 39, sind am Hamburgischen WeltWirtschaftsInstitut als Senior Researcher und Jan Wedemeier, 28, Dipl.-Volkswirt, als Junior Researcher t?tig. Dr. Harald Gro?mann, 52, ist als Mitarbeiter bei der Beh?rde für Wirtschaft und Arbeit in Hamburg t?tig. * Dieser Artikel ist eine Zusammenfassung der von HWWI und Berenberg Bank gemeinsam verfassten Studie „Maritime Wirtschaft und Transportlogistik“, die in der Reihe „Strategie 2030 – Verm?gen und Leben in der n?chsten Generation“ erschienen ist.     

Demographischer Wandel und Arbeitsmärkte in Norddeutschland

Die bevorstehenden demographischen Veränderungen sind von erheblicher Bedeutung für den Wirtschaftsstandort Deutschland und seine Regionen. Inwieweit ist Norddeutschland betroffen? Welche Arbeitsmarkteffekte sind hier zu erwarten? Wie kann dem Rückgang der Erwerbsbevölkerung entgegengewirkt werden?Dr. Annekatrin Niebuhr, 38, ist wissenschaftliche Mitarbeiterin in der Abteilung Regionalforschung des Instituts für Arbeitsmarkt- und Berufsforschung in der Regionaldirektion Nord der Bundesagentur für Arbeit (IAB Nord); Dr. Silvia Stiller, 38, ist wissenschaftliche Mitarbeiterin in der Abteilung Europäische Integration im Hamburgischen Welt-Wirtschafts-Archiv (HWWA).*Wir bedanken uns bei Lisa Dust für ihre hervorragende Forschungsassistenz bei der Erstellung dieses Aufsatzes. Download der Langfassung der Studie „Demographischer Wandel in Norddeutschland - Konsequenzen und Handlungsbedarf“ als HWWA Report Nr. 250 (2005): http://www.hwwa.de (Publikationen). Die Studie ist im Auftrag der Vereins- und Westbank/HypoVereinsbank, Hamburg im Jahr 2004 entstanden.     

Uncertainty about fundamental,pessimistic and overconfident traders: a piecewise-linear maps approach

Decisions in Economics and Finance - We analyze a financial market model with heterogeneous interacting agents where fundamentalists and chartists are considered. We assume that fundamentalists are...     

Analytic moments for GJR-GARCH (1, 1) processes

For a GJR-GARCH(1, 1) specification with a generic innovation distribution we derive analytic expressions for the first four conditional moments of the forward and aggregated returns and variances. Moments for the most commonly used GARCH models are stated as special cases. We also derive the limits of these moments as the time horizon increases, establishing regularity conditions for the moments of aggregated returns to converge to normal moments. A simulation study using these analytic moments produces approximate predictive distributions which are free from the bias affecting simulations. An empirical study using almost 30 years of daily equity index, exchange rate and interest rate data applies Johnson SU and Edgeworth expansion distribution fitting to our closed-form formulae for higher moments of returns.     

Two Wrongs Make a ‘Right’? Exploring the Ethical Calculus of Earnings Management Before Large Labor Dismissals

Journal of Business Ethics - This paper examines whether firms strategically legitimize large labor dismissals (LLDs) by performing ex-ante downward earnings management. We further assess whether...     

Stakeholder engagement is evolving: Do investors play a main role?

Stakeholder engagement, an essential component of the sustainability reporting strategy, is changing, as is the position of the different stakeholders in this evolving scenario. In this paper, we explore the effect of the pressure that a specific group of stakeholders, investors, exerts on the quality of the sustainability information disclosed. We intend to analyze if there has been a change in the role that investors play in sustainability reporting. By focusing on investors, we are paying attention to one of the less studied groups within the sustainability stakeholders. To this aim, we carry out a content analysis of the sustainability information disclosed by U.S. (shareholder-oriented country) and Spanish (stakeholder-oriented country) listed companies during the years 2013 to 2016. Our findings confirm the key role that investors play in the companies' sustainability strategies, demanding more and better sustainability information. We also find a reduction in the quality of sustainability disclosures in Spanish companies in the last year of our sample, showing a relevant change in this country that has been leading the sustainability rankings until now. The results of this paper are useful to investors and companies, as they reflect the changes on the information they demand, and for regulators, in order to create the adequate legal framework that will improve the quality of reporting. Regulators and financial agents should acknowledge this new scenario to adapt norms and actions accordingly.