Expecting the Unexpected Borenstein, Severin; Bushnell, James; Wolak, Frank A. ...
The American economic review,
11/2019, Letnik:
109, Številka:
11
Journal Article
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We study potential equilibria in California’s cap-and-trade market for greenhouse gases (GHGs) based on information available before the market started. We find large ex ante uncertainty in ...business-as-usual emissions and in the abatement that might result from non-market policies, much larger than the reduction that could plausibly occur in response to an allowance price within a politically acceptable range. This implies that the market price is very likely to be determined by an administrative price floor or ceiling. Similar factors seem likely to be present in other cap-and-trade markets for GHGs.
This paper uses process theory as a theoretical lens to analyze AstraZeneca's enactment of an open innovation initiative with the purpose of strengthening the firm's surrounding innovation ecosystem. ...Based on empirical data collected over 7 years, we develop a process model of open innovation enactment and explain how the initiative gradually transformed while maintaining its guiding principles, which were set from the start. In applying a process perspective, we highlight open innovation initiatives as dynamic and evolutionary – but not deterministic – developments. As such, we provide a comprehensive and more nuanced understanding of not only what open innovation is but also how it becomes. This study also contributes to the innovation ecosystem literature by theorizing how firms orchestrate innovation ecosystems through open innovation initiatives over time.
Echo Chambers Cookson, J Anthony; Engelberg, Joseph E; Mullins, William
The Review of financial studies,
02/2023, Letnik:
36, Številka:
2
Journal Article
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Abstract
We find evidence of selective exposure to confirmatory information among 400,000 users on the investor social network StockTwits. Self-described bulls are five times more likely to follow a ...user with a bullish view of the same stock than are self-described bears. Consequently, bulls see 62 more bullish messages and 24 fewer bearish messages than bears do over the same 50-day period. These “echo chambers” exist even among professional investors and are strongest for investors who trade on their beliefs. Finally, beliefs formed in echo chambers are associated with lower ex post returns, more siloing of information, and more trading volume.
The Ukrainian crisis is an arena of geopolitical conflict in which the interests of Russia, NATO and the EU intertwine. It is in this context that the behaviour of Bulgarian political institutions ...has to be analyzed. In the first section, I explore the reactions and positions of the Bulgarian governments, the main political parties and the presidential institution towards the Ukrainian crisis. In the second part, I highlight the tools used by Russia in order to influence Bulgarian political institutions and processes. The third section traces the measures undertaken by the United States and the EU to neutralize Russia's clout. I defend the view that Sofia needs to be more consistent in fulfilling its commitments to NATO and the EU.
Congruent Financial Regulation METRICK, ANDREW; TARULLO, DANIEL
Brookings papers on economic activity,
04/2021, Letnik:
2021, Številka:
1
Journal Article
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After the global financial crisis, bank regulation became more stringent, and as a result the traditional banking system was well capitalized leading into the COVID-19 pandemic. But these same ...regulatory changes also incentivized a continuing migration of traditional banking activities to nonbank financial institutions (NBFIs), where looser regulation allowed for dangerous buildups of systemic risk. These risks were then realized across many NBFIs and markets in 2020. While legislation to harmonize regulation across these different domains would be desirable, we do not believe it likely in the foreseeable future. In this paper we propose a congruence principle for financial regulation, whereby regulators use existing statutory authority to coordinate rules across economically similar instruments. We provide examples of how such congruence could work for the cases of nonprime mortgage finance and the markets for US Treasury securities.
The paper has substantiated the applicability of a cognitive approach to studying and forecasting a resource-dependent economy. The results of the modeling of a medium-term forecast for the Russian ...economy using a fuzzy cognitive map have been laid out.
Recent global movement on mental health Nonaka, Shunsuke; Kurotaki, Naohiro; Kusumoto, Yuko ...
Acta Medica Nagasakiensia,
2015, Letnik:
60, Številka:
1
Journal Article
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The Mental Health Gap Action Programme (mhGAP) proposed by the World Health Organization (WHO) is a planned actionthat aims at providing uniform medical care, especially mental health care and ...services, to all people worldwide, regardless ofeconomic status. Because not only the levels of medical care, but also the political and economic situations vary among countries,it is extremely difficult for a plan to be successfully implemented in every country with standardized methodology, even ifthe directionality is ethically correct and ideal. Against this background, authorized personnel provide mental health care activitiesacross the globe, and they report on activities and promote mutual understanding at the WHO mhGAP Forum, an informalmeeting convened yearly in Geneva. The 5th mhGAP meeting was attended by 48 member states and 58 partner organizations.From Japan, 5 professionals attended the meeting and presented different viewpoints. Among various policies proposed at theForum, one in particular about training and recruiting health professionals for low-income countries has gained a special consensus.In addition, the importance of training medical professionals who are not specialized in psychiatry and the importance ofdeveloping educational programs for educators were emphasized. It is important for Japan to proactively participate in mhGAPto contribute to global mental health initiative.
Minimum requirements of the WHO's Framework Convention on Tobacco Control and its Guidelines has required the Member States to raise concerns related to public health by regulating advertisement and ...marketing, and also leaving scope for introducing more stringent measures. This initiated several discussions over the issues concerning effect of such legislation's new labeling requirements (plain packaging) on the intellectual property rights (trademark rights) of the tobacco manufacturers. The justifications for the new limitations are considered from a broader global perspective and from an Intellectual Property law one. This paper examines case law, legislative provisions and surveys approved by WHO, alongwith reports made post implementation of plain packaging in Australia, and other relevant available data and information. It further aims to reflect on the character of protection, arguing that there is neither deprivation nor expropriation of property, but a mere control of use and that the right conferred upon registration of a mark is iusexcludentialios and not a right to use. It also discusses on how plain packaging is oppressive towards the interests of the trademark proprietors and is not the most effective for attaining the public health objective, while drawing upon sociological and economical research, and how it possesses the risk of increase of illicit trade and counterfeits.
Die Bundesländer müssen bis 2020 ihre Haushalte ausgleichen und danach die Schuldenbremse einhalten. Aufgrund der erwarteten günstigen Rahmenbedingungen ist diese Vorgabe für die meisten Bundesländer ...moderat zu bewältigen. Sie können sogar Ausgabenzuwächse einplanen. Allerdings zeigen die Berechnungen auch, dass einzelne Länder vor beträchlichten Herausforderungen stehen.
This article examines the scope for expenditure of each German federal state (including local governments) to achieve a balanced budget in 2020 when the debt brake fully enters into force. After deducting interest and pension burden, a major group of states could afford marked annual increases vis-à-vis 2013. Heavily indebted Bremen could raise expenditure only slightly, whereas Saarland would have to reduce it even given lower interest rate and pension increase assumptions. Some East German states also face major challenges despite 2013 budget surpluses, as special financial assistance will be phased out. Figures adjusted for price changes indicate needs for cuts in several states.
The article presents a model of development forecasts of commodity markets that allows one to determine effective scenarios based on changes in the import duty rate and the rate of investment in ...production. The feasibilities of the model are tested during the development forecasting of markets for meat, i.e., beef, pork, and poultry, up to 2020.
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