Abstract
We show that mutual fund investors rely on simple signals and likely do not engage in sophisticated learning about managers’ alpha as widely believed. Simplistic performance chasing best ...explains aggregate flows to the mutual fund space and flows across funds. These results hold for both actively managed and passive index funds. Empirical patterns commonly interpreted as reflecting learning about managerial skill also appear in falsification tests and are mechanical. Our results are consistent with the view that, on average, households are homo sapiens with limited financial sophistication rather than hyperrational alpha-maximizing agents, as often assumed in the literature.
Many scholars have emphasized the importance of sustainability management in small and medium-sized enterprises (SMEs). Although various publications discuss different approaches and potential ...barriers of implementation, a review of the existing research on sustainability management tools for SMEs is nonetheless missing. Based on a systematic review of the academic literature, this paper discusses reasons why SMEs should implement sustainability management tools. A further analysis reveals that most such tools are perceived to have little to no implementation in SMEs. The main implementation barriers and facilitating criteria are discussed. In addition, implications for future research, SME management, and public policy are drawn.
We analyze the secular decline in gross interstate migration in the United States from 1991 to 2011. We argue that migration fell because of a decline in the geographic specificity of returns to ...occupations, together with an increase in workers' ability to learn about other locations before moving. Micro data on earnings and occupations across space provide evidence for lower geographic specificity. Other explanations do not fit the data. A calibrated model formalizes the geographic specificity and information mechanisms and is consistent with cross-sectional and time-series evidence. Our mechanisms can explain at least half of the decline in migration.
Cause-related marketing (C-RM) is the fastest-growing category of U.S. sponsorship spending. However, extant research provides no examination of whether investments in C-RM are economically ...worthwhile. This event study of 127 cause-related announcements from 1991 through 2011 shows a mean cumulative abnormal return of .74% occurring after two trading days. This indicates that C-RM programs are a good investment on average. Cross-sectional analysis of returns reveals that abnormal returns are augmented when the cause is tied to a special product and when firms pledge an additional concurrent donation. But the returns are depressed when a firm has high free cash flow.
Greater financial integration between core and peripheral European Monetary Union (EMU) members not only had an effect on both sets of countries but also spilled over beyond the euro area. Lower ...interest rates allowed peripheral countries to run bigger deficits, which inflated their economies by allowing credit booms. Core EMU countries took on extra foreign leverage to expose themselves to the peripherals. We present a stylized model that illustrates possible mechanisms for these developments.We then analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro's introduction, core EMU countries increased their borrowing from outside of the EMU and their lending to the EMU periphery. Moreover, we present evidence that large core EMU banks' lending to periphery borrowers was linked to their borrowing from outside of the euro area.
Using data from 11 major international markets that celebrate six cultural New Year holidays that do not occur on January 1, we find that stock markets tend to outperform in days surrounding a ...cultural New Year. After controlling for firm characteristics, an average stock earns 2.5% higher abnormal returns across all markets in the month of a cultural New Year relative to other months of the year. Further evidence suggests that positive holiday moods, in conjunction with cash infusions prior to a cultural New Year, produce elevated stock prices, particularly among those stocks most preferred and traded by individual investors.
The article presents the results of the next stage of the investigation, which consists of evaluating the impact of heat waves on mortality in different natural and climate regions of the Russian ...Federation. Heat waves lasting five days or longer with ambient temperatures exceeding a threshold value specified based on the probabilistic characteristics of the long-term distributions of the average daily temperatures in Rostov-on-Don, Volgograd, Krasnodar, and Astrakhan were studied. A meta analysis of the risks for four southern cities showed statistically significant results of the aggregate risk estimates for almost all of the studied causes of death, among which the highest-risk values are specified for circulatory system disorders of people aged 65 or older.
Fraud Cycles Gong, Jiong; McAfee, R. Preston; Williams, Michael A.
Journal of institutional and theoretical economics,
09/2016, Letnik:
172, Številka:
3
Journal Article
Recenzirano
Fraud is an ancient crime and one that annually causes hundreds of billions of dollars in losses. We develop an evolutionary theory that suggests cyclical behavior in frauds should be common. We ...perform a wavelet analysis of the frequencies of fraudulent and nonfraudulent offenses. Our results demonstrate that the frequencies of fraudulent offenses exhibit cyclical behavior that differs markedly from the cyclical behavior of nonfraudulent offenses.
This paper empirically studies the key drivers of gender equality in youth employment over the period, 1991 and 2011. Using the pooled OLS method with year, sub‐regional, and oil fixed‐effects, our ...results suggest that for Africa as a whole and Sub‐Saharan Africa (SSA), quadratic levels of real per capita GDP, gender equality in primary education, trade openness, FDI inflows, political globalization, economic growth, urbanization, female population, and being a net oil‐exporting country are significantly positively associated with gender equality in youth employment. The level of real GDP per capita, equality in secondary education, gross domestic investment, access to telephone, youth unemployment, and Muslim faith tend to lower it. Government consumption expenditure also lowers it in SSA. However, North Africa is different: the level of real GDP per capita, gender equality in secondary education, and government consumption expenditure tend to increase gender equality in youth employment, while being an oil‐exporting country and youth unemployment tend to lower it.
The paper examines the long-run and causal relationship between economic growth, energy intensity, carbon emissions, and capital use for Kazakhstan in a multivariate econometric framework. We have ...applied autoregressive distributed lag (ARDL) bounds testing approach to examine the long-run relation between the series. The causality among the variables is tested by applying vector error-correction model (VECM) Granger causality approach. Our results indicated that a long-run relationship between economic growth, energy intensity, capital use, and carbon emissions exists for Kazakhstan. The empirical results confirm the existence of the environmental Kuznets curve (EKC). Energy intensity and capital use increase carbon emissions. The causality analysis reveals that a bidirectional causal relationship is found between economic growth and carbon emissions, energy intensity, and carbon emissions, and energy intensity and economic growth.
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