We propose a model that uses the exchange rate of Bitcoin against the US dollar to predict the computing power of Bitcoin’s network. We show that free entry places an upper bound on mining revenues ...and explain how it can be identified. Calibrating the model’s parameters allows us to accurately forecast the evolution of the network computing power over time. We find that a significant share of mining rewards was invested in mining equipment and that the seigniorage income of miners was limited.
This paper focuses on Chief Executive Officers (CEOs) with green experience, using data from listed companies in China's heavy pollution industry spanning from 2011 to 2021, the study explores the ...impact of CEO green experience on the Environmental, Social, and Corporate Governance (ESG) performance of companies. The study reveals that CEO green experiences contribute to enhancing firms' ESG performance. The research further unveils that management's green perceptions and corporate green innovations play a partial mediating role in the relationship between CEO green experiences and corporate ESG performance. Heterogeneity analysis indicates that the influence of CEO green experiences on corporate ESG performance is more pronounced in samples characterized by high environmental regulation, capital‐intensive operations, and non‐state ownership. The findings of this study enrich the theory of corporate ESG performance power mechanisms and provide theoretical references for enhancing the ESG performance of heavily polluting firms.
It is critical to explore the mechanisms by which digital transformation (DT) influences firms' innovation performance (IP) in the pervasive digital epoch. This study constructs a serial mediation ...model to test the underlying mechanism of how DT affects IP. We find that DT can promote IP significantly, and such impact is heterogeneous. Mechanism tests reveal that analyst coverage and internal control quality have the serial mediation effects in the path of DT affecting IP. These findings still hold after several robustness checks. Our discoveries provide new theoretical and practical implications to the DT and innovation research domains.
This paper builds a difference‐in‐difference model (DID) to study the impact of government risk sharing policies on corporate innovation investment. High‐tech firms are used as the experimental group ...to test the effect of policy shocks. It is shown that government risk sharing may ease financing constrains, which will increase corporate innovation investment. The results suggest that the effect of government risk‐sharing policies on bank credit is short‐run, while the effect on corporate innovation investment is more sustainable. In addition, the government risk‐sharing ratio is inversely proportional to the loan rates and the success rate of innovation.
Nach einem jahrzehntelangen Bürgerkrieg erlangt die Republik Südsudan am 9. Juli 2011 ihre Unabhängigkeit. Doch trotz aller Bemühungen um einen friedlichen Staatsaufbau nimmt die erste Dekade der ...Eigenstaatlichkeit einen gewaltsamen Verlauf: Im Dezember 2013 schlittert der Südsudan in einen blutig geführten Bürgerkrieg, der sich nicht als einheitlicher Konflikt mit klar definierbaren Parteien, sondern zu einem Amalgam komplex verschachtelter Konfliktlandschaften entwickelt. In analytischen Vignetten, die verschiedene Regionen sowie die nationale und internationale Dimension des Bürgerkrieges untersuchen, gibt Jan Pospisil einen Einblick in die südsudanesische Konfliktrealität.
This paper considers the tradeoffs in using revenues from slowing depreciation deductions to lower the corporate tax rate. It estimates how much the rate could be lowered and the resulting effective ...tax rates on different types of assets. Two issues arise: the overall effect on marginal tax burdens and the challenges of using a provision that largely reflects timing effects to finance a steady state rate reduction.
Since the financial crisis in 2008–09, concern over the sustainability of some EU countries’ sovereign debt has continued to mount higher and higher. This paper explores the ways in which the ...financial crisis caused the deterioration of European debt-to-GDP ratios, examines which countries are on sustainable debt paths and quantifies the fiscal adjustment required per country for debt sustainability.
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