Abstract
We investigate the time variability of abnormal returns from socially responsible investing (SRI). Using portfolio regressions and event studies on multiple data sources, including analyst ...ratings, firm announcements, and realized incidents, we find that highly rated SRI stocks outperform lowly rated SRI stocks during good economic times, for example, periods with high market valuations or aggregate consumption, but underperform during bad times, such as recessions. This variation in abnormal returns of high-SR stocks vis-à-vis low SR stocks is consistent with a wealth-dependent investor preference for SR stocks that leads to an increased (decreased) demand for SRI during good (bad) times.
We study the effects of corporate taxes on income inequality. Using state corporate taxes as a setting, we provide evidence that corporate tax cuts lead to increases in income inequality. This result ...is robust across regression, matching, and synthetic controls approaches, and to controlling for a host of potential confounders. We use Statistics of Income data from the Internal Revenue Service to explore mechanisms behind this result. We find that tax cuts lead to higher income for both top and bottom earners, but the gains to capital income for top earners exceed the gains to total income for bottom earners. This result suggests that although all earners appear to benefit from a corporate tax cut, the relation between tax cuts and inequality is positive, in part, because high-income individuals shift their compensation to reduce taxes.
In volume 94 of this REVIEW, Adams, Blackburn, and Cotti (ABC), using Fatal Accident Reporting System data from 1998 to 2006, find that a 10% increase in the minimum wage is associated with a 7% to ...11% increase in alcohol-related fatal traffic accidents involving teen drivers. We find this result does not hold when the analysis period is expanded to include 1991 through 2013. In addition, auxiliary analyses provide no support for income-driven increases in alcohol consumption, the primary mechanism posited by ABC. Together, our results suggest that minimum wage increases are not a silent killer.
This case describes Michel Kripalani's entrepreneurial journey culminating in his third start-up, Oceanhouse Media. Oceanhouse Media, ranked 114 in the 2013 Inc. 5,000 list of the fastest growing ...companies, offers desktop and digital applications, for iOS, Android, and other platforms with digital book applications for children comprising half of annual revenues. It explores: (1) Kripalani's evolution as an entrepreneur, (2) the operating strategy of Oceanhouse Media, (3) the economics and structure of the digital applications market and the children's segment within that market, and (4) key decisions--structural, organizational, and financial--as Kripalani maps out Oceanhouse Media's future growth path and exit strategy.
A largely unexplored feature of structural transformation is the change in the composition of an economy's asset holdings. In most poor economies, assets are concentrated in land. In rich economies, ...physical and human capital are more important. This paper focuses on the changes in the composition of household wealth and the share of assets owned by women in Ghana over two decades of relatively rapid growth and significant structural changes. We find that land's share of household portfolios decreased and the share of financial assets increased. Women's share of land, savings and business assets rose over the period.
Input–output analysis has been used to study the impact made by microstructure factors such as final demand and the matrix of input–output coefficients on the performance of the total gross output of ...the Russian Federation in 1990–2013. The contribution of these factors to the economic dynamics during the transformational recession in 1991–1998 and the subsequent restoration growth of 1999–2013 have been numerically estimated.
Public sector activities are often neglected in the economic approaches used to analyze the driving forces behind urban growth. The institutional status of a regional capital is a crucial aspect of ...public sector activities. This paper reports on a quasi‐natural experiment on county towns in East Germany. Since 1990, East German cities have demonstrated remarkable differences in population development. During this same period, many towns have lost their status as a county seat due to several administrative reforms. Using a difference‐in‐differences approach, we compare the annual population development of former county capitals to population change in towns that have successfully held on to their capital status throughout the observed period. The estimations show that losing county capital status has a statistically significant negative effect on annual changes in population. This effect continues to increase over time after the respective reforms have been implemented.
The article analyzes problems of measuring the level of technological development of the economy. A review of methods for measuring technological progress and derived estimates of the impact of ...technological development on economic growth is given. Input−output balance tools are considered, on which basis a structural cost analysis in the Russian economy is performed and alternative estimates of impact of technological changes on economic growth, including by type of economic activity, are assessed.
The Australian Government's Settlement Database contains over 3 million records of permanent migrants to Australia. Records in the Settlement Database extend back to 1991 and are compiled from a ...number of different visa‐processing and movement‐recording systems. This article provides an overview of the Settlement Database, including a summary of the data fields, actual and potential uses for the data, recognised limitations of the dataset and details on how to access the data.
The paper considers the modern dynamics of the population in the regions of the Far East. It analyzes the absolute and relative parameters of migration, the direction and structure of ...interterritorial and interstate migration flows. The composition, structure, and dynamics of incomes and living standards in the region, as well as the main trends of population stabilization in the region, are studied.
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