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The Impact of Divorce Laws on the Equilibrium in the Marriage Market

IF 8.2 1区经济学 Q1 ECONOMICS

Journal of Political Economy

Pub Date : 2024-10-21 DOI: 10.1086/732532

Ana Reynoso

Journal of Political Economy, Ahead of Print.

政治经济学杂志》，印刷版前。

引用次数: 0

Bonds versus Equities: Information for Investment 债券与股票：投资信息

IF 8 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance

Pub Date : 2024-10-20 DOI: 10.1111/jofi.13396

HUIFENG CHANG, ADRIEN D'AVERNAS, ANDREA L. EISFELDT

We provide a simple model of investment by a firm funded with debt and equity and empirical evidence to demonstrate that, once we control for the debt overhang problem with credit spreads, asset volatility is an unambiguously positive signal for investment, while equity volatility sends a mixed signal: Elevated volatility raises the option value of equity and increases investment for financially sound firms, but exacerbates debt overhang and decreases investment for firms close to default. Our study provides a simple unified understanding of the structural and empirical relationships between investment, credit spreads, equity versus asset volatility, leverage, and Tobin's

q $q$

我们提供了一个以债务和股权融资的公司进行投资的简单模型，并提供了经验证据来证明，一旦我们用信用利差控制了债务悬置问题，资产波动对投资来说就是一个明确的积极信号，而股权波动则是一个混合信号：波动率上升会提高股权期权价值，增加财务稳健企业的投资，但会加剧债务悬置，减少濒临违约企业的投资。我们的研究为投资、信用利差、股票相对于资产波动率、杠杆率和托宾 q$q$ 之间的结构和经验关系提供了一个简单统一的理解。

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引用次数: 0

Mortgage Lock-In, Mobility, and Labor Reallocation 抵押锁定、流动性和劳动力重新分配

IF 8 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance

Pub Date : 2024-10-20 DOI: 10.1111/jofi.13398

JULIA FONSECA, LU LIU

We study the impact of rising mortgage rates on mobility and labor reallocation. Using individual-level credit record data and variation in the timing of mortgage origination, we show that a 1 percentage point decline in the difference between mortgage rates locked in at origination and current rates reduces moving by 9% overall and 16% between 2022 and 2024, and this relationship is asymmetric. Mortgage lock-in also dampens flows in and out of self-employment and the responsiveness to shocks to nearby employment opportunities that require moving, measured as wage growth within a 50- to 150-mile ring and instrumented with a shift-share instrument.

我们研究了抵押贷款利率上升对流动性和劳动力重新配置的影响。利用个人层面的信用记录数据和抵押贷款发放时间的变化，我们发现，发放时锁定的抵押贷款利率与当前利率之间的差值每下降 1 个百分点，就会使总体流动率降低 9%，在 2022 年至 2024 年期间降低 16%，而且这种关系是非对称的。抵押贷款锁定还抑制了自雇人员的流入和流出，以及对需要搬迁的附近就业机会冲击的反应能力，附近就业机会以 50 到 150 英里范围内的工资增长来衡量，并使用轮班份额工具来衡量。

引用次数: 0

Sexual orientation, entrepreneurship, and firm survival 性取向、创业和企业生存

IF 6.4 1区经济学 Q1 BUSINESS

Small Business Economics

Pub Date : 2024-10-19 DOI: 10.1007/s11187-024-00976-2

Mikaela Backman, Christopher S. Carpenter, Erwan Dujeancourt, Samuel Mann

We provide new evidence on sexual orientation, entrepreneurship, and firm survival using Swedish population register data linked to business registry data from 1995 to 2020. Over this period, we study over 19,000 individuals who ever entered a legal same-sex union and compare their entrepreneurship and firm level outcomes with individuals exclusively in different-sex unions. We find that sexual minority men are 7.8% less likely than comparable heterosexual men to be entrepreneurs, while sexual minority women are 4.8% more likely than comparable heterosexual women to be entrepreneurs. Both differences are statistically significant. We also provide the first evidence regarding the survival of sexual minority founded firms compared to firms founded by heterosexual individuals. Our results show that firms founded by sexual minority women fail more quickly than observably similar firms founded by heterosexual women, with no significant survival difference observed for sexual minority men. We explore the role of several external and internal factors that may explain these underlying patterns and find that lack of a ‘trapped market’ may contribute to the higher failure rate of firms founded by sexual minority women. We also find suggestive support for a role of romantic partners in explaining differences in firm survival experienced by sexual minority women compared to heterosexual women.

我们利用 1995 年至 2020 年与商业登记数据相关联的瑞典人口登记数据，提供了有关性取向、创业和企业生存的新证据。在此期间，我们研究了超过 19,000 名曾经合法同性结合的人，并将他们的创业和公司层面的结果与完全异性结合的人进行了比较。我们发现，性少数群体男性成为企业家的可能性比同类异性恋男性低 7.8%，而性少数群体女性成为企业家的可能性比同类异性恋女性高 4.8%。这两种差异在统计上都有显著意义。我们还首次提供了有关性少数群体创办的公司与异性恋个人创办的公司相比存活率的证据。我们的研究结果表明，与异性恋女性创办的类似公司相比，性少数群体女性创办的公司失败得更快，而性少数群体男性创办的公司在存活率方面没有明显差异。我们探讨了可能解释这些基本模式的若干外部和内部因素的作用，发现缺乏 "陷阱市场 "可能是导致性少数群体女性创办的公司失败率较高的原因。我们还发现，在解释性少数群体女性与异性恋女性在公司存活率方面的差异时，恋爱伴侣的作用也起到了暗示性的支持作用。

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引用次数: 0

The implications of digital school quality information for neighbourhood and school segregation: Evidence from a natural experiment in Los Angeles 数字学校质量信息对社区和学校隔离的影响：来自洛杉矶自然实验的证据

IF 4.7 1区经济学 Q1 ENVIRONMENTAL STUDIES

Urban Studies

Pub Date : 2024-10-19 DOI: 10.1177/00420980241274910

Jared N Schachner, Ann Owens, Gary D Painter

A digital information explosion has transformed cities’ residential and educational markets in ways that are still being uncovered. Although urban stratification scholars have increasingly scrutinised whether emerging digital platforms disrupt or reproduce longstanding segregation patterns, direct links between one theoretically important form of digital information – school quality data – and neighbourhood and school segregation are rarely drawn. To clarify these dynamics, we leverage an exogenous digital information shock, in which the Los Angeles Times’ website revealed measures of a particularly important school quality proxy – schools’ value-added effectiveness – for nearly all elementary schools in the Los Angeles Unified School District. Results suggest that although the information shock had no detectable effects on residential sorting or neighbourhood racial segregation, it did exert modest effects on school sorting – particularly for Latino and Asian students – albeit not in ways that materially diminished school racial segregation because the racial compositions of high- and low-value-added schools were broadly similar both before and after the information shock. We conclude that the urban stratification implications of digital information may be more nuanced than often appreciated, with effects operating through mechanisms beyond residential segregation and reflecting racial heterogeneity in constraints and preferences vis-à-vis specific types of information.

数字信息爆炸改变了城市的住宅和教育市场，其方式仍在探索之中。尽管城市分层学者越来越多地研究新兴数字平台是否会破坏或重现长期存在的隔离模式，但很少有人将一种理论上重要的数字信息形式--学校质量数据--与社区和学校隔离直接联系起来。为了澄清这些动态变化，我们利用了一个外生数字信息冲击，即《洛杉矶时报》网站披露了洛杉矶联合学区几乎所有小学的一个特别重要的学校质量替代指标--学校的增值效益。结果表明，尽管信息冲击对住宅区分类或邻里种族隔离没有产生可察觉的影响，但它确实对学校分类产生了适度的影响--尤其是对拉丁裔和亚裔学生而言--尽管这种影响并没有实质性地减少学校的种族隔离，因为在信息冲击前后，高附加值学校和低附加值学校的种族构成大体相似。我们的结论是，数字信息对城市分层的影响可能比人们通常所理解的更为细微，其作用机制超出了居住隔离的范围，反映了种族在对特定类型信息的限制和偏好方面的异质性。

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引用次数: 0

A legal-economic framework of wholesale electricity markets: Assessing Australia's transition 电力批发市场的法律经济框架：评估澳大利亚的过渡

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy

Pub Date : 2024-10-18 DOI: 10.1016/j.enpol.2024.114377

Recent years have seen a surge in renewable generation investment in many countries, displacing traditional fossil-fuel generation at scale. Clean energy transitions have amplified existing problems of wholesale market designs and introduced new ones, including, but not limited to maintaining system resilience and reliability and ensuring adequate future investment levels. We develop an integrated legal-economic framework of wholesale electricity markets under transition conditions. The framework explains the dynamic interplay between different levels of electricity market regulation, regulatory objectives, policy instruments, market outcomes and electricity system objectives. The novelty arises from our separation and definition of the two main levels of (energy) law and regulation shaping electricity market design and their unique impact on market and system outcomes. We show that understanding and targeting the different levels of regulation matters for successfully addressing transition problems. We demonstrate the framework on the example of Australia's National Electricity Market.

近年来，许多国家的可再生能源发电投资激增，大规模取代了传统的化石燃料发电。清洁能源转型扩大了批发市场设计的现有问题，并引入了新的问题，包括但不限于维持系统弹性和可靠性以及确保未来充足的投资水平。我们建立了转型条件下电力批发市场的综合法律经济框架。该框架解释了不同层次的电力市场监管、监管目标、政策工具、市场结果和电力系统目标之间的动态相互作用。新颖之处在于我们对影响电力市场设计的两个主要层面的（能源）法律和法规及其对市场和系统结果的独特影响进行了分离和定义。我们表明，理解并针对不同层次的监管对于成功解决转型问题至关重要。我们以澳大利亚国家电力市场为例，展示了这一框架。

引用次数: 0

The 15-minute city as paranoid urbanism: Ten critical reflections 作为偏执城市主义的 15 分钟城市：十项批判性思考

IF 6 1区经济学 Q1 URBAN STUDIES

Cities

Pub Date : 2024-10-18 DOI: 10.1016/j.cities.2024.105497

The 15-minute city has emerged as a key urban development theme in recent years, and especially since the Covid-19 pandemic. It has also become a focus point for tensions and debates over future urban trajectories, including over the role of automobility as the key technology that defines the experience of the urban. While the 15-minute city has become a widely-used concept by proponents and detractors alike, it remains vaguely defined and heavily contested. The paper makes two contributions: first, it reads plans for, and debates around, the 15-minute city as a form of post-political urbanism. Secondly, the paper introduces the concept of paranoid urbanism as a way of understanding urban tensions and conflicts linked to mistrust, fear and paranoia in the post-pandemic city. This novel concept goes to the heart of debates and tensions over the shape of the post-pandemic city, and over mechanisms of exclusion and inclusion that characterise it. The arguments presented in the paper aim to both chart areas for further research, and as provide critical pointers for policymakers and practitioners working in the area of urban development. To this end, the paper presents ten critical reflections aimed at both policy and practice, and at establishing new avenues of research on paranoid urbanism in the post-pandemic era.

近年来，15 分钟城市已成为城市发展的一个重要主题，特别是自 19 世纪科维德大流行以来。它也成为关于未来城市轨迹的紧张局势和争论的焦点，包括汽车交通作为定义城市体验的关键技术所扮演的角色。尽管 "15 分钟城市 "已成为一个被支持者和反对者广泛使用的概念，但它的定义仍然模糊不清，且存在严重争议。本文有两方面的贡献：首先，它将 15 分钟城市作为后政治城市主义的一种形式来解读其计划和辩论。其次，本文引入了偏执城市主义的概念，以此来理解与后流行城市中的不信任、恐惧和偏执有关的城市紧张局势和冲突。这一新颖的概念直指有关 "后大流行病 "城市形态以及排斥和包容机制的辩论和紧张局势的核心。本文提出的论点旨在为进一步研究指明方向，并为城市发展领域的政策制定者和实践者提供重要的指针。为此，本文针对政策和实践提出了十点批判性思考，并为后偏执狂城市主义时代的研究开辟了新途径。

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引用次数: 0

Digital platforms and the reconfiguration of global production networks 数字平台与全球生产网络的重组

IF 2.9 2区经济学 Q1 ECONOMICS

Journal of Economic Geography

Pub Date : 2024-10-18 DOI: 10.1093/jeg/lbae039

Philip Verfürth, Veronique Helwing-Hentschel

Digital business-to-business (B2B) platforms have become essential components of today's economy. However, the impact of digital B2B platforms on global production networks has not yet been sufficiently conceptualized and empirically examined. This article proposes an analytical framework to theorize platform-based reconfigurations of global production networks. By using the case of digital logistics platforms, the article illustrates that service-centred platforms, in particular, have a major impact on global production networks, as they are able to position themselves as lead firms and to utilize data to shape the organizational and spatial composition of global production networks.

企业对企业（B2B）数字平台已成为当今经济的重要组成部分。然而，数字 B2B 平台对全球生产网络的影响尚未得到充分的概念化和实证研究。本文提出了一个分析框架，对基于平台的全球生产网络重构进行理论分析。文章以数字物流平台为例，说明以服务为中心的平台尤其对全球生产网络具有重大影响，因为它们能够将自己定位为主导企业，并利用数据来塑造全球生产网络的组织和空间构成。

引用次数: 0

Dynamic speculation and efficiency in European natural gas markets during the COVID-19 and Russia-Ukraine crises COVID-19 和俄罗斯-乌克兰危机期间欧洲天然气市场的动态投机和效率

IF 10.2 2区经济学 0 ENVIRONMENTAL STUDIES

Resources Policy

Pub Date : 2024-10-18 DOI: 10.1016/j.resourpol.2024.105362

Efficiency and dynamic speculation literature focused on financial and crude oil markets whereas empirical studies on natural gas markets are limited. This study examines market efficiency and dynamic speculation in major European natural gas hubs (the Zeebrugge (ZEE) hub of Belgium, Title Transfer Facility (TTF) hub of the Netherlands, and National Balancing Point (NBP) hub of the UK) during the COVID-19 pandemic and Russia-Ukraine conflict. Using the Asymmetric multifractal detrended fluctuation analysis (A-MFDFA) and the power law exponent (PLE) approach, we show that European natural gas markets exhibit an asymmetric multifractal behavior and long-memory effects, with variations observed during crises. The ZEE hub in Belgium and the NBP hub in the UK demonstrate a higher multifractality under different trends during the COVID-19 pandemic and the Russia-Ukraine conflict, respectively. Notably, the TTF hub in the Netherlands emerges as the most efficient market during all subperiods. Moreover, our results, using the PLE approach, suggest that European gas market inefficiencies during crises can be attributed to speculative strategies that create self-perpetuating dynamics and diminish market transparency, leading to heightened risk and volatility in gas prices. Our findings underscore the need for regulatory intervention to mitigate excessive speculation and enhance transparency in gas markets. Diversifying gas supplies and fortifying European gas hubs emerge as pivotal strategies to bolster resilience and stability during crises.

有关效率和动态投机的文献主要集中在金融和原油市场，而对天然气市场的实证研究却很有限。本研究考察了 COVID-19 大流行和俄乌冲突期间欧洲主要天然气枢纽（比利时泽布吕赫（ZEE）枢纽、荷兰所有权转移设施（TTF）枢纽和英国国家平衡点（NBP）枢纽）的市场效率和动态投机。利用非对称多分形去趋势波动分析 (A-MFDFA) 和幂律指数 (PLE) 方法，我们表明欧洲天然气市场表现出非对称多分形行为和长记忆效应，并在危机期间观察到变化。在 COVID-19 大流行和俄乌冲突期间，比利时的 ZEE 枢纽和英国的 NBP 枢纽分别在不同趋势下表现出较高的多分形性。值得注意的是，荷兰的 TTF 中心在所有子时期都是最有效的市场。此外，我们使用 PLE 方法得出的结果表明，危机期间欧洲天然气市场的低效率可归因于投机策略，这种策略会产生自我延续的动力并降低市场透明度，从而导致天然气价格的风险和波动加剧。我们的研究结果表明，有必要进行监管干预，以减少过度投机，提高天然气市场的透明度。实现天然气供应多样化和加强欧洲天然气枢纽，是在危机期间增强复原力和稳定性的关键战略。

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引用次数: 0

Investing in the future of mobility: The role of US local governments in building EV infrastructure 投资未来交通：美国地方政府在建设电动汽车基础设施中的作用

IF 9.3 2区经济学 Q1 ECONOMICS

Energy Policy

Pub Date : 2024-10-18 DOI: 10.1016/j.enpol.2024.114372

As US local governments take on increasingly important roles in building out the infrastructure required to support a large-scale shift to electric vehicles, what factors motivate their decisions? Are they more responsive to bottom-up pressures from within their jurisdictions or top-down incentives or constraints from the state and national governments? We test hypotheses about the drivers of local government decision-making with data from a recent survey of US local government officials. Leveraging the unique timing of our study, which was launched just after massive new federal resources were announced, we find that bottom-up pressures remain central drivers of local government action. These results shed new light on the role of local government in the development of new infrastructure systems, in general, and in the transition to a national electric vehicle network, in particular.

随着美国地方政府在建设支持大规模转向电动汽车所需的基础设施方面发挥越来越重要的作用，是什么因素促使它们做出决定？他们是更倾向于应对辖区内自下而上的压力，还是更倾向于应对州政府和国家政府自上而下的激励或约束？我们利用最近对美国地方政府官员的调查数据，检验了有关地方政府决策驱动因素的假设。我们发现，自下而上的压力仍然是地方政府行动的核心驱动力。这些结果为地方政府在开发新的基础设施系统，特别是在向全国电动汽车网络过渡的过程中所扮演的角色提供了新的思路。

引用次数: 0

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