Digital Commons Network^™

Do Stakeholders Benefit From Green Bonds Denominated In Euro? Evidence From Global Greenium, Piotr Jaworski

Journal of Banking and Financial Economics

The aim of this paper is to estimate the greenium in the financial debt market, calculated as the difference between the yield of green bonds and conventional bonds with the same type of with respect to euro-denominated bonds, type of the debt security, type of issuers, and maturity. The hypothesis is The greenium for the euro-denominated bonds does exist. For the analysis, yield curves for green bonds and conventional bonds were built. It employed the yield curve methodology proposed by Nelson Siegel Svensson. Statistical tests on greenium were also prepared. Daily data were collected from the Refinitiv Eikon database, covering …

Technological Disruption And Regulatory Response: The Case Of Decentralised Finance, Jakub Wisła, Jolanta Bartoszewska

Journal of Banking and Financial Economics

This article examines responses to the regulatory challenges posed by decentralised finance (DeFi), a fast-evolving domain of blockchain-based financial innovation. It investigates the factors shaping divergent regulatory strategies, with a focus on the European Union’s comprehensive cryptoasset framework and selected comparative insights. Adopting a qualitative legal methodology – combining doctrinal-functional analysis, multivocal literature review, and two case studies – the authors explore how regulatory responses are influenced by three key variables: legal tradition, the financial function performed by blockchain-based solutions, and the level of technological and institutional autonomy. The case studies – Bitcoin as a payment instrument and cryptoassets as …

Attendance And Achievement In Economics:Investigating The Impact Of Attendance Policies And Absentee Rates On Student Performance

Journal of Economics and Finance Education

This paper investigates the impact of a mandatory attendance policy and absentee rates on student grades. Data collected from four sections of microeconomic principles classes taught by the same instructor are used to estimate performance. Results are found to be robust to corrections for survival bias and endogeneity, and indicate that the attendance policy did not impact grades. GPA prior to taking the course and SAT scores are found to be consistent predictors of performance and have a stronger impact on grades as compared to absentee rates. It is suggested that instructors encourage, but not mandate attendance in both small …

Reading Between The Lines: The Influence Of Financial News On Investor Decision-Making, Kalia Noble

Honors College Theses

This thesis investigates how financial media narratives shape investor sentiment and short-term market behavior. Drawing on behavioral finance and narrative economics, it examines whether the framing and tone of market news correlate with intraday volatility in the S&P 500 and Dow Jones Industrial Average. By pairing quantitative price data with contemporaneous headlines from major outlets such as Bloomberg, Yahoo! Finance, and CNBC, the study shows that emotionally charged or speculative narratives are closely associated with sharp market swings, even when fundamentals remain unchanged. These findings highlight the influence of media framing on investor decision-making and underscore the importance of financial …

Hkc02 - Stabilizing Credit When Nonperforming Loans Surge: The Role Of Asset Management Companies, Reiner Martin, Edward O'Brien, M. Udara Peiris, Dimitrios P. Tsomocos

Oberlin College Kasper Economics and Business Working Paper Series

When default losses elevate borrowing costs, expanding credit cannot stabilize the economy because default rates feed back to lending rates through bank balance sheets. Asset management companies (AMCs) break this loop by purchasing nonperforming loans at their long-run recovery values, thereby fixing the effective default rate that banks face. Government purchases of performing loans expand credit but leave this feedback intact. In a model calibrated to the eurozone, the AMC reduces quarterly default rates by 0.8 percentage points, lowers lending rates by 1.6 percentage points, and raises welfare by 0.2%. Government purchases crowd out bank deposits, contracting credit; default rates …

Contests With Ambiguous Prizes, Cary Deck, Aidan Hathaway, Emma Kate Henry, Tigran Melkonyan, Samuel Redinger

ESI Working Papers

This paper examines behavior in contests where the prize value is ambiguous. We develop a theoretical model of bidding in a Tullock contest with an ambiguous prize where contestants account for the ambiguity attitude of their rival. Ambiguity affects optimal behavior via two countervailing channels - a direct effect arising from contestants’ ambiguity about the value of the prize and an indirect effect corresponding to the effect of ambiguity on the opponent’s behavior. Using a controlled laboratory experiment, we elicit individual risk and ambiguity attitudes and compare predicted and observed behavior in contests with an ambiguous prize, a risky prize …

Hkc03 - Leading A Horse To Water: Understanding The Potential Consequences Of Ordeals In Subsidized Tariff Pricing, Evan Plous Kresch, Carlota Loran Lopez

Oberlin College Kasper Economics and Business Working Paper Series

Water utilities attempting to balance widespread network access with financial stability in providing services often employ Increasing Block Tariffs (IBTs), where volumetric rates increase nonlinearly with water consumed. The widespread adoption of IBTs by utilities across the world is partly attributed to their ability to cross-subsidize smaller monthly users; however, this often leads to the undesirable outcome that large poor households are shifted into higher tariff blocks. To address this, water utilities often adopt a“social tariff”, with significantly lower rates specifically targeted at poor households. However, most of these social tariff policies require households to opt-in or apply to the …

University Athletic Subsidies Connections To Various Campus-Wide Outcomes, Daniel Vainner

Dissertations

This study examines the relationship between university athletic subsidies and outcomes for the broader undergraduate student population. The athletic subsidy, referred to as an athletic tax, is defined as institutional and student fees used to support athletics. Although athletics are often viewed as enhancing institutional prestige and recruitment, most universities depend heavily on subsidies to sustain their programs. In 2019, National Collegiate Athletic Association (NCAA) institutions spent over $18.8 billion on athletics, with $8.3 billion, or 44 percent, coming from institutional and student sources rather than athletic revenue (NCAA, 2019a). This research explores whether such subsidization predicts measurable differences in …

Information Without Rents: Mechanism Design Without Expected Utility, Ernesto Rivera Mora, Philipp Strack

Cowles Foundation Discussion Papers

We study mechanism design for a sophisticated agent with non-expected utility (EU) preferences. We show that the revelation principle holds if and only if all types are EU maximizers: if at least one type is a non-EU maximizer, randomizing over dynamic mechanisms generates a strictly larger set of implementable allocations than using static mechanisms. Moreover, dynamic stochastic mechanisms can fully extract the private information of any type who doesn’t have uniformly quasi-concave preferences without providing that type any rent. Full-surplus extraction is possible in a broad variety of non-EU environments, but impossible for types with concave preferences.

Mountain Communities During A Time Of War: A Case Study Of The Hutsul Region In The Carpathian Mountains Of Ukraine, Pavlo Rybaruk

Electronic Theses and Dissertations

This thesis investigates the ethno-ecological technologies employed by the Hutsul people within the highland agrarian economy of the Carpathian Mountains. Over centuries, the Hutsuls have developed ethno-ecological technologies that maintain ecological integrity while supporting community livelihoods.

The study addresses three primary research questions: What are the most important ethno-ecological technologies of the Hutsul highland economy? How might these traditional ethno-ecological practices be applied to economic, agricultural, and tourism development in the Hutsul region? How might these traditional ethno-ecological practices be combined with contemporary approaches to encourage sustainable development in the region?

The research explores the devastating impact of the Russian …

Presumption Of Creditworthiness, Nakita Q. Cuttino

Michigan Law Review

Creditworthiness, or the likelihood that one will repay one’s debts, is typically signaled through a three-digit number known as a credit score. Yet, over thirty-two million adult-aged consumers lack adequate consumer credit reports and therefore do not have a traditional credit score. As a result of being unscored, these consumers are generally presumed uncreditworthy and foreclosed from mainstream credit markets. Unscored consumers are often relegated to extractive, fringe credit markets that neither require nor build credit scores. More insidiously, however, a growing number of non-credit contexts, including rental housing, utility services, and employment markets, look to creditworthiness to determine eligibility …

Strategic Interactions And Gender Cues: Evidence From Social Preference Games, Hernán Bejarano, Matias Busso, Juan Francisco Santos

ESI Working Papers

This paper studies trust, reciprocity, and bargaining using a large-scale online experiment conducted in six Latin American countries. Participants played trust and ultimatum games under randomly assigned conditions in which the gender of their counterpart was either disclosed or withheld. On average, disclosing counterpart gender does not yield statistically detectable effects in either game. However, statistically significant differences emerge by participants' own gender: on average men exhibit higher levels of trust, reciprocity, and generosity in bargaining than women. When disaggregating by participant-counterpart gender pairings, point estimates differ in sign across groups but are generally imprecisely estimated, and differences between interacting …

What Do Americans Think About Federal Tax Options To Support Transportation? Results From Year Sixteen Of A National Survey, Asha Weinstein Agrawal, Hilary Nixon

Mineta Transportation Institute

This report summarizes the results from the sixteenth year of a national public opinion survey asking U.S. adults questions related to their views on federal transportation taxes. A nationally representative sample of 2,539 respondents completed the online survey from February 3 to February 27, 2025. The questions test public opinions about raising the federal gas tax rate, replacing the federal gas tax with a new mileage fee, and imposing a mileage fee just on commercial travel. In addition to asking directly about support for these tax options, the survey collected data on respondents’ views on the quality of their local …

Voting Under Contradictory News, Arnab Mitra, Quazi Shahriar

Economics Faculty Publications and Presentations

How much do opposing news sources distort private information and how do voters use distorted contradictory information regarding candidate quality? In a two candidate voting game, we derive and experimentally test an “average-opinion” hypothesis, where two opposingly biased sources, capable of forming an unbiased estimate of candidate quality as well as a distorted estimate within a bound, symmetrically distort their reported estimates in opposite directions, and voters split the estimate difference to decipher the unbiased estimate. Data support the hypothesis and show that voters benefit from sources’ competition, compared to a control treatment without competition. When sources are allowed to …

South Carolina Reemployment Services And Eligibility Assessments (Resea) Randomized Controlled Trial Design Report, Gabrielle Pepin, Ethan Jenkins, Christopher J. O'Leary, Aaron Sojourner

Upjohn Institute Technical Reports

No abstract provided.

Racial Capitalism And Whitelash: Trumpism And The Politics Of Oppression Redux–A New Normal Or Just New Perfume In An Old Bottle?, Bhoomi K. Thakore, J. Scott Carter, Cameron Lippard, David G. Embrick

Fast Capitalism

There is no question that Donald Trump’s actions in his second presidential term have many people bewildered, shocked, and frightened. What was deemed “not normal” in his first term in office has quickly become the “new normal.” In this paper, we argue that part of the explanation for the rise, and repeated rise, of Trumpism lies in Donald Trump’s ability to fuel and maintain a whitelash against the social progress of the 20th and early 21st century. Not only has Trumpism picked up on the “reverse racism” sentiments that have sprouted as a result of racial, gender, and social progress, …

Psychology, Philosophy, And The Practice Of Politics, Shimon Edelman

Fast Capitalism

No abstract provided.

Exploring Private And Governmental Interest In Bitcoin, Mina Khadem

Undergraduate Theses, Capstones, and Recitals

Regardless of one’s opinion, Bitcoin’s presence in the global economy is growing. However, Bitcoin’s emerging role and its implications are greatly under-researched, particularly in the context of government interest in Bitcoin. Nonetheless, increased private investment in Bitcoin and increased government interest in formally incorporating Bitcoin into existing economic systems, suggest a new development within the global economy that must be investigated. Through qualitative text analysis of pro-Bitcoin narratives presented in digital media platforms and official government policies and public statements, this thesis explores how private and government interest in Bitcoin is explained and framed within these contexts. This study finds …

Exploring The Bank Lending Channel: How Bank Characteristics Shape Monetary Policy Effectiveness, Filip Świtała

Journal of Banking and Financial Economics

This paper examines how individual bank characteristics influence the transmission of monetary policy through the bank lending channel. Using panel data and a Fixed Effects model validated by the Hausman test, the author analyses how bank size, capitalization, profitability and asset quality affect responses to monetary tightening. The study highlights the importance of inter-bank differences in shaping monetary policy effectiveness and offers insights for regulatory frameworks and macroprudential policies aimed at strengthening financial stability.

Decarbonizing China's Economy: Empirical Insights On Policy Stringency, Industrial Transformation, And Green Innovation, Saqib Munir

Arab Economic and Business Journal

China, the world’s largest greenhouse gas emitter, grapples with aligning economic growth with its 2030 carbon peak and 2060 neutrality goals, yet the combined impact of policy stringency, industrial transformation, and green innovation on carbon intensity remains insufficiently understood. This study examined the drivers of carbon intensity in China from 1999 to 2023, analysing how policy stringency, industrial restructuring, green innovation, renewable energy, foreign direct investment, urbanization, and energy efficiency interact. Using World Bank, we applied econometric techniques like ARDL, FMOLS, and variance decomposition to capture dynamic relationships and address endogeneity. Results confirm that stringent policies and shifts from heavy …

Educational Indebtedness, Youth Precarity, And Neoliberalism: A Comparative Analysis Between Chile And Colombia., Alejandro Rodriguez-Mejia

Working Papers

No abstract provided.

Investigating The Relationship Between Noun Classes And Plant Folk Taxonomy In Chasu Language Of Kilimanjaro Region In Tanzania, Peter Rabson Mziray

Journal of Humanities and Social Sciences

The current study investigates the relationship between noun classes and plant folk taxonomy in Chasu (G 22). The study focuses on two objectives: the first objective is to describe the plant folk taxonomy in Chasu and the second objective is to determine the relationship between noun classes and plant folk taxonomy in Chasu. Data were collected from rural villages in Same and Mwanga districts by using free listing, field interviews (jungle-walk-and-identify), and written texts containing Chasu plant names. The findings reveal that Chasu folk taxonomy reflects different ethnobotanical categories; including a unique beginner which is mmea/mimea ‘plant(s)’, and three life …

Dictators And Lying Dictators: An Experimental Investigation Of Preference Based-Group Biases In Chinese And American Interactions, Aaron S. Berman, Saika Cer Askin, Shapeng Jiang, David Porter, Jason Shachat

ESI Working Papers

This study examines group-conditional generosity and behavior using students from Chapman University in the United States and Wuhan University in China. Participants make allocation decisions in either a standard Dictator Game (DG) or a Lying Dictator Game (LDG), where a privately reported die roll determines the allocation. We vary whether participants interact with members of their own or the other university community. The LDG game, through the possibility of plausible deniability, allows for the moderation of image concerns that potentially influence DG behavior. We complement these tasks with individual decision benchmarks that exclude the Receiver to control for group differences …

Can Limited Partners Mitigate Negative Externalities In Private Equity?, Teodor Duevski, Chhavi Rastogi, Tianhao Yao

Sim Kee Boon Institute for Financial Economics

We show how Limited Partners' (LPs) environmental and social (E&S) concerns transmit to private equity (PE) rms through capital supply. E&S incidents in portfolio companies reduce PE fundraising, as E&S-concerned relationship LPs refrain from recommitting and are not easily substituted. Using a legal reform that expands E&S-concerned public pension capital to PE, we causally show that PE rms internalise LPs' E&S concerns, reducing dirty sector portfolio allocation and increasing ESG hiring. Additionally, PE rms with E&S- concerned relationship LPs engage with portfolio companies to manage E&S risks. Limited capital substitutability enables LPs to delegate E&S preferences, shaping PE allocation and …

Beyond The Budget: Financial Literacy In Tyler, Tx, Manuel Reyes-Loya, Cecilia Cuellar, Sara Maldonado

Hibbs Brief

In this issue of the Hibbs Brief, the importance of financial literacy in Tyler, Texas is explored as a key factor influencing household decision-making and community resilience. The brief discusses how gaps in financial knowledge and access — including budgeting, saving, borrowing, and digital financial tools — affect people's ability to build stability, with lower financial literacy linked to higher debt and limited opportunities for long‑term financial success. It emphasizes the need for expanded financial education and resources to strengthen individual financial capability and support regional economic well-being.

Balancing Act: Addressing Child Quantity-Quality Trade-Off In The Philippine Households With Educational And Health Social Programs, John Andrew A. Alsol, Marie Carroline Magante

Economics Department Faculty Publications

The child quantity-quality (CQQ) trade-off has been extensively studied in economic research since it was first introduced by Becker and Lewis in 1973. Studies have argued that the current economic circumstances and the presence of government aid in education and health determine the existence and extent of the CQQ trade-off. However, there is a dearth of empirically tested research on the possible decreasing effects of social programs on the CQQ trade-off. Using the 2019 Annual Poverty Indicators Survey, this paper seeks to determine the effect of education and health social programs on the CQQ trade-off in the Philippines. Probit models …

Unlocking Private Equity Investing, Yin Wang, Steve Balaban

Asian Management Insights

Myths and market shifts to take note of.

New Measures For Richer Theories: Some Thoughts And An Example, Orazio Attanasio, Victor Sancibrian, Federica Ambrosio

Cowles Foundation Discussion Papers

For a long time, the majority of economists doing empirical work relied on choice data, while data based on answers to hypothetical questions, stated preferences or measures of subjective beliefs were met with some skepticism. Although this has changed recently, much work needs to be done. In this paper, we emphasize the identifying content of new economic measures. In the first part of the paper, we discuss where the literature on measures in economics stands at the moment. We first consider how the design and use of new measures can help identify causal links and structural parameters under weaker assumptions …

Poking Holes And Adding Points In Dictator Games, James C. Cox, Cary Deck, Laura Razzolini, Vjollca Sadiraj

ESI Working Papers

Deviations from choices predicted by self-regarding preferences have regularly been observed in standard dictator games. Such behavior is not inconsistent with conventional preference theory or revealed preference theory, which accommodate other-regarding preferences. By contrast, experiments in which giving nothing is not the least generous feasible act produce data that is inconsistent with conventional preference theory including social preference models and suggest the possible relevance of reference point models. Two such models are the reference-dependent theory of riskless choice with loss aversion and choice monotonicity in moral reference points. Our experiment includes novel treatments designed to challenge both theoretical models of …

Robust Implementation In Rationalizable Strategies In General Mechanisms, Takashi Kunimoto, Rene Saran

Research Collection School Of Economics

A social choice function (SCF) is robustly implementable in rationalizable strate-gies if every rationalizable strategy profile on every type space results in outcomes consistent with it. First, we establish an equivalence between robust implementation in rationalizable strategies and “weak rationalizable implementation”. Second, using the equivalence result, we identify weak robust monotonicity as a necessary and al-most sufficient condition for robust implementation in rationalizable strategies. This exhibits a contrast with robust implementation in interim equilibria, i.e., every equilib-rium on every type space achieves outcomes consistent with the SCF. Bergemann and Morris (2011) show that strict robust monotonicity is a necessary and …