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Full-Text Articles in Social and Behavioral Sciences

Credit, Sectoral Misallocation And Productivity Growth: A Disaggregated Analysis, Carlos Urrutia, Felipe Meza, Sangeeta Pratap Sep 2019

Credit, Sectoral Misallocation And Productivity Growth: A Disaggregated Analysis, Carlos Urrutia, Felipe Meza, Sangeeta Pratap

Carlos Urrutia

We study the relation between credit conditions, misallocation of resources, and productivity growth in a multi-sector model with financial frictions. In our framework, working capital constraints and borrowing limits create wedges between the marginal product of inputs and their relative prices, which we can map into distortions to the capital to labor ratio and to the use of intermediate goods. The distribution of these distortions across sectors and their changes over time affect aggregate TFP. We construct a novel dataset for the Mexican manufacturing activity that merges real and financial data at the 4-digit sectoral level and use our model ...


Save More Later? The Effect Of The Option To Choose Delayed Savings Rate Increases On Retirement Wealth, John Beshears, Hengchen Dai, Katherine L. Milkman, Shlomo Benartzi Sep 2019

Save More Later? The Effect Of The Option To Choose Delayed Savings Rate Increases On Retirement Wealth, John Beshears, Hengchen Dai, Katherine L. Milkman, Shlomo Benartzi

Wharton Pension Research Council Working Papers

Prior research in economics and psychology has documented that individuals exhibit time-inconsistent preferences when faced with the opportunity to take an action that involves immediate costs in return for future benefits – the notion of implementing such an action now is unappealing, but the notion of implementing the same action later is attractive. Because increasing contributions to a retirement savings plan requires a reduction in current consumption (an immediate cost) in order to increase consumption in old age (a future benefit), individuals may be more likely to agree to a contribution rate increase if they have the option to have the ...


Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi Sep 2019

Political Connections And The Value Of Cash Holdings, Yuanto Kusnadi

Research Collection School Of Accountancy

This study examines how political connections influence the value of cash holdings in an international setting. The main finding reveals that political connections are not associated with the value of cash holdings in the overall sample. However, further analysis demonstrates that political connections are negatively associated with the value of cash holdings for firms inemerging markets and in countries with high levels of corruption. Moreover, the negative valuation of cash holdings is driven by firms that are connected through large shareholders. Overall, the findings provide new insights into the value relevance of cash holdings, especially for politically connected firms.


Industry Compliance Costs Under The Renewable Fuel Standard: Evidence From Compliance Credits, Arthur R. Wardle Aug 2019

Industry Compliance Costs Under The Renewable Fuel Standard: Evidence From Compliance Credits, Arthur R. Wardle

All Graduate Theses and Dissertations

The Renewable Fuel Standard requires US oil refineries to blend biofuels into domestic transportation fuels. To ensure that compliance costs under this mandate don’t disproportionately affect any subset of refiners, the regulation includes a compliance credit program, whereby refiners blending excess biofuels can sell their excess compliance to refiners that do not blend enough. The price of these credits can be interpreted as the marginal cost of compliance with the mandate. I measure how changes in the prices of these compliance credits affect the stock prices of oil refining firms. There are a number of ways one might expect ...


A Systematic Investigation Of The Effect Of Wildfire Events And Risks On Property Values, Qiuhua Ma Jul 2019

A Systematic Investigation Of The Effect Of Wildfire Events And Risks On Property Values, Qiuhua Ma

Economics ETDs

Wildfires frequency and severity have been increasing in the western United States over the past few decades. This rising threat is caused by the accumulated fuel load, climate change, and the rapid expansion of housing in the wildland-urban interface (WUI). Since most mitigation and suppression costs are borne by taxpayers, policy analysts seek both market (e.g., protection and suppression cost) and non-market cost estimates of wildfires. As one tool, the hedonic pricing method is commonly used to investigate wildfire effects on property values. There are a variety of hedonic studies investigating wildfire, with mixed and/or inconsistent results. Model ...


Economic Impact Of The Summit Bechtel Family National Scout Reserve On West Virginia, Christiadi, John Deskins Jul 2019

Economic Impact Of The Summit Bechtel Family National Scout Reserve On West Virginia, Christiadi, John Deskins

Bureau of Business & Economic Research

No abstract provided.


Institutional Investor Cliques And Governance, Alan D. Crane, Andrew Koch, Sébastien Michenaud Jun 2019

Institutional Investor Cliques And Governance, Alan D. Crane, Andrew Koch, Sébastien Michenaud

Sébastien Michenaud

We examine the impact of investor coordination on governance. We identify coordinating groups of investors ("cliques") as those connected through the network of institutional holdings. Clique members vote together on proxy items: a one-standard-deviation increase in clique ownership more than doubles votes against low quality management proposals. We use the 2003 mutual fund trading scandal to show that this effect is causal. These #12;findings suggest coordination strengthens governance via voice. Coordination, however, also weakens governance via threat of exit. Clique owners exit positions more slowly and #12;firm value responds negatively to liquidity shocks when clique ownership is high.


Factors Related To Depression Among Latina Immigrant Mothers, Dawn Browder, Kimberly A. Greder, Sedahlia Jasper Jun 2019

Factors Related To Depression Among Latina Immigrant Mothers, Dawn Browder, Kimberly A. Greder, Sedahlia Jasper

Kimberly A. Greder

Latinos account for 16.3 percent (50.5 million) of the total U.S. population, for more than half of the total growth of the U.S. population in the last decade (Humes, Jones, and Ramirez, 2011), and halting, and in some cases reversing, the gradual population decline in pockets of rural America (Kandel and Cromatie, 2004). However, as the Latino population has grown, so has the prevalence of poverty (21.5% in 2000; 26.6% in 2010) (DeNavas-Walt C, Proctor BD, and Smith, 2011) and food insecurity (21.8% in 2000; 26.2% in 2010) (Nord, Andrews and Carlson ...


Investing In Education: Impact Of Student Financial Stress On Self-Reported Health, Stephen Poplaski, Randy Kemnitz, Cliff A. Robb Jun 2019

Investing In Education: Impact Of Student Financial Stress On Self-Reported Health, Stephen Poplaski, Randy Kemnitz, Cliff A. Robb

Journal of Student Financial Aid

Through the lens of Human Capital theory, the role of financial aid (both amount and type) is explored in the context of student financial stress, and ultimately general student health. Data are taken from a sample of 232 students from a major Midwestern university who were surveyed about their financial attitudes, behavior and knowledge. The presence and amount of federal loans was associated with self-reported financial stress, and the validated stress measure was further associated with students’ self-reported health. A number of personal life events (i.e. job loss) were also associated with higher stress levels. Implications are discussed.


Hot Off The Presses: Podcasting For The Economics Classroom, Colleen Call, Kathleen Owings Swan, Mark J. Hofer Jun 2019

Hot Off The Presses: Podcasting For The Economics Classroom, Colleen Call, Kathleen Owings Swan, Mark J. Hofer

Mark Hofer

Despite the recent interest and production of quality podcasts freely available online, there are relatively few podcasts available for K-12 teachers of economics. We see this as a missed opportunity given the real-time and real-world nature of economics. We have created the Econocast (http://econocast.org) website to help spark teachers’ imaginations to leverage podcasting in the economics classroom and to help make the publication process easier. In this article, we offer a definition of podcasting, discuss how podcasting might support the economics curriculum, and present a case study of a teacher's development of an “iReport” economics podcast for ...


Do Cover Crops Pay? Net Returns To Corn/Soybean Farmers In Iowa, Alejandro Plastina Jun 2019

Do Cover Crops Pay? Net Returns To Corn/Soybean Farmers In Iowa, Alejandro Plastina

Alejandro Plastina

COVER CROPS, which are planted on approximately 700,000 of Iowa’s 30 million acres of farmland, have been found to have varying net returns based on several factors— cover c rop species, planting technique, termination method, tillage practices, following cash crop, and the farmer’s years of experience with cover crops.


Is Arc-Co Acting As A Safety Net Program? Evidence From Iowa, Alejandro Plastina, Chad Hart Jun 2019

Is Arc-Co Acting As A Safety Net Program? Evidence From Iowa, Alejandro Plastina, Chad Hart

Alejandro Plastina

THE AGRICULTURAL Act of 2014, referred to as the 2014 Farm Bill, is the legislative backbone of federal farm income support programs and agricultural disaster assistance programs. These programs, combined with federal crop insurance, are what is typically referred to as the farm safety net. As the debate has begun for the next version of the Farm Bill, policy discussions have centered on improving the effectiveness of the safety net. However, in previous Farm Bills, there had been a concerted effort to utilize decoupled agricultural support to ensure that US farm programs would meet World Trade Organization (WTO) standards. The ...


The U.S. Needs A National Vision For Housing Policy, Vincent Reina Jun 2019

The U.S. Needs A National Vision For Housing Policy, Vincent Reina

Penn Wharton Public Policy Initiative

Recent demographic changes—the sharp increase in single-person households, especially among single individuals over the age of 65, as well as racial disparities in homeownership and the increasing cost burden of home rentals—are underscoring the need for a new vision with respect to U.S. housing policy. This Issue Brief

lays out several policy prescriptions for improving housing affordability and fairness, both for renters and owners: modifying the federal Housing Choice Voucher program as well as local and state land-use regulations; investing in the maintenance of existing affordable housing stock; making good on HUD’s Affirmatively Furthering Fair Housing ...


Working Paper No. 04, Marx And Religion, Lauren Sweger-Hollingsworth Jun 2019

Working Paper No. 04, Marx And Religion, Lauren Sweger-Hollingsworth

Working Papers in Economics

This inquiry seeks to establish that, in his writings, Karl Marx offers his perspectives on religion. The origins of Marx’s conception of religion can be traced to his family history, adolescence, and time at the University of Berlin. Marx’s criticism of contemporary philosophy offers a penetrating account of his views on religion, proving critical of the individualism and idealism implemented by his contemporaries. In Marx’s judgement, religion offers a false sense of solace in a world marked by abuse. Religion rationalizes domination, sows societal divisions, and preserves oppressive institutions. Marx’s materialist approach focuses on the real-life ...


Working Paper No. 05, Proudhon, Bakunin And Anarcho-Socialism, Lauren Sweger-Hollingsworth Jun 2019

Working Paper No. 05, Proudhon, Bakunin And Anarcho-Socialism, Lauren Sweger-Hollingsworth

Working Papers in Economics

This inquiry seeks to establish that Pierre-Joseph Proudhon and Mikhail Bakunin advanced ideas supporting what can be identified as anarcho-socialism, and the distinctness in their approaches can also be associated with splits that emerged with the First International Workingmen’s Association. For Proudhon, the institution of property entrenches inequality. In Proudhon’s judgement, society must orient towards advancing independence, proportionality, equality, and individual autonomy without limitations from legal structures. In Bakunin’s anarcho-socialist view, society must reject all forms of authority. In Bakunin’s conception of society, economic and political structures must be constructed from base to summit, founded upon ...


Local Environmental Quality And Inter-Jurisdictional Spillovers, John W. Hatfield, Katrina Kosec Jun 2019

Local Environmental Quality And Inter-Jurisdictional Spillovers, John W. Hatfield, Katrina Kosec

Katrina Kosec

We investigate the classic question of how the provision of a local publicly-provided good--air quality--varies with the degree of decentralization of policymaking. Exploiting exogenous variation in the natural topography of the United States to instrument for the number of local government jurisdictions in a metropolitan area, we show that areas with more jurisdictions have significantly lower air quality, and significantly higher concentrations of the toxic air pollutants most closely associated with cancer and non-cancer health risks. Moreover, we estimate that this increase in pollution lowers housing values by at least 3%. By contrast, local drinking water quality--a publicly-provided good not ...


A Statistical Analysis Of Ceo Compensation For 2015-16, Ridwaan Ismail Jun 2019

A Statistical Analysis Of Ceo Compensation For 2015-16, Ridwaan Ismail

Inter-Text: An Undergraduate Journal for Social Sciences and Humanities

No abstract provided.


Twin Cities Area Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Twin Cities Area Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Twin Cities Minnesota Economic and Business Conditions Report

A slowing of economic growth is expected in the Twin Cities planning area according to the predictions of the Twin Cities Index of Leading Economic Indicators (LEI). The Twin Cities LEI decreased 7.97 points in the fourth quarter of 2018 as all five index components registered negative values. A decrease in the Minnesota Business Conditions Index (a general measure of statewide business conditions), higher initial jobless claims in the region, and a decline in the Federal Reserve Bank of Philadelphia Minnesota Leading Economic Indicators Index series helped drive the Twin Cities LEI lower. Fewer residential building permits in the ...


Southwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard A. Macdonald Jun 2019

Southwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard A. Macdonald

Southwest Minnesota Economic and Business Conditions Report

The St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) continued to bounce around as the third quarter LEI registered a 10.73 point gain after recording a negative value in the second quarter of the year. This quarter’s positive reading is largely attributed to lower initial jobless claims in the region. Also favorably impacting the leading index were higher new filings of incorporation and LLC in the Southwest Minnesota planning area as well as an increase in the number of residential building permits in the Mankato/North Mankato metropolitan statistical area. A decline in the ...


Northeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Northeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Northeast Minnesota Economic and Business Conditions Report

A considerable slowing of economic growth in Northeast Minnesota is expected over the next several months according to the predictions of the Northeast Minnesota Index of Leading Economic Indicators (LEI). All five components of the LEI decreased as the overall index plummeted by 15.28 points in the fourth quarter. A smaller number of Duluth metropolitan area residential building permits, a decline in a general measure of statewide business conditions, a weaker purchasing managers’ manufacturing index, and rising regional initial jobless claims all weighed on this quarter’s leading index. The Northeast Minnesota LEI is now 10.3 percent lower ...


Northeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Northeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Northeast Minnesota Economic and Business Conditions Report

Stronger economic growth in Northeast Minnesota is expected over the next several months according to the predictions of the Northeast Minnesota Index of Leading Economic Indicators (LEI). Three of the five components of the LEI increased as the overall index rose by 6.12 points in the third quarter. A higher number of Duluth metropolitan area residential building permits favorably impacted the leading index as did increased new filings of incorporation and lower initial jobless claims in the region. A decline in a general measure of statewide business conditions and a weaker purchasing managers’ manufacturing index weighed on this quarter ...


Northwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Northwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Northwest Minnesota Economic and Business Conditions Report

Slower economic growth is expected in the Northwest Minnesota planning area over the next several months according to the predictions of the St. Cloud State University Northwest Minnesota Index of Leading Economic Indicators (LEI). Only one of the five index components increased in the most recent quarter as the LEI fell by 3.65 points. The decline in the leading index was largely caused by a reduction in the number of residential building permits in Fargo/Moorhead and Grand Forks/East Grand Forks. Higher regional initial jobless claims and weakening in a national consumer sentiment index also weighed on the ...


Northwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Northwest Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Northwest Minnesota Economic and Business Conditions Report

Continued steady economic growth is expected in the Northwest Minnesota planning area over the next several months according to the predictions of the St. Cloud State University Northwest Minnesota Index of Leading Economic Indicators (LEI). Three of five index components increased in the most recent quarter as the LEI fell by a modest 0.97 points. The decline in the leading index was largely caused by a fall in the Rural Mainstreet Index (which signals a less robust macroeconomic environment for rural America). A small decline in the number of residential building permits in Fargo/Moorhead and Grand Forks/East ...


Southwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard A. Macdonald Jun 2019

Southwest Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard A. Macdonald

Southwest Minnesota Economic and Business Conditions Report

The St. Cloud State University Southwest Minnesota Index of Leading Economic Indicators (LEI) continued to bounce around as the fourth quarter LEI registered an 8.26 point loss after recording a strong positive value in the third quarter of the year. This quarter’s negative reading is largely attributed to higher initial jobless claims in the region as well as weaker new filings of incorporation and LLC in the Southwest Minnesota planning area. An increase in the number of residential building permits in the Mankato/North Mankato metropolitan statistical area and an improvement in the Rural Mainstreet Index, a statistic ...


Southeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Southeast Minnesota Economic And Business Conditions Report Third Quarter 2018, King Banaian, Richard Macdonald

Southeast Minnesota Economic and Business Conditions Report

Solid economic growth over the next several months is expected in the Southeast Minnesota planning area according to the prediction of the Southeast Minnesota Index of Leading Economic Indicators (LEI). The leading index rose by 3.33 points in the third quarter as four index components recorded positive values. An increase in the number of Rochester area residential building permits and fewer initial jobless claims helped drive the LEI higher in the third quarter. In addition, an improvement in consumer sentiment and an increase in new filings of incorporation and LLC also made a favorable impact on the leading index ...


Southeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald Jun 2019

Southeast Minnesota Economic And Business Conditions Report Fourth Quarter 2018, King Banaian, Richard Macdonald

Southeast Minnesota Economic and Business Conditions Report

A slowing of economic growth over the next several months is expected in the Southeast Minnesota planning area according to the prediction of the Southeast Minnesota Index of Leading Economic Indicators (LEI). The leading index fell by 9.81 points in the fourth quarter as all five index components recorded negative values. A decrease in the number of Rochester area residential building permits, a weakening in consumer sentiment, lower new filings of incorporation and LLC, and a decline in the Minnesota Business Conditions Index all helped drive the LEI lower in the fourth quarter. The LEI is now essentially unchanged ...


Household Portfolio Underdiversification And Probability Weighting: Evidence From The Field, Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, Kim Peijnenburg Jun 2019

Household Portfolio Underdiversification And Probability Weighting: Evidence From The Field, Stephen G. Dimmock, Roy Kouwenberg, Olivia S. Mitchell, Kim Peijnenburg

Wharton Pension Research Council Working Papers

We test the relation between probability weighting and household portfolio choice in a representative household survey, using custom-designed incentivized lotteries. On average, people display Inverse-S shaped probability weighting, overweighting low probability tail events. As theory predicts, our Inverse-S measure is positively associated with portfolio underdiversification, which results in significant Sharpe ratio losses. We analyze respondents' individual stock holdings and find that people with higher Inverse-S tend to pick lottery-type stocks and hold positively skewed equity portfolios. Furthermore, Inverse-S is positively associated with stock market non-participation. This paper is the first to link individuals' elicited probability weighting and real-world choices under ...


Principles Of Political Economy (Kindle Version.Mobi), Daniel E. Saros Jun 2019

Principles Of Political Economy (Kindle Version.Mobi), Daniel E. Saros

Daniel E. Saros

The MOBI file available here is ideal for viewing the textbook on the Kindle. This textbook offers a pluralistic approach to microeconomic theory, macroeconomic theory, and international economic theory. It adopts a critical approach to neoclassical economics and incorporates heterodox alternatives to mainstream economics throughout the book.


Principles Of Political Economy (Print Version.Pdf), Daniel E. Saros Jun 2019

Principles Of Political Economy (Print Version.Pdf), Daniel E. Saros

Daniel E. Saros

The PDF file available here is ideal for creating a print version of the textbook. This textbook offers a pluralistic approach to microeconomic theory, macroeconomic theory, and international economic theory. It adopts a critical approach to neoclassical economics and incorporates heterodox alternatives to mainstream economics throughout the book.


Principles Of Political Economy (Nook Version.Epub), Daniel E. Saros Jun 2019

Principles Of Political Economy (Nook Version.Epub), Daniel E. Saros

Daniel E. Saros

The EPUB file available here is ideal for viewing the textbook on The Nook. This textbook offers a pluralistic approach to microeconomic theory, macroeconomic theory, and international economic theory. It adopts a critical approach to neoclassical economics and incorporates heterodox alternatives to mainstream economics throughout the book.