Home appraisal came under scrutiny for contributing to the home‐price bubble and enabling the origination of risky mortgages that led to the post‐2006 foreclosure crisis. Subsequent regulations tried to minimize or eliminate conflicts of interest and improve valuations. Nonetheless, our study of appraisals completed in 2015 and 2016 find that appraisal bias still occurred. Our analysis delves into

Relay innovation is an active process; it starts with innovation capability identification and ends with innovation capability inheritance. A knowledge lattice helps knowledge workers to better connect with the knowledge they require in relay innovation. Considering gazelle enterprises as research objects, this study constructs an analytical framework of the functional mechanism of the knowledge lattice

Annual budgets are key to constituting and governing imagined futures. This paper examines how the signifier ‘future’ is constructed within the Irish budget speeches delivered by finance ministers to parliament between 1970 and 2015. To investigate the discourses of these budget speeches, we employ post-structural discourse theory operationalised through two methods: close reading and corpus-linguistic

Unexpectedly severe winter weather, which is arguably exogenous to firm and bank fundamentals, represents a significant cash flow shock for bank‐borrowing firms. Firms respond to these shocks by drawing on and increasing the size of their credit lines. Banks charge borrowers for this liquidity via increased interest rates and less borrower‐friendly loan provisions. Credit line adjustments occur within

ABSTRACT

Many governments intervene in private health insurance markets to incentivise demand, balance efficiency and equity, and counter adverse selection. In the context of rising health‐care costs, this is a complex task, and understanding the relative effectiveness of interventions can help governments design an optimal policy mix. We evaluate the impact of means‐testing a premium rebate and increasing

The paper studies bilateral trade where the seller can undertake specific investments before the binary trade transaction takes place. I identify a novel reason for hold up and contractual inefficiency in this canonical setting. The investing party may shirk for strategic reasons, namely, exert an effort so low that trade becomes inefficient and is being rescinded. Under a fixed‐price contract (the

A society is fairer when the family income that individuals are born into, over which they have no control, plays a smaller role in determining future prospects. We examine the nature of dynamic fairness based on the distribution of prospects using a generalized concentration curve. We find dynamic fairness is jointly determined by inequality and exchange mobility, with inequality reducing fairness

We extend the econometric literature on the role of production networks in the propagation of monetary policy shocks along two dimensions. First, we allow for time‐varying industry‐specific responses, reflecting non‐linearities and heterogeneity in direct transmission channels. Second, we allow for time‐varying network structures and dependence. This captures both variation in the structure of the

We examine how immigrants' health insurance in the United States is shaped by institutional traits of the health care systems in their origin societies. Conditional on a wide range of individual, country‐of‐origin, state‐level, and temporal controls, we find the affordability of health care back home helps explain immigrants' US health coverage. Specifically, low‐ and middle‐income migrants from countries

The paper studies bilateral trade where the seller can undertake specific investments before the binary trade transaction takes place. I identify a novel reason for hold up and contractual inefficiency in this canonical setting. The investing party may shirk for strategic reasons, namely, exert an effort so low that trade becomes inefficient and is being rescinded. Under a fixed‐price contract (the

A society is fairer when the family income that individuals are born into, over which they have no control, plays a smaller role in determining future prospects. We examine the nature of dynamic fairness based on the distribution of prospects using a generalized concentration curve. We find dynamic fairness is jointly determined by inequality and exchange mobility, with inequality reducing fairness

We extend the econometric literature on the role of production networks in the propagation of monetary policy shocks along two dimensions. First, we allow for time‐varying industry‐specific responses, reflecting non‐linearities and heterogeneity in direct transmission channels. Second, we allow for time‐varying network structures and dependence. This captures both variation in the structure of the

The Society for Financial Society (SFS) is a global, nonprofit academic society in finance. It owns and runs three academic journals: (1) the Review of Asset Pricing Studies, (2) the Review of Corporate Finance Studies, and (3) the Review of Financial Studies. It also organizes two annual academic conferences: (1) the SFS Cavalcade Asia-Pacific and (2) the SFS Cavalcade North America. It also runs

The classical credibility theory is a cornerstone of experience rating, especially in the field of property and casualty insurance. An obstacle to putting the credibility theory into practice is the conversion of available prior information into a precise choice of crucial hyperparameters. In most real-world applications, the information necessary to justify a precise choice is lacking, so we propose

The global COVID-19 pandemic has caused a transformation of virtually all aspects of the world order today. Due to the introduction of the world quarantine, a considerable share of professional communications has been transformed into a format of distance interaction. As a result, the specific weight of traditional components of the investment attractiveness of a region is steadily going down, because

Most studies on the determinants of poverty do not consider that the relative importance of each of these determinants can vary depending on the degree of poverty suffered by each group of poor people. For Mexico’s case, the studies carried out so far do not contemplate this approach, even though there is wide variation in the degree of poverty among the different groups of the poor. Investigating

The Society for Financial Society (SFS) is a global, nonprofit academic society in finance. It owns and runs three academic journals: (1) the Review of Asset Pricing Studies, (2) the Review of Corporate Finance Studies, and (3) the Review of Financial Studies. It also organizes two annual academic conferences: (1) the SFS Cavalcade Asia-Pacific and (2) the SFS Cavalcade North America. It also runs

Abstract This paper studies research interests, paradigmatic orientation and political involvement among roughly 700 full professors of economics at universities located in German-speaking countries. We collect biographical and institutional information on these professorships to derive indicators for research orientation, paradigmatic stance and political involvement. The main contribution of this

In this article, we examined the role political-institution strength plays in the relationship between economic freedom and human development, using the 15 ECOWAS countries and two sub-samples (Francophone and Anglophone countries) within the region. We used the Pooled Mean Group ARDL estimations to examine the long and short-term dynamic relationships. Before conducting the Pooled Mean Group estimations

Quadruple and Quintuple Helix innovation systems are based on democracy and ecology. Two propositions are here key: (1) without a democracy or knowledge democracy, the further advancement of knowledge and innovation are seriously constrained, so in that sense, knowledge and innovation evolution depend on democracy and knowledge democracy; (2) ecology and environmental protection represent a necessity

This study aims to investigate the effects of health expenditure on economic growth in Turkey. For this purpose, time series data of Turkey over the period 1975–2018 were evaluated. Moreover, household consumption, life expectancy at birth, trade, and foreign direct investments were added as control variables. Cointegration analysis was performed to test whether all variables are cointegrated in the

Magnetic resonance imaging (MRI) is a popular yet cost-intensive diagnostic measure whose strengths compared to other medical imaging technologies have led to increased application. But the benefits of aggressive testing are doubtful. The comparatively high MRI usage in Austria in combination with substantial regional variation has hence become a concern for its policy makers. We use a set of routine

This paper analyzes a dynamic endogenous growth model to quantify the channels through which international trade affects longer-term growth of an emerging economy, with an emphasis on the role played by trade policies. In the model, trade can promote (i) labor migration from agricultural to non-agricultural sectors and (ii) the inflow of foreign knowledge to enhance productivity in non-agricultural

Many governments are aiming to extend working lives by raising the age at which people can claim retirement pensions. This makes it vital to understand how these policies affect retirement decisions. In this paper, I revisit the labor supply effects of a major Australian reform that increased women’s pension age from 60 to 65. Atalay and Barrett (2015) studied these effects using repeated household

Many of the direct and indirect effects of the COVID-19 pandemic are mediated mainly through the economics of the household. The Review of Economics of the Household has published 17 papers on interactions between COVID-19, ensuing policy responses, and the economics of the household. Five were published in the December 2020 issue, six in the March issue, and six in this June 2021 issue. Here I give

In the aftermath of the Global and Financial Crisis, between 2013 and 2015, the Portuguese government revoked four holidays for both public sector and private employees. We test whether the revocation had an effect on labour productivity in state-owned enterprises (SOEs) in Portugal. Moreover, we also study whether such effects are different taking into account the SOEs managed by the Central Government

In this paper we study how the ongoing transition to newer technologies, what we refer to as dynamic structural change, in a doubly-differentiated R&D-based economy can generate both higher economic growth and a slowdown of climate change, thus, creating a win-win situation known as double dividend. We first consider the unregulated decentralised economy and show that ongoing structural change can

We study capital management and investment decisions of a value-maximizing insurance firm with a broad ownership base in a discrete-time setting. We highlight that the valuation measure used to determine the value of the cash flows to shareholders should reflect two economically sound requirements: market-consistency and indifference to idiosyncratic risk. We provide a rigorous construction of this

This paper investigates mortality inequality across U.S. states by modeling and forecasting mortality rates via a forecast reconciliation approach. Understanding the heterogeneity in state-level mortality experience is of fundamental importance, as it can assist decision making for policymakers, health authorities, as well as local communities who are seeking to reduce inequalities and disparities

Understanding the systematic relationship between period and cohort life expectancy and how the relationship evolves over time are critical issues in formulating the design of retirement income products, evaluating the actuarial balance of pension schemes, and more generally for all analyses where demographic projections are involved. In this study, estimates of the life expectancy gap at all ages

In contrast to the traditional approach that uses total mortality rates, we want to gain additional insight into the past development of mortality by concentrating on a more detailed breakdown of mortality data, namely by causes of death. We work with the data from five developed countries (USA, Japan, France, England and Wales, and Australia), two sexes, and split the mortality rates into five main

We use a stochastic age-period-cohort mortality model to analyse US data for years 1989-2015 and ages, separated by gender, educational attainment, and cause of death. The paper focuses, in particular, on the fitted cohort effect for each sub-population and cause of death with two key findings. First, causes of death with a strong or distinctively-shaped cohort effect are also causes of death with