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Carbon information, pricing, and bans. Evidence from a field experiment
No full textHow to reduce greenhouse gas emissions due to individual consumption patterns? Our findings from a large-scale field experiment at a university canteen suggest that providing information on dishes' carbon footprint alone has no significant impact on users' habits. Instead, consumers voluntarily shift toward low-carbon footprint dishes only when carbon footprint information is coupled with a pricing system where dish prices and the carbon footprint of the dishes are positively correlated. Our work also suggests that a simple and effective way to reduce the carbon footprint of consumption is to regulate the supply by replacing high-carbon dishes with equally nourishing low-carbon dishes
Displaced by Big Data: Evidence from Active Fund Managers
No full textBig data allows active asset managers to find new trading signals but doing so requires new skills. Thus, it can reduce the ability of asset managers lacking these skills to produce superior returns. Consistent with this possibility, we find that the release of satellite imagery data tracking firms’ parking lots reduces active mutual funds’ stock picking abilities in stocks covered by this data. This decline is stronger for funds that are more likely to rely on traditional sources of expertise (e.g., specialized industry knowledge) to generate their signals, leading them to divest from covered stocks. These results suggest that big data has the potential to displace high-skill workers in finance
Household Finance at the Origin: Home Ownership as a Cultural Heritage from Agriculture
No full textI show that home ownership decisions across countries and individuals are shaped by a cultural heritage from agriculture. For centuries, dominant assets in pre-industrial economies were either land or cattle. Consequently, the type of farming prevailing locally shaped preferences and believes about the relative value of immovable and movable assets. This cultural heritage had long-lasting consequences. Today, individuals originating from societies with a history of crop agriculture - where the dominant asset was land - are more likely to be homeowners. For identification, I rely both on home ownership decisions of second-generation immigrants in the US and on instrumental variables
From the Saving Glut to Financial Instability: Evidence from the Silicon Valley Bank Failure
No full textI show that the saving glut spurs banking instability. In the US, banks locally exposed to its root causes -- higher savings by intangible-intensive firms and the rise in household wealth inequality -- massively increased deposits since 2000, leading to an unprecedented deposit-to-GDP ratio and to a surge in uninsured deposits. To causally identify an impact of this ``deposit glut'' on financial instability, I use the unexpected failure of Silicon Valley Bank in March 2023 as a quasi-natural experiment: other US banks with high local exposure to either intangible-intensive firms or wealth inequality experienced significantly larger drops in market valuation
Financial Sanctions Warfare
No full textThe claims advanced in this paper pertain to the operational, legal, and institutional idiosyncracies of financial sanctions, making this sanction type both an empirically increasingly relevant and normatively perennially unconstrained foreign policy tool. First, the pivotal role of financial intermediaries transforms sanctions in various dimensions: From sanctions on trade in goods to sanctions on transfers of capital; from state-centric to market-centric enforcement; from egalitarian and reciprocal sanction practice to hierarchical and hegemonic exercise of currency power; from multilateralism to unilateralism. Second, the coercive potential of financial sanctions contrasts with the absence of an adequate legal framework. On the level of international economic law, a ‘blind spot’ leaves the most common types of financial sanctions effectively unregulated. Third, financial sanctions employ the superiority of the monetary sovereignty nexus over territorial sovereignty to the extent that sanctions leverage financial dominance. In contrast to scholarship emphasizing the vanishing grip of the state on private money forms, over-compliance of financial actors with sanctions indicates the resilience of the Westphalian state order
The Role of Culture in Family Business
No full textWhile family firms are ubiquitous, their prevalence displays wide spatial differences. Also, their performance ability varies significantly across contexts. A large literature in economics and finance has shown that institutional factors play a key role in explaining variations in the diffusion of family firms and their performance attainment. In this article, I review a young, fast-growing stream of research which focuses on culture as a source of these variations. By discussing existing theories, methods and findings, this article illustrates how focusing on cultural elements such as trust, religion, family values and collectivism provides a useful lens to answer the important questions of why family firms exist and how well they perform
Equilibrium Data Mining and Data Abundance
No full textInternational audienceWe study, using a noisy rational expectations framework, how the availability of new data to forecast asset payoffs ("data abundance") affect the capital allocated to quantitative asset managers ("data miners") relative to other active asset managers, the mean and the cross-sectional dispersion of their performance, and price informativeness. Data miners search for predictors of asset payoffs and trade when they find one with a sufficiently high precision. Data abundance raises the precision of the best predictors. Yet, it eventually induces data miners to lower the bar for their signal precision. Then, their performance becomes more dispersed, and they receive less capital. Overall, data abundance is both a catalyst and an impediment to the rise of quant funds
Non-local magnon transconductance in extended magnetic insulating films.\\ Part I: spin diode effect
No full textThis review provides a comprehensive study of the nonlinear transport properties of magnons, which are electrically emitted or absorbed inside extended YIG films by spin transfer effects via a YIGPt interface. Our purpose is to experimentally elucidate the pertinent picture behind the asymmetric electrical variation of the magnon transconductance analogous to an electric diode. The feature is rooted in the variation of the density of low-lying spin excitations via an electrical shift of the magnon chemical potential. As the intensity of the spin transfer increases in the forward direction (regime of magnon emission), the transport properties of low-energy magnon go through 3 distinct regimes: \textit{i)} at low currents, where the spin current is a linear function of the electrical current, the spin transport is ballistic and set by the film thickness; \textit{ii)} for amplitudes of the order of the damping compensation threshold, it switches to a highly correlated regime limited by magnon-magnon relaxation process and marked by a saturation of the magnon transconductance. Here the main bias, that controls the magnon density, are thermal fluctuations beneath the emitter. \textit{iii)} As the temperature under the emitter approaches the Curie temperature, scattering with high-energy magnons dominates, leading to diffusive transport. We note that such sequence of transport regimes bears analogy with electron hydrodynamic transport in ultra-pure media predicted by Radii Gurzhi. This study restricted to low energy part of the magnon manifold complements part II of this review\cite{kohno_2F}, which concentrates instead on the whole spectrum of propagating magnons
Being up Front about Income Inequality
No full textThis paper studies universal provision of information about the income inequalityinvolved in the creation of a good as a potential means of moderating society-levelincome inequality. We show that supplying inequality information to consumers incompetitive markets leads to a reduction in overall income inequality, as long as aportion of the population are extreme-inequality averse: they are willing to pay morefor goods whose production involves less extreme income inequality. Calibrating themodel with recent experimental evidence on these consumer attitudes suggests thatthe reduction may be significant. Moreover, we show that the equilibrium underinformation provision is socially efficient, whereas efficiency is lost in the absence ofinformation. Possibilities for implementation are also discussed
Structural Equation Modeling with Latent/Emergent Variables: RGCCAc
No full textInternational audienceWe present how to use Regularized Generalized Canonical Correlation Analysis (RGCCA) in structural equation modeling with latent and/or emergent variables. This new approach, named consistent RGCCAc (RGCCAc), produces consistent and asymptotically normal estimators of the parameters. RGCCAc relies on a well-grounded optimization problem and the global convergence of the algorithm used to solve this problem is guaranteed. RGCCAc contains composite models as special case, keeps the robustness and simplicity of PLSc and cSEM and corrects their shortcomings. RGCCAc, cSEM and Maximum Likelhood (ML) based-approach are evaluated in a Monte Carlo simulation and on a case study and produce similar results