Showing papers in "Economics Letters in 2015"

TL;DR: In this article, economic and econometric modelling of Bitcoin prices is presented. And they show that Bitcoin exhibits speculative bubbles and find empirical evidence that the fundamental price of Bitcoin is zero.

TL;DR: In this article, the authors examined the link between economic policy uncertainty and stock price in both a time and frequency domain and found that the relationship is generally negative but changes over time exhibiting low to high frequency cycles.

TL;DR: The authors explored the link between the gender gap in stock market participation and financial literacy and found that women participate less than men in the stock market and score lower on financial literacy than men.

TL;DR: The Vuong test for non-nested models is being widely used as a test of zero-inflation as discussed by the authors, but such use is erroneous and it is shown that this stems from a misunderstanding of what is meant by the term "nonnested model".

TL;DR: In this paper, the impacts of competition structures on firms' incentives for adopting strategic environmental corporate social responsibility (ECSR) certified by a non-Governmental Organization are investigated, and it is shown that firms and consumers benefit from firms' certified ECSR.

TL;DR: The authors examined the effects of economic policy uncertainty shocks on stock-bond correlations for the US market and showed that innovations in the policy uncertainty index impact negatively and asymmetrically on the subsequent stock correlations.

TL;DR: In this paper, the authors consider treatment effect estimation via a difference-in-difference approach for spatial data with local spatial interaction such that the potential outcome of observed units depends on their own treatment as well as on the treatment status of proximate neighbors.

TL;DR: The authors analyzes the consequences of ignoring the multi-indexed structure with cross-sectional and panel-data gravity models of bilateral trade for inference, and shows that ignoring multi-way clustering in the data at hand leads to misleading inference regarding the relevance of preferential trade-agreement memberships of different kinds.

TL;DR: In this paper, the authors forecast economic policy uncertainty using input on 23 commodity price changes, and revealed the significant predictability of EPU using three forecast combinations, which indicated that commodity price change can be taken as a leading indicator of economic uncertainty.

TL;DR: In this paper, the authors compare the forecastability of standard, Bayesian and time-varying VAR models against univariate models, and show that the time varying VAR model outperforms all alternative models over the period 2007:1-2014:2.

TL;DR: In this article, a fractional frequency flexible Fourier form DF-type unit root test is proposed and the small sample properties of the proposed test are found to be better than that of the integer frequency counterpart.

TL;DR: In this paper, the authors examined the impact of both U.S. and non-U.S oil supply shocks on stock returns in light of the unprecedented expansion in U.,S. oil production since 2009.

TL;DR: In this paper, an alternative estimation procedure for estimating stochastic frontier models with endogenous regressors was proposed, which is based on copula function to directly model the correlation between the endogenous regression coefficients and the composed errors.

TL;DR: In this article, the authors extended the die rolling experiment of Fischbacher and Follmi-Heusi (2013) and found that women lie more in male groups and mixed groups than in female groups.

TL;DR: In this article, the authors re-examine the view that a ban on price discrimination in input markets is particularly desirable in the presence of buyer power and derive a necessary and sufficient condition such that a higher input price benefits a subset of relatively efficient downstream firms.

TL;DR: In this paper, the authors explore an alternative mortgage contract that limits negative equity by tying outstanding debt to an index of house prices, and find that switching from a non-recourse contract to an indexed contract reduces the default rate from 4.72% to 4.11% and expands homeownership rates among the young and the poor.

TL;DR: In this paper, the authors conducted a corruption experiment with private sector job aspirants and aspirants of Indian bureaucracy and found that the likelihood of being corrupt is the same across two sectors.

TL;DR: The authors investigated the de-and re-anchoring of US inflation expectations by introducing news-regressions with multiple endogenous breaks and found that expectations have not been reanchored ever since.

TL;DR: In this article, the authors used firm-level data to assess whether telecommunication services are general-purpose technologies (technologies that benefit a large segment of the economy and have long-lasting effect).

TL;DR: In this paper, the authors used a dataset of public contracts awarded in Italy between 2000 and 2007 and found that both price and time renegotiations are systematic, but nearly uncorrelated to each other.

TL;DR: In this paper, the authors link the two seemingly contradicting strands of the literature by a strong and robust empirical finding: While financial development is indeed positively linked to GDP p.c. growth in normal, non-crisis times, larger financial sectors lead to significantly worse economic outcomes in the case of a banking crisis.

TL;DR: This article found that differences in characteristics (such as age, family composition, labor market attributes, etc.) between beautiful and plain people contribute to the beauty premium identified using traditional regression models.

TL;DR: In this paper, a real donation dictatorship game with initial endowments allocated in one of two ways: all to the subjects or all to a charity was investigated, and it was found that the initial allocation is irrelevant; final donations to the charities are nearly identical.

TL;DR: This article examined the volatility spillovers between the foreign exchange rate markets of three of the USA's major trading partners and the US stock market, utilizing the forecast-error variance decomposition framework of a VAR model proposed by Diebold and Yilmaz (2009).

TL;DR: In this article, the authors show that uncertainty measures based on realized variables fluctuate more than the measures that are based on forecasts, and that the variance in the realized cross-sectional standard deviation of profit growth and stock returns is larger than the variation in the forecast standard deviation.

TL;DR: This paper examined two dimensions of framing in public goods games: Contributing vs. Taking and Gains vs. Losses, and found decreased cooperation under the Taking frame, but not under the Loss frame.

TL;DR: The authors investigate social norms for dictator game giving using a recently proposed norm-elicitation procedure (Krupka and Weber, 2013) and find that elicited norms are stable and insensitive to the role of the respondent.

TL;DR: This paper used a large household panel and highlighted the sensitivity of the relative income effect to the definition of the reference group and to the estimation strategy employed to find positive and negative effects of relative income.

TL;DR: This paper studied the relationship between bank competition and stability for 145 countries over the period 1997-2010 and found that bank competition is detrimental to bank stability and shortens the survival time of banking systems.