Showing papers on "Spillover effect published in 2017"
TL;DR: A synthetic framework for animal-to-human transmission that integrates the relevant mechanisms reveals that all zoonotic pathogens must overcome a hierarchical series of barriers to cause spillover infections in humans.
Abstract: Zoonotic spillover, which is the transmission of a pathogen from a vertebrate animal to a human, presents a global public health burden but is a poorly understood phenomenon. Zoonotic spillover requires several factors to align, including the ecological, epidemiological and behavioural determinants of pathogen exposure, and the within-human factors that affect susceptibility to infection. In this Opinion article, we propose a synthetic framework for animal-to-human transmission that integrates the relevant mechanisms. This framework reveals that all zoonotic pathogens must overcome a hierarchical series of barriers to cause spillover infections in humans. Understanding how these barriers are functionally and quantitatively linked, and how they interact in space and time, will substantially improve our ability to predict or prevent spillover events. This work provides a foundation for transdisciplinary investigation of spillover and synthetic theory on zoonotic transmission.
613 citations
TL;DR: In this article, the authors examined spillover effects among six commodity futures markets by employing the multivariate DECO-GARCH model and the spillover index and found that the spillovers increased sharply during economic and financial turmoil, diminishing the benefits of international portfolio diversification for investors.
360 citations
TL;DR: In this paper, the authors improved on the strategy used in the literature to identify the spillover effect of horizontal foreign direct investment (FDI) by taking advantage of the plausibly exogenous relaxation of FDI regulations on China's World Trade Organization accession at the end of 2001.
281 citations
TL;DR: In this paper, the authors ask if and how non-target pro-environmental behaviors are affected by environmental education and interventions to promote one proenvironmental behavior, and the spillover effect is discussed.
Abstract: When implementing environmental education and interventions to promote one pro-environmental behavior, it is seldom asked if and how non-target pro-environmental behaviors are affected. The spillov...
167 citations
TL;DR: In this paper, the authors proposed an extreme risk spillover network for analysing the intimate value at risk (VaR) and the Granger causality risk test (GRLT) to quantify the risk of spillovers.
Abstract: Using the CAViaR tool to estimate the value-at-risk (VaR) and the Granger causality risk test to quantify extreme risk spillovers, we propose an extreme risk spillover network for analysing the int...
163 citations
TL;DR: In this paper, the authors examined the directional spillover between crude oil prices and stock prices of technology and clean energy companies using the daily data over the period from May 2005 to April 2015.
150 citations
TL;DR: In this article, a multivariate ARMA-GARCH model and wavelet multiresolution analysis was used to study the spillover effects of volatility and shocks between oil prices and the BRICS stock markets using multivariate approach and Wavelet analysis at different time horizons.
145 citations
TL;DR: In this paper, the authors measured the localized spillover effects of 110 industrial parks built in eight major cities on firm productivity, wages, and local manufacturing employment growth and found that the geographic spillover effect of parks is an increasing function of the park's overall human capital level, the FDI share, and its "synergy" with nearby incumbent firms.
145 citations
TL;DR: The Boston Fire of 1872 created an opportunity for widespread simultaneous reconstruction, initiating a virtuous circle in which building upgrades encouraged further upgrades of nearby buildings as mentioned in this paper, and land values increased substantially among burned plots and nearby unburned plots, capitalizing economic gains comparable to the prior value of burned buildings.
Abstract: Urban growth requires the replacement of outdated buildings, yet growth may be restricted when landowners do not internalize positive spillover effects from their own reconstruction. The Boston Fire of 1872 created an opportunity for widespread simultaneous reconstruction, initiating a virtuous circle in which building upgrades encouraged further upgrades of nearby buildings. Land values increased substantially among burned plots and nearby unburned plots, capitalizing economic gains comparable to the prior value of burned buildings. Boston had grown rapidly prior to the Fire, but negative spillovers from outdated durable buildings had substantially constrained its growth by dampening reconstruction incentives.
144 citations
TL;DR: In this paper, a comprehensive analysis of factors governing regional differences in residential PV adoption rates across Germany is presented, focusing on economic factors, socio-demographic and attitudinal adopter characteristics, and settlement structure.
Abstract: The growing share of small-scale residential installations in the German PV market has attracted interest in the determinants of household adoption dynamics. While models of technology diffusion are well established in literature, the spatial patterns of household adoption remain understudied. The present paper contributes to this emerging stream of literature by providing a comprehensive analysis of factors governing regional differences in residential PV adoption rates across Germany. The analysis focuses on economic factors, socio-demographic and attitudinal adopter characteristics, and settlement structure. A key characteristic of this paper is its measurement of regional spillover effects between neighboring counties, which might contribute to the geographic clustering of PV systems. The empirical analysis is based on aggregate panel data for 807,969 residential photovoltaic systems across 402 German counties for the time period 2000–2013. The analysis is performed by estimating a diffusion equation using a spatial autoregressive and a spatial error panel model. Results indicate that differences in economic incentives influence the spatial and temporal patterns of PV adoption. Further, socioeconomic status is found to have an impact on PV adoption, but the effect of environmental attitude and settlement structure is ambiguous. Significant spatial spillover effects are found between neighboring counties. These findings imply that there is potential for new policies and business models to increase the geographic and social diversification of PV adoption patterns.
139 citations
TL;DR: In this article, the authors identify networks of volatility spillovers and examine time-varying spillover intensities with daily implied volatilities of U.S. Treasury bonds, global stock indices, and commodities.
Abstract: We identify networks of volatility spillovers and examine time-varying spillover intensities with daily implied volatilities of U.S. Treasury bonds, global stock indices, and commodities. The U.S. ...
TL;DR: The literature is split between studies that provide evidence for positive spillover effects (where an intervention targeting an environmentally-conscious behaviour leads to an increase in another functionally related behaviour) and negative spillover effect (where a policy that encourages environmentally-aware behavior leads to a decrease of another functionally-related behaviour) as discussed by the authors.
Abstract: Urgent and radical transition to lower-carbon forms of society is imperative to limit current and future climate change impacts. Behavioural spillover theory offers a way to catalyse broad lifestyle change from one behaviour to another in ways that generate greater impacts than piecemeal interventions. Despite growing policy and research attention, the evidence for behavioural spillover and the processes driving the phenomenon are unclear. The literature is split between studies that provide evidence for positive spillover effects (where an intervention targeting an environmentally-conscious behaviour leads to an increase in another functionally related behaviour) and negative spillover effects (where an intervention targeting an environmentally-conscious behaviour leads to a decrease in another functionally-related behaviour). In summarising findings, particular attention is given to the implications for climate-relevant behaviours. While few examples of climate-relevant behavioural spillover exist, studies do report positive and negative spillovers to other actions, as well as spillovers from behaviour to support for climate change policy. There is also some evidence that easier behaviours can lead to more committed actions. The potential contribution of social practice theory to understanding spillover is discussed, identifying three novel pathways to behavioural spillover: via carriers of practices, materiality, and through relationships between practices within wider systems of practice. In considering future research directions, the relatively neglected role of social norms is discussed as a means to generate the momentum required for substantial lifestyle change, and as a way of circumventing obstructive and intransigent climate change beliefs.
TL;DR: The time varying price spillovers between natural gas and crude oil markets for the period 1994 to 2014 are investigated in this article, showing that in a large part of the sample the natural gas price leads the price of crude oil with price spillover effects lasting up to two weeks.
TL;DR: In this article, the authors examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts' reports, and they find that change in the number of analysts covering an industry impact analyst competition and have significant spillover effects on other analysts' forecast accuracy, bias, report informativeness, and effort.
Abstract: We examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst competition and have significant spillover effects on other analysts’ forecast accuracy, bias, report informativeness, and effort. These spillover industry effects are incremental to the effects of firm level changes in analyst coverage. Overall, a more significant sell-side analyst industry presence has positive externalities that can result in better functioning capital markets.
This article is protected by copyright. All rights reserved
TL;DR: In this paper, a meta-analysis of the impact of publication bias on productivity spillovers from foreign direct investment (FDI) in 31 developing countries through a larger more comprehensive data set is presented.
Abstract: This meta-analysis reviews the intrasector heterogeneity of productivity spillovers from foreign direct investment (FDI) in 31 developing countries through a larger more comprehensive data set. We investigate how the inconsistencies in the reported spillover findings are affected by publication bias, characteristics of the data, estimation techniques, and empirical specification, analyzing 1450 spillover estimates from 69 empirical studies published in 1986–2013.
Our findings suggest that reported FDI spillover estimates are affected by publication bias. In combination with model misspecification of the primary studies, the bias overstates the genuine underlying meta-effect, but the meta-effect remains economically and statistically significant.
Our results emphasize that spillovers and their sign largely depend systematically on specification characteristics of the primary studies and publication bias. Publication bias is not caused by “best practice” choices.
Future research needs to cover more developing countries and to investigate not only whether spillovers occur, but also to explore inside the black box of how spillovers actually emerge.
TL;DR: In this paper, an alternative input-output based spatial structural decomposition analysis is proposed to elucidate the importance of domestic regional heterogeneity and inter-regional spillover effects in determining China's regional CO 2 emissions growth.
TL;DR: In this article, the authors investigated the evolution of mean and volatility spillovers between oil and stock markets in the time and frequency dimensions, and employed WTI crude oil prices, the S&P 500 (USA) index and the MICEX index (Russia) for the period Jan. 2003-Dec. 2014 as sample data.
Abstract: Aiming to investigate the evolution of mean and volatility spillovers between oil and stock markets in the time and frequency dimensions, we employed WTI crude oil prices, the S&P 500 (USA) index and the MICEX index (Russia) for the period Jan. 2003–Dec. 2014 as sample data. We first applied a wavelet-based GARCH–BEKK method to examine the spillover features in frequency dimension. To consider the evolution of spillover effects in time dimension at multiple-scales, we then divided the full sample period into three sub-periods, pre-crisis period, crisis period, and post-crisis period. The results indicate that spillover effects vary across wavelet scales in terms of strength and direction. By analysis the time-varying linkage, we found the different evolution features of spillover effects between the Oil-US stock market and Oil-Russia stock market. The spillover relationship between oil and US stock market is shifting to short-term while the spillover relationship between oil and Russia stock market is changing to all time scales. That result implies that the linkage between oil and US stock market is weakening in the long-term, and the linkage between oil and Russia stock market is getting close in all time scales. This may explain the phenomenon that the US stock index and the Russia stock index showed the opposite trend with the falling of oil price in the post-crisis period.
Posted Content•
TL;DR: In this paper, the authors studied how the presence of multinational enterprises affects the export performance of Bulgarian manufacturing firms - export spillovers from FDI, using export data at the firm/product/destination level for the period 2004-2006.
Abstract: This paper studies how the presence of multinational enterprises affects the export performance of Bulgarian manufacturing firms - Export spillovers from FDI. Using export data at the firm/product/destination level for the period 2004-2006, we find positive forward spillover on export value and quantity, related to quality upgrading. Conversely, we find negative (or insignificant) backward and horizontal spillover on export flows, related to quality downgrading. When aggregating data at the firm level and considering that a firm can operate in several sectors, we show that the presence of foreign input suppliers allows domestic firms to export additional varieties of lower quality and upgrade the average quality of existing varieties, whereas the presence of foreign customers generates the opposite effect.
TL;DR: In this paper, the authors studied China's provincial research activities with a focus on the spillover-induced productivity and efficiency change and showed that spillovers as a result of inflow of foreign investment contribute positively to the performance of overall research activities, however, the productivity effects vary across regions.
TL;DR: In this article, the authors explore the impact of Facebook integration on consumer demand for first-party applications and competing third-party apps by exploring Facebook's integration of Instagram, an application in its photo-sharing application ecosystem.
Abstract: Social media platform owners often choose to provide tighter integration with their own complementary applications (i.e., first-party applications) as compared to that with other complementary third-party applications. We study the impact of such integration on consumer demand for first-party applications and competing third-party applications by exploring Facebook’s integration of Instagram, an application in its photo-sharing application ecosystem. We find that consumers obtain additional value from Instagram after its integration with Facebook, leading to a large increase in the use of Instagram for Facebook photo sharing. Further, we find that the growth of Instagram’s user base has a positive spillover effect on big third-party applications and a negative spillover effect on small third-party applications in Facebook’s photo-sharing ecosystem. As a result, while small third-party applications face reduced demand after integration, big third-party applications experience a small increase in demand. Th...
TL;DR: In this paper, the authors compared the university spillover effect of two types of knowledge, localized knowledge from domestic collaboration and distant knowledge from international collaboration, and investigated their spill-over effect on local firms' innovation.
TL;DR: This article investigated the role of chronic environmental motivations, goal priming and behavioural similarity in the spillover process of PEB behaviors. But, they found no evidence to suggest that negative spillover (the instance where performing one PEB lessens the likelihood of subsequently performing another) occurred.
TL;DR: In this paper, the spillover effects of US uncertainty shocks are studied in a panel VAR of fifteen emerging market economies (EMEs) and they find that a US uncertainty shock negatively affects EME stock prices and exchange rates, raises EME country spreads, and decreases capital inflows into them.
Posted Content•
TL;DR: In this paper, the spillover effects of US uncertainty fluctuations using panel data from fifteen emerging market economies (EMEs) were studied, showing that a US uncertainty shock negatively affects EME stock prices and exchange rates, raises EME country spreads, and leads to capital outflows from them.
Abstract: We study spillover effects of US uncertainty fluctuations using panel data from fifteen emerging market economies (EMEs). A US uncertainty shock negatively affects EME stock prices and exchange rates, raises EME country spreads, and leads to capital outflows from them. Moreover, it decreases EME output, while increasing their consumer prices and net exports. The negative effects on output, exchange rates, and stock prices are weaker, but the effects on capital and trade flows stronger, for South American countries compared to other EMEs. We present a model of a small open economy that faces an external shock to interpret our findings.
TL;DR: In this paper, the authors studied the hourly volatility spillover between the equity markets of New York (DJI), London (FTSE 100) and Tokyo (N225) and their exchange rates (USD, EUR, GBP and JPY) for the period of 2001 through 2013 covering the non-crises period, the global financial crisis and the euro debt crisis.
TL;DR: In this paper, the authors analyze spillover effects from a Euro area monetary policy shock to fourteen European countries outside the Euro area, based on a factor-augmented VAR model with two blocks.
TL;DR: In this paper, a GARCH-BEKK model was used to capture volatility spillover between stock markets, and an information spillover network was built to capture the propagation path of volatility spillovers.
Abstract: The objective of this study is to investigate volatility spillover transmission systematically in stock markets across the G20 countries. To achieve this objective, we combined GARCH-BEKK model with complex network theory using the linkages of spillovers. GARCH-BEKK model was used to capture volatility spillover between stock markets. Then, an information spillover network was built. The data encompass the main stock indexes from 19 individual countries in the G20. To consider the dynamic spillover, the full data set was divided into several sub-periods. The main contribution of this paper is considering the volatility spillover relationships as the edges of a complex network, which can capture the propagation path of volatility spillovers. The results indicate that the volatility spillovers among the stock markets of the G20 countries constitute a holistic associated network, another finding is that Korea acts a role of largest sender in long-term, while Brazil is the largest long-term recipient in the G20 spillover network.
TL;DR: In this article, the authors examine the effect of immigration into the U.S. housing market, both in terms of rents and single family house prices, and find that an increase in immigration inflows into a particular MSA is associated with increases in rents and with house prices in that MSA while also seeming to drive up rents and prices in neighboring MSAs.
TL;DR: In this article, the authors investigated the effects of SMCs that extend beyond the generation of WOM for a campaign's focal product by considering how seeding can affect WOM spillover effects at the brand and category levels.
Abstract: Seeded marketing campaigns SMCs involve firms sending products to selected customers and encouraging them to spread word of mouth WOM. Prior research has examined certain aspects of this increasingly popular form of marketing communication, such as seeding strategies and their efficacy. Building on prior research, this study investigates the effects of SMCs that extend beyond the generation of WOM for a campaign's focal product by considering how seeding can affect WOM spillover effects at the brand and category levels. The authors introduce a framework of SMC-related spillover effects, and empirically estimate these with a unique data set covering 390 SMCs for products from 192 different cosmetics brands. Multiple spillover effects are found, suggesting that while SMCs can be used primarily to stimulate WOM for a focal product, marketers must also account for brand-and category-level WOM spillover effects. Specifically, seeding increases conversations about that product among nonseed consumers, and, interestingly, decreases WOM about other products from the same brand and about competitors' products in the same category as the focal product. These findings indicate that marketers can use SMCs to focus online WOM on a particular product by drawing consumers away from talking about other related, but off-topic, products.
Data, as supplemental material, are available at http://dx.doi.org/10.1287/mksc.2016.1001 .
TL;DR: Although positive spillovers of human capital between siblings and from offspring to parents are likely, they have been understudied and estimates of the returns to human capital that exclude these benefits may be too low.