Related papers: Why Does GDP Move Before G? It's all in the Measur…
We analyze the interaction between stock prices of big companies in the USA and Germany using Granger Causality. We claim that the increase in pair-wise Granger causality interaction between prices in the times of crisis is the consequence…
The highly detailed international trade data among all countries in the world during 1971-2000 shows that the kinds of export goods and the logarithmic GDP (gross domestic production) of a country has an S-shaped relationship. This…
Scientific and technological progress is largely driven by firms in many domains, including artificial intelligence and vaccine development. However, we do not know yet whether the success of firms' research activities exhibits dynamic…
This paper studies the advance-purchase game when a consumer has belief-based loss-averse preferences, introducing a novel perspective by incorporating reference updating. It demonstrates that loss aversion increases the consumer's…
This paper investigates the assumption of homogeneous effects of federal tax changes across the U.S. states and identifies where and why that assumption may not be valid. More specifically, what determines the transmission mechanism of tax…
In the last 150 years, CO2 concentration in the atmosphere has increased from 280 parts per million to 400 parts per million. This has caused an increase in the average global temperatures by nearly 0.7 degree centigrade due to the…
There is, among the economist ecosystem, the idea of virtuous public spending as a form of promotion of economic growth. If we think on the way GDP is measured, it is not possible to get that conclusion because it becomes circular:…
The structure of return spillovers is examined by constructing Granger causality networks using daily closing prices of 20 developed markets from 2nd January 2006 to 31st December 2013. The data is properly aligned to take into account…
This paper revisits the discussion on determinants of budget balances and investigates the change in their effect in light of the COVID-19 crisis by utilizing data on 43 countries and a system generalized method of moments approach. The…
The Hicks induced innovation hypothesis states that a price increase of a production factor is a spur to invention. We propose an alternative hypothesis restating that a spur to invention require not only an increase of one factor but also…
I study how first sizable industry entries reshape local and neighboring labor markets in Puerto Rico. Using over a decade of quarterly municipality--industry data (2014Q1--2025Q1), I identify ``first sizable entries'' as large, persistent…
Enterprises rely more on Information Systems (IS) and software than ever before. However the issue of maintaining a vendor-supplied IS, in particular standard packaged software, has been poorly represented within academic literature. This…
The General Data Protection Regulation (GDPR) requires an organisation that suffers a data breach to notify the competent Data Protection Authority. The organisation must also inform the relevant individuals, when a data breach threatens…
The contrast between companies' "fleshy" promises and the "skeletal" performance in digital transformation may lead to a higher risk of stock price crash. This paper selects a sample of Shanghai and Shenzhen A-share listed companies from…
By studying all the trades and best bids/asks of ultra high frequency snapshots recorded from the order books of a basket of 10 futures assets, we bring qualitative empirical evidence that the impact of a single trade depends on the…
We propose a large structural VAR which is identified by higher moments without the need to impose economically motivated restrictions. The model scales well to higher dimensions, allowing the inclusion of a larger number of variables. We…
An economic system is an exemplar of a complex system in which all agents interact simultaneously. Interactions between countries have generally been studied using the flow of resources across diverse trade networks, in which the degree of…
In order to understand the origin of stock price jumps, we cross-correlate high-frequency time series of stock returns with different news feeds. We find that neither idiosyncratic news nor market wide news can explain the frequency and…
Demographic and health indicators may exhibit short or large short-term shocks; for example, armed conflicts, epidemics, or famines may cause shocks in period measures of life expectancy. Statistical models for estimating historical trends…
Complex engineered systems routinely face schedule and cost overruns, along with poor post-deployment performance. Championed by both INCOSE and the U.S. Department of Defense (DoD), the systems engineering (SE) community has increasingly…