SEMINARIOS Y WORKSHOPS

We study monetary policy in a heterogeneous agent New Keynesian model that represents the life cycle of households. The model matches the distribution of labor income and wealth by age. It also produces a realistic distribution of MPCs. Monetary policy shocks affect young households mainly through labor income and old households mainly through asset returns. Most young households are hand-to-mouth and benefit from rising labor demand. Older households receive lower returns on their retirement savings. Almost all of the aggregate consumption response comes from working-age households. An unanticipated monetary easing redistributes welfare from the wealthiest old to the poorest young.

Nudges can be an effective strategy to promote vaccination. However, it is necessary to better identify the characteristics of nudges that produce the strongest effects and how they interact with individuals' attitudes. Here we sequentially test the effectiveness of three nudge characteristics (framing, nudge type, and presentation modality) and the role of participants' attitudes toward Covid-19 vaccination, social solidarity and authoritarianism in vaccination decisions. In studies 1-4, participants were presented with a nudge manipulating a target characteristic (e.g. positive/negative framing, nudge type) and measuring willingness to vaccinate and related variables compared a control nudge. Study 5 used a single combined nudge reflecting the combination of successful nudges in previous studies. Results over all studies show that nudging has unreliable effects while vaccine attitudes are more reliably linked to all measures of vaccines willingness. These results suggest that attitudes play a more reliable role on effective adoption of vaccinations.

SCORE es un centro de estudios para la competitividad regional que busca brindar herramientas pertinentes que permitan crear y fomentar un dialogo analítico y permanente sobre las principales dinámicas económicas, políticas y sociales que impactan a la competitividad de los diversos agentes económicos. En esta presentación, conoceremos sus principales temas para explorar posibles sinergias con las capacidades de la Facultad

Succession is vital for the continuity and growth of family business, yet it introduces risks due to uncertainty in leadership transition. This study examines the determinants that influence satisfaction with succession in family businesses. we employ micro, meso, and macro perspectives to investigate individual attributes, family dynamics, and business structures. The findings indicate a limited influence of demographic factors compared with significant determinants, such as formal succession planning and identification with family business, for mitigating disruption from leadership succession. Additionally, we incorporate the moderating effect of cultural context and reveal that the Long-Term Orientation of a country weakens the determinants of satisfaction with succession. Furthermore, the study includes a comprehensive model for understanding complexity in succession and provide insights for practitioners and scholars.

Despite the long-established role of information in the stock price formation, how news affects the financial market remains a debatable topic. Using an innovative approach and a large news database, this research addresses the effect of news in financial markets. We constructed a news index using Bayesian approach to transform over 4 million news articles into a quantifiable input to a VAR model. Results show that the news index has explanatory power over financial indexes, providing evidence that the methodology is capable of capturing information relevant to price movements. In contrast to previous studies that include only certain types of news or events, our index controls for the complexity, size and diversity of investors information set.

The purpose of this paper is to analyse the environmental, social, and governance (ESG) performance of sin stocks held by companies that operate in sectors with ethical implications (gaming, defence, adult entertainment, etc.). For this purpose, the model of choice was a panel based on the stocks of the global S&P 1200 index for the period between 2014 and 2018, for which the accounting data was available at the time of the study. The panel model accounted for different control variables and non-sin ESG performance. Having analysed its results, we have found that the ESG performance of sin stocks is positively correlated to future ESG performance, which was a surprise given that most of the analysed companies operate in sectors that are deemed as socially and ethically controversial. One hypothesized explanation for this is the phenomenon of “social cleaning”, when a company engages in ESG activities with the sole purpose of reducing reputational risk while trying to attract a wider base of socially aware investors. Therefore, we conclude that in order to avoid the risk of “social cleaning” ESG rating companies should give more weight to environmental and social factors rather than governance ones, especially in the case of sin stocks.

Recent legal innovations like the EU’s Corporate Sustainability Reporting Directive (CSRD) increasingly require business leaders to manage environmental sustainability across their value chains. While the extant literature discusses environmental upgrading strategies in global value chains (GVCs), establishing causal links between specific strategies and outcomes remains challenging. Our study addresses this gap through a novel controlled laboratory experiment simulating a sequential game between suppliers and a lead firm. The results show that environmental upgrading is more likely when suppliers’ decisions yield tangible environmental benefits. Surprisingly, the possibility of financial premiums from the lead firm to suppliers proved less effective in encouraging environmental upgrading. We conclude that GVC sustainability strategies should emphasize the link between upgrading choices and concrete environmental outcomes rather than focusing solely on financial incentives and power dynamics.

La Facultad de Economía lo invita al Seminario de Investigación

Environmental Upgrading in Global Value Chains: An Experiment

Seminario Presencial

Agosto 27, 9:00am.

Presentador: Giuseppe Danese   (University of Padua)

Abstract:

Recent legal innovations like the EU’s Corporate Sustainability Reporting Directive (CSRD) increasingly require business leaders to manage environmental sustainability across their value chains. While the extant literature discusses environmental upgrading strategies in global value chains (GVCs), establishing causal links between specific strategies and outcomes remains challenging. Our study addresses this gap through a novel controlled laboratory experiment simulating a sequential game between suppliers and a lead firm. The results show that environmental upgrading is more likely when suppliers’ decisions yield tangible environmental benefits. Surprisingly, the possibility of financial premiums from the lead firm to suppliers proved less effective in encouraging environmental upgrading. We conclude that GVC sustainability strategies should emphasize the link between upgrading choices and concrete environmental outcomes rather than focusing solely on financial incentives and power dynamics.