This paper examines the spillover effect between bitcoin, gold, crude oil, and major stock markets by using the MSV model with dynamic correlation and Granger causality. The empirical results of the DC-GC-MSV model are logically correct and convergent. The DIC test result has proved that the DC-GC-MSV model is better and more accurate. Bitcoin has no significant Granger causality spillover effect than other assets. As a safe haven product for stock assets, gold price has one-way spillover effect from stock market (...) volatility. Moreover, crude oil has the highest correlation with the stock market. In the recent COVID-19 epidemic and the sluggish economic environment, investors need to consider a balanced asset allocation among low-correlation assets, medium-correlation assets, and high-correlation assets to reduce risks. (shrink)

Financial internationalization leads to similar fluctuations and spillover effects in financial markets around the world, resulting in cross-border financial risks. This study examines comovements across G20 international stock markets while considering the volatility similarity and spillover effects. We provide a new approach using an ICA- based ARMA-APARCH-M model to shed light on whether there are spillover effects among G20 stock markets with similar dynamics. Specifically, we first identify which G20 stock markets have similar volatility features using a fuzzy (...) C-means time series clustering method and then investigate the dominant source of volatility spillovers using the ICA-based ARMA-APARCH-M model. The evidence has shown that the ICA method can more accurately capture market comovements with nonnormal distributions of the financial time series data by transforming the multivariate time series into statistically independent components. Our findings indicate that the G20 stock markets are clustered into three categories according to volatility similarity. There are spillover effects in stock market comovements of each group and the dominant source can be identified. This study has important implications for investors in international financial markets and for policymakers in G20 countries. (shrink)

Based on the daily data from January 2, 2019, to September 30, 2020, this paper uses the extended CoVaR model to measure the spillover effect of systemic risk among top 10 securities companies by market value in China, All Share Brokerage Index, All Share Financials Index, All Share Insurance Index, and CSI Banks Index. The conclusions are as follows: there are risk spillover effects among 10 securities companies, which are asymmetric and bidirectional and highly volatile in a short period of (...) time; the spillover effect of systematic risk of securities companies is not necessarily related to the market value of securities companies but has a strong relationship with the stock market; there are risk spillover effects between the sample securities companies and the four major indexes, but there are significant differences in the size of the spillover effects; the securities industry has a great risk spillover effect on the financial industry, but the risk spillover effect of other financial sectors on the securities industry is very small. Finally, we put forward countermeasures and suggestions. (shrink)

Due to the novel coronavirus pandemic, the lockdown engendered has had a vicious impact on the global economy. This analysis’ prime intention is to evaluate the impact of the United States’ economic and health crisis as a result of COVID-19 on its financial stability. Additionally, the investigation analyzed the spillover impact of the worldwide economic slowdown experienced by COVID-19 on the United States’ financial volatility. The study applied an autoregressive distributed lag model and discovered that the economic and health (...) crises that occurred in the United States portentously upset the future expectations of its investors. Conspicuously, the health crisis in Spain and Italy were ominous spillovers of the United States’ financial instability in the short-run. Likewise, an economic crisis ensued in the United Kingdom because of COVID-19 causing spillover for the United States markets’ financial instability. The examination evaluated that Asian and African nations’ economic crises perilously affects the United States’ financial stability. The study determined that financial instability occurred in the United States due to its own economic and health crises persisted for a longer period than financial disequilibrium that occurred in other nations. The analysis suggested some strategies of smart lockdown that the government of the United States and other nations should follow to restart the economic cycle through tighter controls to minimize losses by following the steps of preparing a lockdown checklist, monitoring completion of lockdown tasks, and complete a close-down stock take or count. (shrink)

The impacts of COVID-19 have spread rapidly to global financial markets. In this context, combining the spillover index method introduced by Diebold and Yilmaz and the complex network analysis framework, we examined the volatility connectedness and the topological structure among the top ten cryptocurrencies before and during the COVID-19 crisis. The results revealed that the total volatility connectedness of the cryptocurrency market markedly increased following the outbreak of COVID-19; statically, Bitcoin, Ethereum, Cardano, and Bitcoin Cash were the net (...) transmitters before COVID-19, while Bitcoin, Ethereum, Ripple, Litecoin, Cardano, and Stellar became the major net transmitters in the market after COVID-19. Dynamically, the dynamic performance of different cryptocurrencies during the COVID-19 pandemic was heterogeneous, and the possible driving factors are diverse. Moreover, from network analysis, we further found that the COVID-19 crisis has significantly changed the topological structure of the cryptocurrency market. Our findings may help understand the typical dynamics in the cryptocurrency market and provide significant implications for portfolio managers, investors, and government agencies in times of highly stressful events like the COVID-19 crisis. (shrink)

This paper is concerned with the multivariate stochastic volatility modeling of the stock market. We investigate a DGC-t-MSV model to find the historical volatility spillovers between nine markets, including S&P, Nasdaq, SSE, SZSE, HSI, FTSE, CAC, DAX, and Nikkei indices. We use the Bayesian network to analyze the spreading of herd behavior between nine markets. The main results are as follows: the DGC-t-MSV model we considered is a useful way to estimate the parameter and fit the data (...) well in the stock market; our computational analysis shows that the S&P and Nasdaq have higher volatility spillovers to the Shanghai and Shenzhen stock markets; the results also show that there is a strong correlation between stock markets in the same region. (shrink)

Exposure of the banking system to the Global Financial Crisis attracted attention to the study of riskiness and spillover. This paper studies the pattern of systemic risk and size effect in the Indian banking sector. Based on market capitalization, three public sector banks and three from the private sector were taken. Data are taken from the year 2007 to 2020. The analysis is done through quantile- CoVaR and TENET measure. State variables like Indian market volatility and global risk measures (...) negatively influence the Indian banks’ returns. Liquidity risk is a crucial aspect of private banks. Public banks experience public confidence even in the distress period. Large banks like HDFC and SBI bank offer the highest degree of systemic risk contribution. The role of private banks in transmitting systemic risk has been intensifying since 2015. Small-sized banks like PNB and BOB have become significant receivers and transmitters of risk. (shrink)

It has recently been proposed that the evolution of human cooperativeness might, at least in part, have started as the cooptation of behavioral strategies evolved for solving problems of coordination to solve problems with higher incentives to defect, i.e. problems of cooperation. Following this line of thought, we systematically tested human subjects for spillover effects from simple coordination tasks (2x2 Stag Hunt games, SH) to problems of cooperation (2x2 Prisoner’s Dilemma games, PD) in a laboratory experiment with rigorous controls to (...) rule out subject confusion or habituation. Supporting the hypothesis that decision mechanisms for cooperation problems are linked with decision mechanisms for coordination, our main finding is that cooperation levels in PD games embedded in a sequence of SH games were significantly increased compared to a baseline sequence consisting only of PDs when subjects played in fixed pairs. No such effects could be found when players were randomly rematched each round. Additional findings include that this spillover effect cannot prevent a decay of cooperation over time, that there is no indication of a reversed effect, i.e. no signs of negative spillovers from failed cooperation to miscoordination, and that subjects self-reported preferences in SH games are prosocial. (shrink)

"The location of the author’s investigations, the body itself rather than the sphere of subjective representations of self and of function in cultures, is wholly new.... I believe this work will be a landmark in future feminist thinking." —Alphonso Lingis "This is a text of rare erudition and intellectual force. It will not only introduce feminists to an enriching set of theoretical perspectives but sets a high critical standard for feminist dialogues on the status of the body." —Judith Butler Volatile (...) Bodies demonstrates that the sexually specific body is socially constructed: biology or nature is not opposed to or in conflict with culture. Human biology is inherently social and has no pure or natural "origin" outside of culture. Being the raw material of social and cultural organization, it is "incomplete" and thus subject to the endless rewriting and social inscription that constitute all sign systems. Examining the theories of Freud, Lacan, Merleau-Ponty, Foucault, Deleuze, Derrida, etc. on the subject of the body, Elizabeth Grosz concludes that the body they theorize is male. These thinkers are not providing an account of "human" corporeality but of male corporeality. Grosz then turns to corporeal experiences unique to women—menstruation, pregnancy, childbirth, lactation, menopause. Her examination of female experience lays the groundwork for developing theories of sexed corporeality rather than merely rectifying flawed models of male theorists. (shrink)

Due to the pressing environmental and social issues facing the global economic system, the role of organizations in promoting socially responsible behavior among employees warrants attention in research and practice. It has been suggested that the concept of socio-moral climate might be particularly useful for understanding how participative organizational structures and processes shape employees’ prosocial behaviors. While SMC has been shown to be positively related to employees’ prosocial behaviors within the work context, little is known about the potential spillover effects (...) of SMC. The present study aims to address this gap by investigating how and why SMC is related to employees’ socially responsible purchase intention. Drawing on the relational job design framework, we argue that employees’ perceptions of their social impact may explain why SMC is positively related to responsible purchase intentions. We collected data from 492 employees working in various industries at two measurement points with a time lag of 12 months. Hypotheses were tested using path analysis, in which we controlled for the temporal stability of the study variables. The results showed that SMC was positively related to perceived social impact and socially responsible purchase intention and that perceived social impact was positively related to socially responsible purchase intention. In addition, we found a significant indirect relationship between SMC and socially responsible purchase intention through perceived social impact. The findings provide initial support for the spillover of employees’ work-related experiences onto their responsible purchase intentions within the nonwork domain. This study contributes to the literature by extending the traditional focus of SMC research on the development of moral reasoning skills to suggest that perceived social impact is an important mechanism underlying the relationship between SMC and prosocial behaviors. In terms of practical implications, this study suggests that organizational interventions designed to increase SMC may enhance employees’ perceptions of their social impact. (shrink)

Spillover occurs when one environmentally sustainable behaviour leads to another, often initiated by a behaviour change intervention. A number of studies have investigated positive and negative spillover effects, but empirical evidence is mixed, showing evidence for both positive and negative spillover effects, and lack of spillover altogether. Environmental identity has been identified as an influential factor for spillover effects. Building on identity process theory the current framework proposes that positive, negative, and a lack of spillover are determined by perceived threat (...) of initial behaviour and identity process mechanisms evaluating the behaviour. It is proposed, that an environmental behaviour change intervention may threaten one’s existing identities, leading to either (a) integration, (b) compartmentalisation, or (c) conflict between one’s environmental identity and non-environmental identities. Initial evidence for the proposed framework is based on a field intervention which included a meat reduction programme in a canteen of a medium size private sector company. Semi-structured interviews and an explorative visualisation method that aimed at assessing identity change were implemented with thirteen employees (i.e. intervention participants) before and after the intervention. The qualitative data was analysed by using thematic analysis via NVivo12. Results of the visualisation task and interview method provided initial evidence of direct and indirect positive contextual spillover effects, with comparatively less evidence a lack of spillover and a relative absence of reported negative spillover. This paper provides a novel theoretical approach, centred on identity process theory to enhance understanding of positive spillover, negative spillover, and the lack of spillover. (shrink)

Responding to serious environmental problems, requires urgent and fundamental shifts in our day-to-day lifestyles. This paper employs a qualitative, cross-cultural approach to explore people’s subjective self-reflections on their experiences of pro-environmental behavioral spillover in three countries; Brazil, China, and Denmark. Behavioral spillover is an appealing yet elusive phenomenon, but offers a potential way of encouraging wider, voluntary lifestyle shifts beyond the scope of single behavior change interventions. Behavioral spillover theory proposes that engaging in one pro-environmental action can catalyze the performance (...) of others. To date, evidence for the phenomenon has been mixed, and the causal processes governing relationships between behaviors appear complex, inconsistent and only partly understood. This paper addresses a gap in the literature by investigating accounts of behavioral spillover in three diverse cultural settings using qualitative semi-structured interviews. The analysis shows that while around half of participants overall who were questioned recalled spillover effects, the other half had not consciously experienced spillover. There were few significant differences across cultures, though some forms of spillover effects were reported more in some cultures than others. More environmentally-engaged participants across all three countries were significantly more likely to experience spillover than those who were less engaged. Accounts of within-domain spillovers were most commonly reported, mainly comprising waste, resource conservation and consumption-related actions. Accounts of between-domain spillover were very rare. Recollection of contextual and interpersonal spillover effects also emerged from the interviews. Our findings suggest that more conscious behavioral spillover pathways may be limited to those with pre-existing environmental values. Behavioral spillover may comprise multiple pathways incorporating conscious and unconscious processes. We conclude that targeting behavioral catalysts that generate more socially diffuse spillover effects could offer more potential than conventional spillover involving a single individual. (shrink)

This paper considers a one-stage Cournot duopoly of R&D. We characterize the Nash equilibrium of the one-stage game and provide a comparison with the two-stage version of the same Cournot model of R&D/product market competition. We look at R&D expenditures, profits, output and welfare. Under perfect symmetry, the one-stage model always leads to higher profits when the spillover parameter is not equal to 1/2. Moreover, the one-stage model implies more R&D expenditure and higher welfare if and only if the spillover (...) parameter is greater than 1/2. The insights are robust to an n -firm generalization, but the differences between the one-stage game and the two-stage game disappear as the market becomes perfectly competitive. (shrink)

Business ethics scholars have long viewed organizational diversity climate as a reflection of organizational ethics. Previous research on organizational diversity climate, for the most part, has neglected to consider the influence of community diversity climate on employment relations. In order to address this gap in the literature, we examined the relationship between organizational and community diversity climates in impacting employees’ intent to stay with their organization. In doing so, we tested two competing hypotheses. First, we tested for the positive spillover (...) of community diversity climate on employees’ intent to stay in their organization. Second, we tested for the compensation hypothesis, whereby community diversity climate moderated the organizational diversity climate-employee intent to stay relationship, with the above relationship being stronger for individuals hailing from communities with poor diversity climates. In addition, we also posited a three-way interaction model of community diversity climate, organizational diversity climate, and employee racial affiliations with the interaction between organizational and community diversity climates on intent to stay being stronger for the minority employees. The results of the study, which are based on a survey of 165 employees working in a Midwestern US organization, supported the compensation hypothesis with the interactive influence of organizational and community diversity climates on employee intent to stay being stronger for minorities, as opposed to White employees. (shrink)

Volatile Knowing refers to the positive change that can result when parents and teachers talk together about the politics of school reform. Based on a study of teachers and parents who researched aspects of the accountability movement typically censored in mainstream media, Volatile Knowing reveals the hidden power behind current reform efforts that serve private, not public interests. It is aimed at provoking a new, child-centered movement for accountability and creativity in the nation's schools.

Positive spillover occurs when changes in one behaviour influence changes in subsequent behaviours. Evidence for such spillover and an understanding of when and how it may occur is still limited. This paper presents findings of a one year longitudinal behaviour change project led by a commercial retailer in the UK & Ireland to examine behaviour change and potential spillover of pro-environmental behaviour, and how this may be associated with changes in environmental identity and perceptions of ease and affordability as well (...) as perceptions of how participation in the project has helped support behaviour change. We draw on both quantitative and qualitative. Study 1 examines quantitative data from the experimental and a matched control group. Study 2 reports qualitative findings from a follow up interview study with participants of the experimental group. As expected, we found significant changes in reported pro-environmental behaviour and identity in the experimental group as well as some indications of behavioural spillover. These changes were not significantly associated with changes in environmental identity. The interviews suggested that group dynamics played an important role in facilitating a sense of efficacy and promote sustained behaviour change and spillover. Moreover, the support by a trusted entity was deemed to be of crucial importance. (shrink)

Volatile Knowing refers to the positive change that can result when parents and teachers talk together about the politics of school reform. Based on a study of teachers and parents who researched aspects of the accountability movement typically censored in mainstream media, Volatile Knowing reveals the hidden power behind current reform efforts that serve private, not public interests. It is aimed at provoking a new, child-centered movement for accountability and creativity in the nation's schools.

When experiencing personal distress, people usually expect their romantic partner to be supportive. However, when put in a situation to provide support, people may at times be struggling with issues of their own. This interdependent nature of dyadic coping interactions as well as potential spillover effects is mirrored in the state-of-the-art research method to behaviorally assess couple’s dyadic coping processes. This paradigm typically includes two videotaped 8-min dyadic coping conversations in which partners swap roles as sharer and support provider. Little (...) is known about how such dyadic coping interactions may feed back into one another, impacting the motivation and ability to be a responsive support provider. In three behavioral studies, we examined how sharers’ experiences may spill over to affect their own support provision in a subsequent dyadic coping interaction. We hypothesized that the extent to which sharers perceive their partner as responsive to their self-disclosure increases the quality of their own subsequent support provision, whereas sharers’ lingering negative affect reduces the quality of their own subsequent support provision. In line with our first hypothesis, perceived partner responsiveness predicted the provision of higher-quality support, though primarily as perceived by the partner. Sharers who perceived their partner to have been more responsive were somewhat more likely to subsequently engage in positive dyadic coping and were rated as more responsive by their partners. Negative dyadic coping behavior was unaffected. Evidence for our second hypothesis was mixed. While lingering negative affect did not affect positive dyadic coping behavior or perceived support, it did increase the chances of negative dyadic coping behavior. However, given the very low occurrences of negative affect and negative dyadic coping, these findings should be interpreted with caution. Taken together, these findings suggest that support interactions may feed back into one another, highlighting the complex and interdependent nature of dyadic coping. The strongest and most consistent findings concerned the spillover effect of perceived partner responsiveness on subsequent perceived support quality, speaking to the key role of believing that one’s partner is responsive to one’s needs in promoting healthy relationship functioning. (shrink)

This study examines the volatility risk for firms that are rated high on environmental, social, and governance (ESG) dimensions in emerging markets and developed markets outside the United States and Canada. Employing the Morgan Stanley Capital International (MSCI) ESG Leader indices, this study investigates the impact of good news and bad news on the volatility risk for the highest ESG-rated firms through multivariate DCC-EGARCH modeling. This study finds that the impact of a negative news shock of size 2 (...) standard deviations is approximately 45% higher than that of a positive news shock of the same size for the case of the developed markets under interest. With respect to emerging markets, this study reports that the impact of a negative news shock of size 2 standard deviations is 41% higher than that of a positive news shock of the same size. The results provide empirical evidence in support of the hypothesis that the volatility impact of news for high ESG-rated firms in developed markets and emerging markets is larger for bad news compared to good news, and the results are robust across time. The empirical findings underline the importance of reporting-related disclosures of ESG initiatives, and provide seminal evidence of a slow response to news by high ESG-rated firms in emerging markets. (shrink)

We provide existence results in a game with local spillovers where the payoff function satisfies both convexity and the strategic substitutes property. We show that there always exists a stable pairwise network in this game, and provide a condition which ensures the existence of pairwise equilibrium networks.

I argue for the existence of a category of practical reasons which I call "Deliberation-Volatile Reasons" or "DVRs". DVRs have the distinguishing feature that their status as reasons for action is diminished when they are weighed in deliberation by the agent. I argue that DVRs are evidence of "deliberative blind spots". I submit that an agent manifests a peculiar kind of practical irrationality in so far as she endeavours to find a deliberative path to what she has reason to do, (...) when the discovery of such a path renders the destination inaccessible. (shrink)

The abrupt climate change thesis suggests that climate passes through threshold transitions, after which change is sudden, runaway and unstoppable. This concurs with recent themes in complexity studies. Data from ice cores indicates that major shifts in global climate regimes have occurred in as little as a decade, and that for most of the span of human existence the climate has oscillated much more violently than it has over the last 10,000 years. This evidence presents enormous challenges for international climate (...) change negotiation and regulation, which has thus far focused on gradual change. It is argued that existing social theoretic engagements with physical agency are insufficiently geared towards dissonant or disastrous physical events. Wagering on the past and future importance of abrupt climate change, the article explores a way of engaging with catastrophic climatic change that stresses the inherent volatility and unpredictability of earth process, and the no-less-inherent vulnerability of the human body. Drawing on Bataille and Derrida, it proposes a way of nestling the issue of environmental justice within a broader sense of immeasurable indebtedness to those humans who endured previous episodes of abrupt climate change, and considers the idea of experimentation and generosity without reserve. (shrink)

Behavioural spillovers refer to the influence that a given intervention targeting behaviour 1 exerts on a subsequent, non-targeted, behaviour 2, which may or may not be in the same domain (health, finance etc.) as one another. So, a nudge to exercise more, for example, could lead people to eat more or less, or possibly even to give more or less to charity depending on the nature of the spillover. But what if spillovers also operate backwards; that is, if (...) the expectation of behaviour 1 influences behaviour 0 that precedes it? For example, a person may form an intention to exercise prompted by a policy intervention but overeat at present as a result. We define such a possibility as a "spillunder". In the proposed article, we critically review the few papers that we have identified through a narrative literature review which have demonstrated spillunder effects to date, and we propose a conceptual framework. Based on evidence about the human mind and behaviour from psychology and economics, we argue that spillunder effects may be more common than the limited empirical findings suggest. We propose six representative mechanisms through which the prospect of behaviour 1 may impact behaviour 0: executive functions, moral licensing and moral cleansing, emotion regulation, energization, construal level, and savouring and dread. We further discuss the policy and practical implications of spillunder effects and examine methodological issues that need to be considered when empirically testing these effects. As with our earlier paper on spillovers, we aim to motivate other behavioural scientists to research behavioural spillunders more systematically and extensively, and to prompt decision makers to consider these effects when designing behavioural interventions. (shrink)

Volatility is widely used in different financial areas, and forecasting the volatility of financial assets can be valuable. In this paper, we use deep neural network and long short-term memory model to forecast the volatility of stock index. Most related research studies use distance loss function to train the machine learning models, and they gain two disadvantages. The first one is that they introduce errors when using estimated volatility to be the forecasting target, and the second (...) one is that their models cannot be compared to econometric models fairly. To solve these two problems, we further introduce a likelihood-based loss function to train the deep learning models and test all the models by the likelihood of the test sample. The results show that our deep learning models with likelihood-based loss function can forecast volatility more precisely than the econometric model and the deep learning models with distance loss function, and the LSTM model is the better one in the two deep learning models with likelihood-based loss function. (shrink)

Publication date: 2 May 2019 Source: Author: Doina Gavrilov The Economy has always been considered an essential pillar of the development. This is why, when the European Union appeared, the idea of a community based on economic relations with the purpose of empowering the common economy seemed to be an attractive idea to the outside states of the European Economic Community. Even at first, the idea of empowering the Economy was a very good one, after politics, culture, agriculture, science, and (...) other domains were directly linked to the economic development, the Economy was seen as the nucleus of development of all. Giving its role, we are asking ourselves: Is the Economy role only a positive one in the development of other domains? To understand the role that the fall of the Economy can have on other domains, we focus on Economy- culture relation. Assuming the role of the spillover effect of the Economic crises on the culture we conclude that the Economy should not be the only basis of development, but we should enlarge our possibilities of independence of other domains. (shrink)

This study investigates the volatility risk premium on the emerging financial market. We also consider the expected return and ESG sentiment. Based on the SSE 50 ETF 5-minute high-frequency spots and daily options data from 2016 to 2021, we adopt nonparametric model-free approaches to calculate realized and implied volatilities. And the volatility risk premium is constructed by subtracting these volatility series. We examine the relations between the volatility risk premium and future excess returns as well as (...) ESG sentiment through multifactor specifications. We find that the volatility risk premium also exists in the Chinese market and is significantly negative. In addition, the statistically positive correlation between the volatility risk premium and aggregate returns is an outlier compared to the empirically negative pattern in developed markets. At last, ESG sentiment is positively associated with the volatility risk premium, especially the impact of environmental and social. This evidence supports the agency theory, which indicates that investors perceive ESG investments as waste resources in a short term and become potentially risky. (shrink)

This paper examines the spatial spillover effects of public transportation infrastructure on regional economy in Northeast China, the “rust belt” region in China. The dataset consists of socioeconomic data from 47 cities in the area during the period of year 2005 through 2015. Accessibility is used as an explanatory variable to reflect the influence of infrastructure on economic development. In order to avoid the endogenous, queen contiguity matrix is used to define the spatial weight matrix. In the paper, the dynamic (...) panel data model is also used to explore the effects of high-speed railways in the whole study area and attempted to confirm the spatial differences among Heilongjiang Province, Jilin Province, and Liaoning Province. The results show that the high-speed railways increase the cities’ connection in terms of accessibility, and a significant positive spillover effect exists after the construction of high-speed railways, indicating the extensive economic benefits of HSR construction, despite of the overall economic difficulty experienced by this region. (shrink)

The COVID-19 pandemic, which was first reported at the end of 2019, has had a massive impact on the Chinese economy and society. The pandemic has seriously tested the emergency management capabilities of the Chinese government regarding public health. Based on the panel data of 31 provinces in China for the period of 2006–2019, this paper examines the impacts of government public health spending on regional economic growth. Furthermore, the possibility of spatial spillover effects of government public health spending is (...) investigated through spatial econometric analysis. Government public health spending and regional economic growth have significant positive spatial correlation and spatial agglomeration effects. The indicator of government public health spending significantly promotes regional economic growth. In addition, it significantly promotes the economic growth of neighboring areas through certain spatial spillovers. (shrink)

It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some (...) way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises. (shrink)

Financial development is often considered one of the main drivers promoting household consumption. As a form of financial development, whether digital financial inclusion can promote household consumption has been a concern for researchers and policymakers. Considering geographical connectivity characteristics, we examine the effects of digital financial inclusion on household consumption by applying spatial econometric models and using data from 31 provinces in China from 2013 to 2018. The impact of digital financial inclusion is further disaggregated into direct, indirect, and total (...) impacts. The results show that if digital financial inclusion is improved by 1%, household consumption will correspondingly increase by 0.2207%. The spatial spillover effect on neighboring areas is negative: a 1% increase in the level of digital financial inclusion of nearby provinces leads to a 0.1289% decrease in household consumption in the local province. For policymakers, it is necessary to balance the development of digital financial inclusion and view different areas as a whole when making policies to promote consumption. Further analysis based on subsamples finds that the effect of digital financial inclusion on household consumption is more considerable for rural households than for urban households. (shrink)

Domestic violence is a growing societal concern that often spills over into the workplace. However, employers are not recognizing the spillover of domestic violence as a workplace issue. This is problematic considering the serious financial, legal, and ethical consequences for organizations. We analyzed six cases involving domestic violence that were litigated under specific legal bases: Violence Against Women Act, discrimination laws including Title VII, Family and Medical Leave Act, Americans with Disabilities Act, Social Security Disability, Occupational Safety and Health Act, (...) and associated state and municipal ordinances. We chose cases that illustrate the problems of companies meeting the legal standards but not necessarily reaching ethical expectations. Our approach is congruent with the perspective that both legal and ethical analyses should be used in organizational decision making. We suggest for future research the analysis of additional litigated cases, other ethical perspectives, and additional sources of data. In addition, we suggest that companies who are striving for corporate social responsibility should integrate the ethical treatment of domestic violence victims. (shrink)

The outcomes of sports and competitive games excite intense emotions in many people, even when those same people acknowledge that those outcomes are of trifling importance. I call this incongruity between the judged importance of the outcome and the intense reactions it provokes the Puzzle of Sport. The puzzle can be usefully compared to another puzzle in aesthetics: the Paradox of Fiction, which asks how it is we become emotionally caught up with events and characters we know to be unreal. (...) In this article, I examine the prospects of understanding our engagement with competitive games on the model of our engagement with works of fiction, thus enabling analogous explanations for both puzzles. I show that there are significant problems with such an approach and offer an alternative, mobilizing ideas from David Velleman and Thomas Nagel, that appeals to the volatility of our motivational attitudes. (shrink)

In recent years, interest in family-to-work interference and its consequences has increased dramatically. Drawing on conservation of resources theory, we propose and test a dual spillover spiraling model which examines the indirect effects of family incivility on workplace interpersonal deviance through increasing family-to-work conflict (resource loss spiral) and decreasing family-to-work enrichment (resource gain spiral). We also examine the moderating effects of family-supportive supervisor behaviors on these indirect effects. The findings from a three-wave survey, with 455 employees and their coworkers in (...) 60 teams, reveal that experienced family incivility (Time 1) induces more interpersonal deviance at work (Time 3) through facilitating family-to-work conflict (Time 2) and inhibiting family-to-work enrichment (Time 2). Such indirect deviation amplifying effects are mitigated by higher supervisor-level family-supportive supervisor behaviors (Time 1). Theoretical and practical implications are discussed. (shrink)

We adopt the largest consistent set defined by Chwe (1994; J. Econ. Theory 63: 299–325) to predict which coalition structures are possibly stable when players are farsighted. We also introduce a refinement, the largest cautious consistent set, based on the assumption that players are cautious. For games with positive spillovers, many coalition structures may belong to the largest consistent set. The grand coalition, which is the efficient coalition structure, always belongs to the largest consistent set and is the unique (...) one to belong to the largest cautious consistent set. (shrink)

The thesis of this paper is that even some of the most fundamental concepts of Marxism have been used and abused to fit their advocates' purposes. More specifically, the interpretation of the concept of the "dictatorship of the proletariat" has been subject to a dual development. First, the dictatorship of the proletariat has come to denote an increasingly violent regime. Second, the term has been used to refer to a rule exercised by an ever smaller segment of society. This paper (...) seeks to analyze and elucidate this much disputed and frequently misunderstood Marxist concept. In the first part Marx's use of the term is examined. The second section explores how the same concept was explicated in the writings of some of the most important first generation Marxist thinkers and "practitioners" like Engels, Lenin, Kautsky, Bukharin, and Stalin. Following the summary of my findings I attempt to formulate some meaningful generalizations about the usage of the concept by Marxist thinkers. (shrink)

In this article, we reflect critically on how moral actions are categorised in some recent studies on moral spillovers. Based on classic concepts from moral philosophy, we present a framework to categorise moral actions. We argue that with a finer classification of moral values, associated behaviour is better understood, and this understanding helps to identify the conditions under which moral licensing takes place. We illustrate our argument with examples from the literature on pro-environmental behaviours. Moral spillovers are frequently (...) studied in this behavioural domain and to understand what causes their occurrence is highly (policy) relevant if we wish to promote sustainable behaviour. (shrink)

This article discusses interactive minimum cost spanning tree problems and argues that the standard approach of using a transferable utility game to come up with a fair allocation of the total costs has some flaws. A new model of spillover games is presented, in which each player’s decision whether or not to cooperate is properly taken into account.

Emerging trends in the workforce point to the necessity of facilitating work lives that foster constructive and balanced relationships between professional and private spheres in order to retain employees. Drawing on the conservation of resources theory, we propose that motivational climate influence turnover intention through the facilitation of work–home spillover. Specifically, we argue that employees working in a perceived mastery climate are less likely to consider voluntarily leaving their employer because of increased positive—and reduced negative—work–home spillover experiences. We further argue (...) that employees working in a perceived performance climate are more likely to consider voluntarily leaving their employer because of reduced positive—and increased negative—work–home spillover experiences. In a cross-lagged survey of 1074 employees in a Norwegian financial-sector organization, we found that work–home spillover partly mediates the relationship between a perceived mastery climate and turnover intention. Specifically, mastery climates seem to facilitate positive—and reduce negative—spillover between the professional and private spheres, which in turn decreases employees’ turnover intention. We discuss implications for practice and future research. (shrink)