Suchergebnisse

Capital-flow-based emission control mechanism' is my on-going individual research. In the research, I manage to introduce a new approach to emission control, or CO¬2 offsetting, by looking into flows in and out of capital accounts of different populations on the principle that there are populations emitting more than others. My view is similar to that of Thomas L. Friedman about "bad lenders" and "bad borrowers" in The Lexus and The Oliver Tree (2000) in that "the two biggest threats of today's global financial system—[financial crises] trigged by "bad lenders" and [political crises] trigged by "bad borrowers." Likewise, among biggest threats to today's global environmental system are crises trigged by "bad spenders," who make the most emission out of their money, and "bad producers." While most carbon reduction regulations are trying to deal with the "bad producers," my idea is to tackle the "bad spenders." By identifying the businesses that make happen the capital flow to and from the bad spenders' accounts, customer focus (business's factor) and investment focus (market's factor) can be shifted accordingly to make the system less susceptible to bad spending. In this paper, I am going to reproduce the research idea, then foresee how its results can serve as a basis for decision-making in businesses to comply with emission control. If this concept is recognized worldwide, and a new mechanism is ratified where certain businesses are promoted to maximize the outflow and minimize the inflow of bad spenders, a whole new range of projects and businesses can be labeled as indirectly contributing to emission control, especially in developing countries where the people need to buy the patience needed for technology transfer processes.

AbstractThis study uses panel data of microfinance institutions across the world to compare production processes across regions, assess the relevance of unobserved heterogeneity and estimate economies of scale. Comparing a financial production process to a multidimensional production process that accounts for the presence of outreach in the objective function suggests that financial and social output reflect complements in South Asia but not in other regions. Furthermore, we find substantial economies of scale for a pure financial production process. However, accounting for outreach lowers estimated economies of scale, suggesting that producing outreach creates high transaction costs and requires exploitation of local knowledge.

AbstractIn this article, we examine dividends and share repurchases of S&P 1500 firms during the COVID‐19 crisis characterized by the stock market crash and a relatively quick stock price recovery propelled by technology stocks. We find that the great majority of firms either maintain or increase the level of dividends during the crisis period. Yet, the relation between the dividend payout and reported earnings is negative and significant. This relation also holds for other types of payouts, including share repurchases and special dividends. Moreover, we find that both forecasted and realized earnings of up to 1 year into the future are negatively associated with current dividends, implying that existing payout policies are unsustainable in the longer term. Surprisingly, the difference‐in‐differences test shows that firms strongly affected by the COVID‐19 crisis have higher dividend payouts (relative to net earnings) compared to unaffected firms. The same test indicates that strongly affected firms significantly reduce repurchases.