NSBE - Artigos em revista internacional com arbitragem científica
URI permanente para esta coleção:
Navegar
Entradas recentes
- Corrigendum to ‘The Costs of Corporate Debt Overhang’Publication . Blickle, Kristian; Santos, João A.C.; NOVA School of Business and Economics (NOVA SBE); ElsevierWe seek to clarify the handling of the editorial process for the above-referenced article. It was handled solely by Guest Editor Professor Franklin Allen with the support of Managing Editor Professor Murillo Campello. The paper, like the other papers in this special issue, was subject to the Journal's usual independent peer review procedures and standards. DOI of original article: < 10.1016/j.jfi.2024.101118>
- Europe falling behindPublication . Buiatti, Cesare; Duarte, Joao B.; Sáenz, Luis Felipe; NOVA School of Business and Economics (NOVA SBE); Elsevier Science B.V., Amsterdam.This paper investigates the convergence and subsequent divergence of labor productivity between the U.S. and Europe through a quantitative general equilibrium framework that integrates endogenous changes in employment shares as a function of exogenous and unbalanced labor productivity growth rates across sectors. We calibrate our model to the U.S. and test it against Europe from 1970 to 2019. Our model accurately captures structural transformation and aggregate labor productivity paths, as well as the timing of Europe’s transition from convergence to divergence relative to the U.S. Leveraging a set of numerical experiments, we find that the reallocation of labor toward less productive sectors in response to sectoral productivity changes hinders the potential effects that the productivity growth in market services may have on the aggregate labor productivity: The heterogeneous productivity observed within services brings forth a Baumol cost disease whereby productive sectors gain less employment share than their productivity growth would imply under constant shares, despite their strong income effects. An extended version of our model that accounts for international trade suggests that it is implausible for Europe to export its way out of the aggregate stagnation unleashed by labor reallocation toward unproductive sectors.
- Bonding with riskPublication . Huang, Teng; Sacchetto, Stefano; NOVA School of Business and Economics (NOVA SBE); ElsevierWe study the rationale behind firms’ investment in risky financial assets by formulating and estimating a dynamic model in which firms allocate their precautionary savings to both safe and risky securities. In equilibrium, risky financial asset holdings are positively related to the sensitivity of a firm’s financing deficit to the risky asset returns—the “financing deficit beta”. Using a comprehensive sample of US corporate financial asset holdings, we find evidence of a positive correlation between risky financial asset holdings and financing deficit betas that capture firms’ incentives to hedge interest-rate risk. Precautionary motives are stronger in small, high-volatility, and R&D-intensive firms.
- Tertius DolensPublication . Tatarynowicz, Adam; Keil, Thomas; NOVA School of Business and Economics (NOVA SBE); INFORMS Institute for Operations Research and the Management Sciences
- Macroeconomic effects of public investment in EMDEsPublication . Adarov, Amat; Clements, Benedict; Jalles, João Tovar; NOVA School of Business and Economics (NOVA SBE); Blackwell Publishing LtdThe paper examines the macroeconomic effects of public investment in emerging market and developing economies (EMDEs). To this end the analysis develops a new measure of public investment shocks based on cyclically adjusted government investment. Estimations using local projections based on a sample of 129 countries over the period 1980–2019 suggest that public investment can significantly boost economic growth, crowd in private investment, and increase productivity and potential output. Estimates suggest that an increase in public investment by 1% of GDP raises real output by 1.1% after 5 years, on average. However, the effects are much larger when public investment spending is efficient and fiscal space is ample—reaching up to 1.6% over the same period. Public investment multipliers tend to be larger during recessions and in capital scarce economies.
- Double health insurance coverage and health care utilisationPublication . Pita Barros, Pedro; Moreira, Sara; NOVA School of Business and Economics (NOVA SBE); John Wiley & Sons, Ltd.Double health insurance coverage exists when an individual benefits from more than one health insurance plan at the same time. We examine the impact of such supplementary insurance on the utilisation of doctor consultations in Portugal, taking advantage of institutional features which make double coverage plausibly exogenous. The novelty is that the analysis is carried out for different points of the conditional distribution, not only for its mean location, within the context of count data modelling and without imposing restrictive parametric assumptions. Results indicate that double coverage creates additional utilisation of health care across the whole outcome distribution for both public and private second layers of health insurance coverage but with greater magnitude in the latter group. We unveil that this additional consumption effect is relatively smaller for more frequent users. Copyright (C) 2010 John Wiley & Sons, Ltd.
- Optimal job design and information elicitationPublication . Mukherjee, Arijit; Qi, Zijian; Vasconcelos, Luís; NOVA School of Business and Economics (NOVA SBE); Rand Journal of EconomicsWhen managers rely on their subordinates for local information but cannot commit to how such information is used, the incentives for effort and information elicitation become intertwined. This incentive problem influences the firm's job design decision, that is, whether to assign all tasks in a job to one worker (“individual assignment”) or split those among a group (“team assignment”). Team assignment facilitates information elicitation but suffers from diseconomies of scope in incentive provision. The optimal job design is driven by the workers' likelihood of being informed (about local conditions) and the noise in the performance measure used to reward them.
- Understanding climate engagement and open recognition in European higher educationPublication . Martín-Ramos, Pablo; Correa-Guimaraes, Adriana; Fourati-Jamoussi, Fatma; Burcke-Couchy, Kimberley; Lo Giudice, Lucio Alessandro; Tosi, Barbara; Oliveira Pinto, Frederico; Veiga Martins, Luís; Navas-Gracia, Luis Manuel; NOVA School of Business and Economics (NOVA SBE); European CommissionBackground: This mixed-methods study investigates student engagement with climate issues and perceptions of open recognition systems across four European educational institutions in France, Italy, Portugal, and Spain as part of the OpenPass4Climate Erasmus+ project. Against the backdrop of the European Green Deal and UNESCO's call for transformative education, our research addresses the critical need for innovative climate education approaches that bridge knowledge and action. Methods: Through a comprehensive approach combining surveys (n=630), individual interviews (n=69), national focus groups (n=45), and a transnational focus group (n=16), we examined students' climate attitudes, educational preferences, and views on digital badge systems for recognizing climate competencies. Results: Results reveal a notable disconnect between strong climate concern (mean=4.0/5) and moderate personal responsibility (3.2/5), alongside significant cross-country variations in environmental engagement, with Portuguese students consistently demonstrating the highest climate awareness and Italian students the lowest. While respondents strongly endorsed formal climate curriculum integration (4.1/5) and valued informal learning pathways (3.8/5), they reported limited participation in eco-pedagogical activities (2.3/5), highlighting an implementation gap in environmental education. Students rated their informal climate change education (3.5/5) more highly than formal training (3.2/5), suggesting untapped potential for recognition of non-formal learning experiences. Gender differences emerged consistently, with female respondents showing significantly higher environmental concern and engagement across multiple dimensions. Analysis of open badge perceptions revealed moderate familiarity but substantial interest, particularly when aligned with institutional credentialing systems and employer recognition frameworks. Conclusions: Key implementation challenges identified include the need for robust quality assurance mechanisms, institutional endorsement, and enhanced digital infrastructure accessibility. These findings inform strategic recommendations for developing the European Open Badges Passport, emphasizing the importance of balancing standardization with contextual flexibility while facilitating recognition of both formal and informal climate learning across diverse higher education settings.
- Can reward uncertainty encourage social referrals?Publication . Li, Andy Tao; Belo, Rodrigo; Li, Ting; NOVA School of Business and Economics (NOVA SBE); INFORMS Institute for Operations Research and the Management SciencesSocial referral programs, in which individuals recommend products or services within their networks in return for rewards, have been widely adopted across digital platforms. This study explores the impact of incorporating uncertainty into the rewards of such programs, focusing on how senders and recipients perceive and react to uncertain rewards. We run a randomized experiment involving more than 160,000 users of a telecommunications operator in China and examine the effectiveness of different referral reward schemes. We find that referral programs are most successful when senders are incentivized with uncertain rewards and recipients are guaranteed certain rewards. Specifically, introducing uncertainty in the sender’s reward leads to a 20.9% increase in total referrals with recipients of these invitations more likely to engage in subsequent referrals and profitable in-app activities. In contrast, uncertainty in the recipient’s reward results in a 12.3% decrease in total referrals with invited recipients showing a lower propensity to make further referrals and reduced postreferral engagement. Additional online experiments identify distinct mechanisms driving these asymmetric effects: For senders, the uncertainty alleviates feelings of guilt, enhancing referral sharing and, thus, increasing the total number of referrals. For recipients, the adverse effects of uncertainty stem primarily from diminished perceptions of fairness and social pressure, and these deter engagement in the referral process. Our study sheds light on the complex dynamics of reward uncertainty in referral programs, offering novel insights into how it can be optimized to foster more engaged referral networks.
- Bricolage as enacted sensemaking in emergent response groupsPublication . Coelho Da Silva, Ricardo; Zejnilovic, Leid; Berti, Marco; Cunha, Miguel Pina e; Oliveira, Pedro; NOVA School of Business and Economics (NOVA SBE); Academy of ManagementWhen crises strike, new forms of emergent organizing often arise to address urgent societal needs that formal institutions struggle to meet. Among these, emergent response groups (ERGs)—self-organized communities that form to respond to unexpected and extreme events—offer a particularly salient example of decentralized and nonhierarchical organizing. This multicase study investigates eight ERGs that formed during the COVID-19 pandemic to design and distribute critical medical supplies. Drawing on sensemaking theory, we show how bricolage—making do with at-hand resources—supports coordination and community structuring by reducing equivocality caused by distributed actors. Our findings describe how these ERGs grew rapidly by using bricolage to reduce action, goal, and resource equivocality, enabling coordinated and scalable crisis response efforts. We contribute to research on emergent organizing in crisis contexts by revealing how bricolage fosters coherence and rapid scaling in the absence of formal hierarchies. Our study also challenges the dominant assumption that bricolage is inherently limiting to organizational growth, showing that—in the context of self-organizing collectives—it offers a novel solution to the problem of coordinating action among distributed agents.