Lessons for macroeconomic policy from the Global Financial Crisis

Makin, Anthony J.

doi:10.1016/j.eap.2019.07.008

Cited by 29 publications

(21 citation statements)

References 25 publications

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“…5 The start year of the global financial analysis can vary following the studies. For example, Makin (2019) and Cardak, Martin, and McAllister (2019) The website of the USPTO is: https://www.uspto.gov/patents-application-process/searchpatents.…”

Section: Datamentioning

confidence: 99%

Does it pay to be green? A disaggregated analysis of U.S. firms with green patents

Hoang

Przychodzeń²,

Przychodzeń³

et al. 2020

Bus Strat Env

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The objective of this paper is to investigate the relationship between environmental performance and financial performance on a sample of 361 U.S. firms over the 2007–2016 period. We contribute to the literature by considering firms active in sustainable innovations by obtaining green patents. We also contribute to the literature by using disaggregated measures of environmental performance collected from the Bloomberg ESG database, including environmental disclosure score, greenhouse gas emissions, waste emissions and water use. Panel data regressions' results show that environmental transparency positively influences current accounting and stock market performance, but negatively influences the return on capital employed. Furthermore, lower pollution emissions tend to improve the current return on assets, while being harmful for the efficiency of long‐term capital employment at the same time. The empirical results also indicate that the Global Financial Crisis (2007–2010) increased the environmental transparency of firms with green patents but negatively impacted their price to earnings ratio. At the same time, lower waste disposal diminishes stock valuation while the opposite is true with water use. Taken together, our results suggest that environmental transparency and greenhouse gas emissions generally appear to be the most important environmental variables influencing financial performance, with increasing importance attributed to them by the market after the global crisis period.

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Section: Datamentioning

confidence: 99%

Does it pay to be green? A disaggregated analysis of U.S. firms with green patents

Hoang

Przychodzeń²,

Przychodzeń³

et al. 2020

Bus Strat Env

View full text Add to dashboard Cite

show abstract

“…The economy, whether regional, national or international, is subject to variability resulting from many macro-and microeconomic factors (Caruso, 2019;Chen and Hung, 2010;Makin, 2019). Modeling of time-frequency variability by examining the direction and magnitude of the impact of these factors is feasible as a result of the application of a variety of techniques of econometric analysis (Borjigin et al, 2018;Chen and Ranciere, 2019;Ghoddusi et al, 2019;Liu et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Comparison on Subannual Seasonality of Building Construction in European Countries

Mach¹,

Zmarzły²,

Dąbrowski³

et al. 2020

ERSJ

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Purpose: The objective of this study involves the determination of cyclical characteristics that occur on the European construction market. Design/Methodology/Approach: In the research implementation process, time-frequency analysis was used to identify and analyze cyclicalities in the construction market. Findings: The results clearly demonstrate the absence of a homogeneous construction market in the investigated countries. The diversity of the European construction market is revealed by the various responses to the periods corresponding to the ups and downs of the economy. Practical Implications: The present research provides grounds for the clear indication of specific countries and cyclical characteristics on the construction market in them to define guidelines suitable for the identification of adequate scenarios for the development of construction markets in them. Originality/value: The conclusion derived from the study is associated with the classification of construction markets and identification of various responses of individual markets to the occurrence of macroeconomic or microeconomic stimuli.

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“…The second period, characterized by decline in the number of granted building permits was between 2009 and 2013. The change in the developmental tendency for the number of granted building permits in 2009 was dictated by the global economic crisis that originated from the American real estate market in 2008 (Coombs and Laufer, 2018;Degl'Innocenti, Grant, Šević, and Tzeremes, 2018;Gallegati and Delli Gatti, 2018;Makin, 2019;Manjunath, Baghel, and Kumar, 2019). Starting from 2013, one can note the period of time when the phenomenon under discussion saw growth again.…”

Section: A Time-frequency Analysis Of Housing Construction Time In Pomentioning

confidence: 99%

A time-frequency analysis of the housing construction time as the basis for making decisions on the construction market (the case study of Poland)

Mach¹,

Zmarzły²,

Dąbrowski³

et al. 2020

Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu

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Due to the increasingly complex market situation characterized by the growing variability of its determinants, making accurate decisions is riddled with an increasing risk of error. Widely used economic methods for analyzing market phenomena with a trajectory of time series has proved insufficient in many cases. Hence, it becomes necessary to seek more precise analytic methods, based on which it is be possible to obtain more precise mapping and relations in real-life activities. The goal of the present study is to apply the time-frequency analysis in the domain of real estate. Based on the application of, among others, Savitzky-Golay filtering, spectral density analysis, or cross-correlation, the time-frequency analysis will render it possible to precisely identify the parameters that selectively determine the housing market. The obtained results will make it possible to decrease the informational gap in the investment decision-making process in the housing market

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Lessons for macroeconomic policy from the Global Financial Crisis

Cited by 29 publications

References 25 publications

Does it pay to be green? A disaggregated analysis of U.S. firms with green patents

Does it pay to be green? A disaggregated analysis of U.S. firms with green patents

Comparison on Subannual Seasonality of Building Construction in European Countries

A time-frequency analysis of the housing construction time as the basis for making decisions on the construction market (the case study of Poland)

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