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The economic history of the United States is that of Europeans and their institutions. Indigenous nations are absent. This absence is partly due to a lack of data but perhaps also to a perception that Indigenous communities contributed little to U.S. growth. Three case studies explore the economic complexity and social stratification across different nations/regions prior to contact. Migrants to the United States came not to an empty land but one with settled agriculture, complex production processes, and extensive trade relations, upon which Europeans built.

We analyse the competitive effects of the centralised sale of football media rights in Europe, focusing on the “Big Five” countries (England, France, Germany, Italy, Spain). Contrary to the recent findings of European competition authorities, we consider that there are arguments in favour of the relevant market for domestic media rights being club- or even match-specific. This raises the question of what competition is restricted by the centralised sale if the rights on offer do not compete. If the media rights of different clubs are indeed complementary and because of the potential efficiency gains from bundling, we conclude that the centralised sale of media rights is unlikely to be anticompetitive and may have procompetitive effects. We further show that under a club or match-specific market definition, a no-single-buyer rule likely reduces the benefits from the centralised sale and may be to the detriment of consumers.

The Marshall Plan (1948–1952) was the largest aid transfer in history. This paper estimates its effects on Italy’s postwar economic development. It exploits differences between Italian provinces in the value of reconstruction grants they received. Provinces that could modernize their infrastructure more quickly experienced higher increases in agricultural production, especially for perishable crops. In the same provinces, we observe larger investments in labor-saving machines, the entry of more firms into the industrial sector, and a larger expansion of the industrial and service workforces.

While the importance of closer, wider communications to Scotland and Scots adaptation to life within the Union, and the development of Britishness, has been commonly acknowledged, the role of the Post Office within these processes has never been systematically examined. This article charts the increasingly rapid development of postal services within Scotland and linking Scotland to London and the rest of England and Wales from the mid eighteenth century. It demonstrates the sheer extent and scope of growth of postal services in Scotland, and explores their use by different sections of Scottish society, by the mid nineteenth century. While commerce and manufacturing, as well as banking, together with the landed classes, account for the main sources of growth in use of the post, they were far from the sole beneficiaries of expanding, more efficient services. Scotland participated fully in the democratization of letter writing which was a feature of the Georgian period. The article then reflects on the consequences of these developments for the enfolding of Scotland within Britain and the rise of the latter as a salient framework within which people lived their lives. It underlines, in this context, the contemporary importance of letter writing and transmission of printed information to sustaining and forging connections and relationships between people and businesses, and overcoming frictions of distance within Britain.

The Corona Virus Disease pandemic has significant adverse effects on the economy, health, and society that have hampered global economic growth. Taiwan is one of the countries impacted by this pandemic. The pandemic had an enormous influence on the world economy, making the role of financial report quality an even more critical issue. This study aims to examine and evaluate the impact of the COVID-19 pandemic on the quality of financial reports. Additionally, it intends to examine and evaluate the differences between the impact of audit opinion and audit quality on the quality of financial reports before and after the COVID-19 pandemic. This study adopts secondary data, i.e., annual financial reports and audit quality data of public listing firms on the Taiwan Stock Exchange (TSE). Furthermore, this study selected data from 2016 to 2021. This study proves that the COVID-19 pandemic affects the quality of financial reports. Furthermore, this study suggests that the COVID-19 pandemic strengthens the negative impacts of audit opinion on the quality of financial reports using accrual earnings management proxies. However, it also shows that the audit quality did not impact the quality of financial reports proxied by accrual and real earnings management at the beginning of the COVID-19 outbreak. JEL classification numbers: G32, M41, O06, Q56. Keywords: The Quality of Financial Reports, COVID-19 Pandemic, Audit Opinion, Audit Quality.

Aim: Drug discovery is a long process, often taking decades of research endeavors. It is still an active area of research in both academic and industrial sectors with efforts on reducing time and cost. Computational simulations like molecular docking enable fast exploration of large databases of compounds and extract the most promising molecule candidates for further in vitro and in vivo tests. Structure-based molecular docking is a complex process mixing both surface exploration and energy estimation to find the minimal free energy of binding corresponding to the best interaction location. Methods: Hereafter, heterogeneous graph score (HGScore), a new scoring function is proposed and is developed in the context of a protein-small compound-complex. Each complex is represented by a heterogeneous graph allowing to separate edges according to their class (inter- or intra-molecular). Then a heterogeneous graph convolutional network (HGCN) is used allowing the discrimination of the information according to the edge crossed. In the end, the model produces the affinity score of the complex. Results: HGScore has been tested on the comparative assessment of scoring functions (CASF) 2013 and 2016 benchmarks for scoring, ranking, and docking powers. It has achieved good performances by outperforming classical methods and being among the best artificial intelligence (AI) methods. Conclusions: Thus, HGScore brings a new way to represent protein-ligand interactions. Using a representation that involves classical graph neural networks (GNNs) and splitting the learning process regarding the edge type makes the proposed model to be the best adapted for future transfer learning on other (protein-DNA, protein-sugar, protein-protein, etc.) biological complexes.

The most common kind of motor used in industrial applications is still the AC motor. In many applications, it is crucial to monitor and regulate the induction motor's settings, and there are numerous ways to guarantee dependable performance. This research focuses on the remote monitoring and management of a three-phase induction motor's numerous parameters using the Internet of Things (IoT). Short circuit motor temperature, current, and voltage are just a few of the characteristics that the sensor and sensor module keep track of and send to the processing unit, which displays the parameter on the server. To prevent system failures through the server gateway, the system also includes automatic and manual control methods to stop or start the short-circuited motor. With constant monitoring to detect failures and also to identify preventative maintenance, this system's adoption improves the machine's operational efficiency. The most prevalent type of motor in use today across all industries is the AC motor and the brilliant scientist Nikola Tesla's development of an induction motor. The induction motor is responsible for over 50% of the world's electricity consumption. 90% of industries utilize induction motors because they have the necessary properties like being naturally "self-starting" motors, and not requiring permanent magnets, brushes, commutator rings, or position sensors. Moreover, induction motors are more affordable and reliable than other types of motors, retain a strong power factor, require less maintenance, are extremely efficient, and are tiny in size.

La Unión Europea (UE) inició el año 2023 con una agenda de objetivos y retos condicionada por la guerra en Ucrania y sus consecuencias. El impacto del conflicto ha evidenciado la necesidad de alcanzar la independencia energética, aumentar las capacidades de defensa y avanzar en materia de asilo, ámbitos en los que la UE tendrá que continuar dando pasos importantes en los próximos meses en la línea de los adoptados en 2022. Además, el año 2023 constituye el último tramo del actual ciclo institucional europeo, antes de las elecciones al Parlamento Europeo en mayo de 2024, así como el último año en el que estarán disponibles los fondos del Next Generation EU para los Estados miembros. Por parte de España, su política europea estará determinada por el ejercicio de la Presidencia del Consejo de la UE durante el segundo semestre de 2023. Desde esta posición, España asume la responsabilidad de impulsar las negociaciones y lograr los consensos necesarios en los ámbitos prioritarios de trabajo de la UE, como son la transición ecológica, la transformación digital y la agenda social, entre otros. Así mismo, la quinta presidencia española del Consejo de la UE coincidirá con un momento clave en la implementación de los planes nacionales de recuperación, ya que, como se ha mencionado anteriormente, para finales de 2023 los recursos europeos asignados deberán estar totalmente comprometidos. Con estas perspectivas y en un contexto geopolítico todavía incierto y cambiante, este número misceláneo 68/2023 de Cuadernos Europeos de Deusto incluye diversas contribuciones que abordan algunos de los desafíos más relevantes que encara actualmente la UE, en particular, el de la crisis climática y energética. Este primer ejemplar de 2023 incluye además las habituales crónicas de jurisprudencia y de actualidad europea que firman nuestros fieles y valiosos colaboradores, David Ordóñez Solís y Beatriz Iñarritu.

Este trabajo analiza el deterioro del Estado de Derecho en Polonia desde las elecciones de 2015, en las que el partido ultraconservador Ley y Justicia consiguió la mayoría legislativa y accedió al Gobierno. Desde entonces, esta situación le ha permitido llevar a cabo modificaciones legislativas que han acabado afectando a la independencia judicial en el país. Entre otros factores, la modificación de la composición del Tribunal Constitucional y el Tribunal Supremo o la politización del Consejo Nacional del Poder Judicial, órgano constitucional encargado de los nombramientos judiciales, han contribuido al deterioro del Estado de Derecho en Polonia. Ante esta situación, comienza a producirse una reacción en forma de diálogo entre el TJUE y el TEDH, de forma que ambos Tribunales se aluden mutuamente a través de sus sentencias y desarrollan el concepto de «tribunal establecido por ley». Como resultado de dicha interacción, se amplía el contenido del derecho a un tribunal establecido por la ley y se establece que las irregularidades producidas en el procedimiento de nombramiento de los jueces pueden provocar el menoscabo de aquel derecho. Se acaba incluyendo así la legalidad del procedimiento de nombramiento de los jueces al contenido del derecho a un tribunal establecido por la ley. Recibido: 25 octubre 2022Aceptado: 22 febrero 2023

Desde la entrada en vigor del Tratado de Lisboa, la Unión Europea desarrolla una política integrada en materia de medio ambiente y energía que le posibilita adoptar medidas para hacer frente de manera conjunta a los retos que plantean el cambio climático y la seguridad de abastecimiento energético. Actualmente, la Unión Europea se encuentra en el proceso que le lleve a cumplir sus compromisos en materia de clima y energía previstos para 2030. Dichos objetivos se fijaron inicialmente en 2014 pero desde entonces se han visto ampliados en varias ocasiones. Las razones han sido diferentes: en primer lugar, el irregular grado de cumplimiento de los objetivos para 2020; posteriormente, el objetivo de neutralidad climática propuesto en 2018 y el Pacto Verde Europeo adoptado para su consecución y cuyo desarrollo se inició en 2020; finalmente, el complicado contexto geopolítico de 2022. El presente texto analiza y trata de explicar dicha evolución hasta las propuestas más recientes. Recibido: 12 diciembre 2022Aceptado: 17 enero 2023

The concept of “strategic autonomy” embeds the political idea of “independence” and the legal notion of “sovereignty”. As the EU largely depends for energy on foreign resources, particularly from autocratic regimes, difficult governance situations, notably wars, can deeply disrupt the Union’s energy supply. Specifically, war in Ukraine has been convincingly explained as an affirmation of the opposed development of Russia’s “sphere of influence”, whereby energy supply is used as a “weapon” to create dependency across sovereign State borders. Whereas scholars have advanced a dichotomy for the EU and its Member States to escape Russia’s sphere of influence, either diversifying energy sources or accelerating the green transition, it is argued in this paper that the two approaches should be considered complementary rather than alternative. It is therefore suggested that, at least in the short term, the EU and its Member States should seek to diversify their energy sources, whilst at the same time trying to accelerate the green transition under the Green Deal as a longer-term strategy. As the EU and its Member States should qualify as “non-belligerent” vis-à-vis Russia, necessity seems the most suitable legal justification to relinquish already contracted energy supply obligations and move to a newly balanced energy policy. Received: 26 October 2022Accepted: 27 January 2023

The article discusses the increasing roles of Belt and Road Initiatives (BRI) and EU investment policies in Asia development. During the past decades, China has increased their positions of global investment with the strategic plan to facilitate regional and country development in Asia. EU also has a long history of assisting countries in Asia to achieve development. The EU and EU countries involved with investment and assistance projects in Asia countries to raise countries’ development levels. With the two sides of the world- China and EU, there are increasing cooperation under a global policy of BRI and the Indo-Pacific cooperation. However, there is also the concern of the worldwide influence from both China and the EU in Asia. The article thus argues that while there is a concern of global influence from investment under BRI policy and EU-Indo Pacific, there are opportunities to bridge those policies to facilitate the developments in Asia. The article points out some policy implications on global investments for sustainable development within BRI and Indo- Pacific cooperation. Received: 22 April 2022Accepted: 08 February 2023

Sumario: I. Introducción.—II. El Estado de la Integración.— III. Cuestiones generales de la actualidad económica

Diplomatic, economic and other relations between the Republic of Kazakhstan and the European Union have been officially established since 1993. Such interaction between Kazakhstan and the European Union has been effective for both sides. The aim of this research is to consider the economic, political, diplomatic and cultural relations between the European Union and Kazakhstan, as well as to propose recommendations for countries that are just beginning relations with the Union. The creation of a single dense economic and currency space on the European continent, the expansion of the Union, a strategy to advance the world economy, the formation of a common defense and security system, integration and components of global processes have become the main requirements of this union. Political, trade, economic and investment cooperation between the Republic of Kazakhstan and the EU is carried out within the framework of the Partnership and Cooperation Agreement signed on 23 January 1995 in Brussels and entered into force on 1 July 1999. On the basis of the agreement, it was possible to establish appropriate discussions on trade, investment, general economic relations, as well as cooperation in energy, transport, environment and finance. For the European Union, Kazakhstan has established partnerships in Central Asia as a key and effective partner. Thus, it became clear that Kazakhstan is a Eurasian state connecting Europe and Asia and a “Golden Bridge” in terms of geopolitical location. Received: 29 November 2022Accepted: 08 February 2023

As the world's population continues to grow, the demand for electricity is also increasing rapidly. Ensuring the quality of power supply, voltage stability, unity power factor, and minimizing power losses is essential for delivering power to every user end. In order to achieve this, compensation techniques are needed. This project focuses on Serial controllable Flexible AC Transmission Systems (FACTS) devices, such as Controllable Series Compensator (CSC) and Static Synchronous Series Compensator (SSSC), which have a significant impact on the voltage and power stability of an electric power system (EPS). The mathematical derivation of the voltage dependency of CSC and SSSC is extracted for the single-load infinitive-bus model (SLIB). New analytical equations are developed to compare the impact of CSC and SSSC on voltage stability in a five-bus system. The results of the analysis are expected to reveal that CSC has a crucial role to play in enhancing voltage stability, and its impact is greater than that of SSSC when considering equal CSC and SSSC MVA ratings. When it comes to voltage controllability, SSSC (Static synchronous series compensator) is superior to CSC (Controllable Series Compensator), especially in situations where there are having low voltages or having low loads.

This paper examines a dual-band, low-cost microstrip patch antenna for Ku and K applications through simulation study. Ansys High Frequency Structure Simulator (HFSS) software is used to do the simulation analysis of the suggested antenna. Using Ansys High Frequency Structure Simulator (HFSS) software, the suggested antenna is constructed and simulated to evaluate several characteristics including reflection coefficient (S11), radiation pattern, gain, and bandwidth. The substrate for the antenna is made of FR-4, which has a relative permittivity of 4.4 and a dielectric loss tangent of 0.02. Using the microstrip feed line technology, the planned millimeter wave dual band antenna is examined at operating frequencies of 13 and 22 GHz. At frequencies of 13 and 22, respectively, the antenna's maximum gain values are 4.81 dB and 4.82 dB in the x-y plane. The suggested material might be a decent substitute.

This paper estimates the causal impact of short-term aggregate fluctuations in Egypt, 1911–48, using global cotton price shocks. Firm entry was procyclical, and exit was acyclical. There were persistent differences between cohorts over the cycle; expansionary cohorts were of lower quality. The evidence supports models of firm entry with ex-ante heterogeneity. The findings highlight the extensive margin of entry as the primary adjustment mechanism. As a result, recessions had a strong “isolation” effect. This nature of firm entry amplified and propagated temporary price shocks.

This paper provides the first evidence of the effect of tax policy on violent attacks against Black politicians. I find a positive effect of local tax revenue on subsequent violence against Black politicians. A dollar increase in per capita county taxes in 1870 increased the likelihood of a violent attack by more than 25 percent. The result is robust to controls for numerous economic, historical, and political factors. I also find counties where Black officeholders were attacked have the largest tax reversions. This provides the first quantitative evidence that Reconstruction political violence was specifically related to Black political efficacy.

We use historical census data to show that Sweden exhibited high levels of intergenerational occupational mobility several decades before the rise of the welfare state. Mobility rates were higher than in other nineteenth- and twentieth-century European countries, closer to those observed in the highly mobile nineteenth-century United States. We leverage mobility variation across Swedish municipalities to shed light on potential determinants: economic growth and migration are positively correlated with mobility, consistent with the patterns observed across countries.

Research background: Traditional financial institutions are facing new competitors ? FinTech lenders. The development of these entities and their services depends on many factors, including the level of their acceptance and use by potential and/or current customers. This acceptance determines the ability to create desired financial results and defines the set of FinTech lenders? activities and also their environment aimed at shaping the offer which meets their consumers? expectations. The limited number of studies addressing the identification and assessment of the impact exerted by the adoption factors of lending services offered by FinTech lenders and the lack of such analyzes relating to these decisions made by consumers from Central and Eastern Europe argue for the need to conduct such research. Purpose of the article: Identify factors driving consumers? adoption of digital lending services offered by FinTech lenders in Poland. Methods: Critical analysis of the source literature, descriptive and comparative analysis, diagnostic survey, econometric methods (PCA, SEM used in the TAM). Empirical data come from the surveys carried out in May 2022 using the CAWI method and covering a representative sample of 1,000 Poles. Findings & value added: The study identified factors driving consumers? adoption of digital lending services, including perceived trust, risk, usefulness and financial health. It has been proven that the perceived ease of use and innovation do not represent the statistically significant constructs influencing the accepted adoption attitudes. The adopted research model shows a considerable power to explain the intention of using digital loans. The article is the first scientific study of this type discussing the identification of adoption factors for loan services offered by FinTech lenders operating on the Central and Eastern European market. The presented example of Poland being the leader in this dynamically developing market provides the background for conducting international comparative studies in the future.

Research background: The Brexit referendum had a profound effect on the economic relations between the United Kingdom (UK) and continental Europe. Major economic and financial determinants were affected, including the impact of the GBP/EUR exchange rate volatility on the dynamics of UK exports to the Eurozone. Purpose of the article: This paper seeks to assess the extent to which these dynamics have changed since Brexit and to estimate the magnitude of their impact. Methods: To this end, the volatility behavior of the GBP/EUR exchange rate before and after Brexit is captured using EWMA, GARCH(p,q), and EGARCH(p,q) models for the period of January 1, 2010 to August 31, 2020. The post-Brexit change in the volatility structure of GBP/EUR exchange rates is then tested by including a dummy in the optimal volatility model. Finally, the Autoregressive Distributed Lag (ARDL) Bounds Testing approach is employed to analyze the relationships between exchange rate volatility and exports. Findings & value added: GARCH(1,1) was selected as the winning model and used to examine the volatility structure of the post-Brexit exchange rate, which revealed no significant change. By incorporating a well-grounded proxy for exchange rate volatility into the demand function of exports, and controlling for the industrial production index, terms of trade, and real exchange rate, the analysis showed that exchange rate volatility had a negative impact on export volume to the Eurozone in both the long and short run. Additionally, the industrial production index had a positive effect on export volume in both the long and short run, while an appreciation in the value of the pound relative to the euro adversely affected the competitiveness of UK exports in the Eurozone market in the long run, with no impact in the short run. This paper serves as a benchmark for future studies, as it follows a three-step modeling approach and provides valuable insights into the potential economic and financial consequences a European Union (EU) member state may face should it choose to exit the EU.

Research background: Sustainability in organizations is a business approach to creating long-term value by taking into consideration how a given organization operates in the ecological, social, and economic environments. The organizational practices that eventually lead to sustainable development are referred to as sustainable organization management. Purpose of the article: The purpose of this paper is to examine the current trends in sustainable organization management over the time period of 2015?2022, highlight the emerging themes in this study area, and provide guidance for further research in the field. Methods: This paper uses bibliometric meta-data analysis to present an analysis of current trends in sustainable organizational management. An in-depth analysis of a sample result of 619 papers from the Web of Science core collection was conducted with the use of biblioshiny, the R-Programming Language package, and the VoS Viewer software. A global representation of concepts was created using the relational directory network visualization technique based on VoS Viewer software. Keyword cooccurrence relationships were determined; relational techniques were used to visualize bibliographic coupling density to identify thematic areas with little research; and overlay visualization bibliometric techniques were used to identify new and old research themes. Findings & value added: Emerging themes are modeling, tourism, and perceptions. Motor theme areas in the field of study include performance, impact, and management. The paper concludes that the study area of organizational sustainability management is still in its early stages and has great research potential, such as Africa as a study area, despite the fact that there have been few or no research findings. Future research should examine the role of technology and innovation in promoting sustainable practices within organizations and clarify how well an organization can survive global competition.

Research background: The effects of locating next to other establishments of equivalent activity is a decision with serious and far-reaching implications, not only from the point of view of location decisions but also with regard to competitive strategy, pricing, or promotion decisions. The literature provides evidence of the negative effects of being proximate to competitors (erosion of market share), but there are also benefits associated with the increased attraction of demand (attraction effect). This phenomenon is of particular interest in the case of hospitality, where hotel concentrations can be found around certain tourism resources, and is a crucial factor in hoteliers' decisions as they evaluate these contradictory effects. Purpose of the article: Drawing from the relevance that the confrontation between agglomeration and competition has in the hotel industry, our study aims to examine if this confrontation can be driven by geographical location and how both vertical and horizontal differentiation factors can unbalance it. Methods: Based on the use of geographical information systems and the estimation of a geographically weighted regression model with a wide dataset that includes 3,153 European hotels located in Spain, France and the United Kingdom. Findings & value added: We extend agglomeration and competition theoretical bodies related to location decisions by providing new findings about their simultaneous effect. Specifically, this study contributes to filling the gap regarding their combined effects on pricing and the conditions under which one prevails over the other. Results show that the role of geographical location and a hotel?s online reputation are more decisive differentiation factors than hotel category when explaining the asymmetry of the effects of agglomeration and competition.

Research background: The lack of financial resources of small and medium enterprises (SMEs) make them face high financial risk. Their entrepreneurial abilities that belong to Resource-based View (RBV), such as innovativeness and competitiveness, might reduce SMEs? financial risk because those entrepreneurial abilities increase the financial performance of businesses. Purpose of the article: This paper aims to investigate the effects of the innovativeness and competitiveness of SMEs on their financial concerns based on financial risk, including bankruptcy, financial performance, and financial risk management. Methods: The authors use a method of data analysis and synthesis, including advanced knowledge and digital processing of background studies. This paper examines 1221 SMEs from the Czech Republic, Slovakia, and Hungary. Those firms are chosen by random sampling method from Cribis and the Budapest Chamber of Commerce databases. Then the researchers directed an online questionnaire to collect the research data from the randomly selected firms. The researchers use Ordinal Logistic Regression Test for analysis purposes. Findings & value added: This paper's results indicate that SMEs' competitiveness does not impact SMEs? bankruptcy prediction, financial performance, or financial risk management. On the other hand, while more innovative SMEs are less likely to face bankruptcy issues than less innovative SMEs, less innovative SMEs indicate better financial performance than their more innovative counterparts. Since this paper focuses on the influences of intangible assets of SMEs (such as characteristics based on RBV and Entrepreneurial Orientation) on their tangible assets (financial performance etc.) and puts emphasis on this fact from an International perspective, this paper makes a significant contribution to the literature. Furthermore, analyzing multiple relationships between SMEs? different entrepreneurial characteristics and various financial risk concerns is another important fact that might draw prospective readers? attention.

Research background: Effective monitoring of financial health is essential in the financial management of enterprises. Early studies to predict corporate bankruptcy were published at the beginning of the last century. The prediction models were developed with a significant delay even among the Visegrad group countries. Purpose of the article: The primary aim of this study is to create a model for predicting bankruptcy based on the financial information of 20,693 enterprises of all sectors that operated in the Visegrad group countries during the post-pandemic period (2020?2021) and identify significant predictors of bankruptcy. To reduce potential losses to shareholders, investors, and business partners brought on by the financial distress of enterprises, it is possible to use multiple discriminant analysis to build individual prediction models for each Visegrad group country and a complex model for the entire Visegrad group. Methods: A bankruptcy prediction model is developed using multiple discriminant analysis. Based on this model, prosperity is assessed using selected corporate financial indicators, which are assigned weights such that the difference between the average value calculated in the group of prosperous and non-prosperous enterprises is as large as possible. Findings & value added: The created models based on 6?14 financial indicators were developed using different predictor combinations and coefficients. For all Visegrad group countries, the best variable with the best discriminating power was the total indebtedness ratio, which was included in each developed model. These findings can be used also in other Central European countries where the economic development is similar to the analyzed countries. However, sufficient discriminant ability is required for the model to be used in practice, especially in the post-pandemic period, when the financial health and stability of enterprises is threatened by macroeconomic development and the performance and prediction ability of current bankruptcy prediction models may have decreased. Based on the results, the developed models have an overall discriminant ability greater than 88%, which may be relevant for academicians to conduct further empirical studies in this field.

Research background: Peer effects, in which individuals learn and imitate their peers? behaviors, have been widely recognized in different contexts. Particularly, with increasingly fierce competition, firms can no longer make financial decisions in isolation when facing terrible external operational environments. In contrast, observing peers? actions in corporate policies can help reveal intentions regarding what peers are doing, which is vital for policymakers and financial managers. Studies on the existence of capital structure peer effects in the Chinese context have been conducted, but the mechanisms of peer effects are still ambiguous at present. Purpose of the article: This study aims to examine peer effects in capital structure and discover the mechanisms in the Chinese context. Understanding the mechanisms behind peer effects can help scholars and policymakers obtain more insights into the working mechanisms of peer effects. Furthermore, how the industry- and firm-specific characteristics affect peer effects and the selection of mechanisms should be analyzed. Methods: Using the fixed effects model (industry effect and year effect) and propensity score matching (PSM), as well as market leverage and heterogeneous stock shocks, we investigate peer effects, the mechanisms, and the effects of specific factors from industries and firms based on the sample of Chinese non-financial A-share listed firms on the Shanghai and Shenzhen stock markets from 2014 to 2021. Findings & value added: Study results show that peer effects exist in the corporate capital structure in the Chinese capital markets. Unlike previous studies, this analysis captures three mechanisms: the industrial average, industrial leaders, and industrial-similar firms. The intensity of peer effects and selection of mechanisms are influenced by both industry-specific characteristics (the degree of industrial competition and financing constraints) and firm-specific characteristics (firm size and market share).

Research background: Sustainable development of the modern world represents an opportunity to preserve economic growth and technological progress, as well as social development, without limiting the possibilities of this development for past generations. The directions of this development are included in the 17 goals and 169 tasks of the 2030 Agenda for Sustainable Development. The achievement of these goals and the implementation of the adopted tasks is a huge challenge for individual countries and regions. This also applies to the European Union (EU), where economic development is closely linked to environmental protection and social inclusion. Of key importance in this context is Objective 9 of Agenda 2030, and thus its level of implementation in the EU-27 countries is the aim of the research presented in this paper. Purpose of the article: The research involved assessing the level of EU countries in terms of building stable infrastructure, promoting sustainable industrialization and fostering innovation, i.e., the main areas of Goal 9 of Agenda 2030. Methods: The assessment was based on the EU?27 countries' sustainable development index (SDG9) determined with the use of 14 indicators characterizing these areas between 2015?2020. The basis of the developed methodology was a multi criteria decision making approach (MCDM methods). TOPSIS, WASPAS and EDAS methods were used to determine the sustainability index, and the Entropy, CRITIC and standard deviation (SD) methods were used to determine weights for the adopted indicators. In addition, the use of the Spearman's and Kendall's Tau non-parametric tests enabled the analysis of the relationship between the SDG9 index and the basic economic, environmental and energy parameters, as well as the digitalization of the countries under study. Findings & value added: The results show that the EU?27 countries vary widely in terms of implementing Sustainable Development Goal 9 of Agenda 2030 over the analyzed period. Now, the most advanced in this respect are Denmark, Germany, Luxembourg, the Netherlands, Finland, and Sweden. By contrast, substantial problems are found in Bulgaria, Greece, Portugal, and Lithuania. The results also provide an opportunity to trace changes in the value of the designated index in individual countries, and in groups of countries of the "old" and "new" EU. These results significantly enrich the knowledge of the effectiveness of implementing Goal 9 of Agenda 2030 in the EU?27 countries and the relationship between the development of individual countries and sustainable development economy. These findings can also be used to create new EU?27 strategies for sustainable and solidarity-based development of the whole EU. In addition, the results can be helpful to decision-makers as they highlight important indicators related to innovation, industrialization and infrastructure that should be considered when formulating a country's sustainable development strategy. The added value of the study is the research procedure presented, which can be used in analyses on the study of various issues related to sustainable development for other groups of regions.

The literature has pointed out the negative aspects of political dynasties. But can political dynasties help prevent autocratic reversals? We argue that political dynasties differ according to their ideological origin and that those whose founder was a defender of democratic ideals, for simplicity labeled “pro-democratic dynasties,” show stronger support for democracy. We analyze the vote by the French parliament on 10 July 1940 of an enabling act that granted full power to Marshall Philippe Pétain, thereby ending the Third French Republic and aligning France with Nazi Germany. Using data collected from the biographies of parliamentarians and information on their voting behavior, we find that members of a pro-democratic dynasty were 9.6 to 15.1 percentage points more likely to oppose the act than other parliamentarians. We report evidence that socialization inside and outside parliament shaped the vote of parliamentarians.

Modern furniture manufacturing began in the mid-18th century, when cabinet makers, following the English model, manufactured luxury furniture in box construction and for stock according to the principles of rationalization and specialization. Other companies are used as examples to trace the transition to industrial production, until furniture made entirely by machines came onto the market at the beginning of the 20th century and the question of good design became increasingly important. Therefore, the second part of the essay uses selected examples to examine how companies were influenced from the outside, by large customers, the state or artists, with the aim of producing high-quality and well-designed products.

Co-operatives were the only group of enterprises, which used belletristic literature systematically for propaganda purposes. This essay analyses lyrics, dramas, novels and short stories of German co-operatives between the 1880s and 1950s. It examines the co-operative contents of the sources and the tendencies of the surrounding society reflected in them. Furthermore, the study discusses whether the aims of the co-operative organizations were reached, and why the project was terminated in the 1950s.

The professional development of Bundeswehr officers today is almost emblematic of the careers of executives as part of a management elite. On the one hand, officers make careers within the military (in their traditional field), but on the other hand, the majority of officers leave the Bundeswehr after a few years and then pursue a civilian career path. How do the members of the officer corps recruit themselves and how do their military and civilian careers develop afterwards? The article investigates these references on the basis of empirical material.

This paper revisits the Swedish banking crisis (1919–1926) that materialized as post-war deflation replaced wartime inflation (1914–1918). Inspired by Fisher’s “debt deflation theory,” we employ survival analysis to “predict” which banks would fail, given certain ex-ante bank characteristics. Our tests support the theory; maturity structures mattered most in a regime of falling prices, with vulnerable shorter-term customer loans and bank liabilities representing the most consistent cause of bank distress in the crisis. Similarly, stronger growth in (1) leverage, (2) weaker collateral loans, and (3) foreign borrowing during the boom were all associated with bank failure. Jan Wallander and Tom Hedelius projects Banking on the local level: Growth, income and market integration (P17-0157)

Many models of investor behavior predict that investors prefer assets that they believe to have positively skewed return distributions. We elicit detailed return expectations for a broad index fund and a single stock in a representative sample of the Dutch population. The data show substantial heterogeneity in individuals’ skewness expectations of which only very little is captured by sociodemographics. Across assets, most respondents expect a higher variance and skewness for the individual stock compared to the index fund. Portfolio allocations increase with the skewness of respondents’ return expectations for the respective asset, controlling for other moments of a respondent’s expectations.

In this article, I investigate the effect of landholding inequalities on the democratization process in nineteenth-century France. I focus on the 1849 election, which followed the establishment of the Second Republic (1848–1851), and on the first six elections of the Third Republic (1870–1940), which took place between 1876 and 1893. I find that stronger landholding inequalities were associated to a lower support for the Republicans, and therefore constituted a threat to the consolidation of democracy. I provide evidence that large landowners resisted the establishment of democracy by influencing the electoral behavior of economically dependent agricultural workers.

La investigación consistió en realizar un metaanálisis sobre herramientas de monitoreo y control de las sequías en todas sus manifestaciones, lo que permitió identificar como debilidad la existencia de datos poco consolidados sobre la sequía hidráulica. Se analizaron 3.116 artículos publicados en el período 2000-2020, identificando la gestión de la sequía como el tema más publicado. Se trabajaron otras métricas referidas al total de artículos y su distribución por años y países, la distribución por temas y por revistas, artículos y autores más citados. Se constató la existencia de 46 índices entre los más empleados para el monitoreo y control de la sequía a nivel mundial, sobresaliendo entre ellos los aplicados a la sequía meteorológica. No se encontró referencia de índices aplicados para la gestión de la sequía hidráulica, lo cual constituye un reto para los investigadores y gestores de los recursos hídricos.

Es una reseña sobre un libro publicado en el 2021

Se presentan los principales desafíos para la prospección de una gestión compartida de recursos hídricos transfronterizos, teniendo como análisis central la Agenda 2030 y los Objetivos del Desarrollo Sostenible (ODS), especialmente los ODS-6, referentes al agua y al saneamiento. Considera la cuenca del Plata, la quinta mayor cuenca hidrográfica transfronteriza del mundo, compartida por Argentina, Brasil, Bolivia, Paraguay y Uruguay y el Comité Intergubernamental Coordinador de los Países de la Cuenca del Plata (CIC) como estudio de caso. El análisis se basa en metodologías de revisión de literatura y estudios documentales, y se enfoca en las interacciones del Plan de Acción Estratégico (PAE) del CIC con el ODS-6 y sus indicadores. El artículo enumera el cumplimiento de los puntos de este marco de la agenda internacional con la construcción de herramientas e iniciativas que faciliten la administración de las aguas transfronterizas de la cuenca del Plata por parte del PAE.

Secure property rights are usually considered to be essential for sustained economic development. In England, it is debated whether property rights have been secure since the medieval period or if they were only established after the Glorious Revolution. In this context, the paper examines the Court of Wards, which from 1540 to 1646 administered the Crown’s right to take custody of children and their lands when these were held by feudal-military tenures. The paper shows that wardship was a common occurrence, its exactions arbitrary but often heavy, and that it reduced the value of lands held by these tenures.

Funding: This research was developed with the financial support of the Radwan Travel and Discovery Fund (2016) - LSE; the Pre-Dissertation Exploratory Grant (2017) - Economic History Association; and the Research Fund for Graduate Students (2017) - Economic History Society. We study the impact of the 1907 Panic, the most severe economic crisis before the Great Depression, on the selection of Mexican immigration. We find that migrants were positively selected on height before the crisis. This pattern changed to negative selection during the crisis but returned to positive selection afterward. Adjustments in selection were partially mediated by the enganche, a historical labor-recruiting system that reduced migration costs but only for taller laborers with above-average earnings potential. We document that labor recruiting contributed to maintaining the relatively constant height profile of the migration flow in the short run. Publisher PDF