Number of found documents: 1194
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Inattentive price discovery in ETFs
Kosar, Mariia; Mikhalishchev, Sergei
2022 - English
This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific information can occur at the ETF level. Our results suggest that ETF investors respond endogenously to changes in the fundamental value of underlying stocks, in line with the rational inattention theory. Second, we provide evidence that ETFs facilitate propagation of idiosyncratic shocks across its constituents. Keywords: exchange-traded fund; ETF; price efficiency Fulltext is available at external website.
Inattentive price discovery in ETFs

This paper studies the information choice of exchange-traded funds (ETF) investors, and its impact on the price efficiency of underlying stocks. First, we show that the learning of stock-specific ...

Kosar, Mariia; Mikhalishchev, Sergei
Národohospodářský ústav, 2022

Optimally biased expertise
Ilinov, Pavel; Matveenko, A.; Senkov, Maxim; Starkov, E.
2022 - English
This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which the agent has an advantage in information acquisition relative to the principal, as opposed to having preexisting private information. When the principal is ex ante predisposed towards some action, it is optimal for her to hire an agent who is predisposed towards the same action, but to a smaller extent, since such an agent would acquire more information, which outweighs the bias stemming from misalignment. We show that belief misalignment between an agent and a principal is a viable instrument in delegation, performing on par with contracting and communication in a class of problems. Keywords: delegation; rational inattention; heterogeneous beliefs Fulltext is available at external website.
Optimally biased expertise

This paper shows that the principal can strictly benefit from delegating a decision to an agent whose opinion differs from that of the principal. We consider a “delegated expertise” problem in which ...

Ilinov, Pavel; Matveenko, A.; Senkov, Maxim; Starkov, E.
Národohospodářský ústav, 2022

Consequences of inconvenient information: evidence from sentencing disparities
Šoltés, Michal
2022 - English
Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech Republic affects respondents’ perception of the judicial system. I find no effect on respondents’ declared institutional trust and willingness to rely on the formal judicial system. Instead, the information marginally increased respondents’ policy involvement: They became more likely to: (i) sign a petition that invites politicians to address the underlying issue, and (ii) consider fairness of the judicial system a more important policy issue. The increased interest in the petition was driven by mothers, who are arguably more sensitive to the particular treatment information in the presented case of a failure to pay alimony. Keywords: information disclosure; institutional trust; performance of public institutions Fulltext is available at external website.
Consequences of inconvenient information: evidence from sentencing disparities

Inconvenient information about the performance of public institutions may undermine public trust. In an experiment, I test how information about sentencing disparities among judges in the Czech ...

Šoltés, Michal
Národohospodářský ústav, 2022

Compliance behavior under surveillance: introduction of the video assistant referee to European football
Trestcov, Ivan
2022 - English
This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s (1968) model of crime. Second, I estimate the deterrence effect’s spillover outside the surveillance environment. Third, I find evidence of a much under-studied learning-by-punishment effect. This paper applies the difference-in-difference strategy to show that the introduction of VAR causes a significant decrease in the number of fouls in two German football leagues. VAR had an immediate impact on severe fouls, while the effect on penalty fouls is apparent after a 12 week adjustment period. Punishment intensifies the deterrence effect as punished players commit even fewer fouls than unpunished players. Moreover, the deterrence effect persists outside of the surveillance environment, i.e., there is a spillover effect on international competitions. I show that players from countries with VAR commit fewer fouls in international competitions than other players. Keywords: Becker model; video assistant referee; deterrence Fulltext is available at external website.
Compliance behavior under surveillance: introduction of the video assistant referee to European football

This paper analyzes the effect of introducing the Video Assistant Referee (VAR) to European football. First, the setting allows for decomposition of the deterrence and monitoring effects in Becker’s ...

Trestcov, Ivan
Národohospodářský ústav, 2022

Identifying the materials in archaeological textiles
Březinová, Helena; Pechočiaková, M.; Grabmüllerová, J.
2022 - English
Given their organic origin, textiles rank among the rarest archaeological finds. While the vast majority of these artefacts are preserved as small fragments or mineralised remnants, their detailed textile technology study provides interesting and important information about the use of textile techniques and the quality of processing. The most important information concerns the utilised textile materials, but for degraded textiles, these materials are among the most difficult information to obtain. Image analysis using electron microscopy (SEM) is a significant aide in this pursuit. Keywords: archaeological textiles; raw material; SEM; image analyses Available at various institutes of the ASCR
Identifying the materials in archaeological textiles

Given their organic origin, textiles rank among the rarest archaeological finds. While the vast majority of these artefacts are preserved as small fragments or mineralised remnants, their detailed ...

Březinová, Helena; Pechočiaková, M.; Grabmüllerová, J.
Archeologický ústav, Praha, 2022

Europa Postmediaevalis 2022. Connections and networking. April 26-28, 2022
Matějková, K.; Blažková, Gabriela
2022 - English
The topic for the third EUROPA POSTMEDIAEVALIS 2022 conference was Connections and Networking. It was a hybrid conference. 34 contributions and 12 posters from 74 authors from 17 countries were presented. Keywords: Early Modern Age; pottery; Europe; trade Available at various institutes of the ASCR
Europa Postmediaevalis 2022. Connections and networking. April 26-28, 2022

The topic for the third EUROPA POSTMEDIAEVALIS 2022 conference was Connections and Networking. It was a hybrid conference. 34 contributions and 12 posters from 74 authors from 17 countries were ...

Matějková, K.; Blažková, Gabriela
Archeologický ústav, Praha, 2022

For God, Tsar and Fatherland? The political influence of Church
Travova, Ekaterina
2022 - English
This paper investigates the influence of the Orthodox Church network in Post-Soviet Russia on individual political preferences and election results. I use the numbers of monks and nuns from Orthodox monasteries operated in the Russian Empire before the Revolution as historical religious markers to construct a Bartik-style instrument (1991). I find that a denser Church network increases the average local approval rating for the current president and the share of votes cast for the government candidate in presidential elections. Further analysis of mechanisms shows that, today, the extending Church network is increasingly less able to attract people to attend church and to substantially increase the share of practicing believers. However, it does affect the political preferences of those who, regardless of their faith in God, self-identify as Orthodox. The potential channel for persuasion is media. Keywords: Orthodoxy; Church; approval Fulltext is available at external website.
For God, Tsar and Fatherland? The political influence of Church

This paper investigates the influence of the Orthodox Church network in Post-Soviet Russia on individual political preferences and election results. I use the numbers of monks and nuns from Orthodox ...

Travova, Ekaterina
Národohospodářský ústav, 2022

Violent conflicts and child gender preferences of parents: evidence from Nigeria
Sargsyan, Ella
2022 - English
Identifying the impacts of conflicts and understanding the origins of gender gaps are both seemingly unrelated but crucial questions in the literature. Focusing on the gap at the intersection of these two branches of literature, this study explores whether and how longrun exposure to violent conflicts contributes to and shapes the child gender preferences of parents. I use temporal and spatial variations in conflicts in Nigeria and combine the Uppsala Conflict Data Program and the Demographic and Health Surveys Program to perform the analysis. The results show that the effect of long-run exposure to violent conflicts on stated preferences (attitudes) for boys is not homogeneous. While conflict events with low or no civilian death increase preferences for sons, violence targeted at civilians works in the opposite direction and decreases preferences for boys. I find no evidence of translating these preferences into behaviour via sex-selective abortions. Instead, evidence shows that parents use the stopping rule to achieve the desired gender composition of children. Further, analysis also indicates that, in the districts affected by conflict, parents have a positive bias towards boys in terms of their postnatal health investment. Keywords: gender preferences; son preference; violent conflicts Fulltext is available at external website.
Violent conflicts and child gender preferences of parents: evidence from Nigeria

Identifying the impacts of conflicts and understanding the origins of gender gaps are both seemingly unrelated but crucial questions in the literature. Focusing on the gap at the intersection of these ...

Sargsyan, Ella
Národohospodářský ústav, 2022

Access to financial resources and environmental migration of the poor
Rakhmetova, Aizhamal; Hoffmann, R.; Pytliková, Mariola
2022 - English
Despite an increasing number of studies, there is no scientific consensus on the extent and conditions under which environmental factors influence migration. In particular, little is known about the role played by financial resources that may facilitate or hinder migration under environmental stress. Empirical evidence shows that some households migrate in response to environmental hazards while others remain in place, potentially being trapped due to lack of resources, i.e. poverty constraints. However, little is known about how access to financial resources influences the decision of a household to stay or migrate. On one hand, financial resources can help to alleviate poverty constraints and to cover migration costs, thereby increasing migration (climate-driver mechanism), on the other hand, financial resources can also improve the adaptation capacities of households at the place they reside, and thus reduce migration responses to environmental changes (climate-inhibitor mechanism). To shed light on households’ migration decisions in response to climate shocks depending on their access to financial resources, we utilize rich micro-data from Indonesia and exploit two sources of variation in climate and cash transfers. Our results suggest that better access to financial resources facilitates the climate-inhibitor mechanism for short-term rainfall shocks and natural disasters. At the same time, better accessibility to financial resources enhances the climate-driver mechanism for accumulated rainfall shocks and temperature anomalies. Keywords: climate change; migration; financial resources Fulltext is available at external website.
Access to financial resources and environmental migration of the poor

Despite an increasing number of studies, there is no scientific consensus on the extent and conditions under which environmental factors influence migration. In particular, little is known about the ...

Rakhmetova, Aizhamal; Hoffmann, R.; Pytliková, Mariola
Národohospodářský ústav, 2022

SWIFT as a Tool Not Only for European Integration
Matejka, Ján; Schlossberger, Otakar
2022 - English
The paper discusses the importance of The Society for Worldwide Interbank Financial Telecommunication (hereinafter 'SWIFT') not only for European integration. It partially maps its historical development with emphasis on the importance for mutual communication between financial institutions. At the same time, however, it can be a very suitable means of obtaining a range of information as evidence for criminal proceedings in clarifying financial crime offenses. In their research, the authors deal with various approaches to the processing of data obtained from the SWIFT system, which will be submitted to law enforcement authorities. These documents can then be linked to other information, which in turn will help clarify possible financial crime, especially in cross-border, or foreign overlap. The authors' study is based on the hypothesis that 'SWIFT information can contribute to the clarification / detection of financial crime'. Keywords: European integration; financial investigation; SWIFT Available on request at various institutes of the ASCR
SWIFT as a Tool Not Only for European Integration

The paper discusses the importance of The Society for Worldwide Interbank Financial Telecommunication (hereinafter 'SWIFT') not only for European integration. It partially maps its historical ...

Matejka, Ján; Schlossberger, Otakar
Ústav státu a práva, 2022

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