No dia 29 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. O orador convidado será Michalis Drouvelis da University of Naples Federico II.
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
The Effects of Induced Emotions on Leading-by-Example (joint work with Zeyu Qiu)
Abstract
This paper investigates the effects of induced emotions on leading-by example. Using an online sample of more than 1,000 participants, we observe behaviour in a one-shot sequential voluntary contribution mechanism game where leaders and followers are induced to be either happy or angry. Our findings show that angry leaders contribute less than happy leaders. The same effect is observed when considering followers’ behaviour. A follow-up study uses the strategy method where the leader’s actual contribution is not revealed to followers and shows that angry followers behave no differently from happy followers. This suggests that the effect of induced emotions on followers’ behaviour operates primarily through the leader’s behaviour, highlighting the importance of leader emotions in shaping team outcomes. More broadly, our findings highlight the role of emotions as a causal force, suggesting that negative changes in well-being can bring about adverse effects on team cooperation.
No dia 27 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. O orador convidado será Chiara Lacava da University of Naples Federico II .
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
Local Governors as Tax Enforcers (with Giulia Olivero)
Abstract
This paper evaluates the impact of the Certified Warnings Program, a tax enforcement initiative in Italy that enabled municipalities to collaborate with the national tax authority to detect tax evasion. Using data covering the universe of sole proprietors and a difference-in-differences approach, we find that taxpayers in municipalities that adopted the program reported 3% higher taxable income after its introduction. We also document an increase in the probability of being audited and a corresponding reduction in tax evasion. These results hold when we conduct a similar analysis at the aggregate municipality level. Finally, we examine political outcomes for mayors who implemented the program during their first term and find that they were 8.7 percentage points more likely to be reelected, suggesting substantial political returns to local tax enforcement. Overall, our findings highlight the effectiveness of localized tax enforcement in improving tax compliance and its potential role as a political strategy.
No dia 20 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. O orador convidado será Tony Berrada da Universidade de Génova .
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
The Economics of Sustainability-Linked Bonds
Abstract
Relying on theory and empirical analysis, we study the real effects and pricing of Sustainability-Linked Bonds (SLBs). After issuance, SLB issuers decarbonize approximately seven percentage points faster per year than non-issuers. Our theory helps to understand the incentive structure and pricing of SLBs. Using a novel mispricing measure, we test several empirical predictions of our model. Overpriced SLBs at issuance experience negative secondary market returns. Stock markets react more positively to large, overpriced SLB issues, suggesting a wealth transfer from bondholders to shareholders. Finally, SLB mispricing is positively associated with firms’ ESG ratings. Our analysis shows that SLBs play a significant role in influencing firms’ decarbonization efforts and that these instruments carry meaningful implications for financial markets.
No dia 14 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. O oradora convidado será Daniel Raff, da Wharton School da Universidade da Pensilvânia.
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
Historical Thinking as Analysis, Business History, and Management Education
Abstract
Business history often seems to get little respect amongst quantitative social science-oriented management academics. Its narratives are said to be convenient just-so stories. Its subjects are no more than “anecdata” i.e. anecdotes masquerading as statistically validated central tendencies of validly random samples. History written by professionals for professionals in the late twentieth and early twenty-first century is not like the annals recorded by medieval monks: it is not merely descriptive but also fundamentally analytical in nature. Longitudinal accounts of the life courses of individual firms and industries represent a fertile field for analytical treatment. Management academics (and their students!) take a natural interest in cases of extreme outcomes—be these spectacular successes or dramatic failures—rather than those of average performers. I will argue that teaching business history as applied strategy, focusing on what might broadly be called mechanism in examples salient for one reason or another, offers opportunities valuable in teaching as well as in research, opportunities which are complementary to the sort offered by work presented e.g. at the annual meetings of the Strategic Management Society or published in the Strategic Management Journal. The talk will develop a helpful overall perspective and give precision to some useful concepts.
No dia 13 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. A oradora convidada será Ayala Arad, da Universidade de Tel Aviv .
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
An Experimental Study of Decision Rules in General vs. Concrete Insurance Problems
Abstract
Experimental work typically studies how individuals respond to particular, concrete decision problems. Yet many real-world choices are made at a more general level: decision makers often step back to determine how they would act across related situations with varying parameters. Such general strategies also appear in delegation and automation, where people provide guidelines for agents or algorithms to apply broadly. We introduce an incentive-compatible method to elicit free-text decision rules for general decision problems. Participants describe a rule to an automated system that applies it across concrete cases. A between-subject design compares choices under a General treatment to manual Case-by-case choices, while also collecting the written rules intended to replicate those choices. In an online experiment, participants made 20 incentivized binary insurance choices with varying loss probabilities and premiums. Insurance demand was lower under the abstract, rule-guided mode. When participants later reviewed the concrete outcomes of their rules, only half adjusted some choices, indicating overall endorsement of rule-based decision making. Revisions slightly increased insurance uptake, yet Case-by-case rates remained higher. These findings show that decision mode, abstract versus concrete, shapes behavior in ways consistent with construal-level theory (the impact of psychological distance). The methodology highlights distinctive procedural rules and provides a versatile tool for studying how individuals structure choices across contexts.
No próximo dia 13 de Maio, entre as 15h00 e as 17h30, o ISEG – Lisbon School of Economics & Management, em parceria com a Systemic, organiza a conferência “The role of climate finance to promote economic development in African countries”, seguida de um Cocktail de Networking. A sessão decorre no Auditório 4 (ISEG, Edifício Novo Quelhas).
Entrada gratuita, sujeita a pré-inscrição neste link.
O seminário reunirá representantes de organizações internacionais de referência, entre as quais o Green Climate Fund (GCF), o Global Green Growth Institute (GGGI), a Enabel, o World Resources Institute, a Finance in Motion e o Resolve Fund, para debater o papel estratégico do financiamento climático no desenvolvimento sustentável dos países africanos, com especial enfoque nos PALOP.
Num contexto internacional em que, em alguns fóruns, se procura suavizar ou omitir a expressão “alterações climáticas” do discurso público, a evidência científica continua inequívoca: a temperatura média global está a aumentar acima das previsões, gerando impactos económicos e sociais cada vez mais significativos. As perdas financeiras, a instabilidade macroeconómica e o agravamento da vulnerabilidade das populações afetam particularmente os países em desenvolvimento.
A conferência irá destacar experiências concretas de produtos financeiros verdes, políticas públicas de financiamento sustentável e iniciativas de assistência técnica promovidas por doadores e instituições financeiras internacionais. Entre os principais instrumentos em análise estarão o financiamento concessionário, as obrigações verdes e os modelos de financiamento misto, enquanto mecanismos essenciais para transformar compromissos climáticos em investimento real e com impacto económico e social.
O encontro pretende ainda sublinhar a importância das estratégias nacionais de financiamento sustentável alinhadas com o Acordo de Paris, enquanto condição fundamental para a mobilização de financiamento internacional e para o reforço da resiliência económica dos países do Sul Global.
O financiamento climático afirma-se, assim, como uma verdadeira alavanca para o desenvolvimento económico de longo prazo.
Na sexta-feira, dia 8 de maio, entre as 13h00 e as 14h00, tem lugar uma sessão dos ISEG Research Seminars. O orador convidado será Tanya Tang.
Os Seminários ISEG Research decorrem semanalmente, às quartas-feiras, contando com a participação de docentes do ISEG, bem como de outras instituições de ensino nacionais e internacionais.
Title
Get My Money Back: The VAT Distortion and Related-Party Transactions in China
Abstract
Excess input VAT over output VAT cannot be refunded in China, creating a significant financial burden for businesses. Using a confidential National Tax Survey Database, we examine how firms manage their VAT payments to minimize cash lockup. We find that firms with substantial input VAT credit carryovers (IVCC) increase output credits through related-party transactions (RPTs). This effect is more pronounced among financially constrained firms, particularly when the related parties are subsidiaries of listed firms and when these related parties are capable of absorbing the additional output credits generated by increased purchases from listed firms. We further find that IVCC-induced RPTs negatively affect the gross margins of related parties, suggesting inflated transfer pricing. Following China’s implementation of partial refund of IVCC in 2018, RPTs declined notably across the pilot industries. These findings provide empirical evidence of a mechanism for VAT non-compliance and distortion.
Na segunda-feira, dia 6 de maio, tem lugar uma sessão dos ISEG Research Seminars. O orador convidado será Hanna Wang.
Title
Job Search and Mobility Over the Life-Cycle: Implications for the Child Penalty
Abstract
Using Dutch administrative and survey data, we document that women’s job mobility drops around childbirth. Women make fewer job-to-job transitions starting one year before birth and continuing for many years after. They are also less likely to engage in on-the-job search and tend to work in jobs with low amenities, such as irregular hours. We develop a life-cycle model of labor supply, job search, and job switching in which pregnant women and mothers face higher search costs. Jobs are characterized as bundles of wages and amenities, where amenities reduce work disutility. We use the model to quantify a novel channel through which the child penalty operates: because (expecting) mothers search less, they remain in jobs with lower wages and fewer amenities, leading to lower employment and earnings. We find that search costs related to childbirth reduce lifetime earnings by 1.8%, accounting for 18.45% of the child penalty. We validate the model using a recent reform that eliminated tenure requirements for parental leave. Following the reform, mothers increased job switching before birth but decreased employment in the year of birth.
No âmbito da comemoração dos 125 anos de Bento de Jesus Caraça, realiza-se no ISEG, no dia 28 de maio, a apresentação do documentário “Bento de Jesus Caraça Matemático e Cidadão”, da autoria de Diana Andringa, realizado por Cristina Antunes.
A sessão tem início às 18h00, no Auditório 2, Edifício Quelhas.
Entrada livre.
No âmbito da comemoração dos 125 anos de Bento de Jesus Caraça, realiza-se no ISEG, no dia 14 de maio, a conferência “Bento de Jesus Caraça e a Economia”. O orador será Carlos Bastien, professor aposentado do ISEG.
A sessão tem início às 18h00, no Auditório 2, Edifício Quelhas.
Entrada livre.