Search

Begin New Search Topic Equity

21. Zombie Prevalence and Survival

Author:
Debamanyu Das and Saurabh Roy
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
We document the rise in the share of zombie firms starting from the late 1990s in the U.S. economy across various sectors. We compare multiple definitions used in literature to identify zombies and discuss how they continue to survive. We find zombies issue more debt compared to non-zombies. A subset of zombies defined as growing zombies are able to raise equity too.
Topic:
Debt, Economics, Political Economy, Equity, and Zombie Firms
Political Geography:
North America and United States of America

22. Do bigger health budgets cushion pandemics? An empirical test of COVID-19 deaths across the world

Author:
Arusha Cooray, Krishna Chaitanya Vadlamannati, and Indra de Soysa
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
United Nations University
Abstract:
How has government healthcare spending prepared countries for tackling the COVID-19 pandemic? Arguably, spending is the primary policy tool of governments in providing effective health. We argue that the effectiveness of spending in reducing COVID deaths is conditional on the existence of healthcare equity and lower political corruption, because the health sector is particularly susceptible to political spending. Our results, obtained using ordinary least squares (OLS) and two-stage least squares (2SLS) estimation, suggest that higher spending targeted at reducing inequitable access to health has reduced COVID deaths. Consistent with the findings of others, our results indirectly suggest that health spending is necessary, but not sufficient unless accompanied by building resilience against the spread of deadly disease. Equitable health systems ease the effects of COVID presumably because they allow states to reach and treat people. Spending aimed at increasing health system capacity by increasing access thus seems a sound strategy for fighting the spread of disease, ultimately benefiting us all.
Topic:
Health Care Policy, COVID-19, Equity, and Regression Analysis
Political Geography:
Global Focus

23. Equity and Affordability in Rural Communities and Tribal Nations

Author:
Energy and Environment Program
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
The annual Aspen-Nicholas Water Forum, a collaborative initiative between the Aspen Institute Energy and Environment Program and the Nicholas Institute for Environmental Policy Solutions at Duke University, serves as a platform for addressing domestic water challenges in the 21st century. In light of the COVID-19 pandemic, the 2020 Forum took place across a series of virtual sessions exploring what constitutes good water governance through the lenses of water affordability and equity. While this topic was chosen prior to the outbreak of COVID-19, the pandemic has further revealed and exacerbated health and financial disparities across racial, gender, and geographic lines.
Topic:
Inequality, Rural, Public Health, Pandemic, Community, COVID-19, Tribes, and Equity
Political Geography:
North America and United States of America

24. A Procurement Path to Equity

Author:
Center for Urban Innovation
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Local governments are big buyers. Here in the U.S., our state and city governments collectively spend 1.6 trillion dollars per year. But for too long, how and with whom our local governments spend their money has reinforced economic inequities in our country. Minority-owned small businesses have been historically locked out of opportunities to contract with governments, and the current crisis has disproportionately impacted these very enterprises.
Topic:
Governance, Inequality, Business, Local, Equality, and Equity
Political Geography:
North America and United States of America

25. Educational Accountability or Social Accountability in Education? Similarities, Tensions, and Differences

Author:
Felipe J. Hevia and Samana Vergara-Lope
Publication Date:
11-2019
Content Type:
Working Paper
Institution:
Accountability Research Center (ARC), American University
Abstract:
This article addresses the relationship between the concepts of Social Accountability and Educational Accountability. The analysis of the similarities, differences and tensions between these two different concepts can strengthen citizen participation for educational improvement by identifying the full range of actors and processes in decision making that influence the success or failure of educational policy beyond of the teachers. We encounter two distinctive features involving social accountability mechanisms in the field of education: (1) There are many actors who participate in education, making it difficult to identify precisely who is responsible for key decisions, and (2) In education policy one encounters the concept of educational accountability, which refers to a series of mechanisms to hold schools and teachers accountable for educational outcomes by adopting standardized tests on a widespread basis to motivate change and steady improvement. Are the approaches of social accountability and educational accountability compatible? What are their differences and similarities? What are the effects of these differences when it comes to formulating solutions to the crisis in education? Through a comparative analysis, and looking at the Mexican case in depth, it becomes clear that we have to examine more than the tip of the iceberg. The educational accountability perspective is insufficient and at times counterproductive for educational improvement because it has a series of biases that are centered on the symptoms more than the causes of the structural problems related to low education levels. These biases include (1) Reducing the criteria for assessing the success of education policies to the outcomes of standardized tests, (2) Identifying teachers as the main actors responsible for educational outcomes, without considering other associated factors, such as student characteristics and socio-economic factors, (3) The concentration of negative consequences in the last chain of interaction—teachers and schools—which disproportionately affects students and teachers, and (4) Difficulties in mobilizing citizens around the demand for a better education. The school and the teachers are the main providers of educational services, but their performance is not the only cause of educational outcomes. This is why we need to construct an expanded vision of social accountability in education, based on a human rights perspective all of the actors assume our responsibility inside and outside the schools, to facilitate: (1) The generation of broad and fair criteria of success for evaluating education policy, using various evaluation methodologies and the results to generate formative feedback; (2) To better identify those responsible and their responsibilities, focusing on those factors that improve equity and quality, increase students’ motivation to learn, reduce the burden of the socioeconomic inequalities, and help produce more supportive schools and teachers, and (3) The involvement of citizens to achieve better learning, build relationships based on mutual trust, and complement access to local information with policy monitoring throughout the chain of decision-making.
Topic:
Education, Human Rights, Accountability, Equity, and Community Engagement
Political Geography:
Global Focus

26. Oxfam’s Future of Business Initiative: Promoting Equitable Businesses and Fourth Sector Development

Author:
Oxfam Publishing
Publication Date:
09-2017
Content Type:
Working Paper
Institution:
Oxfam Publishing
Abstract:
Since the turn of the century, the poorest half of the world’s population has received just 1% of the total increase in global wealth. Meanwhile, half the new wealth has gone to the richest 1%. At present, mainstream business is driving, rather than reversing, this disturbing trend. To help reverse this trend, we need rapid growth of equitable business structures with purpose, fairness and sustainability embedded into their model. In efforts to promote such equitable business structures, and the fourth sector, Oxfam is launching the Future of Business Initiative. Through this initiative, Oxfam will help such enterprises access finance and work with global companies on how they can include them in their supply chains. Oxfam will also investigate how having more businesses structured more equitably can contribute towards tackling global inequality, and ways government policies can better foster them, and the broader fourth sector.
Topic:
Development, Poverty, Labor Issues, Private Sector, and Equity
Political Geography:
Global Focus

27. Uncovered Equity Parity and Rebalancing in International Portfolios

Author:
Stephanie E. Curcuru, Charles P. Thomas, Francis E. Warnock, and Jon Wongswan
Publication Date:
05-2014
Content Type:
Commentary and Analysis
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Portfolio rebalancing is a key driver of the Uncovered Equity Parity (UEP) condition. According to UEP, when foreign equity holdings outperform domestic holdings, domestic investors are exposed to higher exchange rate exposure and hence repatriate some of the foreign equity to decrease their exchange rate risk. By doing so, foreign currency is sold, leading to foreign currency depreciation. We examine the relationship between U.S. investors' portfolio reallocations and returns and find some evidence consistent with UEP: Portfolio shifts are related to past returns in the underlying equity markets. But we argue that a motive other than reducing currency risk exposure is likely behind this rebalancing. In particular, U.S. investors may be exploiting mean reversion in underlying equity markets, rebalancing away from equity markets that recently performed well and moving into equity markets market just prior to relatively strong performance. Such behavior suggests tactical reallocations to increase returns rather than reduce risk.
Topic:
Economics, Markets, Risk, International Portfolios, and Equity
Political Geography:
North America and United States of America

28. U.S. International Equity Investment and Past Prospective Returns

Author:
John Armmer, Sara B. Holland, David C Smith, and Francis E. Warnock
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
U.S. investors are the largest group of international equity investors in the world, but to date conclusive evidence on which types of foreign firms are able to attract U.S. investment is not available. Using a comprehensive dataset of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. We also show that our firm-level analysis has implications for country-level studies, suggesting that research investigating equity investment patterns at the country-level should include cross-listing as an endogenous control variable. We describe easy-to-implement methods for including the importance of cross-listing at the country level.
Topic:
International Cooperation, Exchange Rate Policy, Investment, and Equity
Political Geography:
North America and United States of America

29. U.S. International Equity Investment and Past Prospective Returns

Author:
Stephanie E. Curcuru, Charles Thomas, Francis E. Warnock, and Jon Wongswan
Publication Date:
02-2011
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Counter to extant stylized facts, using newly available data on country allocations in U.S. investors' foreign equity portfolios we find that (i) U.S. investors do not exhibit returns-chasing behavior, but, consistent with partial portfolio rebalancing, tend to sell past winners; and (ii) U.S. investors increase portfolio weights on a country's equity market just prior to its strong performance, behavior inconsistent with an informational disadvantage. Over the past two decades, U.S. investors' foreign equity portfolios outperformed a value-weighted foreign benchmark by 160 basis points per year.
Topic:
Economics, Finance, Investment, Stock Markets, and Equity
Political Geography:
North America and United States of America

30. The Variance Risk Premium Around the World

Author:
Juan M. Londono
Publication Date:
11-2011
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This paper investigates the variance risk premium in an international setting. First, I provide new evidence on the basic stylized facts traditionally documented for the US. I show that while the variance premiums in several other countries are, on average, positive and display significant time variation, they do not predict local equity returns. Then, I extend the domestic model in Bollerslev, Tauchen and Zhou (2009) to an international setting. In light of the qualitative implications of my model, I provide empirical evidence that the US variance premium outperforms that of all other countries in predicting local and foreign equity returns.
Topic:
Economics, Risk, Fiscal Policy, and Equity
Political Geography:
North America and United States of America