Dynamic Optimal Restructuring Policies Under Debt Renegotiation with Positive Externalities

2019 ◽  
Author(s):  
Yingxian Tan ◽  
Pengfei Luo ◽  
Jinqiang Yang ◽  
Aifan Ling
Keyword(s):  
Debt Renegotiation ◽  
Positive Externalities

Transformation of education as a metatrend of the digital economy

2020 ◽  
Vol 16 (10) ◽  
pp. 1960-1979
Author(s):  
N.A. Egina ◽  
E.S. Zemskova
Keyword(s):  
Human Capital ◽  
Social Transformation ◽  
Network Effects ◽  
Digital Economy ◽  
Network Education ◽  
Economic Progress ◽  
Positive Externalities ◽  
Communication Processes ◽  
Education Network ◽  
The Impact

Subject. The study focuses on the impact of the digital economy determinants of the education transformation. Objectives. The article provides our own approach treating the education capital as a specific asset of the digital economy, which has an acceleration effect and sets up new trends in education through integrative networks. Methods. The study is based on principles of the systems integration, cross-disciplinary and multidisciplinary approaches. Results. The socio-economic progress was found to be determined with properties of human capital, which are solely specific to the digital economy. In new circumstances, it gets more important for actors of global, national, corporate and social networks to more actively cooperate within distributed networks in order to train high professionals, who would have skills in information networks. Thus, they would raise a new form of human capital – the capital of network education (network-based education capital). We describe positive externalities that arise when the educational sector joins communication processes. We illustrate how educational forms evolves, which are typical of a certain phase of the socio-economic development. The education capital was discovered to grow into a specific asset generating the quasi-rent and working as a social ladder only provided more actors are involved into the network. Conclusions and Relevance. Studying the evolution of educational forms through the cross-disciplinary method, we discovered the need for a system approach, which would help substantiate its transformation in the time of the digital economy, and the emergence of network-based education. These are technologies and tools of the digital economy that become unique factors generating the acceleration effect of the educational capital and ensuring the use of diverse network effects for the formation of intellectual capital and their social transformation.

scholarly journals Implementation of a performance-based financing scheme in Malawi and resulting externalities on the quality of care of non-incentivized services

2021 ◽  
Vol 21 (1) ◽  
Author(s):  
Stephan Brenner ◽  
Caterina Favaretti ◽  
Julia Lohmann ◽  
Jobiba Chinkhumba ◽  
Adamson S. Muula ◽  
...  
Keyword(s):  
Quality Of Care ◽  
Health Services ◽  
Antenatal Care ◽  
Service Provision ◽  
Child Health Services ◽  
Negative Externalities ◽  
Positive Externalities ◽  
Performance Based Financing ◽  
A Performance

Abstract Background Countries in Africa progressively implement performance-based financing schemes to improve the quality of care provided by maternal, newborn and child health services. Beyond its direct effects on service provision, evidence suggests that performance-based financing can also generate positive externalities on service utilization, such as increased use of those services that reached higher quality standards after effective scheme implementation. Little, however, is known about externalities generated within non-incentivized health services, such as positive or negative effects on the quality of services within the continuum of maternal care. Methods We explored whether a performance-based financing scheme in Malawi designed to improve the quality of childbirth service provision resulted positive or negative externalities on the quality of non-targeted antenatal care provision. This non-randomized controlled pre-post-test study followed the phased enrolment of facilities into a performance-based financing scheme across four districts over a two-year period. Effects of the scheme were assessed by various composite scores measuring facilities’ readiness to provide quality antenatal care, as well as the quality of screening, prevention, and education processes offered during observed antenatal care consultations. Results Our study did not identify any statistically significant effects on the quality of ANC provision attributable to the implemented performance-based financing scheme. Our findings therefore suggest not only the absence of positive externalities, but also the absence of any negative externalities generated within antenatal care service provision as a result of the scheme implementation in Malawi. Conclusions Prior research has shown that the Malawian performance-based financing scheme was sufficiently effective to improve the quality of incentivized childbirth service provision. Our findings further indicate that scheme implementation did not affect the quality of non-incentivized but clinically related antenatal care services. While no positive externalities could be identified, we also did not observe any negative externalities attributable to the scheme’s implementation. While performance-based incentives might be successful in improving targeted health care processes, they have limited potential in producing externalities – neither positive nor negative – on the provision quality of related non-incentivized services.

scholarly journals Strategic Default, Debt Structure, and Stock Returns

2016 ◽  
Vol 51 (1) ◽  
pp. 197-229 ◽  
Author(s):  
Philip Valta
Keyword(s):  
Stock Returns ◽  
Large Fraction ◽  
Convertible Debt ◽  
Debt Structure ◽  
Publicly Traded ◽  
Debt Renegotiation ◽  
Strategic Default ◽  
Expected Stock Returns ◽  
Debt Holders ◽  
New Evidence

AbstractThis paper theoretically and empirically investigates how debt structure and strategic interaction among shareholders and debt holders in the event of default affect expected stock returns. The model predicts that expected stock returns are higher for firms that face high debt renegotiation difficulties and that have a large fraction of secured or convertible debt. Using a large sample of publicly traded U.S. firms for the period 1985–2012, the paper presents new evidence on the link between debt structure and stock returns that is supportive of the model’s predictions.

BASE RATE NEGLECT FOR THE WEALTH OF INTERACTING PEOPLE

2010 ◽  
Vol 13 (05) ◽  
pp. 607-619 ◽  
Author(s):  
DIEMO URBIG
Keyword(s):  
Information Processing ◽  
Social Learning ◽  
Learning Process ◽  
Base Rate ◽  
Human Information Processing ◽  
Base Rates ◽  
Base Rate Neglect ◽  
Positive Externalities ◽  
Rate Information

Previous research investigating base rate neglect as a bias in human information processing has focused on isolated individuals. This study complements this research by showing that in settings of interacting individuals, especially in settings of social learning, where individuals can learn from one another, base rate neglect can increase a population's welfare. This study further supports the research arguing that a population with members biased by neglecting base rates does not need to perform worse than a population with unbiased members. Adapting the model of social learning suggested by Bikhchandani, Hirshleifer and Welch (The Journal of Political Economy100 (1992) 992–1026) and including base rates that differ from generic cases such as 50–50, conditions are identified that make underweighting base rate information increasing the population's welfare. The base rate neglect can start a social learning process that otherwise had not been started and thus base rate neglect can generate positive externalities improving a population's welfare.

Application of a ‘Recycling Exchange’ instrument to compensate waste pickers in Brazil via a first payment for urban environmental services programme

2021 ◽  
pp. 0734242X2110612
Author(s):  
Alice Libânia S Dias ◽  
Lisete Celina Lange ◽  
Aline Souza Magalhães
Keyword(s):  
Social Inclusion ◽  
Solid Waste Management ◽  
Economic Benefits ◽  
Environmental Services ◽  
Production Chain ◽  
The Public ◽  
Positive Externalities ◽  
The Social ◽  
Minas Gerais State ◽  
Waste Pickers

This article presents an approach to compensate waste pickers in the informal sector of Minas Gerais state, Brazil, via a Payment for Urban Environmental Services (PUES) instrument, called ‘Recycling Exchange’. The aim is to evaluate the effects of this instrument on the amount of waste diverted from landfill and reintroduced into the production chain, and to increase recognition of waste pickers’ contributions to the state’s economy. It was found that the ‘Recycling Exchange’ met the fundamental objectives of a PUES: the double social and economic benefits of the social inclusion of waste pickers in the execution of the public policy for solid waste management, and inducing (in the case of glass), ensuring and stabilising (plastic and paper) continuity of the activity of selling recyclables in times of wide price fluctuations for these recyclables. The instrument enhanced the provision of this environmental service and the positive externalities associated with recycling.

Analysis of Externalities of Economic Activity of the Enterprise

2021 ◽  
Vol 2021 (2) ◽  
pp. 86-94
Author(s):  
Dmytro V. Kozlov
Keyword(s):  
Transaction Costs ◽  
Economic Activity ◽  
Environmental Externalities ◽  
Negative Externalities ◽  
Time Duration ◽  
Marginal Costs ◽  
Positive Externalities ◽  
State And Market ◽  
The Impact

The problems of research of internalities and externalities with the further development of the general classification of externalities of economic activity of the enterprise are defined. The influence of negative and positive externalities on society and enterprise is considered. The concept of negative externalities differs from transaction costs. It is noted that transaction costs can be reflected in cash and can be offset by market inclusion in the price of the products, but this is not possible for externalities. It is emphasized that the purpose of economic activity of any enterprise is to exceed the positive externalities over the negative and achieve the maximum difference between them. The different time duration of the impact of the enterprise on third parties is given. The sign of externalities on the scale of action is emphasized. The externalities of the enterprise are considered in their essence according to the principles of sustainable development, highlighting economic, social and environmental externalities. It is emphasized that economic externalities can arise in the course of the whole business cycle of full-fledged work of all parts of the enterprise. In contrast to economic, social externalities affect people both within the enterprise, that is workers and citizens of the society in which the enterprise operates. And when it comes to environmental externalities, the mediator between the source and recipient of externalities is the environment. Externalities are distinguished according to the means of accounting and the degree of influence on the subject of perception. The necessity of regulation of externalities through internalization and actions of the enterprise with the help of state and market instruments is substantiated. It is emphasized that internalization is the transformation of negative externalities into positive ones in terms of convergence of marginal costs and benefits of the enterprise to marginal social costs and utility.

The Singularity of Social Entrepreneurship: Untangling its Uniqueness and Market Function

2017 ◽  
Vol 26 (2) ◽  
pp. 137-162 ◽  
Author(s):  
Philip T. Roundy ◽  
Michaël Bonnal
Keyword(s):  
Social Entrepreneurship ◽  
Social Issues ◽  
Unique Function ◽  
Future Research ◽  
Consumer Spending ◽  
Social Entrepreneurs ◽  
Nonprofit Organisations ◽  
Positive Externalities ◽  
Self Sufficiency ◽  
Voluntary Exchange

Social entrepreneurship is an activity that is receiving intense scrutiny from scholars, practitioners and policymakers. However, research is only beginning to explore the unique function social entrepreneurs fill in the marketplace. This conceptual article examines if social entrepreneurs indeed represent a novel category of market actor. Building on prior work claiming that the unique function of social entrepreneurs is the creation of positive externalities and generation of spillover benefits for society, we compare social entrepreneurs with conventional entrepreneurs and other entities that seek to increase social welfare, including governments and traditional nonprofit organisations. Specifically, we contend that the strengths of social entrepreneurship are its reliance on voluntary exchange, promotion of dignity and self-sufficiency in beneficiaries, attunement to the signals of the marketplace and ability to tap into consumer spending. We also uncover the limitations of social entrepreneurship, which include the challenge of combining multiple institutional logics, the existence of social issues around which viable businesses cannot be built, dependence on consumer demand and competitive disadvantages relative to conventional businesses. We discuss the implications of our conceptualisation of social entrepreneurship for practitioners, policymakers and future research.

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