194 real negative results, null findings, and replication failures in Economics, Econometrics and Finance · Negative / Null Result Report. Search the index →
WASTE indexes published research — it does not host or republish full papers. Each entry is a metadata record compiled from open scholarly databases; the abstract is shown in full only where the paper is openly licensed, otherwise a short excerpt under fair use. Classifications are automated and approximate.
Xi Wang, Tao Pei, Ci Song et al. · 2023 · Sustainable Cities and Society
Quantifying the centrality of places and identifying centers constitute the basis for assessing the urban spatial structure, which is essential for sustainable spatial planning. Both the existence and intensity of linkages contribute to…
View details →Dooruj Rambaccussing, Murat Mazibaş · 2020 · Journal of risk and financial management
We test whether the selected cryptocurrencies exhibit long memory behavior in returns and volatility. We use data on five most traded cryptocurrencies: Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and XRP. Using recent tests of long memory developed against persistent and nonlinear alternatives, this paper finds that long memory is mostly rejected in returns. The tests fail to reject the null hypothesis of long memory in most cases across different volatility proxies and cryptocurrencies. The estimated memory parameters show that volatility is persistent, and when volatility is measured by log r
View details →Shanwen Gu, Adil Javed · 2025 · Sustainability
The E-7 nations face significant challenges in harmonizing artificial intelligence (AI) adoption with sustainable economic and environmental goals. While AI holds transformative potential to revolutionize energy structures, modernize infrastructure, broaden financial inclusion, and reduce carbon emissions, its effective integration is frequently hindered by policy inertia, economic limitations, and long-standing institutional barriers. Using the multi-level perspective (MLP), this study employs the method of moments quantile regression (MMQREG) on panel data from 2004 to 2024 to investigate th
View details →Buhari Doğan, Mohammad Razib Hossain, Rabeh Khalfaoui et al. · 2026 · Financial Innovation
Abstract Drawing from the recent COP28, which espouses a boom in clean energy transition through technological forwardness, and the framework of the SDG, we address critical questions related to green investment, energy investment, and environmental sustainability. We scrutinize whether green technology genuinely leads to green investment and energy investment in China and whether the causal nexus between these variables holds amid an EKC postulation. We use Chinese provincial data from 1998 to 2020 and deploy the quantile moment-based non-parametric regression technique and the newly develope
View details →Martin Olsson, Joacim Tå̊g · 2025 · The Journal of Finance
ABSTRACT Privatization of state‐owned enterprises is on the agenda across the globe. Using Swedish data covering two decades, we show that productivity gains and headcount reductions are associated with economic costs for incumbent…
View details →Matthew MacLachlan, Michael K. Adjemian, Xiaoli Etienne et al. · 2025 · Nature Communications
The advent of COVID-19 ended an era of stable US retail food prices that followed the world food price crisis of 2010–2012. Pandemic-related disruptions, avian influenza outbreaks, and the Russia-Ukraine war drove 2022 food-at-home…
View details →Jing Zeng, Ali Punjwani · 2025 · Sustainability
Achieving environmental sustainability remains a critical challenge for governments worldwide, particularly within the G20 bloc, due to rapid urbanization, resource-intensive industrial activities, and the environmental pressures associated with globalization. Despite various efforts, ecological degradation continues to escalate, necessitating a deeper understanding of the factors influencing environmental sustainability. This study investigates the role of technological innovation (TLI), education (EDU), human capital (HMC), and natural resources (NTS) in shaping ecological sustainability, wh
View details →Muhammad Asif, Long Yun-rong, Muhammad Azam Zia et al. · 2025 · Energy & Environment
Climate change, caused by the burning of fossil fuels, has emerged as an acute world problem, especially in the Group of Twenty (G20), where CO 2 emissions and other greenhouse gases are accumulating. This research examines how energy…
View details →Goodness C. Aye, Olorato Gadinabokao, Rangan Gupta · 2016 · Energy Sources Part B Economics Planning and Policy
Causality testing procedures in the frequency domain and the time domain are employed to analyses the relationship between oil prices and interest rate in South Africa, covering the time period January 1936–November 2013 . Results show…
View details →Cedric Popa, Karel Holvoet, Tessa Van Montfort et al. · 2018 · Frontiers in Pharmacology
Background: Profits in the biopharmaceutical industry have been scrutinized in social debate. However, drawing conclusions based on industry profitability only is inappropriate as such an analysis does not account for risks faced by investors. This study aims to measure risks and returns in the biopharmaceutical industry and investigates whether risk-adjusted return on investment in the biopharmaceutical industry is higher than that in other industries. Methods: To enable appropriate comparison, we identified six benchmark industries with characteristics that match those of the biopharmaceutic
View details →Dhyani Mehta · 2024 · Carbon Research
Abstract The current research investigates the impact of financial development, digitalization, green trade, manufacturing, and national income on carbon dioxide (CO 2 ) emissions of six Mediterranean countries (MEDIT-6). The study uses a nonlinear panel quantile regression model with panel data of MEDIT-6 countries from 1994 to 2022. The study asserts that higher financial development will reduce CO 2 emissions for MEDIT-6 countries, as it provides more financing options to invest in green energy and potentially curb excessive energy consumption which in turn reduces CO 2 emissions. The study
View details →Mohammad R. Jahan‐Parvar, Filip Žikeš · 2023 · Review of Financial Studies
Abstract We present evidence that several popular low-frequency measures of effective spread suffer from a volatility-induced bias and that volatility is the primary driver of the variation of these liquidity proxies. Using data for U.S. equities and major foreign exchange rates, we show that the bias arises when the effective spread is small relative to volatility. We document that the bias has become more acute over time and show that volatility-biased measures fail to replicate some well-known results in empirical finance. We conclude by providing guidance on the choice of low-frequency mea
View details →S Jakubowski, Paweł Kawalec, Przemysław Holko et al. · 2024 · Frontiers in Pharmacology
Objectives: The aim of this study was to characterize the reimbursement policy for orphan drugs (ODs) in Central and Eastern European (CEE) countries in relation to the availability and impact of clinical evidence, health technology assessment (HTA) procedure, selected economic indicators, and the drug type according to indications. Materials and methods: A list of authorized medicines with orphan designation and information about active substance, Anatomical Therapeutic Chemical (ATC) classification, and therapeutic area was extracted from the web-based register of the European Medicines Agen
View details →Katsiaryna Salavei Bardos, Dev R. Mishra, Hyacinthe Somé · 2025 · Journal of Corporate Finance
In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered
View details →Rasmus Ingemann Tuffveson Jensen, Joras Ferwerda, Christian Remi Wewer · 2023 · arXiv
Objectives: To combat money laundering, banks raise and review alerts on transactions that exceed confidential thresholds. However, the thresholds may be leaked to criminals, allowing them to break up large transactions into amounts under the thresholds. This paper introduces a data-driven approach to detect the phenomenon, popularly known as smurfing. Methods: Our approach compares an observed transaction distribution to a counterfactual distribution estimated using a high-degree polynomial. We investigate the approach with simulation experiments and real transaction data from a systemically
View details →Mathias Mesfin · 2026 · arXiv
This paper tests whether intraday momentum signals derived from open-high-low-close-volume (OHLCV) data produce a statistically significant trading edge in Micro E-mini Nasdaq 100 futures (MNQ) under realistic execution constraints. Using 947 trading days of five-minute data (2021-2025), fourteen signal families are evaluated, including opening range breakouts, gap strategies, volume signals, cross-session momentum, liquidity grabs, volatility-conditioned classifiers, and news-driven strategies. All signals are assessed using strict institutional criteria: out-of-sample walk-forward validation
View details →Murad Farzulla · 2026 · arXiv
This study investigates whether cryptocurrency whitepaper narratives align with empirically observed market factor structure. We construct a pipeline combining zero-shot NLP classification of 38 whitepapers across 10 semantic categories with CP tensor decomposition of hourly market data (49 assets, 17,543 timestamps). Using Procrustes rotation and Tucker's congruence coefficient (phi), we find weak alignment between claims and market statistics (phi = 0.246, p = 0.339) and between claims and latent factors (phi = 0.058, p = 0.751). A methodological validation comparison (statistics versus fact
View details →Yechan Park, Yuya Sasaki · 2024 · arXiv
This paper addresses the challenge of estimating the Average Treatment Effect on the Treated Survivors (ATETS; Vikstrom et al., 2018) in the absence of long-term experimental data, utilizing available long-term observational data instead. We establish two theoretical results. First, it is impossible to obtain informative bounds for the ATETS with no model restriction and no auxiliary data. Second, to overturn this negative result, we explore as a promising avenue the recent econometric developments in combining experimental and observational data (e.g., Athey et al., 2020, 2019); we indeed fin
View details →Dimitrios Exadaktylos, Massimo Riccaboni, Armando Rungi · 2020 · arXiv
In this paper, we test the contribution of foreign management on firms' competitiveness. We use a novel dataset on the careers of 165,084 managers employed by 13,106 companies in the United Kingdom in the period 2009-2017. We find that domestic manufacturing firms become, on average, between 7% and 12% more productive after hiring the first foreign managers, whereas foreign-owned firms register no significant improvement. In particular, we test that previous industry-specific experience is the primary driver of productivity gains in domestic firms (15.6%), in a way that allows the latter to ca
View details →Claudiu Albulescu · 2020 · arXiv
This paper investigates the effect of the novel coronavirus and crude oil prices on the United States (US) economic policy uncertainty (EPU). Using daily data for the period January 21-March 13, 2020, our Autoregressive Distributed Lag (ARDL) model shows that the new infection cases reported at global level, and the death ratio, have no significant effect on the US EPU, whereas the oil price negative dynamics leads to increased uncertainty. However, analyzing the situation outside China, we discover that both new case announcements and the COVID-19 associated death ratio have a positive influe
View details →S. Meghna, N. Suresh, J. C. Usha · 2022 · arXiv
This study examines the impact of dividend policy on the performance of initial public offerings in India. The period of study is from the year 2011-2014. Monthly returns of the IPOs issued in the considered period and the Indian Stock Market Index (Nifty 50) were considered for the long-run performance study. The methodological tools used are long-run performance statistics and the GARCH model. The Dummy variable was used to measure the effect of dividends on the IPOs. The study reveals that the dividend policy has no significant effect on the stock prices of IPO.
View details →Ruiwu Liu · 2021 · arXiv
Acemoglu and Johnson (2007) put forward the unprecedented view that health improvement has no significant effect on income growth. To arrive at this conclusion, they constructed predicted mortality as an instrumental variable based on the WHO international disease interventions to analyse this problem. I replicate the process of their research and eliminate some biases in their estimate. In addition, and more importantly, we argue that the construction of their instrumental variable contains a violation of the exclusion restriction of their instrumental variable. This negative correlation betw
View details →Misha Perepelitsa · 2022 · arXiv
In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on the exchange rate (price) of Bitcoin and thus the network will be transitioning to a regime where transaction fees will play a bigger part of miners' revenue. We consider a simple model where consumers demand bitcoins for transactions, but not for hoarding bitcoins, and we analyze market equilibrium where the demand is matched with the hashrate supplied by min
View details →Markus Dertwinkel-Kalt, Max R. P. Grossmann · 2025 · arXiv
When environmental regulations are unpopular, policymakers often attribute resistance to information frictions and poor communication. We test this idea in the context of a major climate policy: Germany's Heating Law of 2023, which mandates the phase-out of fossil fuel heating. Through a survey experiment with property owners, we examine whether providing comprehensive information about the regulation's costs, requirements, and timeline affects adoption decisions and policy support. Despite successfully increasing factual knowledge, information provision has no significant effect on intended t
View details →Qiufu Chen, Yuanmei Li, Xiaopeng Yin et al. · 2024 · arXiv
The impossibility theorem in Roth (1982) states that no stable mechanism satisfies strategy-proofness. This paper explores the Machiavellian frontier of stable mechanisms by weakening strategy-proofness. For a fixed mechanism $\varphi$ and a true preference profile $\succ$, a $(\varphi,\succ)$-boost mispresentation of agent i is a preference of i that is obtained by (i) raising the ranking of the truth-telling assignment $\varphi_i(\succ)$, and (ii) keeping rankings unchanged above the new position of this truth-telling assignment. We require a matching mechanism $\varphi$ neither punish nor r
View details →Roy Allen, John Rehbeck · 2021 · arXiv
Dworczak et al. (2021) study when certain market structures are optimal in the presence of heterogeneous preferences. A key assumption is that the social planner knows the joint distribution of the value of the good and marginal value of money. This paper studies whether relevant features of this distribution are identified from choice data. We show that the features of the distribution needed to characterize optimal market structure cannot be identified when demand is known for all prices. While this is a negative result, we show that the distribution of good value and marginal utility of mon
View details →Taylor Knipe, Josue Ortega · 2025 · arXiv
The celebrated Efficiency-Adjusted Deferred Acceptance mechanism (EADA) improves the efficiency of the DA algorithm via consented priority violations. Notwithstanding its many merits, we show that EADA can improve only two students when an alternative mechanism that Pareto-dominates DA could benefit all but one student. This shortfall in the number of students improved is not exclusive of EADA but extends to all setwise minimally unstable mechanisms, i.e. those that generate a set of blocking pairs that is never a strict superset of that of another mechanism. The incompatibility between number
View details →Filip Stefaniuk, Robert Ślepaczuk · 2025 · arXiv
The article investigates the usage of Informer architecture for building automated trading strategies for high frequency Bitcoin data. Three strategies using Informer model with different loss functions: Root Mean Squared Error (RMSE), Generalized Mean Absolute Directional Loss (GMADL) and Quantile loss, are proposed and evaluated against the Buy and Hold benchmark and two benchmark strategies based on technical indicators. The evaluation is conducted using data of various frequencies: 5 minute, 15 minute, and 30 minute intervals, over the 6 different periods. Although the Informer-based model
View details →Michael Pedersen · 2024 · arXiv
The present study applies observations of individual predictions of the first three releases of the US output growth rate to evaluate how the applied judgment affects prediction efficiency and accuracy as well as if judgment is persistent. While the first two issues have been assessed in other studies, there is little evidence on the formation of judgment in macroeconomic projections. Most of the forecasters produce unbiased predictions, but employing the median Bloomberg projection as baseline, it turns out that judgment generally does not improve accuracy. There seems to be persistence in th
View details →Alexander L. Brown, Daniel G. Stephenson, Rodrigo A. Velez · 2024 · arXiv
This paper experimentally evaluates four mechanisms intended to achieve the Uniform outcome in rationing problems (Sprumont, 1991). Our benchmark is the dominant-strategy, direct-revelation mechanism of the Uniform rule. A strategically equivalent mechanism that provides non-binding feedback during the reporting period greatly improves performance. A sequential revelation mechanism produces modest improvements despite not possessing dominant strategies. A novel, obviously strategy-proof mechanism, devised by Arribillaga et al. (2023), does not improve performance. We characterize each alternat
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