AUT School of Economics
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The AUT School of Economics has an established record and an on-going commitment to excellent research, high-quality supervision, and community and professional engagement. Members of the School sit on editorial boards and serve as referees for professional journals. The school has particular research strength in; Micro and macroeconomics, Econometrics, Industrial organisation, International trade and finance, Natural resource and environmental economics, Labour economics, Economic development, Health economics, and Public policy.
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- ItemWhen Hollywood Movies Steal the Show, Stock Returns Dance More With the Market!(Elsevier BV, 2024-10-01) Do, HX; Nguyen, NH; Nguyen, QMP; Nguyen, TVH; Truong, CHollywood film releases attract U.S. investors' attention away from the financial markets. This is reflected in lower trading activity and abnormal Google search volume for firm names between film and non-film days. The resultant investor inattention leads to a significantly higher stock return comovement with the market on film release days. Interestingly, films with A-list star actors and blockbuster movies exhibit a more pronounced impact than their counterparts. Finally, we show that being aware of this Hollywood film-induced mispricing can yield an annualized abnormal risk-adjusted return of up to 13.5% within five days around the release events.
- ItemA New Roadmap for an Age-Inclusive Workforce Management Practice and an International Policies Comparison(F1000 Research Ltd, 2024-06-24) Katiraee, N; Berti, N; Das, A; Zennaro, I; Aldrighetti, R; Dimovski, V; Peljhan, D; Dobbs, D; Glock, C; Pacheco, G; Neumann, P; Ogawa, A; Battini, DBackground: Worldwide, the worker population age is growing at an increasing rate. Consequently, government institutions and companies are being tasked to find new ways to address age-related workforce management challenges and opportunities. The development of age-friendly working environments to enhance ageing workforce inclusion and diversity has become a current management and national policy imperative. Since an ageing workforce population is a spreading worldwide trend, an identification and analysis of worker age related best practices across different countries would help the development of novel palliative paradigms and initiatives. Methods: This study proposes a new systematic research-based roadmap that aims to support executives and administrators in implementing an age-inclusive workforce management program. The roadmap integrates and builds on published literature, best practices, and international policies and initiatives that were identified, collected, and analysed by the authors. The roadmap provides a critical comparison of age-inclusive management practices and policies at three different levels of intervention: international, country, and company. Data collection and analysis was conducted simultaneously across eight countries: Canada, France, Germany, Italy, Japan, New Zealand, Slovenia, and the USA. Results and conclusions: The findings of this research guide the development of a framework and roadmap to help manage the challenges and opportunities of an ageing workforce in moving towards a more sustainable, inclusive, and resilient labour force.
- ItemThe Potential Impact of Tariff Liberalisation on India’s Automobile Industry GVC Trade: Evidence from an Economy-Wide Model(SAGE Publications, 2023-07-19) Narayanan, Badri G; Sen, Rahul; Srivastava, SadhanaThe impact of tariff barriers affecting participation in global value chain (GVC) trade has received attention in recent literature. However, the empirical evidence in the context of mega-regional trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), from which India opted out recently, remains non-existent. Our study contributes to the empirical literature by undertaking an economy-wide modelling exercise, augmenting it to the automobile sector trade in GVC goods in the Indian context. We conduct two policy simulations with an aim to analyse how India’s auto-industry and auto-parts trade, involving forward and backward linkages in GVCs, have been affected by its decision to opt out of RCEP compared to a hypothetical scenario of not doing so. Our results suggest that a potential RCEP membership would have created net trade in both the finished automobile and intermediate auto-parts sectors, although imports would exceed exports. Further, we infer that both backward linkages and forward linkages in this industry will be adversely affected by opting out of RCEP, as there is export diversion in the auto-parts sectors globally, with India facing terms of trade losses due to higher import prices. This informs policymakers that developing domestic resilience and improving productivity are critical for India to improve its long-run export competitiveness while contemplating future trade agreements, including those with RCEP members. JEL Codes: F15, F61, O53.
- ItemThe Effect of Late Payment Penalties on the Payment Timing of Owed Taxes(Elsevier BV, 2023-06) Skov, Peer EbbesenThis paper studies the effectiveness of a policy designed to influence the timing decision for payments of owed taxes. Owed taxes arise when the sum of the foregoing tax year’s preliminary tax payments falls short of the total tax liability. In 2009 the Danish tax authority (SKAT) introduced an annualised penalty rate of 4.6%. Using administrative tax data, I show that the penalty rate introduction led to a 50-day advancement of payments.
- ItemMonetary Policy, Investment and Firm Heterogeneity(Elsevier, 2022-09-01) Vermeulen, P; Durante, E; Ferrando, AThis paper provides new evidence on the channels of monetary policy transmission combining 9 million observations on firm level investment and high-frequency identified monetary policy shocks. We show that the reaction of firms’ investment to a monetary policy shock is heterogeneous along dimensions that correspond to the two main channels of monetary policy transmission. First, we show that young firms are more sensitive to monetary policy shocks and that high leverage amplifies the effects, supporting the existence of a credit channel of monetary policy. Second, we document large cross-sectional heterogeneity related to the industry the firm operates in. We find that firms producing durable goods react more than others, which is consistent with traditional interest rate channel effects of monetary policy. Furthermore, this sectoral effect is longer lived. In line with the demand effects of the interest rate channel, we also provide evidence that sales growth of durables producing firms reacts stronger to a monetary policy shock.