The complexities and contradictions of ‘green’ finance demand multidimensional perspectives in critical socioeconomic research. Current studies often remain fragmented, focusing either on global financial structures or micro-level practices without fully integrating both. This essay advocates for a more integrated analytical approach, employing three components: constructions, cleavages, and complementarities. At the micro-level, green finance is constructed by diverse actors, influencing macro-level financial governance and capital flows. Conversely, macro-structural shifts, driven by geopolitical and institutional dynamics, shape micro-level activities forging new alliances and oppositions – cleavages. Since the responses of actors and their institutional context to green finance are diverse, new institutional and agentic complementarities emerge. How green finance alters the relationship between financial markets and political-economic institutions, and how this unfolds across national economies, shapes our understanding of capitalist varieties and the emergence of new actors and networks. The essay contends that linking these dimensions and integrating micro- and macro-approaches enables scholarship to pursue a shared understanding of green finance and its (in)capacities to confront socioecological crises under financial capitalism.

This article offers two novel backtests to evaluate the adequacy of well-known systemic risk measures such as CoVaR, MES, SES, and SRISK. Both the new backtests are robust to estimation risk (i.e., their null distributions remain invariant in the presence of estimation risk). While existing backtest is consistent against divergence from the null hypothesis up to a finite order, the article shows that the new backtests are fully consistent. The real-world implications brought by the new backtests are economically significant as they reveal significantly more cases of inadequate systemic risk modeling among the major financial institutions.

This study presents the design and validation of an organizational attachment scale that integrates Bowlby’s attachment theory into the analysis of workplace behavior. Its goal is to offer organizations a rigorous and reliable tool to assess how attachment styles influence professional dynamics, such as interpersonal relations, stress management, collaboration, job satisfaction, and team performance. The theoretical relevance lies in explaining how individuals form, maintain, or avoid emotional bonds with colleagues, supervisors, and the organization itself, insights that are essential for enhancing both employee well-being and organizational effectiveness.

The research responds to the transition from Taylorist management models to contemporary “quantum” paradigms, where flexibility, complexity, and human factors are central, and organizations operate in BANI (Brittle, Anxious, Nonlinear, Incomprehensible) environments. Using a quantitative, non-experimental design, data were collected through LinkedIn from 204 team leaders and middle managers across various industries. Statistical validation included exploratory and confirmatory factor analyses, internal consistency testing, and assessments of convergent and discriminant validity.

Results revealed a solid three-factor structure, secure, anxious, and avoidant attachment, showing high reliability and strong construct validity. These findings confirm the instrument’s effectiveness in distinguishing attachment styles in professional contexts and highlight their influence on emotional regulation, communication, engagement, and performance. The study’s originality lies in creating the first psychometric tool in Spain specifically tailored to organizational settings, addressing workplace hierarchies and norms. It thus advances theoretical understanding and provides a practical framework for cultivating healthier, more resilient, and productive organizational cultures.

The purpose of this study is to reveal the impact of pilot free trade zones (PFTZs) on local governance quality (LGQ) to provide a reference for driving governance reforms in China. Based on provincial panel data from 2004 to 2020 in China, the impact of the establishment of PFTZs on LGQ is analyzed by employing the multi-period difference-in-difference (DID) method. The results show that the establishment of PFTZs can significantly enhance the governance quality of local governments, but there is heterogeneity in location and establishment batches. PFTZs improve LGQ through the effects of institutional spillover, factor allocation, and talent agglomeration. FDI spillover can partially substitute for promoting the effect of PFTZs on LGQ, and economic growth pressures can distort the positive effect of PFTZs on LGQ. Therefore, policymakers should clarify the functional positioning of PFTZs and leverage their effects, which are institutional spillover, factor allocation, and high-end factor agglomeration, to enhance LGQ.

This article examines how critical minerals (CM) supply security has been absorbed into the evolving concept of national security underpinning foreign investment screening (FIS), using Australia’s treatment of Chinese CM investment as a case study. It argues that FIS now functions as a tool of strategic alignment through selective, opaque restrictions under the logic of friend-shoring. This shift raises structural tensions with Australia’s obligations under international investment agreements (IIAs). Through analysis of Australia’s FIS regime, its implementation shaped by a CM friend-shoring strategy, and potential conflicts with its IIAs with China, the article situates Australia within a broader global trend in which the expansion of FIS increasingly challenges the coherence of international investment law. It offers a novel conceptualization of FIS as a legal expression of the geoeconomic turn and proposes recommendations for reconciling strategic regulatory discretion with treaty-based commitments in an era of contested globalization.

Mixed markets can enhance welfare compared to full public or private provision. However, this welfare gain depends on the extent to which market distortions exist. Recent literature demonstrates distortions in mixed long-term care markets worldwide. Our study explores potential distortions in the Dutch institutional market. While all Dutch residential nursing homes are non-profit, for-profit organisations, including private equity (PE) firms, have increasingly entered the market, offering round-the-clock care provided in home-like settings as an alternative to non-profit residential care.

We analysed claims data from 2017–2021 for dementia patients aged 70 and older using multinomial logit and Cox Proportional Hazards models. Specifically, we compared risk selection, upgrading, and care quality (measured by avoidable hospitalisations and mortality) between for-profit and non-profit providers.

Our findings do not suggest increased risk selection, higher upgrading, or lower care quality by for-profit (PE-owned) providers compared to non-profit providers. Consequently, we did not find evidence of strong market distortions in the Dutch institutional long-term care market. These results contrast with the existing international literature, suggesting that adverse incentives in the Netherlands may be influenced more by the way care is provided (in home-like settings versus in residential nursing homes) and financing structures rather than ownership type alone.

This article studies the making of return predictability among economically linked firms. I characterize an asymmetric cross-firm tug-of-war: i) High peer overnight returns are followed by elevated overnight returns for focal stocks, which fully reverse during intraday, and ii) high peer intraday returns are followed by high intraday returns but minor overnight price reactions. This pattern aligns with the story that individuals’ persistent trading on salient information distorts opening prices, while slow-moving arbitrage by professional investors gradually corrects mispricing. Mutual fund and hedge fund flows exhibit distinct associations with the tug-of-war, supporting the hypothesis that heterogeneous demand drives the return predictability.

While almost all charities rely on a set of donor appreciation strategies, their effectiveness for the success of fundraising campaigns is underresearched. Through two preregistered field studies conducted in collaboration with a leading German opera house (N = 10,000), we explore the significance of expressing gratitude and examine two different approaches to doing so. Our first study investigates the impact of a ‘thank you in advance’ statement in fundraising letters, a common strategy among fundraisers. In the second study, we explore the effectiveness of handwritten thankyou postcards versus printed postcards, shedding light on the roles of personalization and handwriting in donor appeals. Our findings challenge conventional wisdom, revealing that neither ‘thank you in advance’ nor handwritten thank you notes significantly affect donor contributions.

Is the formation of venture capital (VC) markets a national phenomenon? Against the common view that VC emerged in the US in the post-WWII period and later (yet independently) in Europe, we argue that the uneven relation between US and UK VC markets was crucial for British VC formation since the 1980s. Based on an empirical analysis of secondary literature and financial data, the article demonstrates that this relation is better understood through the lens of international financial subordination and identifies three types of dependencies to qualify this relation: the dependencies of UK VC on US start-up investments, US growth capital, and US exit deals. This type of financial subordination is specific to ‘alternative finance’, because highly profitable VC exits kick-started a flywheel effect in UK VC in the 2000s, and the subsequent expansion of British VC went hand in hand with a concentration of capital because UK VC followed a ‘winners-take-all’ logic that is characteristic of alt-finance in general. This suggests, counterintuitively, that after UK VC formed, the US economy benefitted more in financial, economic, and technological terms from the growing British VC market than its UK counterpart mainly because most large exit deals took place in the US.

2024 marked ten years since the Arms Trade Treaty (ATT) took effect. Firmly rooted in international human rights and humanitarian law, the ATT is the first legally binding instrument to regulate international arms transfers. It is a framework for national action to (i) contribute to peace and security, (ii) reduce human suffering caused by irresponsible arms transfers and (iii) promote transparency in the international arms trade. This piece exploresrecent developments in the ATT process that represent a pivot from building treaty infrastructure toward more expansive stakeholder engagement, increased information exchange centred on state practice and a sharper focus on the ATT’s human impact. Key new features are discussions on actual arms transfer decisions and the examination of the independent human rights responsibilities of industry that operate alongside government risk assessment obligations. Finally, this piece assesses the potential impact of these efforts on the achievement of the ATT’s humanitarian purpose.

Our research reviews theory and evidence in the economics literature to provide a standard value of a statistical life (VSL) applicable to the Department of Defense (DOD). We follow Viscusi (Best estimate selection bias in the value of a statistical life, Journal of Benefit-Cost Analysis, 9(2), 205–246, 2018a) by conducting a meta-analysis of 1,025 VSL estimates from 68 different labor market studies and find a best-set average VSL estimate of $11.8 million (US$2021) across all studies. For DOD analysts and practitioners, we advocate using our best-set VSL estimate for the vast majority of benefit–cost analyses (BCAs) within the DOD. In addition to providing a VSL benchmark to use in DOD BCAs, we disaggregate casualty types and provide a range of VSL estimates to use in sensitivity analyses. Employing restricted data from the DOD on over 6,700 US military fatalities in Afghanistan and Iraq from 2001 to 2021, we show that (1) fatalities are highly concentrated among young, White and enlisted males, and that (2) the Army and Marines account for the vast majority of the fatality totals (73 and 22%, respectively), in contrast to the low number of fatalities (<5%) in the Air Force and Navy. The monetized cost of US military fatalities in Afghanistan and Iraq would involve individual VSL levels that range from $3.2 to $27.6 million per statistical life (US$2021), after applying standard pay grade and income adjustments.

Political polarization is a group phenomenon in which opposing factions, often of unequal size, exhibit asymmetrical influence and behavioral patterns. Within these groups, elites and masses operate under different motivations and levels of influence, challenging simplistic views of polarization. Yet, existing methods for measuring polarization in social networks typically reduce it to a single value, assuming homogeneity in polarization across the entire system. While such approaches confirm the rise of political polarization in many social contexts, they overlook structural complexities that could explain its underlying mechanisms. We propose a method that decomposes existing polarization and alignment measures into distinct components. These components separately capture polarization processes involving elites and masses from opposing groups. Applying this method to Twitter discussions surrounding the 2019 and 2023 Finnish parliamentary elections, we find that (1) opposing groups rarely have a balanced contribution to observed polarization, and (2) while elites strongly contribute to structural polarization and consistently display greater alignment across various topics, the masses, too, have recently experienced a surge in alignment. Our method provides an improved analytical lens through which to view polarization, explicitly recognizing the complexity of and need to account for elite-mass dynamics in polarized environments.

Reverse auctions, also known as procurement auctions, are used in various fields by public or corporate buyers to purchase goods and services from multiple sellers at the best price. Unlike in selling auctions, in reverse auctions a budget constraint rather than a target quantity is often announced by the auctioneer. However, in auction theory no equilibrium bidding strategy has yet been found in the case when a budget constraint is announced. Here we compare the two auction formats in an online experiment with 329 participants. We use the strategy method to obtain participants’ bidding strategies from which we run exhaustive simulations of auction outcomes to define equivalent target and budget constraints. This original methodology allows to overcome the issue of randomness of the auction outcome related to bidders’ values and to compare the two formats in a rigorous way. When each bidder has a single unit to sell, from the buyer’s perspective, we find that, on average, the budget-constrained auction format outperforms the target-constrained auction format.