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Kiemelkedő publikációk

Information leakage in the football transfer market

Authors:

Diána Ivett Fűrész, Gábor Rappai

Scope:

• The research investigates the impact of information leakage about players’ transfer on the stock price of football clubs

Contribution, novelty:

• In the vast majority of cases, the stock reacted to the announcement; moreover, in two-thirds of the transactions, information leakage was also established
• Most of the transfers affect share prices even before the announcement because the small shareholders of football clubs are, presumably, emotional investors, rather than rational ones

Practical relevance:

• This study provides some managerial implications for football club owners, managers, and regulators

Reference:

European Sport Management Quarterly, DOI: 10.1080/16184742.2020.1797847, 2020

Click here to read the original publication:

https://www.tandfonline.com/doi/abs/10.1080/16184742.2020.1797847

Competencies and success measured by net income among Hungarian HE graduates.

Authors:

Gabriella Kuráth, Norbert Sipos

Scope:

• The purpose of this paper is to show the effects of the six competence areas of Garcia-Aracil and Van der Velden (2007) on new graduates' labor market success measured by salary.

Contribution, novelty:

• The analyzed results show that the six competence sets do exist, but that not all of them have a significant effect on salaries
• This paper contributes to understanding better the connection between competencies and labor market success.

Practical relevance:

• Based on the results, more soft-competence development courses and opportunities should be offered by the HEIs.

Reference:

Education + Training 63(3) p. 417-439, 2020

Click here to read the original publication:

https://www.emerald.com/insight/content/doi/10.1108/ET-01-2020-0015/full/html

Do economic shocks spread randomly?

A topological study of the global contagion network

Authors:

Tamás Sebestyén, Iloskics Zita

Scope:

• This study draws a map of economic contagion across countries
• This map is tested whether contagion links show up randomly or they exhibit some predictable structure

Contribution, novelty:

• While business cycle synchronization is widely studied, this is the first attempt to provide a topological description of cross-country economic contagion
• Significant non-random topology is found, there is a persistent contagion path in 16% of all possible connections.

Practical relevance:

• Non-random topology reveals systematic patterns in shock-transmission which may help predicting possible contagion paths in future economic turmoils.

Reference:

PloS One, 15(9), e0238626, 2020

Click here to read the original publication:

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0238626

Optimizing entrepreneurial development processes for smart specialization in the European Union

Authors:

László Szerb, Raquel Ortega-Argilés, Zoltan J. Acs, Éva Komlósi

Scope:

• This paper demonstrates how the Regional Entrepreneurship and Development Index (REDI) can be used to optimize local entrepreneurial discovery processes, in a manner which can support smart specialization strategies (S3)

Contribution, novelty:

• While S3 industry prioritization is based on the identification of local strengths, regional improvement can be achieved by improving the weakest features of the local entrepreneurial ecosystem

Practical relevance:

• Without optimizing the entrepreneurial ecosystem, the industry prioritization alone may not be successful because of the inability of the ecosystem to be able to nurture high growth potential ventures

Reference:

Papers in Regional Science, 99(5) p. 1413-1457, 2020

Click here to read the original publication:

https://rsaiconnect.onlinelibrary.wiley.com/doi/full/10.1111/pirs.12536

Economic impact modelling of smart specialization policy

Which industries should prioritization target?

Authors:

Attila Varga, Norbert Szabó, Tamás Sebestyén

Scope:

• The Geographic Macro and Regional (GMR)-Hungary policy impact model is exctended with additional features to make this model applicable for economic impact analysis of smart specialization policies

Contribution, novelty:

• In the illustrative policy simulations, authors applied the two-dimensional framework suggested by Foray (2015) for prioritization: spillover potential and economic significance
• Simulations with the GMR model is shown to be useful in supporting the prioritization process, as it is able to capture economic impacts of changes in soft dimensions behind regional productivity

Practical relevance:

• With policy simulations, the paper illustrates how the application of this model helps policy-makers in the prioritization process of S3

Reference:

Papers in Regional Science, 99(5) p. 1367–1388, 2020

Click here to read the original publication:

https://rsaiconnect.onlinelibrary.wiley.com/doi/abs/10.1111/pirs.12529

Beneficiaries and cost bearers: evidence on political clientelism from Hungary

Authors:

Tamás Vasvári

Scope:

• This study analyzes political clientelism and the softness of budget constraint for local governments from the persepctive of both local and central decision-makers

Contribution, novelty:

• The author conduct an analysis regarding the Hungarian local government system between 2006 and 2018 to capture the political patterns in local fiscal policy and central granting policy
• The fiscal discipline was lower at aligned local governments
• Local governments in opposition were underfinanced
• Favoured municipalities enjoyed more funds and could deliver more projects to their citizens
• The unaligned local governments struggled to establish a fair distribution of the burdens between beneficiary generations

Practical relevance:

• The study emphasizes that fair distribution of burdens is key to exploit the benefits of fiscal decentralization.
• The study provides information to policy-makers about the nature of budget constraint for local governments
• Policy-makers may get insight about the importance of raising own revenues and the role of central grants in municipal financing.

Reference:

Local Government Studies, DOI: 10.1080/03003930.2020.1768852

Click here to read the original publication:

https://www.tandfonline.com/doi/abs/10.1080/03003930.2020.1768852

University-Centred Entrepreneurial Ecosystems in Resource Constrained Contexts.

Authors:

Zsolt Bedő, Katalin Erdős, Luke Pittaway

Scope:

•  The paper suggests a conceptual framework outlying the structure, components and mechanisms that enable universities to operate as catalysts in the creation of entrepreneurial ecosystems.

Contribution, novelty:

• The presence of a university in resource constrained locations should enhance the prospects of progress but the nature of the university itself would impact any outcomes
• Universities that make concerted efforts to be entrepreneurial and that have entrepreneurship programs have strategies available to them that can enhance entrepreneurship ecosystems over time

Practical relevance:

• The contribution of this paper is to show “how” a university and its entrepreneurship programme can operationally address deficits in a local ecosystem and how it might bring about positive change
• The paper also opens new avenues for entrepreneurship education researchers

Reference:

Journal of Small Business and Enterprise Development, 27(7) p. 1149-1166, 2020

Click here to read the original publication:

https://www.emerald.com/insight/content/doi/10.1108/JSBED-02-2020-0060/full/html

A system dynamics approach for assessing SMEs' competitiveness

Authors:

Esteban Lafuente, László Szerb, András Rideg

Scope:

 • Drawing on the resource-based view and the configuration theory, this study evaluates the effect of both competitiveness and the configuration of the competitiveness system on performance

Contribution, novelty:

• Results show that the impact of competitiveness-enhancing strategies is conditional on the configuration of the system of competencies
• The findings also indicate that competitiveness positively impacts performance and that the exploitation of competitive strengths leads to superior results among high-competitive businesses

Practical relevance:

• By employing an index methodology, the analysis contributes to unveil how competitiveness impacts business performance

Reference:

Journal of Small Business and Enterprise Development, 27(4) p. 555-578, 2020

Click here to read the original publication:

https://www.emerald.com/insight/content/doi/10.1108/JSBED-06-2019-0204/full/html

Entrepreneurship development in Russia: is Russia a normal country?

An empirical analysis

Authors:

László Szerb, William N. Trumbull

Scope:

• The purpose of this paper is to  investigate whether Russia is a normal country in terms of entrepreneurship by comparing Russia with other post-socialist and similarly developed countries.

Contribution, novelty:

•In this study the authors use the Global Entrepreneurship Index (GEI) methodology to analyze Russia’s quality-related individual as well as institutional features from a system perspective in a single model.
•The single-model framework reveals that individual factors are even greater obstacles to entrepreneurship development in Russia than the institutional factors that most studies focus on.

Practical relevance:

•The results show that conditions supporting entrepreneurship in Russia lag seriously behind other post-socialist countries.
• Russia’s individual scores are even lower than the institutional ones. 
• Hence, improving the hostile environment alone would not be sufficient for entrepreneurship development.

Reference:

Journal of Small Business and Enterprise Development, 25(6) p. 902-929

Click here to read the original publication:

https://www.emerald.com/insight/content/doi/10.1108/JSBED-01-2018-0033/full/html

Measuring quality perception in electronic commerce: a possible segmentation in the Hungarian market

Authors:

Ildikó Kemény, Judit Simon, Ákos Nagy, Krisztián Szűcs

Scope:

• The purpose of this paper is to provide a description of an analysis into the relationship of the dimensions of perceived e-SQ and satisfaction as well as WOM intention in case of an online bookstore in Hungary where technical development and internet penetration is emerging; however, it is developing from an economic perspective. 
• Beyond this a potential segmentation is introduced in the Hungarian market.

Contribution, novelty:

• According to the research only the dimension of efficiency and responsiveness have a significant positive effect on satisfaction, and beside these the quality perception of fulfilment has a significant influence on WOM intention.
• Using the relevant latent variable scores segmentation was conducted and four clusters were identified. 

Practical relevance:

• According to the results the study suggests that web-shops managers should focus not only on online characteristics but also on offline, human-based interactions and the service quality of their delivery partners.

Reference:

Industrial Management & Data Systems, 116(9) p. 1946-1966

Click here to read the original publication:

https://www.emerald.com/insight/content/doi/10.1108/IMDS-09-2015-0398/full/html

Ecology-related resilience in urban planning – A complex approach for Pécs (Hungary)

Authors:

Kiss Tibor, Kiss Viktor Miklós

Scope:

• Introducing an urban planning methodology with a resilient strategy structure, based on the selected projects.

Contribution, novelty:

• A sustainable city strategy is developed
• Sustainable city strategy is better if it has a resilient structure
• A methodology is given for testing the resilient structure.

Practical relevance:

• The world's knowledge about sustainable cities can also be organized into a resilient structure
• "Rule of thumb" is given for practical use of the methodology.

Reference:

Ecological Economics 144 (2018) 160–170

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S092180091730647X

Relative age effect on the market value of elite European football players: a balanced sample approach

Authors:

Gyimesi András, Kehl Dániel

Scope:

• Athletes born late in the calendar year are disadvantaged compared to the relatively older, due to birthdate-based allocation into youth age groups 
• The paper aims to estimate this relative age effect (RAE) on the market value of top-level European football players with a new methodology. an urban planning methodology with a resilient strategy structure, based on the selected projects.

Contribution, novelty:

• A new method of RAE estimation is suggested to eliminate the sample selection bias
• Unlike prior studies, we found an extremely strong straight RAE in elite European football, especially for younger players.

Practical relevance:

• The results imply discrimination based on birth date in several countries, which needs to be reduced by better regulation of youth competitions
• Our method can also be adopted to measure RAE in public education

Reference:

European Sport Management Quarterly, published online

Click here to read the original publication:

https://www.tandfonline.com/doi/abs/10.1080/16184742.2021.1894206

Analysis of screening decisions in inventory models with imperfect quality items

Authors:

Zsuzsanna Hauck, Boualem Rabta, Gerald Reiner

Scope:

• The study examines an Economic Order Quantity (EOQ) model with imperfect quality items where both the cost and the defect detection rate depend on the time devoted to screening.
• Screening time is decision variable jointly with the order quantity.

Contribution, novelty:

• Screening-time dependent screening cost and defect detection functions are defined.
• Nonlinear forms lead to nonconvexities in the total cost function consisting of multiple cost components, e.g. inspection cost, penalty costs, etc. 

Practical relevance:

• Reducing return rates and improving customer satisfaction can be achieved by adjusting the operational parameters, without a significant increase in system cost or new investments.
• Lower screening costs motivate longer screening times, the effectiveness of this operation is only obtained in combination with the reliability of the defect detection method. 

Reference:

International Journal of Production Research, 2020

Click here to read the original publication:

https://www.tandfonline.com/doi/abs/10.1080/00207543.2020.1818862

Estimating the economic impacts of knowledge network and entrepreneurship development in smart specialization policy

Authors:

Attila Varga, Tamás Sebestyén, Norbert Szabó, László Szerb

Scope:

• This paper introduces how enterpreneurship (the REDI) and knowledge networks (the ENQ index) are implemented in the GMR-Europe (geographic, macro and regional) model.

Contribution, novelty:

• The simulations highlight that smart specialization policy targeting the development of enterpreneurship and knowledge networks is not equally successful in all regions.
•The impact of policies depends on several interrelated factors (level of enterpreneurship in the region, the embedness of the region in the interregional knowledge networks, the magnitude of policy shocks, the size of R&D and human capital, etc.).

Practical relevance:

• The model could helpfully contribute to the design of a Smart Specialisation Strategy. 

Reference:

Regional Studies, 54(1), p. 48-59

Click here to read the original publication:

https://www.tandfonline.com/doi/full/10.1080/00343404.2018.1527026

Shock propagation channels behind the global economic contagion network. The role of economic sectors and the direction of trade.

Authors:

Iloskics Zita, Sebestyén Tamás, Braun Erik

Scope:

• The study examines the spread of macroeconomic phenomena between countries, highlighting the risks arising from strongly interconnected economies. 
• Using conditional logit regression, the paper estimates the effect of trade openness on the probability of shock-transmission, measured by business cycle synchronization. 

Contribution, novelty:

• The study extends the scope of previous analyses in three areas. First, the authors use a Granger-causality approach to identify synchronization. Second, trade is broken down to the sector level and third, they distinguish between upstream and downstream connections. 
• The estimates reveal a positive effect of aggregate two-way trade on shock-contagion, it also points out that this overall effect hides diverse behavior in specific trading sectors as well as upstream and downstream channels. 

Practical relevance:

• While some sectors are not significant channels of shock-transmission in either directions, upstream channels seem to be important in agriculture while downstream channels dominate machinery and other manufactures.
• There are sectors (chemicals and related products) trade in which affects shock-transmission negatively.

Reference:

PLoS One, 16(10), e0258309, 2021

Click here to read the original publication:

https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0258309

Joint quality and pricing decisions in lot sizing models with defective items

Authors:

Hauck Zsuzsanna, Rabta Boualem, Reiner Gerald

Scope:

• A profit maximization model with consideration of quality screening, pricing and lot sizing.

Contribution, novelty:

• The time spent on the screening is also a decision variable 
• Price-sensitivity quality perception of customers in considered in the demand function.

Practical relevance:

• Optimizing the screening time can have significant impact on the final profit.
• Parameter values (e.g. proportion od defective items, demand function coefficients, penalty cost, salvage value) were examined a high range in order to make the findings applicable for several types of products and industries.

Reference:

International Journal of Production Economics, 241, 108255, 2021

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0925527321002310

Develop resilience - a System-Level dynamic indicator for testing the Long-Term impact of planned projects based on a Watershed and a city strategy example

Authors:

Kiss Tibor, Kiss Viktor Miklós

Scope:

• Creating a resilient energy-flow structure for an existing system (example: Cone Spring Watershed)
• Develop a system-level dynamic indicator for testing the long-term effectiveness of planned projects in a system.

Contribution, novelty:

• Development of a resilient system structure for an ecological system through an iteration procedure
• A system dynamics model, an integrated assessment tool, is built to test the long-term effect of projects
• Sensitivity analysis optimizes projects' impacts

Practical relevance:

• Testing the long-term effectiveness of the planned investment strategies can help in the allocation of the investment budget.
• Dynamisation of the static input-ouput table with help of a system dynamics model is useful in other research topics as well.

Reference:

Ecological Indicators, 129, 107970, 2021

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S1470160X2100635X

The effects of subclinical ADHD symptomatology on the subjective financial, physical, and mental well-being of entrepreneurs and employees

Authors:

Vörös Zsófia, Lukovszki Lívia

Scope:

• The study examines the effects of subclinical ADHD symptomatology on the subjective quality-of-life outcomes in employment and entrepreneurship.

Contribution, novelty:

• The results indicate that subclinical ADHD impairs only entrepreneurs’ subjective income and harms entrepreneurs’ health perception to a larger extent than that of employees. Yet, the negative effects of ADHD symptomatology on life satisfaction are rather felt among employees.

Practical relevance:

• We argue that these results reflect a relatively good fit between entrepreneurship and subclinical ADHD symptomatology on the needs-supplies dimension but not on the demands-abilities dimension.

Reference:

Journal of Business Venturing Insights, 15, e00240, 2021

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S2352673421000184

A composite indicator analysis for optimizing entrepreneurial ecosystems

Authors:

Esteban Lafuente, Zoltán J. Ács, László Szerb

Scope:

• The paper evaluates the entrepreneurial ecosystem of 71 countries for the period 2016.

Contribution, novelty:

• The proposed analysis of composite indicators allows the computation of endogenous (country-specific) weights that can be used for developing more informed policy making.
• A significant positive correlation is found between quality improvements in the entrepreneurial ecosystem and venture capital investments.

Practical relevance:

• Countries prioritize different aspects of their national system of entrepreneurship.
• Tailor-made policy is necessary if the objective is to optimize the resources deployed to enhance the countries’ entrepreneurial ecosystem.

Reference:

Research Policy, Available online 2021, 104379

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S004873332100175X

Price Regulation and supplier margins in the Hungarian electricity market

Authors:

Szőke Tamás, Hortay Olivér, Farkas Richárd

Reference:

Energy Economics, 94, 105098, 2021

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0140988321000037

Production dynamics in case of organizational learning

Authors:

Vörös József

Scope:

• The speed of implementing productivity knowledge increase is a key component of competitiveness and for the case when the implementation is instantaneous, an optimal control model is developed.

Contribution, novelty:

• A closed form solution is provided to determine the optimal production level.

Practical relevance:

• If the implmentation of gained knowledge increases is instantenous, then the production rate is constant over time for a zero discount rate and is increasing for positive discount rate.
• If implementation happens step by step, production dynamics will be decreasing in case of zero discount rate and for a positive discount rate,the dynamics can be decreasing and increasing as well.

Reference:

Computers & Industrial Engineering, 157, 107340, 2021

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0360835221002448

Price transmission in the presence of a vertically integrated dominant firm: Evidence from the gasoline market

Authors:

Richárd Farkas, Biliana Yontcheva

Scope:

• The paper provides an empirical examination of cost pass-through on a market with a vertically integrated firm which has substantial market power in wholesale and faces competition in retail
• This investigation focuses on gasoline pricing in Hungary

Contribution, novelty:

• The research demonstrates the importance of monitoring the behavior of vertically integrated firms on all tiers of the production and distribution process
• This find a positive relationship between market power and pass-through asymmetry 

Practical relevance:

• From a policy perspective, it needs to re-evaluate optimal regulation whenever there are changes in the level of concentration at any point in the production and distribution of the goodount rate,the dynamics can be decreasing and increasing as well.

Reference:

Energy Policy, 126, 223-237, 2019

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0301421518307390

An analysis of the dynamic price-quality relationship

Authors:

József Vörös

Scope:

•The paper examines the operations and marketing interface, highlighting the impact of the demand function and operational efficiency on optimal price 

Contribution, novelty:

• A dynamic model is developed in which demand depends on both price and quality. The applied objective function maximizes the profit and the salvage value of the firm.
• The results highlight that higher quality does not involve price increase necessarily, the type of demand functions plays a key role. 

Practical relevance:

• Quality dynamics may have both increasing and decreasing impact on price.
•  Improving operational efficiency softens price increase while quality increases, and many times results in price decrease while quality is improving.

Reference:

European Journal of Operational Research, 277(3), p. 1037-1045

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0377221719302905?casa_token=-HQVN0Q1xm0AAAAA:sGaDNaVTvA0RaMNA_1ehNPucmgSLqXtWzAwXcIwdfw2UcYMTx-5yIGBgX30P10JnNgJ3gW3MmQ0

Past themes and future trends in medical tourism research: A co-word analysis

Authors:

Andrea de la Hoz-Correa, Francisco Muñoz-Leiva, Márta Bakucz

Scope:

•The purpose of this paper is to analyze the evolution of medical tourism (MT) research from a longitudinal perspective (period 1931–2016). 
•A co-word analysis was applied to themes found in published research listed in the Web of Science (WoS) and Scopus database services.

Contribution, novelty:

• This study is one of the first attempts to use a bibliometric approach and co-word analysis so as to offer powerful insight into the conceptual structure of MT research from academic literature and to visualize all the underlying and interconnected subfields. 

Practical relevance:

•  The results  provide a guide to researchers by improving the understanding of the current state of the art and predicting the direction of future research.

Reference:

Tourism Management, 68 p. 200-211

Click here to read the original publication:

https://www.sciencedirect.com/science/article/abs/pii/S0261517717302200

The role of landscape preferences in the travel decisions of railway passengers: Evidence from Hungary

Authors:

Bence Somogyi, János Csapó

Scope:

•This study provides an evaluation method for the landscape preferences of passengers travelling on Hungarian railway lines, demonstrating how the landscape around the railways could become an attraction during the travel. 
•  The study is based on the exploration of the relationship between the subjective value appraisal of railway passengers and objective indicators of land use.

Contribution, novelty:

• The results show what types of landscape appearance would be needed in order to generate travel decisions for tourists and also how the travel experience itself could become a tourism product.

Practical relevance:

•  The results  provide a guide to researchers by improving the understanding of the current state of the art and predicting the direction of future research.

Reference:

Moravian Geographical Reports, 26(4), p. 298-309

Click here to read the original publication:

https://www.scipedia.com/public/Somogyi_Csapo_2018a

Properties and comparison of risk capital allocation methods

Authors:

Dóra Balog, Tamás László Bátyi, Péter Csóka, Miklós Pintér

Scope:

• This paper is a guide for both researchers and practitioners in risk capital allocation. 
• If a financial unit consists of subunits, then the risk of the main unit should be allocated to the subunits using a risk capital allocation method in a fair way.

Contribution, novelty:

• In this study the authors analyze seven risk capital allocation methods applying coherent measures of risk. 
• The study proves how the seven methods perform in terms of ten fairness properties. 
• The simulation of Core Compatibility in 24 treatments is up to nine subunits.

Practical relevance:

• The conclusion of the results show that some of the ten properties should be given up in practice. 
• The paper can serve as a useful guide for both practitioners and researchers.

Reference:

 European Journal of Operational Research, 259(2) p. 614-625

Click here to read the original publication:

https://www.sciencedirect.com/science/article/abs/pii/S037722171630902X

The non-emptiness of the weak sequential core of a transferable utility game with uncertainty

Authors:

Tibor Németh, Miklós Pintér

Scope:

• This study introduces a subclass of transferable utility games with uncertainty, the class of generalized balanced games with universal veto control–which class properly includes the class of convex transferable utility games with uncertainty.

Contribution, novelty:

• This paper gives a necessary and sufficient condition for the non-emptiness of the weak sequential core.
• It is shown that a transferable utility game with uncertainty has a non-empty weak sequential core if and only if it is uniformly P-balanced on the cores.

Practical relevance:

• The results shows that every generalized balanced game with universal veto control has a non-empty weak sequential core.

Reference:

Journal of Mathematical Economics, 69 p. 1-6

Click here to read the original publication:

https://www.sciencedirect.com/science/article/abs/pii/S0304406816302919

Process quality adjusted lot sizing and marketing interface in JIT environment

Authors:

József Vörös, Gábor Rappai

Scope:

• This study developes a new lot sizing model in JIT environment. 
• The characteristics of the total cost is analyzed as a function of demand, and suggests a way to determine the optimum demand volume in the contracts.

Contribution, novelty:

• As the occurrence of problems (deviations and variability) is natural, the authors consider both the output of the assembly line and the frequency of violating the Jidoka principle (cars with quality problem are tagged and go through the assembly line arriving at the clinic area and waiting for repairing) random variables.
• These two random factors result in new lot sizing rules and modify the traditional formulae.  
• The results prove that the sales volume minimizing this function decreases when backlogging costs increase.

Practical relevance:

• The analysis of the case emphasizes the importance of the inclusion of the clinic area into the discussion not only because in JIT systems clinic area exists, but the last two propositions indicate that core problems may behave differently.

Reference:

Applied Mathematical Modelling, 40(13-14) p. 6708-6724

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S0307904X16300750

Evaluation on the effectiveness of energy policies – Evidence from the carbon reductions in 25 countries

Authors:

Kiss Tibor, Popovics Steve

Scope:

• The paper evaluates the effectiveness of national level policies are in place since 2005, including countries in the EU emissions trading system (EU ETS), nationwide carbon tax policies and hybrid policies. 

Contribution, novelty:

• Total and per capita carbon dioxide emissions continued to rise despite the growth of carbon pricing mechanisms.
• When the increase of the emissions due to economic factors were separated, the emissions still increased in respect of most policy types.

Practical relevance:

• The current economic and social structure might strongly determine the greenhouse gas emissions, therefore, focussing on only emissions reductions is not sufficient.

Reference:

Renewable and Sustainable Energy Reviews Volume 149, October 2021, 111348

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S1364032121006341

The strength of domestic production networks: an economic application of the Finn cycling index

Authors:

Braun Erik, Sebestyén Tamás, Kiss Tibor

Scope:

• The study examines a cross-country analysis to measure the systemic operation of national economies through the importance of domestic sectors as a supplier
• Using panel-econometric techniques, the study points out the role of the openness and structural asymmetry in shaping this strength

Contribution, novelty:

• The structure of the domestic production network is different across countries in terms of sectors’ centrality and the intensity of the linkages between domestic sectors
• The estimates reveal that openness has a negative, while asymmetry has a positive effect on this index, but other country specific characteristics also play a role in shaping the systemic operation of nationaleconomies

Practical relevance:

• The level of systemic operation can be a useful signal of how resilient an economy is to emerging global shocks such as a pandemic, natural disasters or wars

Reference:

Applied Network Science, 6(69), 2021

Click here to read the original publication:

https://appliednetsci.springeropen.com/articles/10.1007/s41109-021-00411-5

Sports activities of 60 above Hungarian elderly-explaining and predicting impact of exercise on health

Authors:

Lampek Kinga, Csóka László, Hegedüs Réka, Zrínyi Miklós, Törőcsik Mária

Scope:

• The proportion of elderly is on the rise both in Europe and in Hungary. The challenge is to increase the number of years spent in good health as well as to improve quality of life of those 60 years and above. This study focuses on the impact of physical activity on this age group.

Contribution, novelty:

• The positive relationship between satisfaction with life and self-reported health and relationship between active sporting and personal health was confirmed. 
• It was also confirmed that rapid pace of living and satisfaction with life increased personal health, the biggest gain in health was by frequent physical activity.

Practical relevance:

• The main conclusion of this paper is that physical activity can be the most effective way to improve personal health of our senior citizens.

Reference:

BMC Public Health, 21, 1863, 2021

Click here to read the original publication:

https://bmcpublichealth.biomedcentral.com/articles/10.1186/s12889-020-09974-x

League Ranking Mobility Affects Attendance: Evidence From European Soccer Leagues

Authors:

Gyimesi András

Scope:

• The study examines a historical panel dataset of 19 European football leagues
• It raises the question, how attendance demand is affected by season to season changes in league rankings

Contribution, novelty:

• Ranking mobility is found to affect stadium attendance, particularly at the top 5 positions
• It suggests that the closeness of competition across
seasons matters for spectators

Practical relevance:

• Spectators respond positively to upsets in the league rankings, so dominance of top teams could be detrimental to the attendance of the league. The European Super League is a warning sign, that unpredictability of domestic leagues should be improved.

Reference:

Journal of Sports Economics, 21(8), p. 808-828, 2020

Click here to read the original publication:

https://journals.sagepub.com/doi/abs/10.1177/1527002520944451

Task Characteristics as Source of Difficulty and Moderators of the Effect of Time-on-Task in Digital Problem-Solving

Authors:

Zsófia Vörös, Dániel Kehl, Jean-François Rouet

Scope:

•  To be able to solve complex information problems in a digital environment is a key 21st century skill
• Authors analyzed data from a large-scale international study in which representative samples of adults had to solve more or less complex problems using standard computer applications 

Contribution, novelty:

•  Spending more time on a task is more likely to compensate an average problem solver when task complexity can be attributed to intrinsic task and technology drivers than when complexity stems from the cognitive/metacognitive activities belonging to information problem-solving processes per se, especially acquiring and evaluating information

Practical relevance:

• The interpretation of time-on-task should take the source of difficulty into consideration

Reference:

Journal of Educational Computing Research, 58(8) p. 1494-1514, 2021

Click here to read the original publication:

https://journals.sagepub.com/doi/abs/10.1177/0735633120945930

Show me the money: Option moneyness concentration and future stock returns

Authors:

Kelley Bergsma, Vivien Csapi, Dean Diavatopoulos, Andy Fodor

Scope:

• The study analyses the options which are not in-the-money due to higher potential gains for a smaller upfront cost

Contribution, novelty:

• The study shows that stock returns increase with AveMoney (a measure of stock-level dollar volume-weighted average moneyness ), suggesting informed options traders prefer to use options that offer higher leverage
• The results are strongest when AveMoney is calculated using call options only, probably because puts are often used for hedging while calls are more often used for speculating on future stock price movements

Practical relevance:

• The study demonstrates that relative trading activity in options of different moneyness levels can signal the direction of future stock returns.

Reference:

Journal of Futures Markets, 40(5) p. 761-775, 2020

Click here to read the original publication:

https://onlinelibrary.wiley.com/doi/full/10.1002/fut.22071?casa_token=ezj9EIPBBVsAAAAA%3AQL3-uxqEXA3XBp8zTDdadomDn0awy-fku3Q4nGTbfuquxfWdzyYB6BdT_8zoyCM7xSSeKdiBtWrYybI

The effect of fair valuation on banks' earnings quality: empirical evidence from developed and emerging European countries

Authors:

András Takács, Tamás Szűcs, Dániel Kehl, Andrew Fodor

Scope:

• This study investigates average earnings quality (AEQ) and its determinants in the European banking sector based on data of 409 European banks from the period 2006–2018

Contribution, novelty:

• The authors find that, while the interest change observed in the total period and the banks' size significantly and negatively affect AEQ, the proportion of fair value assets has a significant positive effect
• They show that the latter is only valid for developed countries

Practical relevance:

• The paper provide clear evidence that the introduction of IFRS 13 resulted in a measurable improvement in fair value regulation

Reference:

Heliyon, 6(12) e05659, 2020

Click here to read the original publication:

https://www.sciencedirect.com/science/article/pii/S2405844020325020

The global technology frontier: productivity growth and the relevance of Kirznerian and Schumpeterian entrepreneurship

Authors:

Esteban Lafuente, Zoltan J. Acs, Mark Sanders, Laszló Szerb

Scope:

• This paper evaluates how country-level entrepreneurship—measured via the national system of entrepreneurship—triggers total factor productivity (TFP) by increasing the effects of Kirznerian and Schumpeterian entrepreneurship

Contribution, novelty:

• The authors employ non-parametric techniques to build a world technology frontier and compute TFP estimates
•  The results of the common factor models reveal that the national system of entrepreneurship is a relevant conduit of TFP and that this effect is heterogeneous across countries

Practical relevance:

• The policy-makers need to turn their attention to the development of an appropriate national system of entrepreneurship; and prioritize policies that promote the ‘interconnector’ role of the national systems of entrepreneurship

Reference:

Small Business Economics, forthcoming

Click here to read the original publication:

https://link.springer.com/content/pdf/10.1007/s11187-019-00140-1.pdf

Knowledge networks in regional development

An agent based model and its application

Authors:

Tamás Sebestyén, Attila Varga

Scope:

• The paper sets out a modelling framework that captures the dynamics of link formation in a knowledge networks and integrates it into a broader economic impact analysis model

Contribution, novelty:

• The paper develops an agent-based model of network formation and estimates the potential economic effects of specific policy interventions in the prioritization process of Smart Specialisation
• The model points to those sectors/fields of activity the support of which sets in motion link formation dynamics resulting in the largest improvement in the learning potential arising from knowledge networks

Practical relevance:

• The proposed method helps to find the optimal policy for regions in the prioritization process of Smart Specialisation.

Reference:

Regional Studies, 53(9) p. 1333–1343, 2019

Click here to read the original publication:

https://rsa.tandfonline.com/doi/full/10.1080/00343404.2019.1622663?casa_token=02k7HRbCmzUAAAAA%3AsS4z4WOM6hxSzNIHKq-2Pq2A6a2fphws3RjUAb3gFtrNhl6t-7KY_4WbLt4byDV4kIzcVDfi0D3aoQ#.YLXxpS0Rrs0

The relevance of quantity and quality entrepreneurship for regional performance: the moderating role of the entrepreneurial ecosystem.

Authors:

László Szerb, Esteban Lafuente, Krisztina Horváth, Balázs Páger

Scope:

• This study analyzes how the entrepreneurial ecosystem and different types of entrepreneurship impact regional performance

Contribution, novelty:

• This study proposed that quantity- and quality-based entrepreneurship have a heterogeneous impact on territorial outcomes, measured via GVA per worker and employment growth
• Furthermore, it emphasized the relevance of the regional entrepreneurial ecosystem as a key factor moderating the role of different types of entrepreneurship on regional performance

Practical relevance:

• The analysis of the outcomes that flow from the connection between the entrepreneurial ecosystem and different types of entrepreneurship contributes to identify policy actions that can help optimize territories’ available resources and, ultimately, lead to a greater territorial economic growth

Reference:

Regional Studies, 53(9), p. 1308-1320, 2019

Click here to read the original publication:

https://rsa.tandfonline.com/doi/abs/10.1080/00343404.2018.1510481

Innovative potential for development of Europe’s neighbouring countries and regions

Authors:

Edward M. Bergman, Attila Varga

Scope:

• This study attempts to illuminate key innovative factors that underlie the fragile but important relationships between Europe and its immediate regional neighbours during the EU post-accession period.

Contribution, novelty:

• The paper highlights that helping neighbouring states and regions to become more friendly, stable, and prosperous depends upon their ability to tap innovative sources of development. The generation and exploitation of the newest innovations remains the province of advanced countries and regions, others following as they become capable of deploying valuable innovations. 

Practical relevance:

• This study hews closely to the economic development goals of the ENP by examining forces and factors that underlie the ability of neighbouring regions and countries to acquire and exploit innovative technologies, which are seen as the key element of a successful ENP.

Reference:

Annals of Regional Science, 60(3) p. 443-449

Click here to read the original publication:

https://link.springer.com/article/10.1007/s00168-017-0826-5

Place-based, Spatially Blind, or Both?

Challenges in Estimating the Impacts of Modern Development Policies: The Case of the GMR Policy Impact Modeling Approach

Authors:

Attila Varga

Scope:

• This study surveys the most important modeling challenges raised by the two modern economic development approaches: the space-neutral and the place-based approaches.

Contribution, novelty:

• To illustrate how economic models can respond to
these challenges the author briefly introduces the GMR-Europe model.
• It is found that promoting research excellence in leading agglomerations combined with human capital development in the rest of the regions in Europe could result in a sustained positive GDP impact of EU Framework Programs at the aggregate EU level.
• It is also important to emphasize that the aggregate impact masks marked regional differences.

Practical relevance:

• This paper suggests macroeconomic models that integrate geography could usefully help policymakers in their choice among different complex geography-instrument mixes.

Reference:

International Regional Science Review, 40(1) p. 12-37

Click here to read the original publication:

https://ecomod.net/system/files/GMR_conceptual.pdf

Issues and solutions relating to Hungary's electricity system

Authors:

Viktor Miklós Kiss, Zsolt Hetesi, Tibor Kiss

Scope:

•The paper developed a model capable of simulating the electricity system of Hungary. 
•It was used to simulate three possible scenarios for the electric power system for 2030.

Contribution, novelty:

•The results of the simulations show that developing the changes proposed in the scenario of the authors,  Hungary would operate an electric power system which is diversified with respect to fuel input, has double the renewable energy share than the business as usual scenarios, and uses 38% domestic sources to cover its electricity demand, compared to 15.8% for the business as usual scenarios. 
•Also, its emission intensity would be 35% less than the
business as usual scenario where the current centralized, fossil fuel
based production strategy would continue.

Practical relevance:

• This much more secure and environment friendly electric power system would not be unaffordable, as it was shown that the development and the operation of such a system could be 3.4%-32.3% more expensive to build and operate. 
•This costs could be outweighed by the tremendous advantages in energy security and environmental impact.

Reference:

Energy, 116 p. 329-340

Click here to read the original publication:

https://vtk.uni-nke.hu/document/vtk-uni-nke-hu/issues-and-solutions-original.original.pdf

Country level efficiency and National Systems of Entrepreneurship: A Data Envelopment Analysis approach

Authors:

Esteban Lafuente, László Szerb, Zoltán J. Acs

Scope:

•This paper tests the efficiency hypothesis of the knowledge spillover theory of entrepreneurship.

Contribution, novelty:

• Results support the efficiency hypothesis of knowledge spillover entrepreneurship. 
• The paper shows that innovation-driven economies make a more efficient use of their resources, and that the accumulation of market potential by existing incumbent businesses explains country-level inefficiency.
• Regardless of the stage of development, knowledge formation is a response to market opportunities and a healthy national system of entrepreneurship is associated with knowledge spillovers that are a prerequisite for higher levels of efficiency. 

Practical relevance:

• Public policies promoting economic growth should consider national systems of entrepreneurship as a critical priority, so that entrepreneurs can effectively allocate resources in the economy.

Reference:

Journal of Technology Transfer, 41(6) p. 1260-1283

Click here to read the original publication:

https://ideas.repec.org/a/kap/jtecht/v41y2016i6d10.1007_s10961-015-9440-9.html

Economic impact assessment of alternative European Neighborhood Policy (ENP) options with the application of the GMR-Turkey model

Authors:

Attila Varga, Mete Basar Baypinar

Scope:

• This paper applies the GMR-Turkey policy impact model to estimate the likely regional effects of a selected set of policies suggested in the European Neighborhood Policy literature. 

Contribution, novelty:

• The study groups the policy suggestions into two alternative sets of measures, which became the bases of two alternative scenarios of regional economic development, the Conservative scenario and the Technology- and innovation-based development scenario.

Practical relevance:

• The results suggest that a persistent and systematic long-term regional technology development-based economic policy which applies measures such as investment, education and R&D support, promotion of better connectedness to EU research networks and increased physical accessibility to developed markets could in the longer run result in higher levels of regional and national production together with decreasing interregional differences than a scenario supporting the expansion of traditional industries in the region.

Reference:

Annals of Regional Science, 56(1) p. 153-176

Click here to read the original publication:

https://link.springer.com/article/10.1007/s00168-015-0725-6

Does EU Framework Program Participation Affect Regional Innovation?

The Differentiating Role of Economic Development

Authors:

Attila Varga, Tamás Sebestyén

Scope:

• This paper assumes that the overall missing impact of European Union Framework Program participation on regional patenting masks an important spatial regime effect.

Contribution, novelty:

• The results strongly support the assumption of the paper. 
• While FP research subsidies act as a substitute for funding from other sources in regions of old EU member states and capital regions in CEE countries, innovation in peripheral Central and Eastern European regions tends to rely more on the external knowledge transferred via FP funded research networks to compensate for their less developed local knowledge infrastructures.

Practical relevance:

•The findings suggest that, in combination with other policies, strengthening research excellence and international scientific networking in relatively lagging regions (such as regions in CEE countries) could be a viable option to increase regional innovativeness.

Reference:

 International Regional Science Review, doi: 10.1177/0160017616642821

Click here to read the original publication:

https://journals.sagepub.com/doi/abs/10.1177/0160017616642821

The changing form of overconfidence and its effect on growth expectations at the early stages of startups

Authors:

László Szerb, Zsófia Vörös

Scope:

• This study examines the link between entrepreneurs’ beliefs in their entrepreneurial skills and the actual or expected growth of their venture

Contribution, novelty:

• The outcomes of the analyses reinforce that the incongruent results on the relationship between perceived entrepreneurial skills and expected and realized growth may be due to the variations in the form of entrepreneurial overconfidence, the actual and perceived skill relationship and the strengthening effect of the more realistic entrepreneurial expectations

Practical relevance:

• Policy makers could found programs that support new venture owners to appropriately evaluate their skills and the expected outcome of their business

Reference:

Small Business Economics, in press

Click here to read the original publication:

https://link.springer.com/article/10.1007/s11187-019-00297-9

Entrepreneurship, institutional economics, and economic growth: an ecosystem perspective

Authors:

Zoltán J. Acs, Saul Estrin, Tomasz Mickiewicz, László Szerb

Scope:

• This study analyzes conceptually and in an empirical counterpart the relationship between economic growth, factor inputs, institutions, and entrepreneurship.

Contribution, novelty:

• The paper investigates whether entrepreneurship and institutions, in combination in an ecosystem, can be viewed as a “missing link” in an aggregate production function analysis of cross-country differences in economic growth.
• The paper builds on the concept of National Systems of Entrepreneurship (NSE) as resource allocation systems that combine institutions and human agency into an interdependent system of complementarities.

Practical relevance:

•   The study explores the empirical relevance of these ideas using data from a representative global survey and institutional sources for 46 countries over the period 2002–2011.  
• The empirical analysis finds support for the role of the entrepreneurial ecosystem in economic growth.

Reference:

Small Business Economics, 51(2) p. 501–514

Click here to read the original publication:

https://link.springer.com/article/10.1007/s