The COVID-19 pandemic and climate change issues present evident interdependencies which justify the spread of connected beliefs. We examine possible changes in individuals’ pro-environmental behavior in light of this pandemic, using the Theory of Planned Behavior (TPB) framework. A questionnaire survey was submitted to the same sample of individuals, before and during the pandemic. Our evidence, based on Partial Least Squares Structural Equation Modeling (PLS-SEM), shows that the COVID-19 pandemic has not led to a weakening in TPB construct relationships, or in related Pro-Environmental Behavior (PEB). Conversely, through our Partial Least Squares-Multi-Group Analysis (PLS-MGA), we show that individuals with greater awareness of interdependencies between the COVID-19 and climate change exhibit both higher Intention and reinforced Pro-Environmental Behaviors. This finding reveals interesting policy implications in terms of innovative behavioral drivers that should be employed to steer public support towards climate-oriented initiatives.
In March 2020, the European Commission published the EU Taxonomy, a classification system of economic activities that can be considered environmentally sustainable. Motivated by this policy initiative, we propose a bibliometric analysis, based on the Web of Science database for the period January 1990–March 2020, regarding the extant scientific production related to the EU Taxonomy environmental objectives and macro-sectors. We find that a considerable number of scientific works—161,595 publications—have investigated Taxonomy-related areas, showing that the EU Taxonomy defined a working method, based on the cooperation among regulators, academics, and industry, representing a valuable example of evidence-based policy making. Furthermore, topic modelling analysis shows that extracted papers focused on improvements in production processes, innovation, and environmental performance. Thus, exploiting time and geographic patterns of the scientific publications, we perform a multivariate analysis to investigate its relationship with subsequent levels of pollution. Our evidence shows that, for the past, a higher level of EU Taxonomy-related publications is associated with a lower level of CO2 emissions, supporting the view that scientific production has a societal impact in terms of environmental sustainability. Accordingly, now that EU Taxonomy-related topics have been incorporated into policy measures, further positive environmental effects are expected from here on out.
This study investigates the impact of ongoing relationships between underwriters and institutional investors on Initial Public Offerings (IPO) pricing. Differently from previous studies that are focused on allocations of underpriced shares we propose a model of primary market pricing in which the incomplete adjustment of the offer price to its maximum achievable level depends on the intensity of interactions that occurred between players in the years before the IPO. Using a stochastic frontier approach on a sample of 1 677 US IPOs between 2000 and 2016 the paper shows that the more investment banks and investors regularly work together the more the IPO offer price is set closer to the fair value of the issuing firm. This analysis helps to disentangle the ambiguous effects of underwriters’ discretion on IPO primary market pricing when bookbuilding is used. We then support the idea that banks can maximize value to issuers by fostering a regular clientele of investors.
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