CUBE - Contribuições em Revistas Científicas / Contribution to Journals
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- On the political economy of nonlinear income taxationPublication . Berliant, Marcus; Gouveia, MiguelThe political economy setting of voting over general nonlinear income taxes with labor disincentives and information asymmetry in consumer/worker/voter types is considered. Agents do not communicate or coordinate with each other. The economy is the realization of a finite draw from a continuous distribution. The revenue required from a draw is determined by Pareto optimal provision of a public good for that draw. Assuming that the government must meet the revenue requirement for any possible draw, in other words the tax is robust, a majority rule equilibrium is shown to exist at the median voter’s preferred tax function out of this robust set. The key restrictions on utility are additive separability, quasi-linearity, and that utility from the public good is multiplicative in type.
- Earnings conference calls and information asymmetry among investors: the effect of heterogeneity in analyst questionsPublication . Taraj, Imelda; Kalogirou, Fani; Paananen, Mari; Wahlstrøm, Ranik RaaenWe examine the association between heterogeneity in analysts' questions during earnings conference calls (ECCs) and investor information asymmetry. Using a dataset of U.S. ECC transcripts from 2007 to 2020, we construct five measures of question heterogeneity capturing variation in the volume of questions, analysts' tone, thematic diversity, linguistic dissimilarity, and analyst turnover. Greater question heterogeneity is associated with higher unexplained trading volume, our proxy for investor information asymmetry. We attribute this to increased information processing costs, allowing investors with higher processing ability to transform public information into private advantages. Consistently, the association between analyst question heterogeneity and investor disagreement grows when processing burdens are higher, such as following negative earnings surprises or in firms with low institutional ownership. Conversely, it weakens when analysts revise forecasts positively in real time and when managers address a broader range of topics or engage in casting analyst participation. Our analyses control for firm-, analyst-, and call-level characteristics, including lagged unexplained trading volume; our main findings are robust to alternative specifications and are not readily explained by the alternative mechanisms we test. Our results highlight the complex role of analyst interactions during ECCs and suggest that more heterogeneous questions, while informative, can also exacerbate disparities in investor interpretation.
- New money, old biases: understanding mental accounting in the cryptocurrency eraPublication . Almeida, Filipa de; Affonso, Tatiana K.; Scott, Ian J.Cryptocurrencies are an increasingly popular digital alternative to fiat currencies for consumers to save, invest, and spend. Thus, an important empirical question is how cryptocurrencies impact consumer behavior and financial decisions. Across four studies totaling 2704 participants, we investigate one classical decision-making bias: mental accounting. Mental accounting is the tendency to categorize money mostly based on subjective factors, rather than objective ones, and it has several cognitive and behavioral consequences. First, our findings show that the classic structural patterns of mental accounting generalize to cryptocurrency contexts, both in evaluative and in behavioral purchase paradigms. Second, although cryptocurrency did not alter these structural patterns, it increased anticipatory consumption guilt and reduced purchase likelihood in consumption contexts. Furthermore, our results indicate that the level of guilt differs between fiat and cryptocurrencies, leading to a reduction in purchasing intentions with the latter. Finally, we tested an intervention which proved effective at reducing mental accounting for cryptocurrency, directly addressing feelings of guilt, besides reducing mental accounting. These results have important implications as businesses turn to cryptocurrency and consider how they should adapt their existing marketing strategies to this new reality.
- Happiness meanders: a cross-cultural dataset on happiness, emotions, and models of selfhood from 48 countriesPublication . Krys, Kuba; Teyssier, Julien; El Sayed, Valentin; Gajewska, Olga Magdalena; Kocimska-Bortnowska, Agata; Kosiarczyk, Aleksandra; Poláčková Šolcová, Iva; Røysamb, Espen; Igou, Eric Raymond; Stoyanova, Stanislava; Maricchiolo, Fridanna; Zelenski, John M; Vauclair, Christin-Melanie; Uchida, Yukiko; Sirlopú, David; Akotia, Charity; Albert, Isabelle; Appoh, Lily; Arévalo Mira, Douglas Marlon; Baltin, Arno; Denoux, Patrick; Espinosa, Alejandra Domínguez; Esteves, Carla Sofia; Gamsakhurdia, Vladimer; Gavreliuc, Alin; Boer, Diana; Kascakova, Natalia; Klůzová Kračmárová, Lucie; Kostoula, Olga; Kronberger, Nicole; Kwiatkowska, Anna; Lee, Hannah; Łużniak-Piecha, Magdalena; Malyonova, Arina; Marroquin, Pablo Eduardo Barrientos; Mohorić, Tamara; Mosca, Oriana; Murdock, Elke; Mustaffa, Nur Fariza; Nader, Martin; Nadi, Azar; Okvitawanli, Ayu; van Osch, Yvette; Pavlopoulos, Vassilis; Pavlović, Zoran; Rizwan, Muhammad; Romashov, Vladyslav; Sargautytė, Rūta; Schwarz, Beate; Selim, HeylaThis data paper presents a dataset, of 12,361 observations compiled from the Happiness Meanders project, which explores cultural variations in individual and family well-being, ideal and actual happiness, emotional experiences and expressions, and cultural models of selfhood across 48 countries. Participants were recruited through academic networks. Data were collected using standardised scales, including the Satisfaction with Life Scale, the Interdependent Happiness Scale, the Cultural Models of Selfhood Scale, and the Emotional Experience and Expression inspired by Affect Valuation Index. The dataset underwent thorough technical validation, including checks for variable consistency, handling missing data, and identifying potential response biases. A filter for data quality was applied, with potentially unreliable data flagged for exclusion. This dataset offers a valuable resource for examining cultural influences on emotional dynamics (frequence of experience and expression), individual and family oriented evaluations of happiness, ideal and actual evaluation of happiness, cultural models of selfhood, and can support further research in cross-cultural psychology and related social sciences.
- Extroverts perceive purchases more experientially and attain greater happiness from themPublication . Bastos, Wilson; Machado, FernandoPeople gain more happiness from experiential than material purchases. Interestingly, research has shown that planned interventions encouraging consumers to perceive the same purchase more experientially also yield a happiness benefit. The present investigation takes a novel perspective and examines whether there are identifiable individual characteristics that make people naturally prone to perceiving purchases more experientially, and whether this too produces a happiness benefit. We document six studies and five conceptual replications (𝑁=3472 ) showing that extroversion leads people to perceive purchases more experientially, which in turn increases purchase-related happiness. This unfolds for extroversion but not for other major personality traits. Furthermore, borrowing from the notion that extroversion is malleable, we manipulate extroversion and find convergent effects of state extroversion, a managerially relevant finding. Additionally, we identify need for uniqueness as a psychological mechanism behind extroverts’ tendency to perceive purchases more experientially. Theoretical and managerial implications are discussed.
- Longevity, learning, and the future of work: provocations for a field standing on the edge of transformationPublication . Shuck, Brad; Monteiro, Amélia Rita; Abecassis-Moedas, Céline
- Financial literacy and financial wellbeing: dual capability pathways and contextual moderation in PortugalPublication . Magano, José; Mendes, Victor; Santos, Mário Coutinho dosThis study examines how two forms of financial literacy—objective financial literacy (OFL; demonstrated knowledge of interest rates, inflation, and diversification) and perceived financial literacy (PFL; self-assessed confidence in financial matters)—relate to financial wellbeing through distinct capability pathways, and whether self-regulation conditions these links. We use three nationally representative cross-sections from Portugal (2015, 2020, 2023; N = 3648), a European setting marked by declining objective literacy and constrained market participation. Guided by capability theory, we propose a dual-lane model in which OFL operates through behavioural capability (BC; enacted saving, investing, and planning behaviours) to shape objective financial wellbeing (OFW; resilience, assets, and saving), while PFL operates through perceived capability (PC; financial self-efficacy and perceived control) to shape subjective financial wellbeing (SFW; perceived security, satisfaction, and freedom from financial stress). We also test whether non-impulsive, future-oriented behaviour (NIB) strengthens the associations along the objective lane. Structural equation models provide partial support for the dual-lane model, revealing three asymmetries with implications for European policy: (1) the link between behavioural capability and objective financial wellbeing weakens in 2023, suggesting that macroeconomic conditions can undercut even prudent financial behaviour; (2) perceived financial literacy directly predicts subjective financial wellbeing, but perceived capability does not mediate this association, indicating that financial confidence shapes wellbeing independently of self-efficacy; and (3) non-impulsive, future-oriented behaviour amplifies the association between objective literacy and objective wellbeing in 2015 and 2023 but not in 2020, showing that the benefits of self-regulation are context-dependent. The findings inform financial education and policy across Europe by distinguishing intervention levers for objective versus subjective outcomes and identifying conditions under which behavioural interventions are most effective.
- Tourism creative factory as a knowledge-based entrepreneurship programme: innovation, learning, and sustainability in post-pandemic PortugalPublication . Banha, Francisco; Graça, André Rui; Góis, Beatriz; Banha, Francisco MiguelThis paper examines the intersection of entrepreneurship, innovation, and sustainability in the tourism sector through the lens of knowledge creation and transfer. It focuses on the Tourism Creative Factory (TCF) ideation programme, developed under Turismo de Portugal’s Fostering Innovation in Tourism 2.0 initiative. Using a case study methodology, the research situates the 2021–2022 “RESTART” edition of TCF within broader theoretical frameworks of knowledge-based development and organisational learning. This study highlights the programme’s role in facilitating knowledge exchange among participants, mentors, and institutional actors, thereby enhancing entrepreneurial readiness and resilience in a post-pandemic context. Emphasis is placed on mentorship, capacity-building, and experiential learning as mechanisms for knowledge management, enabling the 39 selected participants to develop sustainable business models and Minimum Viable Products (MVPs), with the 16 most innovative being selected for a final pitch presentation to a panel of experts representing diverse sectors of the entrepreneurial ecosystem. The findings underscore the transferability of TCF’s methodology to other knowledge-intensive sectors and contribute to advancing theoretical and practical understanding of how structured ideation programmes function as knowledge systems within tourism and beyond.
- Valuable, rare, inimitable resources and organization (VRIO) resources or valuable, rare, inimitable resources (VRI) capabilities: what leads to competitive advantage?Publication . Cardeal, Nuno; António, Nelson SantosThe resource-based view (RBV) argues that valuable, rare, inimitable resources and organization (VRIO) lead to competitive advantage. Dynamic capabilities (DC) are a comparatively new field and the related literature is mainly conceptual. Capabilities can be considered as the firm’s routines and processes. We argue that the “O” in VRIO refers to DC. DCs are the “organization” needed to transform bundles of resources into competitive advantage. Consequently, does competitive advantage stem from VRIO resources or from VRI capabilities? Through a case study we analyzed the development of one capability in a medium-sized Portuguese footwear manufacturer. After reviewing the process of development of the capability, we performed a VRIO test for each of the resources it exploits and a VRI test of the capability. We can conclude that none of the resources contributing to the capability are VRIO, but the capability is VRI.
- Reclaiming older age inclusion as a marketing imperative: the case of AIPublication . Haenlein, Michael; Libai, Barak; Abecassis-Moedas, Céline