Volume 17, numéro 2, 2025

EN :

This study investigates the effect of the annual 'No-Smoking Day' on the stock performance of British American Tobacco (BATS) and Imperial Brands (IMB) from 1997 to 2023. Our findings reveal a significant negative impact of No-Smoking Wednesdays on BATS, with a moderate but statistically significant effect on IMB. To enhance robustness, we also perform a panel data analysis, which underscores the consistent negative effect of No-Smoking Day on the tobacco sector as a whole. These results suggest that No-Smoking Day generates a calendar-based effect on stock prices, challenging the Efficient Market Hypothesis. Beyond the behavioral effects tied to the anti-smoking campaign, this study introduces a novel perspective by linking investor behavior with neurological factors, particularly Nicotine Withdrawal Syndrome (NWS). NWS, characterized by irritability, anxiety, and mood disturbances, may influence investor sentiment, even among smokers who do not intend to quit. These withdrawal symptoms could induce stress and emotional responses, thereby affecting investor behavior and contributing to negative returns. Our findings align with prior behavioral studies and highlight the role of both psychological and neurobiological factors in shaping market dynamics. Future research should examine the combined effects of anti-smoking campaigns and NWS on investor behavior and market outcomes. Additionally, the varying statistical significance across firms suggests that the diversification of tobacco companies into non-traditional products warrants further investigation.

EN :

The recent salience of immigration as an issue among segments of the population in wealthy countries has often been understood as a product of tension between economic interests and cultural preferences. However, such explanations largely ignore differences in power between immigrant and native communities and the cohesion of local community institutions. This article develops a bargaining model that highlights how power asymmetries between workers and employers interact with community cohesion to result in immigration aversion. Community cohesion among both migrant and native workers is modeled through their fallback positions. We show that the salience of immigration depends on the bargaining power of native and migrant workers. Further, we demonstrate that if the bargaining power of both native and migrant workers are low enough, then immigration aversion can exist even if immigration does not reduce labor demand for native workers.

EN :

Electricity consumption is often regarded as a precondition for economic growth and any bottleneck in its production can severely hurt the growth prospects of an economy more specifically a developing one. Representing a strong case of its value, the causal relationship between energy consumption and economic growth is addressed by extending the Granger causality framework in a heterogeneous panel setup. Exclusively four different causal behaviours are examined: Homogeneous Non-Causality (HNC), Homogeneous Causality (HC), Heterogeneous Non-Causality (HENC), and Heterogeneous Causality (HEC). Both HNC and HC hypotheses are rejected in the causality direction from Economic growth to energy consumption thereby suggesting that the panel of Indian states is not homogeneous. Following this heterogeneous causality tests (HENC and HEC) are conducted for each Indian state to check the hypothesis of causality from economic growth to energy. For 8 out of 17 Indian states strong unidirectional causality is found while for 6 other states, there is no evidence of any causality in the stated direction. The remaining 3 states show weak evidence of causality. Thus, the results are suggestive of the fact that the central government cannot dictate policies at the state level rather state needs to frame regional policies in line with the situation that suits.

EN :

We propose a fundamental valuation model for sports clubs and stadia using discounted (adjusted) revenues. We argue that a sports club is a “quasi firm” that aims to balance budgets, achieve an efficient allocation of financial resources, and maximize revenues. Under this objective the sports club’s welfare and value are maximized. Then we offer a method for estimating the value of a sports club’s stadium. The proposed valuation model can be useful during acquisition negotiations or for assessing managerial performance. Combining the proposed model with stochastic Monte Carlo simulations, we estimate the brand-name value and the club’s total value of the football team of Panathinaikos, as well as the value of its iconic home ground, Apostolos Nikolaidis Stadium (known as Leoforos) located in the heart of Athens at Alexandra’s Avenue