Southwestern University (Southwestern or SU) is a private liberal arts college in Georgetown, Texas. Formed in 1873 from a revival of collegiate charters granted in 1840, Southwestern is the oldest college or university in Texas. Southwestern offers 40 bachelor's degrees in the arts, sciences, fine arts, and music as well as interdisciplinary and pre-professional programs. It is accredited by the Southern Association of Colleges and Schools and the National Association of Schools of Music and historically affiliated with the United Methodist Church.The institution is a member of the Annapolis Group, the Associated Colleges of the South, the Council of Independent Colleges, and is a signatory of the Talloires Declaration.
Housing and human capital represent two major forms of household wealth. This article investigates the potential for housing speculation to crowd out household investment in children's education, an endeavor that only pays off in the long run. To address endogeneity concerns, we exploit the unintended spillover effect of staggered house purchase restrictions (HPR) in China. Using a difference-in-differences approach, we find that HPR reduce educational investment of households in nearby unregulated cities. We also provide evidence consistent with a housing speculation channel. These findings shed new light on the socioeconomic consequences of housing market booms.
Using granular data on global investment funds in difference-in-differences regressions around the announcement of the U.S. Inflation Reduction Act (IRA), we identify a novel international spillover channel of green industrial policies. Sustainable global investment funds received more inflows with the act announcement, in turn increasing their cross-border portfolio investments worldwide. Recipient economies better prepared to address climate change benefited most from sustainable global funds' additional investments. Our results are stronger for funds with a larger portfolio share invested in the United States and in IRA-targeted industries. Yet, we see strong international spillovers even for non-U.S.-domiciled sustainable funds investing entirely outside the United States. Thus, global investment funds have become an important conduit for the international spillover of climate policies. (JEL F3, G1, G2, Q5)Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
The exponential growth of textual content on the internet, alongside vast archives of news articles, scientific papers, legal documents, and other domains, has made Automatic Text Summarization (ATS) increasingly important. ATS aims to create concise and accurate summaries, significantly reducing the effort required to process large volumes of text. Originating in the 1950s, ATS has evolved through several technical shifts, moving from statistical models to machine learning and deep learning approaches, and more recently to pre-trained models. Previous surveys have focused on conventional ATS methods, which are often constrained by the predefined generative paradigms. However, the advent of Large Language Models (LLMs) has introduced a paradigm-flexible approach to summarization. With their superior generative capabilities, in-context learning, and few-shot learning abilities, LLMs have demonstrated remarkable improvements in coherence, fluency, and overall summarization quality. In this survey, we provide a comprehensive review of both conventional ATS approaches and the latest advancements in LLM-based methods. Our contributions include: (1) offering an up-to-date survey of ATS; (2) reviewing the latest LLM-based summarization methods.
PurposeThis study aims to investigate the unintended consequences of China's 2007 Green Credit Policy (GCP) on capital allocation and firm behavior. It specifically examines how local banking competition mediates the policy's effectiveness, testing whether intense competition distorts credit flows to facilitate a "low-end lock-in" of polluting enterprises rather than promoting their green transformation.Design/methodology/approachUtilizing the 2007 GCP as a quasi-natural experiment, this study matches firm-level production and emission data with geocoded bank branch locations from 2003 to 2009. A difference-in-differences framework is employed to quantify how banking density within 3 km of firms impacts credit availability, environmental performance and industry-level capital misallocation.FindingsThe study finds that regions with higher banking competition disproportionately channel credit to polluting firms, intensifying both capital misallocation and environmental degradation. High bank intensity fosters a "low-end lock-in," where firms prioritize capacity expansion over technological upgrades, resulting in lower energy efficiency and increased pollutant emissions. This phenomenon is most pronounced in private firms and markets dominated by large state-owned banks. The research highlights that stricter monitoring of polluting firms and enhanced financial regulation can mitigate the adverse effects.Originality/valueThis study bridges development and environmental economics by identifying banking competition as a critical friction causing green policy failure. Unlike studies focusing on average policy effects, it uncovers the micro-mechanism of "low-end lock-in" driven by spatial price discrimination, offering actionable insights for designing regulatory-proof green finance systems in emerging economies.
This paper is the first to provide evidence on several key aspects of the comparative performance of the major types of housing assistance in the U.S. – HUD’s public housing and housing voucher programs, its largest programs that subsidize the operation of privately owned housing projects, and a set of other programs dominated by low-income housing tax credits. The aspects studied are the effects of the programs on the overall desirability of the housing and neighborhoods occupied by their participants and their aggregate consumption of non-housing goods and services, their net benefit to the decisionmakers in these households, the taxpayer cost incurred to provide these benefits, and the difference in mean benefits across recipients and eligible households with different demographic characteristics. The primary data is from the 2013 American Housing Survey national sample that identifies the type of housing assistance received by most households based on HUD’s administrative records. The results indicate that HUD’s largest programs lead to a much greater percentage increase in recipient consumption of non-housing goods than in their consumption of housing services. For HUD’s project-based assistance, the improvement in housing conditions is negligible. For the conglomerate of LIHTC and other programs, the percentage increase is greater for housing consumption than for other goods, but both percentages are quite small. Tenant benefit per dollar of taxpayer cost is much larger for the housing voucher program than for HUD’s public housing program or its largest programs that subsidize the operation of privately owned projects. It is even smaller for the programs that subsidize the construction of tax credit projects.
