Demand Shocks in Equity Markets and Firm Responses Fernando Broner Juan J. Cortina Sergio L. Schmukler Tomas Williams Policy Research Working Paper 11315 Abstract This paper examines how shifts in investor demand influence firm financing and investment decisions. For identification, the paper exploits a large-scale MSCI methodo logical reform that mechanically redefined the stock weights in major international equity benchmark indexes, changing the portfolio allocation of 2,508 firms across 49 countries. Be ...

Policy Research Working Paper 11313 Click, Code, Earn The Returns to Digital Skills Antonio Martins-Neto Yan Liu Saloni Khunara Juan Porras Digital and AI Vertical February 2026 A verified reproducibility package for this paper is available at http://reproducibility.worldbank.org, click here for direct access. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research Working Paper 11313 Abstract This paper provides the first comprehen ...

什么新 ? 2025年，实际国内生产总值增长率加速至8%，得益于强劲的出口和更高的公共投资。出口达到创纪录水平，以对美国 的先进技术和电子产品出口为主。然而，随着中间贸易的繁荣推动整体进口达到创纪录高点，净出口开始拖累整体增 长，与往年形成对比。增加的外国直接投资流入和公共投资支出推动了制造业和建筑活动的增长。尽管整体上具有弹 性，但受房地产领域谨慎情绪影响，消费者对耐用品的支出放缓。通货膨胀率低于目标，得益于全球能源价格的下降 。尽管信贷增长迅速，但在持续的汇率压力和存款增长缓慢的情况下，金融条件在边际上收紧，迫使银行动员长期资 金，包括通过债券发行。越南开始了一项重大的改革推动，这是自20世纪80年代中期的" doi moi"浪潮以来的首次。除 了显著的组织整合和省份合并外，过去一年还实施了几个主要公共财政、税收和商业环境改革，预计这种势头将持续 至2026年。政府计划在2026-30年间投资8.5万亿越南盾（约合4000亿美元）。 沙特 ኢ披露授 2026年1月 众披露授 | | | | 12-24 | | | 1-25 2-25 3-25 4-25 5-25 6-25 7-25 8-25 9-25 | ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Human Capital Index Plus (HCI+) measures the average human capital a child born today can expect to accumulate over their working life, highlighting significant disparities in human capital across countries [4][8] - On average, children born today in low- and middle-income countries will forgo 51% of their future potential earnings due to current levels of human capital development [1][19] - The HCI+ reveals that a child born today could earn 47% more globally if their country's human capital matched that of top performers at similar income levels, with a 51% increase for low- and middle-income countries [19][20] Summary by Sections Introduction - There are vast productivity differences across countries, with GDP per hour worked in the most productive countries being over 30 times that of the least productive [3] - Two-thirds of low- and middle-income countries have seen a deterioration in core dimensions of human capital over the past 15 years [3] Human Capital Index Plus (HCI+) - The HCI+ extends the original Human Capital Index by measuring human capital accumulation beyond age 18, focusing on health, education, and employment up to age 65 [6][8] - The index is decomposable, allowing for easy identification of components contributing to observed gaps in human capital [6] Global Patterns - Human capital deficits exist in all countries, with significant disparities; on average, countries operate roughly 40 points below best-in-class performance [25] - Regions below the global HCI+ average could increase future labor earnings by 58% to 76% if they matched top performers [32][34] Gender Gaps - There is a 20-point difference in the HCI+ between men and women globally, translating to 20% lower labor earnings for women [42][44] - Closing gender gaps in regions like MENAAP and South Asia could lead to potential earnings increases of 70% and 56% for women, respectively [44][46] Policy Recommendations - The report emphasizes the need for targeted investments in nutrition, health, education, and employment to address human capital shortfalls [50][51] - It advocates for broader policy approaches that include home environments and neighborhoods, as well as workplace learning opportunities [53][55]

METHODOLOGY NOTE THE HUM N HUM CAPITAL INDEX+ 2026 METHODOLOGY NOTE THE HUM N CAPITAL INDEX+ 2026 © 2026 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or t ...

Investment Rating - The report does not explicitly provide an investment rating for the dual apprenticeship program in Côte d'Ivoire, but it indicates that the program is effective in improving youth employment outcomes and reducing working poverty, suggesting a positive outlook for investment in similar initiatives. Core Insights - The dual apprenticeship program leads to a 14 to 20 percent increase in youth earnings two to five years after completion, with significant gains across the earnings distribution [4][14][62] - The program reduces the share of youth in extreme working poverty by 7.3 percentage points and working poverty by 6.9 percentage points, indicating a substantial impact on poverty reduction [14][40][64] - The earnings gains primarily arise from self-employment rather than wage employment, highlighting the program's effectiveness in enhancing skills and productivity in informal labor markets [15][50][63] Summary by Sections Introduction - The report addresses the challenges of low-paying jobs and high working poverty in low- and middle-income economies, emphasizing the need for effective skills training programs [11][12] Experimental Design and Data - The dual apprenticeship program was implemented as a randomized controlled trial targeting youth aged 18 to 24 in Côte d'Ivoire, combining on-the-job training with technical skills training [22][24] Results - Earnings increased by 9,394 FCFA (15%) two years post-program, with sustained increases of 11,505 FCFA (19.6%) and 12,127 FCFA (13.5%) three and five years post-program, respectively [40][60] - The program significantly reduced the incidence of extreme working poverty and improved task complexity and productivity among participants [40][43][64] - The increase in earnings was primarily driven by self-employment, which rose by 6,138 FCFA (26.7%) post-program, while wage employment did not show significant gains [50][52] Conclusion - The findings suggest that dual apprenticeships can effectively reduce working poverty and improve employment outcomes in informal economies, providing a viable pathway for skill upgrading and better-paying jobs [62][63][64]

Policy Research Working Paper 11310 Productivity Gap between Women- and Men-Run Private Hotels in Georgia A Data Envelopment Analysis–Based Meta Frontier Analysis Mohammad Amin Nesma Ali Development Economics Global Indicators Group February 2026 A verified reproducibility package for this paper is available at http://reproducibility.worldbank.org, click here for direct access. Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Policy Research ...

Policy Research Working Paper 11308 The Effects of Digital Literacy on Wages in Europe and Central Asia Metin Nebiler Kyunglin Park Digital skills are becoming increasingly more important in the labor market as demand for them is increasing in all sectors. This paper explores the determinants of dig- ital skill acquisition and estimates the impact of digital skills on wages in developing countries by using the latest round of the Life in Transition Survey from 30 countries in the Europe and Central Asia reg ...

Investment Rating - The report does not provide a specific investment rating for an industry or company Core Insights - Intergroup hate is a pervasive issue that is escalating globally, driven by normalized hate speech, the proliferation of hate groups, and a political climate that increasingly frames opponents as enemies rather than partners [9] - The report synthesizes ten drivers of intergroup hate into four interlocking components: history, current context, call to arms, and justification of mistreatment, forming a self-reinforcing cycle that legitimizes harm and escalates animosity [3][10] - Interventions can disrupt this cycle at multiple points through coordinated psychosocial, institutional, and economic strategies, particularly emphasizing the importance of context-sensitive and integrated approaches [3][10] Summary by Sections 1. Understanding Intergroup Hate - Intergroup hate is defined as animosity and mistreatment of members of other groups, justified as necessary and good [16] - The report emphasizes that hate is a complex social phenomenon shaped by intergroup dynamics, rather than merely an emotional response [16][19] 2. The 10-Reason Cycle of Hate - The cycle includes four components: History, Current Context, Call to Arms, and Justification of Mistreatment, which mutually reinforce each other [22][23] - Each component contributes uniquely to the escalation of hate, with interventions showing potential to interrupt the cycle at various points [10][62] 3. Historical Context - Group history and personal/family history play critical roles in shaping perceptions and behaviors toward outgroups [30][34] - Educational institutions are highlighted as key sites for reshaping historical narratives to promote tolerance and reduce hate [65][66] 4. Current Context - The current context influences intergroup relations through identities and norms, competition and loss, threat, and lack of control and uncertainty [36][74] - Promoting shared identities and cooperation is essential for breaking the cycle of hate, requiring careful management of intergroup dynamics [75][76] 5. Call to Arms - Leadership and media are pivotal in mobilizing intergroup hate, with leaders often using historical narratives to gain authority and influence [49][52] - Media amplifies leaders' messages and can incite hostility, shaping public perception and contributing to intergroup conflict [52][53] 6. Justification of Mistreatment - Justifications for mistreatment arise from moralization and dehumanization, framing hostility as a defense of moral values and reducing empathy for outgroups [55][58] - These justifications reinforce the cycle of hate, normalizing discriminatory policies and embedding mistreatment into societal structures [60][61] 7. Interventions - The report discusses promising interventions to break the cycle of hate, emphasizing the need for early warning systems to detect hate before it escalates [63][64] - Effective interventions include reshaping collective memory, promoting shared identities, and fostering cooperation among diverse groups [65][74]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed Core Insights - The paper examines how suppliers adjust their decarbonization strategies in response to validated emission-reduction targets set by major customers, revealing that downstream climate pressure leads to both real and symbolic responses among suppliers [5][12][14] - High-emission suppliers tend to make substantial operational adjustments, reducing their emission intensity, while low-emission suppliers primarily increase their reliance on carbon offsets, often from lower-quality projects [19][21][22] Summary by Sections Introduction - The increasing adoption of climate commitments by large corporations necessitates suppliers to disclose emissions and adopt climate policies, yet the response of suppliers to such pressures remains unclear [12][13] Findings - Suppliers whose customers obtain Science Based Targets initiative (SBTi) approval are more likely to adopt their own climate targets, with an average reduction in emission intensity of 8.8% following customer target approval [15][62] - The use of carbon offsets increases significantly among suppliers after customer SBTi approval, with a 159% rise in offset intensity relative to industry peers [16][63] - High-emission suppliers show a 15% reduction in total emissions and a 19% decline in emission intensity, while low-emission suppliers exhibit a 267% increase in offset intensity without reducing total emissions [72][73] Offset Quality - Suppliers facing downstream pressure tend to retire lower-quality offsets, indicating a preference for quantity over quality in their compliance strategies [80] - Firms engaging in genuine emissions reductions tend to select higher-quality offsets, suggesting a distinction between symbolic compliance and substantive operational changes [80] Customer Target Announcements - Customer announcements of climate commitments, even without validation, lead to limited supplier responses, primarily resulting in symbolic adjustments rather than meaningful operational changes [85][89]