International Review of Economics & Finance最新文献_第5页

Forecasting crude oil prices: Does global financial uncertainty matter? 预测原油价格：全球金融不确定性是否重要？

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103723

Yong Ma , Shuaibing Li , Mingtao Zhou

引用次数: 0

The impact of guarantee network on the risk of corporate stock price crash: Discussing the moderating effect of internal control quality 担保网络对企业股价暴跌风险的影响：探讨内部控制质量的调节作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103728

Hongxiang Yu, Ziqi Wang, Yudong Weng, Liying Wang

引用次数: 0

Cost asymmetry, commodity taxes and antidumping policies 成本不对称、商品税和反倾销政策

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103705

Kuang-Cheng Andy Wang , Ping-Yao Chou , Wen-Jung Liang

引用次数: 0

Green bond premium diagnosis: An interplay of repayment obligation structure 绿色债券溢价诊断：偿还义务结构的相互作用

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103689

Vikram Singh , Shveta Singh , Sonali Jain

{"title":"Green bond premium diagnosis: An interplay of repayment obligation structure","authors":"Vikram Singh , Shveta Singh , Sonali Jain","doi":"10.1016/j.iref.2024.103689","DOIUrl":"10.1016/j.iref.2024.103689","url":null,"abstract":"<div><div>This paper examines at-issuance yield (price) differential between green and non-green bonds. The paper also checks the sensitiveness of the differentials to the repayment obligation structure of the bonds. For this, we test for differentials in the standard and revenue segments separately. From Bloomberg®, we extract US municipal green bonds from 2014 to 2023 and apply propensity score matching to generate sample sets comprising 26440, 23848, and 11702 bonds. Through univariate tests and OLS linear regression, we document lower yield for green bonds compared to non-greens (i.e., negative yield differential implying the existence of green premium) ranging from 2.7 to 6.9 basis points, implying cost savings to green issuers. The results are robust to alternate measuring variable and surrogate matched samples—the premiums decline in a non-pro-environmental regime and the pandemic. Green investors perceive higher risk in counties with higher pollution index. The premiums enlarge in the standard segment compared to revenue because of greater trust in the recourse feature than revenue stream collaterals. Citing the lack of tangible municipal revenue streams in emerging economies, our findings endorse the standard (general obligation) green bonds to raise finance at initial stages and create revenue-generating infrastructures.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103689"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does reduced boilerplate of KAMs indicate increased audit effort? Evidence from China KAMs 的模板减少是否意味着审计工作的增加？来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103697

Qianqun Ma , Qi Wang , Kongwen Wang , Chong Wu

{"title":"Does reduced boilerplate of KAMs indicate increased audit effort? Evidence from China","authors":"Qianqun Ma , Qi Wang , Kongwen Wang , Chong Wu","doi":"10.1016/j.iref.2024.103697","DOIUrl":"10.1016/j.iref.2024.103697","url":null,"abstract":"<div><div>By examining the effects of media coverage and legal environment and the modifying effect of auditors' market shares, this paper investigates whether reduced boilerplate of key audit matters (KAMs) reflects increased audit effort. Our findings indicate that auditors can change boilerplate of KAMs according to the tone of media coverage: auditors may reduce boilerplate of KAMs when firms are exposed to more negative media coverage and may increase boilerplate of KAMs when firms are exposed to more positive media coverage. Auditors of firms that are exposed to weaker legal environment reduce boilerplate of KAMs. Boilerplate of KAMs disclosed by audit firms with larger market shares is more significantly influenced by negative media coverage and legal environment than those with smaller market shares. Additionally, the effects of media coverage and legal environment on boilerplate of KAMs are only significant for the sub-samples with non-state-owned enterprises (non-SOEs) and higher information symmetry. These results prove that reduced boilerplate of KAMs reflects increased audit effort.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103697"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

CSR awarding: A test of social reputation and impression management 企业社会责任奖：社会声誉和印象管理测试

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103706

Ali Uyar , Ali Meftah Gerged , Cemil Kuzey , Amal Hamrouni , Abdullah S. Karaman

引用次数: 0

Tail risk spillover network among green bond, energy and agricultural markets under extreme weather scenarios 极端天气情况下绿色债券、能源和农业市场之间的尾部风险溢出网络

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103707

Jianhao Xue , Xingyu Dai , Dongna Zhang , Xuan-Hoa Nghiem , Qunwei Wang

{"title":"Tail risk spillover network among green bond, energy and agricultural markets under extreme weather scenarios","authors":"Jianhao Xue , Xingyu Dai , Dongna Zhang , Xuan-Hoa Nghiem , Qunwei Wang","doi":"10.1016/j.iref.2024.103707","DOIUrl":"10.1016/j.iref.2024.103707","url":null,"abstract":"<div><div>This paper explores the tail risk spillover patterns among eight US green bond, energy, and agricultural commodity markets conditional on different extreme weather conditions, using a proposed conditional tail Diebold Yilmaz spillover network. The results of the empirical analysis, conducted using data from 2013 to 2023, indicates that, firstly, as weather conditions transit from normal to extreme risk state, the complexity and magnitude of tail risk spillovers increase, particularly affecting the relationships between different markets and sectors. Under most extreme weather risk scenarios, the energy market predominantly acts as a risk transmitter. Conversely, the agricultural market, more often emerges as a risk receiver. Secondly, of all the extreme weather scenarios considered, the US commodity markets achieve lowest in total risk spillover (TRS) in the extreme snow weather scenarios and this is the only case that is almost no more than the unconditional weather scenario over the sample period. Finally, the tail returns of most US commodity markets are more sensitive to tail movements in extreme total precipitation and extreme runoff weather conditions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103707"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142698478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Investment efficiency of renewable energy enterprises when exposed to air pollution: Evidence from China 受空气污染影响时可再生能源企业的投资效率：来自中国的证据

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103722

Jiayi Wu , Aolin Lai , Zhenran Li , Qunwei Wang

{"title":"Investment efficiency of renewable energy enterprises when exposed to air pollution: Evidence from China","authors":"Jiayi Wu , Aolin Lai , Zhenran Li , Qunwei Wang","doi":"10.1016/j.iref.2024.103722","DOIUrl":"10.1016/j.iref.2024.103722","url":null,"abstract":"<div><div>Previous research has focused on the impacts of air pollution on individual health and economic development, but has not considered its impacts on the investment efficiency of renewable energy enterprise (IERE). Therefore, this paper empirically analyzes the impact of air pollution on IERE using panel data for 200 non-hydroelectric renewable energy (RE) firms listed on China's A-share market from 2008 to 2021. This study shows that air pollution improves investment efficiency by mitigating under-investment in wind and photovoltaic enterprises. This effect is not significant in biomass energy enterprises. Investor attention and enterprise environmental engagement are the mechanisms by which air pollution improves IERE. In addition, the impact of air pollution on IERE is higher for state-owned enterprises, companies with environmentally background executives, areas with less market segmentation, and areas with higher levels of environmental justice. RE policies and media attention can increase the positive impact of air pollution on IERE. This study clarifies the relationship between air pollution and IERE, and highlights important implications for improving the RE policy system and informing corporate investment decisions.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103722"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142698473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Volatility connectedness between geopolitical risk and financial markets: Insights from pandemic and military crisis periods 地缘政治风险与金融市场之间的波动关联性：大流行病和军事危机时期的启示

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103740

Ameet Kumar Banerjee , Ahmet Sensoy , John W. Goodell

{"title":"Volatility connectedness between geopolitical risk and financial markets: Insights from pandemic and military crisis periods","authors":"Ameet Kumar Banerjee , Ahmet Sensoy , John W. Goodell","doi":"10.1016/j.iref.2024.103740","DOIUrl":"10.1016/j.iref.2024.103740","url":null,"abstract":"<div><div>Geopolitical risk notably affects cross-market linkages and risk spillovers. However, the void remains in the extant literature, providing little empirical evidence on the risk spillover influences of geopolitical crises on different segments of financial markets. Employing a time-varying VAR framework to model a risk spillover network, this paper examines the risk spillover across geopolitical risk, stocks, bonds, forex, gold, and energy markets from crisis and long-term perspectives. Results show that the bond market plays a significant role in the spillover network. Results also identify more risk spillover during military conflicts than during the COVID-19 pandemic. Geopolitical risk intensifies under geopolitical threats and conflicts, amplifying cross-market spillovers, with geopolitical risk acting as a risk transmitter. Gold is a risk receiver in both the long-term and crisis periods, with risk spillovers from geopolitical risk to market segments being asymmetric. These findings have significant implications for policymakers and market participants.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103740"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142699107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can digital factor participation create opportunities for “rags to riches”? Based on the perspective of intergenerational income mobility 数字要素参与能否创造 "致富机会"？基于代际收入流动的视角

IF 4.8 2区经济学

International Review of Economics & Finance Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103708

Hebo Li , Yulin Liu , Zhuocheng Lu

{"title":"Can digital factor participation create opportunities for “rags to riches”? Based on the perspective of intergenerational income mobility","authors":"Hebo Li , Yulin Liu , Zhuocheng Lu","doi":"10.1016/j.iref.2024.103708","DOIUrl":"10.1016/j.iref.2024.103708","url":null,"abstract":"<div><div>Intergenerational hierarchical solidification threatens the sustainable development of economies and societies in countries worldwide. In this paper, we match macro data on digital factor participation at the city level with micro data from the Chinese Family Panel Studies (CFPS) from 2010 to 2018 to explore whether digital factor participation can break hierarchical solidification and create opportunities for “rags to riches” on the basis of the perspective of intergenerational income mobility. We find that digital factor participation contributes to facilitating upwards income mobility between generations, alleviating intergenerational hierarchical solidification. Additionally, its marginal effects are most pronounced in the low-income groups, indicating that digital factor participation serves as a booster for “poor second generations” to leapfrog rather than an accelerator for wealth accumulation among the “wealthy second generations”. Furthermore, our research reveals that digital factor participation potentially facilitates intergenerational occupational vertical “shift” channels and promotes the horizontal migration of the labour force, which in turn weakens intergenerational transmission effects, promotes intergenerational income mobility, and breaks intergenerational hierarchical solidification. Our study highlights the importance of seizing the opportunities presented by digital factor participation, as such participation offers more equitable opportunities for the lower class, which is particularly concerning in the context of the intensifying global trend of social stratification.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"96 ","pages":"Article 103708"},"PeriodicalIF":4.8,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663079","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0