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Profitability of insider trading in Turkey 土耳其内幕交易的盈利能力
The European Journal of Finance Pub Date : 2023-05-24 DOI: 10.1080/1351847x.2023.2216730
S. B. Avci
{"title":"Profitability of insider trading in Turkey","authors":"S. B. Avci","doi":"10.1080/1351847x.2023.2216730","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2216730","url":null,"abstract":"","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79782639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of uncertainty on money demand in the UK, US and Euro area 不确定性对英国、美国和欧元区货币需求的影响
The European Journal of Finance Pub Date : 2023-05-23 DOI: 10.1080/1351847X.2023.2204194
Rakesh K. Bissoondeeal, J. Binner, M. Karoglou
{"title":"The impact of uncertainty on money demand in the UK, US and Euro area","authors":"Rakesh K. Bissoondeeal, J. Binner, M. Karoglou","doi":"10.1080/1351847X.2023.2204194","DOIUrl":"https://doi.org/10.1080/1351847X.2023.2204194","url":null,"abstract":"We estimate money demand functions for the UK, the Euro area and the US using Divisia monetary aggregates and investigate the extent to which the uncertainty caused by Brexit and Covid have affected these relationships. Our cointegrated VAR analysis shows that for all three economies Brexit and/or Covid have had some impact on the stability of money demand functions. We find that including a measure of stock market volatility in the money demand specifications helps re-establish stability of the models, particularly for the UK and the Euro area. We also explore the uncertainty and money demand relationship in the context of a Markov-switching model. We find that the effect of uncertainty on the demand for money is more pronounced during periods of heightened uncertainty. The findings of this study lend support to studies calling for Divisia aggregates to be given a more prominent role in policymaking, especially when interest rates are in the zero lower bound environment and are less informative about the stance of monetary policy.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"45 1","pages":"1866 - 1884"},"PeriodicalIF":0.0,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78714726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
What drives the performance and causality of green bond indices? 是什么推动了绿色债券指数的表现和因果关系?
The European Journal of Finance Pub Date : 2023-05-17 DOI: 10.1080/1351847x.2023.2208168
Konstantinos N. Baltas, R. Mann
{"title":"What drives the performance and causality of green bond indices?","authors":"Konstantinos N. Baltas, R. Mann","doi":"10.1080/1351847x.2023.2208168","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2208168","url":null,"abstract":"This paper empirically assesses the performance of green bond indices and the causality of that performance using a range of financial and commodity data. We present new insights from the novel application of datasets, neural networks and performance measurements. We find that green bond indices do not outperform the market when factors beyond market return are considered. We find that Brent crude oil has the most significant effect on certain indices, a finding that contrasts with other studies on green bonds. A greater sensitivity to oil prices and global green equities also evinces a negative impact on a green bond index's ability to outperform the market. For the first time, a linear causal relationship is established between Title Transfer Facility (TTF) returns and green bond index returns. Additionally, a fundamental shift in causal relationships is observed over the COVID-19 period. In this way, we contribute to the literature on sustainable green bonds and the impact of COVID-19. These insights provide more clarity to market participants for navigating the uncertainties of both the global energy transition and the postpandemic period. © 2023 Informa UK Limited, trading as Taylor & Francis Group.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"70 19","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91406500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Finally, it seems to be working – the evolving valuation effect of the European Union’s emissions trading system 最后，它似乎正在起作用——欧盟排放交易体系不断演变的估值效应
The European Journal of Finance Pub Date : 2023-05-11 DOI: 10.1080/1351847x.2023.2204195
Benjamin Lynch, Martha O'Hagan‐Luff
{"title":"Finally, it seems to be working – the evolving valuation effect of the European Union’s emissions trading system","authors":"Benjamin Lynch, Martha O'Hagan‐Luff","doi":"10.1080/1351847x.2023.2204195","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2204195","url":null,"abstract":"","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82562557","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A new channel for global volatility propagation 全球波动传播的新渠道
The European Journal of Finance Pub Date : 2023-05-11 DOI: 10.1080/1351847x.2023.2206040
Shuning Chen, Jianxin Wang
{"title":"A new channel for global volatility propagation","authors":"Shuning Chen, Jianxin Wang","doi":"10.1080/1351847x.2023.2206040","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2206040","url":null,"abstract":"We compare two channels for global impact on local volatility: the direct channel in which global variables affect the expected value of local volatility, and a new channel in which they affect local volatility persistence. Using 21 equity indices in 17 developed economies, we show that (1) global variables are the main determinants of local volatility persistence; (2) the volatility-persistence channel contributes far more to local volatility variations than the direct channel; and (3) global average return contributes far more to local volatility variations than global average volatility. The global impact on local volatility persistence help explain the commonality in global volatility dynamics.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135525464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Kindness or hypocrisy: political mindset and corporate social responsibility decoupling in Chinese firms 善意还是虚伪:中国企业的政治心态与企业社会责任脱钩
The European Journal of Finance Pub Date : 2023-05-11 DOI: 10.1080/1351847x.2023.2208621
Zhi Wang, Gerhard Kling, Peter Rejchrt
{"title":"Kindness or hypocrisy: political mindset and corporate social responsibility decoupling in Chinese firms","authors":"Zhi Wang, Gerhard Kling, Peter Rejchrt","doi":"10.1080/1351847x.2023.2208621","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2208621","url":null,"abstract":"","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"134 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86316153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Disentangling prefectural similarities in the capital structure of Japanese SMEs through pairwise testing 通过两两检验分析日本中小企业资本结构的地县相似性
The European Journal of Finance Pub Date : 2023-05-10 DOI: 10.1080/1351847x.2023.2201470
Huseyin Ozturk, Y. Yasuda
{"title":"Disentangling prefectural similarities in the capital structure of Japanese SMEs through pairwise testing","authors":"Huseyin Ozturk, Y. Yasuda","doi":"10.1080/1351847x.2023.2201470","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2201470","url":null,"abstract":"We investigate the capital structure of small- and medium-sized enterprises in Japan during 2007-2019 to identify whether firm-specific determinants of leverage exhibit locational differences among Japanese prefectures. To do so, we propose a testing scheme that disentangles potential similarities across prefecture pairs. When we apply the proposed testing scheme by creating 1081 prefecture pairs, we find that the impact of the firm-specific determinants of leverage does not greatly differ between prefecture pairs in terms of both sign and magnitude in contrast to the significant difference found by conventional hypothesis testing. As a convenient tool for other geographical research, we also discuss that the proposed testing scheme is helpful for regional policy-making, specifically during period of external shocks, the latest of which could be regarded as the COVID-19 pandemic.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90730582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Linguistic errors and investment decisions: the case of ICO white papers 语言错误与投资决策:ICO白皮书案例
The European Journal of Finance Pub Date : 2023-05-03 DOI: 10.1080/1351847X.2022.2075780
J. Thewissen, J. Thewissen, Wouter Torsin, Özgür Arslan-Ayaydin
{"title":"Linguistic errors and investment decisions: the case of ICO white papers","authors":"J. Thewissen, J. Thewissen, Wouter Torsin, Özgür Arslan-Ayaydin","doi":"10.1080/1351847X.2022.2075780","DOIUrl":"https://doi.org/10.1080/1351847X.2022.2075780","url":null,"abstract":"Drawing on language expectancy theory, we predict that linguistic errors in ICO white papers negatively impact investors’ willingness to financially contribute to ICO projects. We manually annotate a sample of 546 ICO white papers according to 13 different error subcategories related to spelling and grammar. The error-annotated data are subsequently submitted to regression analyses which confirm that linguistic errors discourage potential investments in ICOs. Specifically, our analyses reveal the presence of ‘high penalty’ vs. ‘low penalty’ errors which result in higher vs. lower financial investment losses for the ICOs. The negative impact of language errors is stronger when ICO white papers are (1) written in native English-speaking countries and (2) from countries without cryptocurrency regulation. Results from an experiment confirm that this relationship is not driven by the entrepreneur- or investor-specific characteristics. Overall, we highlight that the reader identifies linguistic errors as a major ‘red flag’ that ultimately affects financial decision-making.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"42 1","pages":"826 - 868"},"PeriodicalIF":0.0,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83027068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The new challenges of global banking and finance 全球银行和金融的新挑战
The European Journal of Finance Pub Date : 2023-05-03 DOI: 10.1080/1351847X.2023.2200145
Winifred Huang, P. Molyneux, S. Ongena, Ru Xie
{"title":"The new challenges of global banking and finance","authors":"Winifred Huang, P. Molyneux, S. Ongena, Ru Xie","doi":"10.1080/1351847X.2023.2200145","DOIUrl":"https://doi.org/10.1080/1351847X.2023.2200145","url":null,"abstract":"The economic downturn caused by the Covid-19 pandemic has brought unprecedented uncertainty to the global banking system. Banks are facing critical market challenges driven by uncertain monetary policies, deterioration in credit quality, and regulation and compliance pressures. These challenges highlight the importance of better understanding the new role of financial intermediations in facilitating efficient capital allocations and economic development. This article reviews the related literature on monetary policy uncertainty, bank performance, digital finance, and introduces articles on these themes. Finally, we propose potential areas for future research.","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"16 1","pages":"693 - 699"},"PeriodicalIF":0.0,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81366164","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Do dividend policies of privately held firms follow a life cycle? 私有公司的股利政策是否遵循生命周期?
The European Journal of Finance Pub Date : 2023-05-01 DOI: 10.1080/1351847x.2023.2206523
Jovana Cadenovic, M. Deloof, Ine Paeleman
{"title":"Do dividend policies of privately held firms follow a life cycle?","authors":"Jovana Cadenovic, M. Deloof, Ine Paeleman","doi":"10.1080/1351847x.2023.2206523","DOIUrl":"https://doi.org/10.1080/1351847x.2023.2206523","url":null,"abstract":"","PeriodicalId":22468,"journal":{"name":"The European Journal of Finance","volume":"2015 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87089598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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