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Advances in Pacific Basin Business, Economics and Finance最新文献

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Google Search Trends and Exchange Rate Volatility – Evidence from India's Currency Market 谷歌搜索趋势和汇率波动-来自印度货币市场的证据
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009010
Hsiu-Chen Fan Chiang, Peiwen Jiang, Chia-Chien Chang
{"title":"Google Search Trends and Exchange Rate Volatility – Evidence from India's Currency Market","authors":"Hsiu-Chen Fan Chiang, Peiwen Jiang, Chia-Chien Chang","doi":"10.1108/S2514-465020210000009010","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009010","url":null,"abstract":"We empirically investigate the forecasting ability of USD-INR exchange rate volatility models by considering Google Trends data. Within a multiple regression framework, we use historical volatility and liquidity measures to build our benchmark volatility model (Chandra & Thenmozhi, 2014). Moreover, we extend Bulut (2018) to incorporate indexes for 15 keywords (price-related, income-related, and liquidity-related) from Google Trends data into our benchmark volatility model to evaluate the forecasting ability of the models. Our results indicate that Google Trends data can improve volatility prediction and that among the groups of keywords that we consider, the price-related keywords have the best forecasting ability. Incorporating data on searches for “prices” into the model produces the highest reduction in the forecasting error: a 22.75% decrease compared to the level in the benchmark model. Hence, these empirical findings indicate that Google Trends data contain information that influences exchange rate movements.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"299 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116363356","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
Does Deregulation Affect the Structure of Corporate Governance? Evidence from the US Trucking Industry 放松管制是否影响公司治理结构?来自美国卡车运输业的证据
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009003
I. Chen
{"title":"Does Deregulation Affect the Structure of Corporate Governance? Evidence from the US Trucking Industry","authors":"I. Chen","doi":"10.1108/S2514-465020210000009003","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009003","url":null,"abstract":"Deregulation shifts the responsibility for mitigation of agency problems from the regulatory parties to the firms' shareholders. We investigate whether and how governance structure changes in response to the dynamics of the new business environment after the Regulatory Reform Act of 1994 for the US trucking industry. We show that deregulation increases market competition in the trucking industry. The deregulated trucking firms not only adjust internal governance structure but also alter antitakeover provisions to adapt themselves to the competitive status of business environment after deregulation.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126275484","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
Pricing Cyber Risk: The Copula-Based Approach 网络风险定价:基于copula的方法
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009008
Karen C. Su, Chung-Bow Lee, Shu-hui Lin, I-Chien Liu, Hong-Chi Chen
{"title":"Pricing Cyber Risk: The Copula-Based Approach","authors":"Karen C. Su, Chung-Bow Lee, Shu-hui Lin, I-Chien Liu, Hong-Chi Chen","doi":"10.1108/S2514-465020210000009008","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009008","url":null,"abstract":"Cyber risk refers to risk affecting information and technology assets of a corporation or government institution. As cyber risk management become important, insurance is one possible solution. However, lack of data and severe information asymmetries increase the difficulties in pricing-related insurance products. In this chapter, we discuss first-party insurance that indemnifies the loss when the insured encounters virus attack and provide pricing model for the policy using copula methodology. Simulation results show that model risk may exist in the distribution of server downtime hours and is minor in the distribution of incident frequency and number of personal computers (PCs) infected.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"266 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123116188","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
Dynamic Common Properties of National Herd Behavior of Stock Markets 股票市场国家羊群行为的动态共性
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009009
Yu-fen Chen, T. Chiang, Fu-Lai Lin, Sheng-Yung Yang
{"title":"Dynamic Common Properties of National Herd Behavior of Stock Markets","authors":"Yu-fen Chen, T. Chiang, Fu-Lai Lin, Sheng-Yung Yang","doi":"10.1108/S2514-465020210000009009","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009009","url":null,"abstract":"This chapter examines herd behavior across national borders. A dynamic latent factor model with Gibbs sampling is used to decompose the national herd behavior into the world, regional, and country-specific components. Testing the daily data from 2000 through 2014 for 47 countries, we find that the impact of world factor on national herd behavior is short-lived. This study indicates that world and regional factors play a significant role in explaining the variations of national herd behavior, constituting 33% of the herding variability. The significance of world and regional components is likely to produce a biased herding estimator.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128507120","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
Green Bonds and Global Optimal Portfolio Allocation 绿色债券与全球最优投资组合配置
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009011
N. Yoshino, Muhammad Zubair Mumtaz
{"title":"Green Bonds and Global Optimal Portfolio Allocation","authors":"N. Yoshino, Muhammad Zubair Mumtaz","doi":"10.1108/S2514-465020210000009011","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009011","url":null,"abstract":"This study proposes a theoretical model for measuring the greenness factors of a firm. We develop the multifactor utility function and find that the proportion of investment in green bonds is higher if greenness factors account for by a firm and vice versa. Moreover, we further develop the global aspects of greenness measures which identify how much level of greenness is maintained by a firm to make the environment green. In terms of reduction in emissions based on global measures, we report that the proportion of investment in green bonds is higher. This study argues that the difference between firm-related and global measures of greenness refers to distortion in portfolio allocation. Lastly, we compare the results of five Asian countries and report that Japanese firms are appropriately following the greenness measures while the firms operating in developing countries including Indonesia, Malaysia, Pakistan, and Thailand are far behind in implementing the greenness measures.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116110400","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
Ride on Past? Evidence from Corporate Bond Offering Price Persistence 骑过去?来自公司债券发行价格持续性的证据
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009004
Haoyu Gao, R. Jiang, Chunchi Wu, Xiaoguang Yang
{"title":"Ride on Past? Evidence from Corporate Bond Offering Price Persistence","authors":"Haoyu Gao, R. Jiang, Chunchi Wu, Xiaoguang Yang","doi":"10.1108/S2514-465020210000009004","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009004","url":null,"abstract":"This chapter presents evidence of persistence in pricing new corporate bond issues. Both transition matrix and regression analyses show that cross-sectional differences in the yields of initial public bond offerings across issuers persist over time, and the persistence effect is stronger for firms with no rating changes, less frequent bond issuance, and higher information asymmetry. Our findings support the hypothesis of the “ride on past” behavior and confirm the value of information production accumulated from the past bond issuances for the pricing of newly issued bonds.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128771086","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
Evidence of Policy Uncertainty and Geopolitical Risk on Chinese Stock Prices 政策不确定性和地缘政治风险对中国股票价格的影响
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009002
T. Chiang, Xi Chen
{"title":"Evidence of Policy Uncertainty and Geopolitical Risk on Chinese Stock Prices","authors":"T. Chiang, Xi Chen","doi":"10.1108/S2514-465020210000009002","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009002","url":null,"abstract":"This study finds evidence that a stock return is inversely correlated with downside risk, confirming a pattern of risk-aversion behavior. Evidence from testing a stock return's response to a change in economic policy uncertainty indicates a significantly negative effect in the Chinese stock market; this conclusion holds true for testing the impacts of changes in fiscal and monetary policy uncertainties. However, the data produce a mixed effect for the change in fiscal policy uncertainty. The evidence produced from examining the geopolitical effect on the stock market strongly supports the presence of an adverse effect on stock market performance.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"85 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121627679","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
The Influence of IFRS Adoption on the Quality of Financial Reporting in Nigerian Listed Companies 采用国际财务报告准则对尼日利亚上市公司财务报告质量的影响
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009005
Oyerogba Ezekiel Oluwagbemiga
{"title":"The Influence of IFRS Adoption on the Quality of Financial Reporting in Nigerian Listed Companies","authors":"Oyerogba Ezekiel Oluwagbemiga","doi":"10.1108/S2514-465020210000009005","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009005","url":null,"abstract":"The main objective of this study is to investigate whether adoption of International Financial Reporting Standards (IFRS) improve the quality of financial reporting in Nigeria. Financial reporting quality was measured in terms of fundamental qualitative characteristics such as relevance and faithful representation and enhancing qualitative characteristics such as understandability, comparability, verifiability, and timeliness as contained in the conceptual framework. The study was conducted on a sample of 162 companies listed on the Nigerian Stock Exchange. A compound measurement tool in form of an index was developed to comprehensively assess the quality of financial reporting based on information disclosed in the financial statement of the selected companies. From both univariate and multivariate analysis, I found strong evidence suggesting that accounting standard used in the preparation of financial statement have significant influence on the quality of financial report of the reporting entity. The result persists for all the three models (overall financial reporting quality, fundamental, and enhancing qualitative characteristics) tested in this analysis. The result also revealed that apart from firm age and firm growth, most of the firm-specific variables investigated have statistically significant influence on the financial reporting quality.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129075328","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: 3
Assessing Academic Performance for Economics Majors through Exam- and Application-based Entrance Channels in Taiwan 台湾经济专业入学考试与申请途径之学业表现评估
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009014
Eric S. Lin, Yu-Lung Lu, Ming-Chia Lin, Hui-chen Wang
{"title":"Assessing Academic Performance for Economics Majors through Exam- and Application-based Entrance Channels in Taiwan","authors":"Eric S. Lin, Yu-Lung Lu, Ming-Chia Lin, Hui-chen Wang","doi":"10.1108/S2514-465020210000009014","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009014","url":null,"abstract":"This study takes advantage of abundant data from the Economics Department at National Tsing Hua University to empirically evaluate whether there exist academic performance differentials between undergraduate students from two entrance channels (exam-based and application-based methods) across courses and grades. We first evaluate the academic performance between the students based on two entrance channels, and then incorporate the General Scholastic Ability Test (GSAT) score (including five subjects of Chinese Literature, Mathematics, English, Science, and Society) into the independent variables to control for the students' ability. Our empirical results exhibit the students recruited through the application-based method outperform those admitted from the exam-based method in required courses after controlling for the students' individual characteristics. Nevertheless, we found that the advantage disappears for the elective courses. Furthermore, the academic gaps between the two groups of students tend to decline or disappear when students are seniors. The findings indicate that entrance exam scores (e.g., the Scholastic Assessment Test (SAT) scores in the United States) are good indicators for predict college academic performance, making the potential function of entrance exam in Taiwan relatively comparable to that in the United States. The findings also detail that individual GSAT scores on English, Math, and Society are positively and significantly associated with his/her performance on the core courses in Economics, supporting a significant learning progression from the curricula of senior high school to the undergraduate college education.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129116263","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 Exchange Rate Pass-Through Under the Inflation Targeting Framework in Indonesia, the Philippines, and Thailand 通胀目标制下印尼、菲律宾和泰国的汇率传递
Advances in Pacific Basin Business, Economics and Finance Pub Date : 2021-07-22 DOI: 10.1108/S2514-465020210000009013
Mesa Wanasilp
{"title":"The Exchange Rate Pass-Through Under the Inflation Targeting Framework in Indonesia, the Philippines, and Thailand","authors":"Mesa Wanasilp","doi":"10.1108/S2514-465020210000009013","DOIUrl":"https://doi.org/10.1108/S2514-465020210000009013","url":null,"abstract":"This study investigates the relationship between the inflation targeting (IT) framework and the exchange rate pass-through (ERPT) to consumer prices in the emerging ASEAN economies (i.e., Indonesia, the Philippines, and Thailand) using a vector autoregressive (VAR) model with monthly data covering the sample period from January 1990 to July 2020. The empirical analysis is divided into two subperiods – pre-IT and post-IT periods. The impulse response analysis identified the existence of the ERPT during the pre-IT period and the loss of the ERPT during the post-IT period in all sample economies. The study speculated that the loss of the ERPT is attributable to the conformity to the Taylor principle in the IT framework in all sample economies.","PeriodicalId":228644,"journal":{"name":"Advances in Pacific Basin Business, Economics and Finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124636320","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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