Journal of Applied Finance & Banking最新文献_第2页

How to Deal with the Sovereign Debt Crisis in the Post-epidemic Era 后疫情时代如何应对主权债务危机

Journal of Applied Finance & Banking Pub Date : 2024-04-02 DOI: 10.47260/jafb/1431

Wenjie Hou

{"title":"How to Deal with the Sovereign Debt Crisis in the Post-epidemic Era","authors":"Wenjie Hou","doi":"10.47260/jafb/1431","DOIUrl":"https://doi.org/10.47260/jafb/1431","url":null,"abstract":"Abstract\u0000\u0000This paper explores how developed and developing economies manage sovereign debt crises in the post-pandemic era, amidst a backdrop of inflation and slow growth. Fiscal and monetary stimuli in advanced countries increased global debt, with tighter monetary policy dampening domestic demand, weakening real economy investment, and diminishing the impact of expansionary fiscal measures.\u0000Developing nations face higher interest costs due to rate hikes by major economies, and adopting tight policies could lead to financial bubbles and underfunded real sectors. Inflation spikes exacerbate their debt burden, while diversified economies like Germany are more resilient compared to those heavily dependent on a single industry or foreign capital, as seen in Greece.\u0000Post-2023, central banks' shift to monetary easing eases debt burdens in advanced markets, boosts domestic growth, and provides capital inflows for emerging economies, reducing their debt servicing costs and crisis risk.\u0000Tackling the sovereign debt crisis requires international macro-policy coordination, with developed economies considering spillover effects on global economic stability. International support, such as debt relief, is vital to enhance resilience and sustainable development in vulnerable economies. All countries must tailor monetary and fiscal strategies to national conditions to navigate economic uncertainty and mitigate sovereign debt risks effectively.\u0000\u0000Keywords: Sovereign debt crisis, Industrial composition, External dependency, Financial stability, Debt sustainability.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"34 25","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140752893","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

Determinants of Asset Value Adjustments: The Case of Germany’s Cooperative Banks 资产价值调整的决定因素：德国合作银行案例

Journal of Applied Finance & Banking Pub Date : 2024-03-28 DOI: 10.47260/jafb/1427

Richard Reichel

引用次数: 0

Personality, Risk and Financial Planning: A Consigned Credit Analysis 个性、风险与财务规划：委托信贷分析

Journal of Applied Finance & Banking Pub Date : 2024-03-22 DOI: 10.47260/jafb/1425

Péricles Dias de Souza Júnior, Paulo Vitor Jordão da Gama Silva

{"title":"Personality, Risk and Financial Planning: A Consigned Credit Analysis","authors":"Péricles Dias de Souza Júnior, Paulo Vitor Jordão da Gama Silva","doi":"10.47260/jafb/1425","DOIUrl":"https://doi.org/10.47260/jafb/1425","url":null,"abstract":"Abstract\u0000\u0000This article examines Brazilian Navy personnel's psychological and behavioral characteristics in the context of credit risk, the consigned credit, utilizing multiple linear regressions and correspondence analyses. Incorporating personality traits through the Big Five model, the research considers various sociodemographic and military characteristics. The payroll-deductible loan sample comprises individuals with high financial planning and above-average or high-risk tolerance. This research contributes novel insights by integrating personality traits as determinants of military indebtedness, financial planning, and risk tolerance. The study reveals that the personality trait \"openness to experience\" positively impacts financial planning, indicating a tendency toward financial discipline. Women, older individuals, and those with less service time exhibit a riskier financial profile. The research identifies a lack of basic financial knowledge among indebted military personnel, underscoring the need for interventions to address this issue. Financial planning and risk tolerance are critical factors influencing decisions, reflecting broader societal challenges of increasing indebtedness and financial illiteracy.\u0000\u0000JEL classification numbers: D14, G21, G32.\u0000Keywords: Credit Risk, Personality Traits, Risk-taking, Consigned Loans, Military Personnel in Brazil.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":" 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140214786","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 Performance Analysis of Trading Strategies Based on Insider Silence 基于内幕消息的交易策略的绩效分析

Journal of Applied Finance & Banking Pub Date : 2024-03-07 DOI: 10.47260/jafb/1424a

Han-Ching Huang, Guan-Yu Chen

{"title":"The Performance Analysis of Trading Strategies Based on Insider Silence","authors":"Han-Ching Huang, Guan-Yu Chen","doi":"10.47260/jafb/1424a","DOIUrl":"https://doi.org/10.47260/jafb/1424a","url":null,"abstract":"Abstract\u0000\u0000Seyhun (1986) argues that insider buying predicts positive future returns, while insider selling reveals only a slight signal to predict negative future returns, possibly to satisfy liquidity needs. Gao et al. (2021) find that insiders are afraid of exposure to litigation risk, they neither sell their stocks on bad news nor buy, so insiders keep silent. Based on Gao et al. (2021), we construct the portfolio, which is to buy the “insider sell” group and to sell the “insider silence” group. According to Johnson and So (2012), the O/S portfolio is constructed based on the ratio of individual stock options to the trading volume of the underlying stock. F/S portfolio is constructed by the ratio of individual stock futures to the trading volume of the underlying stock. We find that under the holding period of more than one year, the performance of insider trading strategy is better than other strategies. Specifically, “buying insider purchases and selling insider sales” strategies are more profitable with longer holding periods. Moreover, the longer the holding period of OS and FS strategies, the greater the negative return effect.\u0000\u0000JEL classification numbers: G11, G12, G14.\u0000Keywords: Insider trading, Insider silence, OS strategy, FS strategy, and one-dimensional strategy.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"23 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140077259","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

Effect of Supportive Leadership on Job Burnout and Occupational Commitment: The Mediating Role of Intrinsic Motivation 支持性领导对工作倦怠和职业承诺的影响：内在动机的中介作用

Journal of Applied Finance & Banking Pub Date : 2024-03-05 DOI: 10.47260/jafb/1424

Yu-Ping Hsu, Chun-Tsen Yeh, Chun-Yang Peng, Chou Chou, Kang-Chu Hsiao

{"title":"Effect of Supportive Leadership on Job Burnout and Occupational Commitment: The Mediating Role of Intrinsic Motivation","authors":"Yu-Ping Hsu, Chun-Tsen Yeh, Chun-Yang Peng, Chou Chou, Kang-Chu Hsiao","doi":"10.47260/jafb/1424","DOIUrl":"https://doi.org/10.47260/jafb/1424","url":null,"abstract":"Abstract\u0000\u0000Based on the job demands–resources model, self-determination theory, and social exchange theory, this study examines the influence of supportive leadership on job burnout and occupational commitment. The study also investigates the mediating role of intrinsic motivation. This study collected 221 valid questionnaires from 5 insurance companies in southern Taiwan and applied structural equation modeling using confirmatory factor analysis and bootstrapping to verify the proposed hypotheses. Extensive validation processes are also conducted to verify the fitness of the measurement model. The results confirm that supportive leadership directly affects job burnout and occupational commitment, and that intrinsic motivation significantly mediates the effect of supportive leadership on job burnout and occupational commitment. Finally, the study provides practical insights for researchers and professionals and proposes directions for future research. \u0000\u0000Keywords: Supportive leadership, Intrinsic motivation, Job burnout, Occupational commitment, Taiwan insurance industry.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"119 34","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140079120","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 Impacts of the Interest Rate, the Exchange Rate, and the Market Index on the Stock Returns of the Brazilian Banks 利率、汇率和市场指数对巴西银行股票回报率的影响

Journal of Applied Finance & Banking Pub Date : 2024-03-03 DOI: 10.47260/jafb/1423

Paulo Henrique Ângelo Souza, M. Tessmann, José Luiz Rossi Júnior, Marcelo de Oliveira Passos

{"title":"The Impacts of the Interest Rate, the Exchange Rate, and the Market Index on the Stock Returns of the Brazilian Banks","authors":"Paulo Henrique Ângelo Souza, M. Tessmann, José Luiz Rossi Júnior, Marcelo de Oliveira Passos","doi":"10.47260/jafb/1423","DOIUrl":"https://doi.org/10.47260/jafb/1423","url":null,"abstract":"Abstract\u0000\u0000This paper aims to analyze the impact of interest rate, exchange rate, and market on the returns and volatility of the stocks of banks listed on the Brazilian Stock Exchange. This analysis used two statistical models: the linear model estimated using Ordinary Least Squares and the ARCH/GARCH time series volatility models. The econometric studies considered the daily data of 15 financial institutions listed on the stock exchange during the period from January 2009 to December 2021. Regarding the market effect, the Ibovespa index for the period was considered; for the interest rate, the CDI (Certificate of Interbank Deposit) was used; and, about the exchange rate, the dollar rate was adopted as a reference. The results indicate that the distribution of stock returns is asymmetrical, with an elongated tail on the right. It was observed, based on the econometric model applied, that the daily returns of the shares are significantly influenced by the market, and the interest rate exerts the least impact on the returns. These findings are relevant to the scientific community exploring the topic and provide valuable insights for bankers, analysts, market investors, regulatory authorities, and society in the decision-making process.\u0000\u0000JEL classification numbers: C32, G00, G21.\u0000Keywords: Banking, Interest rates, Exchange rate, Bank stocks.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"5 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140080909","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

Seasonality, Monetary Supply and Taiwanese Momentum 季节性、货币供应和台湾动量

Journal of Applied Finance & Banking Pub Date : 2024-02-26 DOI: 10.47260/jafb/1422

Hsiao-Peng Fu, Shu-Fan Hsieh

{"title":"Seasonality, Monetary Supply and Taiwanese Momentum","authors":"Hsiao-Peng Fu, Shu-Fan Hsieh","doi":"10.47260/jafb/1422","DOIUrl":"https://doi.org/10.47260/jafb/1422","url":null,"abstract":"Abstract\u0000\u0000For the Taiwanese stock market, evidence from the present study documents significant reversal in January-February, but strong momentum in March-December when there are increases of lagged M1B. Moreover, the M1B-induced momentum manifests only over economic expansion, rather than economic recession. Both the reversal and the momentum can be partly explained by unrealized capital gains, implying the disposition effect to some extent driving both phenomena since Grinblatt and Han (2005) used unrealized capital gains as a proxy for the disposition effect. We further find the reversal primarily occurring in January, implying reverse disposition trading occurring before the beginning of a year. As there are no capital gain taxes levied in Taiwan, the reverse disposition trading cannot be related to tax-loss selling as in U.S. Furthermore, time-varying market risk exposure cannot explain the reversal in most cases. For the March-December momentum, apart from unrealized capital gains, the CAPM and the Fama-French 3-factor models can each to some extent explain the momentum.\u0000\u0000JEL classification numbers: G10, G11, G19.\u0000Keywords: Price momentum; Reversal; Disposition effect; Emerging stock market.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"57 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140429707","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 the Russo-Ukrainian War on the Risk and Return of TAIEX 俄乌战争对 TAIEX 风险和收益的影响

Journal of Applied Finance & Banking Pub Date : 2024-02-11 DOI: 10.47260/jafb/1421

Po-Yuk So, His-Nan Hsu, Chin-Fu Chen, Jen-Ming Liu, Tsai-Yin Lin

{"title":"The Impact of the Russo-Ukrainian War on the Risk and Return of TAIEX","authors":"Po-Yuk So, His-Nan Hsu, Chin-Fu Chen, Jen-Ming Liu, Tsai-Yin Lin","doi":"10.47260/jafb/1421","DOIUrl":"https://doi.org/10.47260/jafb/1421","url":null,"abstract":"Abstract\u0000\u0000This study examines the impact of the Russia-Ukraine war (RUW) on the dynamic of TAIEX options' risk-return profile. Since the outbreak of the war on February 24, 2022, global economic sanctions have disrupted the world economy. Soaring energy and food prices and supply shortages have suppressed global economic growth, leading to rising inflation. Financial markets have reacted to the shocks caused by this war, thus intensifying the volatility of options markets. This study utilizes Hsu's (2013) option return models to investigate the impacts of how the war influences the TAIEX options' risk-return profile, including PDFs, profitability, and expected returns. The contributions of this paper are two-fold: It is the first paper on the (RUW) on the options markets; additionally, we demonstrate theoretically and empirically that the normality assumption of simple arithmetic returns is acceptable, making the Hsu's (2013) option return models more robust. The results indicate that the war has significantly affected and altered the PDFs of option returns, expected option returns, and volatility after the war. However, both theoretically and empirically shows that, despite the challenges posed by the war, put options trading during this period has been profitable.\u0000\u0000Keywords: Russo-Ukrainian War, TAIEX options, Option return model, Risk/Return Profile.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"37 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139845854","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 the Russo-Ukrainian War on the Risk and Return of TAIEX 俄乌战争对 TAIEX 风险和收益的影响

Journal of Applied Finance & Banking Pub Date : 2024-02-11 DOI: 10.47260/jafb/1421

Po-Yuk So, His-Nan Hsu, Chin-Fu Chen, Jen-Ming Liu, Tsai-Yin Lin

{"title":"The Impact of the Russo-Ukrainian War on the Risk and Return of TAIEX","authors":"Po-Yuk So, His-Nan Hsu, Chin-Fu Chen, Jen-Ming Liu, Tsai-Yin Lin","doi":"10.47260/jafb/1421","DOIUrl":"https://doi.org/10.47260/jafb/1421","url":null,"abstract":"Abstract\u0000\u0000This study examines the impact of the Russia-Ukraine war (RUW) on the dynamic of TAIEX options' risk-return profile. Since the outbreak of the war on February 24, 2022, global economic sanctions have disrupted the world economy. Soaring energy and food prices and supply shortages have suppressed global economic growth, leading to rising inflation. Financial markets have reacted to the shocks caused by this war, thus intensifying the volatility of options markets. This study utilizes Hsu's (2013) option return models to investigate the impacts of how the war influences the TAIEX options' risk-return profile, including PDFs, profitability, and expected returns. The contributions of this paper are two-fold: It is the first paper on the (RUW) on the options markets; additionally, we demonstrate theoretically and empirically that the normality assumption of simple arithmetic returns is acceptable, making the Hsu's (2013) option return models more robust. The results indicate that the war has significantly affected and altered the PDFs of option returns, expected option returns, and volatility after the war. However, both theoretically and empirically shows that, despite the challenges posed by the war, put options trading during this period has been profitable.\u0000\u0000Keywords: Russo-Ukrainian War, TAIEX options, Option return model, Risk/Return Profile.","PeriodicalId":330012,"journal":{"name":"Journal of Applied Finance & Banking","volume":"103 15","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139786100","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

ESG Integration into Venture Capital in the UK 英国将环境、社会和公司治理纳入风险投资

Journal of Applied Finance & Banking Pub Date : 2024-01-29 DOI: 10.47260/jafb/1417

Ruike Wang

引用次数: 0

Journal of Applied Finance &amp; Banking最新文献

Journal of Applied Finance & Banking最新文献