PSN: Other International Political Economy: Investment & Finance (Topic)最新文献

{"title":"The Joint Influence of Financial Risk Perception and Risk Tolerance on Individual Investment Decision‐Making","authors":"L. Nguyen, G. Gallery, C. Newton","doi":"10.1111/acfi.12295","DOIUrl":"https://doi.org/10.1111/acfi.12295","url":null,"abstract":"The increasing complexity of the investment environment has accelerated the need for better quality financial advice services. Central to quality advice is advisers’ accurate assessment of their clients’ risk characteristics. Typically a client's risk characteristic is assessed by measuring the client's risk tolerance but not risk perception. To assess whether this practice fails to fully capture the client's risk profile, we explore both risk tolerance and risk perception in the investment decision‐making context. Using Australian online survey data of financial adviser clients (n = 364), our results reveal that risk tolerance influences risky‐asset allocation directly and indirectly through risk perception. These results thus clarify the joint role of both risk constructs in the investment making decision and highlight the importance of assessing both in the provision of client financial advice services. Importantly, our results validate a new comprehensive risk perception measure applicable in the financial advice context.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132634749","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}

{"title":"Extractive Industries Reporting: A Review of Accounting Challenges and the Research Literature","authors":"S. Gray, N. Hellman, Mariya N. Ivanova","doi":"10.1111/abac.12147","DOIUrl":"https://doi.org/10.1111/abac.12147","url":null,"abstract":"While the extractive industries (EI) are of major significance economically, the reporting of their activities has been the subject of contentious debate posing dilemmas for regulators and standard setters over many decades. In order to ensure alignment with the International Accounting Standards Board (IASB) research project on EI, we first identify some important economic characteristics of EI and associated accounting challenges together with an overview of how current accounting standards deal with these challenges using International Financial Reporting Standards as the focus. Second, we conduct a review of extant research on EI reporting analyzed around the key areas of: (a) international diversity of accounting practices and the challenges facing information users; (b) standard‐setting processes and lobbying behaviour that deals with why the IASB (and other standard setters) have not succeeded in developing rigorous standards for extractive activities; (c) the reporting of oil, gas, and mineral reserves, given that large proportions of the assets of EI firms (the reserves) are off‐balance sheet; (d) environmental, social, and governance (ESG) reporting dealing with how EI firms have increased their reporting of ESG information in response to regulatory demands and pressure for voluntary disclosures; and (e) other EI related topics such as earnings management, risk disclosures, and voluntary disclosure behaviour. Finally, we present some conclusions together with suggestions relating to key areas for future research on EI reporting.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124007649","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}

{"title":"Investor Ideology","authors":"P. Bolton, Tao Li, Enrichetta Ravina, H. Rosenthal","doi":"10.2139/ssrn.3205808","DOIUrl":"https://doi.org/10.2139/ssrn.3205808","url":null,"abstract":"We estimate institutional investor preferences based on their proxy voting records in publicly listed Russell 3000 firms. We employ a spatial model of proxy voting, the W-NOMINATE method for scaling legislatures, and map institutional investors onto a left-right dimension based on their votes for fiscal year 2012. The far-left are socially responsible and the far-right are “money conscious” investors. Significant ideological differences reflect an absence of shareholder unanimity. The proxy adviser ISS, similar to a political leader, makes voting recommendations that place it in the center; to the left of most mutual funds. Public pension funds and other investors on the left support a more social and environment-friendly orientation of the firm and fewer executive compensation proposals. A second dimension reflects a more traditional governance view, with management disciplinarian investors, the proxy adviser Glass-Lewis among them, pitted against more management friendly ones.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125490168","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}

{"title":"Victim Characteristics of Investment Fraud","authors":"S. Lee, Benjamin F. Cummings, Jason M. Martin","doi":"10.2139/SSRN.3258084","DOIUrl":"https://doi.org/10.2139/SSRN.3258084","url":null,"abstract":"Investment fraud constitutes a major problem in the United States. While several studies have investigated various aspects of fraud, none have analyzed victim characteristics of investment fraud. This study posits five fraud languages that, when used by fraudsters, shut down the perceived need to conduct due diligence in their victims: perceived success; air of familiarity; claim to authority; noble pursuits; and framed authenticity. Using the Health and Retirement Study data from 2008, 2010, and 2012, the authors found that respondents who were male, were better educated, were single, younger, and possessed greater net worth disproportionately reported being defrauded in the past five years. Additionally, deploying principal component analysis (PCA) revealed that respondents who made responsible spending decisions, specifically those who were more likely to spend wealth over their entire lives as opposed to spending greater percentages of wealth on short-term needs, were less likely to report fraud. This study lays the groundwork for linking the five fraud languages to various factors such as financial literacy and dependency arising from questions within the HRS data set. Implications for such findings include protecting individuals near retirement from fraud and spreading public awareness about the importance of due diligence in the investment decision process.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121321582","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}

{"title":"Market Risk When Hedging a Global Credit Portfolio","authors":"Álvaro Chamizo, Alfonso Novales Cinca","doi":"10.2139/ssrn.3322265","DOIUrl":"https://doi.org/10.2139/ssrn.3322265","url":null,"abstract":"Hedging a credit portfolio using single name CDS is affected by high spread volatility that induces continuous changes in a portfolio mark to market, which is a nuisance. Often, the problem is that CDS on firms in the portfolio are not being traded. To get around that, a derivative portfolio can be hedged by taking a contrary position in a credit index, and we examine in this paper the efficiency of such an imperfect hedge. We find over the 2007-2012 period an 80% hedging efficiency for a European portfolio, 60% for North American and Japanese portfolios, and around 70% for a global portfolio, as measured by the reduction in mark-to-market variance. We also consider sectorial credit portfolios for Europe and North America, for which hedging efficiency is not as high, due to their more import- ant idiosyncratic component. Taking into account the quality of the credit counterpart improves the effectiveness of the hedge, although it requires using less liquid credit indices, with higher transaction costs. Standard conditional volatility models provide similar results to the least squares hedge, except for extreme market movements. An efficient hedge for a credit portfolio made up of the most idiosyn- cratic firms would seem to require more than 50 firms, while the hedge for portfolios made up of the less idiosyncratic firms achieves high efficiency even for a small number of firms. The efficiency of the hedge is higher when portfolio volatility is high and also when short term interest rates or exchange rate volatility are high. Increases in VIX, in the 10-year swap rate or in liquidity risk tend to decrease hedging efficiency. Credit indices offer a moderately efficient hedge for corporate bond portfolios, which we have examined with a reduced sample of firms over 2006-2018. This analysis also shows that the current efficiency of a credit index hedge has recovered at pre-crisis levels.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130424397","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}

{"title":"A ReMeDI for Microstructure Noise","authors":"Z. Li, O. Linton","doi":"10.2139/ssrn.3423607","DOIUrl":"https://doi.org/10.2139/ssrn.3423607","url":null,"abstract":"We introduce the Realized moMents of Disjoint Increments (ReMeDI) paradigm to measure microstructure noise (the deviation of the observed asset prices from the fundamental values caused by market imperfections). We propose consistent estimators of arbitrary moments of the microstructure noise process based on high‐frequency data, where the noise process could be serially dependent, endogenous, and nonstationary. We characterize the limit distributions of the proposed estimators and construct confidence intervals under infill asymptotics. Our simulation and empirical studies show that the ReMeDI approach is very effective to measure the scale and the serial dependence of microstructure noise. Moreover, the estimators are quite robust to model specifications, sample sizes, and data frequencies.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129089227","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}

{"title":"What Can We Learn from Our Struggling Cousin? - Recent Discussions on Reform of International Investment Law and Investment Dispute Settlement Proceedings","authors":"Jaemin Lee","doi":"10.2139/ssrn.3311299","DOIUrl":"https://doi.org/10.2139/ssrn.3311299","url":null,"abstract":"The global trading regime is now facing a perilous situation, to say the least. Sadly, multilateralism has been gradually losing its stature and authority, and protectionism of various sorts has been on the rise. Indeed, the year 2018 made us realize the aggravating situation and the resulting negative consequences for all of us. And yet, neither a breakthrough nor a grand settlement is in sight. The recent discussion in the investment law and arbitration reform provides an important food for thought concerning the current situation of the international trade regime. It provides a rough silhouette that we will see in the near future unless the current tide is turned. It is unfortunate that we are losing the leadership and sense of togetherness to turn the tide.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133975853","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}

{"title":"Resource-Based Perspective of VC Investments in Fintech","authors":"Maximilian Bömer, Armin Schwienbacher","doi":"10.2139/ssrn.3312793","DOIUrl":"https://doi.org/10.2139/ssrn.3312793","url":null,"abstract":"Adopting a resource-based perspective, we study what drives venture capital (VC) investments in financial technology (fintech) startups. We test our hypotheses using a county-level dataset of over 7,100 VC investments made in the United States from 2003-2015. Using panel data, we find that the existence of large financial firms (e.g. large banks) and strong software technology industries in a county have a positive impact on the number of VC investments in fintech startups. We argue that local institutions from these industries provide important pools of resources for the success of fintech startups and increase the willingness of VC firms to invest. Our findings are consistent with the fact that fintech startups require resources from both areas, finance and technology. Furthermore, additional cross-sectional analyses indicate that fintech startups located in counties with a strong software technology industry receive ceteris paribus higher VC investments.","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129912167","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}

{"title":"The Role of Investments in Resolution of Socio-Economic Problems","authors":"N. Hasanov","doi":"10.2139/ssrn.3296138","DOIUrl":"https://doi.org/10.2139/ssrn.3296138","url":null,"abstract":"The article is devoted to the investigation of the current level of investment attractiveness of the regions. Analysis have been conducted to study the investment attractiveness, ensuring the active investment activity and some positive decisions have been made. Conditions of the efficient socio-economic development in the region level has been clarified and analysis of the basis of possible ways of direct investments to the regions, characteristic features of the active investment activity for investment attractiveness and the modern approaches for efficient socio-economic development of regions have been conducted. Efficient ways of focusing the investment opportunities emerged in the country on the socio-economic development of the regions have been investigated and scientific-theoretical problems of the encouragement of the investments to the regions in modern condition have been analyzed. Influence of the non-stable financing, unidentified strategy on implementation of the socio-economic projects funded by the government of Azerbaijan republic has been described, execution of the actions against global political and economic influences, the international currency, traditional competitive environment in business have been analyzed. Socio-economic analysis of these problems plays economic justification for execution of the external and internal investments, the capacity of the budget and grants for resolution of these problems. Besides that development of the tendency of increasement of the amount of the fund required to increase the investment resources needed for socio-economic development of regions and the processes on this direction have been analyzed.<br><br>The importance of the correctness of the data gained to use given complex and systematic methods and necessity of researching the events focused on implementation of the regional investment projects in Azerbaijan Republic according to the current investment policy has been justified. Some proposals have been given considering the local features, learning the experiences of the other countries in regional perspective, the same time the necessity of elimination of the current problems and the aim of the analyses has been identified. These proposals will help to increase the efficiency of this process for implementation of the promising priority projects. Regional business development, the amendment or improvement of the legislation for application of investments in country being more compromising has been investigated in the analysis. <br>","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123939818","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}

{"title":"The Benefits of Reducing Hold-Out Risk: Evidence from the Euro CAC Experiment, 2013-2018","authors":"Mattia Osvaldo Picarelli, Aitor Erce, Xu Jiang","doi":"10.2139/ssrn.3296227","DOIUrl":"https://doi.org/10.2139/ssrn.3296227","url":null,"abstract":"The introduction of collective action clauses in advanced economies’ sovereign bonds is an understudied phenomenon. An important concern is whether these clauses produce segmentation, pushing apart the price of those bonds issued with and without collective action clauses (CACs). This paper uses the introduction in 2013 of mandatory two-limb CACs in euro area sovereign bonds issued under domestic law to evaluate the price impact of these provisions. In the euro area, bonds with CACs trade at a small premium. On average for those bonds, yields were up to six basis points lower. This average, however, masks heterogeneity. While Germany and Netherlands have not seen a sustained reduction in borrowing costs, in Italy and Spain the effect has been large (between five and ten basis points). These findings support the argument that the introduction of euro CACs in domestic law bonds helped investors reassess the risks associated with those instruments in both countries. \u0000impact of these provisions. In the euro area, bonds with CACs trade with a small premium. \u0000On average, for those bonds yields were up to six basis points lower. This average, however, \u0000masks heterogeneity. While Germany and Netherlands have not seen a sustained reduction \u0000in borrowing costs, in Italy and Spain the effect has been large (between five and ten basis \u0000points). These findings provide support to the argument that the introduction of euro CACs \u0000in domestic law bonds helped investors reassess the risk associated with those instruments \u0000in both two countries","PeriodicalId":367023,"journal":{"name":"PSN: Other International Political Economy: Investment & Finance (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127036075","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}