ACRN Journal of Finance and Risk Perspectives最新文献_第2页

Mandatory IFRS Adoption and Real/Accruals Bases Earnings Management in the UK 强制性采用国际财务报告准则和英国的实际/应计制盈余管理

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-02-01 DOI: 10.35944/JOFRP.2021.10.1.002

Mohammad I. Almaharmeh, Adel Almasarwah, Ali Shehadeh

引用次数: 0

Basel capital requirements, portfolio shift and bank lending in Africa 巴塞尔资本要求、投资组合转移和非洲的银行贷款

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-01-01 DOI: 10.35944/jofrp.2021.10.1.014

Damilola Oyetade, Adefemi A. Obalade, P. Muzindutsi

{"title":"Basel capital requirements, portfolio shift and bank lending in Africa","authors":"Damilola Oyetade, Adefemi A. Obalade, P. Muzindutsi","doi":"10.35944/jofrp.2021.10.1.014","DOIUrl":"https://doi.org/10.35944/jofrp.2021.10.1.014","url":null,"abstract":"Bank lending is a major source of income for a bank. Compliance with higher Basel capital requirements (CAR) portends serious implication for distribution of loan portfolio across different sectors. The objective of the study is to examine African banks’ responses to higher CAR in terms of portfolio shift. The study used descriptive statistics and ANOVA for panel data of African commercial banks that have implemented Basel II or III CAR for the period 2000 and 2018. Based on the results of our analysis, implementation of higher Basel CAR by African banks revealed four key findings. Firstly, our results suggest that higher Basel CAR particularly Basel III reduced total loans for South African banks. Secondly, African banks engage in portfolio shift with higher Basel levels. Thirdly, higher Basel capital increased banks' capital ratios in Africa, but some banks are still characterized by low equity. Fourthly, African banks reduce lending to high risk-weighted loans such as real estate and commercial loans except for South African banks which increased lending to commercial loans with higher Basel CAR. Lastly, this study proffers key insight into the lending behaviour of African banks with the implementation of higher Basel CAR.","PeriodicalId":37351,"journal":{"name":"ACRN Journal of Finance and Risk Perspectives","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70084019","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

Are Strategies for International Diversification by Country, Industry and Region Equivalent? 不同国家、行业和地区的国际多元化战略是否相同?

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-01-01 DOI: 10.35944/jofrp.2021.10.1.011

Rachid Ghilal, Ahmed Marhfor, M. Bouchra, Jean-Jacques Lilti

{"title":"Are Strategies for International Diversification by Country, Industry and Region Equivalent?","authors":"Rachid Ghilal, Ahmed Marhfor, M. Bouchra, Jean-Jacques Lilti","doi":"10.35944/jofrp.2021.10.1.011","DOIUrl":"https://doi.org/10.35944/jofrp.2021.10.1.011","url":null,"abstract":"In this study, we examine whether international portfolio diversification still matters despite an increase in the cross-country correlations of assets returns. More specifically, we explain why an increase in global return correlations does not necessarily imply a reduction in the benefits of international portfolio diversification. We also propose to compare empirically two traditional strategies of international diversification (by country and industry) in addition to a new strategy (by region) using two different methodological approaches, namely the mean variance spanning and multivariate cointegration analysis. Over the full sample period (1994- 2008), our results suggest that the three strategies of international diversification remain effective despite the secular increase in the cross-country return correlations. When we divide the sample into two different sub-periods (1994-2000 and 2000-2008), the findings indicate that the strategy based on regional diversification proved to be a new competing strategy during the second period in comparison to the other two traditional strategies.","PeriodicalId":37351,"journal":{"name":"ACRN Journal of Finance and Risk Perspectives","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70084365","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

Nordic green bond issuers’ views on the upcoming EU Green Bond Standard 北欧绿色债券发行人对即将出台的欧盟绿色债券标准的看法

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-01-01 DOI: 10.35944/jofrp.2021.10.1.012

Linn Björkholm, O. Lehner

{"title":"Nordic green bond issuers’ views on the upcoming EU Green Bond Standard","authors":"Linn Björkholm, O. Lehner","doi":"10.35944/jofrp.2021.10.1.012","DOIUrl":"https://doi.org/10.35944/jofrp.2021.10.1.012","url":null,"abstract":"The green bond market is growing and becoming increasingly important in green finance and for the transition to a low-carbon economy. Still, the green bond market is to a large extent unstandardised. There is no commonly agreed definition of the term ‘green’. This has been seen as one of the biggest challenges when it comes to the development of the green bond market. The need of a unified EU standard has been raised and as an effect the establishment of the EU Green Bond Standard is now in development. However, new standards might not only bring advantages, but also challenges. Striking the right balance of strictness might be hard. The research has been conducted through qualitative method with semi-structured interviews. Nine interviews were held during November and December 2020. The data was then analysed through thematic coding in order to find patterns of meaning. The results show that Nordic green bond issuers overall are positive towards the EU Green Bond Standard. The EU GBS has a good aim, to harmonise and enlarge the green bond market. However, the standard brings challenges that are to a large extent known challenges which the EU GBS aims to address, such as labour intensive reporting processes, lack of initiative and reputational risk. Also, it is argued that the standard is not fair and applicable for all the countries and companies. Countries national laws may not always go hand in hand with the standard. For example, the requirements for green buildings are seen as challenging in the Nordics. If these challenges are not taken into consideration, Nordic green bond issuers fear that the market will not grow, but instead decrease. Additionally, Nordic green bond issuers argue the adoption of the EU GBS is not a guarantee for issuers. Bigger institutes are seen to be early adopters. For other issuers investor requirement and positive impact on their company reputation is seen as the key drivers for adoption of the standard.","PeriodicalId":37351,"journal":{"name":"ACRN Journal of Finance and Risk Perspectives","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70084414","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

Analysis of Option Trading Strategies Based on the Relation of Implied and Realized S&P500 Volatilities 基于标准普尔500隐含波动率与实际波动率关系的期权交易策略分析

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-01-01 DOI: 10.35944/jofrp.2021.10.1.010

Alexander Brunhuemer, G. Larcher, Lukas Larcher

引用次数: 1

Discriminating between Islamic and Conventional banks in term of cost efficiency with combination of credit risk and interest rate margin in the GCC countries: Does Arab Spring revolution matter? 海湾合作委员会国家信用风险与利差组合下的成本效益区分伊斯兰银行与传统银行:阿拉伯之春革命重要吗?

ACRN Journal of Finance and Risk Perspectives Pub Date : 2021-01-01 DOI: 10.35944/jofrp.2021.10.1.013

M. S. Gassouma, Mohamed Ghroubi

{"title":"Discriminating between Islamic and Conventional banks in term of cost efficiency with combination of credit risk and interest rate margin in the GCC countries: Does Arab Spring revolution matter?","authors":"M. S. Gassouma, Mohamed Ghroubi","doi":"10.35944/jofrp.2021.10.1.013","DOIUrl":"https://doi.org/10.35944/jofrp.2021.10.1.013","url":null,"abstract":"This study aims to test the contagion effect of the Arab Spring revolution in the GCC countries on discrimination between Islamic and conventional banks in terms of cost efficiency, and to test how prudential factors can influence this comparison. We used the stochastic frontier of Battese and Coelli (1995) to measure the cost efficiency of both Islamic and conventional banks in the GCC countries during 2006_ 2015 (before the Arab revolution 2006-2010 and after the Arab revolution 2011-2015). Second, we used a logit model to discriminate between Islamic and conventional banks in terms of cost efficiency combined with credit risk, regulatory capital and interest margin. Third, we finally test the convergence and divergence between Islamic and Conventional banks by measuring the probability of having Islamic/conventional activities for both banks. We have shown that there is no absolute difference in terms of cost efficiency between Islamic and conventional banks. This difference can be observed through the credit risk taking but not through the interest rate margin. In addition, Islamic banks have taken advantage from the event of the Arab Spring revolution, compared to conventional ones, by being more efficient through risk mitigating due to their participatory financial product. Unlike previous research, we have used a cost efficiency measurement following Battese and Coelli’s (1995) model and we have incorporated it in a logit model, in the context of crisis. Cost efficiency is combined with a set of prudential factors to determine their effect on the convergence/divergence between Islamic and conventional bank.","PeriodicalId":37351,"journal":{"name":"ACRN Journal of Finance and Risk Perspectives","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70084479","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: 2

Early Stage Investing in Green SMEs: The Case of the UK 早期投资绿色中小企业：以英国为例

ACRN Journal of Finance and Risk Perspectives Pub Date : 2020-01-07 DOI: 10.35944/jofrp.2019.8.1.011

Robyn Owen, O. Lehner, F. Lyon, Geraldine Brennan

引用次数: 8

Current State and Challenges in the Implementation of Smart Robotic Process Automation in Accounting and Auditing 智能机器人流程自动化在会计和审计中的应用现状和挑战

ACRN Journal of Finance and Risk Perspectives Pub Date : 2020-01-01 DOI: 10.35944/jofrp.2020.9.1.007

Max Gotthardt, Dan Koivulaakso, Okyanus Paksoy, Cornelius Saramo, Minna Martikainen, O. Lehner

引用次数: 51

Transition Finance and Markets 转型金融与市场

ACRN Journal of Finance and Risk Perspectives Pub Date : 2020-01-01 DOI: 10.35944/jofrp.2020.9.1.011

D. Cotton

引用次数: 1

Alternative Asset: Evidence from Moroccan Insurance and Pension Funds 另类资产:来自摩洛哥保险和养老基金的证据

ACRN Journal of Finance and Risk Perspectives Pub Date : 2020-01-01 DOI: 10.35944/jofrp.2020.9.1.015

Omar Chiboub, Samira Benjelloun

引用次数: 1