Financial Markets, Institutions and Instruments最新文献_第2页

Corporate social responsibility, carbon footprints and stock market valuation 企业社会责任、碳足迹和股票市场估值

Financial Markets, Institutions and Instruments Pub Date : 2024-01-30 DOI: 10.1111/fmii.12193

Ramzi Benkraiem, Maria Qureshi, Asif Saeed, Constantin Zopounidis

引用次数: 0

Air temperature and sovereign bond returns 气温与主权债券收益

Financial Markets, Institutions and Instruments Pub Date : 2024-01-23 DOI: 10.1111/fmii.12192

Renatas Kizys, Wael Rouatbi, Zaghum Umar, Adam Zaremba

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Corporate pollution and reputational exposure 企业污染和声誉风险

Financial Markets, Institutions and Instruments Pub Date : 2024-01-17 DOI: 10.1111/fmii.12190

Georgios Chortareas, Fangyuan Kou, Alexia Ventouri

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Climate-related performance and stock price crash risk 与气候相关的业绩和股价暴跌风险

Financial Markets, Institutions and Instruments Pub Date : 2024-01-17 DOI: 10.1111/fmii.12188

Kyriaki Kosmidou, Dimitrios Kousenidis, Anestis Ladas, Christos Negkakis

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引用次数: 0

Editorial—FMII special issue: “Climate risk: Policy responses, financial market impacts and corporate risk management” 社论-FMII 特刊："气候风险：政策应对、金融市场影响和企业风险管理"

Financial Markets, Institutions and Instruments Pub Date : 2024-01-12 DOI: 10.1111/fmii.12191

Iftekhar Hasan, Philip Molyneux, Panagiota Papadimitri, Fotios Pasiouras

引用次数: 0

Can financial uncertainty forecast aggregate stock market returns? 金融不确定性能否预测股市总回报？

Financial Markets, Institutions and Instruments Pub Date : 2024-01-12 DOI: 10.1111/fmii.12187

Ólan Henry, Semih Kerestecioglu, Sam Pybis

引用次数: 0

Shareholder litigation rights and firm productivity 股东诉讼权与公司生产力

Financial Markets, Institutions and Instruments Pub Date : 2023-11-23 DOI: 10.1111/fmii.12186

Alona Bilokha, Sudip Gupta

引用次数: 0

Leverage ratio, risk-based capital requirements, and risk-taking in the United Kingdom 英国的杠杆比率、风险资本要求和风险承担

Financial Markets, Institutions and Instruments Pub Date : 2023-11-10 DOI: 10.1111/fmii.12185

Mahmoud Fatouh, Simone Giansante, Steven Ongena

{"title":"Leverage ratio, risk-based capital requirements, and risk-taking in the United Kingdom","authors":"Mahmoud Fatouh, Simone Giansante, Steven Ongena","doi":"10.1111/fmii.12185","DOIUrl":"10.1111/fmii.12185","url":null,"abstract":"We assess the impact of the leverage ratio capital requirements on the risk-taking behaviour of banks both theoretically and empirically. Conceptually, introducing binding leverage ratio requirements into a regulatory framework with risk-based capital requirements induces banks to re-optimise, shifting from safer to riskier assets (higher asset risk). Yet, this shift would not be one-for-one due to risk weight differences, meaning the shift would be associated with a lower level of leverage (lower insolvency risk). The interaction of these two changes determines the impact on the aggregate level of risk. Empirically, we use a difference-in-differences setup to compare the behaviour of UK banks subject to the leverage ratio requirements (LR banks) to otherwise similar banks (non-LR banks). Our results show that LR banks did not increase asset risk, and slightly reduced leverage levels, compared to the control group after the introduction of leverage ratio in the UK. As expected, these two changes led to a lower aggregate level of risk. Emperical results indicate that credit default swap spreads on the 5-year subordinated debt of LR banks decreased relative to non-LR banks post leverage ratio introduction, suggesting the market viewed LR banks as less risky, especially during the COVID 19 stress.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"33 1","pages":"31-60"},"PeriodicalIF":0.0,"publicationDate":"2023-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fmii.12185","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135141622","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Climate regulation costs and firms’ distress risk 气候监管成本与企业困境风险

Financial Markets, Institutions and Instruments Pub Date : 2023-08-27 DOI: 10.1111/fmii.12184

Neophytos Lambertides, Dimitris Tsouknidis

{"title":"Climate regulation costs and firms’ distress risk","authors":"Neophytos Lambertides, Dimitris Tsouknidis","doi":"10.1111/fmii.12184","DOIUrl":"10.1111/fmii.12184","url":null,"abstract":"In 2013, the European Union's Emission Trading Scheme (EU-ETS) entered Phase III. The majority of emission permits in Phase III are auctioned instead of being allocated for free as in Phases I and II. Using a difference-in-differences method, we show that this change has led to an increase in the financial distress risk of the EU-ETS-regulated firms when compared to unregulated firms, suggesting that the EU-ETS imposes a significant financial burden on regulated firms. This result is robust to an array of validation tests, alleviating concerns that it is driven by unobserved factors. In additional analyses we show that the increase in distress risk of regulated firms during Phase III can be explained by, (i) an additional climate regulation cost to purchase pollution permits and (ii) a low average environmental score that possibly (via high sustainability risk) lowers investors expectations regarding firms’ performance. Our findings also show that the distress risk increase is higher for regulated firms operating within countries with lower control of corruption, government effectiveness, political stability, regulatory quality, rule of law, and voice accountability before the EU-ETS implementation.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"33 1","pages":"3-30"},"PeriodicalIF":0.0,"publicationDate":"2023-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fmii.12184","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84522387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Bank dividend payout policy and debt seniority: Evidence from US Banks 银行派息政策与债务优先级:来自美国银行的证据

Financial Markets, Institutions and Instruments Pub Date : 2023-08-07 DOI: 10.1111/fmii.12183

Thaer Alhalabi, Vítor Castro, Justine Wood

引用次数: 0