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Journal of Emerging Market Finance最新文献

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Financial Institutions Dynamics, Investments and Development 金融机构动态、投资与发展
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-08-03 DOI: 10.1177/09726527231160856
Rexford Abaidoo, Elvis Kwame Agyapong
{"title":"Financial Institutions Dynamics, Investments and Development","authors":"Rexford Abaidoo, Elvis Kwame Agyapong","doi":"10.1177/09726527231160856","DOIUrl":"https://doi.org/10.1177/09726527231160856","url":null,"abstract":"The study evaluates how specific features of financial institutions and investment sources influence enduring development among economies in the sub-region of Sub-Saharan Africa (SSA). Data for the interactions in question were compiled from 36 economies in SSA from 1996 to 2019, and various empirical estimates were carried out using the two-step system Generalized Method of Moments statistical framework. Results from the analyses suggest that growth in depth, improved access, and efficiency of financial institutions foster long-term development among economies in the sub-region. Investments in various forms were found to have a varied augmenting impact on long-term development. Further empirical analyses suggest that quality of governance has a significant positive moderating impact on how net foreign direct investment and domestic investments influence development among economies in the sub-region. Political instability is, however, found to negate gains to development from both investment growth and contributions from financial institutions. JEL Codes: C33, G2, E13","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"247 - 271"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46166706","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
Corporate Cash Holdings and Share Buyback: Evidence from Emerging Markets 企业现金持有与股票回购：来自新兴市场的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-08-03 DOI: 10.1177/09726527231184555
Vedika Saxena, Seshadev Sahoo
{"title":"Corporate Cash Holdings and Share Buyback: Evidence from Emerging Markets","authors":"Vedika Saxena, Seshadev Sahoo","doi":"10.1177/09726527231184555","DOIUrl":"https://doi.org/10.1177/09726527231184555","url":null,"abstract":"This study evaluates corporate cash holdings (CCHs) as a determinant of share buyback for three emerging economies, India, Malaysia, and South Korea, from 2002 to 2020. We find CCH as a significant determinant of share buyback for our sample nations. Our results suggest that share buyback is a flexible way for firms to distribute excess cash across our sample nations. Our study also documents the impact of different country-level investor protection frameworks on buybacks. A favorable relationship between a strong investor protection environment (good governance) and buyback explains the effective role of buyback in resolving agency conflicts compared to dividends. JEL Codes: C5, F3, G3","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"437 - 463"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44178348","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
Does Time Frame of IPO Proceeds Predict Survival of Firms? Evidence from the Malaysian Market IPO收益的时间框架能预测企业的生存吗？来自马来西亚市场的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-08-03 DOI: 10.1177/09726527231178086
Siti Sarah Alyasa-Gan, Norliza Che-Yahya, Rand Kwong Yew Low
{"title":"Does Time Frame of IPO Proceeds Predict Survival of Firms? Evidence from the Malaysian Market","authors":"Siti Sarah Alyasa-Gan, Norliza Che-Yahya, Rand Kwong Yew Low","doi":"10.1177/09726527231178086","DOIUrl":"https://doi.org/10.1177/09726527231178086","url":null,"abstract":"Initial public offering (IPO) information disclosures such as the IPO proceeds’ strategic uses and the time frame have the potential to signal the listing firms’ post-IPO survival. We investigate the impact of IPO proceeds on 423 firms’ ability to maintain survival in business in Malaysia from 2000 to 2014. With a median survival span of approximately 104 months, our examination of survival data reveals that more than 40% of the firms in our sample had trouble surviving after their seventh year of listing. Our findings indicate that the share of IPO proceeds and the firms’ time horizon may be used to forecast whether or not they will survive, with meeting financial obligations serving as the primary motivating factor. A major fraction of IPO proceeds used for growth motives and financial obligations lead to shorter survival, while a longer time frame to meet the obligations leads to longer post-IPO survival. Our findings offer empirical support for regulators to safeguard investors’ interests and enhance firms’ survival in an environment with developing markets; information disclosure requirements include both the use of IPO proceeds and the time frame for its utilization.","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"359 - 381"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42509991","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
Beware of Extreme Investor Sentiments! Indian Evidence on the Performance of Neuro-specific Options Volatility Trading Strategies on the Facets of COVID-19 谨防极端的投资者情绪!神经特异性期权波动率交易策略在COVID-19方面表现的印度证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-07-12 DOI: 10.1177/09726527231165820
Ansu Royit, Babu Jose, James Varghese
{"title":"Beware of Extreme Investor Sentiments! Indian Evidence on the Performance of Neuro-specific Options Volatility Trading Strategies on the Facets of COVID-19","authors":"Ansu Royit, Babu Jose, James Varghese","doi":"10.1177/09726527231165820","DOIUrl":"https://doi.org/10.1177/09726527231165820","url":null,"abstract":"This study investigates the dynamic relationship between noise trader sentiment and excessive volatility in the Indian financial market during the COVID-19 outbreak. It proposes novel options trading strategies to ensure profitability in times of irrational exuberance and to satisfy diverse investment requirements of volatility traders, which arise from the varying levels of stimulating neurotransmitters, namely dopamine and serotonin in the human body. Empirical results show that the incremental information content of sentiment measures is vital in forecasting future volatility and the proposed options trading strategies effectively accomplish the neuro-specific intentions of the traders during extreme volatility in the Indian equity market. JEL Codes: G12, G13","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"326 - 350"},"PeriodicalIF":1.5,"publicationDate":"2023-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47238631","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
Is the Beta Anomaly Real? A Correction in Existing Theories of Cost of Capital and Asset Pricing 贝塔异常是真的吗?对现有资本成本和资产定价理论的修正
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-05-16 DOI: 10.1177/09726527231160863
Vinod Kumar
{"title":"Is the Beta Anomaly Real? A Correction in Existing Theories of Cost of Capital and Asset Pricing","authors":"Vinod Kumar","doi":"10.1177/09726527231160863","DOIUrl":"https://doi.org/10.1177/09726527231160863","url":null,"abstract":"Researchers argue about the beta anomaly and related anomalies in the capital market based on existing theories of asset pricing. This article shows that the observed beta anomaly is added due to the mathematical errors, inconsistencies, and limitations in existing theories. We propose a general theory for central concepts in asset pricing, including beta and cost of capital, that holds for growth, taxes, and risky debt. Our theory addresses observed beta-related anomalies and other phenomena, and provides a clearer taxonomy for ongoing research and a step toward resolving several issues. The findings are highly significant for researchers and firms. JEL Codes: G32, G12, G11, G35","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"135 - 163"},"PeriodicalIF":1.5,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41666242","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
An Assessment of Unconventional Monetary Policy During COVID-19 Pandemic in India 新冠肺炎疫情期间印度非常规货币政策评估
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-05-01 DOI: 10.1177/09726527231163207
D. Rao, Rahul Kumar
{"title":"An Assessment of Unconventional Monetary Policy During COVID-19 Pandemic in India","authors":"D. Rao, Rahul Kumar","doi":"10.1177/09726527231163207","DOIUrl":"https://doi.org/10.1177/09726527231163207","url":null,"abstract":"We employ event study methodology to analyze the impact of unprecedented unconventional monetary policy (UMP) measures employed by the Reserve Bank of India to fortify monetary transmission mechanism and to restore financial stability. We find that the UMP announcements result in a decline in bond yields and yield spread as well as increase in market capitalization and sectoral portfolio of stock returns. Evaluating the relative efficacy of UMP measures, we find that targeted long-term repo operation announcements are more effective in easing bond yields than mere long-term repo operations. Our findings provide beneficial inference for day-traders and investors as asset prices increase significantly and durable goods producing stock returns found to be higher than those of non-durable goods. The lessons that can be drawn for the emerging market economy central banks, who do not have enough space to conduct conventional monetary policy and even when they do not face zero lower bound interest rate, they still can employ UMP tools to directly influence banks cost of funds, and long-term bond yields and interest rates, and in turn, portfolio of stock returns and investments to stimulate aggregate demand. JEL Codes: C13, C54, E52, E65","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"297 - 325"},"PeriodicalIF":1.5,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47477374","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
Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender 价值观能预测对社会负责的投资决策吗？衡量性别的调节作用
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-05-01 DOI: 10.1177/09726527231160861
R. Raut, R. Kumar
{"title":"Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender","authors":"R. Raut, R. Kumar","doi":"10.1177/09726527231160861","DOIUrl":"https://doi.org/10.1177/09726527231160861","url":null,"abstract":"This study examines investors’ pro-environmental investment intentions by measuring the effect of economic concern (egoistic value) and environmental concern (altruistic value) on attitudes toward socially responsible investment (SRI). A self-administered structured questionnaire was used to collect data from 469 investors using a purposive sampling technique and analyzed using two-step structural equation modeling. Results show that both altruistic and egoistic values were significant predictors of a positive attitude toward SRI, portraying the greater environmental concern of investors. Additionally, male investors motivated to invest in SRI are more concerned about environmental well-being than their counterparts, that is, female investors. By analyzing values as antecedents of attitudes toward SRI, the findings of this study add a new dimension to the belief system of young investors. JEL Codes: A13; D19; G1; G4","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"189 - 214"},"PeriodicalIF":1.5,"publicationDate":"2023-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48808888","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
Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets 2019冠状病毒病期间的可持续性、弹性和回报:来自美国和印度股市的经验证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-03-25 DOI: 10.1177/09726527231158555
Neetu Yadav, Vandana Bhama
{"title":"Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets","authors":"Neetu Yadav, Vandana Bhama","doi":"10.1177/09726527231158555","DOIUrl":"https://doi.org/10.1177/09726527231158555","url":null,"abstract":"The growing number of consulting reports published globally show mixed evidence of higher returns for environmental, social, and governance (ESG) indices as compared to equity indices. The present study analyzes whether or not sustainability provided resilience, during turbulent times, to the US and India, who were worst hit by the COVID-19 pandemic. The study tests whether higher ESG scores led to higher stock returns during and after the COVID-19 pandemic. The findings revealed little and negative associations of sustainability with stock returns for sample firms during the COVID-19 crisis. There is no empirical evidence indicating that sustainability guarantees resilience during crisis times. Investors have their own preference channels and taste for sustainability that are beyond their financial motives. JEL Codes: Q01, G120","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"215 - 238"},"PeriodicalIF":1.5,"publicationDate":"2023-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48478981","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
Better to Give than to Receive: A Study of BRICS Countries Stock Markets 给予胜于接受：金砖国家股市研究
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-03-12 DOI: 10.1177/09726527231154100
Pradiptarathi Panda, W. Ahmad, M. Thiripalraju
{"title":"Better to Give than to Receive: A Study of BRICS Countries Stock Markets","authors":"Pradiptarathi Panda, W. Ahmad, M. Thiripalraju","doi":"10.1177/09726527231154100","DOIUrl":"https://doi.org/10.1177/09726527231154100","url":null,"abstract":"This study uses the MGARCH-BEKK model and Diebold–Yilmaz (DY) volatility spillover index to examine volatility spillovers among BRICS countries’ stock markets. The study finds that the own volatility spillover is more than the cross-markets and has increased during the financial crisis. In contrast, the cross-markets volatility spillovers have decreased after the financial crisis. The total net return spillover increased during the crisis period (27.30%) and the pre-crisis period (25.50%) in comparison with the post-crisis period (6.30%) and the whole sample period (10.70%). Brazil is the highest net volatility transmitter among the BRICS countries’ stock markets, and China is the highest net volatility receiver. We learned from the volatility network connectedness that China is highly connected with India regarding volatility. Foreign institutional investors may use this study’s result to find diversification opportunities across the BRICS stock markets. JEL Codes: F3, G11, G12, G15","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"164 - 188"},"PeriodicalIF":1.5,"publicationDate":"2023-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48680746","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
Investor Attention and Global Stock Market Volatility: Evidence from COVID-19 投资者关注与全球股市波动:来自COVID-19的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2023-02-08 DOI: 10.1177/09726527221148579
Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna
{"title":"Investor Attention and Global Stock Market Volatility: Evidence from COVID-19","authors":"Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna","doi":"10.1177/09726527221148579","DOIUrl":"https://doi.org/10.1177/09726527221148579","url":null,"abstract":"This paper utilizes intraday five-minute stock market indices to investigate the causal relation between global stock market volatility and investor attention measured by the Google search volume index during the COVID-19 pandemic. Using the bi-power variation method proposed by Barndorff-Nielsen and Shephard (2004), we separate the realized volatility into two components: Continuous and Jump. Based on 5,583 stock indices-day observations, we find that investor attention is positively related to the realized volatility and its continuous component, but to a lesser extent to jumps. A growth in confirmed cases is positive to all measures of market volatility. Moreover, when the number of confirmed cases increases, more attentive investors reduce market volatility. Our findings are robust regarding various estimation approaches and are less likely to suffer from omitted variable biases and endogeneity concerns. Understanding the findings revealed in this paper is crucial to regulators and policymakers as warnings of additional risks facing retail investors around the globe over the extremely volatile periods. JEL Codes: G14; G15; G40; G41","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"22 1","pages":"85 - 104"},"PeriodicalIF":1.5,"publicationDate":"2023-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44492614","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
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