发布求助
文献互助 智能选刊 最新文献

Journal of Emerging Market Finance最新文献

筛选
英文 中文
Dynamic Impacts of Economic Policy Uncertainty on Australian Stock Market: An Intercontinental Evidence 经济政策不确定性对澳大利亚股市的动态影响：一个洲际证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2022-01-21 DOI: 10.1177/09726527211069610
R. K. Bairagi
{"title":"Dynamic Impacts of Economic Policy Uncertainty on Australian Stock Market: An Intercontinental Evidence","authors":"R. K. Bairagi","doi":"10.1177/09726527211069610","DOIUrl":"https://doi.org/10.1177/09726527211069610","url":null,"abstract":"This study empirically investigates the impacts of economic policy uncertainty (EPU) of five countries from four continents on the Australian stock market with monthly observations from January 1998 to January 2021. The dynamic linkage model reports that EPUs are negatively influenced by their own lagged effect along with bidirectional volatility spillover and the returns of stock markets unidirectionally spillover to the EPU of the corresponding economy. The study documents that shocks originated in the Australian stock market spillover negatively onto its own EPU and that of China and positively onto EPUs of Europe and Japan. The shocks originated in EPUs of Australia, Europe, China, and Japan significantly negatively impact the Australian stock market. The bidirectional volatilities of EPUs can offer insight for portfolio investors in searching the possible hedging opportunities in Australia. The reported drivers of Australian EPU can be incorporated in formulating and implementing the EPU-sensitive Australian trade policies. JEL: G15, G17, G18","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"64 - 91"},"PeriodicalIF":1.5,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47571919","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: 5
Central Bank Communications and Professional Forecasts: Evidence From India 中央银行通信和专业预测：来自印度的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-10-10 DOI: 10.1177/09726527211044056
A. Goyal, Prashant Parab
{"title":"Central Bank Communications and Professional Forecasts: Evidence From India","authors":"A. Goyal, Prashant Parab","doi":"10.1177/09726527211044056","DOIUrl":"https://doi.org/10.1177/09726527211044056","url":null,"abstract":"We analyze the influence of qualitative and quantitative communications of the Reserve Bank of India (RBI) on inflation expectations of professional forecasters and draw out implications for policy. Estimating Carroll-type epidemiological models of expectation formation under information rigidities, we get a large speed of adjustment of professional forecasters’ expectations. Analysis of the determinants of inflation forecasts, inflation surprises, and forecaster disagreement reveals significant influence of quantitative RBI communications in the form of inflation projections. This effect is prominent for shorter-horizon forecasts and after adoption of flexible inflation targeting. Macroeconomic fundamentals like lagged inflation and repo rate also significantly influence inflation forecasts. Choice of words in the RBI monetary policy statements has more impact after October 2016, when the monetary policy committee became the decision-making body. JEL Classification: E31, E52, E58","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"308 - 336"},"PeriodicalIF":1.5,"publicationDate":"2021-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47171095","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: 3
Competition and Banking Industry Stability: How Do BRICS and G7 Compare? 竞争与银行业稳定:金砖国家与七国集团如何比较?
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-09-29 DOI: 10.1177/09726527211045759
Abayomi Oredegbe
{"title":"Competition and Banking Industry Stability: How Do BRICS and G7 Compare?","authors":"Abayomi Oredegbe","doi":"10.1177/09726527211045759","DOIUrl":"https://doi.org/10.1177/09726527211045759","url":null,"abstract":"This study examines banking industry stability in BRICS and G7 from the period 2005 to 2014. The results show that stability level in a prior period affects stability in the subsequent period. Also, the study reveals that competition improves stability, which validates the competition-stability proposition. Economic growth enhances stability in BRICS but not in G7. Inefficiency weakens stability in BRICS; however, its impact in G7 is insignificant. Profitability, capitalization, and inflation enhance stability in G7; however, they show no meaningful impacts in BRICS. These findings contribute to literature and policy discussion on banking industry stability JEL Codes: G21, G28, G32, L11","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"7 - 31"},"PeriodicalIF":1.5,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47478963","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
Nonlinearity in Global Crude Oil Benchmarks: Disentangling the Effect of Time Aggregation 全球原油基准的非线性：时间聚集效应的纠缠
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-09-08 DOI: 10.1177/09726527211043013
George Varghese, V. Madhavan
{"title":"Nonlinearity in Global Crude Oil Benchmarks: Disentangling the Effect of Time Aggregation","authors":"George Varghese, V. Madhavan","doi":"10.1177/09726527211043013","DOIUrl":"https://doi.org/10.1177/09726527211043013","url":null,"abstract":"We model the first and second moments of global crude oil benchmarks, using iterative pre-whitened generalized autoregressive conditional heteroskedasticity (GARCH) models and, in doing so, validate the efficacy of such models in assimilating the neglected nonlinearities in the underlying data-generating processes. The benchmarks considered for this study are Brent, Dubai/Oman, and West Texas Intermediate (WTI) crude oil. While nonlinear serial dependence happens to be a stylized fact across different asset classes, it is our view that prior scholarly contributions have not adequately untangled the effect of data aggregation (in time) in the examination of nonlinear dependencies. In this context, the present study strives to untangle the critical role that time aggregation plays in the examination of nonlinearity in global crude oil benchmarks using data at daily, weekly as well as monthly time frequencies. Our findings are as follows: the optimum GARCH models perform well in capturing all of the neglected nonlinearity in monthly returns of the crude benchmarks. When it comes to daily and weekly returns, our study reveals traces of neglected nonlinearities that are not completely captured by GARCH models. Moreover, such residual traces of neglected nonlinear dependencies are relatively more pronounced at the granular levels and become more and more elusory as the data get aggregated in time. JEL Codes: C22, C53, C58, G1, Q47","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"290 - 307"},"PeriodicalIF":1.5,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46212879","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
Antecedents of Stage-wise Investment Preferences of Venture Capital and Private Equity Firms in India: An Empirical Exploration 印度风险投资和私募股权公司阶段投资偏好的前因:实证探索
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-07-12 DOI: 10.1177/09726527211022900
Poonam Dugar, R. Basant
{"title":"Antecedents of Stage-wise Investment Preferences of Venture Capital and Private Equity Firms in India: An Empirical Exploration","authors":"Poonam Dugar, R. Basant","doi":"10.1177/09726527211022900","DOIUrl":"https://doi.org/10.1177/09726527211022900","url":null,"abstract":"This article is a maiden attempt at exploring determinants of stage-specific investment choices of Indian venture capital and private equity (VCPE) firms. Analysis of 5,782 VCPE investment deals during 1998–2016 shows that firms’ preferences to invest in various stages (early vs. late) are significantly affected by the characteristics of the VCPE firms, features of the deal, and characteristics of the investee firms. More specifically, experience and ownership (foreign vs. domestic) of VCPE firm, type of deal (syndicated or otherwise), investment size of the deal, and location and industry of the investee firm influence the stage of investment. Detailed empirical analysis shows that younger VCPE firms and those with domestic investors prefer to invest in early stages, presumably because they wish to build a reputation and also leverage their proximity with investee firms to manage high market and technological risks associated with early-stage investments. Syndication is another mechanism used to manage the risks associated with early-stage deals. Investee firms in industries that have lower investment requirements or shorter gestation periods and those located in regions with a mature entrepreneurial ecosystems are more likely to attract early-stage investments. JEL Classification: G24, L26, D81","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"264 - 289"},"PeriodicalIF":1.5,"publicationDate":"2021-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/09726527211022900","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44082672","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: 3
Financial Access of Latin America and Caribbean Firms: What Are the Roles of Institutional, Financial, and Economic Development? 拉丁美洲和加勒比公司的融资渠道:制度、金融和经济发展的作用是什么?
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-05-19 DOI: 10.1177/09726527211015317
L. Chu
{"title":"Financial Access of Latin America and Caribbean Firms: What Are the Roles of Institutional, Financial, and Economic Development?","authors":"L. Chu","doi":"10.1177/09726527211015317","DOIUrl":"https://doi.org/10.1177/09726527211015317","url":null,"abstract":"This article examines the impact of institutional, financial, and economic development on firms’ access to finance in Latin America and Caribbean region. Based on firm- and country-level data from the World Bank databases, we employ an ordered logit model to understand the direct and moderating role of institutional, financial, and economic development in determining firms’ financial obstacles. The results show that older, larger, facing less competition and regulation burden, foreign owned, and affiliated firms report lower obstacles to finance. Second, better macro-fundamentals help to lessen the level of obstacles substantially. Third, the role of institutions in promoting firms’ inclusive finance is quite different to the role of financial development and economic growth. JEL Classification: E02; G10; O16; P48","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"227 - 263"},"PeriodicalIF":1.5,"publicationDate":"2021-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/09726527211015317","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45375698","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: 3
The Interplay Between Sentiment and MAX: Evidence from an Emerging Market 情绪与MAX之间的相互作用:来自新兴市场的证据
IF 1.5
Journal of Emerging Market Finance Pub Date : 2021-01-21 DOI: 10.1177/0972652720969511
Nilesh Gupta, Joshy Jacob
{"title":"The Interplay Between Sentiment and MAX: Evidence from an Emerging Market","authors":"Nilesh Gupta, Joshy Jacob","doi":"10.1177/0972652720969511","DOIUrl":"https://doi.org/10.1177/0972652720969511","url":null,"abstract":"Investors with lottery preferences are known to concentrate on stocks with rare but extreme past returns. We investigate the extent to which lottery preference, measured by the MAX variable, varies with the market-wide irrational sentiment. We find that the high-MAX stocks have higher overpricing in a high-sentiment market and earn a lower alpha, compared to the low-sentiment market. Accordingly, the poor returns earned by a long-short portfolio of stocks with extreme MAX values are primarily due to the overvaluation of the high MAX-portfolio during the high sentiment phase. The higher stock volatility in India also magnifies the lottery preference of investors. JEL Classification: G4, G12, G41, G11","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"106 2","pages":"192 - 217"},"PeriodicalIF":1.5,"publicationDate":"2021-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652720969511","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41301973","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
Do Investors Overreact for Property and Financial Service Sectors? 投资者是否对房地产和金融服务业反应过度？
IF 1.5
Journal of Emerging Market Finance Pub Date : 2020-12-14 DOI: 10.1177/0972652720923544
Zhi Dong, T. Sing
{"title":"Do Investors Overreact for Property and Financial Service Sectors?","authors":"Zhi Dong, T. Sing","doi":"10.1177/0972652720923544","DOIUrl":"https://doi.org/10.1177/0972652720923544","url":null,"abstract":"There are limitations in the understandings of investors’ overreaction to the volatility in less transparent industrial sectors. Investors investing in a less transparent sector are likely to over-interpret available market information. This article compares investors’ reaction to market shocks across different industrial sectors, through analyzing the information content in implied volatility using financial derivatives of individual companies in Singapore. Investors in the less transparent property and financial service sector are found to overreact on market shocks, further destabilizing the market. The findings imply that regulatory measures that increase the level of transparency could aid the stabilization of markets. JEL Classification: G13, G14, G18","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"79 - 123"},"PeriodicalIF":1.5,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652720923544","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45276832","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
Foreword 前言
IF 1.5
Journal of Emerging Market Finance Pub Date : 2020-12-01 DOI: 10.1016/b978-0-323-90264-9.09985-2
Arun Sharma
{"title":"Foreword","authors":"Arun Sharma","doi":"10.1016/b978-0-323-90264-9.09985-2","DOIUrl":"https://doi.org/10.1016/b978-0-323-90264-9.09985-2","url":null,"abstract":"","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"21 1","pages":"243 - 244"},"PeriodicalIF":1.5,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47612584","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
Exploring the Yield Spread Between Sukuk and Conventional Bonds in Malaysia 探索马来西亚伊斯兰债券和传统债券之间的收益率差
IF 1.5
Journal of Emerging Market Finance Pub Date : 2020-11-13 DOI: 10.1177/0972652720969519
N. Asmuni, K. S. Tan
{"title":"Exploring the Yield Spread Between Sukuk and Conventional Bonds in Malaysia","authors":"N. Asmuni, K. S. Tan","doi":"10.1177/0972652720969519","DOIUrl":"https://doi.org/10.1177/0972652720969519","url":null,"abstract":"This article aims to shed light on the differences in yield rate between conventional bond and sukuk in the Malaysian market. We find that the historical yield rates for the government-issued sukuk is significantly higher than the conventional bond. Conversely, there is a slight yield spread discount between the corporate-issued sukuk and bonds for all rating classes. We conclude that liquidity factor can mainly explain the positive yield spread on the government-issued sukuk. We also illustrate the effect of tax and expenses on asset pricing, which may contribute to the yield spread discount for corporate issuance. JEL Classification: E43, G12, G13","PeriodicalId":44100,"journal":{"name":"Journal of Emerging Market Finance","volume":"20 1","pages":"165 - 191"},"PeriodicalIF":1.5,"publicationDate":"2020-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1177/0972652720969519","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45882790","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信