China Finance Review International最新文献_第4页

The COVID-19 pandemic, economic policy uncertainty and the hedging role of cryptocurrencies: a global perspective 新冠肺炎大流行、经济政策的不确定性和加密货币的对冲作用：全球视角

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-05-29 DOI: 10.1108/cfri-06-2022-0108

Muhammad Aftab, I. Haq, Mohamed Baity

{"title":"The COVID-19 pandemic, economic policy uncertainty and the hedging role of cryptocurrencies: a global perspective","authors":"Muhammad Aftab, I. Haq, Mohamed Baity","doi":"10.1108/cfri-06-2022-0108","DOIUrl":"https://doi.org/10.1108/cfri-06-2022-0108","url":null,"abstract":"PurposeThe COVID-19 pandemic has led to global economic policy uncertainty, which has increased the need to investigate ways to mitigate the uncertainty. This study aims to examine the potential of cryptocurrencies as a hedge and safe haven avenue against economic policy uncertainty.Design/methodology/approachThis study investigates the behavior of the five leading cryptocurrencies in relation to country-level and group-level economic policy uncertainty indices, as measured by the text-based method developed by Baker et al. (The Quarterly Journal of Economics, 2016, 131, 1593–1636). The research covers a broad range of emerging and developed economies from July 2013 to September 2020. The study employs the approach of Narayan et al. (Economic Modelling, 2016, 53, 388–397) to examine the hedging and safe-haven properties of cryptocurrencies.FindingsThis study finds that the top cryptocurrencies play a hedging role against economic policy uncertainty, with some exceptions. Additionally, there is evidence to support the idea that cryptocurrencies can serve as a safe haven during the COVID-19 pandemic. As a result, investors may benefit from using cryptocurrencies as a risk-management avenue during times of uncertainty.Originality/valueThis research contributes to the existing literature by testing the cryptocurrencies' hedging and safe haven properties in a new way, by analyzing their lead and lag behaviors using a recent and innovative approach. Additionally, it examines a wide range of emerging and advanced markets, providing insight into the potential of using cryptocurrencies as a risk mitigation avenue.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49388657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The environmental externality of economic growth target pressure: evidence from China 经济增长目标压力的环境外部性:来自中国的证据

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-05-19 DOI: 10.1108/cfri-09-2022-0171

Fangying Pang, Hong Xie

{"title":"The environmental externality of economic growth target pressure: evidence from China","authors":"Fangying Pang, Hong Xie","doi":"10.1108/cfri-09-2022-0171","DOIUrl":"https://doi.org/10.1108/cfri-09-2022-0171","url":null,"abstract":"PurposeThis study aims to investigate the external effect of the economic growth target pressure of local governments on establishment-level SO2 emissions.Design/methodology/approachBased on manually collected panel data of 74,058 China's industrial establishments and more than 330 thousand observations from CIED and ESR, the authors use a firm-fixed effect model, instrumental variables estimation and heterogeneity tests to identify the environmental externality of economic growth target pressure.FindingsThe establishments in cities that meet or slightly exceed the economic growth target experience greater negative externality measured by SO2 emission intensity. This external effect is more pronounced in regions: with a strict and overweighted target setting; with stronger officials' promotion incentives; with a low degree of marketization; and in firms with great economic importance. The authors identify the underlying mechanisms of dependence on dirty industry and the relaxation of environmental enforcement. And the environmental protection constraints in 2007 mitigate the negative externality.Practical implicationsThe paper sheds light on to what extent economic growth target pressure has a negative externality of pollution in China and how this pressure may conflict with environmental protection.Originality/valueThis paper complements prior research on the economic effects of economic growth targets, expands the knowledge on the determinants of establishment-level pollution emission from the perspective of target pressure and provides insight into the environmental externality that results from political factors.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42949993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Investor behavior and psychological effects: herding and anchoring biases in the MENA region 投资者行为和心理影响：中东和北非地区的羊群效应和锚定偏见

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-05-02 DOI: 10.1108/cfri-12-2022-0269

F. Tlili, Mustapha Chaffai, Imed Medhioub

{"title":"Investor behavior and psychological effects: herding and anchoring biases in the MENA region","authors":"F. Tlili, Mustapha Chaffai, Imed Medhioub","doi":"10.1108/cfri-12-2022-0269","DOIUrl":"https://doi.org/10.1108/cfri-12-2022-0269","url":null,"abstract":"PurposeThe aim of this paper is double: firstly, to examine the presence of herd behavior in four MENA stock markets (the Egyptian, Jordanian, Moroccan and Tunisian markets), and secondly, to study the anchoring behavior in these markets.Design/methodology/approachThe authors employ quantile regression analysis for testing herding bias in the MENA region, following the methodology of Chiang and Zheng (2010). Regarding the evaluation of anchoring bias, the authors follow the methodology of Lee et al. (2020). The study uses daily stock index returns ranging from April 1, 2011, to July 31, 2019, as well as CAC40 and NASDAQ returns.FindingsThe authors find evidence of herding during down-market periods in the lower tail for Egypt, Jordan and Tunisia, while this bias is detected during up-market periods in the lower tail for Morocco. In addition, based on historical returns, the authors conclude that there is a momentum effect in these markets, and they are dependent on the CAC40 and NASDAQ indices.Practical implicationsThis paper confirms the findings of previous works devoted to some emerging markets such as China, Japan and Hong Kong, where anchoring and herding are considered the most important and impactful heuristic and cognitive biases in making decisions under uncertainty, particularly during down-market periods.Originality/valueThe paper contributes to the empirical literature in herding and anchoring biases for MENA countries. The absence of empirical work on the effect of these biases on stock prices in emerging markets and those of the MENA zone leads to the discussion of the impact of psychological biases on these of markets.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"1 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41418722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Lead Them with Virtue: A Confucian Alternative to War by Kurtis Hagen (review) 用美德领导他们:一种儒家的战争选择，作者:柯蒂斯·哈根(书评)

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892504

Don J. Wyatt

引用次数: 2

Making the Gods Speak: The Ritual Production of Revelation in Chinese Religious History by Vincent Goossaert (review) 《让神说话:中国宗教史上启示的仪式生产》文森特·古塞尔著(书评)

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892499

引用次数: 2

Confucianism and Phenomenology: An Exploration of Feeling, Value and Virtue by Yinghua Lu (review) 儒学与现象学:鲁英华对情感、价值与美德的探索(书评)

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892508

Li-Hsiang Lisa Rosenlee

引用次数: 1

Hong Kong's Last English Bishop: The Life and Times of John Gilbert Hindley Baker by Philip L. Wickeri (review) 《香港最后一位英国主教:约翰·吉尔伯特·亨德雷·贝克的生平与时代》作者:菲利普·l·维克里

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892492

Robert York

引用次数: 0

Creating Confucian Authority: The Field of Ritual Learning in Early China to 9 CE by Robert Chard (review) 创造儒家权威:中国早期至公元9年的礼学领域罗伯特·查德著(书评)

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892498

Andrew D. Lambert

引用次数: 0

Heavenly Masters: Two Thousand Years of the Daoist State by Vincent Goossaert (review) 《天师:道家两千年》文森特·古塞尔著(书评)

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892500

引用次数: 0

Nursing Shifts in Sichuan: Canadian Missions and Wartime China, 1937–1951 by Sonya Grypma (review) 四川的护理转变:加拿大的使命和战时中国，1937-1951

IF 8.2 1区经济学

China Finance Review International Pub Date : 2023-04-29 DOI: 10.1353/cri.2020.a892502

Gilbert Z. Chen

引用次数: 0