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Evaluating the influence of financial technology (FinTech) on sustainable finance: a comprehensive global analysis 评估金融科技（FinTech）对可持续金融的影响：全球综合分析
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-12-25 DOI: 10.1007/s11408-023-00439-w
Muhammad Kashif, Chen Pinglu, Saif Ullah, Mubasher Zaman
{"title":"Evaluating the influence of financial technology (FinTech) on sustainable finance: a comprehensive global analysis","authors":"Muhammad Kashif, Chen Pinglu, Saif Ullah, Mubasher Zaman","doi":"10.1007/s11408-023-00439-w","DOIUrl":"https://doi.org/10.1007/s11408-023-00439-w","url":null,"abstract":"<p>This paper aims to investigate the influence of financial technology (FinTech) on sustainable finance. The sample for this study spans from 2010 to 2021, encompassing data from 89 countries. The study employed a two-stage least-square regression approach with the instrumental variables and confirmed the findings using a two-step system generalized method of moments. The findings show that FinTech has a significant favorable impact on sustainable finance. Other factors such as institutional quality, socioeconomic condition, and renewable energy have a significant and beneficial influence on the trajectory of sustainable finance, except the impact of globalization, which is positive but insignificant. Furthermore, FinTech is crucial to driving the transition toward a sustainable future distinguished by a lower carbon economy. The study found that FinTech has extensive application across various sectors of sustainable finance and has substantial potential to create long-term positive effects in this regard. FinTech can further integrate with other technologies to facilitate diversified growth in sustainable finance. Additionally, this study highlights FinTech-related trends and research opportunities in sustainable finance, demonstrating how they can help each other advance worldwide with significant policy implications for countries seeking to advance sustainable finance through technology.</p>","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139056855","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
Long-term returns estimation of leveraged indexes and ETFs 杠杆指数和 ETF 的长期回报估算
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-12-16 DOI: 10.1007/s11408-023-00440-3
Hayden Brown
{"title":"Long-term returns estimation of leveraged indexes and ETFs","authors":"Hayden Brown","doi":"10.1007/s11408-023-00440-3","DOIUrl":"https://doi.org/10.1007/s11408-023-00440-3","url":null,"abstract":"<p>Daily leveraged exchange traded funds amplify gains and losses of their underlying benchmark indexes on a daily basis. The result of going long in a daily leveraged ETF for more than one day is less clear. Here, bounds are given for the log-returns of a daily leveraged ETF when going long for more than just one day. The bounds are quadratic in the daily log-returns of the underlying benchmark index, and they are used to find sufficient conditions for outperformance and underperformance of a daily leveraged ETF in relation to its underlying benchmark index. Of note, results show promise for a 2x daily leveraged S&amp;P 500 ETF. If the average annual log-return of the S&amp;P 500 index continues to be at least .0658, as it has been in the past, and the standard deviation of daily S&amp;P 500 log-returns is under .0125, then a 2x daily leveraged S&amp;P 500 ETF will perform at least as well as the S&amp;P 500 index in the long-run.</p>","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138692364","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
Gary B. Gorton and Guillermo L. Ordoñez: Macroeconomics and financial crises: bound together by information dynamics Gary B. Gorton 和 Guillermo L. Ordoñez：宏观经济学与金融危机：因信息动态而联系在一起
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-12-06 DOI: 10.1007/s11408-023-00438-x
Donglin He
{"title":"Gary B. Gorton and Guillermo L. Ordoñez: Macroeconomics and financial crises: bound together by information dynamics","authors":"Donglin He","doi":"10.1007/s11408-023-00438-x","DOIUrl":"https://doi.org/10.1007/s11408-023-00438-x","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138596187","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
Hedging goals 套期保值的目标
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-11-17 DOI: 10.1007/s11408-023-00437-y
Thomas Krabichler, Marcus Wunsch
{"title":"Hedging goals","authors":"Thomas Krabichler, Marcus Wunsch","doi":"10.1007/s11408-023-00437-y","DOIUrl":"https://doi.org/10.1007/s11408-023-00437-y","url":null,"abstract":"<p>Goal-based investing is concerned with reaching a monetary investment goal by a given finite deadline, which differs from mean-variance optimization in modern portfolio theory. In this article, we expand the close connection between goal-based investing and option hedging that was originally discovered in Browne (Adv Appl Probab 31(2):551–577, 1999) by allowing for varying degrees of investor risk aversion using lower partial moments of different orders. Moreover, we show that maximizing the probability of reaching the goal (quantile hedging, cf. Föllmer and Leukert in Finance Stoch 3:251–273, 1999) and minimizing the expected shortfall (efficient hedging, cf. Föllmer and Leukert in Finance Stoch 4:117–146, 2000) yield, in fact, the same optimal investment policy. We furthermore present an innovative and model-free approach to goal-based investing using methods of reinforcement learning. To the best of our knowledge, we offer the first algorithmic approach to goal-based investing that can find optimal solutions in the presence of transaction costs.</p>","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138526349","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 analysts’ industrial concentration affect the quality of their forecasts? 分析师的产业集中度会影响他们预测的质量吗?
Financial Markets and Portfolio Management Pub Date : 2023-10-17 DOI: 10.1007/s11408-023-00435-0
Guanming He, Yun Sun, April Zhichao Li
{"title":"Does analysts’ industrial concentration affect the quality of their forecasts?","authors":"Guanming He, Yun Sun, April Zhichao Li","doi":"10.1007/s11408-023-00435-0","DOIUrl":"https://doi.org/10.1007/s11408-023-00435-0","url":null,"abstract":"Abstract We examine the association between financial analysts’ industrial concentration and the quality of their earnings forecasts. We find that analysts’ forecast quality, measured by forecast accuracy, forecast informativeness, and forecast timeliness, is positively associated with analysts’ industrial concentration on firm coverage, suggesting that allocation of effort and resources to the concentrated industries helps promote the quality of earnings forecasts. We also find that the positive relation of analysts’ industrial concentration with forecast accuracy and informativeness (forecast timeliness) is more (less) pronounced for firms faced with fiercer industrial product market competition, higher firm-specific risk, and/or higher information opacity. Overall, our results highlight the importance of analysts’ industrial concentration in contributing to the quality of their earnings forecasts.","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135992944","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
The effect of staggered boards on firm value during market shocks 在市场震荡中，交错董事会对公司价值的影响
Financial Markets and Portfolio Management Pub Date : 2023-10-09 DOI: 10.1007/s11408-023-00434-1
Tristan Oliver Stenzaly
{"title":"The effect of staggered boards on firm value during market shocks","authors":"Tristan Oliver Stenzaly","doi":"10.1007/s11408-023-00434-1","DOIUrl":"https://doi.org/10.1007/s11408-023-00434-1","url":null,"abstract":"Abstract This paper analyzes the effect of staggered boards on firm value during market shocks, adding to the ongoing debate regarding whether staggered boards are value-enhancing or value-destroying. To examine the relationship between staggered boards, market shocks, and firm value, this study employs several alterations of an ordinary least squares regression, controlling for various firm-level characteristics. The findings suggest no homogeneous association between staggered boards and firm value during market shocks. Instead, the effect depends on specific firm characteristics such as R&amp;D intensity, size, and S&amp;P 1500 membership. I show that especially small non-S&amp;P 1500 firms benefit from a staggered board during market shocks. The results support the theory that the effect of staggered boards is heterogeneous and that firms should therefore be allowed to decide independently whether to stagger their boards.","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135142076","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
International banking facilities and bank value 国际银行设施和银行价值
Financial Markets and Portfolio Management Pub Date : 2023-09-30 DOI: 10.1007/s11408-023-00436-z
Charles Braymen, John R. Wingender
{"title":"International banking facilities and bank value","authors":"Charles Braymen, John R. Wingender","doi":"10.1007/s11408-023-00436-z","DOIUrl":"https://doi.org/10.1007/s11408-023-00436-z","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136336288","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
The two-component Beta-t-QVAR-M-lev: a new forecasting model 双组分β -t- qvar - m -lev:一种新的预测模型
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-09-02 DOI: 10.1007/s11408-023-00431-4
M. Haddad, Szabolcs Blazsek, Philip Arestis, Franz Fuerst, Hsia Hua Sheng
{"title":"The two-component Beta-t-QVAR-M-lev: a new forecasting model","authors":"M. Haddad, Szabolcs Blazsek, Philip Arestis, Franz Fuerst, Hsia Hua Sheng","doi":"10.1007/s11408-023-00431-4","DOIUrl":"https://doi.org/10.1007/s11408-023-00431-4","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78547238","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
The predictive ability of technical trading rules: an empirical analysis of developed and emerging equity markets 技术交易规则的预测能力:对发达和新兴股票市场的实证分析
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-08-12 DOI: 10.1007/s11408-023-00433-2
Kevin Rink
{"title":"The predictive ability of technical trading rules: an empirical analysis of developed and emerging equity markets","authors":"Kevin Rink","doi":"10.1007/s11408-023-00433-2","DOIUrl":"https://doi.org/10.1007/s11408-023-00433-2","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83365873","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
Factors in Swiss franc corporate bond returns 瑞郎公司债券回报因素
IF 1.9
Financial Markets and Portfolio Management Pub Date : 2023-08-04 DOI: 10.1007/s11408-023-00432-3
Samuel Manser
{"title":"Factors in Swiss franc corporate bond returns","authors":"Samuel Manser","doi":"10.1007/s11408-023-00432-3","DOIUrl":"https://doi.org/10.1007/s11408-023-00432-3","url":null,"abstract":"","PeriodicalId":44895,"journal":{"name":"Financial Markets and Portfolio Management","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2023-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82876237","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
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