International Journal of Financial Studies最新文献_第6页

Decision Rules for Corporate Investment 企业投资决策规则

IF 2.3

International Journal of Financial Studies Pub Date : 2024-03-04 DOI: 10.3390/ijfs12010024

Reinier de Adelhart Toorop, Dirk Schoenmaker, Willem Schramade

引用次数: 0

Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression 利用深度学习和线性回归预测医疗保健共同基金的表现

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-29 DOI: 10.3390/ijfs12010023

Anuwat Boonprasope, Korrakot Yaibuathet Tippayawong

{"title":"Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression","authors":"Anuwat Boonprasope, Korrakot Yaibuathet Tippayawong","doi":"10.3390/ijfs12010023","DOIUrl":"https://doi.org/10.3390/ijfs12010023","url":null,"abstract":"Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant on historical trading data, limiting predictive accuracy and scope. This study aims to overcome these constraints by integrating a diverse set of twelve external factors spanning economic, industrial, and company-specific domains to enhance predictive models. Employing Long Short-Term Memory (LSTM) and Multiple Linear Regression (MLR) techniques, the study evaluates the effectiveness of this multifaceted approach. Results indicate that incorporating various influencing factors beyond historical data significantly improves price prediction accuracy. Moreover, the utilization of LSTM alongside this comprehensive dataset yields comparable predictive outcomes to those obtained solely from historical data. Thus, this study highlights the potential of leveraging diverse external factors for more robust forecasting of mutual fund prices within the healthcare sector.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"135 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140007144","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

Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market 重新审视股利政策对公司业绩和价值的影响：韩国市场的经验证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-28 DOI: 10.3390/ijfs12010022

Okechukwu Enyeribe Njoku, Younghwan Lee

{"title":"Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market","authors":"Okechukwu Enyeribe Njoku, Younghwan Lee","doi":"10.3390/ijfs12010022","DOIUrl":"https://doi.org/10.3390/ijfs12010022","url":null,"abstract":"This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"17 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140007134","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

Assessing Energy Mutual Funds: Performance, Risks, and Managerial Skills 评估能源共同基金：绩效、风险和管理技能

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-26 DOI: 10.3390/ijfs12010020

Davinder Malhotra, Srinivas Nippani

引用次数: 0

The Use of Economic Indicators as Early Signals of Stock Market Progress: Perspectives from Market Potential Index 使用经济指标作为股市进展的早期信号：来自市场潜力指数的观点

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-26 DOI: 10.3390/ijfs12010021

Tarek Eldomiaty, Islam Azzam, Mostafa Fouad, Yasmeen Said

{"title":"The Use of Economic Indicators as Early Signals of Stock Market Progress: Perspectives from Market Potential Index","authors":"Tarek Eldomiaty, Islam Azzam, Mostafa Fouad, Yasmeen Said","doi":"10.3390/ijfs12010021","DOIUrl":"https://doi.org/10.3390/ijfs12010021","url":null,"abstract":"The progress of financial markets depends on the way world investors foresee the market potential of the country of choice. Countries that are associated with favorable economic incentives are able to motivate investments in their respective stock markets. The objective of this paper is to examine the role of the many economic components which constitute the Market Potential Index in enhancing stock market progress. The methodology goes through testing and estimation. The tests include linearity versus nonlinearity (RESET), normality, and cointegration. The estimation includes cointegration regression and discriminant analysis to distinguish between high and low stock market progress. This study examines unbalanced panel data that covers the years 1996–2022 for 54 countries where a stock market exists. The results show the following: (a) increases in people’s expenditure result in decreases in consumption of investment in financial securities; (b) the investments in infrastructure technology is positively associated with stock market progress; (c) the positive effect of economic freedom indicates that further adaptive trading regulations are beneficial to stock market progress; (d) increases in imports consume large proportions of people’s income, coming at the expense of investment in financial securities; (e) stock markets that are associated with high country risk are characterized by a positive risk–return tradeoff, i.e., a high risk premium; (f) the stock markets listed in the MPI can reach high progress by improving three indicators, namely commercial infrastructure, market receptivity, and country risk. This paper offers a thorough and unique examination of the institutional arrangements and stock market progress. The paper offers a guide to policy makers about how economic institutional arrangements can be promoted in order to reach high stock market progress.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"10 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139979773","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

Synthetic Central Bank Digital Currencies and Systemic Liquidity Risks 合成中央银行数字货币与系统性流动性风险

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-18 DOI: 10.3390/ijfs12010019

John E. Marthinsen, Steven R. Gordon

{"title":"Synthetic Central Bank Digital Currencies and Systemic Liquidity Risks","authors":"John E. Marthinsen, Steven R. Gordon","doi":"10.3390/ijfs12010019","DOIUrl":"https://doi.org/10.3390/ijfs12010019","url":null,"abstract":"The failure of major banks in 2023, such as Silicon Valley Bank (SVB), Signature Bank, First Republic Bank, and Credit Suisse, points to the continuing need for financial institutions to price liquidity risk properly and for financial systems to find alternative sources of liquidity in times of dire need. Central bank digital currencies (CBDCs), fiat-backed stablecoins (fsCOINs), and synthetic central bank digital currencies (sCBDCs) could offer improvements, but each comes with its own set of problems and conditions. Prior research reaches conflicting conclusions about the effect that each of these three financial assets has on systemic bank liquidity and fails to adequately address their net benefits relative to each other. This paper addresses these issues, including those connected to financial disintermediation, bank runs, outsourcing central bank activities, financial interoperability, cash equivalents, maturity transformation, required reserves, and changes in nations’ monetary bases. After addressing the strengths and weaknesses of fsCOINs and CBDCs, we conclude that sCBDCs provide the most significant net liquidity benefits when risks and returns are considered.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"8 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139904074","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 Dynamics of Profitability–Liquidity Relations in Crisis, Pre-Crisis and Post-Crisis 探索危机中、危机前和危机后盈利能力与流动性关系的动态变化

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-10 DOI: 10.3390/ijfs12010016

Piotr Ratajczak, Dawid Szutowski, Jarosław Nowicki

{"title":"Exploring the Dynamics of Profitability–Liquidity Relations in Crisis, Pre-Crisis and Post-Crisis","authors":"Piotr Ratajczak, Dawid Szutowski, Jarosław Nowicki","doi":"10.3390/ijfs12010016","DOIUrl":"https://doi.org/10.3390/ijfs12010016","url":null,"abstract":"The aim of this study is to verify the stability of the profitability–liquidity relationship over time, as well as to determine this relationship in terms of its level and structure. In this context, three main research questions were formulated. First, is the profitability–liquidity relationship stable in times of crisis? Second, what is the profitability of companies with high and low liquidity? Third, what is the liquidity of companies with high and low profitability? This study uses a self-organizing map (SOM), a data visualization technique that is a type of artificial neural network trained in an unsupervised manner. A dataset covering the period from 2019 to 2021, consisting of 300 Polish companies from the wholesale and retail sectors, was used. The main results of this study indicate that: (1) companies with a balanced profitability–liquidity relationship in the pre-crisis period (2019) maintained this relationship in the crisis (2020) and post-crisis periods (2021); (2) companies in the clusters with the relatively highest and lowest profitability have the relatively lowest and moderate liquidity both before and after the crisis period; (3) the majority of companies during non-crisis periods demonstrate that profitability is not reliant on liquidity, suggesting an absence of a clear relationship; (4) in the post-crisis period, companies with the relatively lowest operating cash flow margin (OCFM) exhibited the relatively highest net profit margin (NPM) and other profitability ratios, as opposed to the pre-crisis and crisis periods. This study fills the gap resulting from the incomplete—most of all static—understanding of the relationship between profitability and liquidity. Moreover, this study employs a self-organizing map (SOM) which has not been used in the literature regarding the research area undertaken.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"171 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139762150","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

Velocity of Money and Productivity Growth: Explaining the 2% Inflation Target in the U.S. (1959–2007) 货币速度与生产力增长：解释美国 2% 的通胀目标（1959-2007 年）

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-08 DOI: 10.3390/ijfs12010015

Christophe Faugere

引用次数: 0

Impact of the COVID-19 Market Turmoil on Investor Behavior: A Panel VAR Study of Bank Stocks in Borsa Istanbul COVID-19 市场动荡对投资者行为的影响：伊斯坦布尔证券交易所银行股面板 VAR 研究

IF 2.3

International Journal of Financial Studies Pub Date : 2024-02-04 DOI: 10.3390/ijfs12010014

Cumhur Ekinci, Oğuz Ersan

引用次数: 0

Board Structure, CEO Equity-Based Compensation, and Financial Performance: Evidence from MENA Countries 董事会结构、CEO 股权薪酬与财务业绩：中东和北非国家的证据

IF 2.3

International Journal of Financial Studies Pub Date : 2024-01-31 DOI: 10.3390/ijfs12010013

Abdullah A. Aljughaiman, Abdulateif A. Almulhim, Abdulaziz S. Al Naim

{"title":"Board Structure, CEO Equity-Based Compensation, and Financial Performance: Evidence from MENA Countries","authors":"Abdullah A. Aljughaiman, Abdulateif A. Almulhim, Abdulaziz S. Al Naim","doi":"10.3390/ijfs12010013","DOIUrl":"https://doi.org/10.3390/ijfs12010013","url":null,"abstract":"This paper investigates the association between board of director (BOD) structures and CEO equity-based compensation (long-term incentive) for commercial banks (conventional and Islamic banks) in MENA countries. Specifically, we take board size and board independence to measure the board structure. Furthermore, we investigate the influence of board structure on the association between CEO equity-based compensation and financial performance. Moreover, we compare conventional and Islamic banks in testing these relationships. Using a sample of 65 banks in MENA countries for the period between 2009 and 2020, we show a significant positive association between board size and CEO compensation. However, we find the same association between these variables for IBs, but the effect of board size on CEO compensation is less. We also show that board independence is negatively correlated with CEO compensation. Nevertheless, the relationship between board independence and CEO ownership is positive for IBs. For the moderating test, we find that effective board structure provides more incentives to the CEO, leading them to achieve higher financial performance. The Islamic bank’s business model (based on Shari’ah principles) contributes to the different influences of board structure on CEO compensation. Our results provide the insight that a strong and effective board is important for managing the executive’s compensation system. The findings of this study have implications for financial firms, policymakers, and regulators. Specifically, the study may help in understanding the benefits of different compensation structures relative to different types of financial firms.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":"31 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139644639","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