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How Important Is the Home Market for Cross-Listed Biotech Companies? 国内市场对交叉上市的生物技术公司有多重要？
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-18 DOI: 10.1111/infi.70015
Theodore Panagiotidis, Pavlos Tsiokas
{"title":"How Important Is the Home Market for Cross-Listed Biotech Companies?","authors":"Theodore Panagiotidis,&nbsp;Pavlos Tsiokas","doi":"10.1111/infi.70015","DOIUrl":"https://doi.org/10.1111/infi.70015","url":null,"abstract":"<p>This study investigates five German biotechnology firms cross-listed on XETRA and NASDAQ. By employing high-frequency data, we estimate both bivariate and trivariate vector error correction models—the latter explicitly accounting for exchange rate dynamics—to assess which market, domestic or U.S., leads in price discovery. The results suggest that XETRA plays a dominant role for larger firms, whereas smaller firms are more influenced by NASDAQ. Simulations show that bivariate models—common in the literature—yield biased results under volatile exchange rate conditions, whereas trivariate models produce more robust estimates. Finally, exchange rate shocks affect NASDAQ and XETRA differently.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"92-109"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686156","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Analyst Coverage and Commonality in Liquidity: International Evidence 分析师覆盖率和流动性的共性：国际证据
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2026-01-04 DOI: 10.1111/infi.70018
Nguyen Tram Anh Tran, Van Ha Nguyen, Bao Ngoc Dinh
{"title":"Analyst Coverage and Commonality in Liquidity: International Evidence","authors":"Nguyen Tram Anh Tran,&nbsp;Van Ha Nguyen,&nbsp;Bao Ngoc Dinh","doi":"10.1111/infi.70018","DOIUrl":"https://doi.org/10.1111/infi.70018","url":null,"abstract":"<div>\u0000 \u0000 <p>This research investigates the relationship between analyst coverage and liquidity commonality, as well as whether country-level institutional environments affect this relationship. Our empirical analysis is based on an international sample of publicly-listed firms from 53 countries over the period of 2000–2019. Amihud's (2002) daily illiquidity measure is employed as a proxy for stock liquidity, whereas the stock's liquidity commonality is calculated by using the <i>R</i><sup>2</sup> obtained from the regression of the daily change in individual stock liquidity on the daily change in the market's liquidity. We find that analyst coverage is negatively related to the stock's liquidity commonality. Importantly, our further analysis indicates that the negative association between analyst coverage and liquidity commonality is more (less) pronounced in countries exhibiting weaker (stronger) institutional characteristics. Our results remain unchanged when employing the alternative proxy of stock liquidity, different methods to control for endogeneity problems and across subsamples. Our study is one of the first to provide cross-country evidence on the effect of analyst coverage on commonality in liquidity. As such, our study highlights the important role played by analyst coverage in improving firm information environment in international equity markets.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"167-185"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
Measuring U.S. Core Inflation: The Stress Test of COVID-19 衡量美国核心通胀：COVID-19的压力测试
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-08 DOI: 10.1111/infi.70011
Laurence Ball, Daniel Leigh, Prachi Mishra, Antonio Spilimbergo
{"title":"Measuring U.S. Core Inflation: The Stress Test of COVID-19","authors":"Laurence Ball,&nbsp;Daniel Leigh,&nbsp;Prachi Mishra,&nbsp;Antonio Spilimbergo","doi":"10.1111/infi.70011","DOIUrl":"https://doi.org/10.1111/infi.70011","url":null,"abstract":"<div>\u0000 \u0000 <p>Large price changes in industries affected by the COVID-19 crisis caused erratic fluctuations in the U.S. headline inflation rate. This paper compares alternative approaches to filtering out the transitory effects of these industry price changes and measuring the underlying or core level of inflation over 2020–2021, the height of the pandemic. The Federal Reserve's preferred measure of core, the inflation rate excluding food and energy prices, performed poorly over that period: it was almost as volatile as headline inflation. Measures of core that exclude a fixed set of additional industries, such as the Atlanta Fed's sticky-price inflation rate, were less volatile, but the least volatile were measures that filter out large price changes in any industry, such as the Cleveland Fed's median inflation rate and the Dallas Fed's trimmed mean inflation rate. These core measures followed smooth paths, drifting down when the economy was weak in 2020 and then rising as the economy rebounded.</p></div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"44-56"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147685950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
Global Versus Domestic Supply Chain Disruptions: Implications for Inflation and Economic Confidence 全球与国内供应链中断：对通胀和经济信心的影响
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-22 DOI: 10.1111/infi.70017
Hakan Yilmazkuday
{"title":"Global Versus Domestic Supply Chain Disruptions: Implications for Inflation and Economic Confidence","authors":"Hakan Yilmazkuday","doi":"10.1111/infi.70017","DOIUrl":"https://doi.org/10.1111/infi.70017","url":null,"abstract":"<div>\u0000 \u0000 <p>This article investigates the effects of global and domestic supply chain disruptions on inflation and economic confidence in seven major economies. Using a structural vector autoregression model on monthly data from 2010 to 2024, the analysis controls for global oil prices, shadow policy rates and nominal effective exchange rates. The results demonstrate that supply chain disruptions significantly increase inflation in developed economies, with global shocks having a dominant influence over domestic ones. Quantitatively, supply chain disruptions explain about 55% and 51% of inflation volatility in the United States and Spain, respectively. Supply chain disruptions also significantly reduce consumer confidence globally and depress business confidence in the United States, the United Kingdom and Spain. These findings hold robust across alternative identification strategies and model specifications. The analysis highlights distinct cross-country heterogeneity, notably sensitivity of the United States to domestic bottlenecks and exposure of France to oil price shocks, suggesting that policy responses must be structurally tailored.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"135-148"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686321","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
Content: International Finance 29/1 内容：《国际金融》29/1
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 DOI: 10.1111/infi.70032
{"title":"Content: International Finance 29/1","authors":"","doi":"10.1111/infi.70032","DOIUrl":"https://doi.org/10.1111/infi.70032","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70032","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147685963","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary Policy in the Open Economy With Digital Currencies 开放经济中的货币政策与数字货币
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-15 DOI: 10.1111/infi.70010
Pietro Cova, Alessandro Notarpietro, Patrizio Pagano, Massimiliano Pisani
{"title":"Monetary Policy in the Open Economy With Digital Currencies","authors":"Pietro Cova,&nbsp;Alessandro Notarpietro,&nbsp;Patrizio Pagano,&nbsp;Massimiliano Pisani","doi":"10.1111/infi.70010","DOIUrl":"https://doi.org/10.1111/infi.70010","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the transmission of monetary policy within a two-country New Keynesian model, accounting for both traditional cash and digital currencies, including a global stablecoin and a central bank digital currency, which are treated as imperfect substitutes. Our analysis reveals that if the global stablecoin assumes a significant role as a means of payment, the macroeconomic effects of a monetary policy shock may vary, potentially resulting in outcomes that can be either smaller or larger than those observed in an economy primarily reliant on cash. This result hinges on the response to the shock of the assets backing the supply of the stablecoin. The benchmark monetary transmission can be substantially restored if either the stablecoin is fully backed by cash or the central bank digital currency is a relevant means of payment.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"79-91"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
Linkage Between Electoral Cycle and the Discouragement of African Firms in the Credit Market 选举周期与非洲企业在信贷市场受挫之间的联系
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-09 DOI: 10.1111/infi.70013
Cherif Abdramane, Simplice A. Asongu
{"title":"Linkage Between Electoral Cycle and the Discouragement of African Firms in the Credit Market","authors":"Cherif Abdramane,&nbsp;Simplice A. Asongu","doi":"10.1111/infi.70013","DOIUrl":"https://doi.org/10.1111/infi.70013","url":null,"abstract":"<p>This article analyzes the linkage between the electoral cycle and the discouragement of SMEs in the credit market of 14 African countries. It focuses on 12,145 firms over the period 2006–2020. The results obtained from Probit estimates show elections are negatively linked with the discouragement of firms in the credit market. Firms are less discouraged from asking for credit during the electoral period. The negative relationship begins during the pre-election year and continues into the post-election year. Results are robust to the use of alternative measures of discouragement and the employment of sophisticated econometric techniques. When within-African heterogeneity in terms of firm size is taken into account, large firms have a relatively higher probability than small firms of requesting credit during the election year as well as during pre-election years. Small firms have a relatively higher probability than medium firms of requesting credit during post-election years. Implications are discussed.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"57-78"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Societal Trust Influence Corporate Debt Maturity? International Evidence 社会信任是否影响公司债务期限？国际证据
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2026-01-12 DOI: 10.1111/infi.70021
Ying-Chieh Wang, Zhi-Yuan Feng, Yu-Te Lien, Sharon. S. Yang
{"title":"Does Societal Trust Influence Corporate Debt Maturity? International Evidence","authors":"Ying-Chieh Wang,&nbsp;Zhi-Yuan Feng,&nbsp;Yu-Te Lien,&nbsp;Sharon. S. Yang","doi":"10.1111/infi.70021","DOIUrl":"https://doi.org/10.1111/infi.70021","url":null,"abstract":"<div>\u0000 \u0000 <p>This article analyses data from 26 countries to examine the effects of societal trust levels on corporate debt maturity. Empirical evidence shows that companies operating in countries with higher societal trust exhibit longer debt maturities. The study also investigates the moderating role of investor protection on the relationship between societal trust and debt maturity, particularly focusing on the effectiveness of legal institutions, legal strength, and political stability. The results reveal that firms in countries with stronger investor protections experience a more pronounced positive impact of societal trust on debt maturity. Additionally, the study addresses potential endogeneity issues, firm fixed effects, and self-selection biases to ensure that the results are consistent and reliable.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"186-204"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147685981","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
Fiscal Opacity and Lack of Consensus in Expectations for External Sector Variables 财政不透明与对外部门变量预期缺乏共识
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-22 DOI: 10.1111/infi.70016
Gabriel Caldas Montes, Helder Ferreira de Mendonça, Matheus Rosa Ribeiro
{"title":"Fiscal Opacity and Lack of Consensus in Expectations for External Sector Variables","authors":"Gabriel Caldas Montes,&nbsp;Helder Ferreira de Mendonça,&nbsp;Matheus Rosa Ribeiro","doi":"10.1111/infi.70016","DOIUrl":"https://doi.org/10.1111/infi.70016","url":null,"abstract":"<p>Fiscal transparency is essential for the expectations formation process, as governmental fiscal opacity often leads to forecast errors due to insufficient information. This study examines the relationship between fiscal unpredictability, particularly related to the primary budget, and the lack of consensus in expectations for external sector variables in Brazil. Specifically, based on several regression models considering different expectations horizons, we investigate whether fiscal opacity generates a lack of consensus in expectations for the trade balance, foreign direct investment and exchange rate. Additionally, we propose a composite indicator for the lack of consensus in external sector expectations derived from principal component analysis of related variables. The findings indicate that fiscal opacity increases the lack of consensus in expectations for the external sector. In brief, our results highlight the need for greater fiscal transparency to reduce uncertainty and improve consensus in economic expectations, particularly in expectations for external sector variables.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"110-134"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.70016","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area 非常规货币政策对欧元区零售存贷款利率的影响
IF 1.5 4区 经济学
International Finance Pub Date : 2026-04-08 Epub Date: 2025-12-03 DOI: 10.1111/infi.70012
Boris Hofmann, Anamaria Illes, Marco Lombardi, Paul Mizen
{"title":"The Impact of Unconventional Monetary Policies on Retail Lending and Deposit Rates in the Euro Area","authors":"Boris Hofmann,&nbsp;Anamaria Illes,&nbsp;Marco Lombardi,&nbsp;Paul Mizen","doi":"10.1111/infi.70012","DOIUrl":"https://doi.org/10.1111/infi.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the overall effect of the European Central Bank's (ECB's) unconventional monetary policies (UMPs) implemented since 2008 on euro area bank retail lending and deposit rates offered to households and nonfinancial corporations. To do so, we use an analytical approach that combines the estimation of the cumulative effects of UMP on key determinants of bank funding costs through daily event study analysis, together with a monthly estimation of the pass-through to retail rates. In counterfactual simulations, we quantify the full effect of the ECB's UMPs implemented since 2008 on retail lending and deposit rates and systematically explore differences in their effects over time and across euro area countries (France, Germany, Italy and Spain). Our results show that the ECB's UMPs—particularly the measures launched since 2012—significantly lowered retail lending and deposit rates in Germany, France, Spain and in particular in Italy.</p>\u0000 </div>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"29 1","pages":"29-43"},"PeriodicalIF":1.5,"publicationDate":"2026-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 0
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