International Review of Finance最新文献

Life-cycle planning model with stochastic volatility and recursive preferences 具有随机波动和递归偏好的生命周期规划模型

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-27 DOI: 10.1111/irfi.70025

Hao Wang, Dongdong Liu, Lin Xu, Ning Wang

{"title":"Life-cycle planning model with stochastic volatility and recursive preferences","authors":"Hao Wang, Dongdong Liu, Lin Xu, Ning Wang","doi":"10.1111/irfi.70025","DOIUrl":"https://doi.org/10.1111/irfi.70025","url":null,"abstract":"This study examines the optimal investment, consumption, and life insurance choices faced by a wage earner with recursive preferences within a finite time horizon. We posit that the financial market comprises a risk-free asset and a risky asset that follows a general stochastic volatility model. The objective of the wage earner is to identify optimal investment, consumption, and life insurance strategies that maximize the expected utility of discounted intertemporal consumption, legacy wealth, and terminal wealth throughout the uncertain lifespan. Using the dynamic programming principle, we derive the Hamilton-Jacobi-Bellman (HJB) equation to describe the optimal investment–consumption–insurance strategy and its corresponding value function. By solving the HJB equations, we derive the analytical solutions for the optimal strategy and value function in the cases of the exponential-polynomial form and the Heston's stochastic volatility model. Through numerical simulations, we investigate the impact of several parameters, providing further economic insights obtained in this study.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70025","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144148258","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

Aftermarket performance of emerging growth companies: The long-term effects of the JOBS act and the role of institutional investors 新兴成长型公司的后市场表现：JOBS法案的长期影响和机构投资者的作用

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-19 DOI: 10.1111/irfi.70024

Mengxi Chen, Liang Guo, Xu Niu

引用次数: 0

Examining the impact of domestic monetary policy on foreign portfolio investment flows to India

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-14 DOI: 10.1111/irfi.70023

Virender Kumar

{"title":"Examining the impact of domestic monetary policy on foreign portfolio investment flows to India","authors":"Virender Kumar","doi":"10.1111/irfi.70023","DOIUrl":"https://doi.org/10.1111/irfi.70023","url":null,"abstract":"While the determinants of foreign portfolio investment (FPI) flows to India have been extensively analyzed, research has largely failed to document the impact and the relative importance of domestic monetary policy shock vis-à-vis other variables in causing FPI flows to India. This study adds to the literature by empirically examining the impact of the domestic monetary policy shock on FPI flows to India using the structural VAR methodology. It further disaggregates the analysis of FPI flows into portfolio equity flows (PEF) and portfolio debt flows (PDF) to investigate whether a domestic monetary policy shock affects the two flows similarly or differently. The study finds that domestic monetary policy shock (measured through shocks to interest rate differential and domestic money supply growth) significantly influences FPI flows to India, explaining about 10.1% of the total variation in these flows. The disaggregated analysis of FPI also reveals similar results for both portfolio equity flows and portfolio debt flows; however, the impact of the domestic monetary policy shock is greater on the debt component of FPI (portfolio debt flows) than on the equity component of FPI (portfolio equity flows).","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944452","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

Production promotion versus liquidity constraints: Agricultural production loans and farmers' staple crop storage behavior 生产促进与流动性约束：农业生产贷款与农民主粮储存行为

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-05 DOI: 10.1111/irfi.70020

Ziying Yang, Junjie Liu, Xinlong Tan

{"title":"Production promotion versus liquidity constraints: Agricultural production loans and farmers' staple crop storage behavior","authors":"Ziying Yang, Junjie Liu, Xinlong Tan","doi":"10.1111/irfi.70020","DOIUrl":"https://doi.org/10.1111/irfi.70020","url":null,"abstract":"Extensive research has documented the benefits of agricultural production loans, yet limited studies address the impacts of liquidity constraints during harvest season due to loan repayment obligations. This study examines how agricultural production loans influence farmers' crop storage decisions. Based on a theoretical two-period household model, we demonstrate that the net effect of such loans on grain storage behavior is ambiguous, contingent upon the relative dominance of liquidity constraint relief versus production enhancement incentives. Utilizing data from the China National Fixed-Point Survey (2004–2014), our empirical analysis using fixed-effect models corroborates the theoretical predictions. Specifically, we find that agricultural production loans negatively affect wheat storage and the storage-to-output ratio for wheat. Conversely, these loans positively correlate with storage levels and storage-to-output ratios for maize and soybeans. Additionally, our results indicate a negative impact on rice storage but no significant effect on the rice storage-to-output ratio. Further analysis reveals that, compared with wheat and rice, maize and soybeans have a higher output return of capital input. Furthermore, we find agricultural production loans raise household income and consumption.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143908867","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

The effect of corporate governance on the relationship between performance and competition 公司治理对绩效与竞争关系的影响

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-03 DOI: 10.1111/irfi.70018

Di Wu, Wayne W. Yu

{"title":"The effect of corporate governance on the relationship between performance and competition","authors":"Di Wu, Wayne W. Yu","doi":"10.1111/irfi.70018","DOIUrl":"https://doi.org/10.1111/irfi.70018","url":null,"abstract":"This paper examines the effect of corporate governance on the relationship between performance and market competition. We use changes in import tariffs as exogenous shocks to product market competition to examine how the effect of these shocks on performance varies with corporate governance. We find that elevated product market competition due to import tariff cuts results in significant performance deterioration for firms with strong corporate governance, but little effect or even a significant positive effect on performance for firms with poor governance. We further find that these effects are much stronger for nonexporting firms and small firms because they do not have the opportunity/resources to soften the impact of increased competitive pressure. Our findings suggest that elevated market competition helps to reduce managerial entrenchment/slack, which can offset the adverse effects of increased competitive pressure, especially for nonexporting firms and small firms. The findings lend support to the hypothesis that managerial slack is inversely related to industry competitive pressure and, hence, that product market competition and internal corporate governance are substitutes for each other.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143900917","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

Synergizing domain knowledge and machine learning: Intelligent early fraud detection enhanced by earnings management analysis 协同领域知识和机器学习：盈余管理分析增强的智能早期欺诈检测

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-02 DOI: 10.1111/irfi.70021

Shipei Zeng, Shan Dai

引用次数: 0

A simple model of managerial incentives with monitoring 一个管理激励与监督的简单模型

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-04-26 DOI: 10.1111/irfi.70019

Gino Loyola

引用次数: 0

Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates 全球分析师预测：来自不同来源的ESG信息和监管要求的影响

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-04-22 DOI: 10.1111/irfi.70017

Miao Yu, Ziyao San, Dan Shi, Albert Tsang

{"title":"Analyst forecasts worldwide: The impact of ESG information from diverse sources and regulatory mandates","authors":"Miao Yu, Ziyao San, Dan Shi, Albert Tsang","doi":"10.1111/irfi.70017","DOIUrl":"https://doi.org/10.1111/irfi.70017","url":null,"abstract":"In this study, we investigate the informativeness of the non-financial environmental, social, and governance (ESG) information provided by various intermediaries including firms, the media, and ESG rating agencies, to financial analysts. By analyzing cross-sectional ESG data from various sources related to 56 countries, we find that ESG information plays a crucial role in shaping analyst forecasts. More importantly, we examine the interaction between internally and externally sourced information on affecting analysts. Our results suggest that while ESG information from the media attenuates the impact of firms' ESG disclosures on reducing analysts' forecast errors and dispersion, information from ESG rating agencies increases this impact. We also find that globally implemented mandatory ESG disclosure regulations significantly increase the effect of ESG information from all three sources on analysts. In countries with a stronger stakeholder orientation, financial analysts tend to derive greater relative benefits from ESG information obtained from various sources. Overall, the findings of this study support the conclusion that both externally and internally sourced ESG information is of significant value for financial analysts, and the implementation of mandatory ESG disclosure requirements in a country increases this significance.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143857122","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

Monetary policy, stock market and inflation amid economic uncertainty: Fresh evidence from an emerging market (the Indian case) 经济不确定性下的货币政策、股市和通胀：来自新兴市场的新证据（印度案例）

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-04-14 DOI: 10.1111/irfi.70016

Asis Kumar Sahu, Byomakesh Debata, Paras Sachdeva

引用次数: 0

Insider trading footprints: An empirical look at detected cases in Australia 内幕交易足迹：对澳大利亚已发现案件的实证研究

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-04-11 DOI: 10.1111/irfi.70013

Dean Katselas, Sarah Osborne

引用次数: 0