发布求助
文献互助 智能选刊 最新文献

International Review of Finance最新文献

筛选
英文 中文
Climate risks and forecastability of the weekly state-level economic conditions of the United States 气候风险和美国每周州一级经济状况的可预测性
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-08-13 DOI: 10.1111/irfi.12431
Oguzhan Cepni, Rangan Gupta, Wenting Liao, Jun Ma
{"title":"Climate risks and forecastability of the weekly state-level economic conditions of the United States","authors":"Oguzhan Cepni,&nbsp;Rangan Gupta,&nbsp;Wenting Liao,&nbsp;Jun Ma","doi":"10.1111/irfi.12431","DOIUrl":"10.1111/irfi.12431","url":null,"abstract":"<p>In this paper, we first utilize a dynamic factor model with stochastic volatility (DFM-SV) to filter out the national factor from the local components of weekly state-level economic conditions indexes of the United States (US) over the period of April 1987 to August 2021. In the second step, we forecast the state-level factors in a panel data set-up based on the information content of corresponding state-level climate risks, as proxied by changes in temperature and its SV. The forecasting experiment depicts statistically significant evidence of out-of-sample predictability over a one-month- to one-year-ahead horizon, with stronger forecasting gains derived for states that do not believe that climate change is happening and are Republican. We also find evidence of national climate risks in accurately forecasting the national factor of economic conditions. Our analyses have important policy implications from a regional perspective.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 1","pages":"154-162"},"PeriodicalIF":1.7,"publicationDate":"2023-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43185348","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
A novel approach to portfolio selection using news volume and sentiment 一种利用新闻量和情绪进行投资组合选择的新方法
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-08-08 DOI: 10.1111/irfi.12427
Kin-Yip Ho, Kun Tracy Wang, Wanbin Walter Wang
{"title":"A novel approach to portfolio selection using news volume and sentiment","authors":"Kin-Yip Ho,&nbsp;Kun Tracy Wang,&nbsp;Wanbin Walter Wang","doi":"10.1111/irfi.12427","DOIUrl":"10.1111/irfi.12427","url":null,"abstract":"<p>In this study, we develop a novel approach to portfolio diversification by integrating information on news volume and sentiment with the <i>k</i>-nearest neighbors (kNN) algorithm. Our empirical analysis indicates that high news volume contributes to portfolio risk, whereas news sentiment contributes to portfolio return. Based on these findings, we propose a kNN algorithm for portfolio selection. Our in-sample and out-of-sample tests suggest that the proposed kNN portfolio selection approach outperforms the benchmark index portfolio. Overall, we show that incorporating news volume and sentiment into portfolio selection can enhance portfolio performance by improving returns and reducing risk.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"903-917"},"PeriodicalIF":1.7,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12427","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46539186","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
Do academic directors matter? Evidence from Taiwan equity market 学术负责人重要吗？台湾股市证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-08-07 DOI: 10.1111/irfi.12428
Tai-Hsi Wu, Mei-Chen Lin, Pei-Ju Lucy Ting, Jyun Yan Huang
{"title":"Do academic directors matter? Evidence from Taiwan equity market","authors":"Tai-Hsi Wu,&nbsp;Mei-Chen Lin,&nbsp;Pei-Ju Lucy Ting,&nbsp;Jyun Yan Huang","doi":"10.1111/irfi.12428","DOIUrl":"10.1111/irfi.12428","url":null,"abstract":"<p>In this study, we investigate the impact of academic directors on a firm's performance and decisions in the Taiwan equity market. We find that firms with more independent directors and board size are more likely to appoint academic directors, and academic directors can improve firm performance. The presence of academic directors positively affects firm performance through channels like more capital expenditure and larger R&amp;D expenses. Academic directors with finance and technology backgrounds positively correlate with both Tobin's Q and ROA. Moreover, the appropriate match of expertise between firms and their academic directors contributes to a better performance. However, corporations with academic directors have a higher compensation gap between top managers and employees.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 1","pages":"4-29"},"PeriodicalIF":1.7,"publicationDate":"2023-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41462314","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 annual report quality on the relationship between institutional blockholder monitoring and firm's information environment 企业年度报告质量对制度块持有人监控与企业信息环境关系的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-08-02 DOI: 10.1111/irfi.12430
Chune Young Chung, Amirhossein Fard, Hong Kee Sul
{"title":"The effect of corporate annual report quality on the relationship between institutional blockholder monitoring and firm's information environment","authors":"Chune Young Chung,&nbsp;Amirhossein Fard,&nbsp;Hong Kee Sul","doi":"10.1111/irfi.12430","DOIUrl":"10.1111/irfi.12430","url":null,"abstract":"<p>Expanding on current research, this study finds that firms with better financial report readability demonstrate a stronger relationship between institutional blockholder monitoring and information asymmetry. This result supports our hypothesis that enhanced readability improves firm information and aids the institutional investor monitoring of firms, reducing information asymmetry. By demonstrating that readability amplifies the marginal effect of institutional blockholder monitoring, we highlight the significance and policy implications of better corporate disclosure readability.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 1","pages":"139-153"},"PeriodicalIF":1.7,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46690773","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 cross-predictability of industry returns in international financial markets 国际金融市场中行业回报的交叉可预测性
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-25 DOI: 10.1111/irfi.12426
Xin Wang, Haofei Zhang
{"title":"The cross-predictability of industry returns in international financial markets","authors":"Xin Wang,&nbsp;Haofei Zhang","doi":"10.1111/irfi.12426","DOIUrl":"10.1111/irfi.12426","url":null,"abstract":"<p>This article finds evidence of return cross-predictability among trading partners in international financial markets. We show that the predictability of international customers dominates the predictability of domestic customers, and the predictability of international intra-industry customers dominates the predictability of international inter-industry customers. This return cross-predictability decreases with two country characteristics: financial sophistication and size.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"859-885"},"PeriodicalIF":1.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43858411","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
Topic tones of analyst reports and stock returns: A deep learning approach 分析报告和股票回报的主题语调:一种深度学习方法
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-25 DOI: 10.1111/irfi.12425
Hitoshi Iwasaki, Ying Chen, Jun Tu
{"title":"Topic tones of analyst reports and stock returns: A deep learning approach","authors":"Hitoshi Iwasaki,&nbsp;Ying Chen,&nbsp;Jun Tu","doi":"10.1111/irfi.12425","DOIUrl":"https://doi.org/10.1111/irfi.12425","url":null,"abstract":"<p>We present a novel approach that analyzes topics and tones of analyst reports using a deep neural network in a supervised learning approach. By letting trained classifiers evaluate topics and tones of the reports, we find that incorporation of topic tones significantly enhances the accuracy of predicting cumulative abnormal returns, increasing adjusted <math>\u0000 <mrow>\u0000 <mspace></mspace>\u0000 <msup>\u0000 <mi>R</mi>\u0000 <mn>2</mn>\u0000 </msup>\u0000 </mrow></math> from 6.1% without considering textual information to 17.9% with detailed topic tones. This improvement is primarily driven by the inclusion of opinion and corporate fact type of topics. Our findings highlight importance of topic assessment to make the most use of analyst reports for informed investment decisions.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"831-858"},"PeriodicalIF":1.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12425","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138473393","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 contribution of macroprudential policies to banks' resilience: Lessons from the systemic crises and the COVID-19 pandemic shock 宏观审慎政策对银行韧性的贡献:系统性危机和COVID - 19大流行冲击的教训
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-15 DOI: 10.1111/irfi.12424
Tiago F. A. Matos, João C. A. Teixeira, Tiago M. Dutra
{"title":"The contribution of macroprudential policies to banks' resilience: Lessons from the systemic crises and the COVID-19 pandemic shock","authors":"Tiago F. A. Matos,&nbsp;João C. A. Teixeira,&nbsp;Tiago M. Dutra","doi":"10.1111/irfi.12424","DOIUrl":"10.1111/irfi.12424","url":null,"abstract":"<p>This study examines the effectiveness of macroprudential policies in reducing the banks' risk during the COVID-19 pandemic and compares these results with the systemic banking crises years. Based on a sample of 624 banks across 40 countries during the period 2006–2020, we find that loosening capital-aimed macroprudential policies effectively reduced banks' risk during the COVID-19 pandemic, while this behavior led to increased risk during the systemic crises years. In contrast, tightening the remaining macroprudential policies during the systemic crises years and during the pandemic proved effective in reducing banks' risk. Furthermore, we show that the magnitude of the impact of macroprudential policies was stronger during the systemic crisis than that during the pandemic. Finally, we show that the results are driven by the capital requirement prudential policy, both during the systemic crisis and the COVID-19 pandemic, although the conservation buffer and the leverage limit also contributes to the ineffectiveness of these policies during the COVID-19 pandemic. The banks' leverage and loan growth also play an enhancing role of the effects of the macroprudential policies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"794-830"},"PeriodicalIF":1.7,"publicationDate":"2023-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41258526","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: 1
Political institutions and corporate risk-taking: International evidence 政治制度与企业风险承担:国际证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-03 DOI: 10.1111/irfi.12423
Helen X. H. Bao, Rohan Cardoza
{"title":"Political institutions and corporate risk-taking: International evidence","authors":"Helen X. H. Bao,&nbsp;Rohan Cardoza","doi":"10.1111/irfi.12423","DOIUrl":"https://doi.org/10.1111/irfi.12423","url":null,"abstract":"<p>Tapping into firm-level accounting data across 90 countries over a 26-year period, we find that sound political institutions are positively associated with corporate risk-taking. This result is economically significant, robust to alternative proxies for corporate risk-taking and political institutions, and continues to hold after mitigating endogeneity concerns of political institutions. We also collect evidence that sound political institutions may compensate for weak legal institutions in inducing corporate risk-taking. We argue that sound political institutions improve the investment environment for firms and can induce higher levels of corporate risk-taking, which is ultimately associated with economic growth.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"777-793"},"PeriodicalIF":1.7,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12423","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138473437","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
Accumulating human capital: Corporate innovation and firm value 人力资本积累:企业创新与企业价值
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-06-07 DOI: 10.1111/irfi.12422
Xun Wang, Jingwen Yu
{"title":"Accumulating human capital: Corporate innovation and firm value","authors":"Xun Wang,&nbsp;Jingwen Yu","doi":"10.1111/irfi.12422","DOIUrl":"10.1111/irfi.12422","url":null,"abstract":"<p>We empirically document that industries that are more R&amp;D intensive exhibit disproportionately greater innovation quantity and better innovation quality in economies with more human capital. Firm-level evidence confirms that innovation is an important channel through which firm responds to labor market conditions. Further analyses show that in economies with greater human capital, firms better able to innovate exhibit larger increase in labor productivity and capital–labor ratio, an effect driven by deceases in employment and increase in intangible capital investment. By facilitating the adjustment in input mix and capital structure, human capital accumulation allows firms with high innovation ability to enhance firm equity value and improve firm performance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"750-776"},"PeriodicalIF":1.7,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48783501","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: 2
Local green finance policies and corporate ESG performance 地方绿色金融政策与企业ESG绩效
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-05-22 DOI: 10.1111/irfi.12417
Qihang Xue, Huimin Wang, Caiquan Bai
{"title":"Local green finance policies and corporate ESG performance","authors":"Qihang Xue,&nbsp;Huimin Wang,&nbsp;Caiquan Bai","doi":"10.1111/irfi.12417","DOIUrl":"10.1111/irfi.12417","url":null,"abstract":"<p>Based on China's government-business relations theory, we use difference-in-differences and causal forest to find that local green finance policies can significantly enhance corporate ESG performance especially for nonstate-owned companies, companies with high levels of executive social capital, non-heavily polluting companies, and companies in developed regions. We also find that the corporate financing constraint mitigation effect and the regional environmental regulation effect of local green finance policies are important mechanisms for promoting corporate ESG performance. Additionally, local green finance policies can strengthen the positive role of corporate ESG performance in enhancing corporate value, which is conducive to corporate sustainability.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"721-749"},"PeriodicalIF":1.7,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45110004","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: 6
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信