Borsa Istanbul Review最新文献

The investment portfolio selection with a hesitant fuzzy decision-making method based on aggregation operators 基于聚合算子的犹豫模糊投资组合决策方法

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-02-09 DOI: 10.1016/j.bir.2026.100805

Murat Kirişci , Serdar Kuzu , Ali Kablan

{"title":"The investment portfolio selection with a hesitant fuzzy decision-making method based on aggregation operators","authors":"Murat Kirişci , Serdar Kuzu , Ali Kablan","doi":"10.1016/j.bir.2026.100805","DOIUrl":"10.1016/j.bir.2026.100805","url":null,"abstract":"<div><div>A vital tool for addressing the difficulties in defining an element's membership in a set when there is uncertainty about multiple discrete values in decision-making is the Hesitant Fuzzy Set, an extension of fuzzy sets. A Fermatean hesitant fuzzy set is offered to guarantee that the parameters experts apply to evaluate an alternative regarding the likelihood of membership and non-membership are relevant in this study. Problems with portfolio selection are ideally suited for multi-attribute decision-making algorithms. Within the multi-attribute decision-making paradigm, complicated subjective preferences and diversified financial indices influence investment decisions. Aggregate operators of new sets are defined to implement decision-making issues for multi-attributed groups. We looked into the main properties of the interval-valued Fermatean hesitant fuzzy sets. We compare two interval-valued variables with a new accuracy function and score function. The application of the algorithm based on an interval-valued Fermatean hesitant fuzzy set was selected for the investment portfolio selection problem. Companies in the <em>S</em>&<em>P</em> 500 were analyzed, and criteria for selecting investment portfolios were established. To be used, this data was trans-formed into interval-valued Fermatean fuzzy components. Calculations were performed to demonstrate the suitability of the suggested approach. The suggested novel approach was contrasted with earlier approaches. The suggested method's superiority and consequences were stated per the results. The study's limitations are listed.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100805"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Moral hazard in crop and livestock insurance 农作物和牲畜保险中的道德风险

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-01-08 DOI: 10.1016/j.bir.2026.100791

Ahmet Bağcı , Müşerref Küçükbayrak

引用次数: 0

The impact of US trade and fiscal policy uncertainties on G20 equity returns: A market regime and quantile-based analysis 美国贸易和财政政策不确定性对G20股票回报的影响：一个市场机制和基于分位数的分析

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-02-05 DOI: 10.1016/j.bir.2026.100804

Turgay Münyas , Rüya Kaplan Yıldırım , Gülden Kadooğlu Aydın , Ayşegül Yılmaz

{"title":"The impact of US trade and fiscal policy uncertainties on G20 equity returns: A market regime and quantile-based analysis","authors":"Turgay Münyas , Rüya Kaplan Yıldırım , Gülden Kadooğlu Aydın , Ayşegül Yılmaz","doi":"10.1016/j.bir.2026.100804","DOIUrl":"10.1016/j.bir.2026.100804","url":null,"abstract":"<div><div>When market risks and uncertainties exist, investors' returns decline, and this situation diminishes investors' risk appetite in financial markets. This study examines how the United States (U.S.) trade policy uncertainty (TPU) and fiscal policy uncertainty (FPU) affect stock market performance under different market regimes (bear, normal, and bull) and seeks to answer the questions: ‘How does uncertainty in US trade policy affect stock market performance?’ and ‘How does uncertainty in the U.S. fiscal policy affect stock market performance?’ To this end, monthly stock returns from the stock indices of selected G20 countries were analyzed using the quantile-on-quantile regression method, using data from 2000 to 2024. The findings show that TPU has a generally negative and consistent effect on the stock market but exhibits limited positive outcomes under conditions of low uncertainty and high returns; conversely, FPU has a negative effect on returns at high levels of uncertainty, particularly in bear markets, weakens positive trends in bull markets, and exhibits a directionless relationship. Alongside this, it is seen that both TPU and FPU are fundamental risk factors that alter investor behavior and global market conditions, and that emerging economies demonstrate a stronger stance against the reactions displayed.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100804"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Evidence for price discovery between carbon emission and equity markets: Evidence from time and frequency domains 碳排放和股票市场之间价格发现的证据：来自时域和频域的证据

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-03-09 DOI: 10.1016/j.bir.2026.100818

Emrah I. Cevik , Samet Gunay , Havran Dániel

引用次数: 0

Financing R&D and shaping capital structure in Türkiye 企业研发融资与资本结构塑造

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-03-31 DOI: 10.1016/j.bir.2026.100820

Vijdan Uğurluay, Jale Oran

引用次数: 0

Sustainability and profitability: The ESG impact on eurozone emission-intensive sectors 可持续性和盈利能力：ESG对欧元区排放密集型行业的影响

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-02-25 DOI: 10.1016/j.bir.2026.100807

Muhammet Atlas Dogan , Bulent Guloglu , Resul Aydemir

引用次数: 0

Unconditional and conditional heavy-tailed distributions for the returns of cryptocurrencies with a novel range exponential GARCH model 基于新型区间指数GARCH模型的加密货币收益的无条件和条件重尾分布

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-01-31 DOI: 10.1016/j.bir.2026.100803

Quang Van Tran , Peter Molnár , Ahmet Sensoy

{"title":"Unconditional and conditional heavy-tailed distributions for the returns of cryptocurrencies with a novel range exponential GARCH model","authors":"Quang Van Tran , Peter Molnár , Ahmet Sensoy","doi":"10.1016/j.bir.2026.100803","DOIUrl":"10.1016/j.bir.2026.100803","url":null,"abstract":"<div><div>This paper investigates which distribution is most appropriate for modeling the daily and hourly returns of cryptocurrencies. We study the distribution of both unconditional returns and conditional returns (innovations/residuals from a time-varying volatility model). We consider four well-known heavy-tailed distributions (Generalized Normal, Student t-, Normal Inverse Gaussian, Alpha stable) and two recently suggested distributions, and four GARCH models (plain GARCH, range GARCH, TGARCH and EGARCH). Moreover, we introduce a new GARCH model specification - a range exponential GARCH model, which combines the advantages of the RGARCH and EGARCH models. The results estimated for five cryptocurrencies (Bitcoin, Binance Coin, Ethereum, Solana, and Ripple) are unambiguous. For each cryptocurrency, the most appropriate distribution among the seven distributions included in this study is the generalized normal distribution. This conclusion holds not only for returns, but also for conditional returns (residuals from a conditional mean model in the presence of heteroscedasticity), and for all the considered volatility models. The newly introduced RE-GARCH model is superior to all other GARCH specifications for both daily and intraday hourly returns of cryptocurrencies.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100803"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Credit with a climate purpose: Does green credit policy accelerate sustainable production in BRICS? 以气候为目的的信贷：绿色信贷政策能否促进金砖国家的可持续生产？

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-03-05 DOI: 10.1016/j.bir.2026.100817

Saitao Jia , Umar Farooq , Abdulrahman Alomair , Abdullah A. Aljughaiman

{"title":"Credit with a climate purpose: Does green credit policy accelerate sustainable production in BRICS?","authors":"Saitao Jia , Umar Farooq , Abdulrahman Alomair , Abdullah A. Aljughaiman","doi":"10.1016/j.bir.2026.100817","DOIUrl":"10.1016/j.bir.2026.100817","url":null,"abstract":"<div><div>The growing global emphasis on sustainable production (SSP) and carbon reduction has intensified scrutiny of financial instruments as drivers of environmentally efficient industrial transformation. In essence, green credit policy (GCP) has emerged as a strategic mechanism for channeling capital toward low-carbon production. Therefore, this study examines its impact on SSP in Brazil, Russia, India, China, and South Africa over the period 2005–2024. The analysis captures both short- and long-run dynamics with verified robustness and causality, revealing that GCP is positively and statistically significantly associated with SSP in the long run. This finding indicates that climate-oriented financial instruments enhance carbon-efficient output through capital reallocation, technological upgrading, and institutional reinforcement. Robustness tests excluding China confirm that the findings are not driven by a single country. Overall, the results highlight the importance of integrating financial mechanisms into environmental policy design. This contributes to advancing Sustainable Development Goal (SDG) 12 by promoting cleaner and more sustainable industrial production. Policy implications suggest that governments strengthen climate-aligned credit frameworks, financial institutions expand green lending, and firms leverage green finance to accelerate low-carbon technological adoption.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100817"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

When political leaders speak, market reacts: Unveiling the dynamic nexus of media chatter and crypto movements 当政治领导人讲话时，市场就会做出反应：揭示媒体言论和加密货币运动之间的动态联系

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-01-07 DOI: 10.1016/j.bir.2026.100786

Indranil Ghosh , Esteban Alfaro-Cortés , Matías Gámez , Noelia García-Rubio

{"title":"When political leaders speak, market reacts: Unveiling the dynamic nexus of media chatter and crypto movements","authors":"Indranil Ghosh , Esteban Alfaro-Cortés , Matías Gámez , Noelia García-Rubio","doi":"10.1016/j.bir.2026.100786","DOIUrl":"10.1016/j.bir.2026.100786","url":null,"abstract":"<div><div>The speculative nature of cryptocurrencies often reflects sensitivity to political news and media buzz. This study explores the dynamic nexus between cryptocurrencies and media coverage of global political leaders. It examines the influence of media chatter about Donald Trump, Emmanuel Macron, Joe Biden, Narendra Modi, Vladimir Putin, Xi Jinping, and Volodymyr Zelenskyy on the daily closing prices of Bitcoin, Decentraland, Dogecoin, Enjin, Ether, and Tether. Based on data collected through RavenPack's media tracker, nonlinear association mining and wavelet coherence were applied to assess interlinkages. Predictive modeling with LightGBM, gradient boosting, XGBoost, and dynamic ensemble selection was used to evaluate forecast accuracy based on media and technical indicators. Explainable AI techniques helped identify the relative importance of each leader's media presence in predicting asset movements. Results show that selected cryptocurrencies are influenced by RavenPack indicators, with Bitcoin showing strong dependence on media chatter surrounding Donald Trump.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100786"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Foreign residency rights, extradition agreement and environmental decoupling: The moderating role of political connections and independent directors 外国居留权、引渡协议与环境脱钩：政治关系与独立董事的调节作用

IF 7.1 2区经济学

Borsa Istanbul Review Pub Date : 2026-05-01 Epub Date: 2026-01-23 DOI: 10.1016/j.bir.2026.100802

Umer Sahil Maqsood , Qian Li , Muhammad Waleed Younas , Hadi Hussain , R.M. Ammar Zahid

{"title":"Foreign residency rights, extradition agreement and environmental decoupling: The moderating role of political connections and independent directors","authors":"Umer Sahil Maqsood , Qian Li , Muhammad Waleed Younas , Hadi Hussain , R.M. Ammar Zahid","doi":"10.1016/j.bir.2026.100802","DOIUrl":"10.1016/j.bir.2026.100802","url":null,"abstract":"<div><div>This study investigates the impact of controlling shareholders with foreign residency rights (FRRs) on corporate environmental decoupling (ED) among Chinese A-share listed firms. The findings indicate that firms controlled by owners possessing FRRs are more likely to engage in ED, reflecting a strategic orientation toward symbolic environmental compliance while shirking substantive ecological accountability. However, this effect is attenuated for firms whose controlling owners are subject to extradition agreements between China and their host countries. Mechanism analyses reveal that these firms exhibit lower levels of sustainability reporting and reduced green innovation, both of which contribute to higher ED. Furthermore, moderating analyses show that the positive relationship between FRRs and ED is weaker in firms with political connections and in those with a higher proportion of independent directors on the board. The results remain robust after accounting for alternative variable specifications and potential endogeneity concerns.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 3","pages":"Article 100802"},"PeriodicalIF":7.1,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147807916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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