Borsa Istanbul Review最新文献_第10页

Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye 地缘政治风险与能源-股票市场关系：来自土耳其的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.10.012

Böyükaslan A. , Demirer R. , Ergüney E.B. , Gursoy S.

引用次数: 0

Carbon abatement pressure and corporate cash holdings: Evidence from China 碳减排压力与企业现金持有量：来自中国的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.11.001

Guoquan Xu , Lan Mi , Xin Li , Yan Tong

引用次数: 0

Tail-risk connectedness between sukuk and conventional bond markets and their determinants: Evidence from a country-level analysis 伊斯兰债券与传统债券市场之间的尾部风险关联性及其决定因素:来自国家层面分析的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.11.005

Syed Mabruk Billah , Burcu Kapar , M. Kabir Hassan , Luca Pezzo , Mustafa Raza Rabbani

{"title":"Tail-risk connectedness between sukuk and conventional bond markets and their determinants: Evidence from a country-level analysis","authors":"Syed Mabruk Billah , Burcu Kapar , M. Kabir Hassan , Luca Pezzo , Mustafa Raza Rabbani","doi":"10.1016/j.bir.2023.11.005","DOIUrl":"10.1016/j.bir.2023.11.005","url":null,"abstract":"<div><p>The study investigates the tail-risk spillover between the markets for sukuk and conventional bonds across fifteen countries between 2016 and 2023. First, we estimate a time varying parameter-value at risk (TVP-VAR)-based frequency connectedness model to measure the total, short-, and long-term frequency connectedness, which address the varying investment horizons of different investors. The connectedness in the sukuk market is smaller at all frequencies than in the bond market, which might offer investors better opportunities for diversification. Dynamic total connectedness fluctuates over time, which proves that connectedness is time varying and event dependent. The Covid-19 crisis and the Russia-Ukraine war are the main periods when connectedness intensified with high uncertainty. The results of this study offer insights for investors who seek diversification opportunities and policy makers especially during uncertain economic conditions.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 1","pages":"Pages 137-163"},"PeriodicalIF":5.2,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845023001461/pdfft?md5=8ac11f8b5c06ab13397d5600f85f2c78&pid=1-s2.0-S2214845023001461-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138505851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Innovating for a greener future: The role of green bonds in advancing energy innovation 为更绿色的未来而创新：绿色债券在推动能源创新方面的作用

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.10.007

Tailong Wei , Marvin White , Xu Wen

{"title":"Innovating for a greener future: The role of green bonds in advancing energy innovation","authors":"Tailong Wei , Marvin White , Xu Wen","doi":"10.1016/j.bir.2023.10.007","DOIUrl":"10.1016/j.bir.2023.10.007","url":null,"abstract":"<div><p>The rise of climate change concerns and the need to transition to a low-carbon economy has led to a surge in the issuance of green bonds and the development of energy innovation. This study explores the asymmetric green bonds-energy innovation nexus in the top ten nations that issue green bonds. Previously, panel data methods were used to obtain consistent outcomes regarding these variables despite the fact that several economies could not illustrate such a relation individually. However, this research adopts the “Quantile-on-Quantile” approach that can examine time-series dependence in every economy by offering detailed and country-specific characteristics. The outcomes revealed a positive linkage between green bonds and energy innovation in most nations at particular quantiles. Furthermore, the analysis indicates that the rank of asymmetries between the variables changes from economy to economy, punctuating the significance of policymakers monitoring modifications in green finance and energy innovation.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"24 1","pages":"Pages 35-46"},"PeriodicalIF":5.2,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S221484502300114X/pdfft?md5=2d4d051e75ff09a8a544414c7b064c95&pid=1-s2.0-S221484502300114X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135373144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Overlapping portfolio holdings and unique sources of emerging market risk 重叠的投资组合持股和独特的新兴市场风险来源

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.12.003

Aleksandr Tomtosov

引用次数: 0

Does financial liberalization spur economic growth? A meta-analysis 金融自由化能刺激经济增长吗?一个荟萃分析

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2024-01-01 DOI: 10.1016/j.bir.2023.10.015

Josef C. Brada , Ichiro Iwasaki

引用次数: 0

Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance 释放伊斯坦布尔证券交易所的盈利能力：非现金信贷和现金信贷期限细分对公司业绩的影响

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2023-12-29 DOI: 10.1016/j.bir.2023.12.008

Rumeysa Bilgin, Yusuf Dinç, Ruslan Nagayev, Ahmet Faruk Aysan

{"title":"Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance","authors":"Rumeysa Bilgin, Yusuf Dinç, Ruslan Nagayev, Ahmet Faruk Aysan","doi":"10.1016/j.bir.2023.12.008","DOIUrl":"https://doi.org/10.1016/j.bir.2023.12.008","url":null,"abstract":"<p>Companies use either internal or external sources of financing to fund their operating or capital expenditure. When internal resources prove inadequate, businesses may turn to external financing options, such as issuing debt or equity in the capital market. In bank-dominated financial markets, cash credit is the primary funding source for most companies. In addition to cash credit, banks provide noncash credit instruments, such as letters of credit and letters of guarantee for international trading activities, obtaining working capital, or supporting participation in public and private tenders, for a fee. Surprisingly, prior research has not thoroughly explored the impact of noncash credit and the maturity breakdown of cash credit on corporate financial performance. Our study fills this gap by analyzing the effects of these factors on profitability of firms traded in Borsa Istanbul. The findings reveal a significant positive impact on firms' profitability of both noncash credit and long-term cash credit, but cash credit with shorter maturity does not significantly contribute to profitability. Moreover, financial risk, cash ratio, firm size, and inflation are identified as strong drivers of firms' financial performance. These findings have important implications for firms, banks, and regulators.</p>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"27 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139071379","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

The efficiency of the new reference rate in Türkiye 土耳其新参考汇率的效率

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2023-12-29 DOI: 10.1016/j.bir.2023.12.009

Remzi Gök, Burak Pirgaip, Elie Bouri

引用次数: 0

Trading halts and the advantage of institutional investors: Historical evidence from Borsa Istanbul 停牌与机构投资者的优势：伊斯坦布尔证券交易所的历史证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2023-12-25 DOI: 10.1016/j.bir.2023.12.006

Recep Bildik

{"title":"Trading halts and the advantage of institutional investors: Historical evidence from Borsa Istanbul","authors":"Recep Bildik","doi":"10.1016/j.bir.2023.12.006","DOIUrl":"https://doi.org/10.1016/j.bir.2023.12.006","url":null,"abstract":"<p>The effects and effectiveness of trading halts remain controversial among academics and regulators. This paper provides historical evidence regarding the efficacy of trading halts from a leading emerging market with a unique microstructure, Borsa Istanbul (Istanbul Stock Exchange), by examining the return, volatility, and volume behavior around news-initiated trading halts using trade-by-trade data and 15-min intervals from January 1999–April 2003. It also investigates, for the first time, the trading behavior of different types of investors, such as individuals, mutual funds, and brokerage houses, around trading halts. Findings indicate that most of the new information is absorbed by prices within 15 min following the resumption of trading after a halt. The reaction of investors to bad news is slower and stronger than good news. Despite halts, institutional investors employ the price advantage of new information during the cessation period ahead of individual investors utilizing better timing in trading after the halts. Institutional investors systematically buy and sell at more favorable prices around halts than individual investors. Finally, overall evidence suggests that trading halts are effective in the dissemination of valuable information and play an important role in enhancing the efficiency of the price discovery mechanism.</p>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"20 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2023-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139054774","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

Immigrants and natives’ financial decision making: Evidence from Syrian refugees in Türkiye 移民和本地人的财务决策：来自土耳其叙利亚难民的证据

IF 5.2 2区经济学

Borsa Istanbul Review Pub Date : 2023-12-21 DOI: 10.1016/j.bir.2023.12.005

Yaşar Ersan, Güzhan Gülay, Abdullah Selim Öztek

{"title":"Immigrants and natives’ financial decision making: Evidence from Syrian refugees in Türkiye","authors":"Yaşar Ersan, Güzhan Gülay, Abdullah Selim Öztek","doi":"10.1016/j.bir.2023.12.005","DOIUrl":"https://doi.org/10.1016/j.bir.2023.12.005","url":null,"abstract":"<p>This study investigates the causal effects of Syrian migrants on the financial behavior of natives in Türkiye. Utilizing comprehensive administrative data, we employ a two-stage least square (2 S LS) estimation technique that isolates causal effects by exploiting substantial exogenous variation in the share of migrants relative to natives, arising from the geographical proximity to Syrian governorates of a specific province. Results indicate that immigrants have no significant overall effects on the financial decisions of natives. We find no conclusive evidence that migrant influx promotes overall stock market participation at both extensive and intensive margins. Moreover, our investigation reveals a minimal variation in direct stock ownership or the wealth invested in stocks due to migrants. We observe neither economically nor statistically significant effects on the share of natives holding bonds or funds. Additionally, no discernible impact of migrants on the wealth per capita invested in bonds, funds, and the overall stock market emerges. However, we find limited evidence suggesting that migrants contribute to an increase in the share of wealth invested in stocks, albeit with a corresponding decrease in the share of wealth allocated to funds. Lastly, we explore potential heterogeneity in the effects of immigrants by gender, but our findings reveal no significant variation by gender.</p>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"37 1","pages":""},"PeriodicalIF":5.2,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138826202","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