Borsa Istanbul Review最新文献_第2页

Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia 气候变化治理、伊斯兰教法治理质量和融资减排：来自东南亚和西亚伊斯兰银行的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-04-01 DOI: 10.1016/j.bir.2025.03.011

Saheed Olanrewaju Issa , Abdulkadri Toyin Alabi , Abdulbaki Teniola Ubandawaki

引用次数: 0

Assessing financial convergence in developing countries: The case of D-8 countries 评估发展中国家的金融趋同：D-8国家的案例

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-29 DOI: 10.1016/j.bir.2025.03.009

Mervan Selcuk , Mehmet Asutay

{"title":"Assessing financial convergence in developing countries: The case of D-8 countries","authors":"Mervan Selcuk , Mehmet Asutay","doi":"10.1016/j.bir.2025.03.009","DOIUrl":"10.1016/j.bir.2025.03.009","url":null,"abstract":"<div><div>The European Union's regional integration serves as a model for blocs such as the D-8 Organisation for Economic Cooperation, which aims to enhance financial and economic integration. This study employs wavelet coherence analysis to examine the interrelations between exchange rates, bond yields, stock exchanges, the VIX, and oil prices in D-8 countries, utilizing daily data from 2010 to 2025 to assess financial convergence. The findings reveal dynamic and heterogeneous financial relationships. Türkiye, Indonesia, and Malaysia exhibit medium-term synchronisation between exchange rates and bond yields, while Bangladesh and Nigeria show inverse relationships. Stock markets also display varied interactions, with Indonesia and Malaysia demonstrating persistent negative correlations, while Türkiye shifts from synchronisation to an inverse relationship. More open economies, like Türkiye and Malaysia, demonstrate stronger coherence with global volatility (VIX), whereas controlled economies, such as Iran, show weaker responses. Although mid-to-long-term coherence suggests progress towards financial convergence, differences in market openness and policies hinder full integration. Policymakers should prioritize coordinating exchange rates, ensuring financial transparency, and harmonising regulations to strengthen stability in D-8 economies. Proactive risk management and regional policy coordination can mitigate the effects of global volatility. Enhancing financial linkages through cross-border investments and regional agreements will improve resilience and speed up convergence.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 709-721"},"PeriodicalIF":6.3,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480226","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

Financing or taxation? Assessing the effectiveness of carbon emissions reduction programs 融资还是税收？评估碳减排计划的有效性

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-27 DOI: 10.1016/j.bir.2025.03.005

Ufuk Can , Zeynep Gizem Can

引用次数: 0

Financial development and energy security risk: Do human capital and institutional quality make a difference? 金融发展和能源安全风险：人力资本和制度质量有影响吗？

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-25 DOI: 10.1016/j.bir.2025.03.007

Aiman Javed , Li Yong , Junaid Ashraf

引用次数: 0

Derivatives holdings and bank systemic risk: Cross-country evidence 衍生品持有与银行系统性风险：跨国证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-22 DOI: 10.1016/j.bir.2025.03.006

Yu Wang , Gaoya Song , Yiming Lu

{"title":"Derivatives holdings and bank systemic risk: Cross-country evidence","authors":"Yu Wang , Gaoya Song , Yiming Lu","doi":"10.1016/j.bir.2025.03.006","DOIUrl":"10.1016/j.bir.2025.03.006","url":null,"abstract":"<div><div>In this paper, we analyse data from 493 listed banks across 28 countries to investigate the impact and mechanisms through which banks' derivatives holdings influence systemic risk. Our empirical results indicate that banks' derivatives holdings significantly increase systemic risk. Regarding the underlying mechanisms, we find that derivatives holdings increase systemic risk by increasing asset risk, leverage risk, and operational risk. After conducting a series of robustness checks, our findings remain consistent. Heterogeneity analysis reveals that the effect of banks' derivatives holdings on systemic risk is particularly pronounced during periods of economic downturns and accommodative monetary policy. Furthermore, this influence is especially significant when banks exhibit higher leverage and lower liquidity. We also examine the differential impacts of various types of derivatives holdings on systemic risk. Our research enriches the understanding of the driving factors and transmission channels of systemic risk, assisting regulatory agencies in better identifying and addressing the systemic risk associated with derivatives holdings.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 681-691"},"PeriodicalIF":6.3,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480223","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

Time-frequency connectedness between climate exchange-traded funds and climate policy uncertainty 气候交易所交易基金与气候政策不确定性之间的时频关联性

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-14 DOI: 10.1016/j.bir.2025.03.003

Mohammad Enamul Hoque , Lain-Tze Tee , Md Akther Uddin , Si-Roei Kew , Faik Bilgili

{"title":"Time-frequency connectedness between climate exchange-traded funds and climate policy uncertainty","authors":"Mohammad Enamul Hoque , Lain-Tze Tee , Md Akther Uddin , Si-Roei Kew , Faik Bilgili","doi":"10.1016/j.bir.2025.03.003","DOIUrl":"10.1016/j.bir.2025.03.003","url":null,"abstract":"<div><div>Global warming pressures legislators to alter climate policies to steer the world economy on a path with a net zero carbon footprint. This study examines the returns and volatility connectedness and the spillover of climate exchange-traded funds with climate policy uncertainty in the time-frequency domains. This research explores the influence of investors’ attention to climate change and uncertainty factors. The results reveal that climate policy uncertainty and exchange-traded funds share high returns and volatility connectedness across time, in which short-term connectivity dominates long-term connectivity. The results across the different frequencies indicate that climate attention, global carbon emission futures, oil market uncertainty, global economic policy, geopolitical risk, and global financial stress play an important role in the connectedness between climate policy uncertainty and climate exchange-traded funds. The empirical findings can help green investors choose the best exchange-traded funds depending on their investment horizon.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 661-680"},"PeriodicalIF":6.3,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480222","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

Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors 波动性资产的连通性和投资策略：加密货币和新兴市场部门的DCC-GARCH R2分析

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-13 DOI: 10.1016/j.bir.2025.03.004

Adnan Aslam, Rayenda Khresna Brahmana

{"title":"Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors","authors":"Adnan Aslam, Rayenda Khresna Brahmana","doi":"10.1016/j.bir.2025.03.004","DOIUrl":"10.1016/j.bir.2025.03.004","url":null,"abstract":"<div><div>This study investigates the return propagation dynamics between cryptocurrencies and emerging market sectoral indices (EMSI), focusing on portfolio impact from Bitcoin, Ethereum, and two gold-backed cryptocurrencies (PAXG and X8X). Using data from 2019 to 2024, we apply a novel DCC-GARCH-based R<sup>2</sup> decomposed connectedness approach to analyse return connectedness among these high-risk assets. We also utilize innovative concepts such as minimum dynamic pairwise connectedness and minimum R<sup>2</sup> decomposed connectedness portfolios in our multivariate hedging portfolios. Our findings reveal that total connectedness is time-variant and influenced by economic events. Bitcoin and Ethereum are identified as net transmitters of shocks, while other assets, particularly gold-backed cryptocurrencies, serve as net shock receivers with minimal impact. Moreover, few EMSIs (financials, industrials, and materials sectors) show significant connectedness in the system. Although our suggested portfolio analysis offers improved returns, none consistently outperform the market. This research offers valuable insights for investors and policymakers regarding the interconnectedness and risk management of cryptocurrencies and EMSI.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 4","pages":"Pages 649-660"},"PeriodicalIF":6.3,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144480221","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

Steadfast in crisis: Can Islamic finance enhance Cameroonian SMEs’ resilience strategies against the COVID-19 pandemic and the Russia/Ukraine war? 在危机中坚定不移：伊斯兰金融能否增强喀麦隆中小企业应对2019冠状病毒病大流行和俄罗斯/乌克兰战争的韧性战略？

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-10 DOI: 10.1016/j.bir.2025.03.002

Ali Haruna , Wissal Sahel , Muhamadu Awal Kindzeka Wirajing , Poutong Rais Herman

引用次数: 0

Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises 规范CEO薪酬：中国国有企业不当行为的补救措施

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-08 DOI: 10.1016/j.bir.2025.03.001

Umer Sahil Maqsood , Qian Li , Hadi Hussain , Murtaza Hussain , R.M. Ammar Zahid

{"title":"Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises","authors":"Umer Sahil Maqsood , Qian Li , Hadi Hussain , Murtaza Hussain , R.M. Ammar Zahid","doi":"10.1016/j.bir.2025.03.001","DOIUrl":"10.1016/j.bir.2025.03.001","url":null,"abstract":"<div><div>The growing compensation disparity between CEOs and employees has become a global concern, underscoring the need for regulatory measures to ensure fair and equitable remuneration practices. Drawing insights from China's government regulation of CEO compensation (GRCC) for state-owned enterprises (SOEs), this study investigates the impact of GRCC on fraudulent activities within SOEs. Using data from China's A-share listed firms between 2010 and 2022 and applying logit regression models within a difference-in-difference framework, our empirical findings show a significant reduction in fraud following the implementation of GRCC. Additionally, the effect of GRCC is more pronounced in local SOEs compared to their central counterparts. Channel analysis reveals that GRCC promotes CEO political promotion, improves the quality of internal controls, and alleviates financial constraints within firms, which collectively reduce fraudulent activities. The results remain robust across various endogeneity tests, parallel trend assumptions, propensity score matching, placebo tests and alternative variable measurements.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 3","pages":"Pages 617-632"},"PeriodicalIF":6.3,"publicationDate":"2025-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143860093","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 benefits of sectoral diversification for investors with different risk perceptions 行业多元化对风险认知不同的投资者的好处

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2025-03-02 DOI: 10.1016/j.bir.2025.02.008

Serdar Yaman , Mert Baran Tuncel

引用次数: 0