Borsa Istanbul Review最新文献_第4页

Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle 石油冲击与美国工业中高时刻信息的传播：来自不对称难题的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.07.005

Muhammad Abubakr Naeem, Raazia Gul, A. Aysan, U. Kayani

引用次数: 0

Crash risk and conservatism: Evidence from Borsa Istanbul 崩盘风险与保守主义：伊斯坦布尔证券交易所的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.010

Tuba Toksoz

{"title":"Crash risk and conservatism: Evidence from Borsa Istanbul","authors":"Tuba Toksoz","doi":"10.1016/j.bir.2024.04.010","DOIUrl":"10.1016/j.bir.2024.04.010","url":null,"abstract":"<div><p>This study assesses the relationship between the likelihood of future stock price crashes and conservatism—an accounting characteristic that leads to the undervaluation of accounting net assets relative to economic net assets. This undervaluation is achieved by less stringent verification criteria in acknowledging losses compared with gains, resulting in more timely recognition of economic losses. Utilizing a sample of firms traded on Borsa Istanbul from 2009 to 2019, this study reveals that firms with a greater degree of conservatism witness a significant reduction in crash risk after accounting for firm-specific determinants of crash risk along with firm and year fixed effects. This result corroborates the findings in the literature on conservatism, revealing that conservatism diminishes the ability of managers to withhold unfavorable information. In addition, the results are economically meaningful and hold after a set of tests to assess robustness. The findings are particularly relevant for underperforming firms, indicating that an increase in adverse information enhances the motivation for firms to obscure and delay sharing the information. Further analysis demonstrates that accounting conservatism offers advantages by mitigating future crash risk, especially for firms with high intangible intensity.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000735/pdfft?md5=f7c03d84adf336981f8497812f367ee0&pid=1-s2.0-S2214845024000735-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140784504","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

Assessing the influence of climate risk, carbon allowances, and technological factors on the ESG market in the European union 评估气候风险、碳配额和技术因素对欧盟环境、社会和公司治理市场的影响

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.013

Ugur Korkut Pata , Kamel Si Mohammed , Vanessa Serret , Mustafa Tevfik Kartal

{"title":"Assessing the influence of climate risk, carbon allowances, and technological factors on the ESG market in the European union","authors":"Ugur Korkut Pata , Kamel Si Mohammed , Vanessa Serret , Mustafa Tevfik Kartal","doi":"10.1016/j.bir.2024.04.013","DOIUrl":"10.1016/j.bir.2024.04.013","url":null,"abstract":"<div><p>Environmental, Social, and Governance (ESG) is a market for environmental criteria that has recently attracted the attention of policymakers and in particular European Union (EU) countries to improve environmental quality. In the context of the EU Sustainable Development Goals, this study aims to examine the impact of climate risk uncertainties (transitional (TRI) and physical (PRI)), carbon allowances (EU ETS), and technology index (MSCI) on the ESG market. To this end, the study uses a quantile-on-quantile regression and its multivariate version for the period from November 28, 2007, to January 05, 2023. The results show that TRI and PRI increase ESG market development at higher quantiles, while EU ETS and technological progress reduce ESG progress. This shows that the risk of climate change requires the introduction of stricter environmental standards in EU countries, while the EU ETS and technological progress provide environmental benefits that reduce the need for the ESG market.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000760/pdfft?md5=e7586551584290076fdb3a79f3cb19e6&pid=1-s2.0-S2214845024000760-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141062761","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

On the quadratic variation in limit order markets 关于限价订单市场的二次变化

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.004

Sudhanshu Pani PhD

{"title":"On the quadratic variation in limit order markets","authors":"Sudhanshu Pani PhD","doi":"10.1016/j.bir.2024.04.004","DOIUrl":"10.1016/j.bir.2024.04.004","url":null,"abstract":"<div><p>This paper explores the quadratic variation (QV) as an alternative measure to the bid-ask spread in limit order markets when observed at high resolution. Although the spread cannot be precisely estimated because of microstructure noise, the QV of the price series, consisting of the transaction prices and midquotes (an expanded filtration of transaction prices), in limit order markets is an important property of high-frequency datasets. An empirical examination of a sample of stocks from the NASDAQ 100 is used to estimate and examine the QV. The examination is done at high resolution (subsecond timescale). The QV of our sample best fits a log-normal distribution with higher skewness. The QV of trades (29.73E–05) is distant from the QV measured with pretrade and posttrade price series, as they are characterized by a high range in QV. Similarly, the QV is generally lower with pretrades than posttrades. Using a high resolution, the revealed state of the limit order book presents a solution that reduced the impact cost of trading. The QV is higher with the limit order book (68.5E–05) than with trades. A measure called the limit-to-market order signal shows a consistent pattern of decline in stocks with increasing activity. The limit-to-market signal ranged from an average of 3.55 in the first quartile of stocks based on messages to 1.84 in the third quartile. This signal decreases because of a relatively larger decline in uncertainty in QV using the limit order book.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000577/pdfft?md5=670f8ae01c138bf34f941688ed6b4620&pid=1-s2.0-S2214845024000577-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140806097","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

Uncertainty in banking and trade credit of firms 银行和企业贸易信贷的不确定性

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.014

Japan Huynh

引用次数: 0

Performance assessment of participation banks based on Maqasid al-Shari'ah framework: Evidence from Türkiye 基于 Maqasid al-Shari'ah 框架的参与银行绩效评估：土耳其的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.011

H. Şaduman Okumuş

引用次数: 0

ESG rating uncertainty and institutional investment—evidence from China 环境、社会和治理评级的不确定性与机构投资--来自中国的证据

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.07.001

Miao Zeng, Xiaoyu Zhu, Xin Deng, Jiang Du

引用次数: 0

Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability 分析生态友好型债券对经济增长和环境可持续性的影响

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.003

Ujkan Q. Bajra , Niklas Wagner

{"title":"Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability","authors":"Ujkan Q. Bajra , Niklas Wagner","doi":"10.1016/j.bir.2024.04.003","DOIUrl":"10.1016/j.bir.2024.04.003","url":null,"abstract":"<div><p>In recent decades, a noticeable uptick has been seen in the issuing of eco-friendly bonds across green, social, and sustainable categories. The study examines their intersection with economic expansion and sustainability using panel data from 82 countries analyzed through robust fixed-effects estimators. The results reveal a significant positive correlation between the issuing of eco-friendly bonds and economic growth. Interestingly, a negative relationship emerges between bond performance and growth, suggesting that the mere issuing of bonds may not be enough to ensure sustainable economic expansion. The importance of refined valuation methods for these bonds is emphasized, along with the risk of economic imbalance caused by the uneven distribution of bond investments across sectors, akin to the \"Dutch disease.\" The need to align investment strategies with both economic and environmental objectives to address challenges like persistent carbon emissions is also stressed. The authors advocate the integrating of considerations of bond issuance and performance into long-term sustainability strategies. Despite holding potential for positive environmental impact, eco-friendly bonds may not consistently drive economic growth as initially anticipated, particularly when balancing the development and carbon-reduction objectives.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000565/pdfft?md5=7ade5d13f2e7a288380d1b10e9bef87d&pid=1-s2.0-S2214845024000565-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140629617","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

Does digital technology enhance the global value chain position? 数字技术能否提升全球价值链地位？

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.016

Zhenghui Li , Qinyang Lai , Jiajia He

{"title":"Does digital technology enhance the global value chain position?","authors":"Zhenghui Li , Qinyang Lai , Jiajia He","doi":"10.1016/j.bir.2024.04.016","DOIUrl":"10.1016/j.bir.2024.04.016","url":null,"abstract":"<div><p>Embedding new technology creates opportunities and challenges for the global value chain (GVC). Using country-level panel data from 59 economies in 2007–2018, we construct a fixed-effects model to investigate the relationship between digital technology and the GVC position. Moreover, we examine how digital technology affects the GVC position with a mediating model and consider the heterogeneity of this impact on GVC status. The main findings reveal a U-shaped relationship between digital technology and the GVC position, which means that, during the catch-up stage of digital technology, negative effects on input demand chains lead to a decline in GVC status, whereas, at a mature phase of technological development, positive effects on output supply chains enhance the GVC position. The impact of digital technology on the ascent in GVC status is mediated by productivity. Moreover, we analyze the different impacts of trade openness and economic development levels. Our findings suggest that countries with lower levels of economic development and high trade openness reach a U-shaped inflection point, accelerating their progression in the global value chain.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000796/pdfft?md5=3347a801134605b38e17d0e1870cfe8a&pid=1-s2.0-S2214845024000796-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140934192","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

Idiosyncratic risk and market volatility: Threat or opportunity for returns? A study of Borsa Istanbul stocks 非同步风险和市场波动：收益的威胁还是机遇？伊斯坦布尔证券交易所股票研究

IF 6.3 2区经济学

Borsa Istanbul Review Pub Date : 2024-07-01 DOI: 10.1016/j.bir.2024.04.001

Salih Çam , Önder Uzkaralar , Metin Borak

{"title":"Idiosyncratic risk and market volatility: Threat or opportunity for returns? A study of Borsa Istanbul stocks","authors":"Salih Çam , Önder Uzkaralar , Metin Borak","doi":"10.1016/j.bir.2024.04.001","DOIUrl":"10.1016/j.bir.2024.04.001","url":null,"abstract":"<div><p>This study investigates the relationship between idiosyncratic risk, market volatility, and stock returns for companies traded on the Borsa Istanbul. The analysis calculates idiosyncratic risk and market volatility and estimates the coefficients using cross-sectional and panel data approaches. The GARCH and EGARCH models are used to calculate market volatility, while idiosyncratic risk is measured using the Capital Asset Pricing Model, and three-factor, four-factor, and five-factor models. We run the Fama-MacBeth regression to investigate the cross-sectional relationship between idiosyncratic risk, market volatility, and stock returns and the Arellano-Bover/Blundell-Bond panel regression technique to unveil firm-specific effects. The estimated coefficients demonstrate a positive relationship between idiosyncratic risk and stock returns and a negative relationship between market volatility and stock returns. Furthermore, the findings suggest that larger firm size, higher trading volume, higher market returns, and higher book-to-market ratios have positive effects, while beta and corporate governance indices have negative effects on returns.</p></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S2214845024000541/pdfft?md5=94a5f000b4088ec7143fa569ebe9b088&pid=1-s2.0-S2214845024000541-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140777840","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