发布求助
文献互助 智能选刊 最新文献

Borsa Istanbul Review最新文献

筛选
英文 中文
Biodiversity risk and firms’ green investment: Evidence from China 生物多样性风险与企业绿色投资：来自中国的证据
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.026
Gang Wang
{"title":"Biodiversity risk and firms’ green investment: Evidence from China","authors":"Gang Wang","doi":"10.1016/j.bir.2025.10.026","DOIUrl":"10.1016/j.bir.2025.10.026","url":null,"abstract":"<div><div>Amid growing global concerns over biodiversity risk and its financial implications, understanding how firms strategically respond to biodiversity risk has become a critical issue in sustainable finance. This study seeks to answer the research question: Does rising biodiversity risk stimulate or deter firms’ green investment? This is one of the first papers to examine firms’ green investment decisions during biodiversity risk exposure, using Chinese listed firms’ data from 2011 to 2023. Employing a fixed-effect model, we find that firms exposed to biodiversity risk increase their green investment by approximately 60.640 %, compared to firms not exposed to such risk. Furthermore, moderating effect analysis indicates that managerial shareholdings and corporate ESG performance can enhance the positive effect of biodiversity risk on firms’ green investment. Additionally, heterogeneity analysis reveals that this positive effect is more pronounced in SOEs and pollution-intensive industries. Overall, we provide empirical support for the strategic growth option theory, suggesting that firms follow a preemptive strategy during ecological risk exposure.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100753"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015774","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 impact of currency market shocks on global bond fund returns and volatility 外汇市场冲击对全球债券基金收益及波动率的影响
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-29 DOI: 10.1016/j.bir.2025.10.025
Zheng Lü , Rim El Khoury , Zhuhua Jiang , Oguzhan Ozcelebi , Seong-Min Yoon
{"title":"The impact of currency market shocks on global bond fund returns and volatility","authors":"Zheng Lü ,&nbsp;Rim El Khoury ,&nbsp;Zhuhua Jiang ,&nbsp;Oguzhan Ozcelebi ,&nbsp;Seong-Min Yoon","doi":"10.1016/j.bir.2025.10.025","DOIUrl":"10.1016/j.bir.2025.10.025","url":null,"abstract":"<div><div>This study employs advanced econometric models—TVP-SV-VAR, BEKK-MGARCH, DCC)-MGARCH, and WQR models—to analyse the exchange rate sensitivity of global bond ETFs. It examines four major funds (BNDX, TPINX, MGBIX, and FGBFX) with differing exposures to Samurai, Yankee, and Bulldog bonds. The results show that exchange rate shocks (YEN/USD, GBP/USD, and BTC/USD) unevenly affect ETF returns and volatility across funds and time horizons. Bitcoin-related spillovers are strongest for MGBIX and FGBFX, which are more exposed to riskier emerging market bonds. TPINX and FGBFX offer limited Bitcoin volatility hedging. While conditional hedging exists, global bond ETFs primarily serve as diversifiers rather than as consistent hedges. WQR reveals fund-specific behaviour, such as BNDX hedging GBP/USD and TPINX acting as a temporary safe haven for YEN/USD during stress. Overall, hedging effectiveness varies by fund, bond exposure, and macrofinancial conditions; however, diversification plays a dominant role.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100752"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015722","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 impact of government accounting supervision on insider trading in China 中国政府会计监管对内幕交易的影响
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.bir.2025.100764
Lin Zhang , Fan Yong
{"title":"The impact of government accounting supervision on insider trading in China","authors":"Lin Zhang ,&nbsp;Fan Yong","doi":"10.1016/j.bir.2025.100764","DOIUrl":"10.1016/j.bir.2025.100764","url":null,"abstract":"<div><div>This study examines how government accounting supervision influences insider trading in Chinese firms. Using data from 2007 to 2024 and a staggered difference-in-differences model, we find that accounting supervision significantly restrains insider trading, particularly insiders’ net-selling tendency. Government inspections also create strong spillover effects, discouraging insider trading even in firms not directly inspected. Mechanism analysis shows that shorter disclosure lags and higher reputational stress are key channels. The deterrent effect is stronger in non-state-owned enterprises, among top executives, and in capital-intensive industries. Overall, the results demonstrate that government accounting supervision functions as an effective external governance tool and provide policy guidance for enhancing market oversight.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100764"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015765","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
A financial anomaly 金融异常
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-29 DOI: 10.1016/j.bir.2025.10.024
Guillermo Peña
{"title":"A financial anomaly","authors":"Guillermo Peña","doi":"10.1016/j.bir.2025.10.024","DOIUrl":"10.1016/j.bir.2025.10.024","url":null,"abstract":"<div><div>A new measure denominated ‘Financial Anomaly Index’ (FAI) is proposed, showing the anomalies of recent past years in the financial sector mainly due to unconventional monetary policies. The present paper provides evidence that, when applying the proposed index, there is a negative association between FAI and inflation in the short run. The null hypothesis that no variable <em>Granger-causes</em> the other is rejected. Different techniques are used, including a recent panel data test. A robustness check using a <em>System Generalized Method of Moments</em> (GMM) is provided with a sample of 216 countries for 1960–2021.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100751"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015723","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 role of valuation report contents in shaping Post-IPO share price performance 估值报告内容对ipo后股价表现的影响
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.bir.2025.100766
Selahattin Çağatay Öztürk , Güven Sayilgan
{"title":"The role of valuation report contents in shaping Post-IPO share price performance","authors":"Selahattin Çağatay Öztürk ,&nbsp;Güven Sayilgan","doi":"10.1016/j.bir.2025.100766","DOIUrl":"10.1016/j.bir.2025.100766","url":null,"abstract":"<div><div>This study explores the effect of information associated with valuation reports before initial public offerings (IPOs) on post-IPO share price performance. Our results provide valuable insights for Türkiye as well as other emerging markets around the world. In addition, the comprehensive data and broad scope of information obtained from the pre-IPO valuation reports amplify the significance of our findings. We conduct a content analysis on 113 valuation reports, developing indexes for each report. Using regression analysis, we examine the impact of these indexes on post-IPO share price performance. Our results reveal the presence of abnormal returns in IPOs, which is consistent the findings in prior literature. Equally important, providing extensive information in valuation reports tends to reduce abnormal returns, whereas increasing the information associated with financials and valuation positively influences these returns. One significant finding is that analyst reputation substantially affects post-IPO share price performance.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100766"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015764","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
Global risk factors and the time-varying connectedness between clean and dirty cryptocurrencies 全球风险因素以及清洁和肮脏加密货币之间的时变联系
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.bir.2025.10.020
Ramazan Yildirim , Alam Asadov , Chaker Aloui , Sami Mejri
{"title":"Global risk factors and the time-varying connectedness between clean and dirty cryptocurrencies","authors":"Ramazan Yildirim ,&nbsp;Alam Asadov ,&nbsp;Chaker Aloui ,&nbsp;Sami Mejri","doi":"10.1016/j.bir.2025.10.020","DOIUrl":"10.1016/j.bir.2025.10.020","url":null,"abstract":"<div><div>This study investigates how global risk factors shape the dynamic connectedness between clean and dirty cryptocurrencies. Using daily data from November 2017 to October 2024, we construct equally and value-weighted clean-dirty correlation indexes and examine their relationship with four key stressors: economic policy uncertainty (EPU), geopolitical risk (GPR), financial market volatility (VIX), and environmental risk, proxied by the Air Quality Index (AQI). Employing a three-method framework, Multivariate Generalized Autoregressive Conditional Heteroskedasticity-Dynamic Conditional Correlation (MGARCH-DCC) for time-varying correlations, Time-Varying Parameter Vector Autoregression (TVP-VAR) for directional connectedness, and quantile-on-quantile regression for tail dependence, we reveal that correlations between clean and dirty cryptocurrencies are generally positive but have sharp fluctuations during systemic crises. VIX and GPR emerge as the dominant shock transmitters, whereas EPU plays a limited role, and AQI has asymmetric effects. These findings show that comovement between clean and dirty cryptocurrencies is regime dependent and highly sensitive to external shocks.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100747"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015771","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
Jeonse-as-a-sukuk: Why is Korea a hidden champion of Islamic finance? △为什么韩国是伊斯兰金融的隐形冠军？
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-06 DOI: 10.1016/j.bir.2025.100767
Hyoung-Goo Kang , Mehmet Huseyin Bilgin , Koeung Park , Doojin Ryu
{"title":"Jeonse-as-a-sukuk: Why is Korea a hidden champion of Islamic finance?","authors":"Hyoung-Goo Kang ,&nbsp;Mehmet Huseyin Bilgin ,&nbsp;Koeung Park ,&nbsp;Doojin Ryu","doi":"10.1016/j.bir.2025.100767","DOIUrl":"10.1016/j.bir.2025.100767","url":null,"abstract":"<div><div>This study examines Korea's <em>jeonse</em> (key money or lump-sum deposit) system using the framework of sukuk (Islamic financial certificates), highlighting their shared characteristics as asset-backed financial instruments. Despite having origins in different cultural and legal contexts, both systems have fundamental similarities in their approach to property rights, the structure of ownership, and risk distribution. By examining how <em>jeonse</em> can be interpreted and adapted as a sharia-compliant financial instrument, we contribute to the literature on cross-cultural financial innovation. Our analyses provide insights into alternative housing finance models that combine conventional and Islamic financial principles, fostering opportunities for global financial collaboration.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100767"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015766","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
Financial inclusion and household debt: Evidence from low-income and lower-middle-income countries 普惠金融与家庭债务：来自低收入和中低收入国家的证据
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-10-25 DOI: 10.1016/j.bir.2025.10.029
Pınar Sezer, Dilek Başar, Selcen Öztürk
{"title":"Financial inclusion and household debt: Evidence from low-income and lower-middle-income countries","authors":"Pınar Sezer,&nbsp;Dilek Başar,&nbsp;Selcen Öztürk","doi":"10.1016/j.bir.2025.10.029","DOIUrl":"10.1016/j.bir.2025.10.029","url":null,"abstract":"<div><div>This study examines the relation between financial inclusion (FI) and individual debt in low- and lower-middle-income countries, focusing on whether increased access to financial services promotes borrowing. Although FI is often advocated for enhancing economic opportunities, its implications for debt accumulation remain underexplored, particularly in developing economies. Using categorical and binary indicators of FI, the analysis reveals a nonlinear relation between FI and individual debt, highlighting a threshold beyond which increased access correlates with higher borrowing. The empirical analysis is based on probit regression, complemented by a least absolute shrinkage and selection operator (LASSO)-logit model to ensure robustness. The LASSO-logit approach confirms the primary findings and improves model parsimony by selecting the most relevant predictors of borrowing. Results emphasize the dual-edged nature of FI and the need for a nuanced, context-specific policy design to prevent over-indebtedness in financially underserved populations.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100756"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015773","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
Impact of exchange volatility on private- sector credit access in sub-Saharan African 汇率波动对撒哈拉以南非洲私营部门信贷获取的影响
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-11-03 DOI: 10.1016/j.bir.2025.10.031
Temesgen Woldamanuel Wajebo, Alemayehu Geda
{"title":"Impact of exchange volatility on private- sector credit access in sub-Saharan African","authors":"Temesgen Woldamanuel Wajebo,&nbsp;Alemayehu Geda","doi":"10.1016/j.bir.2025.10.031","DOIUrl":"10.1016/j.bir.2025.10.031","url":null,"abstract":"<div><div>This study investigates the impact of exchange rate volatility on private sector credit supply in Sub-Saharan Africa (SSA). Employing a two-step System Generalized Method of Moments (GMM) estimator on an unbalanced panel spanning 2003–2021, the analysis addresses endogeneity concerns and dynamic panel biases. The results reveal that exchange rate volatility significantly and negatively affects domestic credit to the private sector. This finding underscores the destabilizing role of exchange rate volatility, as heightened volatility amplifies uncertainty and risk, prompting financial institutions to adopt more conservative lending strategies. In conclusion, expanding private sector credit supply in the context of high exchange rate volatility necessitates a combination of sound macroeconomic management, targeted structural reforms, and institutional strengthening to foster a resilient financial system.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100758"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015724","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
Corrigendum to “Why companies go public and private: The case of Türkiye” [Borsa Istanbul Review 25 (2025) 1208–1220 / 6] “为什么公司要上市和私有化：以<s:1> rkiye为例”的勘误表[Borsa Istanbul Review 25 (2025) 1208-1220 / 6]
IF 7.1 2区 经济学
Borsa Istanbul Review Pub Date : 2026-01-01 Epub Date: 2025-12-16 DOI: 10.1016/j.bir.2025.100779
S. Burcu Avci
{"title":"Corrigendum to “Why companies go public and private: The case of Türkiye” [Borsa Istanbul Review 25 (2025) 1208–1220 / 6]","authors":"S. Burcu Avci","doi":"10.1016/j.bir.2025.100779","DOIUrl":"10.1016/j.bir.2025.100779","url":null,"abstract":"","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"26 1","pages":"Article 100779"},"PeriodicalIF":7.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015768","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
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：604180095
Book学术官方微信
小红书