Global Finance Journal最新文献

Pyramidal structure, vertical interlock, and corporate innovation

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-11-23 DOI: 10.1016/j.gfj.2024.101065

Shaohua Tian , Lewis H.K. Tam

引用次数: 0

Inhabiting influence of digital finance on stock price synchronicity

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-11-21 DOI: 10.1016/j.gfj.2024.101057

Muhammad Ayaz , Zaheer Anwer , M. Kabir Hassan , Xu Xiaoyang

引用次数: 0

Business group heterogeneity and firm outcomes: Evidence from Korean chaebols 企业集团异质性与公司业绩：韩国企业集团的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.gfj.2024.101056

Romain Ducret, Dušan Isakov

引用次数: 0

Under the microscope: Trade initiation activities around earnings and takeover announcements in a market with continuous disclosure 显微镜下：持续披露市场中围绕盈利和收购公告的交易启动活动

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-11-08 DOI: 10.1016/j.gfj.2024.101054

Priyantha Mudalige , Petko S. Kalev

引用次数: 0

Stock, foreign exchange and commodity markets linkages: Implications for risk diversification and portfolio management 股票、外汇和商品市场的联系：对风险分散和投资组合管理的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-11-02 DOI: 10.1016/j.gfj.2024.101053

Jorge A. Muñoz Mendoza , Carmen L. Veloso Ramos , Carlos L. Delgado Fuentealba , Edinson E. Cornejo Saavedra , Sandra M. Sepúlveda Yelpo

引用次数: 0

Value of climate change news: A textual analysis 气候变化新闻的价值：文本分析

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-10-28 DOI: 10.1016/j.gfj.2024.101052

Mohammad R. Allahdadi, Torun Fretheim, Kjetil Vindedal

{"title":"Value of climate change news: A textual analysis","authors":"Mohammad R. Allahdadi, Torun Fretheim, Kjetil Vindedal","doi":"10.1016/j.gfj.2024.101052","DOIUrl":"10.1016/j.gfj.2024.101052","url":null,"abstract":"<div><div>There is a growing consensus that climate change poses a financial material risk to investors. In the face of escalating climate change risks, investors are seeking strategies to safeguard their portfolios. Building on a growing literature that combines textual analysis and dynamic hedging approach, we propose a method to construct portfolios of publicly traded assets that dynamically hedge climate change risk in the Norwegian stock market.</div><div>As climate risk is not directly observable, we apply Latent Dirichlet Allocation to extract news on climate change from more than 400,000 articles published in the Norwegian newspaper <em>Dagens Næringsliv</em> between January 2013 and February 2022. Using these data, we develop the DN Climate Change News Index and use innovations in this index as a hedge target. The hedge portfolios are constructed using third-party environmental scores from MSCI and Sustainalytics, along with firm-level data of equities listed on the Oslo Stock Exchange.</div><div>The DN Climate Change News Index show high correlations with international counterparts, indicating its ability to capture major global climate events and assessing the intensity of climate change–related news coverage. However, despite a positive out-of-sample correlation, the mimicking portfolio approach fails to construct efficient hedge portfolios against innovations in the index. Hedge portfolios based on Sustainalytics <em>E</em>-scores show a 0.21 out-of-sample correlation with innovations in the DN Climate Change News Index, indicating that the index may provide a relevant signal for investors.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101052"},"PeriodicalIF":5.5,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651915","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

Firms' gender composition, loan collateral, and sustainable finance 企业的性别构成、贷款抵押和可持续融资

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-10-18 DOI: 10.1016/j.gfj.2024.101051

Rudresh Pandey , Xian He , Dengjun Zhang

{"title":"Firms' gender composition, loan collateral, and sustainable finance","authors":"Rudresh Pandey , Xian He , Dengjun Zhang","doi":"10.1016/j.gfj.2024.101051","DOIUrl":"10.1016/j.gfj.2024.101051","url":null,"abstract":"<div><div>This study evaluates gender gaps in the collateral requirements of bank loans using a sample of firms in Latin America. We measure firm-level gender composition through ownership and workforce, both of which are directly related to women's economic empowerment. Additionally, we evaluate the differences in the impacts of firms' gender composition on collateral borrowing between banks that adopt sustainable finance codes of conduct and those that do not. Our empirical findings indicate that female-dominant firms are less likely to be required to provide collateral for their bank loans, and when collateral is required, its value is relatively lower. However, banks adopting sustainable finance codes are not less likely to grant collateral loans to female-dominant firms; in fact, these banks even require greater collateral values from these firms. The implications derived from our empirical findings concern gender inequality in accessing financial credit in developing countries and underscore the need for designing sustainable finance codes that specifically consider and rectify the challenges faced by female-owned firms, especially by firms with a majority female workforce.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101051"},"PeriodicalIF":5.5,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525983","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

Cognitive, affective, and normative factors affecting digital insurance adoption among persons with disabilities: A two-stage SEM-ANN analysis 影响残疾人采用数字保险的认知、情感和规范因素：两阶段 SEM-ANN 分析

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-10-15 DOI: 10.1016/j.gfj.2024.101048

Somya Gupta , Majdi Hassen , Dharen Kumar Pandey , Ganesh P. Sahu

{"title":"Cognitive, affective, and normative factors affecting digital insurance adoption among persons with disabilities: A two-stage SEM-ANN analysis","authors":"Somya Gupta , Majdi Hassen , Dharen Kumar Pandey , Ganesh P. Sahu","doi":"10.1016/j.gfj.2024.101048","DOIUrl":"10.1016/j.gfj.2024.101048","url":null,"abstract":"<div><div>This study evaluates the determinants of digital insurance adoption among persons with disabilities (PWDs) using the cognitive, affective, and normative (CAN) model. The study considers (i) cognitive factors such as perceived credibility, perceived knowledge, perceived usefulness, perceived complexity, and facilitating conditions; (ii) affective factors including technology anxiety and technology pleasure; and (iii) normative factors encompassing social influence. Moreover, it explores the relationship between perceived complexity and behavioral intention (BI) to adopt digital insurance among PWDs, as mediated by perceived knowledge. This study employs a two-stage hybrid structural equation modeling–artificial neural network (SEM-ANN) approach to test the hypothesis, and data from 323 physically challenged participants were collected. Empirical results show that all factors, except for perceived complexity and technological anxiety, significantly predict BI adoption of digital insurance among PWDs, whereas perceived usefulness was found to have the highest impact on BI. Although perceived complexity affects perceived knowledge, it does not significantly mediate the relationship between complexity and BI. This study expands on the CAN model and provides practical insights for PWDs in adopting digital insurance.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101048"},"PeriodicalIF":5.5,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525982","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

Riding the geopolitical storm or dodging bullets: Geopolitical risk timing of mutual funds 驾驭地缘政治风暴还是躲避子弹？共同基金的地缘政治风险时机选择

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-10-15 DOI: 10.1016/j.gfj.2024.101047

Jie Liu , Zhenshan Chen , Gengyan Lin , Yinglun Zhu

引用次数: 0

Estimating probability of default via delinquencies? Evidence from European P2P lending market 通过拖欠估算违约概率？欧洲 P2P 借贷市场的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-10-11 DOI: 10.1016/j.gfj.2024.101050

Asror Nigmonov , Syed Shams , Povilas Urbonas

{"title":"Estimating probability of default via delinquencies? Evidence from European P2P lending market","authors":"Asror Nigmonov , Syed Shams , Povilas Urbonas","doi":"10.1016/j.gfj.2024.101050","DOIUrl":"10.1016/j.gfj.2024.101050","url":null,"abstract":"<div><div>The unprecedented growth of the financial sector's digital transformation opens wide areas to the scaling up of finance in innovative and knowledge-based projects. Improving risk management takes centre stage in the acceleration of this process. This study uses loan-book data from the peer-to-peer (P2P) lending market to empirically investigate the determinants of default risk. Using the loan-book database covering the period from 2014 to 2020, we examine multiple factors related to the default risk of loans issued by P2P lending platforms. The results indicate that a higher interest rate and higher stock market returns increase the probability of default in the P2P lending market. Results are robust to additional tests based on endogeneity correction, the LASSO method and sampling bias. The severity of the impact of market returns and interest rates is found to be significantly different based on the levels of financial technology (FinTech) adoption and banking sector distress. Increases in the market interest rate are found to boost the sensitivity of P2P loan defaults to stock market volatility. This study contributes to existing literature on risk management models with its consideration of country-specific factors, paving the way to future best practices in the market.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101050"},"PeriodicalIF":5.5,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441386","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