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Institutions and the sovereign-bank nexus in the MENA 中东和北非地区的机构和主权银行关系
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-20 DOI: 10.1016/j.gfj.2025.101129
Mohamad Faour, Khaled Saad
{"title":"Institutions and the sovereign-bank nexus in the MENA","authors":"Mohamad Faour,&nbsp;Khaled Saad","doi":"10.1016/j.gfj.2025.101129","DOIUrl":"10.1016/j.gfj.2025.101129","url":null,"abstract":"<div><div>We examine the role of country-level institutional quality in influencing the interlinkages between sovereign debt and domestic banks, commonly referred to as the sovereign-bank nexus, in the MENA region. Using a panel of 13 MENA countries, we find that stronger institutional quality reduces reliance on domestic banks for sovereign debt. Stronger rule of law, regulatory quality, and control of corruption have the most significant effects in reducing domestic bank holdings of sovereign debt. Consistent with substitution between foreign and domestic creditors, we find that stronger institutional quality is associated with higher holdings of sovereign debt by foreign creditors, and lower holdings by domestic central banks. We also show that stronger institutional quality reduces domestic bank balance sheet exposures to sovereign debt. Our findings remain robust after addressing potential endogeneity concerns using a two-stage least squares (2SLS) approach using <span><span>Lewbel (2012)</span></span> instruments. Extending our analysis to a broader sample of 96 countries, our results continue to hold, with the impact of institutional quality being more pronounced in the MENA region. Our results highlight the critical role of institutional quality in mitigating the sovereign-bank nexus and enhancing financial stability in the MENA region.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101129"},"PeriodicalIF":5.5,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144154691","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
Beyond the headlines: Sentiment divergence and financial distress 在头条新闻之外：情绪分歧和金融困境
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-20 DOI: 10.1016/j.gfj.2025.101126
John Garcia
{"title":"Beyond the headlines: Sentiment divergence and financial distress","authors":"John Garcia","doi":"10.1016/j.gfj.2025.101126","DOIUrl":"10.1016/j.gfj.2025.101126","url":null,"abstract":"<div><div>In the age of social media, corporate financial health is increasingly influenced by diverse and often conflicting information signals from social media and traditional news sources. This study introduces sentiment divergence, the difference in sentiment expressed on social media (X, formerly Twitter) versus traditional news media, as a novel predictor of financial distress. Analyzing 1823 U.S. firms from the first quarter of 2015 to the first quarter of 2021, the results reveal that a one standard deviation increase in sentiment divergence decreases the one-year probability of default by 7-basis points, supporting theories that diverse information enhances market efficiency. Conversely, a one standard deviation increase in the volatility of this divergence increases the default probability by 46-basis points, highlighting the destabilizing influence of fluctuating sentiment, consistent with noise trading theories. Furthermore, heightened institutional investor attention dramatically amplifies financial distress, as a one standard deviation increase in institutional investor attention increases the likelihood of default by 869-basis points, underscoring how herding behavior and informational cascades can amplify financial distress. This study contributes to behavioral finance by demonstrating the complex interplay between information diversity, sentiment volatility, and investor behavior in shaping corporate financial outcomes, offering crucial implications for investors, managers, and regulators.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101126"},"PeriodicalIF":5.5,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124609","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
CFO overseas experience and stock price crash risk CFO海外经验和股价崩盘风险
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-20 DOI: 10.1016/j.gfj.2025.101128
Kai Tang , Yuxiang Cheng
{"title":"CFO overseas experience and stock price crash risk","authors":"Kai Tang ,&nbsp;Yuxiang Cheng","doi":"10.1016/j.gfj.2025.101128","DOIUrl":"10.1016/j.gfj.2025.101128","url":null,"abstract":"<div><div>As globalization continues to expand, cross-border personnel exchanges are increasing. This paper uses a two-way fixed effects model to empirically study the influence of CFO overseas experience on stock price crash risk (hereafter, crash risk) on the basis of a sample of 4235 listed firms in China's A-share market between 2003 and 2024. We find that CFOs with overseas experience possess greater expertise and skills, higher-order cognition, more effective cognitive structures, and lower overconfidence, which improve the company's investment returns and prevent the continuous accumulation of poor performance, thereby reducing crash risk. Our study suggests that continuing to implement the policy of attracting talent or managers with overseas experience will facilitate the stable development of the capital market. Furthermore, our study highlights that the CFO also plays a key role in a company's investment decisions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101128"},"PeriodicalIF":5.5,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144166655","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
ESG in the headlines: Media-driven reputational risk and stock performance ESG头条：媒体驱动的声誉风险和股票表现
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-19 DOI: 10.1016/j.gfj.2025.101127
Bole Zhou , Wanjun Ge
{"title":"ESG in the headlines: Media-driven reputational risk and stock performance","authors":"Bole Zhou ,&nbsp;Wanjun Ge","doi":"10.1016/j.gfj.2025.101127","DOIUrl":"10.1016/j.gfj.2025.101127","url":null,"abstract":"<div><div>This study examines the impact of environmental, social, and governance (ESG) reputational risks on stock performance. We use a unique dataset of media-driven ESG reputational risk indicators, covering 4963 Chinese firms from 2009 to 2023. On average, a one-standard-deviation increase in ESG reputational risks is associated with a 4.5 % decrease in simple stock returns, a 14.5 % reduction in excess stock returns relative to the market index, and a 12.2 % decline in excess stock returns compared to peer firms of similar size. These negative effects contradict the traditional risk-return relationship predicted by risk premium theory. Further analysis identifies reduced investor confidence and tighter financing constraints as key mechanisms through which ESG reputational risks negatively affect stock returns. Heterogeneity analyses indicate that the negative impact is more pronounced for firms in non-pollution-intensive industries, those facing financing difficulties, and those exposed to environment-related reputational risks.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101127"},"PeriodicalIF":5.5,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144108238","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
Foreign institutional investors and share pledging: Evidence from China's stock market openness reform 境外机构投资者与股权质押：来自中国股市开放改革的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-16 DOI: 10.1016/j.gfj.2025.101122
Jin Jiang , Baolong Liu , Rui Ye
{"title":"Foreign institutional investors and share pledging: Evidence from China's stock market openness reform","authors":"Jin Jiang ,&nbsp;Baolong Liu ,&nbsp;Rui Ye","doi":"10.1016/j.gfj.2025.101122","DOIUrl":"10.1016/j.gfj.2025.101122","url":null,"abstract":"<div><div>This study explores the governing influence of foreign institutional investors (FIIs) on controlling shareholders' share pledging activities. The Shanghai–Hong Kong and the Shenzhen–Hong Kong Stock Connect programs represent exogenous shocks to Chinese stock market openness by introducing FIIs. Using a staggered difference-in-differences research design, our results demonstrate that stock market openness caused controlling shareholders at connected firms to be less likely to pledge shares and more likely to inject funds from pledging back into the underlying firm compared with controlling shareholders at unconnected firms. Additional analyses validate our conjecture that the monitoring role of FIIs diminishes connected firms' agency problems. Furthermore, the effects of stock market openness are more significant for nonstate-owned enterprises and firms in regions with strong institutional environments. The results of this study imply that FIIs can act as an effective governance mechanism in emerging markets to improve stock market integrity and protect minority investors.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101122"},"PeriodicalIF":5.5,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144135072","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
Does green bond issuance affect firm value? Evidence from China 绿色债券发行是否影响企业价值？来自中国的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-15 DOI: 10.1016/j.gfj.2025.101124
Nannan Ban , Xinxin Che , Thomas Walker , Yunfei Zhao
{"title":"Does green bond issuance affect firm value? Evidence from China","authors":"Nannan Ban ,&nbsp;Xinxin Che ,&nbsp;Thomas Walker ,&nbsp;Yunfei Zhao","doi":"10.1016/j.gfj.2025.101124","DOIUrl":"10.1016/j.gfj.2025.101124","url":null,"abstract":"<div><div>In this article, we contribute to the theoretical and empirical literature on green finance in China by investigating the impact of green bond issuance on firm value, and exploring the moderating effect of green bond financing costs, as well as various other factors. We find that green bond issuance increases firm value from both a market performance and financial performance perspective. This effect varies with respect to regional green finance policies. Additionally, green bond issuance promotes institutional investor ownership. Finally, we observe that green bond financing cost plays a moderating role – mitigating the positive effect of green bond issuance on firm value.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101124"},"PeriodicalIF":5.5,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124610","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
ESG rating disagreement and the cost of equity capital
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-11 DOI: 10.1016/j.gfj.2025.101123
Zhukun Lou , Sujie Li , Jingyi Tong , Jing Zhao
{"title":"ESG rating disagreement and the cost of equity capital","authors":"Zhukun Lou ,&nbsp;Sujie Li ,&nbsp;Jingyi Tong ,&nbsp;Jing Zhao","doi":"10.1016/j.gfj.2025.101123","DOIUrl":"10.1016/j.gfj.2025.101123","url":null,"abstract":"<div><div>The growing controversy surrounding corporate environmental, social, and governance (ESG) ratings is increasingly drawing the attention of investors and becoming a focal point in academic research. This paper advances two competing hypotheses concerning the impact of ESG rating disagreement on the cost of equity capital: the confidence channel hypothesis and the information channel hypothesis. Utilizing data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2015 to 2023 as our research sample, this study empirically investigates the effect of ESG rating disagreement on the cost of equity capital and its underlying mechanisms. The findings reveal that ESG rating disagreement increases firms' cost of equity capital, a relationship confirmed through extensive robustness tests. Mechanism analysis indicates that ESG rating disagreement elevates the cost of equity capital by undermining investor confidence (the confidence channel), while there is no evidence to support the notion that it reduces the cost of equity capital by decreasing information asymmetry (the information channel). Further analysis demonstrates that in heavily polluting industries, the adverse impact of ESG rating disagreement on the cost of equity capital is more pronounced. However, institutional investors' site visits and analyst coverage can alleviate the negative effects of ESG rating disagreement on the cost of equity capital.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101123"},"PeriodicalIF":5.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943041","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, inequality, and retirement trends among older workers 金融普惠、不平等和老年工人的退休趋势
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.gfj.2025.101121
Isaac Marcelin , Wei Sun
{"title":"Financial inclusion, inequality, and retirement trends among older workers","authors":"Isaac Marcelin ,&nbsp;Wei Sun","doi":"10.1016/j.gfj.2025.101121","DOIUrl":"10.1016/j.gfj.2025.101121","url":null,"abstract":"<div><div>The study develops a financial inclusion index comprising three dimensions: usage, barriers, and access to financial resources. It employs a two-stage Principal Component Analysis to derive each dimension's weight. This index helps assess the impact of financial inclusion on various factors like ethnic groups, minorities, human capital, retirement, wealth outcomes, and mental well-being. The research uncovers new psychological and sociological impacts of accessing financial products. Households in counties with higher financial inclusion scores are likelier to have increased income, home ownership, and real estate wealth. They are also more prone to generating intergenerational wealth and breaking free from poverty. Financial inclusion contributes to long-term enhancements in wealth and retirement outcomes, benefiting minority groups and genders while also enhancing family and work resilience, reducing stress, and alleviating drug-related issues. The findings carry significant policy implications, such as reducing the wealth gap, improving retirement security, and enhancing socioeconomic results.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101121"},"PeriodicalIF":5.5,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144083843","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
Not just the news: Higher moments of macroeconomic variables and sovereign bond returns 不仅仅是新闻：宏观经济变量和主权债券回报率的上升
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-23 DOI: 10.1016/j.gfj.2025.101113
Yulin Li , John K. Wald , Zijun Wang
{"title":"Not just the news: Higher moments of macroeconomic variables and sovereign bond returns","authors":"Yulin Li ,&nbsp;John K. Wald ,&nbsp;Zijun Wang","doi":"10.1016/j.gfj.2025.101113","DOIUrl":"10.1016/j.gfj.2025.101113","url":null,"abstract":"<div><div>Using sovereign debt data from 47 countries, we document that the third moment (skewness) of unemployment changes has a positive and significant relation with sovereign bond returns. Thus, while investors require risk premia for exposure to macroeconomic shocks (Campbell, 1996), we find that the skewness of unemployment changes contains information that helps to explain sovereign bond returns beyond the current shocks to the unemployment rate. This relation holds for both dollar and local currency sovereign debt returns, and after controlling for the information content of news events. The relation is greater in economic expansions than in contractions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101113"},"PeriodicalIF":5.5,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882349","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 green transition and tech firms' financial performance: Insights from patent data 绿色转型与科技公司财务绩效：来自专利数据的洞察
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-04-09 DOI: 10.1016/j.gfj.2025.101112
Selahattin Murat Sirin
{"title":"The green transition and tech firms' financial performance: Insights from patent data","authors":"Selahattin Murat Sirin","doi":"10.1016/j.gfj.2025.101112","DOIUrl":"10.1016/j.gfj.2025.101112","url":null,"abstract":"<div><div>The green and digital transitions (twin transitions) are reshaping the global business environment, yet academic research exploring the financial implications of the green-digital nexus remains limited. This paper explores the financial implications of a key mechanism within the green-digital nexus, technological connectedness through knowledge creation and spillovers. Quantified through patent data between 2010 and 2022, this study examines how tech firms' financial performance is affected by knowledge creation and spillovers to green (technologies related to clean energy) and brown (technologies related to fossil fuels) domains using portfolio- and firm-level analyses with panel data regression models. The results indicate that financial connectedness is not straightforward, contrary to findings from aggregate level studies in the literature. While firm-level heterogeneity in knowledge creation does affect returns, there is no conclusive evidence that knowledge spillovers affect financial performance.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101112"},"PeriodicalIF":5.5,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143854592","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
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