Global Finance Journal最新文献

“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints”

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-24 DOI: 10.1016/j.gfj.2025.101099

Neha Malik , Smita Kashiramka

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引用次数: 0

Restraining bad news hoarding from managerial overconfidence: Evidence from the Sarbanes-Oxley Act

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-17 DOI: 10.1016/j.gfj.2025.101098

Hyeong Joon Kim , Seongjae Mun

引用次数: 0

Return and volatility connectedness among US and Latin American markets: A QVAR approach with implications for hedging and portfolio diversification

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-16 DOI: 10.1016/j.gfj.2025.101094

Saswat Patra , Kunjana Malik

引用次数: 0

The evolution of the relationship between onshore and offshore RMB markets under asymmetric volatility spillovers

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-08 DOI: 10.1016/j.gfj.2025.101086

Jie Li , Aaron D. Smallwood

引用次数: 0

Managing man and machine: Automation potential and labor investment efficiency

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-07 DOI: 10.1016/j.gfj.2025.101085

Sharif Mazumder , Leonid Pugachev

引用次数: 0

CEO casting call: Investor attention to corporate leadership appointments

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-28 DOI: 10.1016/j.gfj.2025.101083

Katarzyna Byrka-Kita , Mateusz Czerwiński , Stephen P. Ferris , Agnieszka Preś-Perepeczo , Tomasz Wiśniewski

引用次数: 0

The “night effect” of intraday trading: Evidence from Chinese gold and silver futures markets

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-27 DOI: 10.1016/j.gfj.2025.101084

Gaoping Ma , Elie Bouri , Yahua Xu , Z. Ivy Zhou

{"title":"The “night effect” of intraday trading: Evidence from Chinese gold and silver futures markets","authors":"Gaoping Ma , Elie Bouri , Yahua Xu , Z. Ivy Zhou","doi":"10.1016/j.gfj.2025.101084","DOIUrl":"10.1016/j.gfj.2025.101084","url":null,"abstract":"<div><div>This paper analyses the “night effect”, reflecting the introduction of night trading, on intraday trading patterns in the Chinese precious metals futures markets. The main results are summarized as follows: Firstly, both intraday momentum and reversal effect are significant. Secondly, before the launch of night trading, the first half-hour daytime returns have significant predictive power, whereas after the introduction of night trading, the first half-hour night returns become a significant predictor. This change can be attributed to the immediate reactions of domestic investors to international news released in the night session. Thirdly, the driving force of intraday predictability is demonstrated by evidence showing that intraday reversals are mainly driven by liquidity oversupply offered by irrational uninformed traders. Fourthly, the market timing strategy outperforms the always-long and buy-and-hold benchmark strategies. Overall, this study reveals that the introduction of night trading significantly alters intraday return predictability patterns of Chinese precious metals futures markets, benefiting regulators by highlighting the need for enhanced overnight market monitoring.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101084"},"PeriodicalIF":5.5,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169345","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

Asymmetric tail risk dynamics, efficiency and risk spillover among FinTech stocks, cryptocurrencies and traditional assets

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-25 DOI: 10.1016/j.gfj.2025.101082

Mohammad Abdullah , Mohammad Ashraful Ferdous Chowdhury , G.M. Wali Ullah

{"title":"Asymmetric tail risk dynamics, efficiency and risk spillover among FinTech stocks, cryptocurrencies and traditional assets","authors":"Mohammad Abdullah , Mohammad Ashraful Ferdous Chowdhury , G.M. Wali Ullah","doi":"10.1016/j.gfj.2025.101082","DOIUrl":"10.1016/j.gfj.2025.101082","url":null,"abstract":"<div><div>This study inspects the asymmetric tail risk dynamics, efficiency, and interconnectedness among FinTech stocks, cryptocurrencies, and traditional assets. Firstly, we employ the Multifractal-Asymmetric Detrended Cross-Correlation Analysis to examine the cross-correlation patterns and efficiency dynamics of the analyzed assets. The findings reveal asymmetries in cross-correlations and the presence of multifractality, highlighting the nonlinear relationships among these assets and find FinTech assets are the most efficient. Secondly, we utilize the time domain quantile connectedness method to investigate tail risk connectedness, offering insights into the network's shock transmission and spillover effects. Our analysis identifies the major risk transmitters (FinTech stocks) and receivers (bond), emphasizing the interconnectedness of the assets. Additionally, the study conducts bivariate portfolio analysis, considering short and long investment horizons, to guide asset allocation and hedging strategies. Our findings have significant implications for facilitating informed investment strategies and improving the stability and resilience of financial markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101082"},"PeriodicalIF":5.5,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143168245","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

Supply chain contagion effects of negative CSR events: A stock market reaction perspective

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-22 DOI: 10.1016/j.gfj.2025.101080

Jinyan Shi , Mengzhu Deng , Jimeng Yang , Rongjia Zhang

{"title":"Supply chain contagion effects of negative CSR events: A stock market reaction perspective","authors":"Jinyan Shi , Mengzhu Deng , Jimeng Yang , Rongjia Zhang","doi":"10.1016/j.gfj.2025.101080","DOIUrl":"10.1016/j.gfj.2025.101080","url":null,"abstract":"<div><div>Negative corporate social responsibility (CSR) events substantially expose supply chains to risk. Understanding the effects of such events on suppliers and customers is crucial for strengthening the resilience of supply chain systems. Using a sample of Chinese A-share listed companies from 2016 to 2021, we employ the event study method to demonstrate that negative CSR events create a contagion effect in supply chains. Such contagion effect is asymmetric, affecting the capital market performance of customers more negatively than it does that of suppliers. Further analysis indicates that both the closeness of supply chain relationships and the level of economic policy uncertainty reinforce the contagion effect. The mechanism analysis suggests that the contagion effect originates from the damaged reputation of suppliers or customers and the reduction in shared investment value. In addition, the contagion effect is stronger when the core company is nonstate-owned and has a lower social responsibility score. These findings contribute to the understanding of CSR contagion effects from the perspective of supply chain relationships. Meanwhile, our study highlights that companies can focus on CSR events to strengthen their supply chain CSR management and improve the overall security and stability of supply chain systems.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101080"},"PeriodicalIF":5.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169346","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

Quantile return connectedness of theme factors and portfolio implications: Evidence from the US and China

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-22 DOI: 10.1016/j.gfj.2025.101079

Huai-Long Shi , Huayi Chen

{"title":"Quantile return connectedness of theme factors and portfolio implications: Evidence from the US and China","authors":"Huai-Long Shi , Huayi Chen","doi":"10.1016/j.gfj.2025.101079","DOIUrl":"10.1016/j.gfj.2025.101079","url":null,"abstract":"<div><div>Understanding factor interplay is crucial for effective portfolio management and risk mitigation. This study delves into quantile return connectedness among theme factors in the US and Chinese markets through static and dynamic analyses. In our static analysis, we examine the raw, conditional, and aggregate connectedness across various conditional return quantiles. A bootstrap residual process is conducted to identify statistically significant results. Our findings reveal marked disparities in significant transmitters and receivers across different conditional quantiles. Furthermore, there are notable contrasts in significant results between raw and conditional connectedness measures. For different connectedness measures, we observe a U-shaped relationship between total connectedness and conditional quantiles, underscoring the varying degrees of interplay among theme factors under different market conditions. In the dynamic analysis, we evaluate the performance of the minimum connectedness portfolio (MCoP), built utilizing time-varying connectedness information. The MCoP, built using left-tail connectedness information, demonstrates superior performance compared to its peers — the minimum conditional correlation portfolio and the minimum variance portfolio — in terms of the Sortino ratio and cumulative returns. Our study holds substantial implications for asset allocation, risk management strategies, and policy formulation. It provides valuable insights for constructing robust portfolios and enhancing overall market stability.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101079"},"PeriodicalIF":5.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169336","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