Global Finance Journal最新文献

Impact of vertical mergers on rivals' cost of debt 垂直合并对竞争对手债务成本的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-11 DOI: 10.1016/j.gfj.2025.101155

Mohammadali Fallah , Palani-Rajan Kadapakkam , Mauro Oliveira

引用次数: 0

The devil is in the details: Does information in credit rating announcements affect dividend policy? 细节决定成败：信用评级公告中的信息会影响派息政策吗？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-10 DOI: 10.1016/j.gfj.2025.101153

Konstantinos Kakouris , Evangelos Charalambakis , Dimitrios Psychoyios

引用次数: 0

Accounting disclosures and stock price efficiency: Evidence from mandatory IFRS adoption 会计披露与股价效率：来自强制性采用国际财务报告准则的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-05 DOI: 10.1016/j.gfj.2025.101152

Karel Hrazdil , Yan Li , Thomas Scott

引用次数: 0

Financial structure and economic efficiency in Sub-Saharan Africa 撒哈拉以南非洲的金融结构和经济效率

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-02 DOI: 10.1016/j.gfj.2025.101150

Ficawoyi Donou-Adonsou

{"title":"Financial structure and economic efficiency in Sub-Saharan Africa","authors":"Ficawoyi Donou-Adonsou","doi":"10.1016/j.gfj.2025.101150","DOIUrl":"10.1016/j.gfj.2025.101150","url":null,"abstract":"<div><div>The efficiency of financial systems in fostering economic growth remains a critical concern, particularly in Sub-Saharan Africa, where financial markets and institutions exhibit structural weaknesses. Existing literature predominantly focuses on the dichotomy between bank-based and market-based financial systems, overlooking the relative contributions of different financial institutions. Using data from 22 Sub-Saharan African countries from 2006 to 2017, we examine the role of banks, stock markets, microfinance, credit unions and credit cooperatives, other deposit takers, and non-resident banks in enhancing economic efficiency. Employing the generalized method of moments, we find that deposit-taking institutions exert the most substantial impact, while investments in stock markets are twice as effective as bank loans in driving economic performance. Additionally, our results indicate that banking activities complement both stock markets and deposit-taking institutions, but we observe no significant relationship between stock markets and deposit takers. These findings challenge the conventional wisdom that distinguishes between market-based and bank-based financial systems as primary factors for economic growth. Instead, we argue that the composition and interaction of institutions within the financial system are more critical for fostering economic efficiency. This study provides valuable implications for policymakers and financial practitioners, emphasizing the need to focus on institutional dynamics rather than merely the structural type of financial system. By enhancing our understanding of these relationships, our findings contribute to the broader debate of financial development and economic performance in emerging markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101150"},"PeriodicalIF":5.5,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144588588","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

Cryptocurrencies and alternative bonds: Novel evidence on co-movement and risk sharing 加密货币和替代债券：共同运动和风险分担的新证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-24 DOI: 10.1016/j.gfj.2025.101149

Osamah AlKhazali , Destan Kirimhan , Mustafa Raza Rabbani , Syed Mabruk Billah , Muneer Shaik

{"title":"Cryptocurrencies and alternative bonds: Novel evidence on co-movement and risk sharing","authors":"Osamah AlKhazali , Destan Kirimhan , Mustafa Raza Rabbani , Syed Mabruk Billah , Muneer Shaik","doi":"10.1016/j.gfj.2025.101149","DOIUrl":"10.1016/j.gfj.2025.101149","url":null,"abstract":"<div><div>In light of the rising macro-financial, geopolitical, and environmental risks, alternative assets such as cryptocurrencies, green bonds, and sukuk have received increasing attention for their potential in risk hedging and diversification. This study examines the dynamic return spillovers and risk-sharing interconnections among conventional and gold-backed Islamic cryptocurrencies, green bonds, and sukuk using daily data from 2018 to 2023. Employing a novel combination of frequency-based quantile connectedness and quantile cross-spectral techniques, we investigate time- and frequency-dependent interconnections under varying market conditions. Our results are threefold: First, Islamic gold-backed cryptocurrencies, green bonds, and sukuk exhibit intense co-movement and risk-sharing, in contrast to conventional cryptocurrencies, which display differential patterns. Second, return spillovers and connectedness intensify significantly during market stress periods such as the COVID-19 pandemic and the Russia–Ukraine war, with Islamic gold-backed cryptocurrencies showing stronger resilience and hedging potential than conventional cryptocurrencies. Third, return spillovers are more pronounced in the short term compared to the long term, potentially driven by liquidity flows, investor behavior, and high-frequency trading. Our findings suggest important implications for investors, fund managers, regulators, and policymakers.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101149"},"PeriodicalIF":5.5,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144511064","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 competitiveness and market liquidity 全球竞争力和市场流动性

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-18 DOI: 10.1016/j.gfj.2025.101148

Jang-Chul Kim , Sharif Mazumder , Ali Nejadmalayeri , Qing Su

引用次数: 0

Cryptocurrency’s price volatility and adaptive learning 加密货币的价格波动和适应性学习

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-16 DOI: 10.1016/j.gfj.2025.101132

Joy D. Xiuyao Yang

引用次数: 0

Terrorism and cross-border mergers and acquisitions 恐怖主义和跨国并购

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-14 DOI: 10.1016/j.gfj.2025.101146

Edward R. Lawrence , Mehul Raithatha , Iván M. Rodríguez Jr.

引用次数: 0

Greenwashing, greenhushing, and the path to green banking 洗绿、粉饰和绿色银行之路

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-13 DOI: 10.1016/j.gfj.2025.101147

Gennaro De Novellis , Alessia Pedrazzoli , Daniela Pennetta , Valeria Venturelli

{"title":"Greenwashing, greenhushing, and the path to green banking","authors":"Gennaro De Novellis , Alessia Pedrazzoli , Daniela Pennetta , Valeria Venturelli","doi":"10.1016/j.gfj.2025.101147","DOIUrl":"10.1016/j.gfj.2025.101147","url":null,"abstract":"<div><div>This study investigates how governance characteristics, specifically gender diversity, and bank business models influence the transition from greenwashing and greenhushing to becoming green banks. A balanced panel of 150 listed banks worldwide from 2015 to 2021 is used. Latent Markov models are applied as a methodology capable of explaining the evolution of a group of banks and the characteristics that may affect their transition over time. Key findings reveal a positive correlation between having a female CEO with at least 30 % female board representation and the likelihood of a bank shifting from greenwashing to a green stance. Conversely, a higher proportion of women on the board appears to reduce the likelihood of transitioning from greenhushing to a vocal green position, suggesting a more risk-averse and conservative approach. Additionally, investment-oriented banks are more likely to evolve toward vocal green banking than retail and universal banks. The research advances the literature on greenwashing and greenhushing by highlighting the importance of governance characteristics in supporting environmentally responsible practices.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101147"},"PeriodicalIF":5.5,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298908","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 diminishing lustre: Gold's market volatility and the fading safe haven effect 黯淡的光芒：黄金的市场波动性和避险效应的消退

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-10 DOI: 10.1016/j.gfj.2025.101145

Hussain Faraj , David McMillan , Mariam Al-Sabah

{"title":"The diminishing lustre: Gold's market volatility and the fading safe haven effect","authors":"Hussain Faraj , David McMillan , Mariam Al-Sabah","doi":"10.1016/j.gfj.2025.101145","DOIUrl":"10.1016/j.gfj.2025.101145","url":null,"abstract":"<div><div>For decades, gold has been considered as the most safe haven of assets in times of markets turmoil. However, this role has appears to have waned in recent years. This study aims to assess gold market behaviour over the past 37 years and examine the role of gold (and other precious metals) during periods of equity and bond market stress. Notably, we investigate whether gold lost its appeal as a safe haven asset due to its own market instability. Change point analysis, rolling mean, GARCH and DCC-GARCH approaches demonstrate that the gold market exhibits two distinct periods characterised by differing market movements, with a stable era followed by an unstable (highly volatile) era. Gold plays an insignificant role during the latter unstable period. Moreover, it exhibits a positive correlation in most high volatility periods with the S&P 500, again, especially during this latter period. This implies that gold is losing (or lost) its safe haven role during market stress and as the gold market encounters higher volatility periods, we anticipate a more positive correlation with the stock market in times of extreme stock market conditions. The outcomes challenge the prevailing definition of a gold safe haven, question the assumption of the stabilising role gold may offer to mitigate losses, and have important implications for investors seeking shelter in times of market stress.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101145"},"PeriodicalIF":5.5,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144306997","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