Global Finance Journal最新文献_第10页

Monetary winds of change: Exploring the link between policy shifts and bank profitability in developed and emerging European markets 货币变革之风：探索欧洲发达市场和新兴市场政策转变与银行盈利能力之间的联系

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-01 DOI: 10.1016/j.gfj.2024.100932

Achilleas Raftis , Christos Karpetis , Stephanos Papadamou , Eleftherios Spyromitros

{"title":"Monetary winds of change: Exploring the link between policy shifts and bank profitability in developed and emerging European markets","authors":"Achilleas Raftis , Christos Karpetis , Stephanos Papadamou , Eleftherios Spyromitros","doi":"10.1016/j.gfj.2024.100932","DOIUrl":"10.1016/j.gfj.2024.100932","url":null,"abstract":"<div><p>This paper investigates the complex relationship between monetary policy and bank profitability by analyzing yearly data from 903 credit institutions across 36 European nations throughout the period of 2005 to 2021, utilizing the two-step system GMM technique. We undertake a comparative analysis to investigate the effects of monetary policy on both developed European and Central, Eastern, and Southeastern European (CESEE) countries. Additionally, we examine the impacts of negative interest rate policies (NIRPs) using a comprehensive dataset that incorporates the latest available information, to observe heterogeneities among time periods and countries. We find that the influence of monetary policies on profits and margins is generally insignificant or moderate, with the exception of ROA in CESEE countries. This highlights the potential benefits for banks in the CESEE region in an environment where there is a significant difference between short-term and long-term interest rates. However, it also raises doubts about the effectiveness of NIRPs that have been adopted in recent years. The remaining results of our analysis indicate that loan loss provisions and cost-to-income are the primary determinants of bank profitability across all scenarios. This underscores the significance of effective provisioning practices and operational efficiency.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"59 ","pages":"Article 100932"},"PeriodicalIF":5.2,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139677517","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

CSR regulation and the working capital management policy 企业社会责任条例和营运资金管理政策

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-01 DOI: 10.1016/j.gfj.2024.100934

Nemiraja Jadiyappa, Rachappa Shette

引用次数: 0

FinTech entrepreneurial ecosystem in India: Role of incubators and accelerators 印度的金融科技创业生态系统：孵化器和加速器的作用

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-01-28 DOI: 10.1016/j.gfj.2024.100933

Manmeet Kaur , Wasim Ahmad , K.S. Hari , Ruth Kattumuri

引用次数: 0

Earnings growth rates in business valuation models: The impossible quaternity 企业估值模型中的收益增长率：不可能的四元组

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-01-28 DOI: 10.1016/j.gfj.2024.100930

Nguyen Kim-Duc , Pham Khanh Nam

{"title":"Earnings growth rates in business valuation models: The impossible quaternity","authors":"Nguyen Kim-Duc , Pham Khanh Nam","doi":"10.1016/j.gfj.2024.100930","DOIUrl":"10.1016/j.gfj.2024.100930","url":null,"abstract":"<div><p>We develop formulae for earnings growth rates in business valuation models that justify the timing of reinvestment. First, we show that the cross-reference in the calculation between the reinvestment rate (RIR) and return on invested capital (ROIC; i.e., the weighted average of invested capital) introduces valuation errors. We then explain the formulae of earnings growth rates to avoid errors in two situations: reinvestment at the end of each year and at any time. The study also shows the timing of capital reinvestment, where the false growth rate occurring due to cross-referencing will match the actual growth rate. We also study the case where the false growth rate is always higher or lower than the actual growth rate. We use numerical examples to show that our models are correct and highlight arising from cross-referencing. We provide a practitioner's guide for two scenarios: valuers directly estimate earnings growth rates and clients provide future earnings and related information. Finally, and most importantly, our results imply the principle of impossible quaternity for estimating earnings growth in the discounted cash flow (DCF) framework. More specifically, a business valuation cannot have an available expected growth rate, a fixed change in ROIC, an independent reinvestment timing, and a fixed level of actual reinvestment.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100930"},"PeriodicalIF":5.2,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139587813","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

Relative performance evaluation with business group affiliation as a source of common risk 以企业集团隶属关系作为共同风险源的相对绩效评估

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-01-26 DOI: 10.1016/j.gfj.2024.100929

Yoon K. Choi , Seung Hun Han , Yonghyun Kwon

引用次数: 0

Foreign investments and firm risk: Evidence from Germany 外国投资与企业风险：德国的证据

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-01-26 DOI: 10.1016/j.gfj.2024.100931

Napaporn Likitwongkajon , Chaiporn Vithessonthi

引用次数: 0

Information asymmetry in non-US stocks: The compounding and mitigating effects of tax havens and corruption 非美股的信息不对称：避税地和腐败的复合效应和缓解效应

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2023-12-31 DOI: 10.1016/j.gfj.2023.100928

Darius Fatemi, Jang-Chul Kim

{"title":"Information asymmetry in non-US stocks: The compounding and mitigating effects of tax havens and corruption","authors":"Darius Fatemi, Jang-Chul Kim","doi":"10.1016/j.gfj.2023.100928","DOIUrl":"10.1016/j.gfj.2023.100928","url":null,"abstract":"<div><p><span>This study examines the role of a country's position as a tax haven<span> and its corruption level in the </span></span>information asymmetry<span> of non-United States (U.S.) stocks listed on the New York Stock Exchange. Based on the findings, non-U.S. stocks from countries with more pronounced attributes of tax havens and corruption levels have a higher probability of information-based trading and lower market liquidity. Meanwhile, a deeper analysis into the individual attributes of tax havens reveals that the main drivers of these effects include weak anti-avoidance measures and legal complexities, with lesser effects from double tax treaties. In addition, the influence of a country's corruption level on information asymmetry primarily depends on its position as a tax haven, with the highest levels of information asymmetry occurring in jurisdictions that possess strong tax haven attributes and high corruption levels. The implication of the findings is that reducing the influence of global tax havens, especially in regions with high corruption levels, can enhance market liquidity, ultimately benefiting investors and contributing to the overall stability and efficiency of financial markets.</span></p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"59 ","pages":"Article 100928"},"PeriodicalIF":5.2,"publicationDate":"2023-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139070802","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

Property crime and lottery-related anomalies 财产犯罪和与彩票有关的异常情况

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2023-12-24 DOI: 10.1016/j.gfj.2023.100927

Ya Gao, Reza Bradrania

引用次数: 0

Why do undervalued firms repurchase shares? Evidence based on the market-timing effect in China 为什么价值被低估的公司会回购股票？基于中国市场时机效应的证据

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2023-12-23 DOI: 10.1016/j.gfj.2023.100926

Pengfei Ma , Chengcheng Li , Xiaoqiong Wang

{"title":"Why do undervalued firms repurchase shares? Evidence based on the market-timing effect in China","authors":"Pengfei Ma , Chengcheng Li , Xiaoqiong Wang","doi":"10.1016/j.gfj.2023.100926","DOIUrl":"https://doi.org/10.1016/j.gfj.2023.100926","url":null,"abstract":"<div><p>It is puzzling that few undervalued firms in China make repurchase announcements despite the value-adding motive of share repurchases<span>. Inspired by this conundrum, this study explores the market-timing effect of repurchase signaling. Our sample consists of A-share listed firms that made stock repurchase announcements in China between 2005 and 2019, as well as their comparable peers obtained through the Mahalanobis distance matching. Changes in market indices before and after the repurchase announcements are used to measure overall market timing, followed by regression analyses. We find a positive relationship between post-announcement price reactions and market performance measures, suggesting that firms time repurchase announcements based on historical pricing information as well as overall market trends. We further propose that firms' timing capabilities are honed through attention to the capital market, which significantly increases the willingness to announce repurchase plans. Our findings help to explain why firms in China with undervalued shares make repurchase announcements.</span></p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"59 ","pages":"Article 100926"},"PeriodicalIF":5.2,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139100842","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

Climate risk, ESG performance, and ESG sentiment in US commercial banks 美国商业银行的气候风险、ESG表现和ESG情绪

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2023-12-21 DOI: 10.1016/j.gfj.2023.100924

Otgontsetseg Erhemjamts , Kershen Huang , Hassan Tehranian

引用次数: 0