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Corporate risk disclosure in response to heightened entry threat: Evidence from a quasi-natural experiment in China 企业风险披露以应对加剧的进入威胁：来自中国准自然实验的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-10-11 DOI: 10.1016/j.gfj.2024.101049
Jingru Wang , Zhuochen Wu , Xinwei Fang , Haoxin Xiu
{"title":"Corporate risk disclosure in response to heightened entry threat: Evidence from a quasi-natural experiment in China","authors":"Jingru Wang ,&nbsp;Zhuochen Wu ,&nbsp;Xinwei Fang ,&nbsp;Haoxin Xiu","doi":"10.1016/j.gfj.2024.101049","DOIUrl":"10.1016/j.gfj.2024.101049","url":null,"abstract":"<div><div>Using the deregulation of market entry barriers in China as a quasi-natural experiment, this study examines how increased entry threats affect incumbent firms' risk disclosure. We find that firms respond by increasing their market-related risk disclosures. This effect is stronger among firms facing higher economic uncertainty, lower financial constraints, greater product market competition, and higher information transparency. Mechanism analysis shows that increased risk disclosure weakens the link between deregulation of market entry barriers and new firm entry, suggesting that such disclosures can effectively deter potential competitors. Moreover, while market reactions to market risk disclosures are neutral, they are negative for operational and financial risk disclosures. Our findings suggest that firms strategically disclose market risks to mitigate entry threats, thus enhancing their resilience and adaptability in dynamic markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101049"},"PeriodicalIF":5.5,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525984","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
Executive compensation disclosure in emerging markets with weak shareholder enforcement: A multi-level analysis 股东执行力薄弱的新兴市场的高管薪酬披露：多层次分析
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-10-05 DOI: 10.1016/j.gfj.2024.101045
Vagner Naysinger Machado , Igor Bernardi Sonza , Wilson Toshiro Nakamura , Johnny Silva Mendes , Marco Aurélio dos Santos
{"title":"Executive compensation disclosure in emerging markets with weak shareholder enforcement: A multi-level analysis","authors":"Vagner Naysinger Machado ,&nbsp;Igor Bernardi Sonza ,&nbsp;Wilson Toshiro Nakamura ,&nbsp;Johnny Silva Mendes ,&nbsp;Marco Aurélio dos Santos","doi":"10.1016/j.gfj.2024.101045","DOIUrl":"10.1016/j.gfj.2024.101045","url":null,"abstract":"<div><div>Using a quasi-experimental approach, this study examines the effect of the mandatory disclosure of executive compensation on the performance and liquidity of firms in emerging markets with weak legal protection such as Argentina, Belgium, Brazil, Italy, and Spain. The results of the multi-level generalized linear models suggest that executive compensation disclosure positively impacts the accounting performance of firms in countries with weak legal protection. The findings also indicate that regulating such disclosure can help reduce agency problems. However, stricter executive compensation disclosure requirements do not impact market performance, as measured by the market-to-book ratio and Tobin's Q. In addition, there is a negative relationship between the regulation of executive compensation disclosure and the amount of cash retained by firms in countries with legal origins in French civil law.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101045"},"PeriodicalIF":5.5,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142525981","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 dependency among US national financial conditions and clean energy markets 美国国家财政状况与清洁能源市场之间的不对称依赖关系
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-10-03 DOI: 10.1016/j.gfj.2024.101046
Hongjun Zeng , Mohammad Zoynul Abedin , Ran Wu , Abdullahi D. Ahmed
{"title":"Asymmetric dependency among US national financial conditions and clean energy markets","authors":"Hongjun Zeng ,&nbsp;Mohammad Zoynul Abedin ,&nbsp;Ran Wu ,&nbsp;Abdullahi D. Ahmed","doi":"10.1016/j.gfj.2024.101046","DOIUrl":"10.1016/j.gfj.2024.101046","url":null,"abstract":"<div><div>This paper examines the relationship between the US National Financial Conditions Index (NFCI) and the clean energy industry using quantile and frequency connectedness, cross-quantile, and wavelet quantile correlation (WQC) techniques. Results reveal (a) a stronger dependence between the NFCI and clean energy under bullish market states. Moreover, the total connectedness between the NFCI and clean energy mostly exhibits time-varying characteristics. In particular, clean energy has a greater spillover effect than the NFCI. (b) Dynamic frequency total connectedness at extreme quantiles provided a more comprehensive view of structural shocks in financial markets, and major crises, such as COVID-19, significantly amplified this connectedness. Overall, the WilderHill Clean Energy Index and the NASDAQ OMX Renewable Energy Index demonstrate substantial potential for hedging financial conditions. (c) The cross-quantile correlation results revealed an asymmetric dependency, demonstrating a sustained significant positive relationship between the NFCI and clean energy index (CEI) across the relative higher quantiles and middle quantiles. The WQC showed that the NFCI and specific CEIs tended to exhibit the strongest positive correlations in nonextreme quantiles and lower frequencies. These results can be of considerable interest to various financial market participants.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101046"},"PeriodicalIF":5.5,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422740","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
Bank scandal contagion: Evidence from the Wells Fargo cross-selling scandal 银行丑闻传染：富国银行交叉销售丑闻的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-28 DOI: 10.1016/j.gfj.2024.101044
Michael D. Noel , Syed M.I. Osman
{"title":"Bank scandal contagion: Evidence from the Wells Fargo cross-selling scandal","authors":"Michael D. Noel ,&nbsp;Syed M.I. Osman","doi":"10.1016/j.gfj.2024.101044","DOIUrl":"10.1016/j.gfj.2024.101044","url":null,"abstract":"<div><div>In the event of a negative reputation shock or scandal, do consumers' anger and mistrust in the scandal-affected products spill over to seemingly unrelated lines of business that the scandal did not directly reach? Our paper looks into Wells Fargo's 2016 “cross-selling” scandal to test the negative sentiment contagion effect on its mortgage business. The study finds significant negative contagion effects, but also shows that Wells Fargo was more accommodating in handling complaints, paying compensation more frequently, and successfully lowering disputes towards zero. These actions are interpreted as Wells Fargo's damage control efforts to ‘Contain the Contagion’.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101044"},"PeriodicalIF":5.5,"publicationDate":"2024-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422739","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
Are Mondays different? Evidence from initial public offerings 周一与众不同吗？首次公开募股的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-26 DOI: 10.1016/j.gfj.2024.101043
Abu Chowdhury , Mika Vaihekoski , Mir Zaman
{"title":"Are Mondays different? Evidence from initial public offerings","authors":"Abu Chowdhury ,&nbsp;Mika Vaihekoski ,&nbsp;Mir Zaman","doi":"10.1016/j.gfj.2024.101043","DOIUrl":"10.1016/j.gfj.2024.101043","url":null,"abstract":"<div><div>This paper investigates how and why initial public offerings (IPOs) issued on Mondays differ from those on other days. We provide evidence that Monday IPOs make a significantly larger number of filing price amendments during the road show and set offer prices that exceed the filing price range, resulting in higher positive offer price revisions. We also find that Monday IPOs receive less analyst coverage than other-day IPOs, despite their underwriting fees being the same and their total underwriter compensation being higher. Therefore, Monday IPOs are more likely to change lead underwriters in subsequent equity offerings and have a higher risk of delisting as aftermarket support and maintaining good relations with investment banks are critical for their long run survival. We also investigate why underwriters issue IPOs on Mondays. We suggest four possible explanations for Monday IPOs and find indirect evidence that supports the deliberate road show extension explanation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101043"},"PeriodicalIF":5.5,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357065","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
The influence of European MiCa regulation on cryptocurrencies 欧洲 MiCa 法规对加密货币的影响
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-25 DOI: 10.1016/j.gfj.2024.101040
Thomas Conlon , Shaen Corbet , Les Oxley
{"title":"The influence of European MiCa regulation on cryptocurrencies","authors":"Thomas Conlon ,&nbsp;Shaen Corbet ,&nbsp;Les Oxley","doi":"10.1016/j.gfj.2024.101040","DOIUrl":"10.1016/j.gfj.2024.101040","url":null,"abstract":"<div><div>This research investigates the relationship between impending regulatory measures, specifically the introduction of European MiCa regulations, and their influence on cryptocurrency markets. Analysing stock market responses, we highlight significant shifts in liquidity, variance, and return dynamics post-MiCa-related announcements. Specifically, such announcements are associated with significant negative cryptocurrency returns and elevated liquidity. The findings reveal defined heterogeneity across different cryptocurrency sub-classes, each uniquely affected by its inherent attributes and susceptibility to regulatory changes. This work offers insights into the nature of market responses to regulatory intervention, providing an invaluable perspective on the equilibrium between cryptocurrency market behaviour and the evolving European regulatory landscape.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101040"},"PeriodicalIF":5.5,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422738","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
Digital technology innovation and corporate resilience 数字技术创新与企业复原力
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-23 DOI: 10.1016/j.gfj.2024.101042
Baizhen Zhang , Jingjing Zhang , Changrun Chen
{"title":"Digital technology innovation and corporate resilience","authors":"Baizhen Zhang ,&nbsp;Jingjing Zhang ,&nbsp;Changrun Chen","doi":"10.1016/j.gfj.2024.101042","DOIUrl":"10.1016/j.gfj.2024.101042","url":null,"abstract":"<div><div>This study identifies over 220,000 digital invention patent applications for digital invention and creates an index of enterprise-level digital technology innovations. Using an empirical analysis based on a two-way fixed-effects model, this study examines the impact of digital technology innovation on enterprise resilience. Results show that digital technology innovations improve enterprise resilience. This improvement is mainly achieved by reducing internal and external information asymmetry, reducing operating costs, improving management levels and operational efficiency, and increasing market profitability and sustainable earning capacity. Moreover, this study extracted all announcements containing phrases such as “strategic alliance,” “strategic co-operation,” and “business alliance” from 3.208 million announcements on the JUCHAO website and further filtered them to select those strategic alliances in digital technology as their content of collaboration and identified them as digital technology strategic alliances. The findings show that companies that join digital technology strategic alliances have a greater impact on improving enterprise resilience. Furthermore, this study found that digital technology innovation can significantly improve the enterprise resilience with better network infrastructure and a more comprehensive intellectual property protection system. This study expands the research scope of the microlevel effects of the digital economy and provides valuable insights for governments to optimize digital economy policies and enterprises to develop digital innovation strategies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101042"},"PeriodicalIF":5.5,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357064","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 ratings, and the flow-performance relationship in mutual funds 气候风险、环境、社会和公司治理评级以及共同基金的流量-绩效关系
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-19 DOI: 10.1016/j.gfj.2024.101041
Sara Ali , Ihsan Badshah , Riza Demirer , Prasad Hegde , Lavinia Rognone
{"title":"Climate risk, ESG ratings, and the flow-performance relationship in mutual funds","authors":"Sara Ali ,&nbsp;Ihsan Badshah ,&nbsp;Riza Demirer ,&nbsp;Prasad Hegde ,&nbsp;Lavinia Rognone","doi":"10.1016/j.gfj.2024.101041","DOIUrl":"10.1016/j.gfj.2024.101041","url":null,"abstract":"<div><div>We extend the burgeoning literature on climate finance by examining the informational role of mutual fund sustainability ratings on the asset allocation decisions by investors when faced with climate risks. Utilizing data on a large sample of equity mutual funds in Australasia (Australia and New Zealand), we find that climate risk plays a significant role on the sensitivity of fund flows to past performance. We find that the sensitivity is stronger for mutual funds that enjoy high sustainability ratings, and we show that the informational value of past performance over subsequent fund flows becomes more important when investors face greater climate risks. We argue that sustainability ratings of managed funds not only complement performance but also help improve the efficiency of asset allocation decisions, more so during a heightened climate risk environment.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101041"},"PeriodicalIF":5.5,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703380","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
Political polarization and state government bonds 政治极化与州政府债券
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-18 DOI: 10.1016/j.gfj.2024.101039
Pei Li , Leo Tang , C. Bryan Cloyd
{"title":"Political polarization and state government bonds","authors":"Pei Li ,&nbsp;Leo Tang ,&nbsp;C. Bryan Cloyd","doi":"10.1016/j.gfj.2024.101039","DOIUrl":"10.1016/j.gfj.2024.101039","url":null,"abstract":"<div><div>This study examines the effect of political polarization in state legislatures on state bond yields in the United States. Political polarization, defined as the ideological divide between Democratic and Republican members of the state legislative chambers, reflects legislators' willingness to seek bipartisan compromises. We expect high polarization states to be riskier because they are likelier to experience gridlock, negatively affecting economic development and debt service commitment. Findings suggest a significant positive relation between bond yields and political polarization. A one-standard-deviation increase in polarization increases bond yields by 7.81 basis points and total interest expense by $2.3 million for an average bond issue. Additionally, this study finds that the effect of polarization on bond yields is stronger for general obligation bonds.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"63 ","pages":"Article 101039"},"PeriodicalIF":5.5,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322928","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
Consumer confidence and cryptocurrency excess returns: A three-factor model 消费者信心与加密货币超额收益：三因素模型
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2024-09-01 DOI: 10.1016/j.gfj.2024.101029
Sanshao Peng, Syed Shams, Catherine Prentice, Tapan Sarker
{"title":"Consumer confidence and cryptocurrency excess returns: A three-factor model","authors":"Sanshao Peng,&nbsp;Syed Shams,&nbsp;Catherine Prentice,&nbsp;Tapan Sarker","doi":"10.1016/j.gfj.2024.101029","DOIUrl":"10.1016/j.gfj.2024.101029","url":null,"abstract":"<div><p>This study examined the relation between consumer confidence and cryptocurrency excess returns using a three-factor model of market, size and momentum. We analysed a dataset comprising 3318 cryptocurrencies from 1 January 2014 to 31 December 2022 based on the CoinMarketCap website. Results indicate a significant negative relation between the United States Consumer Confidence Index and cryptocurrency excess returns. The findings were reinforced based on robustness tests. This study contributes to consumer behaviour research and financial management within the cryptocurrency market. It also provides valuable insights for investors to strengthen their investment portfolios and for relevant authorities seeking to formulate effective policies for monitoring the cryptocurrency market.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"62 ","pages":"Article 101029"},"PeriodicalIF":5.5,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324001017/pdfft?md5=9ae6c30916c7096a026d125ff22c95c5&pid=1-s2.0-S1044028324001017-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142099474","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
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