Global Finance Journal最新文献_第3页

How do voting powers matter in equity finance? Evidence from chinese private placements 投票权对股权融资有何影响？来自中国私募的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-30 DOI: 10.1016/j.gfj.2025.101163

Peiyuan Zhu

引用次数: 0

Green dreams, risky assets? A study of high-yield green bonds 绿色梦想，风险资产？高收益绿色债券的研究

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-26 DOI: 10.1016/j.gfj.2025.101158

Sang Baum Kang , Satwik Sinha , Jiyong Eom

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引用次数: 0

Hydroclimatic risk mispricing: Evidence from China 水文气候风险错误定价：来自中国的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-25 DOI: 10.1016/j.gfj.2025.101157

Jiaming Su, Yongqiao Wang

引用次数: 0

Sailing through uncertainty: Shipping's role in financial shock transmission and hedging strategies 航行不确定性：航运在金融冲击传导和对冲策略中的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-25 DOI: 10.1016/j.gfj.2025.101159

Spyros Papathanasiou, Theodore Syriopoulos, Dimitris Kenourgios, Drosos Koutsokostas

{"title":"Sailing through uncertainty: Shipping's role in financial shock transmission and hedging strategies","authors":"Spyros Papathanasiou, Theodore Syriopoulos, Dimitris Kenourgios, Drosos Koutsokostas","doi":"10.1016/j.gfj.2025.101159","DOIUrl":"10.1016/j.gfj.2025.101159","url":null,"abstract":"<div><div>Given shipping's pivotal role in global trade, this study investigates interdependencies between the Baltic Dry Index and various financial and commodity markets, including equities, bonds, real estate, currency, bitcoin, crude oil, natural gas, gold, silver, copper, and zinc. Using the R<sup>2</sup> decomposed connectedness approach for the period 1/1/2012–1/31/2025, the analysis reveals moderate volatility spillovers, notably amplified by geopolitical conflict more than the health crisis. Key findings identify gold and equities as primary shock emitters, while currency and bonds function as major receivers. Shipping generally displays neutral behavior within the network. Portfolio analysis shows that most sampled assets significantly reduce risk for shipping investors. Conversely, shipping effectively minimizes risk for bitcoin and natural gas portfolios. Significant heterogeneity in hedging effectiveness is documented across distinct crisis episodes. These results underscore the imperative for shipping investors to employ tailored hedging strategies and offer policymakers insight into shipping's contained systemic footprint on contagion dynamics.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101159"},"PeriodicalIF":5.5,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144722041","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

When ESG news talks: How media sentiment shapes corporate financial behavior in China ESG新闻讨论：媒体情绪如何影响中国企业的财务行为

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-24 DOI: 10.1016/j.gfj.2025.101161

Weijie Tan , Yiqian Liu , Mingming Teng

{"title":"When ESG news talks: How media sentiment shapes corporate financial behavior in China","authors":"Weijie Tan , Yiqian Liu , Mingming Teng","doi":"10.1016/j.gfj.2025.101161","DOIUrl":"10.1016/j.gfj.2025.101161","url":null,"abstract":"<div><div>News sentiment affects company practices. Using Baidu News reports spanning 2007–2022 on Chinese A-share listed companies as text data and machine learning and text analysis methods, this study measures environmental, social, and governance (ESG) news sentiment indices. This study examines the impact of ESG news sentiment on corporate financial asset allocation. Findings reveal that optimistic ESG news sentiment has a significant negative impact on corporate financial asset allocation. Mechanism analysis indicates that ESG news sentiment can restrain corporate financialization by facilitating corporate access to ESG-related financial support, reducing operational risks, and promoting real investments, which weakens risk aversion and profit-seeking motives. Further analysis reveals that the financialization governance function of ESG news sentiment is more prominent for private enterprises, during nonrecession periods, and for heavily polluting enterprises. Moreover, it is significant in regions with superior digital financial development and higher ESG governance intensity. From the perspective of ESG news content and information, the environmental and governance dimensions of news sentiment and neutral ESG news attention exhibit stronger financialization suppression effects. This study provides a new perspective for addressing financialization concerns and demonstrates the supervisory influence of the media on corporate sustainability.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101161"},"PeriodicalIF":5.5,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144722042","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

Responsive CSR as damage control and the effect of institutional owner commitment 响应式企业社会责任作为损害控制及机构所有者承诺的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-24 DOI: 10.1016/j.gfj.2025.101162

Steven A. Dennis (Firestone Endowed Chair in Corporate Finance) , Hua-Hsin Tsai , Marc Tony Via

引用次数: 0

The power of attention: examining the roles of institutional investor and macroeconomic news attention in shaping share liquidity 注意力的力量：研究机构投资者和宏观经济新闻关注在塑造股票流动性中的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-24 DOI: 10.1016/j.gfj.2025.101160

John Garcia

{"title":"The power of attention: examining the roles of institutional investor and macroeconomic news attention in shaping share liquidity","authors":"John Garcia","doi":"10.1016/j.gfj.2025.101160","DOIUrl":"10.1016/j.gfj.2025.101160","url":null,"abstract":"<div><div>This study examines the joint influence of institutional investor attention and macroeconomic news attention on firm-level share liquidity, revealing distinct effects across heterogeneous market segments. Analyzing 1.23 million firm-day observations from 2468 U.S. firms (2015–2020), I combine Bloomberg terminal readership data—a proxy for institutional investor attention—with a novel macroeconomic attention index derived from a principal-component analysis of coverage in The Wall Street Journal and The New York Times. The results reveal significant heterogeneity: institutional investor attention reduces liquidity in information-opaque settings, widening spreads for low-institutional ownership and small-cap firms, while modestly improving liquidity for transparent large-cap firms, where attention serves to validate rather than signal private information. Macroeconomic news attention itself widens spreads while simultaneously dampens the effect of institutional investor attention, consistent with a cognitive substitution channel. These effects intensify during market downturns, highlighting the fragility of liquidity when attention is scarce. Propensity score matching, difference-in-differences tests, and alternative liquidity measures confirm the results. The findings provide a unified framework that reconciles previous evidence and offers actionable insights for traders' execution timing, market makers' spread calibration, and regulators' detection of liquidity fragility during periods of macroeconomic stress.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101160"},"PeriodicalIF":5.5,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144773099","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

Name concentration risk in Multilateral Development Banks’ portfolios: Measurement and capital adequacy implications 多边开发银行投资组合中的集中度风险：测量和资本充足率影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-21 DOI: 10.1016/j.gfj.2025.101154

Eva Lütkebohmert , Julian Sester , Hongyi Shen

{"title":"Name concentration risk in Multilateral Development Banks’ portfolios: Measurement and capital adequacy implications","authors":"Eva Lütkebohmert , Julian Sester , Hongyi Shen","doi":"10.1016/j.gfj.2025.101154","DOIUrl":"10.1016/j.gfj.2025.101154","url":null,"abstract":"<div><div>Sovereign loan portfolios of Multilateral Development Banks (MDBs) typically comprise a small number of borrowers, making them particularly exposed to single name concentration (SNC) risk. Using realistic MDB portfolios constructed from publicly available data, this paper quantifies SNC risk through accurate Monte Carlo simulations. We find that SNC risk can account for up to 82% of total unexpected loss in MDB sovereign loan portfolios. Comparing the exact adjustment for SNC risk with its analytical approximation currently applied by a major rating agency, we show that the approximation can overestimate SNC risk by up to 266%. This overestimation has implications for the assessment of MDB capital adequacy, potentially limiting MDB lending capacity. Our results suggest that adopting a more accurate assessment of SNC risk could increase lending capacity by approximately 5% without affecting risk-weighted capital ratios. These findings highlight the importance of refining capital adequacy methodologies to better reflect the unique risk profiles of MDBs and unlock additional lending headroom for global development.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101154"},"PeriodicalIF":5.5,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144685570","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

Disaggregated geopolitical risks and global stock returns 分解地缘政治风险与全球股票回报

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-18 DOI: 10.1016/j.gfj.2025.101151

Md Khaled Hossain Rafi , Syed Riaz Mahmood Ali

{"title":"Disaggregated geopolitical risks and global stock returns","authors":"Md Khaled Hossain Rafi , Syed Riaz Mahmood Ali","doi":"10.1016/j.gfj.2025.101151","DOIUrl":"10.1016/j.gfj.2025.101151","url":null,"abstract":"<div><div>We introduce a novel framework to measure how geopolitical risk exposure (GRE) affects stock returns. Using data from 40 countries over 1995–2022, we construct three factors: geopolitical risk factor (GPRF), geopolitical act factor (GPAF), and geopolitical threat factor (GPTF). This study documents four main findings. First, geopolitical threats (GPTs) have markedly stronger GRE than geopolitical acts (GPAs), with 58% of countries showing significant GPTF results vs. 35% for GPAF. Second, predictability is strongest at shorter horizons, with 68% of countries demonstrating significant one-month predictability for GPTF effects. Third, these effects persist even after accounting for established market risk factors, with 33% of countries maintaining significant GPTF relationships. Fourth, our factors provide economically meaningful out-of-sample forecasting ability, yielding positive <span><math><msup><mrow><mi>R</mi></mrow><mrow><mn>2</mn></mrow></msup></math></span> values in 60% of countries and utility gains for mean–variance investors. The findings offer a practical framework for integrating GRE assessments into portfolio management decisions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101151"},"PeriodicalIF":5.5,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711016","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

Technological progress and carbon emissions: Evidence from the European Union 技术进步与碳排放：来自欧盟的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-07-14 DOI: 10.1016/j.gfj.2025.101156

Hyun-Jung Nam , Doojin Ryu , Peter G. Szilagyi

引用次数: 0