Global Finance Journal最新文献_第5页

Bright is the moon over my home village: Chinese local executives and environmental decoupling 月是故乡明中国地方干部与环境脱钩

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-08-13 DOI: 10.1016/j.gfj.2024.101027

Yong Ye , Mengyang Gao , Runmei Luo

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引用次数: 0

A new financial regulatory framework for digital finance: Inspired by CBDC 新的数字金融监管框架：受 CBDC 启发

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-08-09 DOI: 10.1016/j.gfj.2024.101025

Yi-Shuai Ren , Chaoqun Ma , Yiran Wang

引用次数: 0

Impact of audit quality and digital transformation on innovation efficiency: Role of financial risk-taking 审计质量和数字化转型对创新效率的影响：金融风险承担的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-08-09 DOI: 10.1016/j.gfj.2024.101026

Manal Yunis , Nawazish Mirza , Adnan Safi , Muhammad Umar

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引用次数: 0

Insider trading and climate disasters 内幕交易与气候灾害

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-08-02 DOI: 10.1016/j.gfj.2024.101024

Rui Ma , Ben R. Marshall , Hung T. Nguyen , Nhut H. Nguyen , Nuttawat Visaltanachoti

{"title":"Insider trading and climate disasters","authors":"Rui Ma , Ben R. Marshall , Hung T. Nguyen , Nhut H. Nguyen , Nuttawat Visaltanachoti","doi":"10.1016/j.gfj.2024.101024","DOIUrl":"10.1016/j.gfj.2024.101024","url":null,"abstract":"<div><p>Climate disasters are increasing in frequency and severity. While a large body of research has shown that extreme climate affects various economic decisions, how climate events influence investment decisions remains largely under-investigated. This paper examines whether, and to what extent, climate disasters influence insider transactions, which are important investment decisions that attract increasing attention from both corporate management and policymakers. We find that the monthly value of insider trades increases markedly in firms headquartered in counties with a climate disaster. Climate-induced insider trading holds in general but is stronger when investors are distracted and less prevalent when insiders face higher litigation risk. Climate disasters trigger uncertainty about short-term firm fundamentals, and insiders benefit by selling prior to this being priced. Insiders living in disaster counties do not trade more than those in unaffected counties, which does not support a personal liquidity motivation. Our paper documents a new way through which climate impacts investor behavior and financial markets.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"62 ","pages":"Article 101024"},"PeriodicalIF":5.5,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324000966/pdfft?md5=aa78db6fc9158b691aea0e2f63067539&pid=1-s2.0-S1044028324000966-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141933839","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

A state-dependent international CAPM for partially integrated markets: Using local and US risk factors 部分一体化市场的国际 CAPM：使用本地和美国风险因素

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-07-26 DOI: 10.1016/j.gfj.2024.101023

Roksana Hematizadeh, Reza Tajaddini

{"title":"A state-dependent international CAPM for partially integrated markets: Using local and US risk factors","authors":"Roksana Hematizadeh, Reza Tajaddini","doi":"10.1016/j.gfj.2024.101023","DOIUrl":"10.1016/j.gfj.2024.101023","url":null,"abstract":"<div><p>This study investigates the impact of emerging economies' trade levels with the US and exchange rate systems on their interdependency with the US market. We employ a comprehensive approach, analyzing both local factors (such as illiquidity and dividend yield) and US risk factors (including the S&P500 Index, US effective exchange rate, and term spread) to discern various market phases and capture equity returns. Utilizing a State-dependent International CAPM framework, we reveal a common trend among market returns: the reduced informativeness of both US and local variables during transitions from low to high volatility states. Notably, the majority of emerging markets respond to signals from the US equity market during bullish periods. We also highlight the critical role of exchange rate regimes in explaining the sensitivity of emerging markets to US risk factors. While the illiquidity ratio emerges as a significant local risk factor, its informativeness wanes during bear markets. These findings offer valuable insights for asset allocation, diversification, and risk management strategies tailored to the dynamic nature of emerging markets.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"62 ","pages":"Article 101023"},"PeriodicalIF":5.5,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324000954/pdfft?md5=5ea36871d267c2654611910006a71218&pid=1-s2.0-S1044028324000954-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141840137","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

Fintech's impact on conventional and Islamic sustainable equities: Short- and long-term contributions of the digital financial ecosystem 金融科技对传统和伊斯兰可持续股票的影响：数字金融生态系统的短期和长期贡献

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-07-25 DOI: 10.1016/j.gfj.2024.101022

Mahdi Ghaemi Asl , Sami Ben Jabeur , Seyedeh Sana Hosseini , Hamed Tajmir Riahi

{"title":"Fintech's impact on conventional and Islamic sustainable equities: Short- and long-term contributions of the digital financial ecosystem","authors":"Mahdi Ghaemi Asl , Sami Ben Jabeur , Seyedeh Sana Hosseini , Hamed Tajmir Riahi","doi":"10.1016/j.gfj.2024.101022","DOIUrl":"10.1016/j.gfj.2024.101022","url":null,"abstract":"<div><p>This study investigates the integration of cutting-edge financial technologies, such as distributed ledger diversity, next-generation payment trackers, democratized banking, and cryptocurrency, and their impact on global sustainability and ethical ratings in Islamic markets. Our analysis spans the period from May 31, 2018, to May 10, 2023, and uses a novel analytical framework based on quantile time–frequency connectedness and causality analysis. Results showed that democratized banking, future payment opportunities, and sustainability-screened markets had stronger associations than distributed ledger technologies and crypto-based tokenization. Second, Islamic sustainable markets have slightly closer ties to the digital financial ecosystem than traditional responsible investments. Third, causality analysis revealed bidirectional relationships between sustainable markets and democratized banking and potential payment opportunities in the short to mid-term. Fourth, in the short term, there was unidirectional causality from conscious markets to investments in digitized currencies and blockchains; however, no long-term causality between the digital financial ecosystem and sustainability investments. Fifth, the diversity of distributed ledgers had a limited relationship with green investments, whereas advanced transaction monitoring platforms and inclusive financial infrastructure could serve as catalysts for nature-based portfolios. These findings inform policymakers in green finance and provide insights for digital financial network strategists, investors, and regulators, enabling sustainable interdisciplinary investment practices. This comprehensive examination sheds light on the evolving landscape of sustainable finance in the context of rapidly advancing financial technologies, paving the way for informed decision-making and strategic planning in the field of green investments.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"62 ","pages":"Article 101022"},"PeriodicalIF":5.5,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848322","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

Linkages between financial and macroeconomic indicators in emerging markets and developing economies 新兴市场和发展中经济体的金融指标与宏观经济指标之间的联系

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-07-24 DOI: 10.1016/j.gfj.2024.101007

Rita Biswas , Prakash Loungani , Zhongwen Liang , Michael Michaelides

引用次数: 0

Competitive dynamics and risk of non-life insurance in Taiwan: An empirical study 台湾非寿险业的竞争态势与风险：实证研究

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-07-23 DOI: 10.1016/j.gfj.2024.101014

Guan-Chih Chen, Mei-Chih Wang

引用次数: 0

Credit market conditions, expected return proxies, and bank stock returns 信贷市场状况、预期回报替代物和银行股回报率