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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 : 2025-09-01 Epub 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 ,&nbsp;David McMillan ,&nbsp;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&amp;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":"2025-09-01","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
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 : 2025-09-01 Epub Date: 2025-06-14 DOI: 10.1016/j.gfj.2025.101146
Edward R. Lawrence , Mehul Raithatha , Iván M. Rodríguez Jr.
{"title":"Terrorism and cross-border mergers and acquisitions","authors":"Edward R. Lawrence ,&nbsp;Mehul Raithatha ,&nbsp;Iván M. Rodríguez Jr.","doi":"10.1016/j.gfj.2025.101146","DOIUrl":"10.1016/j.gfj.2025.101146","url":null,"abstract":"<div><div>We analyze the impact of terrorism on cross-border mergers and acquisitions (M&amp;As) and find that terrorist attacks in acquirer and target countries significantly influence both the initiation and completion of M&amp;As. While the presence of terrorism deters deal initiation, it paradoxically increases the likelihood of deal completion, suggesting a complex interplay of risk assessment and strategic decision-making. Furthermore, we find that firms accelerate completion after terrorist attacks.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101146"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144307630","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
Net stable funding ratio: Implication for Bank stability in Europe 净稳定资金比率：对欧洲银行稳定性的启示
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-09 DOI: 10.1016/j.gfj.2025.101144
Imtynan Khalifeh , Francois Benhmad , Chawki El Moussawi , Amine Tarazi
{"title":"Net stable funding ratio: Implication for Bank stability in Europe","authors":"Imtynan Khalifeh ,&nbsp;Francois Benhmad ,&nbsp;Chawki El Moussawi ,&nbsp;Amine Tarazi","doi":"10.1016/j.gfj.2025.101144","DOIUrl":"10.1016/j.gfj.2025.101144","url":null,"abstract":"<div><div>This paper investigates the relationship between the net stable funding ratio (NSFR) and bank stability in Europe over the 2007–2022 period. By employing a two-step GMM panel model, we find a positive and significant link between the NSFR and banking stability in the European Union which is however stronger for banks located in the euro area than those in the non-euro area. Moreover, our results show that, within the euro area itself, for banks operating outside the core euro area, stronger liquidity positions do not translate into higher stability but conversely to higher instability. Overall, our findings highlight strong differences into how liquidity requirements relate to bank stability within the European union and also within the euro area itself which call for action by bank regulators.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101144"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253777","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
Ethnic green culture in leadership and corporate green investment: Evidence from China 领导中的民族绿色文化与企业绿色投资：来自中国的证据
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-03 DOI: 10.1016/j.gfj.2025.101133
Yuan Du , Lu Sun , Wei Cui , Hongxin Wang
{"title":"Ethnic green culture in leadership and corporate green investment: Evidence from China","authors":"Yuan Du ,&nbsp;Lu Sun ,&nbsp;Wei Cui ,&nbsp;Hongxin Wang","doi":"10.1016/j.gfj.2025.101133","DOIUrl":"10.1016/j.gfj.2025.101133","url":null,"abstract":"<div><div>Drawing on the distinct ecological cultures and ethics upheld by China's ethnic minority groups and the Han majority, this study investigates how ethnic ecological values influence corporate pro-environmental decision-making. Based on 28,945 firm-year observations from 2010 to 2022, we find that firms led by ethnic minority leaders engage in significantly higher levels of green investment. Furthermore, this positive effect strengthens as the proportion of minority leaders within corporate leadership increases. Using difference-in-differences and other econometric techniques, we confirm that these results are not driven by geographic location or reverse causality. Finally, we find that the green investment–enhancing effect is moderated by the age, tenure, and board directorship of ethnic minority leaders. This study contributes to the diversity literature by uncovering cultural and ethical pathways through which ethnicity shapes corporate strategies, offering new insights into the drivers of green investment in multiethnic contexts.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101133"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144222005","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 : 2025-09-01 Epub 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 ,&nbsp;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":"2025-09-01","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
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 : 2025-09-01 Epub Date: 2025-07-30 DOI: 10.1016/j.gfj.2025.101163
Peiyuan Zhu
{"title":"How do voting powers matter in equity finance? Evidence from chinese private placements","authors":"Peiyuan Zhu","doi":"10.1016/j.gfj.2025.101163","DOIUrl":"10.1016/j.gfj.2025.101163","url":null,"abstract":"<div><div>In prevailing theories of capital structure, the role of voting power is often neglected. However, voting mechanisms are critical in financing decisions, as shareholders typically place high value on maintaining control, and voting power is central to that control. This study introduces a financing theory that posits companies are more likely to pursue equity financing when incoming shareholders are unable to challenge the voting power of incumbent shareholders. The theory suggests that in certain ownership structures, newly entering large shareholders cannot meaningfully influence voting outcomes, prompting existing shareholders to favor equity financing. In contrast, when ownership structures allow new shareholders to significantly affect voting results, firms tend to prefer internal or debt financing. To evaluate this theory, the study conducts an empirical analysis using data from Chinese listed companies. The findings support the model's predictions and further reveal that this effect also impacts firm growth and dividend policies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101163"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144773098","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
Watchdogs of greenwashing: The role of long-term institutional cross-ownership 漂绿的监督者：长期机构交叉所有制的作用
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-08-28 DOI: 10.1016/j.gfj.2025.101177
Wenjing Yin, Gaomiao Wang, Yumiao Yu
{"title":"Watchdogs of greenwashing: The role of long-term institutional cross-ownership","authors":"Wenjing Yin,&nbsp;Gaomiao Wang,&nbsp;Yumiao Yu","doi":"10.1016/j.gfj.2025.101177","DOIUrl":"10.1016/j.gfj.2025.101177","url":null,"abstract":"<div><div>A growing number of institutional investors are showing interest in “green” firms, highlighting the increasing importance of environmental, social, and governance (ESG) information. However, as the use of mainstream ESG data expands, the prevalence of greenwashing is also rising. This paper investigates how long-term institutional cross-ownership influences corporate responses to this critical stakeholder concern. We hypothesize that long-term institutional cross-ownership mitigates corporate greenwashing by enabling investors to acquire in-depth information and directly monitor firms in the context of systematic risk management. Our findings indicate that firms with long-term cross-ownership exhibit significantly lower levels of greenwashing. Supporting the information-gathering hypothesis, the effect is more pronounced in firms operating in hard-to-value industries. Supporting the direct monitoring hypothesis, the effect is less evident among firms subject to heightened external scrutiny. Overall, our study suggests that longer investment horizons lead institutional cross-owners to enhance the transparency of stakeholder-related activities, driven primarily by financial motivations.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101177"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144921756","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
Gender diversity in the boardroom: The role of female directors in mitigating stock price crash risk 董事会中的性别多样性：女性董事在缓解股价崩盘风险中的作用
IF 5.5 2区 经济学
Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-02 DOI: 10.1016/j.gfj.2025.101131
Robin Chen , Shenru Li , Quang Thai Truong , Chia-Ying Chan
{"title":"Gender diversity in the boardroom: The role of female directors in mitigating stock price crash risk","authors":"Robin Chen ,&nbsp;Shenru Li ,&nbsp;Quang Thai Truong ,&nbsp;Chia-Ying Chan","doi":"10.1016/j.gfj.2025.101131","DOIUrl":"10.1016/j.gfj.2025.101131","url":null,"abstract":"<div><div>This study investigates the effect of female board representation on stock price crash risk in the United States over the period 2006 to 2020. The empirical evidence suggests that increased gender diversity at the board level is associated with enhanced market stability, as reflected in a reduced likelihood of stock price crashes. The mitigating impact of female directors on crash risk is particularly pronounced in firms operating under conditions of weak market competition, lower board independence, and limited analyst coverage. The findings remain robust after addressing potential endogeneity concerns through entropy balancing (EB) and two-stage least squares (2SLS) estimation techniques. Overall, this affirms the positive contribution of female directors to corporate governance and highlight the relevance of promoting gender equality in alignment with Sustainable Development Goal 5 (SDG 5).</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101131"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144212115","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 : 2025-09-01 Epub 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 ,&nbsp;Julian Sester ,&nbsp;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":"2025-09-01","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
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 : 2025-09-01 Epub 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
{"title":"Responsive CSR as damage control and the effect of institutional owner commitment","authors":"Steven A. Dennis (Firestone Endowed Chair in Corporate Finance) ,&nbsp;Hua-Hsin Tsai ,&nbsp;Marc Tony Via","doi":"10.1016/j.gfj.2025.101162","DOIUrl":"10.1016/j.gfj.2025.101162","url":null,"abstract":"<div><div>We examine the use of CSR as damage control (Responsive CSR) after a reputational shock from a securities class action (SCA) lawsuit. We find that CSR scores increase following an SCA lawsuit, and we demonstrate that it is the high reputation firms who raise their CSR scores after the crisis, consistent with reputation repair. We demonstrate the effect is weaker in business-friendly states where the lawsuit is less likely to prevail, and we also demonstrate the effect is weaker when investors have limited ability to influence management. Finally, we demonstrate that it is the firms with long-horizon institutional owners holding considerable stakes in the firm who increase their CSR scores after a SCA lawsuit.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101162"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144739508","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
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