Global Finance Journal最新文献_第8页

Synthetic cap rate indices (1991-Covid era) 合成资本利率指数（1991-科维德时代）

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-13 DOI: 10.1016/j.gfj.2024.100961

Andreas D. Christopoulos , Joshua G. Barratt , Daniel C. Ilut

引用次数: 0

Economic policy uncertainty and the inhibitory effect of firms' green technology innovation 经济政策的不确定性与企业绿色技术创新的抑制效应

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-06 DOI: 10.1016/j.gfj.2024.100960

Xiaoxiao Zhou , Mengsi Dai , Xiaowei Ma , Vincent Charles , Umer Shahzad , Xin Zhao

{"title":"Economic policy uncertainty and the inhibitory effect of firms' green technology innovation","authors":"Xiaoxiao Zhou , Mengsi Dai , Xiaowei Ma , Vincent Charles , Umer Shahzad , Xin Zhao","doi":"10.1016/j.gfj.2024.100960","DOIUrl":"10.1016/j.gfj.2024.100960","url":null,"abstract":"<div><p>Given the potential unforeseen impacts of environmental regulation changes on the innovative activities of micro agents, it is crucial to examine the effects of economic policy uncertainty (EPU) on business development. Several studies have shown that uncertainty acts as a hindrance and can hinder business innovation. This study utilizes data from 807 listed companies spanning from 2007 to 2019 and employs a double fixed-effects model to investigate the influence of EPU on enterprises' green technology innovation activities. The results reveal that EPU decreased firms' green technology innovation. Moreover, EPU inhibits corporate green technology innovation by increasing corporate financing constraints. Thus, financing constraints mediate between EPU and enterprises' level of green technology innovation, with increased market competition reducing the inhibiting effect of EPU on innovation. Furthermore, EPU decreases green technology innovation more among nonstate-owned and low-tech businesses than state-owned and high-tech businesses. This paper reveals the intrinsic mechanism of EPU on firms' innovation, clarifies the technological innovation process, and provides insights into governmental environmental governance from the perspective of EPU.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100960"},"PeriodicalIF":5.2,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140088796","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

Trade openness and income inequality: The moderating role of institutional quality 贸易开放与收入不平等：制度质量的调节作用

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-05 DOI: 10.1016/j.gfj.2024.100959

Hyun-Jung Nam , Bart Frijns , Doojin Ryu

引用次数: 0

Corrigendum to “Private placement, share prices, volume and financial crisis: An emerging market study” [Global Finance Journal Volume 24, Issue 3, 2013, Pages 203–221] 更正："私募、股价、交易量与金融危机：新兴市场研究》[《全球金融期刊》第 24 卷第 3 期，2013 年，第 203-221 页］

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-05 DOI: 10.1016/j.gfj.2024.100958

M. Normazia

引用次数: 0

Unlocking the impact of digital technology progress and entry dynamics on firm's total factor productivity in Chinese industries 解读中国产业中数字技术进步和进入动态对企业全要素生产率的影响

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-03-01 DOI: 10.1016/j.gfj.2024.100957

Junyu Pan , Javier Cifuentes-Faura , Xin Zhao , Xiaoqian Liu

{"title":"Unlocking the impact of digital technology progress and entry dynamics on firm's total factor productivity in Chinese industries","authors":"Junyu Pan , Javier Cifuentes-Faura , Xin Zhao , Xiaoqian Liu","doi":"10.1016/j.gfj.2024.100957","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100957","url":null,"abstract":"<div><p>In today's digital era, technology serves as a fundamental pillar of the digital economy, greatly transforming business models and re-evaluating the enterprises' worth. This theoretical study incorporates digital technology factors into a task-based model to discuss the impact of digital technology advancement and entry price on corporate total factor productivity (TFP) using 2008–2021 data from Chinese-listed companies. The findings show that advances in digital technology considerably help in improving corporate TFP. According to digital technology's pricing strategy, a decrease in the entry price is essential to advancing digital technology and improving TFP. An improvement in corporate management and operational capabilities contributes to incorporating digital technologies at a lower price, thus enhancing corporate TFP. In addition, digital technology advancement generates a heterogeneous TFP effect, which is highlighted in regions with well-protected intellectual property rights, enterprises with high-tech certifications, and nonstate enterprises. These findings demonstrate the empowering effect of emerging technologies on high-quality corporate development and provide strategic insights for companies to achieve digital transformation.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100957"},"PeriodicalIF":5.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140041480","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

Bridging the gap: Uncovering static and dynamic relationships between digital assets and BRICS equity markets 缩小差距：揭示数字资产与金砖国家股票市场之间的静态和动态关系

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-22 DOI: 10.1016/j.gfj.2024.100955

Shoaib Ali , Nassar S. Al-Nassar , Muhammad Naveed

{"title":"Bridging the gap: Uncovering static and dynamic relationships between digital assets and BRICS equity markets","authors":"Shoaib Ali , Nassar S. Al-Nassar , Muhammad Naveed","doi":"10.1016/j.gfj.2024.100955","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100955","url":null,"abstract":"<div><p>This study uniquely explores the link between nonfungible tokens (NFTs) and the stock markets, providing vital insights for investors to optimize portfolios during global uncertainties such as the health crisis and geopolitical conflicts. We employ the quantile vector autoregression (QVAR) model on daily data from March 14, 2018 to December 23, 2022. Subsequently, the statistics for portfolio analysis are computed using the DCC-GARCH model. Our results highlight that total connectedness at both extremes is significantly higher than at the mean and median quantiles suggesting strong impact of extreme events. The findings reveal that the equity markets of the BRICS countries receive shocks from the system, and NFTs act as transmitters of these shocks. Finally, the pre-COVID-19 pandemic optimal weights remained lower than the COVID-19 pandemic weights, proposing that to reduce risk investors should increase investment in BRICS markets. Similarly, the higher hedge ratio during the turmoil period implies a higher hedging cost. Our findings imply that investors should consider adjusting their investment strategies during periods of heightened global uncertainty to minimize risk and maximize returns.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100955"},"PeriodicalIF":5.2,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139942586","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

The digital economy, market integration and environmental gains 数字经济、市场一体化和环境效益

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-21 DOI: 10.1016/j.gfj.2024.100956

Benbo Liang , Gailei He , Yuran Wang

引用次数: 0

Unlocking the black box of sentiment and cryptocurrency: What, which, why, when and how? 揭开情绪和加密货币的黑匣子：什么、哪些、为什么、何时以及如何？

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-15 DOI: 10.1016/j.gfj.2024.100945

Donyetta Bennett , Erik Mekelburg , Jack Strauss , T.H. Williams

{"title":"Unlocking the black box of sentiment and cryptocurrency: What, which, why, when and how?","authors":"Donyetta Bennett , Erik Mekelburg , Jack Strauss , T.H. Williams","doi":"10.1016/j.gfj.2024.100945","DOIUrl":"10.1016/j.gfj.2024.100945","url":null,"abstract":"<div><p>We evaluate the impact of a large set of daily sentiment measures for predicting Ethereum (ETH) returns using Machine Learning (ML) methods. We examine ETH predictability and evaluate 5 <em>W's</em>: <em>What, Which, When, Why</em>, and <em>hoW</em>. <em>What</em> ML methods work best? <em>Which</em> variables robustly predict ETH returns? <em>When</em> and <em>why</em> does predictability occur? And <em>how</em> can we improve predictability? We extract information from fifty sentiment measures from Refinitiv's MarketPsych Analytics using ML methods including Lasso, Elastic Net, Principal Components, Partial Least Squares, Neural Net and Random Forest. We then apply an ensemble procedure that exponentially weights forecasts from these traditional ML methods based on recent MSFE criteria. By discounting past model performance, our ensemble procedure accommodates time variation in model selection and generates investment gains and significant out-of-sample pre- dictability. Our study offers practical implications for investing in ETH, including considering an array of sentiment measures, diversifying your model forecasts using an ensemble approach, and the importance of transaction costs in trading simulations.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100945"},"PeriodicalIF":5.2,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139813724","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

Which witch is which? Deconstructing the foreign exchange markets activity 哪个是女巫？解构外汇市场活动

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-10 DOI: 10.1016/j.gfj.2024.100947

Alexei G. Orlov, Rajiv Sharma

{"title":"Which witch is which? Deconstructing the foreign exchange markets activity","authors":"Alexei G. Orlov, Rajiv Sharma","doi":"10.1016/j.gfj.2024.100947","DOIUrl":"10.1016/j.gfj.2024.100947","url":null,"abstract":"<div><p>Using regulatory data on transactions and positions, we provide a comprehensive overview of the activity in the foreign exchange (FX) derivatives markets, including futures, swaps, and options, covering exchange-traded and over-the-counter (OTC) products. The heretofore publicly unavailable statistics trace the behavior of dealers, hedge funds, asset managers, pension funds, insurance companies, and sovereign and supranational institutions before, during, and in the aftermath of the market stress of March 2020. We show that when the COVID market shock sharply increased the demand for the US dollar (USD), certain client sectors (e.g., hedge funds and sovereigns), along with dealers, provided USD liquidity by significantly increasing their long-USD swap positions. We find that client sectors are heterogeneous with respect to their liquidity needs and that their aggregate positions are small compared to dealer inventories. In addition to the inter-sector heterogeneity, we highlight the heterogeneity of firms within a client sector by focusing on hedge funds' USD/Euro swap positions—the most active client sector and currency pair in our data. Conversely, the FX dealers follow similar strategies, are competitive, and engage in multilateral netting arrangements to significantly reduce their risk exposure. Finally, using a sample of hedge funds that simultaneously participated in swaps and futures markets, we present evidence on trading volumes and frequencies that suggests that the OTC market is the preferred space for FX risk transfer, whereas the exchange-traded derivatives market serves the price discovery and immediacy functions for smaller trades.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100947"},"PeriodicalIF":5.2,"publicationDate":"2024-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139927424","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

Does the stock market anticipate events and supreme court decisions in corporate cases? 股票市场会预测公司案件中的事件和最高法院的裁决吗？

IF 5.2 2区经济学

Global Finance Journal Pub Date : 2024-02-09 DOI: 10.1016/j.gfj.2024.100946

Yehuda Davis , Suresh Govindaraj , Kate Suslava

引用次数: 0