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Heterogeneity of foreign investors and Knightian uncertainty: Evidence from the Chinese capital market 外国投资者的异质性与奈特不确定性：来自中国资本市场的证据
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-26 DOI: 10.1016/j.gfj.2024.100982
Yang Li , Yongqiang Meng , Xiong Xiong , Yang Wang
{"title":"Heterogeneity of foreign investors and Knightian uncertainty: Evidence from the Chinese capital market","authors":"Yang Li ,&nbsp;Yongqiang Meng ,&nbsp;Xiong Xiong ,&nbsp;Yang Wang","doi":"10.1016/j.gfj.2024.100982","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100982","url":null,"abstract":"<div><p>Foreign investors are playing an increasingly important role in China's capital market, and the impact of northbound funds on Knightian uncertainty has attracted much academic attention. Based on the characteristics of northbound funds' trading behavior and investors' shareholding stability, this study divides them into long-term investors and short-term opportunists. It also examines the effect of long- and short-term foreign investors on individual stock Knightian uncertainty. The study finds that higher stability of northbound fund shareholding lowers the Knightian uncertainty of individual stocks, and long-term foreign institutional investors contribute to market stability. Furthermore, long-term investments in northbound funds can reduce Knightian uncertainty by improving the information environment, influencing the trading behavior of institutional investors, boosting investor confidence, and helping investors form consistent expectations. In conclusion, short-term foreign investors aggravate market volatility, whereas long-term foreign institutional investors help stabilize the market.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100982"},"PeriodicalIF":5.2,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140880059","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
A balance sheet analysis of monetary policy effects on banks 货币政策对银行影响的资产负债表分析
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-25 DOI: 10.1016/j.gfj.2024.100973
Boyao Li
{"title":"A balance sheet analysis of monetary policy effects on banks","authors":"Boyao Li","doi":"10.1016/j.gfj.2024.100973","DOIUrl":"10.1016/j.gfj.2024.100973","url":null,"abstract":"<div><p>Monetary policy operations affect bank balance sheets (BBSs). This study develops a balance sheet model to examine the impacts of monetary policy operations on banks' ability to supply funds. That ability is assessed using the balance sheet capacities provided by regulatory risk management instruments. The balance sheet approach views a monetary policy operation as a transaction between the central bank and a commercial bank, modeling the transaction as multiple changes to the BBS. This study identifies and distinguishes the effects of multiple changes in the BBS on balance sheet capacity. A balance sheet change resulting from a monetary policy operation may positively or negatively affect balance sheet capacity. Thus, a monetary policy may have a positive and a negative effect simultaneously. Positive (negative) effects result from balance sheet changes that reduce (increase) bank risks, as measured by regulations. As regulatory stringency decreases, the positive effects increase, whereas the negative effects remain unchanged. A BBS capacity channel of monetary policy is also shown.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100973"},"PeriodicalIF":5.2,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140764239","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
Culture and exit mechanisms: International evidence 文化与退出机制：国际证据
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-24 DOI: 10.1016/j.gfj.2024.100971
Mohamed Nasrallah Khiar, Maher Kooli
{"title":"Culture and exit mechanisms: International evidence","authors":"Mohamed Nasrallah Khiar,&nbsp;Maher Kooli","doi":"10.1016/j.gfj.2024.100971","DOIUrl":"10.1016/j.gfj.2024.100971","url":null,"abstract":"<div><p>This study aims to examine the effect of national culture on the choice of exit mechanism for private firms. Using an international dataset of private firms covering 60 countries from 1985 to 2019, we find that private firms in countries with high uncertainty avoidance, masculinity, indulgence vs. restraint, and individualism and low power distance and long-term orientation are more inclined to exit through mergers and acquisitions. Conversely, private firms in countries with low uncertainty avoidance, masculinity, indulgence vs. restraint, and individualism and high power distance and long-term orientation are more inclined to exit through initial public offerings. Our findings are robust to control for firm and country characteristics, market conditions, funds demand, payment method, subperiods, subsamples, cultural proxies, and composite cultural profile index. Overall, our findings underscore the importance of cultural dimensions in understanding exit mechanisms for private firms.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100971"},"PeriodicalIF":5.2,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140769264","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
Extreme weather, climate risk, and the lead–lag role of carbon 极端天气、气候风险和碳的滞后作用
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-24 DOI: 10.1016/j.gfj.2024.100974
Zhang-Hangjian Chen , Wei-Wei Chu , Xiang Gao , Kees G. Koedijk , Yaping Xu
{"title":"Extreme weather, climate risk, and the lead–lag role of carbon","authors":"Zhang-Hangjian Chen ,&nbsp;Wei-Wei Chu ,&nbsp;Xiang Gao ,&nbsp;Kees G. Koedijk ,&nbsp;Yaping Xu","doi":"10.1016/j.gfj.2024.100974","DOIUrl":"10.1016/j.gfj.2024.100974","url":null,"abstract":"<div><p>This study employs the thermal optimal path method to establish a framework for dynamic nonlinear connections between Chinese carbon and foreign exchange markets. Subsequently, it examines the effects of extreme weather events on the lead–lag role played by carbon. The empirical results indicate that China's carbon market typically lags behind its currency exchange market. Compared to the Hubei carbon market, the Guangdong carbon market experiences synchronized price movements between carbon and foreign exchange due to high pricing efficiency. Furthermore, shocks from extreme weather events can attract public attention to the carbon market and cause the typical lead–lag structure to reverse, whereupon the carbon market leads the foreign exchange market under such shocks, especially during heat waves. Our findings have implications for investors aiming for positive cumulative returns on hedging portfolios and policymakers wishing to bolster the financial market's ability to withstand exogenous shocks.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100974"},"PeriodicalIF":5.2,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140777987","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
Unlocking the path to digital financial accounting: A study on Chinese SMEs and startups 开启数字财务会计之路：中国中小企业和初创企业研究
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-21 DOI: 10.1016/j.gfj.2024.100970
Xiaoxue Gao
{"title":"Unlocking the path to digital financial accounting: A study on Chinese SMEs and startups","authors":"Xiaoxue Gao","doi":"10.1016/j.gfj.2024.100970","DOIUrl":"10.1016/j.gfj.2024.100970","url":null,"abstract":"<div><p>The undeniable significance of small and medium-sized enterprises (SMEs) and startups in fostering economic development and prosperity serves as the backdrop for this study. The primary goal of this research is to determine how various factors influence the digitalization of financial accounting within SMEs and startups. An analysis is carried out using data from a cohort of 200 Chinese SMEs, all listed and sourced from the China Stock Market &amp; Accounting Research database's financing reports from 2010 to 2020. The findings suggest that environmental, social, and governance investment and loans obtained by these SMEs positively promote digitalization. Meanwhile, financial fraud acts as a barrier to the expansion of digitalization within their financial structures. Notably, total income and transaction costs exhibit a mixed pattern of effects, acting as long-term enablers of digitalization. Moreover, the Chinese government's establishment of an electronic financial accounting standard framework and provision of incentive packages can expedite the digitalization of financial accounting in Chinese SMEs.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100970"},"PeriodicalIF":5.2,"publicationDate":"2024-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140763577","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 asset-based uncertainty drive asymmetric return connectedness across regional ESG markets? 基于资产的不确定性是否会导致各地区环境、社会和治理市场的非对称回报关联性？
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-20 DOI: 10.1016/j.gfj.2024.100972
Purba Bhattacherjee , Sibanjan Mishra , Elie Bouri
{"title":"Does asset-based uncertainty drive asymmetric return connectedness across regional ESG markets?","authors":"Purba Bhattacherjee ,&nbsp;Sibanjan Mishra ,&nbsp;Elie Bouri","doi":"10.1016/j.gfj.2024.100972","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100972","url":null,"abstract":"<div><p>This paper investigates the impact of asset-based uncertainty on the asymmetric return connectedness and hedging effectiveness of regional environmental, social and governance (ESG) equity markets from January 2017 to December 2022. The results of the asymmetric time-varying parameter vector autoregressive connectedness approach show strong dynamic connectedness within regional ESG markets, with the dominance of negative returns intensifying during COVID-19. Quantile regressions reveal that uncertainty in crude oil and bond markets negatively affects asymmetric return connectedness across bearish, normal and bullish market periods, whereas uncertainty in stock, gold and exchange rate markets has a positive impact. Overall, asset-based uncertainty influences negative return connectedness more than positive return connectedness, and a varied influence of asset-based uncertainty is noted during COVID-19 and the Russia–Ukraine war. A portfolio analysis shows that all ESG markets significantly contribute to higher hedging effectiveness, with a portfolio constructed based on the minimum connectedness approach outperforming the other portfolios. The findings provide policy implications for portfolio and risk management strategies.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100972"},"PeriodicalIF":5.2,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140646877","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
Home equity and retirement funding: Challenges and opportunities 房屋净值和退休资金：挑战与机遇
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-20 DOI: 10.1016/j.gfj.2024.100969
Vishaal Baulkaran , Pawan Jain
{"title":"Home equity and retirement funding: Challenges and opportunities","authors":"Vishaal Baulkaran ,&nbsp;Pawan Jain","doi":"10.1016/j.gfj.2024.100969","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100969","url":null,"abstract":"<div><p>We investigate the use of home equity to address the retirement saving crisis and funding shortfall. Using survey data from consumers and financial planners, we examine Canadian consumers' views on equity release and gauge financial planners' knowledge, attitudes, and perspectives towards recommending equity release products to their clients. Our findings indicate that a primary barrier for consumers is their lack of understanding about home equity release schemes. However, when these schemes are more cost-effective and endorsed by financial planners, they become more attractive. Behavioral biases and emotional attachment to one's home did not affect consumers' willingness when considering these options. Among financial planners, there's a general comfort in advising on home equity release. Their preferred recommendation is the “sell and downsize” strategy, followed by HELOC. Interestingly, older planners and those with personal biases tend to be more hesitant in giving advice on this subject. The results of this study suggest there may be a willingness to access home equity by future retirees, and that there is less desire to bequeath assets to the next generation.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"61 ","pages":"Article 100969"},"PeriodicalIF":5.2,"publicationDate":"2024-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140646878","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
Public sector unions and municipal debt 公共部门工会与市政债务
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-06 DOI: 10.1016/j.gfj.2024.100968
Hae Mi Choi , Swasti Gupta-Mukherjee
{"title":"Public sector unions and municipal debt","authors":"Hae Mi Choi ,&nbsp;Swasti Gupta-Mukherjee","doi":"10.1016/j.gfj.2024.100968","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100968","url":null,"abstract":"<div><p>This paper analyzes the effects of strong public sector labor unions on the municipal bond issuances and yields of U.S. states. The findings indicate that states with strong labor unions issue more municipal debt following fiscal deficit shocks and have higher bond yields. A one standard deviation increase in the unionization rate is associated with an approximate 17% increase in municipal debt issuance following a deficit shock, and a 233 basis points higher bond yield for the state's municipal debt. Strong unions are associated with a significant reduction in the responsiveness of labor costs and capital investments to fiscal shocks. Overall, the evidence suggests that states with strong unions have lower financial flexibility and are more likely to issue new municipal debt following adverse fiscal shocks and have higher bond yields.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100968"},"PeriodicalIF":5.2,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140632885","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 impact of oil shocks on the stock market 石油冲击对股市的影响
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-06 DOI: 10.1016/j.gfj.2024.100967
César Castro , Rebeca Jiménez-Rodríguez
{"title":"The impact of oil shocks on the stock market","authors":"César Castro ,&nbsp;Rebeca Jiménez-Rodríguez","doi":"10.1016/j.gfj.2024.100967","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100967","url":null,"abstract":"<div><p>This paper investigates the reaction of real stock returns and their volatility in the three main euro area economies (France, Germany and Italy), the U.K. and the U.S. to oil price changes caused by different shocks in the supply-side and demand-side of the global crude oil market, including the shock on the demand for oil inventories. Our findings suggest that the impact of oil supply and aggregate demand shocks on real stock returns and volatility are not altered when oil inventories are explicitly considered in the modeling of global crude oil market. However, the effects of oil-specific demand shocks on real stock returns are modified by the inclusion of oil inventories in the model, stressing the importance of the uncertainty channel in the link between the oil and stock markets. Finally, oil inventory shocks have a negative impact at medium time horizons on real stock returns, as the surge in the price of oil causes depletion of inventories.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100967"},"PeriodicalIF":5.2,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324000395/pdfft?md5=584e16276c8843b5e610117ba45f6cbc&pid=1-s2.0-S1044028324000395-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140542442","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
U.S. multinational corporations' income shifting incentives and share repurchases: Evidence across differential taxation systems 美国跨国公司的收入转移动机与股票回购：不同税制下的证据
IF 5.2 2区 经济学
Global Finance Journal Pub Date : 2024-04-04 DOI: 10.1016/j.gfj.2024.100966
Baban Eulaiwi , Fatmah Saeed Alghamdi , Ahmed Al-Hadi , Lien Duong , Grantley Taylor
{"title":"U.S. multinational corporations' income shifting incentives and share repurchases: Evidence across differential taxation systems","authors":"Baban Eulaiwi ,&nbsp;Fatmah Saeed Alghamdi ,&nbsp;Ahmed Al-Hadi ,&nbsp;Lien Duong ,&nbsp;Grantley Taylor","doi":"10.1016/j.gfj.2024.100966","DOIUrl":"https://doi.org/10.1016/j.gfj.2024.100966","url":null,"abstract":"<div><p>This study examines the association between income-shifting incentives and share repurchases using a sample of US multinational corporations (MNCs) from 2006 to 2020. We find a significant negative (positive) association between income shifting and share repurchases before (after) the enactment of the Tax Cuts and Jobs Act (TCJA) in 2018. The results show that the TCJA only had a short-term effect on the relation between income shifting and share repurchases that was largely confined to 2018 and reverted to pre-TCJA levels in subsequent years. Additionally, the overall negative relationship between income shifting and share repurchases is stronger in firms with high repatriation costs. However, firms with an advance pricing agreement with the Internal Revenue Service evidence a positive association between income shifting and share repurchases. Overall, we provide evidence for the effects of taxation system reforms on MNCs' income-shifting incentives and share repurchase decisions.</p></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"60 ","pages":"Article 100966"},"PeriodicalIF":5.2,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1044028324000383/pdfft?md5=06d8cc2342ef79e4d944b26863bd52ed&pid=1-s2.0-S1044028324000383-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140605548","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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