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Does Investors’ Online Public Opinion Divergence Increase the Trading Volume? Evidence from the CSI 300 Index Constituents 投资者的网络舆情分歧会增加交易量吗？来自沪深 300 指数成分股的证据
Journal of Risk and Financial Management Pub Date : 2024-07-24 DOI: 10.3390/jrfm17080316
Zihuang Huang, Qing Xu, Xinyu Wang
{"title":"Does Investors’ Online Public Opinion Divergence Increase the Trading Volume? Evidence from the CSI 300 Index Constituents","authors":"Zihuang Huang, Qing Xu, Xinyu Wang","doi":"10.3390/jrfm17080316","DOIUrl":"https://doi.org/10.3390/jrfm17080316","url":null,"abstract":"We collected online public opinions on the CSI 300 index constituents and investigated the different impacts of online public opinion divergence on trading volume. Here, we find that online public opinions are helpful in improving the trading volume, but the online public opinion divergence of investors reduces the expected trading volume. In particular, non-financial and mid-cap stocks with high levels of discussion are more significantly influenced by online public opinion divergence. Through the classification of investors’ influence levels, we find that the divergence among high-level investors increases the trading volume, while the divergence among low-level investors exacerbates the decrease in trading volume. A reduction in divergence for both levels will have a greater impact. We believe that attention should be paid to regulating and guiding the online public opinions of “newcomers”. This will not only improve the quality of Guba but also contribute to the steady development of the Chinese stock market.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"48 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141808265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unveiling the Path to Mobile Payment Adoption: Insights from Thai Consumers 揭开移动支付的应用之路：泰国消费者的见解
Journal of Risk and Financial Management Pub Date : 2024-07-24 DOI: 10.3390/jrfm17080315
Chuleeporn Changchit, Robert Cutshall, Long Pham
{"title":"Unveiling the Path to Mobile Payment Adoption: Insights from Thai Consumers","authors":"Chuleeporn Changchit, Robert Cutshall, Long Pham","doi":"10.3390/jrfm17080315","DOIUrl":"https://doi.org/10.3390/jrfm17080315","url":null,"abstract":"Mobile payment, replacing traditional methods like cash and cards, offers users convenience and accessibility, benefiting individuals, businesses, and governments. However, most research on mobile payment adoption has primarily focused on developed countries, leaving a gap in understanding the adoption factors in developing nations. This study addresses this gap by investigating the determinants of mobile payment adoption in Thailand, an emerging economy experiencing significant smartphone adoption and e-commerce growth. Through a quantitative approach and a survey of 475 Thai consumers, this research applies an extended Unified Theory of Acceptance and Use of Technology (UTAUT) model as a theoretical foundation to examine Thai consumers’ mobile payment adoption. Data analysis using SPSS 28.0 and AMOS 28.0 identifies key factors influencing Thai consumers to adopt mobile payment. By offering a comprehensive research model and considering evolving smartphone technology, this study aims to guide policymakers and stakeholders in promoting mobile payment adoption, ultimately enhancing Thailand’s economic development and tourism industry.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"26 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141806159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Potential Predictors of Psychologically Based Stock Price Movements 基于心理的股价波动潜在预测因素
Journal of Risk and Financial Management Pub Date : 2024-07-23 DOI: 10.3390/jrfm17080312
Robert East, Malcolm Wright
{"title":"Potential Predictors of Psychologically Based Stock Price Movements","authors":"Robert East, Malcolm Wright","doi":"10.3390/jrfm17080312","DOIUrl":"https://doi.org/10.3390/jrfm17080312","url":null,"abstract":"Investment in stocks is increasingly dependent on artificial intelligence (AI), but the psychological and social factors that affect stock prices may not be fully covered by the measures currently used in AI training. Here, we search for additional measures that may improve AI predictions. We start by reviewing stock price movements that appear to be affected by social and psychological factors, drawing on stock market behaviour during the COVID-19 pandemic. A review of processes that are likely to produce such stock market movements follows: the disposition effect, momentum, and the response to information. These processes are then explained by regression to the mean, negativity bias, the availability mechanism, and information diffusion. Taking account of these processes and drawing on the consumer behaviour literature, we identify three factors which may not be covered by current AI training data that could affect stock prices: publicity in relation to capitalization, stock-holding penetration in relation to capitalization, and changes in the penetration of stock holding.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"130 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Personal Networks, Board Structures and Corporate Fraud in Japan 日本的个人关系网、董事会结构和公司欺诈行为
Journal of Risk and Financial Management Pub Date : 2024-07-23 DOI: 10.3390/jrfm17080314
Takeshi Osada, David Vera, Taketoshi Hashimoto
{"title":"Personal Networks, Board Structures and Corporate Fraud in Japan","authors":"Takeshi Osada, David Vera, Taketoshi Hashimoto","doi":"10.3390/jrfm17080314","DOIUrl":"https://doi.org/10.3390/jrfm17080314","url":null,"abstract":"We examine the impact of corporate governance and personal networks on corporate fraud in Japanese companies, using panel logit and Cox proportional hazard models to analyze fraud occurrence and detection. This study focuses on the effects of Japan’s recent corporate governance reform and explores the unique influence of personal networks. Our key findings indicate that recent changes in corporate governance in Japan have been effective in preventing the occurrence of fraud and accelerating its detection. Additionally, stronger personal networks among board members help prevent fraud concealment, highlighting cultural differences in the effectiveness of personal networks in corporate governance compared to findings from Europe and the US.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Managerial Overconfidence Change with Market Conditions? Risk Management for Financial Institutions 管理者的过度自信会随市场条件而改变吗？金融机构的风险管理
Journal of Risk and Financial Management Pub Date : 2024-07-23 DOI: 10.3390/jrfm17080313
Jan P. Voon, Wai Lan Victoria Yeung, Sze Nam Chan
{"title":"Does Managerial Overconfidence Change with Market Conditions? Risk Management for Financial Institutions","authors":"Jan P. Voon, Wai Lan Victoria Yeung, Sze Nam Chan","doi":"10.3390/jrfm17080313","DOIUrl":"https://doi.org/10.3390/jrfm17080313","url":null,"abstract":"Overconfidence (hubris or overestimation of one’s ability to perform) has been viewed in the finance literature as a character trait that is stable over time, e.g., assuming that if a manager is overconfident, he/she is overconfident all the time. In this paper, we aim to show that managerial overconfidence can be state-contingent, i.e., the level of managerial overconfidence could be influenced by an external economic shock such as the global financial crisis in 2008. A novelty of this paper is to provide evidence for and application of the concept of state-based managerial overconfidence, which is new in the finance literature. Two empirical studies were reported. In the first study (Study 1), we analyzed real market data by linear regression. We found that managerial overconfidence could vary according to changes in the state of the macroeconomy or tightening of corporate governance policies. In the second study (Study 2), we conducted a lab experiment simulating how external manipulations could alter participants’ confidence level. Both our empirical studies provide strong evidence of state-contingent overconfidence by Student’s t-test and contribute to the current finance literature, which assumes overconfidence as a personality trait. Our findings have important practical implications for the credit market. According to the state-contingent overconfidence hypothesis, creditors might reduce the loan amount or the loan duration (or other loan contract terms) too excessively by more than the efficient level during an economic downturn if the offsetting effect of state-contingent overconfidence is ignored.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate Cash Holdings and Investment Efficiency: Do Women Directors and Financial Crisis Matter? 公司现金控股与投资效率：女董事和金融危机重要吗？
Journal of Risk and Financial Management Pub Date : 2024-07-22 DOI: 10.3390/jrfm17070311
Ardianto Ardianto, Noor Adwa Sulaiman
{"title":"Corporate Cash Holdings and Investment Efficiency: Do Women Directors and Financial Crisis Matter?","authors":"Ardianto Ardianto, Noor Adwa Sulaiman","doi":"10.3390/jrfm17070311","DOIUrl":"https://doi.org/10.3390/jrfm17070311","url":null,"abstract":"This study investigates the relationship between corporate cash holdings and investment efficiency, with a focus on how COVID-19 and the presence of women directors may influence this relationship. Using data from Indonesian public companies during the COVID-19 period, comprising 2350 firm-year observations, we employ fixed-effect regression models with industry and year controls to test our hypotheses. Robustness and endogeneity tests are conducted to ensure the reliability of our findings. Our research reveals that companies with larger cash reserves tend to experience decreased investment efficiency during the COVID-19 crisis. Moreover, the negative impact of substantial cash reserves on investment efficiency is exacerbated by the presence of female directors on the board. However, our findings also suggest that female directors can mitigate the adverse effects of excessive cash reserves on a company’s investment efficiency, particularly during unforeseen economic challenges such as the pandemic.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"80 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141737997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimation of Optimal Hedge Ratio: A Wild Bootstrap Approach 最佳对冲比率的估算：野性引导法
Journal of Risk and Financial Management Pub Date : 2024-07-20 DOI: 10.3390/jrfm17070310
Phong Minh Nguyen, Darren Henry, Jae H. Kim, Sisira Colombage
{"title":"Estimation of Optimal Hedge Ratio: A Wild Bootstrap Approach","authors":"Phong Minh Nguyen, Darren Henry, Jae H. Kim, Sisira Colombage","doi":"10.3390/jrfm17070310","DOIUrl":"https://doi.org/10.3390/jrfm17070310","url":null,"abstract":"This paper proposes a new approach to estimating the minimum variance hedge ratio (MVHR) based on the wild bootstrap and evaluates the approach using a spectrum of conservative to aggressive alternative hedging strategies associated with the percentiles of the MVHR’s bootstrap distribution. This approach is suggested to be more informative and effective relative to the conventional method of hedging solely based on a single-point estimate. Furthermore, the percentile-based MVHRs are robust to influential outliers, non-normality, and unknown forms of heteroskedasticity. The bootstrap percentile-based hedging strategies’ effectiveness is compared with those from the naïve method and the asymmetric DCC-GARCH model for a range of financial assets and commodities. The bootstrap percentile-based hedging technique is identified to outperform its alternatives in terms of hedging effectiveness, downside risk, and return variability, suggesting its superiority to other methods in both the literature and in practice.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141745844","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Factors Influencing Sustainable Poverty Reduction: A Systematic Review of the Literature with a Microfinance Perspective 影响可持续减贫的因素：从小额信贷角度系统回顾相关文献
Journal of Risk and Financial Management Pub Date : 2024-07-19 DOI: 10.3390/jrfm17070309
Salvador Fonseca, A. Moreira, Jorge Mota
{"title":"Factors Influencing Sustainable Poverty Reduction: A Systematic Review of the Literature with a Microfinance Perspective","authors":"Salvador Fonseca, A. Moreira, Jorge Mota","doi":"10.3390/jrfm17070309","DOIUrl":"https://doi.org/10.3390/jrfm17070309","url":null,"abstract":"This research examined factors that help microfinance achieve sustained poverty reduction based on a systematic literature review (SLR). A search was conducted on the SCOPUS database up to December 2023. After analyzing hundreds of documents, a subset of 30 articles was subject to in-depth analysis, exploring factors and corresponding measurement indicators for sustainable poverty reduction in microfinance contexts. This article emphasizes that sustained poverty reduction is a gradual process requiring ongoing efforts from both Microfinance Institutions (MFIs) and governments. Two key success factors are empowering borrowers and ensuring the microfinance programs themselves are profitable. When implemented in an integrated and coordinated manner, these factors can empower individuals to escape poverty by fostering self-employment and income generation, ultimately reducing dependence on external support. Additionally, the study highlights the role of personality traits in influencing long-term entrepreneurial success. The findings provide valuable tools for MFIs and policymakers. MFIs gain a practical framework to guide their interventions towards sustained poverty reduction. Policymakers can leverage the identified factors and indicators when designing and implementing microfinance policies with a long-term focus on poverty alleviation. This study breaks new ground by presenting an operational framework that categorizes and integrates two critical factor groups: empowerment and beneficiary profitability. Furthermore, it links these factors to corresponding measurement indicators within a unified framework, enabling a more holistic assessment of poverty reduction efforts.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 729","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141823851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Navigating the Storm: How Economic Uncertainty Shapes Audit Quality in BRICS Nations Amid CEO Power Dynamics 驾驭风暴：经济不确定性如何影响金砖国家首席执行官权力动态中的审计质量
Journal of Risk and Financial Management Pub Date : 2024-07-18 DOI: 10.3390/jrfm17070307
Antonios Persakis, Ioannis Tsakalos
{"title":"Navigating the Storm: How Economic Uncertainty Shapes Audit Quality in BRICS Nations Amid CEO Power Dynamics","authors":"Antonios Persakis, Ioannis Tsakalos","doi":"10.3390/jrfm17070307","DOIUrl":"https://doi.org/10.3390/jrfm17070307","url":null,"abstract":"This study investigates the association between economic uncertainty and audit quality in the BRICS nations, examining both input-based (e.g., audit fees, auditor tenure) and output-based (e.g., restatements, total accruals) measures of audit quality. Utilizing a dataset of 83,511 firm-year observations from 1995–2022, it reveals a significant negative impact of economic uncertainty on audit quality. Additionally, the research explores the moderating role of CEO power, employing principal component analysis to merge various indicators of CEO influence. Findings indicate that powerful CEOs can mitigate the adverse effects of economic uncertainty on audit quality, suggesting a U-shaped relationship between CEO power and audit quality. Methodologically robust, employing techniques like two-stage least squares (2SLS) and two-stage system generalized method of moments (system GMM) to address endogeneity, the study offers a comprehensive analysis of audit quality in the context of economic fluctuations and corporate governance, contributing significantly to the understanding of these dynamics in emerging economies, particularly in the diverse and influential BRICS nations. This study’s findings have significant implications for stakeholders and policymakers, providing insights that can inform policy decisions and enhance corporate governance frameworks.","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141827067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Corporate Finance and Environmental, Social, and Governance (ESG) Practices 企业财务与环境、社会和治理 (ESG) 实践
Journal of Risk and Financial Management Pub Date : 2024-07-18 DOI: 10.3390/jrfm17070308
Ș. C. Gherghina
{"title":"Corporate Finance and Environmental, Social, and Governance (ESG) Practices","authors":"Ș. C. Gherghina","doi":"10.3390/jrfm17070308","DOIUrl":"https://doi.org/10.3390/jrfm17070308","url":null,"abstract":"As global warming progresses, implementing green finance to redirect resources into sustainable initiatives has emerged as a crucial strategy for governments to develop financial systems that are carbon-free, green, and sustainable (Jin et al [...]","PeriodicalId":47226,"journal":{"name":"Journal of Risk and Financial Management","volume":" 30","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141824299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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