Journal of Multinational Financial Management最新文献

Financial development and the nexus between inflation and wealth inequality 金融发展和通货膨胀与财富不平等之间的关系

IF 4 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-08-28 DOI: 10.1016/j.mulfin.2025.100922

Dong-Hyeon Kim , Shu-Chin Lin , Peiyao Liu , Jiaqi Liu

{"title":"Financial development and the nexus between inflation and wealth inequality","authors":"Dong-Hyeon Kim , Shu-Chin Lin , Peiyao Liu , Jiaqi Liu","doi":"10.1016/j.mulfin.2025.100922","DOIUrl":"10.1016/j.mulfin.2025.100922","url":null,"abstract":"<div><div>Since the global financial crisis, the redistributive consequences of inflation have gained substantial attention. While income inequality has long dominated public discourse, wealth inequality, which is critical for shaping economic opportunities and political power, has been comparatively overlooked. This paper empirically examines how inflation affects wealth inequality, emphasizing the role of financial development. We focus on top wealth shares, as the recent surge in wealth inequality is largely driven by increasing concentration among a small elite. Using cross-country panel data, we find that inflation exacerbates wealth inequality by increasing top wealth shares while reducing those at the lower end of the distribution. These effects are mitigated by banking development but intensified by stock market development. Pathway analyses suggest that these impacts operate through entrepreneurship and asset prices. Financial reform policies that promote banking development and broaden access to stock markets may help mitigate inflation’s adverse effects on wealth inequality.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"80 ","pages":"Article 100922"},"PeriodicalIF":4.0,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144926675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Is connectedness between commodity volatility indices and G-7 stock market returns the same across return quantiles? 大宗商品波动性指数与七国集团（g7）股市回报率之间的连通性在各个回报率分位数之间是否相同？

IF 4 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-08-07 DOI: 10.1016/j.mulfin.2025.100921

Waqas Hanif , Rim El Khoury , Sinda Hadhri

{"title":"Is connectedness between commodity volatility indices and G-7 stock market returns the same across return quantiles?","authors":"Waqas Hanif , Rim El Khoury , Sinda Hadhri","doi":"10.1016/j.mulfin.2025.100921","DOIUrl":"10.1016/j.mulfin.2025.100921","url":null,"abstract":"<div><div>This study examines the connectedness and spillover effects among G7 stock markets, oil and gold volatilities from January 1, 2017, to June 16, 2022. By employing an in-quantile spillover approach, the study contributes to the existing literature by providing a comprehensive analysis of the linkages between these markets. The findings reveal that spillover effects are highly dynamic and vary significantly across different quantiles of the return distribution. During periods of market turbulence—such as the Covid-19 pandemic, trade tensions, and geopolitical conflicts—spillover intensity increases, indicating heightened market interdependence. The Japanese stock market and Gold volatility index (GVX) consistently act as net recipients of shocks, whereas the stock markets of Canada, France, Germany, Italy, the UK, and the USA serve as net transmitters. While long-term diversification opportunities appear limited, gold and oil exhibit effective hedging properties for short-term investors across various market conditions. From a policy perspective, these findings underscore the importance of monitoring market interdependencies, particularly during crisis periods. Policymakers should implement coordinated strategies to mitigate systemic risks in financial markets, especially in times of heightened uncertainty. Investors should consider short-term hedging strategies using gold and oil to minimize risk exposure during market downturns. Furthermore, financial regulators in G7 countries should enhance surveillance mechanisms to preempt excessive spillovers that may threaten financial stability.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100921"},"PeriodicalIF":4.0,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Green bonds: Catalyst or constraint for corporate green investment efficiency? 绿色债券：企业绿色投资效率的催化剂还是制约因素？

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-07-15 DOI: 10.1016/j.mulfin.2025.100920

Xinkuo Xu, Chenxi Zhang, Lizhengbo Yang

{"title":"Green bonds: Catalyst or constraint for corporate green investment efficiency?","authors":"Xinkuo Xu, Chenxi Zhang, Lizhengbo Yang","doi":"10.1016/j.mulfin.2025.100920","DOIUrl":"10.1016/j.mulfin.2025.100920","url":null,"abstract":"<div><div>Green bonds have emerged as a critical external financing channel for corporate green investments. However, focusing solely on the scale of investment without considering efficiency provides an incomplete understanding of the role of such bonds. This paper investigates the impact of green bonds on green investment efficiency (GIE) using the DEA-Malmquist model, incorporating undesirable outputs. It also explores the influencing factors and mechanisms underlying this relationship. The key findings include the following: (1) Green bonds enhance GIE primarily through improved technical efficiency rather than technological progress. The scale of green bonds has an inverted U-shape relationship with GIE. (2) The effect is more pronounced in firms with low agency costs, firms with limited government subsidies, state-owned enterprises, and firms in heavily polluting industries. (3) Green bonds contribute to GIE by bridging the gaps in internal green governance and amplifying external pressures, such as media attention. (4) A lag effect is observed, with benefits for pollution reduction and the efficiency of green technological innovation manifesting over time. These findings provide valuable insights into the role of green bonds, offering a dual perspective on their economic and environmental impacts while guiding policies and practices for sustainable corporate development.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100920"},"PeriodicalIF":2.9,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144663351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Foreign bank entry and corporate emissions: Evidence from staggered deregulations in China 外资银行进入和企业排放：来自中国交错放松监管的证据

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-06-23 DOI: 10.1016/j.mulfin.2025.100919

William Mbanyele , Hongyun Huang , Ying Liu , Xinwei Qu

引用次数: 0

Economic freedom and market resilience: Safeguarding liquidity in times of crisis 经济自由和市场弹性：在危机时期保障流动性

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-06-21 DOI: 10.1016/j.mulfin.2025.100918

Hyun Joung Jin , Jang-Chul Kim , Qing Su

{"title":"Economic freedom and market resilience: Safeguarding liquidity in times of crisis","authors":"Hyun Joung Jin , Jang-Chul Kim , Qing Su","doi":"10.1016/j.mulfin.2025.100918","DOIUrl":"10.1016/j.mulfin.2025.100918","url":null,"abstract":"<div><div>This study examines the link between the liquidity of non-U.S. stocks listed on the NYSE and the economic freedom of their home countries, with a particular focus on the COVID-19 pandemic. The key hypothesis suggests that greater economic freedom enhances stock liquidity by reducing information asymmetry and transaction costs. The findings confirm that stocks from countries with higher economic freedom exhibit narrower bid-ask spreads, lower price impacts, and reduced information-based trading, indicating improved market efficiency. Additionally, the study finds that economic freedom played a crucial role in maintaining liquidity and market stability during the pandemic. Countries with stronger financial, investment, and trade freedom experienced smaller declines in liquidity, suggesting that regulatory flexibility and transparent financial systems helped mitigate the effects of external shocks. These results highlight the importance of economic freedom in fostering resilient financial markets and reducing market disruptions during crises. The study provides practical implications for policymakers, investors, and financial institutions by emphasizing the need to promote economic freedom through transparent regulations, investor protections, and efficient market structures. Ultimately, the research supports the idea that higher economic freedom not only enhances financial market efficiency in normal conditions but also acts as a stabilizing force in times of economic uncertainty and global crises.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100918"},"PeriodicalIF":2.9,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144365566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Exploring the role of crude oil futures in portfolio diversification 探讨原油期货在投资组合多元化中的作用

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-06-11 DOI: 10.1016/j.mulfin.2025.100917

Ching-Chi Hsu , Wei-Che Tsai

引用次数: 0

Central bank swap arrangements, exchange rate volatility, and China’s exports 央行互换安排、汇率波动和中国出口

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-06-06 DOI: 10.1016/j.mulfin.2025.100915

Zhuqing Liu , Junmei Zhang

引用次数: 0

Temporal dynamics of uncertainty shocks on China's trade openness: A TVP-VAR estimation 不确定性冲击对中国贸易开放的时间动态影响：tpv - var估计

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-06-06 DOI: 10.1016/j.mulfin.2025.100916

Petros Golitsis , Kyriakos Emmanouilidis

{"title":"Temporal dynamics of uncertainty shocks on China's trade openness: A TVP-VAR estimation","authors":"Petros Golitsis , Kyriakos Emmanouilidis","doi":"10.1016/j.mulfin.2025.100916","DOIUrl":"10.1016/j.mulfin.2025.100916","url":null,"abstract":"<div><div>This study examines the impact of multiple uncertainty factors on China's trade openness from 1997 to 2023. Employing a time-varying parameter vector autoregression (TVP-VAR) model, we analyze how geopolitical risks, economic policy uncertainties, trade policy uncertainties, and climate policy uncertainties affect China's export-to-import ratio over different time horizons. The analysis incorporates both global and China-specific uncertainty indices to capture domestic and international dimensions. Our results indicate that uncertainty shocks exhibit their strongest effects in the first quarter following the shock, with impacts diminishing but remaining significant over longer horizons. The time-varying impulse response functions reveal differential effects across various economic periods, including notable responses following major economic events such as the 2008 financial crisis and subsequent Eurozone debt crisis. We find that climate policy developments coincide with observable shifts in trade patterns<strong>,</strong> which could be associated with changes in environmental technology sectors. These findings have implications for understanding how trade flows respond to various shocks in an increasingly complex global economic environment.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100916"},"PeriodicalIF":2.9,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

ETF connectedness and its applications: Evidence from RCEP member countries ETF连通性及其应用：来自RCEP成员国的证据

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-05-15 DOI: 10.1016/j.mulfin.2025.100908

Zhenyang Li , Yuanying Jiang

引用次数: 0

How did banks react to SVB collapse? 银行对瑞典对外银行的倒闭有何反应？

IF 2.9 3区经济学

Journal of Multinational Financial Management Pub Date : 2025-03-01 DOI: 10.1016/j.mulfin.2025.100900

Anis Samet , Kimberly C. Gleason , Feras M. Salama , Xi Ye

引用次数: 0