Journal of Multinational Financial Management最新文献

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Do the specific countries in which a multinational corporation operates affect its private loan contracts? 跨国公司经营的具体国家是否会影响其私人贷款合同?
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100709
Brandon Ater , Bowe Hansen
{"title":"Do the specific countries in which a multinational corporation operates affect its private loan contracts?","authors":"Brandon Ater ,&nbsp;Bowe Hansen","doi":"10.1016/j.mulfin.2021.100709","DOIUrl":"10.1016/j.mulfin.2021.100709","url":null,"abstract":"<div><p>Previous research has shown that higher levels of firm globalization lead to a lower cost of private debt. However, this research generally treats globalization as a homogeneous attribute ignoring the specific countries in which a multinational corporation (MNC) operates. Using a sample of U.S. MNCs from 1999 through 2017, we relax this assumption and find that while the results from prior research hold with regards to the level of an MNC’s operations in segments reported at the regional or continent-wide level, the level of an MNC’s operations in countries with low institutional quality is associated with a higher cost of bank debt. Our results are robust to controlling for firms’ choice to operate in countries with low institutional quality using self-selection models and propensity score matching. In additional testing we find that the level of MNCs operations in countries with low institutional quality is negatively associated with the inclusion of collateral requirements in private lending agreements, but is not associated with the maturity of the loan or the number of covenants included in the lending agreement. Finally, we find that firms’ segment disclosure choices vary around new loan issuances in a manner consistent with management being aware that operations in low institutional quality are perceived by lenders to indicate higher credit risk.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100709","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42149456","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
Cross-listing and the alignment between short and long-run performance 交叉上市和短期和长期业绩之间的对齐
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100702
Imen Ghadhab
{"title":"Cross-listing and the alignment between short and long-run performance","authors":"Imen Ghadhab","doi":"10.1016/j.mulfin.2021.100702","DOIUrl":"10.1016/j.mulfin.2021.100702","url":null,"abstract":"<div><p>This paper examines the alignment between initial price reaction and post-cross-listing performance for non-American firms cross-listed in the U.S. Using an event study methodology, we show that, while cross-listed firms exhibit long-term performance, short-term valuation gain is more important. We also find a significant difference between short and long-term price reactions, explained by legal investor protection considerations. Additional analysis shows that the change in the U.S. regulatory environment has no diminishing effect on cross-listing economic benefits. We also show more important short-run price reactions in crisis time, leading to more significant misalignment between short and long-term performance. Our results are robust to several control firm and country characteristics.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100702","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43084137","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
Does cross-border banking enhance competition and cost efficiency? Evidence from Africa 跨境银行业务是否提高了竞争和成本效率?来自非洲的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100695
Luc Matabaro Borauzima , Dominique Niyondiko , Aline Muller
{"title":"Does cross-border banking enhance competition and cost efficiency? Evidence from Africa","authors":"Luc Matabaro Borauzima ,&nbsp;Dominique Niyondiko ,&nbsp;Aline Muller","doi":"10.1016/j.mulfin.2021.100695","DOIUrl":"10.1016/j.mulfin.2021.100695","url":null,"abstract":"<div><p>Over the last two decades, the unprecedented expansion of cross-border banking on the African banking market has raised concern about their effects on host countries’ markets. This paper investigates to what extent this expansion has affected competition and cost efficiency in the African banking market using a sample of 429 active commercial banks from 2000 to 2015. Results show that CBB activities enhance competition, mainly driven by African CBB. At the regional scale, these effects are more substantial in Sub-Saharan Africa (SSA) because African CBBs have more expanded their activities in SSA. We also document that more efficient banks alleviate the competition induced by the expansion of African CBBs. The latter exhibit lower efficiency and therefore do not encourage bank efficiency. This study further shows that macroeconomic conditions and institutional variables are essential drivers of bank competition and cost efficiency in Africa. These results are robust to alternative estimation techniques (system-GMM, Quantile regression-Adaptative MCMC, Matching) and proxies of competition and cost efficiency.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100695","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47104780","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
Determinants of non-compliant equity funds with EU portfolio concentration limits 不符合欧盟投资组合集中度限制的股票基金的决定因素
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100707
Lidia Loban, José Luis Sarto, Luis Vicente
{"title":"Determinants of non-compliant equity funds with EU portfolio concentration limits","authors":"Lidia Loban,&nbsp;José Luis Sarto,&nbsp;Luis Vicente","doi":"10.1016/j.mulfin.2021.100707","DOIUrl":"10.1016/j.mulfin.2021.100707","url":null,"abstract":"<div><p>This study identifies the determinants of domestic equity funds that fail to comply with the portfolio concentration limits of the EU Directive 2009/65/EC. This study also determines the characteristics of the stocks subject to these non-compliant portfolios. The empirical application to a comprehensive sample of domestic equity funds registered in the Eurozone provides significant information that can help to improve market supervision in terms of investors’ protection.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100707","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42408037","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Country-segment disclosure of foreign operations from Central and Eastern Europe: Country-level determinants and value relevance 来自中欧和东欧的外国业务的国家部门披露:国家层面的决定因素和价值相关性
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100718
Alina Taran , Can Simga-Mugan , Marilena Mironiuc
{"title":"Country-segment disclosure of foreign operations from Central and Eastern Europe: Country-level determinants and value relevance","authors":"Alina Taran ,&nbsp;Can Simga-Mugan ,&nbsp;Marilena Mironiuc","doi":"10.1016/j.mulfin.2021.100718","DOIUrl":"10.1016/j.mulfin.2021.100718","url":null,"abstract":"<div><p>Operating segments reporting represents a potential source of information about corporate foreign operations. This paper investigates the country-segment disclosure related to Central and Eastern European (CEE) operations - regarded as potential reporting segments - of multinational corporations<span> (MNCs). The empirical analysis indicates limited information on country segments in general, and a few country segments for CEE operations. The probability of country-segment disclosure depends on size of operations, and host-country economic conditions such as financial risk, competitiveness, ease of doing business and tax rates. The value relevance analysis indicates a significant negative influence of country-segment disclosure of CEE operations on stock prices. These findings provide insights about country-segment disclosure and suggest policy implications of managerial approach for operating segments reporting.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48641000","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: 1
Big data analytics, order imbalance and the predictability of stock returns 大数据分析、订单失衡和股票回报的可预测性
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100717
Erdinc Akyildirim , Ahmet Sensoy , Guzhan Gulay , Shaen Corbet , Hajar Novin Salari
{"title":"Big data analytics, order imbalance and the predictability of stock returns","authors":"Erdinc Akyildirim ,&nbsp;Ahmet Sensoy ,&nbsp;Guzhan Gulay ,&nbsp;Shaen Corbet ,&nbsp;Hajar Novin Salari","doi":"10.1016/j.mulfin.2021.100717","DOIUrl":"10.1016/j.mulfin.2021.100717","url":null,"abstract":"<div><p>Financial institutions<span> have adopted big data to a considerable extent to provide better investment decisions. Consequently, high-frequency algorithmic traders use a vast amount of historical data with various statistical models to maximize their trading profits. Until recently, high-frequency algorithmic trading<span> was the domain of institutional traders with access to supercomputers. Nowadays, any investor can potentially make high-frequency trades because of easy access to big data and software to analyze and execute trades. With that in mind, Borsa Istanbul introduced real time big data analytics as a product to its customers. These analytics are derived in real time from order book and trade data and aim to level the playing field between investment firms and retail traders. Using classical benchmark models in the literature, we show that Borsa Istanbul’s order imbalance-based data analytics are useful in predicting both time-series and cross-sectional intraday excess future returns, proving that this product is extremely beneficial to market participants, particularly day traders.</span></span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41544485","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: 2
Trade, financial openness and dual banking economies: Evidence from GCC Region 贸易、金融开放和双重银行经济:来自海湾合作委员会地区的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100693
Ashraf Khan , M. Kabir Hassan , Andrea Paltrinieri , Salman Bahoo
{"title":"Trade, financial openness and dual banking economies: Evidence from GCC Region","authors":"Ashraf Khan ,&nbsp;M. Kabir Hassan ,&nbsp;Andrea Paltrinieri ,&nbsp;Salman Bahoo","doi":"10.1016/j.mulfin.2021.100693","DOIUrl":"10.1016/j.mulfin.2021.100693","url":null,"abstract":"<div><p>The recent wave of liberalization in Gulf Cooperation Council (GCC) countries has opened up a debate on the role of Islamic finance in the financial development of an economy. Using a comprehensive dataset of 43 Islamic and 49 conventional banks for the period 2007–2015, in this paper, we investigate the impact of trade and financial openness on financial development in the GCC region. We find that trade and financial openness have a positive effect on the profitability of both banking systems, while the interaction term of openness is negative for the profitability of Islamic banks. Moreover, trade and financial openness affect Islamic banks differently than conventional banks. Notably, we unveil that trade and financial openness decrease the loan volume of Islamic banks but increase their stability.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100693","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42523673","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: 5
The diverse effects of currency crises on multinational and local firms: The use of foreign currency debt 货币危机对跨国公司和本地公司的不同影响:外币债务的使用
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100706
Jing Jin , Rose C. Liao , Gilberto Loureiro
{"title":"The diverse effects of currency crises on multinational and local firms: The use of foreign currency debt","authors":"Jing Jin ,&nbsp;Rose C. Liao ,&nbsp;Gilberto Loureiro","doi":"10.1016/j.mulfin.2021.100706","DOIUrl":"10.1016/j.mulfin.2021.100706","url":null,"abstract":"<div><p><span>Using a large sample of 1017 multinational parents with 13,758 affiliates and 3588 local firms in 26 countries, we examine the impact of currency crises on multinational firms and local firms between 2006 and 2014. We find that multinational affiliates use their </span>internal capital markets to capitalize on the benefits of large currency depreciations and increase sales and investment significantly more than local firms. We trace this differential response to the use of foreign currency debt. We find that local firms without foreign currency debt are less affected by currency depreciations. In addition, multinational affiliates whose parent firms are also affected by a currency crisis in their home country experience a larger decrease in sales and investment. Our results are not driven by the global financial crisis years.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100706","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49556361","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: 1
Does foreign direct investment deepen the financial system in Southeast Asian economies? 外国直接投资是否深化了东南亚经济体的金融体系?
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2021.100682
Mollah Aminul Islam , Haiyun Liu , Muhammad Asif Khan , Md Tariqul Islam , Md Reza Sultanuzzaman
{"title":"Does foreign direct investment deepen the financial system in Southeast Asian economies?","authors":"Mollah Aminul Islam ,&nbsp;Haiyun Liu ,&nbsp;Muhammad Asif Khan ,&nbsp;Md Tariqul Islam ,&nbsp;Md Reza Sultanuzzaman","doi":"10.1016/j.mulfin.2021.100682","DOIUrl":"10.1016/j.mulfin.2021.100682","url":null,"abstract":"<div><p>This study empirically examines the role of foreign direct investment (FDI) in triggering financial deepening (FD) in the Southeast Asian region. More specifically, it investigates the direct and indirect role of FDI in enhancing the level of FD. The findings of the robust feasible generalized least squares (FGLS) and panel-corrected standard errors (PCSE) estimators suggest that FDI acts as an essential stimulator to FD in the region – directly as well as indirectly through money supply. The results are robust under alternative specifications and institutional measures. The study recommends policymakers to carefully consider the channel of money supply that substantially influences FDI to stimulate the level of FD. In addition, it is important to understand the dynamic role of the institutional framework and other macroeconomic variables in this nexus.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100682","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46264747","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: 12
The impact of competition and bank market regulation on banks’ cost efficiency 竞争与银行市场监管对银行成本效率的影响
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2021.100677
Haiyan Yin
{"title":"The impact of competition and bank market regulation on banks’ cost efficiency","authors":"Haiyan Yin","doi":"10.1016/j.mulfin.2021.100677","DOIUrl":"10.1016/j.mulfin.2021.100677","url":null,"abstract":"<div><p>With a comprehensive dataset covering 148 countries over 1995–2015, this study investigates the relationship between competition and efficiency in the banking industry. Evidence shows that bank competition is detrimental to cost efficiency, which is at variance with the intuitive “quiet life” hypothesis. The bank regulatory and institutional environment in which banks operate not only influences bank efficiency, but also affects the link between competition and efficiency. Restrictive regulations on bank activities and stringent capital requirements reduce, whereas effective supervision and information sharing of credit registries increase efficiency. The adverse impact of competition on efficiency can be mitigated or even reversed by well-implemented regulations, supervision, and information sharing mechanisms.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":null,"pages":null},"PeriodicalIF":4.2,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100677","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43411867","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: 21
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