Journal of Multinational Financial Management最新文献_第8页

Politics and equity markets: Evidence from Canada 政治和股票市场:来自加拿大的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100726

Robert N. Killins , Thanh Ngo , Hongxia Wang

{"title":"Politics and equity markets: Evidence from Canada","authors":"Robert N. Killins , Thanh Ngo , Hongxia Wang","doi":"10.1016/j.mulfin.2021.100726","DOIUrl":"10.1016/j.mulfin.2021.100726","url":null,"abstract":"<div><p>We examine how political power, polarization, and economic policy uncertainty (EPU) in Canada and the US affect the Canadian equity market from 1985 to 2019. We document little evidence of significant liberal government return premiums and the corresponding risk for the overall market and many industry sectors. Only the IT sector witnesses the “second half effect” of election cycles. The Canadian equity market seems to outperform during strong Democratic control in the US, with mixed findings for the individual sectors. Political polarization in the two countries and trade uncertainty have little impact on Canadian equity returns except for the venture, small-cap, and IT sectors from the US polarization. The US EPU index affects the average returns of the overall Canadian equity market and the energy, industrials, retail, and transportation industries, while domestic EPU in Canada reduces the overall equity market, small-cap, and venture firm returns. The alignment of political ideology in the two countries has little impact on the equity market in Canada. Collectively, the results show that the impact of political environments on the Canadian equity market tends to be limited, dynamic, and industry-specific, suggesting that investors should not blindly mix their portfolios with their political views or affiliations.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100726"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42012140","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

Does mutual fund family size matter? International evidence 共同基金家族的规模重要吗?国际证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100708

Yihao Chen , Antonio F. Miguel , Xiayue Liu

引用次数: 0

Does geopolitical risk matter for corporate investment? Evidence from emerging countries in Asia 地缘政治风险对企业投资有影响吗?来自亚洲新兴国家的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-12-01 DOI: 10.1016/j.mulfin.2021.100703

Anh-Tuan Le , Thao Phuong Tran

引用次数: 39

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

引用次数: 0

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 , 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":"62 ","pages":"Article 100709"},"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

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 , Dominique Niyondiko , 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":"62 ","pages":"Article 100695"},"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

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

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 , Ahmet Sensoy , Guzhan Gulay , Shaen Corbet , 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":"62 ","pages":"Article 100717"},"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

引用次数: 5