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

The role of private equity investments on exports: Evidence from OECD countries 私人股本投资对出口的作用:来自经合组织国家的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100739

Hernan Herrera-Echeverri , Debarshi K. Nandy , Daniel Fragua

{"title":"The role of private equity investments on exports: Evidence from OECD countries","authors":"Hernan Herrera-Echeverri , Debarshi K. Nandy , Daniel Fragua","doi":"10.1016/j.mulfin.2022.100739","DOIUrl":"10.1016/j.mulfin.2022.100739","url":null,"abstract":"<div><p><span>We analyze the impact of private equity (PE) investments (both venture-backed and buyout deals) on export performance in a cross-country setting. Using a comprehensive database of 22 OECD countries and 12 aggregated </span>industries<span>, we find that PE has a positive effect on export density and export market share. We confirm this finding after controlling for potential endogeneity issues using an IV framework. This impact is deeper in industries with higher productivity, value-added, and infrastructure availability. The outcomes are similar when local and foreign PE activity are considered, although foreign PE activity shows greater capacity to generate exports in the host country. Moreover, foreign PE activity enhances the capability of local PEs to generate additional exports, showing a complementary effect. Finally, country-specific characteristics such as trade freedom and institutional quality have a greater impact in generating exports when PE activity is higher. Our results have policy implications regarding access to foreign VC and PE investment in emerging economies.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100739"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46790162","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

Income diversification and bank performance nexus: Does corruption matter? 收入多元化与银行绩效关系:腐败是否重要?

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100757

Bismark Addai , Wenjin Tang , Adjei Gyamfi Gyimah , Martinson Ankrah Twumasi

{"title":"Income diversification and bank performance nexus: Does corruption matter?","authors":"Bismark Addai , Wenjin Tang , Adjei Gyamfi Gyimah , Martinson Ankrah Twumasi","doi":"10.1016/j.mulfin.2022.100757","DOIUrl":"10.1016/j.mulfin.2022.100757","url":null,"abstract":"<div><p>This study examines the impact of income diversification and corruption on banks’ performance. In particular, we focus on the impact of the extent of corruption in a country on the relationship between banks’ income diversification and performance. We utilize annual data on 715 banks from 52 countries in Africa over a period of eight years, 2011–2018. The results reveal that income diversification enhances banks' profit and risk-adjusted profit. On the other hand, corruption significantly reduces bank performance. We find that the positive impact of income diversification on performance is undermined in countries with a high level of corruption. We also examine the effect of corruption on the diversification–performance nexus across bank ownership groups using subsamples of local, regional African, and non-African banks. We find that corruption affects especially the operation of local and regional African banks, and affects less the operation of non-African banks. Our findings have essential implications for the regulation of banks and financial stability in general in African countries.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100757"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49341613","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

Liquidity Shocks, Price Volatilities, and Risk-managed Strategy: Evidence from Bitcoin and Beyond 流动性冲击、价格波动和风险管理策略:来自比特币及其他领域的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100729

Tao Tang , Yanchen Wang

引用次数: 1

Foreign analysts and managerial investment learning from stock markets 外国分析师和管理投资从股票市场学习

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100733

Lingmin Xie , Zhian Chen , Donghui Li , Hongping Tan

{"title":"Foreign analysts and managerial investment learning from stock markets","authors":"Lingmin Xie , Zhian Chen , Donghui Li , Hongping Tan","doi":"10.1016/j.mulfin.2022.100733","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100733","url":null,"abstract":"<div><p><span>This paper provides evidence on the role of foreign analysts in improving the informativeness of stock prices for corporate managers. Using a large sample of 15,623 firms in 42 economies, we find that foreign analysts improve managerial learning from stock markets as measured in terms of investment-to-price sensitivity. Consistent with the flow of information from global firms to local firms, we directly find that foreign analysts reduces firms’ price delay to global market information. We also dismiss the concern that Tobin's </span><em>Q</em><span> captures no additional information that is reflected only in the stock price. Cross-sectional analyses indicate that the positive effect of foreign analysts on managerial learning is more pronounced for firms in developed economies, firms with better financial positions, firms in less competitive industries, and firms with less foreign ownership. Our findings provide cross-country evidence on the informative role of foreign analysts for managers, which in turn strengthens the real effect of financial markets.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100733"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91673013","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

Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom 管理、机构投资者监督和公司价值:来自英国的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100732

Nghia Huu Nguyen, Cheng-Yi Shiu

引用次数: 0

Inflexibility and corporate innovation: Cross-country evidence 缺乏灵活性与企业创新:跨国证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100736

Jianjun Ge , Donghui Li , Yingzhao Ni , Shijie Yang

引用次数: 1

Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds? 从化石燃料中撤资是否会降低负责任的主权财富基金的财务表现?

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100731

Khalil Al Ayoubi , Geoffroy Enjolras

{"title":"Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds?","authors":"Khalil Al Ayoubi , Geoffroy Enjolras","doi":"10.1016/j.mulfin.2022.100731","DOIUrl":"10.1016/j.mulfin.2022.100731","url":null,"abstract":"<div><p><span>This paper examines the effects of negative screening on the financial performance of sovereign wealth funds<span> (SWFs). SWFs have been under pressure to invest responsibly and divest from fossil fuel firms by their respective governments and citizens. Yet, such a strategy may reduce the financial performance of these funds. This study examines the extent to which excluding fossil fuel firms from SWF portfolios in order to comply with ethical standards reduces their financial performance. By using asset pricing models, namely the capital asset pricing model and the Carhart four-factor model, we find that excluding firms has a statistically insignificant impact on the financial performance of SWFs. We document similar results regarding the performance of SWF fossil fuel portfolios, suggesting that fossil fuel </span></span>divestment will not impact SWF performance. We also test for differences between “extraction and production” and “refining and integrated” fossil fuel firms to explain why some SWFs divest only from extraction and production firms. Our findings indicate that, to some extent, extraction and production companies generate lower returns. We conclude that socially responsible investment, by negative screening of fossil fuel firms does not reduce SWF performance.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100731"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42839920","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

Foreign investment in times of COVID-19: How strong is the flight to advanced economies? COVID-19时期的外国投资:流向发达经济体的资金有多强劲?

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100735

Maela Giofré

引用次数: 3

Product differentiation in the socially responsible mutual fund industry 社会责任共同基金行业的产品差异化

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100730

Mercedes Alda , Fernando Muñoz , María Vargas

{"title":"Product differentiation in the socially responsible mutual fund industry","authors":"Mercedes Alda , Fernando Muñoz , María Vargas","doi":"10.1016/j.mulfin.2022.100730","DOIUrl":"10.1016/j.mulfin.2022.100730","url":null,"abstract":"<div><p>In this study, we analyse the effect of product differentiation on prices and client attraction in the socially responsible (SR) mutual fund industry. Using three proxies for differentiation, including a text-based indicator, a return-based indicator, and a portfolio-holding indicator, we analyse a sample of US SR equity mutual funds in the period 1999–2019. Our findings show that the text differentiation measure better explains the product differentiation impact on prices and flows than the measures based on fund characteristics. Our text differentiation results indicate that younger SR funds and funds belonging to smaller families are more differentiated. In addition, differentiation allows SR funds to charge higher fees and attract more money flows. Finally, our results indicate that SR fund investors are sensitive to differentiation regarding other funds implementing the same SR strategies, but not in relation to other funds in the same Morningstar financial style category.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100730"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X22000020/pdfft?md5=0bd069c58fc38442b50fb7014a9ad82b&pid=1-s2.0-S1042444X22000020-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45803301","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: 3

The signaling role of covenants and the speed of capital structure adjustment under poor creditor rights: Evidence from domestically and cross-listed firms in Brazil 契约的信号作用和不良债权下的资本结构调整速度:来自巴西国内和交叉上市公司的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100704

Tatiana Albanez , Rafael Schiozer

引用次数: 5