Journal of Multinational Financial Management最新文献_第9页

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

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

引用次数: 12

Unemployment fluctuations and currency returns in the United Kingdom: Evidence from over one and a half century of data 联合王国的失业波动和货币回报:来自一个半世纪数据的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2021.100679

Deven Bathia , Riza Demirer , Rangan Gupta , Kevin Kotzé

{"title":"Unemployment fluctuations and currency returns in the United Kingdom: Evidence from over one and a half century of data","authors":"Deven Bathia , Riza Demirer , Rangan Gupta , Kevin Kotzé","doi":"10.1016/j.mulfin.2021.100679","DOIUrl":"https://doi.org/10.1016/j.mulfin.2021.100679","url":null,"abstract":"<div><p>This paper provides a long-term perspective on the causal linkages between currency dynamics and macroeconomic conditions. We utilise a long-span data set for the United Kingdom that extends back to 1856, and a time-varying causality testing methodology that accounts for nonlinearity and structural breaks. Using unemployment fluctuations as a proxy for macroeconomic conditions and wavelet decompositions to obtain the fundamental factor that drives excess returns for the British pound, time-varying causality tests based on alternative model specifications yield significant evidence of causal linkages and information spillovers across labour and currency markets over the majority of the sample. Causal effects seem to strengthen during the Great Depression and later following the collapse of the Bretton Woods system, highlighting the role of economic crises in the predictive linkages between the two markets. While the predictive role of currency market dynamics over unemployment fluctuations reflects the effect of exchange rate volatility on corporate investment decisions, which in turn drives subsequent labour market dynamics, we argue that causality in the direction of exchange rates from unemployment possibly reflects signals regarding monetary policy actions, which in turn spill over to financial markets. Overall, the findings indicate significant information spillovers across labour and currency markets in both directions with significant policy making implications.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"61 ","pages":"Article 100679"},"PeriodicalIF":4.2,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100679","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136997541","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

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

引用次数: 21

FDI characteristics, industry homogeneity, and audit fees in Japanese multinationals 外商直接投资特征、行业同质化与日本跨国公司的审计费用

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2021.100678

Junjian Gu

引用次数: 3

An empirical illustration of the integration of sovereign bond markets 主权债券市场一体化的实证分析

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2020.100674

Kei-Ichiro Inaba

引用次数: 2

The effects of global factors on the Saudi Arabia equity market by firm size: Implications for risk management based on quantile analysis and frequency domain causality 全球因素对沙特阿拉伯股票市场的影响:基于分位数分析和频域因果关系的风险管理影响

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-09-01 DOI: 10.1016/j.mulfin.2020.100665

Faisal Alqahtani , Besma Hamdi , Shawkat Hammoudeh

{"title":"The effects of global factors on the Saudi Arabia equity market by firm size: Implications for risk management based on quantile analysis and frequency domain causality","authors":"Faisal Alqahtani , Besma Hamdi , Shawkat Hammoudeh","doi":"10.1016/j.mulfin.2020.100665","DOIUrl":"10.1016/j.mulfin.2020.100665","url":null,"abstract":"<div><p>We investigate the effect of major global factors—crude oil, gold, silver, the S&P 500 Index, the United States (US) Dollar Index and US Treasuries—and a psychological barrier on the Saudi Arabian equity market. We consider various firm sizes to account for different potential sensitivities to the global factors. We use the quantile approach, which covers the entire distribution of the dependent variable, unlike previous studies that focus on the conditional mean only. We conduct the frequency domain causality test to disentangle the contagion and interdependence effects. Overall, the quantile analysis results demonstrate that crude oil, the S&P 500 Index and silver positively affect the Saudi equity market, while the appreciation of the US Dollar Index negatively affects the market. US Treasuries asymmetrically influence the Saudi market—they have a positive effect in high market conditions (75th–90th quantiles), but a negative effect in low market conditions (10th–25th quantiles). The psychological barrier affects the Saudi market when the oil price commands or exceeds US$100 per barrel across different firm sizes. Our findings are sensitive to firm size and across quantiles, which offers vital implications for investors, market participants and policymakers.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"61 ","pages":"Article 100665"},"PeriodicalIF":4.2,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2020.100665","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41346989","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: 3

The long-run performance of cross-border acquirers: An analysis of synergy sources 跨国收购者的长期绩效:协同效应来源分析

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-06-01 DOI: 10.1016/j.mulfin.2021.100694

Junming Hsu, Tung-Hsiao Yang, Yi-Chi Tsai

引用次数: 2

Dynamic measures of asymmetric & pairwise connectedness within an optimal currency area: Evidence from the ERM I system 最优货币区内不对称和成对连通性的动态度量:来自ERM I系统的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-06-01 DOI: 10.1016/j.mulfin.2021.100680

David Gabauer

引用次数: 53

Dynamic identification of systemically important financial markets in the spread of contagion: A ripple network based collective spillover effect approach 传染扩散中系统重要性金融市场的动态识别:基于涟漪网络的集体溢出效应方法