International Journal of Finance & Economics最新文献_第5页

Determinants of the degree of fiscal sustainability 财政可持续性程度的决定因素

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-13 DOI: 10.1002/ijfe.2960

António Afonso, José Alves, José Carlos Coelho

引用次数: 0

How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time? 随着时间的推移，储备货币和主要市场的不确定性如何影响石油价格的不确定性？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-12 DOI: 10.1002/ijfe.2962

Baris Kocaarslan, Ugur Soytas

{"title":"How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time?","authors":"Baris Kocaarslan, Ugur Soytas","doi":"10.1002/ijfe.2962","DOIUrl":"10.1002/ijfe.2962","url":null,"abstract":"This research aims to understand how certain events, like the global financial crisis, the post-global financial crisis period, the COVID-19 pandemic, and the Russia-Ukraine war, along with changes in the value of the US dollar and uncertainty in gold, currency, and stock markets, affect the uncertainty in oil prices. We are particularly interested in looking at positive and negative changes in these factors when oil price uncertainty is either high or low. To achieve this, we use a quantile regression method, which allows us to analyse different levels of oil price uncertainty effectively. Throughout the whole timeframe we looked at, the initial findings suggest that when there is much uncertainty in the oil market, the US dollar and uncertainty in major markets have a bigger influence on making the oil market more uncertain, compared to times when there is not much uncertainty about oil prices. We also noticed that the impacts of negative and positive changes in the reserve currency, and uncertainties are quite different when crises happen. To cite an example, when there is much uncertainty about oil prices, positive expectations about economic activity (because the reserve currency is weaker) and confidence in the stock market (less worry about a shock in the stock market) have a stronger impact, reducing uncertainty in oil prices during the global financial crisis. On the other hand, more negative effects from pessimistic expectations (due to a stronger US dollar and increased fear of a shock in the stock market) lead to higher oil price uncertainty during the COVID-19 pandemic. According to what we have discovered in our analysis, policymakers and investors should evaluate how both negative and positive shifts in the reserve currency (US dollar) and uncertainties in gold, currency, and stock markets separately affect the uncertainty in oil prices. It is important to understand that these effects vary depending on the level of uncertainty in oil prices and the direction (positive or negative) and timing of the changes.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"2016-2041"},"PeriodicalIF":2.8,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107986","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

Effects of QE on sovereign bond spreads through the safe asset channel 量化宽松通过安全资产渠道对主权债券利差的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-12 DOI: 10.1002/ijfe.2958

Jan Willem van den End

引用次数: 0

Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China 董事会中的女性会影响外资并购的溢价和结果吗？来自中国的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-12 DOI: 10.1002/ijfe.2964

Pei Chu, Mohamed Elsayed, Yousry Ahmed

{"title":"Do women in the boardroom influence foreign acquisitions' premium and outcomes? Evidence from China","authors":"Pei Chu, Mohamed Elsayed, Yousry Ahmed","doi":"10.1002/ijfe.2964","DOIUrl":"10.1002/ijfe.2964","url":null,"abstract":"This paper examines whether gender diversity influences foreign merger and acquisition (M&A) premiums and outcomes in China. Consistent with agency and resource dependence theories, we find that female directors significantly reduce the acquisition premium paid for foreign targets. We show that the market responds positively in the short-term (measured by cumulative abnormal returns) to the announcement of foreign acquisitions by firms with greater female representation in the boardroom. We further find significant evidence that acquirers' boards comprising more female directors experience value creation and better operating synergies (measured by buy-and-hold abnormal returns and changes in return on assets) in the long-term following engagement in foreign M&A deals. Interestingly, after distinguishing between female independent and executive directors, we find that our previous finding on board gender diversity can be attributable to both the monitoring (independent directors) and supervisory (executive directors) roles played by female directors. We also find evidence accords with the argument of the critical mass of female directors' representation in the boardroom. Our results are robust after controlling for endogeneity issues using instrumental variables (IV), propensity score matching (PSM), Heckman, and firm fixed-effects methods. Overall, our findings offer additional empirical support for the global concern by regulators for improving corporate governance practices by increasing female quotas in the boardroom.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1163-1189"},"PeriodicalIF":2.8,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2964","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140250605","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

The tail connectedness among conventional, religious, and sustainable investments: An empirical evidence from neural network quantile regression approach 传统投资、宗教投资和可持续投资之间的尾部关联性：神经网络量化回归方法的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-10 DOI: 10.1002/ijfe.2949

Xin Jin, Bisharat Hussain Chang, Chaosheng Han, Mohammed Ahmar Uddin

{"title":"The tail connectedness among conventional, religious, and sustainable investments: An empirical evidence from neural network quantile regression approach","authors":"Xin Jin, Bisharat Hussain Chang, Chaosheng Han, Mohammed Ahmar Uddin","doi":"10.1002/ijfe.2949","DOIUrl":"10.1002/ijfe.2949","url":null,"abstract":"Financial markets are highly unpredictable and often associated with tail risks. This study examines the tail connectivity among three distinct markets—conventional, religious, and sustainable—and uses a new neural network quantile regression technique to quantify their risk exposure. The findings suggest that traditional and religious investments have the greatest tail risk exposure during crises, emphasising the importance of diversification using sustainable investments. The Systematic Network Risk Index identifies intense events, such as the COVID-19 pandemic, the European debt crisis, and the global financial crisis, as having the greatest tail risk. The Systematic Fragility Index finds the Islamic stocks during the COVID-19 crisis and the conventional stock market before the pandemic to the highly vulnerable markets. On the other hand, the Systemic Hazard Index identifies Islamic stocks as the primary source of systemic risk. The study concludes by providing implications for decision-makers, regulatory authorities, investors, players in the financial system, and investment managers to diversify their risk by utilising green/sustainable investments.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1124-1142"},"PeriodicalIF":2.8,"publicationDate":"2024-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107818","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

Credit risk modelling within the euro area in the COVID-19 period: Evidence from an ICAS framework COVID-19 期间欧元区的信用风险建模：来自 ICAS 框架的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-07 DOI: 10.1002/ijfe.2957

Georgios Chortareas, Apostolos G. Katsafados, Theodore Pelagidis, Chara Prassa

{"title":"Credit risk modelling within the euro area in the COVID-19 period: Evidence from an ICAS framework","authors":"Georgios Chortareas, Apostolos G. Katsafados, Theodore Pelagidis, Chara Prassa","doi":"10.1002/ijfe.2957","DOIUrl":"10.1002/ijfe.2957","url":null,"abstract":"This paper develops a logistic regression model in an in-house credit assessment system (ICAS) framework for predicting corporate defaults in the Greek economy. We consider the impact of the COVID-19 pandemic and the associated government financial support schemes, aiming to protect against financial vulnerabilities, on the probability of default of non-financial firms, as well as the relevant sectoral and firm-size effects. In developing the ICAS framework, we address methodological issues such as the predictive performance of statistical versus machine learning approaches and the imbalanced dataset problem, indicating ways to evaluate such models with strong predictive power. Our findings suggest that the effect of the financial support measures dominates the pandemic shocks, thus substantially reducing the probability of firms' default, while the size- and industry-based models show that firms in the micro and services sectors benefited the most. Furthermore, using a random forest model, our findings highlight the trade-off between the transparency of traditional statistical models and the predictive value of machine learning models.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1074-1105"},"PeriodicalIF":2.8,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140073253","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

Directors' and officers' liability insurance and minority shareholders' participation in corporate governance 董事和高级职员责任保险与小股东参与公司治理

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-07 DOI: 10.1002/ijfe.2961

Ruigang Zhang, Runze Yang, Hanwen Huo

引用次数: 0

The impact of dividend payout policies on real estate market diversification 分红政策对房地产市场多样化的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-02-29 DOI: 10.1002/ijfe.2944

Metin Ilbasmıs, Marc Gronwald, Yuan Zhao

{"title":"The impact of dividend payout policies on real estate market diversification","authors":"Metin Ilbasmıs, Marc Gronwald, Yuan Zhao","doi":"10.1002/ijfe.2944","DOIUrl":"10.1002/ijfe.2944","url":null,"abstract":"An asymmetric DCC – GJR – GARCH model is applied to the Turkish and US REIT markets in order to estimate the time-varying correlations between the REIT and stock markets. Using these estimated correlations, we investigate the impact of dividend payouts on the diversification potential of REITs for stock market investors. Our choice of the Turkish REIT market is based on its unique REIT dividend policy, while US data provide a benchmark for comparison. This study has a number of motivations and contributions that make it a worthwhile undertaking. First, we document that REIT dividend policy is related to the correlation between REIT and stock markets. Dividend paying REITs have lower correlations with stock markets, which makes the REIT market a viable portfolio diversifier. Second, we confirm that REITs and stock prices cointegrated more closely due to the 2008 global financial crisis. We additionally document that a similar effect was also present in the correlation during the global Covid-19 pandemic crisis. It appears that REIT and stock markets become more correlated during times of financial turmoil and diversification opportunities are diminished. Finally, we document that there is a long-term trend in the time-varying correlations between REIT and stock markets. Türkiye has been experiencing a negative trend in this regard, while the US has been experiencing a positive trend.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1049-1073"},"PeriodicalIF":2.8,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140020066","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

Mediating effect of financial inclusion on FinTech innovations and economic development in West Africa: Evidence from the Benin Republic 金融包容性对西非金融科技创新和经济发展的中介效应：来自贝宁共和国的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-02-28 DOI: 10.1002/ijfe.2954

Guillaume Edou Tchidi, Wei Zhang

{"title":"Mediating effect of financial inclusion on FinTech innovations and economic development in West Africa: Evidence from the Benin Republic","authors":"Guillaume Edou Tchidi, Wei Zhang","doi":"10.1002/ijfe.2954","DOIUrl":"10.1002/ijfe.2954","url":null,"abstract":"Studies from previous literature has exhausted the direct relationship between FinTech innovations and economic development with mixed findings. Thus, the current study investigates the mediating effect of financial inclusion on FinTech innovations and economic development in the Benin Republic. The study is survey research that used a questionnaire from bank customers and residents of suburb areas with a sample size of 357 respondents. The study employed a regression-based data analysis technique using SPSS and SEM-PLS 3 software. The results indicate a positive and significant relationship between FinTech and economic development. In addition, there is a positive and significant association between financial inclusion and economic development. The study also reports a positive and significant mediating role of financial inclusion in the relationship between financial technology and economic development. Consequently, the research confirms that financial inclusion serves as a crucial mechanism through which financial technology influences economic development. In light of these findings, it is recommended that efforts to enhance financial inclusion in the Benin Republic should specifically focus on fostering FinTech innovations to support sustainable economic development.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1032-1048"},"PeriodicalIF":2.8,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140006859","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

Looking in the rear-view mirror: Evidence from artificial intelligence investment, labour market conditions and firm growth 观察后视镜：人工智能投资、劳动力市场状况和企业增长的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-02-26 DOI: 10.1002/ijfe.2945

Ishmael Tingbani, Samuel Salia, Christopher A. Hartwell, Alhassan Yahaya

引用次数: 0