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How to green the European auto ABS market? A literature survey 如何绿化欧洲汽车 ABS 市场？文献调查
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-09-10 DOI: 10.1111/eufm.12515
Carmelo Latino, Loriana Pelizzon, Max Riedel
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引用次数: 0
Pricing dynamics and herding behaviour of NFTs 非金融产品的定价动态和羊群行为
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-09-10 DOI: 10.1111/eufm.12506
Gilbert Fridgen, Roman Kräussl, Orestis Papageorgiou, Alessandro Tugnetti
{"title":"Pricing dynamics and herding behaviour of NFTs","authors":"Gilbert Fridgen,&nbsp;Roman Kräussl,&nbsp;Orestis Papageorgiou,&nbsp;Alessandro Tugnetti","doi":"10.1111/eufm.12506","DOIUrl":"10.1111/eufm.12506","url":null,"abstract":"<p>This paper analyzes the sales of 875,389 art nonfungible tokens (NFTs) on the Ethereum blockchain to identify the key determinants influencing NFT pricing and market dynamics. We find that market liquidity and trade volume are strong predictors of NFT prices. Contrarily, social media activity negatively correlates with prices. Introducing an artist ranking system, our study reveals a “superstar effect”, with a few artists dominating sales, and herding behaviour within the NFT market.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 2","pages":"670-710"},"PeriodicalIF":2.1,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12506","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142190767","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
Like a moth to a flame: Do stock market bubbles exacerbate credit risks of peer-to-peer lending? 飞蛾扑火股市泡沫会加剧点对点借贷的信贷风险吗？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-09-10 DOI: 10.1111/eufm.12516
Xin Liu, Xiaoran Ni, Zhigang Qiu, Wang Xiang, Kailun Zhang
{"title":"Like a moth to a flame: Do stock market bubbles exacerbate credit risks of peer-to-peer lending?","authors":"Xin Liu,&nbsp;Xiaoran Ni,&nbsp;Zhigang Qiu,&nbsp;Wang Xiang,&nbsp;Kailun Zhang","doi":"10.1111/eufm.12516","DOIUrl":"10.1111/eufm.12516","url":null,"abstract":"<p>We establish a causal link between stock market bubbles and credit risks from peer-to-peer lending. Employing a fuzzy regression discontinuity design based on retail investors' disproportional increase in stock market participation when the Shanghai Stock Exchange composite index exceeds 3500, we find that both the default rate and the degree of delinquency rise disproportionately for loans borrowed above the 3500 threshold. This effect is more pronounced among loans of lower quality and when borrowers are more overconfident and less risk averse. Overall, our results suggest that FinTech developments could amplify financial risks and induce contagion across markets.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 2","pages":"711-744"},"PeriodicalIF":2.1,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142190766","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
An announcement effect in reverse? Evidence from cash-settled convertible bonds 反向公告效应？现金结算可转换债券的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-09-02 DOI: 10.1111/eufm.12514
Stefano Gatti, Ulrich Sperl
{"title":"An announcement effect in reverse? Evidence from cash-settled convertible bonds","authors":"Stefano Gatti,&nbsp;Ulrich Sperl","doi":"10.1111/eufm.12514","DOIUrl":"10.1111/eufm.12514","url":null,"abstract":"<p>We analyze the trading activity of underlying shares at the maturity of convertible bonds with cash-settlement provisions. Our findings indicate that arbitrageurs and option dealers engage in systematic trading that leads to an increase in trading volumes and changes in the level of short interest in the affected underlying equities. We find significantly positive abnormal returns for the affected stocks if convertible bond-related trading is not contaminated by opposing option-related flows. This finding supports the notion that arbitrageurs can create a substantial market impact on shares underlying convertible bonds even without any relevant news dissemination.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 2","pages":"639-669"},"PeriodicalIF":2.1,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12514","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142190769","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
Issue Information: European Financial Management 4/2024 发行信息：欧洲财务管理 4/2024
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-09-02 DOI: 10.1111/eufm.12435
{"title":"Issue Information: European Financial Management 4/2024","authors":"","doi":"10.1111/eufm.12435","DOIUrl":"https://doi.org/10.1111/eufm.12435","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"1757-1758"},"PeriodicalIF":2.1,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12435","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142130381","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
Social networks and reputation incentives: Does directorship prestige influence effort? 社会网络和声誉激励：董事声望会影响努力吗？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-08-15 DOI: 10.1111/eufm.12512
Vincent J. Intintoli, Reda M. Moursli
{"title":"Social networks and reputation incentives: Does directorship prestige influence effort?","authors":"Vincent J. Intintoli,&nbsp;Reda M. Moursli","doi":"10.1111/eufm.12512","DOIUrl":"10.1111/eufm.12512","url":null,"abstract":"<p>Using social network theory, we measure the reputation of boards and directors based on the centrality of their respective networks. Directors commit greater effort, as measured by actual director attendance rates, to directorships they consider more prestigious. Results are robust to controlling for standard proxies of reputation as well as using alternative measures of centrality to identify prestigious directorships. We find similar results when examining exogenous shocks to relative directorship rankings; effort improves for directorships that increase in ranking following the shock. Our findings outline the importance directors place on the perceived reputational value of their directorships.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 2","pages":"565-614"},"PeriodicalIF":2.1,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12512","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142190796","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 impact of blockchain on firms' environmental and social performance 区块链对企业环境和社会绩效的影响
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-08-06 DOI: 10.1111/eufm.12510
Carole Bernard, Rebecca Cardot, Jamil Jaballah
{"title":"The impact of blockchain on firms' environmental and social performance","authors":"Carole Bernard,&nbsp;Rebecca Cardot,&nbsp;Jamil Jaballah","doi":"10.1111/eufm.12510","DOIUrl":"10.1111/eufm.12510","url":null,"abstract":"<p>This paper studies the relationship between blockchain patents and firms' environmental and social performance. Using data from USPTO, we assess the effect of these patents on subcategories and aggregate grades for social and environmental dimensions. Our results show a negative main effect of blockchain-related patents on social and environmental grades. However, this effect is moderated by company size and focus on R&amp;D. We exploit the first legislation favorable to blockchain in the United States and find a positive effect of blockchain patents on environmental grades, showing a change in corporate behavior regarding the use of blockchain.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"528-561"},"PeriodicalIF":2.1,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141939205","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
Foreign versus domestic SPACs in the US Market 美国市场上的外国 SPAC 与国内 SPAC
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-26 DOI: 10.1111/eufm.12511
Yao-Min Chiang, Bokyung Park, S. Ghon Rhee, Hui-Ju Tsai
{"title":"Foreign versus domestic SPACs in the US Market","authors":"Yao-Min Chiang,&nbsp;Bokyung Park,&nbsp;S. Ghon Rhee,&nbsp;Hui-Ju Tsai","doi":"10.1111/eufm.12511","DOIUrl":"10.1111/eufm.12511","url":null,"abstract":"<p>This study compares domestic and foreign special purpose acquisition companies (SPACs) listed in the US market. Compared with domestic SPACs, we find that foreign SPACs raise lower proceeds from initial public offerings and private investments in public equity funding. Additionally, redemption rates of foreign SPACs are higher than those of domestic SPACs. Our findings suggest that foreign SPACs face a competitive disadvantage due to their limited networks in the US market.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"493-527"},"PeriodicalIF":2.1,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141777743","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
Gender inequality, institutional quality and economic outcomes in the European Union 欧盟的性别不平等、机构质量和经济成果
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-20 DOI: 10.1111/eufm.12508
Hyun-Jung Nam, Doojin Ryu, Peter G. Szilagyi
{"title":"Gender inequality, institutional quality and economic outcomes in the European Union","authors":"Hyun-Jung Nam,&nbsp;Doojin Ryu,&nbsp;Peter G. Szilagyi","doi":"10.1111/eufm.12508","DOIUrl":"10.1111/eufm.12508","url":null,"abstract":"<p>Our model, which analyses multi-decade annual data from the European Union, suggests that gender inequality mediates the relationship between institutional quality and economic outcomes. We find that institutional quality significantly influences these outcomes, with positive associations with trade and per capita GDP, and negative associations with innovation. Institutional quality positively (negatively) impacts labour force (educational) inequality. Institutions prioritize reducing labour force inequality to boost trade and per capita GDP but struggle to address educational inequality, which does not similarly contribute to economic growth. Whereas labour force inequality negligibly impacts innovation, educational inequality significantly impedes it.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"463-492"},"PeriodicalIF":2.1,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740859","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
Identifying greenwashing in corporate-social responsibility reports using natural-language processing 利用自然语言处理技术识别企业社会责任报告中的 "洗绿 "行为
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-19 DOI: 10.1111/eufm.12509
Nina Gorovaia, Michalis Makrominas
{"title":"Identifying greenwashing in corporate-social responsibility reports using natural-language processing","authors":"Nina Gorovaia,&nbsp;Michalis Makrominas","doi":"10.1111/eufm.12509","DOIUrl":"10.1111/eufm.12509","url":null,"abstract":"<p>A textual analysis of corporate-social responsibility (CSR) reports reveals that companies engaged in environmental violations report differently from firms with a clean record. The violators issue longer, more positive and more frequent reports to relay environmental content that is more copious but less readable. The violator firms appear to modify their reporting practices right after committing a violation. The findings suggest that culpable firms exploit the current unregulated–unaudited state of CSR reporting as a means of greenwashing and call for institutional change. Our results are robust to a number of industry-firm characteristics, including board composition, ownership dispersion and international presence.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"427-462"},"PeriodicalIF":2.1,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12509","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740875","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
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