North American Journal of Economics and Finance最新文献

Corrigendum to “Regime-Switching volatility and risk quantification in South Asian and developed stock Markets: A Comparative perspective using Markov-Switching GARCH with MLE and MCMC estimations” [N. Am. J. Econ. Financ. 82 (2026) 102576] “南亚和发达国家股票市场的制度转换波动率和风险量化：使用马尔可夫转换GARCH与MLE和MCMC估计的比较视角”[N]。点。j .经济学。金融。82 (2026)102576]

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-04-09 DOI: 10.1016/j.najef.2026.102626

Hina Mushtaq , Muhammad Ishtiaq , Surayya Jamal , Syed Maisam Raza Rizvi , Hamad Raza

引用次数: 0

The effect of monetary policy shocks on inequality in the Eurozone 货币政策冲击对欧元区不平等的影响

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-03-11 DOI: 10.1016/j.najef.2026.102608

Makram El-Shagi

引用次数: 0

The impact of global EPU spillovers on the housing market returns: cross-country evidence 全球EPU溢出效应对房地产市场回报的影响：跨国证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-05-01 Epub Date: 2026-04-26 DOI: 10.1016/j.najef.2026.102638

Yuting Gong , Feifei Wang , Wenjun Xue

引用次数: 0

Inflation shocks: quantile unit root inference for panel data with cross-correlations 通货膨胀冲击：交叉相关面板数据的分位数单位根推断

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-01-22 DOI: 10.1016/j.najef.2026.102592

Saban Nazlioglu , Dogukan Tarakci , Cagin Karul , Lokman Salih Erdem

{"title":"Inflation shocks: quantile unit root inference for panel data with cross-correlations","authors":"Saban Nazlioglu , Dogukan Tarakci , Cagin Karul , Lokman Salih Erdem","doi":"10.1016/j.najef.2026.102592","DOIUrl":"10.1016/j.najef.2026.102592","url":null,"abstract":"<div><div>The growing empirical literature documents evidence on persistence of shocks to inflation; however, little is known about the nature of inflation shocks with asymmetric persistence and cross-correlations. By introducing panel quantile unit root approach with common shocks for a sample of 75 countries from January-1980 to December-2022, this study provides new insights on the persistence of inflation shocks. The panel quantile unit root analysis sheds light on that (i) inflation appears to exhibit significant cross-correlations across countries at all quantiles, and persistence of inflation shocks shifts notably between low and high quantiles, reflecting asymmetric persistence in inflation dynamics, (ii) inflation rates tend to be mean reverting during low to moderate inflation periods, but more persistent in high inflation period, (iii) inflation becomes persistent at higher thresholds in countries with a history of inflationary episodes. These findings reveal the importance of considering asymmetric persistence and cross-correlations for analyzing inflation shocks.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102592"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078545","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

Social tolerance and firm innovation 社会宽容，企业创新

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-15 DOI: 10.1016/j.najef.2026.102602

Gia Han Doan , Suin Lee , Bin Wang

引用次数: 0

Corrigendum to “Asymmetry and determinants of financial connectivity in G20: Evidence from a quantile-based and lasso regression analysis” [N. Am. J. Econ. Financ. 77 (2025) 102379] 《G20金融互联互通的不对称性与决定因素：基于分位数和套索回归分析的证据》[N]。点。j .经济学。财经。77 (2025)102379]

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-19 DOI: 10.1016/j.najef.2026.102601

Guangyi Yang , Yong Li , Xiaoxing Liu

引用次数: 0

Currency mismatches in emerging markets: Effects on corporate liquidity, investment dynamics and performance 新兴市场货币错配：对企业流动性、投资动态和绩效的影响

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.najef.2026.102597

José De Gregorio , Luis P. de la Horra , Mauricio Jara

引用次数: 0

2024 US election: The climate for green and brown portfolios 2024年美国大选：绿色和棕色投资组合的氛围

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-01-30 DOI: 10.1016/j.najef.2026.102593

Nicola Comincioli , Michael Donadelli

{"title":"2024 US election: The climate for green and brown portfolios","authors":"Nicola Comincioli , Michael Donadelli","doi":"10.1016/j.najef.2026.102593","DOIUrl":"10.1016/j.najef.2026.102593","url":null,"abstract":"<div><div>This study examines the short-term stock price reactions of green and brown stocks following Donald Trump’s victory in the 2024 U.S. Presidential election. Using an event-study methodology, we analyze Cumulative Abnormal Returns (CARs) for portfolios constructed based on environmental sustainability criteria, as ESG-based scores, and CO<span><math><msub><mrow></mrow><mrow><mn>2</mn></mrow></msub></math></span> emission intensity metrics. Our findings indicate that classification criteria significantly influence market reactions. Brown portfolios (low ESG scores) generally outperformed green portfolios (high ESG scores) post-election, reflecting investor expectations of relaxed environmental regulations favoring carbon-intensive industries. Conversely, when portfolios are classified by CO<span><math><msub><mrow></mrow><mrow><mn>2</mn></mrow></msub></math></span> emission intensity, green portfolios (low CO<span><math><msub><mrow></mrow><mrow><mn>2</mn></mrow></msub></math></span> emissions) outperformed brown portfolios (high CO<span><math><msub><mrow></mrow><mrow><mn>2</mn></mrow></msub></math></span> emissions), suggesting investors prioritize direct environmental impact metrics in the short term. The study also emphasizes the importance of the factor model used to estimate theoretical returns, as different approaches yield varying magnitudes and dynamics of CARs. Specifically, size and value factors are found to play a critical role in shaping the CARs of green and brown portfolios around the election. An additional regression analysis reveals that market volatility, public attention to climate change, and political sentiment (particularly rising attention to Trump) significantly influenced the CARs of green and brown portfolios, albeit with differing effects. Green sentiment, however, had no significant impact on CARs. These results highlight the complex interplay between political events, investor sentiment, and sustainability-related market dynamics.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102593"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188685","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

Rival wealth effects in M&A: rethinking the competitive impact of horizontal transactions in the U.S. TMT sector 并购中的竞争财富效应：重新思考美国TMT行业横向交易的竞争影响

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-01-25 DOI: 10.1016/j.najef.2026.102595

Joshua Neel , Michel Charifzadeh , Tim A. Herberger

{"title":"Rival wealth effects in M&A: rethinking the competitive impact of horizontal transactions in the U.S. TMT sector","authors":"Joshua Neel , Michel Charifzadeh , Tim A. Herberger","doi":"10.1016/j.najef.2026.102595","DOIUrl":"10.1016/j.najef.2026.102595","url":null,"abstract":"<div><div>Recent antitrust scrutiny in the United States has led to the termination of major mergers in the technology, media, and telecommunications (TMT) sector, reflecting concerns about potential anticompetitive effects. However, sector-agnostic research on announcement effects finds little evidence of such harm from M&A, and TMT-related studies report conflicting results, raising questions about the rationale for aggressive regulatory intervention. This study provides the most comprehensive analysis to date of horizontal M&A effects on rivals within the U.S. TMT sector, analyzing 714 rival announcement reactions across 120 transactions over a period of 20 years. Our findings reveal significant positive shareholder wealth effects for rivals following merger announcements by competitors, suggesting that horizontal consolidation in this sector does not reduce competition. These results resolve previous contradictions in TMT-specific literature and call for a critical reassessment of stringent antitrust enforcement to avoid impeding overall firm value creation. Furthermore, the study challenges the notion that M&A in the TMT sector primarily serves as a competitive strategy for acquiring technological capabilities, offering important implications for both policymakers and industry leaders.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102595"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078547","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

Industrial policy and downside risk: Evidence from CHIPS-Exposed firms 产业政策和下行风险：来自芯片公司的证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-21 DOI: 10.1016/j.najef.2026.102603

Kwame Asiam Addey , Kekoura Sakouvogui

{"title":"Industrial policy and downside risk: Evidence from CHIPS-Exposed firms","authors":"Kwame Asiam Addey , Kekoura Sakouvogui","doi":"10.1016/j.najef.2026.102603","DOIUrl":"10.1016/j.najef.2026.102603","url":null,"abstract":"<div><div>This paper investigates the relationship between risk and stock returns for CHIPS-exposed semiconductor firms and non-CHIPS-exposed firms across two periods- before and after implementing the CHIPS Act. In doing so, we focus on the relationship between stock returns and downside risk using a panel regression framework estimated via the generalized method of moments (GMM) with heteroskedasticity and autocorrelation consistent standard errors. Our results show that market risk increased after the Act was implemented, while the relative downside risk premium decreased. Furthermore, the CHIPS-exposed semiconductor firm stocks had higher market risk premium than the non-CHIPS-exposed stocks across the two periods. Despite this increase in market risk premium, the relative downside risk premium was statistically insignificant after implementing the CHIPS Act. The findings of this study have several policy implications for financial practitioners, investors, and researchers. For instance, financial practitioners may have to reassess their risk models and hedging strategies to account for heightened volatility yet reduced relative downside risk in semiconductor and chip manufacturing sectors. Furthermore, policymakers and financial regulators should be aware that large-scale industrial policies such as the CHIPS Act can shift systematic and idiosyncratic risks, potentially requiring additional oversight or macroprudential measures.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102603"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397452","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