North American Journal of Economics and Finance最新文献_第3页

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

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

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

Oil price uncertainty and macro-financial systemic risk 油价不确定性与宏观金融系统性风险

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.najef.2026.102596

Zongming Liu , Wenhui Shi

引用次数: 0

Forecasting realized volatility using HAR models and wavelet decomposition: A volatility-timing perspective 利用HAR模型和小波分解预测已实现的波动率：一个波动率时序的视角

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-17 DOI: 10.1016/j.najef.2026.102605

Adam Clements , Puneet Vatsa

引用次数: 0

The debt-growth nexus in Canada: evidence from an open-economy ARDL model 加拿大的债务增长关系：来自开放经济的ARDL模型的证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2025-12-29 DOI: 10.1016/j.najef.2025.102574

George K. Zestos , Yixiao Jiang , Robert C. Winder , Charles Matzen

引用次数: 0

Corrigendum to “Dynamic distortions of the security market line: Evidence from asymmetric volatility and regime-switching models” [N. Am. J. Econ. Financ. 82 (2026) 102566] “证券市场线的动态扭曲：来自不对称波动和制度转换模型的证据”[N]。点。j .经济学。金融。82 (2026)102566]

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-11 DOI: 10.1016/j.najef.2026.102598

Hatem Brik

引用次数: 0

Quantile connectedness among green and dirty cryptocurrencies and North American clean technology and ESG 绿色和肮脏的加密货币与北美清洁技术和ESG之间的分位数联系

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-27 DOI: 10.1016/j.najef.2026.102610

Monica Singhania , Surabhi Seth , Chanchal Saini

{"title":"Quantile connectedness among green and dirty cryptocurrencies and North American clean technology and ESG","authors":"Monica Singhania , Surabhi Seth , Chanchal Saini","doi":"10.1016/j.najef.2026.102610","DOIUrl":"10.1016/j.najef.2026.102610","url":null,"abstract":"<div><div>We investigate volatility spillovers between green and dirty cryptocurrencies and North American clean technology and ESG equity using a quantile time–frequency connectedness approach. Leveraging an energy-efficiency-based classification of cryptocurrencies, we examine their dynamic interactions with sustainability-focused equity markets. The results reveal that connectedness varies across quantiles and time horizons, with heightened short-run spillovers during market stress. Bitcoin, Ethereum, and Cardano alternate between transmitter and receiver roles across regimes, whereas Ripple more consistently acts as a net receiver. Clean-technology and ESG equities exhibit state-dependent behaviour, shifting between shock absorption and propagation during systemic disruptions. Determinants analysis indicates that macro-financial uncertainty measures display horizon-specific associations with spillovers, while connectedness itself exhibits strong persistence, underscoring the path-dependent nature of systemic risk. Translating these findings into portfolio strategies, we show that minimum connectedness portfolios provide improved downside protection relative to traditional minimum variance and minimum correlation approaches during high-spillover states. By focusing on North American clean technology markets and situating the analysis within major systemic episodes, including the COVID-19 pandemic, the Russia-Ukraine conflict, the 2022–2023 monetary tightening cycle, the Terra-Luna and FTX-led crypto crises, and Ethereum’s energy transition from dirty to clean cryptocurrency post-merge in September 2022, the study offers a regionally grounded assessment of how North American climate-aligned equities and digital assets co-evolve under stress. The results offer valuable insights for investors and policymakers navigating increasingly climate-sensitive and digitally integrated financial systems.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102610"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397455","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

Economic uncertainty, shadow banking, and systemic risk: A perspective of interbank network structure analysis 经济不确定性、影子银行与系统性风险：银行间网络结构分析的视角

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-03-01 Epub Date: 2026-02-05 DOI: 10.1016/j.najef.2026.102600

Hongjie Pan, Zhaojie Wang, Hejie Zhang, Shusheng Ding

{"title":"Economic uncertainty, shadow banking, and systemic risk: A perspective of interbank network structure analysis","authors":"Hongjie Pan, Zhaojie Wang, Hejie Zhang, Shusheng Ding","doi":"10.1016/j.najef.2026.102600","DOIUrl":"10.1016/j.najef.2026.102600","url":null,"abstract":"<div><div>The onset of a “Trump 2.0” era is expected to usher a new wave of global economic uncertainty, exerting profound effects on shadow banking activities and impacting systemic risk. Motivated by these concerns, we examine the dynamic evolution of systemic risk across various interbank network structures to investigate how economic uncertainty and shadow banking interact to propagate and accumulate risk. Our findings reveal that heightened economic uncertainty significantly amplifies the systemic risk posed by shadow banking, while shadow banking activities, in turn, increase the banking system’s sensitivity to economic fluctuations. Under minimal to intermediate economic uncertainty, uniformly connected networks exhibit greater risk resilience. However, in a substantial economic uncertainty environment, network structures featuring core hubs demonstrates superior stability. Furthermore, the rise in economic uncertainty diminishes the positive influence of shadow banking on bank liquidity, profitability, and investment opportunities, markedly lowering the bank survival rate and increasing the need for central bank interventions. Asset loss stress tests further indicate that elevated economic uncertainty severely weakens the resilience of interbank networks, with intense shocks risking systemic dysfunction and collapse.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"83 ","pages":"Article 102600"},"PeriodicalIF":3.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146188687","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