North American Journal of Economics and Finance最新文献_第7页

Constrained portfolio optimization via Artificial Gorilla Troops: Benchmarking against swarm-intelligence metaheuristic algorithms 通过人工大猩猩部队的约束投资组合优化：对群体智能元启发式算法的基准测试

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-12-15 DOI: 10.1016/j.najef.2025.102568

Vasileios Gkonis , Ioannis Tsakalos , Ilias Kampouris

引用次数: 0

Dynamic Agency, financial hedging and optimal investment 动态代理、金融对冲与最优投资

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-11-19 DOI: 10.1016/j.najef.2025.102556

Yehong Yang, Xun You, Yuqian Sun

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The spillover effect of customer extreme climate risk: Evidence from supplier trade credit 顾客极端气候风险的溢出效应：来自供应商贸易信用的证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-11-12 DOI: 10.1016/j.najef.2025.102553

Zhen Huang, Tianyu Dou

{"title":"The spillover effect of customer extreme climate risk: Evidence from supplier trade credit","authors":"Zhen Huang, Tianyu Dou","doi":"10.1016/j.najef.2025.102553","DOIUrl":"10.1016/j.najef.2025.102553","url":null,"abstract":"<div><div>This study examines the spillover effect of customer extreme climate risk on suppliers’ trade credit provision to their customers, and the moderating effects of customer climate sensitivity and customer green investment. We find that suppliers decrease trade credit provision as customer extreme climate risk increases. This adverse impact is stronger when firms have higher customer climate sensitivity and lower customer green investment. The negative effect continues to hold under several robustness tests, such as instrumental variable regression and propensity score matching. We further find that the influencing mechanism through which customer extreme climate risk impacts supplier trade credit is to increase the likelihood of customer credit risk. Additionally, the effect of customer extreme climate risk on suppliers’ trade credit provision is more significant when customers are non-state-owned or have a low market position. Our findings highlight the importance of customer extreme climate risk and offer valuable insights for suppliers to refine their business strategies in the context of supply chain risk spillover.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"81 ","pages":"Article 102553"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568501","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

Does innovation-driven policy optimize urban energy consumption? Evidence from China’s innovation-driven city pilot policies 创新驱动政策是否能优化城市能源消费？中国创新驱动型城市试点政策的证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.najef.2025.102548

Yingnan Cong , Yufei Hou , Yuan Ji , Xiaojing Cai

{"title":"Does innovation-driven policy optimize urban energy consumption? Evidence from China’s innovation-driven city pilot policies","authors":"Yingnan Cong , Yufei Hou , Yuan Ji , Xiaojing Cai","doi":"10.1016/j.najef.2025.102548","DOIUrl":"10.1016/j.najef.2025.102548","url":null,"abstract":"<div><div>Restructuring energy consumption is essential for promoting green, low-carbon economic and societal development. Innovation-driven policies, particularly those implemented in pilot cities, play a crucial role in this transformation. This study conducts a theoretical analysis to examine how such policies influence urban energy-consumption structures. Using a multitime-point difference-in-differences model, it treats China’s national innovation-driven city pilot policies as a quasi-natural experiment. The results indicate that these policies significantly improve urban energy structures. Mechanism analyses reveal that the improvements occur mainly through green innovation and industrial upgrading. Heterogeneity analysis further indicates that the effects are more pronounced in cities with lower administrative tiers, more challenging geographical conditions, and stronger environmental priorities. These findings provide valuable policy insights for refining innovation-driven strategies, enhancing urban energy-consumption structures, and promoting sustainable economic development in China.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"81 ","pages":"Article 102548"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145465929","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

Cybersecurity risk and firm growth: Empirical evidence based on text analysis 网络安全风险与企业成长：基于文本分析的经验证据

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-09-26 DOI: 10.1016/j.najef.2025.102542

Gengxi Xu, Yugang Li, Shanshan Liu, Zhuhong Ye

{"title":"Cybersecurity risk and firm growth: Empirical evidence based on text analysis","authors":"Gengxi Xu, Yugang Li, Shanshan Liu, Zhuhong Ye","doi":"10.1016/j.najef.2025.102542","DOIUrl":"10.1016/j.najef.2025.102542","url":null,"abstract":"<div><div>Despite cybersecurity risk emerging as a critical firm threat, research on effective prevention and response strategies remains limited. Using a sample of A-share listed companies in Shanghai and Shenzhen from 2010 to 2022, this study adopts text analysis to construct indicators that portray the cybersecurity risk of Chinese listed companies and systematically examines the impact of cybersecurity risk on firm growth. The findings reveal that cybersecurity risk significantly inhibits firm growth. Mechanism analysis indicates that cybersecurity risk adversely impacts growth by increasing firms’ excessive cash holdings, amplifying operational risks, and exacerbating financing constraints. Further analysis shows that the growth-inhibiting effect is more pronounced among firms in technology-intensive industries, larger scale, higher media attention, and higher analyst attention. This study provides empirical evidence to guide firms in developing preemptive cybersecurity strategies, supports regulators in implementing differentiated governance, and helps governments refine cybersecurity incentives. These measures help firms strike a balance between growth and risk while supporting effective cybersecurity governance.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"81 ","pages":"Article 102542"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219630","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

Expected versus unexpected Inflation:The role of Trade Policy 预期通货膨胀与意外通货膨胀：贸易政策的作用

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-12-26 DOI: 10.1016/j.najef.2025.102578

Hakan Yilmazkuday

{"title":"Expected versus unexpected Inflation:The role of Trade Policy","authors":"Hakan Yilmazkuday","doi":"10.1016/j.najef.2025.102578","DOIUrl":"10.1016/j.najef.2025.102578","url":null,"abstract":"<div><div>This paper investigates how trade policy shocks, specifically tariffs, distinctly affect the 1-year expected versus unexpected components of U.S. inflation. Using a Bayesian structural vector autoregression model and monthly data from 2007 to 2025, we decompose headline inflation to uncover a powerful and nuanced role for trade policy. We find that tariffs have a statistically significant and positive long-run impact on unexpected inflation. In contrast, while a tariff shock does not produce a statistically significant response in the level of expected inflation, our variance decomposition reveals it is the single largest long-run contributor to its volatility. These effects are distinct from short-run dynamics, where oil prices primarily drive inflation surprises. We also identify a formal structural break in May 2018, after which the effects of monetary policy grew to overshadow those of trade policy. A counterfactual analysis confirms that in the absence of tariff shocks, the inflation path would have been different. A key implication is that trade policy, through tariffs, creates significant long-term uncertainty for inflation expectations, complicating the task of maintaining price stability.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"82 ","pages":"Article 102578"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884167","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

Enhancing stock market predictions with multivariate signal decomposition and dynamic feature optimization 用多元信号分解和动态特征优化增强股市预测

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-10-24 DOI: 10.1016/j.najef.2025.102546

Xiaorui Xue , Shaofang Li , Xiaonan Wang , Tingting Ren

引用次数: 0

Credit ratings and top executives’ political ideology 信用评级和高管的政治意识形态

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-12-25 DOI: 10.1016/j.najef.2025.102573

Abdulaziz A. Alshamrani , David Rakowski , Salil Sarkar

引用次数: 0

Inflation targeting and stock market liquidity: a difference-in-difference and doubly robust analysis of emerging markets 通胀目标制与股市流动性：对新兴市场的双重稳健分析

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-12-31 DOI: 10.1016/j.najef.2025.102580

Ichrak Dridi , Mohamed Malek Belhoula , Adel Boughrara

{"title":"Inflation targeting and stock market liquidity: a difference-in-difference and doubly robust analysis of emerging markets","authors":"Ichrak Dridi , Mohamed Malek Belhoula , Adel Boughrara","doi":"10.1016/j.najef.2025.102580","DOIUrl":"10.1016/j.najef.2025.102580","url":null,"abstract":"<div><div>This study examines the impact of full-fledged inflation targeting (IT) regime adoption on stock market liquidity in emerging markets, addressing a critical yet underexplored dimension of monetary policy’s financial market effects. Understanding how IT influences financial market stability is crucial, particularly for emerging economies where liquidity constraints exacerbate financial fragility. Analyzing 35 emerging countries, of which 15 are inflation targeters, over the period 1990–2023, we employ Difference-in-Differences and Doubly Robust methods to assess the influence of IT on stock market liquidity, utilizing several proxies for liquidity. Our findings indicate that IT has a significant impact on liquidity, particularly during crises such as the Global Financial Crisis (GFC) and the COVID-19 pandemic. The positive impact of IT adoption on stock market liquidity emerges after a three-year delay and becomes statistically significant once key economic and financial variables are controlled for. Robust across multiple checks, our study extends prior literature by offering a broad multi-country perspective, isolating IT’s unique role, and using advanced methods to address selection bias. It highlights IT as a key policy tool for financial stability, equipping central bankers with strategies to prevent liquidity dry-ups and strengthen economic resilience in turbulent times.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"82 ","pages":"Article 102580"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884266","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

Quantile-frequency dependence between U.S. sector stock indices and macro-financial indicators: A quantile coherence approach 美国行业股票指数和宏观金融指标之间的分位数频率依赖性：分位数一致性方法

IF 3.9 3区经济学

North American Journal of Economics and Finance Pub Date : 2026-01-01 Epub Date: 2025-11-07 DOI: 10.1016/j.najef.2025.102552

Halilibrahim Gökgöz , Aamir Aijaz Syed , Catalin Gheorghe , Ahmed Jeribi

{"title":"Quantile-frequency dependence between U.S. sector stock indices and macro-financial indicators: A quantile coherence approach","authors":"Halilibrahim Gökgöz , Aamir Aijaz Syed , Catalin Gheorghe , Ahmed Jeribi","doi":"10.1016/j.najef.2025.102552","DOIUrl":"10.1016/j.najef.2025.102552","url":null,"abstract":"<div><div>This study explores the quantile–frequency linkages between U.S. sectoral stock indices and four macro-financial indicators: market volatility (VIX), geopolitical risk (GPR), inflation expectations (T5YIE), and the yield curve (T10Y3M), using the Quantile Coherence (QC) framework. The method captures nonlinear and asymmetric interactions across quantiles and horizons. The dataset covers daily observations from January 2016 to July 2025, encompassing episodes such as Brexit, the China–U.S. trade war, and recent geopolitical conflicts. Results reveal strong sectoral heterogeneity: dependence on VIX is predominantly negative in the short term during bullish phases, with reversals at longer horizons; the influence of GPR is asymmetric and forward-looking; inflation expectations, captured by T5YIE, show a stable long-run positive association with all sectors; while the yield curve (T10Y3M) generates systematic long-term co-movements, with leadership alternating between financial indicators and sector indices across regimes. These findings demonstrate uneven sectoral responses to macro-financial drivers and provide guidance for risk management and portfolio design in uncertain environments.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"81 ","pages":"Article 102552"},"PeriodicalIF":3.9,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145519582","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