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Global monetary policy surprises and their transmission to emerging market economies: An external VAR analysis 全球货币政策意外及其对新兴市场经济体的传导：外部VAR分析
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-21 DOI: 10.1016/j.ememar.2025.101333
Felipe Beltrán
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引用次数: 0
Overseas experience and corporate innovation: Second-generation successors in family enterprises 海外经验与企业创新：家族企业第二代接班人
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-12 DOI: 10.1016/j.ememar.2025.101336
Yaozhi Chen , Honghong Wei
{"title":"Overseas experience and corporate innovation: Second-generation successors in family enterprises","authors":"Yaozhi Chen ,&nbsp;Honghong Wei","doi":"10.1016/j.ememar.2025.101336","DOIUrl":"10.1016/j.ememar.2025.101336","url":null,"abstract":"<div><div>We examine the impact of overseas experiences on second-generation successors in family enterprises from a cultural learning perspective. By manually curating data, we find that these successors significantly enhance both the quantity and quality of corporate innovation. Mechanism tests indicate that overseas experiences, through cultural learning, enhance risk-taking, confidence, and reduce seniority culture, fostering innovation. Furthermore, heterogeneity tests show that while these experiences hinder innovation in company locations with strong Confucian culture, they enhance it with high social openness. The results remain robust under a series of robustness and endogeneity tests.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101336"},"PeriodicalIF":5.6,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Unified or divided? Conflicting interests of controlling shareholders in corporate tax avoidance 统一还是分裂？企业避税中的控股股东利益冲突
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-12 DOI: 10.1016/j.ememar.2025.101339
Sun-ae Cho , Sangil Kim , Won-Wook Choi
{"title":"Unified or divided? Conflicting interests of controlling shareholders in corporate tax avoidance","authors":"Sun-ae Cho ,&nbsp;Sangil Kim ,&nbsp;Won-Wook Choi","doi":"10.1016/j.ememar.2025.101339","DOIUrl":"10.1016/j.ememar.2025.101339","url":null,"abstract":"<div><div>This study examines the heterogeneity among controlling shareholders on corporate tax avoidance. Findings reveal that controlling shareholders are divided on tax avoidance behavior, which leads to less tax avoidance; however, they are unified in earnings management and R&amp;D expenditure. Additional analysis shows that their divided interests are influenced by several factors, such as shareholder type, related-party transactions, family business status, Chaebol affiliation, and firm maturity. This study underscores that controlling shareholders, once considered a single entity, encompass individuals who counterbalance each other's interests; thus, reassessing their corporate governance role is necessary.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101339"},"PeriodicalIF":5.6,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Unraveling exchange rate shocks: Disentangling extensive and intensive effects on the lending channel 解开汇率冲击：解开对贷款渠道的广泛和密集影响
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-07 DOI: 10.1016/j.ememar.2025.101332
Mohammadreza Hassanpour, Amineh Mahmoudzadeh, Seyed Ali Madanizadeh
{"title":"Unraveling exchange rate shocks: Disentangling extensive and intensive effects on the lending channel","authors":"Mohammadreza Hassanpour,&nbsp;Amineh Mahmoudzadeh,&nbsp;Seyed Ali Madanizadeh","doi":"10.1016/j.ememar.2025.101332","DOIUrl":"10.1016/j.ememar.2025.101332","url":null,"abstract":"<div><div>This study examines how exchange rate (FX) fluctuations affect bank lending, focusing on the moderating role of liquidity. Using monthly data from Iranian banks (2007–2018), we exploit a fixed official FX rate regime to isolate extensive-margin adjustments. A 10% depreciation reduces real loan growth by 0.4 percentage points—about 30% of average monthly growth. The effect is stronger for banks with low liquidity and high non-performing loans. Local-currency and private-sector loans are most affected. The findings, which are robust to IV and GMM methods, underscore the importance of liquidity buffers in mitigating lending contractions during FX shocks and can inform macroprudential policy in emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101332"},"PeriodicalIF":5.6,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144653031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Stock market index enhancement via machine learning 通过机器学习增强股票市场指数
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-04 DOI: 10.1016/j.ememar.2025.101325
Liangliang Zhang , Li Guo , Weiping Zhang , Tingting Ye , Qing Yang , Ruyan Tian
{"title":"Stock market index enhancement via machine learning","authors":"Liangliang Zhang ,&nbsp;Li Guo ,&nbsp;Weiping Zhang ,&nbsp;Tingting Ye ,&nbsp;Qing Yang ,&nbsp;Ruyan Tian","doi":"10.1016/j.ememar.2025.101325","DOIUrl":"10.1016/j.ememar.2025.101325","url":null,"abstract":"<div><div>Stock market index enhancement remains a widely adopted strategy among hedge funds within China’s financial market. The underlying algorithm aims to fine-tune the weightings of individual stocks within a benchmark index, thereby enhancing the performance of the target portfolio relative to its original benchmark.</div><div>Our innovative numerical framework stands out for its generality, rapidity, and theoretical convergence to the global optimum under reasonable assumptions. It also shines in tackling high-dimensional portfolio optimization problems. Empirical results demonstrate that the stock market index enhancement strategy, as computed by our algorithm, consistently delivers stable and significant excess returns, outperforming existing benchmarks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101325"},"PeriodicalIF":5.6,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Dynamic connections between Africa's emerging equity markets and global financial assets 非洲新兴股票市场与全球金融资产之间的动态联系
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-03 DOI: 10.1016/j.ememar.2025.101337
Boakye Dankwah , Emmanuel Joel Aikins Abakah , Elikplimi Komla Agbloyor , Chi-Chuan Lee
{"title":"Dynamic connections between Africa's emerging equity markets and global financial assets","authors":"Boakye Dankwah ,&nbsp;Emmanuel Joel Aikins Abakah ,&nbsp;Elikplimi Komla Agbloyor ,&nbsp;Chi-Chuan Lee","doi":"10.1016/j.ememar.2025.101337","DOIUrl":"10.1016/j.ememar.2025.101337","url":null,"abstract":"<div><div>Using the novel quantile vector autoregression (QVAR) approach, the present study investigates the dynamics of the spillovers and connectedness among Africa's emerging equity markets and the international equity and alternative markets under different market conditions from 2012 to 2022. More specifically, the study analyzes the shock transmission between 12 of Africa's emerging and frontier markets, 4 international equity markets, and 5 alternative emerging assets under both normal and extreme market conditions. The study finds asymmetric spillovers and connectedness among Africa's equity markets and the international markets across the different market conditions. Moreover, it identifies close symmetry in the return and volatility spillovers and connectedness under bullish and bearish market conditions. The findings also reveal that Africa's markets are more connected with conventional assets than with emerging alternative assets. Furthermore, the study observes a low degree of connectedness among Africa's equity markets across the analyzed market conditions, signifying the low level of integration of the markets. These results suggest the potential diversification benefits of the assessed markets for portfolio investors under normal market conditions but fail to evidence a hedge or safe haven for investors during bad times because the volume of the spillovers and connectedness with other assets increases as conditions become fiercer.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101337"},"PeriodicalIF":5.6,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596372","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Doom loops in Latin America 拉丁美洲的末日循环
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-06-30 DOI: 10.1016/j.ememar.2025.101334
Jose E. Gomez-Gonzalez , Jorge M. Uribe , Oscar M. Valencia , Bum Kim
{"title":"Doom loops in Latin America","authors":"Jose E. Gomez-Gonzalez ,&nbsp;Jorge M. Uribe ,&nbsp;Oscar M. Valencia ,&nbsp;Bum Kim","doi":"10.1016/j.ememar.2025.101334","DOIUrl":"10.1016/j.ememar.2025.101334","url":null,"abstract":"<div><div>The post-COVID surge in public debt has intensified the financial interdependence between sovereigns and banks in emerging market economies, where domestic financial institutions have increasingly financed government borrowing. This paper examines the interaction between sovereign and banking sector risk through two complementary empirical strategies. First, using daily data from 2005 to 2023 for Brazil, Chile, Colombia, Mexico, and Peru, we estimate risk spillovers between sovereign CDS spreads and bank stock returns at different points of the distribution. We find that spillovers are economically significant—particularly in the tails—and that two-way risk transmission persists regardless of banks' exposure to sovereign debt. Second, drawing on panel data for 111 banks across 30 countries, we study how changes in sovereign risk affect the downside market risk of banks, measured as the 5th percentile of their daily stock return distribution. Results from dynamic panel regressions reveal a strong and robust link between sovereign and bank downside risk, driven primarily by common macroeconomic shocks rather than by endogenous fragility loops. Notably, at low levels of market stress, moderate exposure to sovereign debt appears to reduce downside risk for banks. These findings underscore the importance of sound regulatory frameworks for sovereign exposure and credible fiscal policies in maintaining financial stability, particularly in emerging market contexts.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101334"},"PeriodicalIF":5.6,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
The perils of popularity: Retail investor attention and misguided M&As 受欢迎的风险：散户投资者的关注和被误导的并购
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-06-30 DOI: 10.1016/j.ememar.2025.101335
Weiping Li , Hanfang Zhang , Jingjing Xia
{"title":"The perils of popularity: Retail investor attention and misguided M&As","authors":"Weiping Li ,&nbsp;Hanfang Zhang ,&nbsp;Jingjing Xia","doi":"10.1016/j.ememar.2025.101335","DOIUrl":"10.1016/j.ememar.2025.101335","url":null,"abstract":"<div><div>Although the impact of retail investor attention on stock market dynamics has been widely studied, its influence on firm-level strategic decisions, such as mergers and acquisitions (M&amp;As), remains largely unexplored. This study investigates the relationship between retail attention and M&amp;A activity using a sample of Chinese A-share listed firms from 2011 to 2022. We find that heightened retail attention can lead to CEO overconfidence due to the self-attribution bias, which in turn results in increased M&amp;A activity. However, these attention-driven acquisitions often prove to be value-destroying, consistent with evidence in prior research that overconfident CEOs tend to make imprudent investment decisions. Furthermore, the positive association between retail attention and M&amp;A is more pronounced in firms facing higher uncertainty but is attenuated in firms subject to stronger external monitoring. These findings underscore the substantial, yet often overlooked, impact of retail investors on corporate strategic decision-making.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101335"},"PeriodicalIF":5.6,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
From the core to the European periphery: Spillover effects of financial cycles 从核心到欧洲外围：金融周期的溢出效应
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-06-28 DOI: 10.1016/j.ememar.2025.101305
Lukáš Jursa , Jan Janků
{"title":"From the core to the European periphery: Spillover effects of financial cycles","authors":"Lukáš Jursa ,&nbsp;Jan Janků","doi":"10.1016/j.ememar.2025.101305","DOIUrl":"10.1016/j.ememar.2025.101305","url":null,"abstract":"<div><div>We construct a comprehensive Financial Cycle Index (FCI), combining credit, credit-to-GDP, house prices, and equity prices, to examine how negative financial shocks from the Euro Area (EA) and the United States (US) transmit to peripheral European economies. Using a Bayesian Global Vector Autoregression (BGVAR) model with stochastic volatility, we find that EA shocks exert stronger effects on inflation and output, underscoring tight regional linkages. In contrast, US shocks drive more persistent declines in short-term interest rates and sharper increases in term premiums, especially in smaller open economies. Replacing the FCI with the Country-Level Index of Financial Stress (CLIFS) reveals faster, more volatile financial-cycle responses in the periphery, but with weaker and shorter-lived real-sector effects, highlighting the role of acute financial stress versus longer-term credit and asset-price dynamics. These core-to-periphery spillovers persist under de facto floating exchange rates and remain robust to macroprudential-policy controls and alternative model specifications.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101305"},"PeriodicalIF":5.6,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549473","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Kuwait Stock Exchange: A re-examination of seasonal anomalies 科威特证券交易所：季节性异常的重新检查
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-06-26 DOI: 10.1016/j.ememar.2025.101317
Humoud Alsabah , Khaled Alsabah
{"title":"Kuwait Stock Exchange: A re-examination of seasonal anomalies","authors":"Humoud Alsabah ,&nbsp;Khaled Alsabah","doi":"10.1016/j.ememar.2025.101317","DOIUrl":"10.1016/j.ememar.2025.101317","url":null,"abstract":"<div><div>This study examines seasonal anomalies in Kuwait’s stock exchange market from 2012 to 2023, following the establishment of the Capital Markets Authority. Our findings reveal significant shifts in established patterns. Notably, we observe higher returns on the third and fourth trading days of the week and a substantial increase in January returns. This research contributes to understanding market behavior, emphasizing the impact of regulatory changes and market evolution on trading patterns. Additionally, our findings provide actionable insights for fund managers and investors, suggesting that aligning investment strategies with these new patterns could lead to optimized returns.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101317"},"PeriodicalIF":5.6,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
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