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Management equity incentives and bond credit spread: Evidence from China 管理层股权激励与债券信用利差：来自中国的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-10-06 DOI: 10.1016/j.ememar.2025.101376
Duowen Wu , Xueying Zhang , Ge Zhang , Liangliang Han
{"title":"Management equity incentives and bond credit spread: Evidence from China","authors":"Duowen Wu ,&nbsp;Xueying Zhang ,&nbsp;Ge Zhang ,&nbsp;Liangliang Han","doi":"10.1016/j.ememar.2025.101376","DOIUrl":"10.1016/j.ememar.2025.101376","url":null,"abstract":"<div><div>This study examines the relationship between management equity incentives and bond spreads using data from China's A-share listed companies from 2010 to 2023. While equity incentive plans can mitigate agency problems and promote effective investment decisions, they may also encourage risk-taking behaviors such as risk transfer, asset substitution, and shareholder-management collusion. These actions could intensify the infringement on bondholder interests, leading to higher bond credit spreads. Despite these conflicting effects, the study finds a strong positive correlation between management equity incentives and bond spreads in the Chinese market. The impact of equity incentives on bond credit spreads is particularly notable in firms with higher management salaries and concentrated shareholder ownership. Improving information transparency reduce the influence of equity incentives on bond credit spreads.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101376"},"PeriodicalIF":4.6,"publicationDate":"2025-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265713","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
Growing pains: Vietnamese firms' operational efficiency and transition under the CPTPP 成长的烦恼：CPTPP下越南企业的经营效率与转型
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-10-03 DOI: 10.1016/j.ememar.2025.101379
David K. Ding , Jiali Fang , Phuc V. Nguyen , Udomsak Wongchoti
{"title":"Growing pains: Vietnamese firms' operational efficiency and transition under the CPTPP","authors":"David K. Ding ,&nbsp;Jiali Fang ,&nbsp;Phuc V. Nguyen ,&nbsp;Udomsak Wongchoti","doi":"10.1016/j.ememar.2025.101379","DOIUrl":"10.1016/j.ememar.2025.101379","url":null,"abstract":"<div><div>Free Trade Agreements (FTA) offer both opportunities and challenges for local businesses by expanding global markets and increasing competition. This study examines how Vietnamese firms adapted to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2018. Initially, businesses experienced a drop in efficiency due to increased investments and trade credit, but quickly recovered, showing overall improvement in their market exploitation and growth. The most significant improvements were seen in large, profitable, liquid firms listed on the Ho Chi Minh Stock Exchange that remained resilient during the COVID-19 pandemic. These results highlight the capability of Vietnamese firms to thrive in global commerce.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101379"},"PeriodicalIF":4.6,"publicationDate":"2025-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265712","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
Decentralized finance (literacy) today and in 2034: Initial insights from Singapore and beyond 今天和2034年的去中心化金融（识字）：来自新加坡及其他地区的初步见解
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-10-01 DOI: 10.1016/j.ememar.2025.101378
Daniel Liebau
{"title":"Decentralized finance (literacy) today and in 2034: Initial insights from Singapore and beyond","authors":"Daniel Liebau","doi":"10.1016/j.ememar.2025.101378","DOIUrl":"10.1016/j.ememar.2025.101378","url":null,"abstract":"<div><div>How will Decentralized Finance transform financial services? Using New Institutional Economics and Dynamic Capabilities Theory, I analyse survey data from 109 experts using non-parametric methods. Experts span traditional finance, DeFi industry, and academia. Four insights emerge: adoption expectations rise from negligible to 43% expecting at least high adoption by 2034; experts expect convergence scenarios over disruption, with traditional finance embracing DeFi most likely; back-office transforms before customer-facing functions; strategic competencies eclipse DeFi-sector specific- and technical skills. Financial institutions should prioritize DeFi Literacy. DeFi represents emerging market entry requiring organizational transformation, not just technological implementation. Recent SEC developments are broadly consistent with expert expectations.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101378"},"PeriodicalIF":4.6,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265717","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 volatility spillovers among commodities, bitcoin, and emerging markets 大宗商品、比特币和新兴市场之间的动态波动溢出效应
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-30 DOI: 10.1016/j.ememar.2025.101375
Jesús Molina-Muñoz , Andrés Mora-Valencia , Javier Perote
{"title":"Dynamic volatility spillovers among commodities, bitcoin, and emerging markets","authors":"Jesús Molina-Muñoz ,&nbsp;Andrés Mora-Valencia ,&nbsp;Javier Perote","doi":"10.1016/j.ememar.2025.101375","DOIUrl":"10.1016/j.ememar.2025.101375","url":null,"abstract":"<div><div>In this study, the dynamic volatility spillovers among emerging markets, Bitcoin, and commodities are analyzed using Diebold and Yilmaz's spillover framework. As a by-product, a total volatility spillover index among an emerging markets index, Bitcoin, gold, and oil prices is forecast using traditional methods, machine learning, and deep learning, providing a method for anticipating turbulent periods. The results support the importance of volatility in oil prices, uncertainty about U.S. economic policy, and the stability of the sovereign bonds market for the dynamics of volatility spillovers, validating the ability of machine and deep learning approaches to predict those spillovers.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101375"},"PeriodicalIF":4.6,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265714","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
Impact of energy restructuring on green technology innovation in the context of climate policy uncertainty 气候政策不确定性背景下能源结构调整对绿色技术创新的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-30 DOI: 10.1016/j.ememar.2025.101377
Shikuan Zhao , Sabri Boubaker , Ahmed Imran Hunjra , Ping Yang
{"title":"Impact of energy restructuring on green technology innovation in the context of climate policy uncertainty","authors":"Shikuan Zhao ,&nbsp;Sabri Boubaker ,&nbsp;Ahmed Imran Hunjra ,&nbsp;Ping Yang","doi":"10.1016/j.ememar.2025.101377","DOIUrl":"10.1016/j.ememar.2025.101377","url":null,"abstract":"<div><div>We examine the impact of energy restructuring on green innovation by using a panel dataset from 30 provinces spanning from 2011 to 2021. We find that energy restructuring significantly enhances urban green technological innovation, particularly in provinces with high industrialization, concentrated manufacturing, and strict environmental regulations. This study provides a novel perspective by examining the dynamic relationship between energy restructuring and green innovation, with a focus on the mediating roles of labor productivity and digital infrastructure. It also uncovers significant spatial spillover effects, demonstrating that energy restructuring not only benefits the targeted regions but also positively impacts neighboring areas.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101377"},"PeriodicalIF":4.6,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265711","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
Dynamics and predictability in informal currency markets: The case of the Cuban Peso 非正式货币市场的动态和可预测性：以古巴比索为例
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-30 DOI: 10.1016/j.ememar.2025.101374
Alejandro García-Figal , Milton García-Borroto , Carlos Lage-Codorniu , Roberto Mulet , Alejandro Lage-Castellanos
{"title":"Dynamics and predictability in informal currency markets: The case of the Cuban Peso","authors":"Alejandro García-Figal ,&nbsp;Milton García-Borroto ,&nbsp;Carlos Lage-Codorniu ,&nbsp;Roberto Mulet ,&nbsp;Alejandro Lage-Castellanos","doi":"10.1016/j.ememar.2025.101374","DOIUrl":"10.1016/j.ememar.2025.101374","url":null,"abstract":"<div><div>We investigate the short-term dynamics and predictability of the Cuban informal currency market, a critical case study for understanding emerging foreign exchange markets in countries with informal financial systems. Using social media messages of sell/buy intentions as a proxy for real market activity, we define a reference price for this informal market based on the Walrasian auction to capture market price trends. We explore how market fluctuations correlate with public announcements and news events, with a particular focus on understanding why overshooting events occur and how they can be anticipated. While the inherent inefficiency of these markets implies some level of predictability, standard methods fall short in capturing trend changes during overshooting episodes. To address this, we employ advanced Artificial Neural Networks (GRU-type), fine-tuned through bootstrapping, to generate accurate short-term forecasts. Our findings highlight that inefficiencies in informal markets create exploitable patterns, and that a neural network — carefully calibrated and optimized — is essential for anticipating overshooting events. This study contributes empirical evidence to the understanding of informal market dynamics and underscores the importance of developing predictive tools tailored to emerging foreign exchange markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101374"},"PeriodicalIF":4.6,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145265715","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
Monetary policy and foreign exchange interventions in emerging small open economies 新兴小型开放经济体的货币政策和外汇干预
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-25 DOI: 10.1016/j.ememar.2025.101370
Pedro Henrique Alves Pereira , Jose Angelo Divino
{"title":"Monetary policy and foreign exchange interventions in emerging small open economies","authors":"Pedro Henrique Alves Pereira ,&nbsp;Jose Angelo Divino","doi":"10.1016/j.ememar.2025.101370","DOIUrl":"10.1016/j.ememar.2025.101370","url":null,"abstract":"<div><div>Compared with developed countries, emerging small open economies (ESOEs) experience greater economic fluctuations, mostly driven by commodity price shocks, balance-sheet constraints, and procyclical fiscal policies. This paper examines how monetary and sterilized foreign exchange (FX) interventions affect welfare and economic stability in the ESOEs. Sterilized FX interventions consistently improve welfare in all monetary policy arrangements. Ignoring the output gap in Taylor-type interest rate rules leads to significant welfare costs, particularly in economies with high exposure to foreign markets. The combination of Friedman rule with FX intervention neutralizes money-financed fiscal deficit and foreign shocks, improves welfare by reducing economic volatility, and highlights the importance of coordinated monetary and FX policies to stabilize ESOEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101370"},"PeriodicalIF":4.6,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157852","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
Interconnectedness and systemic risk in financial networks: Fresh evidence from India 金融网络中的互联性和系统性风险：来自印度的新证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-23 DOI: 10.1016/j.ememar.2025.101373
Harshit Kumar Sharma , Wasim Ahmad
{"title":"Interconnectedness and systemic risk in financial networks: Fresh evidence from India","authors":"Harshit Kumar Sharma ,&nbsp;Wasim Ahmad","doi":"10.1016/j.ememar.2025.101373","DOIUrl":"10.1016/j.ememar.2025.101373","url":null,"abstract":"<div><div>Under a dynamic multivariate set-up with time-varying probabilities, we show that the Indian financial network exhibits a high degree of interconnectedness during crisis periods with banks as emitters and NBFCs as receivers of shocks. The structure of systemic risk is endogenous in nature due to the regulations and operational coverage. The dynamic interplay between systemic risk and network connectedness suggests that a sudden rise in systemic risk results in a significant increase in total connectedness, while a connectedness shock has a significant and short-term effect on systemic risk. At the institutional level, a shock to an institution's systemic risk contribution has a long-term impact on its net connectedness, while an unexpected rise in an institution's net connectedness has a persistent and decaying effect on its systemic risk contribution. The learnings are extremely helpful for regulators and banking sector investors.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101373"},"PeriodicalIF":4.6,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219988","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
Digital credit scoring and household consumption: Evidence from Sesame Credit in China 数字信用评分与家庭消费：来自中国芝麻信用的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-22 DOI: 10.1016/j.ememar.2025.101372
Jie Li , Wenwen Zhou , Xiaohong Li , Yu Wu
{"title":"Digital credit scoring and household consumption: Evidence from Sesame Credit in China","authors":"Jie Li ,&nbsp;Wenwen Zhou ,&nbsp;Xiaohong Li ,&nbsp;Yu Wu","doi":"10.1016/j.ememar.2025.101372","DOIUrl":"10.1016/j.ememar.2025.101372","url":null,"abstract":"<div><div>This study investigates the welfare-enhancing effects of digital personal credit scoring systems, with a particular focus on household consumption. Utilizing the latest nationally representative microdata from the China Household Finance Survey (CHFS) for 2021 and 2023, our empirical analysis demonstrates that Sesame Credit – Ant Group's digital credit product - exerts a statistically significant positive effect on household consumption expenditure. This stimulative effect is particularly observed in developmental and hedonic consumption. Mechanism analysis reveal that this impact operates primarily through improved credit accessibility and the relief of liquidity constraints. Furthermore, our results suggest that vulnerable households benefit more from Sesame Credit.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101372"},"PeriodicalIF":4.6,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145157853","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
Actual controllers with foreign residency rights and corporate tax avoidance: Evidence from private listed companies in China 具有境外居留权的实际控制人与企业避税：来自中国民营上市公司的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-09-21 DOI: 10.1016/j.ememar.2025.101371
Xiaozhen Pan, Sabahati Aimaiti
{"title":"Actual controllers with foreign residency rights and corporate tax avoidance: Evidence from private listed companies in China","authors":"Xiaozhen Pan,&nbsp;Sabahati Aimaiti","doi":"10.1016/j.ememar.2025.101371","DOIUrl":"10.1016/j.ememar.2025.101371","url":null,"abstract":"<div><div>This study empirically tests the effect of actual controllers with foreign residency rights on corporate tax avoidance using a sample of A-share private listed companies in Shanghai and Shenzhen from 2013 to 2022. The results show that actual controllers with foreign residency rights increase corporate tax avoidance. Specifically, this occurs only under conditions of high tax collection intensity, low media attention, concurrent executive positions, and indirect shareholding. Further research shows that actual controllers with foreign residency rights increase the enterprise's information asymmetry and financing constraints.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101371"},"PeriodicalIF":4.6,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145108777","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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