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Does official media sentiment matter for the stock market? Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101234
Zhiwei Xu, Xia Hua, Teng Zhang
{"title":"Does official media sentiment matter for the stock market? Evidence from China","authors":"Zhiwei Xu,&nbsp;Xia Hua,&nbsp;Teng Zhang","doi":"10.1016/j.ememar.2024.101234","DOIUrl":"10.1016/j.ememar.2024.101234","url":null,"abstract":"<div><div>We develop a novel official media sentiment index (<em>NegGovOp</em>) for China’ stock market using textual analysis combined with BERT. We find that <em>NegGovOp</em> predicts market return reversals. The return-reversal pattern is concentrated among difficult-to-arbitrage stocks, during recession period and the trading days which are not directly following weekends or holidays. We further find that official media sentiment primarily affects the trading activities of retail investors and significantly predicts market trading volume, market volatility and investor sentiment. Our findings are in line with the behavioral model that official media sentiment contributes to shaping irrational investor sentiment and resulting in temporary mispricing.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101234"},"PeriodicalIF":5.6,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100881","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
Do corporate environmental violations affect trade credit? Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101236
Guangming Gong, Ni Yang
{"title":"Do corporate environmental violations affect trade credit? Evidence from China","authors":"Guangming Gong,&nbsp;Ni Yang","doi":"10.1016/j.ememar.2024.101236","DOIUrl":"10.1016/j.ememar.2024.101236","url":null,"abstract":"<div><div>Using a large sample of Chinese listed companies from 2007 to 2018, we show that firms with environmental violations receive less trade credit from suppliers than their counterparts. Mutual trust and repayment ability are two plausible mechanisms through which corporate environmental violations affect trade credit. Heterogeneity tests show that this reduction is greater for firms facing fierce market competition, firms in regions with lower bank competition, and firms in regions with lower marketization. Finally, we find that the impact of corporate environmental violations can be influenced by the penalty agency level and can extend further down the supply chain.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101236"},"PeriodicalIF":5.6,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143101232","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
CEO characteristics and capital structure dynamics: Evidence from a transitional economy
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101231
Ha Trang Le , Thao Nguyen , Ahmed Imran Hunjra , Cameron Truong , Collins Ntim
{"title":"CEO characteristics and capital structure dynamics: Evidence from a transitional economy","authors":"Ha Trang Le ,&nbsp;Thao Nguyen ,&nbsp;Ahmed Imran Hunjra ,&nbsp;Cameron Truong ,&nbsp;Collins Ntim","doi":"10.1016/j.ememar.2024.101231","DOIUrl":"10.1016/j.ememar.2024.101231","url":null,"abstract":"<div><div>We investigate the relationship between CEO characteristics and the speed of adjustment (SOA) of capital structure for listed firms in Vietnam over the period 2000–2023. Our findings demonstrate that CEO gender, age, and education increase the SOA, but CEO tenure decreases the SOA. State ownership and firm size are closely associated with adjustment costs of capital structure. Our findings reveal that in State-Owned Enterprises (SOEs), long-tenured CEOs have a positive effect on the SOA, while the impact of CEO qualifications on the SOA is negative. The role of CEO characteristics is more pronounced during the COVID-19 pandemic.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101231"},"PeriodicalIF":5.6,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143101233","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
Message traffic and short-term illiquidity in high-speed markets
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101251
David Abad , Magdalena Massot , Samarpan Nawn , Roberto Pascual , José Yagüe
{"title":"Message traffic and short-term illiquidity in high-speed markets","authors":"David Abad ,&nbsp;Magdalena Massot ,&nbsp;Samarpan Nawn ,&nbsp;Roberto Pascual ,&nbsp;José Yagüe","doi":"10.1016/j.ememar.2024.101251","DOIUrl":"10.1016/j.ememar.2024.101251","url":null,"abstract":"<div><div>We examine which components of message traffic in a high-speed equity market, including orders from traders with varying technological capabilities, signal short-term illiquidity. Our findings show that only the unexpected component of high-frequency traders' (HFTs') net buying pressure — arising from both aggressive and non-aggressive orders — predicts increases in immediacy costs and price impacts. Updates to outstanding limit orders, driven by prior efficient pre returns, strengthen the signaling power of HFTs' order flow. Additionally, market-wide HFTs' net buying pressure improves the ability to forecast short-term illiquidity in individual stocks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101251"},"PeriodicalIF":5.6,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164431","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
Examining the impact of employee-friendly practices on performance volatility in African banks: A textual analysis approach
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-31 DOI: 10.1016/j.ememar.2024.101250
David Adeabah , Charles Andoh , Lord Mensah
{"title":"Examining the impact of employee-friendly practices on performance volatility in African banks: A textual analysis approach","authors":"David Adeabah ,&nbsp;Charles Andoh ,&nbsp;Lord Mensah","doi":"10.1016/j.ememar.2024.101250","DOIUrl":"10.1016/j.ememar.2024.101250","url":null,"abstract":"<div><div>This study examines the relationship between managerial attention to employee-friendly practices (EFPs) and performance volatility in banks. Using data from 30 public banks in four emerging African economies from 2005 to 2021, we utilize a text-based measure of managerial attention to EFPs based on keywords related to employee relations. We decompose performance volatility into inherent and residual components. The findings reveal a positive relationship between managerial attention to EFPs and inherent cashflow and earnings volatility. We also find a negative association of EFPs with residual cashflow volatility and positive association with earnings volatility. In cross-sectional analysis, we find that the positive link between managerial attention to EFPs and cashflow (earnings) volatility is more pronounced in large (small) banks, and in banks with lower levels of capital. Our results suggest that EFPs may encourage prudent liquidity risk management behavior, but greater uncertainty in equity capital levels, potentially weakening the overall soundness of banks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101250"},"PeriodicalIF":5.6,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164430","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
How credit constrained are family-owned SMEs in Arab countries?
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-29 DOI: 10.1016/j.ememar.2024.101249
Grakolet Gourène , Zuzana Brixiová Schwidrowski , Jiří Balcar , Lenka Johnson Filipová
{"title":"How credit constrained are family-owned SMEs in Arab countries?","authors":"Grakolet Gourène ,&nbsp;Zuzana Brixiová Schwidrowski ,&nbsp;Jiří Balcar ,&nbsp;Lenka Johnson Filipová","doi":"10.1016/j.ememar.2024.101249","DOIUrl":"10.1016/j.ememar.2024.101249","url":null,"abstract":"<div><div>Utilizing the World Bank Enterprise Surveys, this paper examines the links between family ownership and credit constraints of SMEs in Egypt, Jordan, Morocco, and Tunisia. We found that while family-owned firms have higher need for credit than nonfamily-owned firms, they are more likely to be discouraged from applying for it. Due to this self-selection out of credit markets, they end up more credit constrained even though their credit application rejection rates are below those of nonfamily firms. Stronger firm governance, formal business strategies and good managerial practices can ease access to credit for family-owned SMEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101249"},"PeriodicalIF":5.6,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164429","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 effect of US monetary policy on Russian Banks in a low interest rate environment
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-26 DOI: 10.1016/j.ememar.2024.101248
Nadezhda Ivanova, Konstantin Styrin
{"title":"The effect of US monetary policy on Russian Banks in a low interest rate environment","authors":"Nadezhda Ivanova,&nbsp;Konstantin Styrin","doi":"10.1016/j.ememar.2024.101248","DOIUrl":"10.1016/j.ememar.2024.101248","url":null,"abstract":"<div><div>This paper studies the cross-border transmission of US monetary policy to Russia in 2000–2019 via its effect Russian banks' activities in a low interest rate environment compared with normal times. Specifically, we investigate the dynamic responses of lending, funding, and risk taking. The main finding is that, in normal times, the dynamic responses of dependent variables of interest are consistent with the prevalence of the international bank lending channel, whereas in a low interest rate environment, the patterns differ for different indicators: in some instances, the dynamic effect of interest is attenuated as compared with normal times, while in others, it is reinforced. The inward transmission of US monetary policy works predominantly through the activities of foreign bank subsidiaries.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101248"},"PeriodicalIF":5.6,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164432","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
Foreign exchange intervention and capital flow measures under external tail risks
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-22 DOI: 10.1016/j.ememar.2024.101245
Nicolas E. Magud, Samuel Pienknagura
{"title":"Foreign exchange intervention and capital flow measures under external tail risks","authors":"Nicolas E. Magud,&nbsp;Samuel Pienknagura","doi":"10.1016/j.ememar.2024.101245","DOIUrl":"10.1016/j.ememar.2024.101245","url":null,"abstract":"<div><div>We study extreme movements in the distribution of the real effective exchange rate (REER). Global uncertainty and financial conditions shocks have a strong impact on the tails of the REER distribution, especially in economies with shallower FX markets, lower central bank credibility, and higher credit risk. FX intervention (FXI) partially offsets the impact of these shocks in the left tail (large depreciations), particularly in economies with weaker fundamentals and, importantly, where FXI is used sporadically. While capital flow management policies have low effectiveness in preventing large REER movements, they enhance FXI's effectiveness by throwing sand in wheels of FX transactions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101245"},"PeriodicalIF":5.6,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164428","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
Debt-for-nature swaps: A case study of Gabon
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-09 DOI: 10.1016/j.ememar.2024.101244
Nagihan Simeth
{"title":"Debt-for-nature swaps: A case study of Gabon","authors":"Nagihan Simeth","doi":"10.1016/j.ememar.2024.101244","DOIUrl":"10.1016/j.ememar.2024.101244","url":null,"abstract":"<div><div>Originating in the late 1980s, debt-for-nature swaps have recently gained increased relevance, particularly for emerging market countries facing high debt levels. Recent transactions, such as those in Seychelles, Belize, Barbados, Ecuador, and Gabon, have primarily focused on marine protection. Although these swaps offer potential benefits, they also present challenges, such as high transaction costs, lengthy negotiation processes, and risks like bluewashing because of the lack of standardized oversight. In this paper, using Gabon's recent example, we discuss the weaknesses and limitations of debt-for-nature swaps.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101244"},"PeriodicalIF":5.6,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165494","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
FinTech: The disruptive force reducing bank competition pressure
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-12-07 DOI: 10.1016/j.ememar.2024.101237
Xudong Zhang, Zhihui Li
{"title":"FinTech: The disruptive force reducing bank competition pressure","authors":"Xudong Zhang,&nbsp;Zhihui Li","doi":"10.1016/j.ememar.2024.101237","DOIUrl":"10.1016/j.ememar.2024.101237","url":null,"abstract":"<div><div>This study develops a news-based FinTech index and evaluates the bank competition pressure using a weighted branch ratio. Analyzing data from 276 Chinese banks from 2011 to 2022, we find that adopting FinTech effectively alleviates competition pressure among banks in local markets. This effect can be attributed to three primary mechanisms: enhanced cost efficiency, upgraded human resource structure, and expanded business scope and customer base. Additionally, FinTech exerts a greater influence on banks with lower state-owned equity, those facing stricter regulatory policies, and banks operating in larger informal financial markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101237"},"PeriodicalIF":5.6,"publicationDate":"2024-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165491","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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