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Intricacies of financial liberalization, business models, and financial development on Bank stability in Africa 错综复杂的金融自由化、商业模式和金融发展对非洲银行稳定性的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-30 DOI: 10.1016/j.ememar.2025.101344
Mohammed Adem
{"title":"Intricacies of financial liberalization, business models, and financial development on Bank stability in Africa","authors":"Mohammed Adem","doi":"10.1016/j.ememar.2025.101344","DOIUrl":"10.1016/j.ememar.2025.101344","url":null,"abstract":"<div><div>This study examines the nonlinear impact of financial regulation on stability by considering financial development and business models. Using African countries' data (2002–2019) and two-stage instrumental variable (2SIV) estimation, I find that excessive regulation beyond a certain threshold harms stability. Increasing non-interest income business models can improve the effectiveness of financial regulations and development by strengthening stability. Powerful supervision, restrictions, and entry barriers contribute to instability. Non-interest income business models can reduce the negative impact of supervision and market discipline. The past values of financial regulation, non-interest income business models, and development contain information that helps predict stability.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101344"},"PeriodicalIF":4.6,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144772863","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
Pooling wisdom: The impact of investors' private information transmission on corporate investment efficiency 汇聚智慧：投资者私人信息传递对企业投资效率的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-30 DOI: 10.1016/j.ememar.2025.101342
Runmei Luo, Yong Ye, Manman Li, Jingxin Li
{"title":"Pooling wisdom: The impact of investors' private information transmission on corporate investment efficiency","authors":"Runmei Luo,&nbsp;Yong Ye,&nbsp;Manman Li,&nbsp;Jingxin Li","doi":"10.1016/j.ememar.2025.101342","DOIUrl":"10.1016/j.ememar.2025.101342","url":null,"abstract":"<div><div>This study examines whether and how private information transmitted by investors during interactions with managers affects corporate investment efficiency, with a particular focus on the role of managerial learning. Utilizing textual data from earnings communication conferences (ECCs) of Chinese listed companies, we find that the substantive information conveyed by investors helps mitigate firms' inefficient investment. Further analysis reveals that this mitigating effect is more pronounced when managers are highly competent or when firms place greater emphasis on investor protection, whereas it is weaker when CEOs are overconfident or when firms face more severe financing constraints. After conducting robustness checks on variable validity and sensitivity, and addressing potential endogeneity concerns, the main conclusions remain robust. Additional analyses suggest that managerial learning effects serve as the underlying mechanism through which the transmission of investors' private information influences investment efficiency, and such information transmission primarily suppresses inefficient investments by alleviating corporate underinvestment. This study underscores the informational role of investors in capital markets and provides critical insights for firms to optimize resource allocation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101342"},"PeriodicalIF":4.6,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781880","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
Integrity atmosphere and the cost of equity: Evidence from China 诚信氛围与公平成本：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-23 DOI: 10.1016/j.ememar.2025.101341
Yuyang Chen , Shuyi Zhu
{"title":"Integrity atmosphere and the cost of equity: Evidence from China","authors":"Yuyang Chen ,&nbsp;Shuyi Zhu","doi":"10.1016/j.ememar.2025.101341","DOIUrl":"10.1016/j.ememar.2025.101341","url":null,"abstract":"<div><div>This study investigates how the integrity atmosphere in a firm's local area affects the firm's cost of equity. Using the Credit Demonstration City Construction program in China as a quasi-natural experiment, we find that firms headquartered in pilot cities enjoy lower equity financing costs following implementation of the program. The results can be attributed to improved information-disclosure quality, decreased agency costs, and better corporate social responsibility performance. Further analyses show that the reduction in the cost of equity is significant for firms whose monitoring environments are weak and those that operate in industries that depend heavily on equity financing.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101341"},"PeriodicalIF":5.6,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144704837","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
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
{"title":"Global monetary policy surprises and their transmission to emerging market economies: An external VAR analysis","authors":"Felipe Beltrán","doi":"10.1016/j.ememar.2025.101333","DOIUrl":"10.1016/j.ememar.2025.101333","url":null,"abstract":"<div><div>This paper analyzes how monetary policy surprises in the U.S. affect emerging market economies (EMs) by focusing on the transmission through the real exchange rate (RER) and country spreads (EMBI). To do so, I disentangle U.S. interest rate movements between both a pure monetary policy shock and an information shock; while the former is constructed based on high-frequency movements of interest rates around Federal Open Market Committee (FOMC) announcements, the latter builds from employment releases. I quantify the relative impacts using a structural VAR (SVAR) model with external instruments. The results suggest that a pure monetary policy shock produces a persistent appreciation of the RER in the U.S. coupled with an increase of the EMBI, which induces contractionary effects in the real sector of EMs. In contrast, an information shock does not necessarily produce such contractionary effects in EMs. These results contribute to the literature by identifying the specific drivers behind Fed announcements and its transmission channels to EMs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"68 ","pages":"Article 101333"},"PeriodicalIF":5.6,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144679630","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
Are higher interest rates a concern for financial stability in MENA? 高利率是否会影响中东和北非地区的金融稳定？
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2025-07-18 DOI: 10.1016/j.ememar.2025.101338
Adrian Alter, Bashar Hlayhel, Thomas Kroen, Thomas Piontek
{"title":"Are higher interest rates a concern for financial stability in MENA?","authors":"Adrian Alter,&nbsp;Bashar Hlayhel,&nbsp;Thomas Kroen,&nbsp;Thomas Piontek","doi":"10.1016/j.ememar.2025.101338","DOIUrl":"10.1016/j.ememar.2025.101338","url":null,"abstract":"<div><div>This paper assesses the state and resilience of corporate and banking sectors in the Middle East and North Africa (MENA) in a “higher-for-longer” interest rate environment using granular micro data to conduct the first cross-country corporate and banking sector stress tests for the MENA region. The results suggest that corporate sector debt at risk may increase sizably from 13.5 in 2023 to nearly 33 % of total corporate debt by the end of 2025. Banking systems would be broadly resilient in an adverse scenario featuring higher interest rates, corporate sector stress, and rising liquidity pressures with Tier-1 capital ratios declining by 3.4 percentage points in the Gulf Cooperation Council (GCC) countries and 4.5 % age points in non-GCC MENA countries. In the cross-section of banks, there are pockets of vulnerabilities as banks with higher ex-ante vulnerabilities and state-owned banks suffer greater losses. While manageable, the capital losses in the adverse scenario could limit lending and adversely impact growth.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"69 ","pages":"Article 101338"},"PeriodicalIF":4.6,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781879","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
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
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