Quarterly Review of Economics and Finance最新文献_第10页

Bank geographic diversification and market competition 银行地域多元化与市场竞争

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-05-27 DOI: 10.1016/j.qref.2025.102014

Shuo Liang , Fernando Moreira , Joosung Lee

引用次数: 0

Asset association and dynamic risk contagion under climate policy uncertainty 气候政策不确定性下的资产关联与动态风险传染

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-04-24 DOI: 10.1016/j.qref.2025.101994

Xiaoyuan Zhang , Hang You , Ze Zhang , Wangchun Wu

引用次数: 0

Hedging uncertainty: Bitcoin's asymmetric diversification benefits in factor-based portfolios 对冲不确定性：比特币的非对称多样化有利于基于因素的投资组合

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-05-27 DOI: 10.1016/j.qref.2025.102015

Ion-Iulian Marinescu , Nawazish Mirza , Alexandra Horobet , Lucian Belascu

{"title":"Hedging uncertainty: Bitcoin's asymmetric diversification benefits in factor-based portfolios","authors":"Ion-Iulian Marinescu , Nawazish Mirza , Alexandra Horobet , Lucian Belascu","doi":"10.1016/j.qref.2025.102015","DOIUrl":"10.1016/j.qref.2025.102015","url":null,"abstract":"<div><div>This paper examines the benefits of adding Bitcoin in a portfolio framework that also includes the five Fama-French risk factor portfolios in periods of low versus high US economic policy uncertainty (EPU). The empirical investigation utilizes data spanning from 2015 to 2023 and follows a two-step methodological approach. First, the US EPU monthly time series is segmented in sub-periods characterized by high and low EPU, determined using the Bai-Perron structural breaks test. Secondly, we employ the mean-CVaR portfolio optimization approach that seeks to maximize risk-adjusted expected returns on portfolios that are formed with and without Bitcoin. We find that the optimal weight of Bitcoin asset increases and subsequently the risk-adjusted performance of the Bitcoin portfolio improves in periods of high EPU, as opposed to periods of low EPU. Our results are robust to rolling estimation windows, different rebalance frequencies and alternative portfolio construction techniques. This asymmetric impact is critical and should be incorporated in portfolio decisions, as it shows that Bitcoin is most useful as a diversifier in periods where the economic uncertainty is relatively high. The obtained results also reinforce the idea that crypto assets are independent from the existing financial system.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102015"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144204745","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

Sentiment-return relation and stock price synchronicity: Firm-level versus market-level sentiment 情绪回报关系与股价同步性：公司层面与市场层面的情绪

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-04-20 DOI: 10.1016/j.qref.2025.102007

Karam Kim , Jonathan A. Batten , Doojin Ryu

引用次数: 0

How does FinTech affect power consumption intensity in China? 金融科技如何影响中国的电力消费强度？

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-05-22 DOI: 10.1016/j.qref.2025.102017

Xiaohui Chen , Hongwei Zhang , Xiang Cheng

{"title":"How does FinTech affect power consumption intensity in China?","authors":"Xiaohui Chen , Hongwei Zhang , Xiang Cheng","doi":"10.1016/j.qref.2025.102017","DOIUrl":"10.1016/j.qref.2025.102017","url":null,"abstract":"<div><div>Promoting the decarbonization of the economy and society is an integral component of achieving high-quality development. While the rapid advancement of financial technology (FinTech) has played a crucial role in shaping the economic and social development model, its impact on decarbonization has received limited attention in previous studies. To address this gap, this study establishes a partial theoretical equilibrium analysis framework and computes provincial FinTech development indices for Chinese provinces spanning from 2008 to 2022. Subsequently, we empirically examine the impact of FinTech on power consumption intensity. This study observes that FinTech possesses the capacity to diminish power consumption intensity, with this intensity progressively declining as FinTech advancements occur. Notably, FinTech’s impact on loan growth serves as a pivotal intermediary in reducing power consumption intensity. By fostering a risk-friendly environment for banks, FinTech stimulates increased loan growth, thereby alleviating the financial strain on electricity providers and subsequently reducing power usage intensity. This study not only contributes to practical applications but also enriches our understanding of the intricate interplay between FinTech and power consumption, shedding light on the potential for decarbonization within the economy and society.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102017"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134002","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

Nurturing nature: The role of green finance in reviving urban biodiversity 培育自然：绿色金融在恢复城市生物多样性中的作用

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-04-10 DOI: 10.1016/j.qref.2025.102005

Zhiyuan Gao , Ying Zhao , Lianqing Li , Yu Hao

引用次数: 0

Green bonds: A demographic study of Retail Investors in India 绿色债券：印度散户投资者的人口统计研究

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-03-11 DOI: 10.1016/j.qref.2025.101991

Shalini Aggarwal , Farhat Aziz Lone , Manisha Paliwal

{"title":"Green bonds: A demographic study of Retail Investors in India","authors":"Shalini Aggarwal , Farhat Aziz Lone , Manisha Paliwal","doi":"10.1016/j.qref.2025.101991","DOIUrl":"10.1016/j.qref.2025.101991","url":null,"abstract":"<div><div>The primary objective of this study is to investigate the impact of age, gender, education, occupation, investment experience, and income allocation on the perception of retail investor towards investment in green bond. Also, the study analyse the impact of three notable factors i.e. Environmental consciousness (EC), Concern for well being (CWB), Religious value and commitment (RVC) on Green bonds investor intention (GBII). Overall, the study used a descriptive research design, collected data from primary and secondary sources. Descriptive statistics, ANOVA, and the correlation test were used to investigate the factors influencing investors' perceptions of green bond investments. PLS SEM is used to analyse the impact of EC, CWB and RVC on GBII. It had a sample size of 406 respondents. The findings indicate a significant gender disparity among green bond investors. The majority of investors are men (343), while only a small percentage of women (63) participate in this market. This gender bias calls for targeted initiatives to encourage greater female participation and ensure a more inclusive and diverse investor base. The present study will help fund managers, brokers, companies, and policymakers in understanding retail investors' perceptions of GBs. It will also provide valuable insights for policymakers to make informed decisions about GB regulations and strategies.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 101991"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143904197","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

Cross-border mergers and acquisitions: The interplay of cultural differences and prior M&A activity 跨国并购：文化差异与先前并购活动的相互作用

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-05-05 DOI: 10.1016/j.qref.2025.102008

Fatos Radoniqi, Roger White

引用次数: 0

Board gender diversity and CEO compensation: Strengthening governance and pay-performance sensitivity 董事会性别多元化与CEO薪酬：强化治理和薪酬绩效敏感性

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-05-08 DOI: 10.1016/j.qref.2025.102009

Chandra S. Mishra

{"title":"Board gender diversity and CEO compensation: Strengthening governance and pay-performance sensitivity","authors":"Chandra S. Mishra","doi":"10.1016/j.qref.2025.102009","DOIUrl":"10.1016/j.qref.2025.102009","url":null,"abstract":"<div><div>This study examines the relationship between female directorship and CEO compensation, focusing on pay-performance sensitivity, total compensation, and equity-based pay. We address endogeneity issues, CEO compensation persistence, and unobserved heterogeneity using a multi-level fixed effects estimator, dynamic panel models, system GMM, cross-lagged structural panel models, and instrumental variables models. Our findings indicate that female directorship is positively associated with CEO pay-performance sensitivity and equity-based compensation but negatively associated with total CEO compensation. This suggests that female directors emphasize performance-based incentives over fixed pay, reinforcing a stronger alignment between CEO pay and shareholder value. Further, CEO power and managerial ability significantly moderate this relationship. When the CEO is the board chairman, female directorship is positively associated with total and equity compensation. Similarly, higher managerial ability strengthens the relation between female directorship and equity-based pay while weakening its negative association with total compensation. Our findings contribute to corporate governance, agency theory, and resource dependence theory by demonstrating that board gender diversity enhances monitoring effectiveness and alters executive compensation structures to improve firm accountability and performance alignment. These insights are important for board composition policies, gender diversity mandates, and executive pay design.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102009"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935960","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 the introduction of US spot Bitcoin ETFs affect spot returns and volatility of major cryptocurrencies? 美国现货比特币etf的推出是否会影响主要加密货币的现货回报和波动性？

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-04-15 DOI: 10.1016/j.qref.2025.102006

Babalos Vassilios , Elie Bouri , Rangan Gupta

{"title":"Does the introduction of US spot Bitcoin ETFs affect spot returns and volatility of major cryptocurrencies?","authors":"Babalos Vassilios , Elie Bouri , Rangan Gupta","doi":"10.1016/j.qref.2025.102006","DOIUrl":"10.1016/j.qref.2025.102006","url":null,"abstract":"<div><div>This paper provides the first empirical evidence of whether the introduction of US spot Bitcoin ETFs affected the returns and volatility of major cryptocurrencies. Using data from December 18, 2017 to March 15, 2024, we apply an event-study methodology within a GARCH-based framework. Our results reveal a significant effect of the introduction of spot Bitcoin ETFs on cryptocurrency returns and volatility. The analysis shows a positive impact for Bitcoin, Ethereum, and Litecoin spot price returns around the event date. The volatility of Bitcoin and Ripple spot markets decreased following the introduction of spot Bitcoin ETFs, which supports the stabilization hypothesis for these two cases. We also examine the volatility spillovers using a wavelet coherence approach, and reveal significant volatility spillovers from Grayscale Bitcoin ETF to Bitcoin futures and to a lesser extend to the Bitcoin spot market. Our findings enhance the limited understanding of the price discovery and functioning of the cryptocurrency markets, which could be useful for investors, regulators, and policymakers.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102006"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852065","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