Quarterly Review of Economics and Finance最新文献_第3页

Conventional and unconventional shadow rates and the US state-level stock returns: Evidence from non-stationary heterogeneous panels 常规和非常规影子利率与美国各州股票回报率：来自非平稳异质面板的证据

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-15 DOI: 10.1016/j.qref.2024.101890

{"title":"Conventional and unconventional shadow rates and the US state-level stock returns: Evidence from non-stationary heterogeneous panels","authors":"","doi":"10.1016/j.qref.2024.101890","DOIUrl":"10.1016/j.qref.2024.101890","url":null,"abstract":"<div><p>This study analyzes how monthly stock returns in the United States react to conventional and unconventional shadow rates from February 1994 to April 2023. The study uses a nonstationary heterogeneous panel data technique appropriate for analyzing large cross-sections and long periods. The analysis is separated into turbulent and tranquil periods. The findings suggest that, although the shadow rate is expected to align with the long-term rate, its ability to boost economic activity in the stock markets is only applicable in the short term. Despite the Federal Funds Rate (FFR) being unable to be lowered below zero bounds, the study shows results that support the effectiveness of the FFR in stimulating stock returns in the long run, particularly during crisis periods. The study also reveals that both conventional and unconventional shadow rates share a common feature, which is that they demonstrate how the stock markets can be downward-sticky in the long run with a rising shadow rate in virtually all 50 states in the U.S. The findings provide sturdy insights into the usefulness of unconventional monetary policy measures for stock market performance during crises and normal periods.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1062976924000966/pdfft?md5=731b8e1e358152023e22193782891af9&pid=1-s2.0-S1062976924000966-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141638732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Information disclosure strategies and bank interest rates pricing decisions 信息披露策略与银行利率定价决策

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-15 DOI: 10.1016/j.qref.2024.101888

引用次数: 0

Liquidity policies with opacity 不透明的流动性政策

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-15 DOI: 10.1016/j.qref.2024.101885

引用次数: 0

The determinants of Turkish CDS volatility: An ARDL approach covering COVID period 土耳其 CDS 波动性的决定因素：覆盖 COVID 期间的 ARDL 方法

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-14 DOI: 10.1016/j.qref.2024.101887

引用次数: 0

Dissecting performance gains from export-induced marketing and technological investments: Revisiting learning by exporting in Indian manufacturing 剖析出口导向型营销和技术投资的绩效收益：重新审视印度制造业的出口学习

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-14 DOI: 10.1016/j.qref.2024.101886

{"title":"Dissecting performance gains from export-induced marketing and technological investments: Revisiting learning by exporting in Indian manufacturing","authors":"","doi":"10.1016/j.qref.2024.101886","DOIUrl":"10.1016/j.qref.2024.101886","url":null,"abstract":"<div><p>The impact of export decisions on firm performance has been extensively studied empirically, yet little attention has been given to the investments resulting from these decisions and their subsequent returns. Moreover, existing research predominantly examines export choices from a technological perspective, with minimal emphasis on the marketing aspects of exporting. Our study offers new insights by examining whether exporting induces firms to invest in marketing and research and development (R&D), and how these investments affect their performance before and after entering export markets. Using a panel of Indian firms from 2002 to 2019, our two-step methodology employs propensity score matching (PSM) to extract export-induced expenditures and production function estimation to assess their impacts on firm performance. The findings reveal that both export-induced marketing and R&D expenditures positively influence firm performance, with marketing investments exhibiting a stronger impact. The combined effect becomes significantly evident post-export entry. We also utilized the instrumental variable (IV) method to validate our findings. Heterogeneous IV analysis highlights that mature firms and those facing financial constraints particularly ramp up these investments post-export entry. Our results hold implications for managers and policymakers, emphasizing the importance of carefully designing export investment policies alongside other export support programs.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141692693","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

Impact of a new regulatory policy on thematic and monthly distribution funds in Japan 新监管政策对日本主题基金和月度分销基金的影响

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-10 DOI: 10.1016/j.qref.2024.101891

{"title":"Impact of a new regulatory policy on thematic and monthly distribution funds in Japan","authors":"","doi":"10.1016/j.qref.2024.101891","DOIUrl":"10.1016/j.qref.2024.101891","url":null,"abstract":"<div><p>The Japan Financial Services Agency (JFSA), the country’s financial regulatory body, is concerned with business conduct surrounding mutual fund sales in Japan, especially regarding thematic and monthly distribution funds. The agency introduced a new regulatory policy in 2015 to encourage competition to provide high-quality, customer-oriented financial products and services. Unlike traditional regulation, this policy is based on the comply-or-explain approach, which does not mandate compliance. We utilize a difference-in-differences (DID) approach to examine whether this policy induces changes in the behavior of fund distributors regarding the promotion of these funds. We find that the effectiveness of the policy is not uniform. The policy has a limited impact on reducing fund flows and the size of thematic and monthly distribution funds among active funds, which include equity, bond, and balanced funds. By contrast, we find some evidence that the policy has reduced the fund flows and the size of equity thematic and monthly distribution funds relative to low-cost equity index funds. We find that the comply-or-explain approach alone may not suffice to regulate these fund sales, as distributors and managers can pursue their own interests. In addition, the effectiveness of the approach also depends on investors’ behavior, which may be hindered by a lack of sophistication in understanding the characteristics of these funds.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141709290","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

Informality, rule-of-thumb consumers, and the effectiveness of monetary policy in emerging economies 新兴经济体的非正规性、拇指规则消费者和货币政策的有效性

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-06 DOI: 10.1016/j.qref.2024.101884

Mtendere Chilolo Chikonda , Georgios Chortareas

{"title":"Informality, rule-of-thumb consumers, and the effectiveness of monetary policy in emerging economies","authors":"Mtendere Chilolo Chikonda , Georgios Chortareas","doi":"10.1016/j.qref.2024.101884","DOIUrl":"https://doi.org/10.1016/j.qref.2024.101884","url":null,"abstract":"<div><p>This paper investigates how the presence of a large fraction of rule-of-thumb consumers and an informal sector and (henceforth, informality) impact on the effectiveness of monetary policy in developing/emerging economies. We develop a small open economy New-Keynesian model, which is estimated using data on selected Sub-Saharan African countries where the coexistence of these two frictions is widespread - Burundi, Malawi and Rwanda. The results reveal that (i) rule-of-thumb consumption enhances the dominance of demand shocks and makes inflation stabilization a challenge; (ii) the presence of an informal sector causes supply shocks to be dominant, creating a trade-off between stabilizing inflation and output; (iii) rule-of-thumb consumption weakens the transmission mechanism of monetary policy while its interaction with informality worsens the situation in most of the selected countries; (iv) informality amid a large population of rule-of-thumb consumers causes the nominal interest rate to counterintuitively decline in response to a contractionary monetary policy shock; (v) in some of the selected countries, a positive productivity shock counterintuitively triggers a nominal exchange rate appreciation when informality interacts with rule-of-thumb consumption behavior; (vi) the coexistence of informality and rule-of-thumb consumption behavior amplifies country-risk premium shocks and; (vii) rule-of-thumb consumption behavior is welfare enhancing. These findings are informative to policymakers, particularly in emerging economies, on the priority reforms as they transition to inflation targeting frameworks. Direct policy implications emerge regarding financial inclusion, the size of the informal sector, and farm input subsidy programs.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2024-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141594949","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

Antitrust regulation, innovation and industry dynamics 反垄断监管、创新和行业动态

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-03 DOI: 10.1016/j.qref.2024.101881

Shiyun Xia

引用次数: 0

Analyzing the nature of fund selection measures: Stock picking or trading skill? 分析基金选择措施的本质：选股还是交易技巧？

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-07-02 DOI: 10.1016/j.qref.2024.101883

Ping-Wen Sun, Wen-Ju Liao, Wanling Lin

引用次数: 0

Banking efficiency, ownership types, and operations: A quasi-natural experiment of conventional and Islamic banks 银行效率、所有权类型和运营：传统银行和伊斯兰银行的准自然实验

IF 2.9 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2024-06-29 DOI: 10.1016/j.qref.2024.101882

Mohan Fonseka , Omar Al Farooque

{"title":"Banking efficiency, ownership types, and operations: A quasi-natural experiment of conventional and Islamic banks","authors":"Mohan Fonseka , Omar Al Farooque","doi":"10.1016/j.qref.2024.101882","DOIUrl":"https://doi.org/10.1016/j.qref.2024.101882","url":null,"abstract":"<div><p>This study examines the banking efficiency of different ownership types and operations in an emerging market in South Asia. It further explores the moderating effect of Islamic banking operations on such relationships. The effects of banking regulatory developments on banking efficiency are also examined through a quasi-natural experiment approach. Using 533 banking unit observations of banks for FY 2002/2003 to 2017/2018 period, and applying the data envelopment analysis (DEA) method for banking efficiency and Tobit regression, the findings document that the banking efficiency of the state-owned conventional banks outperforms privately-owned domestic banks, as well as conventional domestically owned banks (state-owned and privately-owned banks) outperforms the foreign-owned banks. Again, the banking efficiency outperformance of the conventional banking operation over the Islamic banking operation is found. However, the outperformance of conventional state-owned banks diminishes with the moderation of Islamic banking operations. Additionally, the quasi-natural experiment with difference-in-difference (DID) regression result reveals that the banking efficiency of Islamic banks and conventional state-owned banks has improved during the post-regulatory period and reduced the efficiency gap between them (in favor of conventional banks). However, the banking efficiency of conventional state-owned banks offering Islamic banking services has diminished in the post-regulatory period. These findings remain robust during the global financial crisis (GFC) and non-GFC periods. Overall, the results add a new dimension to the banking efficiency and regulatory development research for the policymakers and regulators in the financial services sector.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":null,"pages":null},"PeriodicalIF":2.9,"publicationDate":"2024-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141594947","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