Quarterly Review of Economics and Finance最新文献

{"title":"Control contestability, large shareholder identity, and corporate risk-taking: International evidence","authors":"Carlos Cid-Aranda ,&nbsp;Félix López-Iturriaga","doi":"10.1016/j.qref.2024.101957","DOIUrl":"10.1016/j.qref.2024.101957","url":null,"abstract":"<div><div>We analyse the relationship between ownership structure and corporate risk-taking in a sample of 271 listed firms from Brazil, Chile, Colombia, Mexico, and Peru between 2005 and 2020. We find that contesting the largest shareholder increases corporate risk-taking. We also show that the influence of largest shareholders on corporate risk-taking is conditional on shareholder identity; whereas family and government control is associated with lower corporate risk-taking, foreign control has the opposite influence. Finally, our results show that when the two largest shareholders are families, they align their interests to support conservative decisions and that when the largest shareholder is a family but the second is an institutional investor, contesting control attenuates suboptimal risk policies. Our results contribute to the literature by reporting evidence to disentangle the heterogeneity within blockholders and the bivalent relationship between controlling and non-controlling large owners. We provide valuable results to policymakers, investors, and practitioners alike vis-à-vis discussing how specific ownership structures encourage risk-taking attitudes and –presumably– value-increasing policies.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"99 ","pages":"Article 101957"},"PeriodicalIF":2.9,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151584","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}

{"title":"Disclosure in corporate pension plans using a regression discontinuity design","authors":"Yuree Lim","doi":"10.1016/j.qref.2024.101936","DOIUrl":"10.1016/j.qref.2024.101936","url":null,"abstract":"<div><div>Disclosure affects corporate pension plans’ shrouded fees. Using a 2009 disclosure regulation of pension service providers’ fees and a regression discontinuity (RD) design, we show that pension plans subject to the disclosure requirement are more likely to report increased total administrative fees. The source of these increased fees is an increase in investment advisory and management fees. Our results are robust to various identification tests. Our evidence suggests sizable shrouded fees of approximately $27 per participant in a corporate pension plan.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"99 ","pages":"Article 101936"},"PeriodicalIF":2.9,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152263","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}

{"title":"Who’s more efficient and drives others? Profit sharing rates vs. deposit rates","authors":"Remzi Gök ,&nbsp;Shawkat Hammoudeh ,&nbsp;Ahdi Noomen Ajmi","doi":"10.1016/j.qref.2024.101950","DOIUrl":"10.1016/j.qref.2024.101950","url":null,"abstract":"<div><div>We investigate the existence of the explosive behavior, long memory and causal impacts for the Islamic and conventional banking sectors in Türkiye during the 2012–2023 period. The procedure detects multiple bubble episodes in all maturities of profit-sharing rates and shorter maturities of deposit rates, mostly intensified after 2017, Islamic banking has longer-lived bubble episodes than conventional banking, and the duration decreases as the maturity increases. We find that the Hurst exponent is significantly greater than 0.50 for Islamic banking, while its magnitude decreases and goes below 0.50 for the maturity longer than 3 months in the conventional banking as the maturity increases in the full sample period. Conventional banking rates are more efficient, and the level of efficiency rises as maturity increases. We find bidirectional causalities between the 1-month maturities and report one-way short-run causal flows from the conventional banking rates for other three maturities. Multifaceted implications for investors and policymakers are discussed in detail.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"99 ","pages":"Article 101950"},"PeriodicalIF":2.9,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151583","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}

{"title":"Government provided credit ratings and foreign sales: Evidence from China","authors":"Wei Yu ,&nbsp;Jianping Pan ,&nbsp;Rui Fan ,&nbsp;Manjiao Yu","doi":"10.1016/j.qref.2024.101958","DOIUrl":"10.1016/j.qref.2024.101958","url":null,"abstract":"<div><div>The existing literature pays much attention to the credit rating given by market-oriented credit rating agencies, but largely ignores the effect of government-oriented credit rating. Recently, State Taxation Administration of China gives a government provided credit rating for all the Chinese firms. This practice provides a valuable context for us to shed light on the theoretical void of credit ratings given by the government. Using a hand-collected database from China, we find that A-level rated firms acquire nearly 69 % more foreign sales than non-A-level rated firms. Our findings support information channel, trust channel, government efficiency channel and financing constraints channel. Furthermore, the impact of government given credit ratings on a firm’s foreign sales is stronger when firms locate in a province with lower intensity of international trade, when firms are smaller and when firms hire less directors with oversea background. Finally, we examine how the domestic market interplays with the foreign market. We find that domestic sales will also increase but the magnitude is smaller. Overall, the credit rating given by the government could help a firm penetrate into the global market when most firms in a country are not covered by international credit rating agencies.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"99 ","pages":"Article 101958"},"PeriodicalIF":2.9,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151585","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}

{"title":"Environmental credit products: Where do we stand? A response from an academic content analysis","authors":"P. Murè ,&nbsp;S. Giorgio ,&nbsp;V. Antonelli ,&nbsp;L. Bittucci","doi":"10.1016/j.qref.2024.101955","DOIUrl":"10.1016/j.qref.2024.101955","url":null,"abstract":"<div><div>Concerns of the detrimental impacts caused by climate change have led to a rapid expansion in research on sustainability-related factors that has paralleled the proliferation of regulations by various states and authorities. In light of this, the present study primarily focuses on banks’s “environmental” credit products, which recent market research has exhibited significant and growing volumes. The aim is to understand which aspects of these two forms of environmental financing - <em>Green Loans</em> and <em>Sustainability-Linked Loans</em> the existing research have been analyzed. Using content analysis, we conducted a thorough literature review of academic studies. The most intriguing finding from our work is that the provision and adoption of environmental credit products has preceded the implementation of precise legislation to mitigate risks such as greenwashing. Moreover, our findings prove that most research focuses on strategy and performance while only one study covers the aspects related to organization. This research could prove to be a valuable resource for regulators, academics, and banks by providing a comprehensive and precise overview of the work done so far, highlighting the objectives, methodologies, and results achieved.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"100 ","pages":"Article 101955"},"PeriodicalIF":2.9,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143130272","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}

{"title":"The effect of basel III implementation on SME access to financing in emerging markets and developing economies","authors":"Boris Fišera ,&nbsp;Roman Horváth ,&nbsp;Martin Melecký","doi":"10.1016/j.qref.2024.101956","DOIUrl":"10.1016/j.qref.2024.101956","url":null,"abstract":"<div><div>This paper studies the effect of Basel III implementation on the access to financing of small and medium-size enterprises (SMEs) in 32 emerging markets and developing economies by the initial level of SME financial inclusion. Analyzing a cross-country panel of SMEs in the difference-in-differences setting with a sample selection adjustment for possibly non-random implementation of Basel III, we find a short-term, moderately negative effect of Basel III on SME access to financing. The size of this effect depends on the degree of SME's initial financial inclusion. Interestingly, greater bank capitalization before Basel III implementation helped mitigate the negative effect.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"100 ","pages":"Article 101956"},"PeriodicalIF":2.9,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143130270","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}

{"title":"Spillovers between cryptocurrency, DeFi, carbon, and energy markets: A frequency quantile-on-quantile perspective","authors":"Remzi Gök","doi":"10.1016/j.qref.2024.101954","DOIUrl":"10.1016/j.qref.2024.101954","url":null,"abstract":"<div><div>We applied a novel approach, the quantile-on-quantile frequency connectedness (QQFC), to measure the return spillover effects from the cryptocurrency and decentralized finance indices on the carbon and clean/dirty energy markets. Given the limitations of the traditional quantile connectedness approach, which only considers the transmission mechanism in similar quantile compositions, we combine the quantile-in-quantile connectedness and frequency connectedness methods, allowing us to evaluate the spillover shocks between two markets under different market conditions while also separating the links over multiple time horizons. For the entire period, we find that the spillover effects at directly related quantiles is more prominent than the inversely related quantile estimations and establish an asymmetry pattern in return connectedness, with spillover shocks bearing greater influence at the extreme lower quantiles. Furthermore, the frequency connectedness results show that the spillover effects diminish as the timescale increases. Clean energy markets appear to have stronger interconnectivity with decentralized finance and crypto markets than dirty energy and carbon markets, where the new energy global innovation is the strongest, followed by the clean energy. Although crypto markets have stronger interdependence with other markets than decentralized finance markets, the difference is negligible. The net QQFC results elucidate that, during the entire period and short run, other markets transmit shocks to digital markets when they are in bearish and bullish phases and absorb shocks when they are normal, but in the long run, become predominantly susceptible to shocks from cryptocurrency and DeFi markets. Carbon market, followed by coal, emerges as the most influential markets on the cryptocurrency and DeFi markets, while oil and gas are the most vulnerable markets to the cryptocurrency and DeFi markets, respectively. We witness changes in the roles of the net connectedness over timeframes during the pandemic and stronger spillovers for the ongoing war period.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"100 ","pages":"Article 101954"},"PeriodicalIF":2.9,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143129726","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}

{"title":"Macro-prudential policy, digital transformations and banks’ risk-taking","authors":"Yongkui Li ,&nbsp;Qixuan Du ,&nbsp;Xiangrui Chao ,&nbsp;Xiang Gao","doi":"10.1016/j.qref.2024.101941","DOIUrl":"10.1016/j.qref.2024.101941","url":null,"abstract":"<div><div>This study examines the influence of macro-prudential policies on risk-taking among systemically important banks using unbalanced panel data from 126 commercial banks in China between 2010 and 2021. Under a difference-in-differences setup, the empirics demonstrate that macro prudence in China effectively enhances large banks’ risk prevention measures and risk-mitigation efforts. Specifically, macro-prudential policy implementation facilitates the digital transformation of banking and subsequently reduces risk-taking behavior. According to heterogeneity test results, the concerned effect becomes more significant for systemically important banks having higher capital adequacy ratios. Moreover, the most important banks with strong interbank dependence exhibit more pronounced changes in risk profiles responding to stricter capital supervision requirements. Our findings shed light on the economic consequences of monitoring strengthening from the perspective of regulatory authorities.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101941"},"PeriodicalIF":2.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142747688","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}

{"title":"Financial inclusion and income distribution revisited: New findings","authors":"Takeshi Inoue","doi":"10.1016/j.qref.2024.101940","DOIUrl":"10.1016/j.qref.2024.101940","url":null,"abstract":"<div><div>Most previous studies have quantitatively shown that progress in financial inclusion reduces income inequality. This study uses linear and squared terms of financial inclusion to analyze whether and how its effect on reducing income inequality changes over time. Financial inclusion is measured using a composite indicator that considers factors such as accessibility, availability, and actual use of financial services. The analysis utilizes panel data from 2004 to 2021 and samples comprising all countries or only developing countries. The empirical results for both samples indicate that the linear and squared terms of financial inclusion have negative and statistically significant effects on income inequality. Therefore, financial inclusion can reduce income inequality, and the marginal effect increases as financial inclusion progresses. The empirical results also indicate that such effects vary depending on the dimension of financial inclusion (i.e., access versus use) and type of financial services considered (i.e., bank accounts versus loans). For example, when financial inclusion is measured solely in terms of borrowing from formal financial institutions, the financial inclusion and income inequality relationship may be U-shaped. Therefore, different aspects of financial inclusion may affect income inequality differently over time.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101940"},"PeriodicalIF":2.9,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701915","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}

{"title":"Are there “Ratatouille” restaurants? On anticorrelation of food quality and hygiene","authors":"Hisayuki Yoshimoto ,&nbsp;Andriy Zapechelnyuk","doi":"10.1016/j.qref.2024.101939","DOIUrl":"10.1016/j.qref.2024.101939","url":null,"abstract":"<div><div>We study the empirical relationship between restaurants’ hygiene standards and their food quality scores, as evaluated by professional reviewers. By using data from the UK high-end restaurants, we show that this relationship is negative, observed across several econometric specifications and food quality measurements. We report that 3% of Michelin-starred restaurants have poor hygiene, while the same is true for 2.5% of high-end guidebook-listed restaurants in our dataset. We highlight two possibilities for this observed negative association: a strategic hypothesis (capturing restaurants’ choices trading off hygiene for quality), and a selection hypothesis (reflecting restaurants’ differential survival rates under competition). Our results indicate that the latter has more support. Our findings also illuminate potential channels through which the anticorrelation between hygiene and food quality could be mitigated and can be informative for hygiene inspectors in order to prioritize restaurants in their inspection schedule based on observable characteristics.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"98 ","pages":"Article 101939"},"PeriodicalIF":2.9,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701914","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}