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Shaken, stirred and indebted: Firm-level effects of earthquakes 动荡、激荡和负债：地震对企业的影响
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2024-08-02 DOI: 10.1016/j.qref.2024.101894
K. Peren Arin , Josep Marti Arnau , Elif Boduroglu , Esref Ugur Celik
{"title":"Shaken, stirred and indebted: Firm-level effects of earthquakes","authors":"K. Peren Arin ,&nbsp;Josep Marti Arnau ,&nbsp;Elif Boduroglu ,&nbsp;Esref Ugur Celik","doi":"10.1016/j.qref.2024.101894","DOIUrl":"10.1016/j.qref.2024.101894","url":null,"abstract":"<div><p>Using firm-level data from Turkiye, we investigate the effects of earthquakes on firms’ balance sheets. We find that earthquakes increase firms’ liabilities but have a smaller effect on firms’ assets, both in magnitude and significance. Using surveys sent to the finance and/or accounting managers of the largest 100 firms in Turkiye we identify common themes in their perceptions. Our findings reveal a consensus among respondents attributing the increased liabilities to exchange rate depreciation and lower business activity following a disaster. Conversely, higher availability of external credit is associated with a decrease in liabilities. Our analysis also indicates that finance managers with higher educational attainment may be underestimating the effects of earthquakes.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101894"},"PeriodicalIF":2.9,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141997994","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
Financial contagion dynamics from the US to the PIIGS amidst the global financial crisis 全球金融危机中从美国到 PIIGS 的金融传染动态
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2024-07-27 DOI: 10.1016/j.qref.2024.101895
Christos Tzomakas
{"title":"Financial contagion dynamics from the US to the PIIGS amidst the global financial crisis","authors":"Christos Tzomakas","doi":"10.1016/j.qref.2024.101895","DOIUrl":"10.1016/j.qref.2024.101895","url":null,"abstract":"<div><p>The European Monetary Union (EMU) sovereign debt crisis has been thoroughly investigated in the literature. However, our analysis attempts to shed light on the link between the U.S. and the PIIGS (Portugal, Ireland, Italy, Greece, and Spain) bond markets during the Great Recession. We employ a daily 12-year period dataset and utilize an EGARCH-X approach. Our results reveal significant contagion effects from the U.S. bond market towards the yields of PIIGS bonds. However, our findings suggests that the distribution imposed on the standardized residuals is crucial for identifying the magnitude of the contagion.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101895"},"PeriodicalIF":2.9,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141849736","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
Moderating role of ESG disclosures and its impact on firm financial performance 环境、社会和公司治理信息披露的调节作用及其对公司财务业绩的影响
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2024-07-25 DOI: 10.1016/j.qref.2024.101892
Mohd Merajuddin Inamdar
{"title":"Moderating role of ESG disclosures and its impact on firm financial performance","authors":"Mohd Merajuddin Inamdar","doi":"10.1016/j.qref.2024.101892","DOIUrl":"10.1016/j.qref.2024.101892","url":null,"abstract":"<div><p>This study examines the relationship between environmental, social, and corporate disclosures and its affects on financial position of the firm. The study is based on India’s listed companies which disclosed the ESG variable over the last decade. We examine the five measures of financial performance and firm ESG disclosures. In addition to financial performance measures as response variables, this study uses of Piotroski F scores as a proxy for financial position is unique and novel approach in sustainable finance research. The results show the social disclosures have positive significant affect on firm financial position. Firm value, valuation of the stock and cost of capital. The study will help regulators to strengthen the ESG disclosures and for investors it gives insight about the relationship between ESG disclosure and financial performance of a firms.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101892"},"PeriodicalIF":2.9,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141838880","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
High frequency monitoring of credit creation: A new tool for central banks in emerging market economies 高频率监测信贷创造：新兴市场经济体中央银行的新工具
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2024-07-18 DOI: 10.1016/j.qref.2024.101893
Carlos Giraldo , Iader Giraldo , Jose E. Gomez-Gonzalez , Jorge M. Uribe
{"title":"High frequency monitoring of credit creation: A new tool for central banks in emerging market economies","authors":"Carlos Giraldo ,&nbsp;Iader Giraldo ,&nbsp;Jose E. Gomez-Gonzalez ,&nbsp;Jorge M. Uribe","doi":"10.1016/j.qref.2024.101893","DOIUrl":"10.1016/j.qref.2024.101893","url":null,"abstract":"<div><p>This study utilizes weekly datasets on loan growth in Colombia to develop a daily indicator of credit expansion using a two-step machine learning approach. Initially, employing Random Forests (RF), missing data in the raw credit indicator is filled using high frequency indicators like spreads, interest rates, and stock market returns. Subsequently, Quantile Random Forest identifies periods of excessive credit creation, particularly focusing on growth quantiles above 95 %, indicative of potential financial instability. Unlike previous studies, this research combines machine learning with mixed frequency analysis to create a versatile early warning instrument for identifying instances of excessive credit growth in emerging market economies. This methodology, with its ability to handle nonlinear relationships and accommodate diverse scenarios, offers significant value to central bankers and macroprudential authorities in safeguarding financial stability.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101893"},"PeriodicalIF":2.9,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141729372","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
Overconfidence, short selling, and corporate fraud: Evidence from China 过度自信、卖空和公司欺诈：来自中国的证据
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2024-07-15 DOI: 10.1016/j.qref.2024.101889
Guohua Cao , Wenjun Geng , Jing Zhang , Yongqi Yuan
{"title":"Overconfidence, short selling, and corporate fraud: Evidence from China","authors":"Guohua Cao ,&nbsp;Wenjun Geng ,&nbsp;Jing Zhang ,&nbsp;Yongqi Yuan","doi":"10.1016/j.qref.2024.101889","DOIUrl":"10.1016/j.qref.2024.101889","url":null,"abstract":"<div><p>Using data on Chinese A-share listed firms from 2010 to 2020, this study employs a partial observable bivariate probit model and introduces fraud triangle theory to explain the mechanisms of overconfidence, short selling, and corporate fraud. Our findings show that overconfidence offers rationalization to investors and corporations, reduces fraud detection, and increases corporate incentives to commit fraud. Short selling promotes information transparency, increases fraud detection, and reduces the opportunities to commit fraud. Moreover, it moderates the relationship between overconfidence and corporate fraud. In addition, overconfidence and short selling affect different types of fraud (operational, executive, and information disclosure fraud). Furthermore, our results show heterogeneity among the ownership types. This study provides a theoretical basis for corporate fraud governance in China’s stock market.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101889"},"PeriodicalIF":2.9,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141638731","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
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
Afees A. Salisu , Kazeem O. Isah , Oguzhan Cepni
{"title":"Conventional and unconventional shadow rates and the US state-level stock returns: Evidence from non-stationary heterogeneous panels","authors":"Afees A. Salisu ,&nbsp;Kazeem O. Isah ,&nbsp;Oguzhan Cepni","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":"97 ","pages":"Article 101890"},"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
Dongwei He , Zhen Zhang , Qiang Wang
{"title":"Information disclosure strategies and bank interest rates pricing decisions","authors":"Dongwei He ,&nbsp;Zhen Zhang ,&nbsp;Qiang Wang","doi":"10.1016/j.qref.2024.101888","DOIUrl":"10.1016/j.qref.2024.101888","url":null,"abstract":"<div><p>A joint decision-making model for debt financing and operations is constructed in this study. The proposed model is designed so that enterprises can actively adjust the transparency of private information while considering the risks of corporate bankruptcy, bank premium behavior, and possible damage to the product market. We systematically analyzed the mechanisms of bank interest rate pricing, corporate information transparency, and corresponding stocking strategies. We examined the impact of the companies’ inventories and transparency of different types of information on bank interest rates, which revealed financing and management-related decision-making issues based on the bank’s interest rate response function. Various levels of information transparency are appropriate for companies in the context of debt financing. We discuss the impact of changes in exogenous parameters in the product and financial markets on the basis of global equilibrium, as well as corporate characteristics affecting optimal decision-making.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101888"},"PeriodicalIF":2.9,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141690402","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
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
Koji Asano
{"title":"Liquidity policies with opacity","authors":"Koji Asano","doi":"10.1016/j.qref.2024.101885","DOIUrl":"10.1016/j.qref.2024.101885","url":null,"abstract":"<div><p>We examine liquidity policies in an environment in which banks can cover their liquidity needs by hoarding liquidity or selling long-term assets to expert investors. Investors can acquire costly information regarding asset quality and deprive banks with bad assets from accessing the asset market. To prevent expert scrutiny, banks must accept fire sale prices for their assets. These depressed prices induce banks to hoard inefficiently low (high) amounts of liquidity when the likelihood of a liquidity shock is relatively low (high). We show that policy interventions aimed at maintaining opacity in the asset market encourage (discourage) liquidity hoarding when there is underhoarding (overhoarding) of liquidity. This suggests that ex-post interventions can serve as substitutes for ex-ante liquidity regulations.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101885"},"PeriodicalIF":2.9,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141711016","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
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
Onur Sunal, Filiz Yağcı
{"title":"The determinants of Turkish CDS volatility: An ARDL approach covering COVID period","authors":"Onur Sunal,&nbsp;Filiz Yağcı","doi":"10.1016/j.qref.2024.101887","DOIUrl":"10.1016/j.qref.2024.101887","url":null,"abstract":"<div><p>The accuracy of CDS premiums has been questioned in many former studies. However, we intend to show that the volatilities of these spreads rather than their basis point levels indicate and signal the status of sovereign risk and credit worthiness as they tend to reveal sudden deteriorations in key sovereign and global economic indicators. In that respect we aim to reveal the determinants of Turkish CDS spread volatility by using an ARDL Bounds Test framework. In line with our expectations exchange rate, stock market indice and oil price volatility have significant positive coefficients in the long run whereas US 10-year bond spreads have short run effects up to three lags. Also, our results show that COVID pandemic has remarkably increased Turkish CDS volatility. Moreover, the unorthodox monetary policies adopted after COVID has also raised CDS volatility with persistently high spread levels where a long-term memory effect was prevalent.</p></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"97 ","pages":"Article 101887"},"PeriodicalIF":2.9,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141701796","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
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
Nitika Arneja, Chandan Sharma
{"title":"Dissecting performance gains from export-induced marketing and technological investments: Revisiting learning by exporting in Indian manufacturing","authors":"Nitika Arneja,&nbsp;Chandan Sharma","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&amp;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&amp;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":"97 ","pages":"Article 101886"},"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
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