Journal of International Financial Markets Institutions & Money最新文献

Managing cryptocurrency risk exposures in equity portfolios: Evidence from high-frequency data

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-05 DOI: 10.1016/j.intfin.2025.102123

Minhao Leong , Vitali Alexeev , Simon Kwok

引用次数: 0

Nonlinearity in the nexus between financial development and wealth inequality

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-04 DOI: 10.1016/j.intfin.2025.102117

Dong-Hyeon Kim , Peiyao Liu , Shu-Chin Lin

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引用次数: 0

Downside belief disagreements and financial instability: Evidence from risk factor disclosures in U.S. financial institutions’ 10-K filings

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-04 DOI: 10.1016/j.intfin.2025.102118

Rui Li , Jianping Li , Xiaoqian Zhu

引用次数: 0

Covered interest rate parity deviations, COVID-19 pandemic infection cases, and vaccination

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-03 DOI: 10.1016/j.intfin.2025.102122

Yu-Lun Chen , Yi-Hua Li , Wan-Shin Mo , J. Jimmy Yang

引用次数: 0

Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-03 DOI: 10.1016/j.intfin.2025.102120

Xinfei Huang , Yue Zhang , Zhe Zong

{"title":"Governmental venture capital and investor sentiment: Evidence from Chinese government guidance funds","authors":"Xinfei Huang , Yue Zhang , Zhe Zong","doi":"10.1016/j.intfin.2025.102120","DOIUrl":"10.1016/j.intfin.2025.102120","url":null,"abstract":"<div><div>While the role of government-backed venture capital (GVC) in influencing companies’ operating performance has been well-documented, its potential impact on the financial market remains less explored. This paper aims to fill this gap in the context of China’s venture capital market. Since 2002, the Chinese government has launched a type of policy VC fund—government guidance funds (GGFs)—to stimulate innovation, industrial transformation, and local economic growth. Using a sample of 2,860 IPO companies from 2010 to 2021, we show that GGF-backed IPOs exhibited higher initial returns than both non-VC-backed and non-GGF VC-backed IPOs. A decomposition of the initial returns reveals that this effect was driven by market overvaluation rather than IPO price discounts. Consistent with investor sentiment and signaling theory, our results suggest that investors held optimistic views towards GGF-backed companies. However, when assessing post-IPO operating and innovation performance, GGF-backed companies did not outperform their counterparts. Overall, this paper highlights the signaling effects of GGFs in the financial market and provides important policy implications for the design of GVC programs worldwide.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102120"},"PeriodicalIF":5.4,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183709","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

Sovereign debt cost and economic complexity

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-31 DOI: 10.1016/j.intfin.2025.102121

Jose E. Gomez-Gonzalez , Jorge M. Uribe , Oscar M. Valencia

引用次数: 0

Other comprehensive income volatility and bank risk

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-30 DOI: 10.1016/j.intfin.2025.102115

Yang Su , Junrui Zhang , Hong Zhao , Mingming Zhou

引用次数: 0

Ex ante bond returns and time-varying monotonicity

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-28 DOI: 10.1016/j.intfin.2025.102114

Hamid Yahyaei , Abhay Singh, Tom Smith

{"title":"Ex ante bond returns and time-varying monotonicity","authors":"Hamid Yahyaei , Abhay Singh, Tom Smith","doi":"10.1016/j.intfin.2025.102114","DOIUrl":"10.1016/j.intfin.2025.102114","url":null,"abstract":"<div><div>We examine the dynamics of U.S. Treasury term premia by applying and extending the nonparametric framework of Boudoukh, Richardson, Smith, and Whitelaw (1999) into a time-varying test of monotonicity. The framework exploits conditioning variables with economic relevance to the business cycle, which a priori predict non-monotonic Treasury returns to permit a formal test of the Liquidity Preference Hypothesis (LPH). Conditioning ex ante returns against inversion in the yield curve, restrictive monetary policy rates, and negative investor sentiment reveals a non-monotonic term premium on Treasury bills. In contrast, term premia on portfolios comprising longer-term Treasury notes are primarily monotonic but exhibit non-monotonicity that coincides with unexpected macroeconomic shocks. When interest rates reach the zero lower bound, term premia are universally monotonic, demonstrating the Federal Reserve’s ability to normalise the yield curve. Ultimately, we illustrate the importance of accounting for the time-varying behaviour of the term premium, especially as changes in the business cycle influence the term structure of interest rates.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102114"},"PeriodicalIF":5.4,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183703","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Extractive institutions and banks’ implicit subsidies

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-24 DOI: 10.1016/j.intfin.2025.102119

Lucas N.C. Vasconcelos , Rafael Schiozer

{"title":"Extractive institutions and banks’ implicit subsidies","authors":"Lucas N.C. Vasconcelos , Rafael Schiozer","doi":"10.1016/j.intfin.2025.102119","DOIUrl":"10.1016/j.intfin.2025.102119","url":null,"abstract":"<div><div>We investigate whether banks located in countries with extractive institutions benefit from larger implicit subsidies, using a sample of banks from 35 countries. We conjecture that the banking systems in countries with extractive institutions have the political and economic powers to lead governments to absorb banks’ distress risk and use public resources to guarantee banks’ survival in distressed events. This creates <em>ex-ante</em> implicit subsidies that reduce banks’ cost of equity financing in these countries. To reinforce the causal evidence, we explore variations in external democratic capital as an instrument for institutional exploitation. Our results indicate that the less extractive the institutional environment, the lower the banks’ implicit subsidies. In countries with less extractive institutions, regulatory instruments are more likely to be adopted, such as bail-in rules and tighter bank resolution frameworks. These policies reduce regulators’ discretion to use public resources to save distressed banks when these interventions are welfare decreasing, reducing <em>ex-ante</em> implicit subsidies enjoyed by the financial sector.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102119"},"PeriodicalIF":5.4,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183702","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

Banking regulation and corporate R&D investment: Evidence from regulatory penalties in China

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-01-21 DOI: 10.1016/j.intfin.2025.102112

Yuanbiao Huang , Jinlei Li

{"title":"Banking regulation and corporate R&D investment: Evidence from regulatory penalties in China","authors":"Yuanbiao Huang , Jinlei Li","doi":"10.1016/j.intfin.2025.102112","DOIUrl":"10.1016/j.intfin.2025.102112","url":null,"abstract":"<div><div>Utilizing data from administrative penalty announcements by the former China Banking and Insurance Regulatory Commission (CBIRC), we analyze the impact of banking regulatory penalties on corporate R&D investment. Our findings indicate that stringent regulatory penalties crowd out corporate R&D investment by reducing the availability of loans and increasing borrowing costs, with a particularly pronounced effect of disciplinary actions and disqualifications, economic penalties, and loan-related penalties. Further analysis reveals that the crowding-out effect is more pronounced among firms with smaller asset sizes and lower internal financing. However, bank competition and international expansion significantly mitigate this crowding-out effect. Additionally, we find that regulatory penalties only crowd out R&D investment within the year following the penalty, with no direct evidence indicating a reduction in patent applications. Our study highlights that rigorous banking regulatory penalties may have a short-term adverse impact on corporate R&D investment, suggesting that regulatory authorities should balance the stability of the financial system with the development of the real economy when enforcing punitive actions.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102112"},"PeriodicalIF":5.4,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183701","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