Journal of International Financial Markets Institutions & Money最新文献

{"title":"Detecting cross-firm momentum effects via shared analyst coverage: The role of leaders","authors":"Yang-Rong Mao ,&nbsp;Huai-Long Shi ,&nbsp;Huayi Chen ,&nbsp;Yu-Lei Wan","doi":"10.1016/j.intfin.2025.102237","DOIUrl":"10.1016/j.intfin.2025.102237","url":null,"abstract":"<div><div>Cross-firm momentum effects via shared analyst coverage are well-documented in developed markets, but their robustness remains unclear in emerging markets, where information diffusion is asymmetric and analyst coverage is highly concentrated. Our work revisits this effect in an environment of extreme informational frictions — the Chinese market. We reconstruct the information transmission channel within the analyst coverage network by introducing a novel weighting scheme based on strength centrality (<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>). This measure identifies influential leader firms that command disproportionate attention from both analysts and the market. Our results demonstrate that <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-weighted connected-firm returns robustly predict cross-sectional stock returns, yielding significant and persistent profits even under a rigorous stock filter. This performance cannot be subsumed by strategies based on alternative weighting schemes or by explanations such as intra-industry cross-firm momentum and information discreteness. Further analysis reveals that the superiority of the <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based approach stems from its ability to effectively identify firms with stronger cross-period fundamental linkages. In addition, high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> stocks are characterized by higher investor attention, more efficient information processing, lower arbitrage costs, and greater international exposures. With this evidence, we further confirm a directional spillover: cross-firm momentum effects flow exclusively from these high-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> leaders to low-<span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span> laggards, and there is no reverse spillover. Our findings suggest that cross-firm momentum may be systematically underestimated in many international markets due to methodological limitations rather than economic irrelevance. The <span><math><mrow><mi>S</mi><mi>C</mi></mrow></math></span>-based framework therefore offers a portable tool for global investors and researchers operating in environments with asymmetric information.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102237"},"PeriodicalIF":6.1,"publicationDate":"2025-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269870","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}

{"title":"Do FinTech Acquisitions Affect Banks' ESG Performance? Evidence from Global M&As","authors":"Antonella Francesca Cicchiello ,&nbsp;Cristian Foroni ,&nbsp;Stefano Monferrà ,&nbsp;Giuseppe Torluccio","doi":"10.1016/j.intfin.2025.102229","DOIUrl":"10.1016/j.intfin.2025.102229","url":null,"abstract":"<div><div>This study investigates how mergers and acquisitions (M&amp;A) involving FinTech companies influence the Environmental, Social, and Governance (ESG) performance of acquiring banks. Using a global sample of 105 M&amp;A deals completed by banks worldwide between 2009 and 2023, our findings indicate that FinTech acquisitions tend to enhance banks’ ESG performance. However, this effect is not immediately observable, manifesting only in the fifth year post-acquisition. To refine the analysis, we match banks that engaged in FinTech acquisitions with similar banks that did not, controlling for pre-acquisition characteristics. This approach reveals a positive and significant effect on environmental (E) and overall ESG scores starting from the third year, with social (S) scores showing significant improvement as early as the first year post-acquisition.</div><div>These findings contribute to the understanding of how FinTech M&amp;As shape the ESG performance of traditional banks. The results also provide valuable insights for bank managers, policymakers, and financial regulators, emphasizing the role of FinTech acquisitions in advancing sustainability within the banking sector.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102229"},"PeriodicalIF":6.1,"publicationDate":"2025-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269868","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}

{"title":"Machine learning, memory and efficiency in cryptocurrency markets","authors":"Shuyue Li,&nbsp;Larisa Yarovaya,&nbsp;Tapas Mishra","doi":"10.1016/j.intfin.2025.102210","DOIUrl":"10.1016/j.intfin.2025.102210","url":null,"abstract":"<div><div>This paper empirically examines whether machine learning (ML) methods can capture long memory in the cryptocurrency markets. We design two tests to evaluate seven widely used ML regression algorithms and sequence-to-sequence (Seq2Seq) models to determine their ability to capture long-memory characteristics of financial data. Specifically, we assess their accuracy in estimating the fractional integration parameter <span><math><mi>d</mi></math></span> for both univariate and systemic memory. Additionally, we examine whether the predicted time series preserve the long-memory properties of the original cryptocurrency market data. Our findings reveal that most ML algorithms fail to handle long-memory series effectively, while models incorporating Long Short-Term Memory (LSTM) and Attention-LSTM components exhibit superior performance. Whilst comparing models using Mean Squared Errors (MSE), we find that our tests identify models better for directional predictions. These results highlight the limitations of conventional ML mechanism for long-range dependence and position Seq2Seq models as a promising alternative for addressing the complex movements of cryptocurrency time series. Our approach can be readily extended, offering both academics and practitioners a systematic procedure for evaluating arbitrary ML models, thereby yielding insights not only into their generalization of performance but also into the interpretability of their capacity for long-term dependence.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102210"},"PeriodicalIF":6.1,"publicationDate":"2025-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269803","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}

{"title":"Understanding reputational risks: The impact of ESG events on European banks","authors":"Erdinc Akyildirim ,&nbsp;Shaen Corbet ,&nbsp;Steven Ongena ,&nbsp;David Staunton","doi":"10.1016/j.intfin.2025.102225","DOIUrl":"10.1016/j.intfin.2025.102225","url":null,"abstract":"<div><div>This study examines the financial impact of negative ESG events on European banks. Exploiting a dataset of 11,832 reputational shocks from 2007 through 2023, we find evidence of significant negative abnormal stock returns and increased volatility following negative media coverage. High-severity media coverage, as well as the reporting of previously unknown problems, increases the magnitude of the shock. We complement the main analysis with a rich dataset of bank characteristics to explain variations in the results. Furthermore, we find that deposit instability exacerbates these effects, such that banks with more volatile deposit bases suffer more pronounced stock price declines following ESG incidents, indicating that investors perceive them as more vulnerable to sudden changes in sentiment. However, banks with stronger ex-ante ESG engagement experience less deposit volatility and more muted market responses, which highlights the role of ESG practices in mitigating reputational risk. A range of placebo testing procedures are employed to demonstrate that these effects are specific to the bank-level ESG events in our data and not caused by general market movements. Our findings highlight the interconnection between ESG risk, investor and depositor reactions, and the protective value of sustained ESG engagement.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102225"},"PeriodicalIF":6.1,"publicationDate":"2025-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269867","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}

{"title":"Biodiversity risk and firms’ access to trade credit","authors":"Khadija S. Almaghrabi ,&nbsp;Walid Ben-Amar ,&nbsp;Ziyu Kong","doi":"10.1016/j.intfin.2025.102226","DOIUrl":"10.1016/j.intfin.2025.102226","url":null,"abstract":"<div><div>This study examines the relationship between firm-level exposure to biodiversity risk and access to supplier financing. We find that firms’ access to trade credit decreases significantly with increased firm-level exposure to biodiversity risk. Mechanism test shows that reduced operating performance is the primary channel through which biodiversity risk affects access to trade credit. This effect is more pronounced among firms with low market power, those in industries with higher exposure to biodiversity risk, and those with weak corporate culture or low product innovation. Moreover, we find that firms highly exposed to biodiversity risk that receive less trade credit from suppliers tend to extend less trade credit to their customers. Given the growing attention to biodiversity risk, our findings offer important implications for both policymakers and corporate decision-makers seeking to understand and manage the broader financial and operating consequences of biodiversity risk.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102226"},"PeriodicalIF":6.1,"publicationDate":"2025-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145223147","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}

{"title":"Terrorism, institutional environment, and corporate cash holdings","authors":"Solomon Wise Dodzidenu Adza ,&nbsp;Adelaide Dak-Adzaklo ,&nbsp;Patrick Bimpong ,&nbsp;James Edudzi Kudoh ,&nbsp;Cephas Simon Peter Dak-Adzaklo","doi":"10.1016/j.intfin.2025.102227","DOIUrl":"10.1016/j.intfin.2025.102227","url":null,"abstract":"<div><div>Using a sample of firms from 35 countries from 2002 to 2019, we investigate the effect of terrorism on corporate cash holdings. We find a significant positive relationship between terrorism and corporate cash holdings. This effect is more pronounced for firms operating in countries with weaker institutional environments and less risk-oriented cultures. Further analysis suggests that increased informational opacity, high earnings and cash flow volatility, higher cost of debt, and lower payout ratio are plausible channels through which terrorism influences firms’ cash holdings. Finally, we show that higher cash holdings help mitigate the negative effects of terrorism on investment. This finding supports the precautionary savings theory, highlighting how firms maintain financial flexibility to enhance organizational resilience in the face of terrorism-related risks.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102227"},"PeriodicalIF":6.1,"publicationDate":"2025-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145269804","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}

{"title":"Bank relationships and corporate exchange rate risk","authors":"Qianyi Hao,&nbsp;Jiajia Liu,&nbsp;Zhe Yang","doi":"10.1016/j.intfin.2025.102228","DOIUrl":"10.1016/j.intfin.2025.102228","url":null,"abstract":"<div><div>This study examines how bank relationships are related to corporate exchange rate risk, with a particular focus on equity relationships. The results show that bank relationships are negatively associated with corporate exchange rate risk, and that bankers on corporate boards have a stronger risk-reducing effect than bank equity ownership. Mechanism analysis reveals that corporate governance significantly moderates this relationship: the risk-reducing effect is amplified when agency problems are severe and weakened when internal controls are strong. Heterogeneity analysis indicates that non-state-owned firms and those in less developed regions rely more heavily on bank relationships to manage exchange rate risk. This study implies that bank relationships play a key governance role in managing exchange rate risk, offering firms practical guidance for enhancing their practices.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"105 ","pages":"Article 102228"},"PeriodicalIF":6.1,"publicationDate":"2025-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145195977","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}

{"title":"Pricing of green bonds: Greenium dynamics and the role of retail investors","authors":"Allegra Pietsch ,&nbsp;Dilyara Salakhova","doi":"10.1016/j.intfin.2025.102211","DOIUrl":"10.1016/j.intfin.2025.102211","url":null,"abstract":"<div><div>The green bond market has experienced rapid growth in recent years, driven by increasing global awareness of climate change. However, the existence, magnitude and driving forces behind the “greenium” in the secondary market – a price premium associated with green bonds – remain subject to debate. This study investigates the evolution of the greenium in the euro area from 2016 to 2023, encompassing a period of significant macroeconomic shifts, including the COVID-19 pandemic, energy crisis, and the subsequent period of heightened inflation and monetary tightening. Our analysis applies a k-prototypes matching algorithm to construct a closely matched panel of European green and conventional bonds and documents a novel finding that retail investors’ demand for green bonds partly drives the greenium. Sensitivity of retail investors’ financial conditions to the macroeconomic situation and particularly tighter monetary policy may explain investors’ appetite for green bonds and thus the greenium time dynamics. Finally, we confirm investors’ preferences for green bonds with higher credibility of both bonds and bond issuers.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102211"},"PeriodicalIF":6.1,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099406","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}

{"title":"Anticipated psychological spreads: Cryptocurrencies’ hidden short-term monitors and implications for price forecasting","authors":"Gilles Brice M’bakob,&nbsp;Jules Mandeng ma Ntamack,&nbsp;Georges Kriyoss Mfouapon","doi":"10.1016/j.intfin.2025.102224","DOIUrl":"10.1016/j.intfin.2025.102224","url":null,"abstract":"<div><div>Behavioral finance applications to cryptocurrency markets often neglect investor psychology surrounding support and resistance levels. This study introduces the anticipated psychological spread model (APSM), which formalizes chartist investors’ reactions to psychological price thresholds through loss aversion. Two behavioral indicators are defined: buyers’ anticipated psychological spread (BAPS), representing the perceived profit margin near resistance levels, and sellers’ anticipated psychological spread (SAPS), representing the anticipated profit margin near support levels. To examine the short-term price impact of these indicators, the study applies panel quantile regression to 32 cryptocurrencies from January 1, 2020, to January 31, 2024. An autoregressive integrated moving average with exogenous variables (ARIMAX)-based generalized autoregressive conditional heteroskedasticity (GARCH) framework is further employed to test robustness and evaluate the forecasting accuracy of the APSM. The results show that BAPS exerts a negative influence on prices, particularly during bear markets, while SAPS has a positive effect, especially in bull markets. Behavioral asymmetry analysis reveals buyer dominance over sellers throughout the study period. The APSM substantially improves short-term forecasting accuracy compared with classical ARIMAX–GARCH models. These findings indicate that BAPS and SAPS are valuable components for algorithmic trading strategies based on autoregressive models.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102224"},"PeriodicalIF":6.1,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099405","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}

{"title":"Macroprudential policy and corporate loans: evidence from the syndicated loan market","authors":"Christophe J. Godlewski ,&nbsp;Małgorzata Olszak","doi":"10.1016/j.intfin.2025.102223","DOIUrl":"10.1016/j.intfin.2025.102223","url":null,"abstract":"<div><div>We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and long-maturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102223"},"PeriodicalIF":6.1,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099404","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}