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Real earnings management and debt choice 实际收益管理和债务选择
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-15 DOI: 10.1016/j.intfin.2024.102080
Mostafa Monzur Hasan , Nurul Alam , Mohammad Riaz Uddin , Stewart Jones
{"title":"Real earnings management and debt choice","authors":"Mostafa Monzur Hasan ,&nbsp;Nurul Alam ,&nbsp;Mohammad Riaz Uddin ,&nbsp;Stewart Jones","doi":"10.1016/j.intfin.2024.102080","DOIUrl":"10.1016/j.intfin.2024.102080","url":null,"abstract":"<div><div>This study investigates whether real earnings management (RealEM) affects firms’ debt choice. We find that firms with higher RealEM rely more on bank debt than public debt as a source of financing. Our cross-sectional analysis reveals that the RealEM–debt choice association is more significant in the presence of poor corporate governance and heightened financing constraints. We also observe that the connection between RealEM and bank debt is more significant for suspect firms (i.e., firms with a genuine motive for opportunistic earnings management) than their non-suspect counterparts. Additionally, we find that RealEM increases the use of trade credit and short-term debt. Our findings are robust to endogeneity concerns and other issues. Overall, our findings suggest that the impact of information asymmetry issues arising from RealEM is less for bank than for public debtholders.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102080"},"PeriodicalIF":5.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653424","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
Self-regulation for responsible banking and ESG disclosure scores: Is there a link? 负责任的银行业自律与环境、社会和公司治理披露得分：两者之间有联系吗？
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-09 DOI: 10.1016/j.intfin.2024.102079
Ronny Manos, Maya Finger, Haim Boukai
{"title":"Self-regulation for responsible banking and ESG disclosure scores: Is there a link?","authors":"Ronny Manos,&nbsp;Maya Finger,&nbsp;Haim Boukai","doi":"10.1016/j.intfin.2024.102079","DOIUrl":"10.1016/j.intfin.2024.102079","url":null,"abstract":"<div><div>Banks play a crucial role in sustainable development, an area increasingly governed by self-regulation. This study examines whether banks that commit to self-regulation by adopting the Principles for Responsible Banking (PRB) exhibit enhanced Environment, Social, and Governance (ESG) performance. Utilizing Bloomberg ratings, we find that PRB adopters consistently show higher ESG scores than non-adopters, both before and after adoption. This suggests that a commitment to self-regulation serves as a reliable signal of responsible banking practices. Notably, the superior performance of PRB adopters relative to non-adopters is primarily driven by a strong pre-adoption commitment to transparency on ESG issues. We discuss possible explanations for this trend, including the role of early adopters in advancing industry-wide standards. Additionally, our findings reveal a negative association between regulatory quality and ESG scores, implying that banks may leverage ESG disclosures to mitigate information asymmetries in weaker institutional environments.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102079"},"PeriodicalIF":5.4,"publicationDate":"2024-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653423","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
Impact of using derivatives on stock market liquidity 使用衍生工具对股市流动性的影响
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-08 DOI: 10.1016/j.intfin.2024.102077
Neeru Chaudhry , Aastha Gupta
{"title":"Impact of using derivatives on stock market liquidity","authors":"Neeru Chaudhry ,&nbsp;Aastha Gupta","doi":"10.1016/j.intfin.2024.102077","DOIUrl":"10.1016/j.intfin.2024.102077","url":null,"abstract":"<div><div>This study demonstrates that using derivatives can significantly improve stock liquidity. We conduct several tests to check for robustness of our findings and control for potential endogeneity in our results. We observe that the decrease in stock illiquidity due to derivative usage is more pronounced for firms with high information asymmetry, high firm-specific risk, and negative investor sentiment. Ownership stakes held by foreign institutional investors and domestic promoters do not influence how derivative usage affects stock liquidity. This relationship is significant in the presence of large and independent boards. Our results emphasize the liquidity creation role of derivative usage, which complements other functions of derivatives markets, such as price discovery and risk management. Our findings are relevant for companies operating in foreign capital markets and for international investors who include Indian stocks into their portfolios.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102077"},"PeriodicalIF":5.4,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653422","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
Asymmetric Higher-Moment spillovers between sustainable and traditional investments 可持续投资与传统投资之间不对称的高时刻溢出效应
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-04 DOI: 10.1016/j.intfin.2024.102078
Xie He , Shigeyuki Hamori
{"title":"Asymmetric Higher-Moment spillovers between sustainable and traditional investments","authors":"Xie He ,&nbsp;Shigeyuki Hamori","doi":"10.1016/j.intfin.2024.102078","DOIUrl":"10.1016/j.intfin.2024.102078","url":null,"abstract":"<div><div>This study proposes a novel framework that decomposes volatility and higher-moment kurtosis into good and bad volatility/kurtosis—related to positive and negative shocks, respectively. Accordingly, we analyze the spillover effects of good and bad volatility/kurtosis between sustainable and traditional investments separately. During most periods, bad volatility spillovers dominate good volatility spillovers, whereas good kurtosis spillovers dominate bad kurtosis spillovers. However, during specific extreme events, such as Brexit and COVID-19, bad kurtosis spillovers dominate. This study’s findings can help investors in developing extreme risk management strategies and policymakers in preventing harmful shock transmissions across markets and fostering financial stability.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102078"},"PeriodicalIF":5.4,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578295","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
Forecasting exchange rate volatility: An amalgamation approach 预测汇率波动：综合方法
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-04 DOI: 10.1016/j.intfin.2024.102067
Antonios K. Alexandridis , Ekaterini Panopoulou , Ioannis Souropanis
{"title":"Forecasting exchange rate volatility: An amalgamation approach","authors":"Antonios K. Alexandridis ,&nbsp;Ekaterini Panopoulou ,&nbsp;Ioannis Souropanis","doi":"10.1016/j.intfin.2024.102067","DOIUrl":"10.1016/j.intfin.2024.102067","url":null,"abstract":"<div><div>The importance of exchange rate volatility forecasting has both practical and academic merit. Our aim is to provide a comprehensive analysis of the forecasting ability of financial and macroeconomics variables for future exchange rate volatility. We employ seven widely traded currencies against the US dollar and examine linear models and a variety of machine learning, dimensionality reduction and forecast combination approaches, along with creating a grand forecast (amalgamation approach) from these approaches. Our findings highlight the predictive power of the amalgamation approach, as well as the positive contribution of macroeconomic and financial variables in the forecasting experiment. Furthermore, we generate forecasts on the separate frequencies of volatility using wavelet analysis, in order to extract frequency-related information and examine timing effects in the performance of the methods.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102067"},"PeriodicalIF":5.4,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578293","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
Firm biodiversity risk, climate vulnerabilities, and bankruptcy risk 企业生物多样性风险、气候脆弱性和破产风险
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-04 DOI: 10.1016/j.intfin.2024.102075
Gbenga Adamolekun
{"title":"Firm biodiversity risk, climate vulnerabilities, and bankruptcy risk","authors":"Gbenga Adamolekun","doi":"10.1016/j.intfin.2024.102075","DOIUrl":"10.1016/j.intfin.2024.102075","url":null,"abstract":"<div><div>This study examines the relationship between firms’ biodiversity risk, climate susceptibility, and bankruptcy risk. The findings indicate that firm exposure to biodiversity risk increases the likelihood of financial distress. Furthermore, we document that firms’ susceptibility to climate risk increases the likelihood of bankruptcy risk. We also demonstrate that financial constraints, growth opportunities, and membership in carbon-intensive industries can worsen or alleviate the bankruptcy implications of climate-related risk. Firms’ continent of operation is also an important consideration. The findings imply that severe climate-related vulnerabilities and firm biodiversity risk have profound consequences for corporate outcomes. This study sheds more light on how corporate financial outlook is impacted by ecological degradation and climate-related vulnerabilities.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102075"},"PeriodicalIF":5.4,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578294","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
Organization capital, dividends and firm value: International evidence 组织资本、股息和公司价值：国际证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-31 DOI: 10.1016/j.intfin.2024.102074
Ioannis Chasiotis , Georgios Loukopoulos , Kanellos Toudas
{"title":"Organization capital, dividends and firm value: International evidence","authors":"Ioannis Chasiotis ,&nbsp;Georgios Loukopoulos ,&nbsp;Kanellos Toudas","doi":"10.1016/j.intfin.2024.102074","DOIUrl":"10.1016/j.intfin.2024.102074","url":null,"abstract":"<div><div>This study investigates the relationship between organization capital, dividends, and firm value across 61 countries. We find that firms with higher organization capital distribute more dividends. By exploiting changes in the stringency of national labor regulations, we demonstrate that this effect strengthens when labor markets become more flexible. Additionally, we document that the market places a premium on dividend payouts from firms with higher organization capital. Further analysis reveals that this premium differential and the positive organization capital-dividend payouts relationship, are more pronounced in firms and countries marked by substantial agency issues. The robustness of our evidence is affirmed through several endogeneity tests, supporting the agency view of organization capital.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102074"},"PeriodicalIF":5.4,"publicationDate":"2024-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142553438","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
CEO age and corporate environmental policies 首席执行官年龄与企业环境政策
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-30 DOI: 10.1016/j.intfin.2024.102076
Huong Le , Tung Nguyen , Andros Gregoriou
{"title":"CEO age and corporate environmental policies","authors":"Huong Le ,&nbsp;Tung Nguyen ,&nbsp;Andros Gregoriou","doi":"10.1016/j.intfin.2024.102076","DOIUrl":"10.1016/j.intfin.2024.102076","url":null,"abstract":"<div><div>This study examines the link between CEO age and firm environmental performance. Building on the upper echelons theory, we predict that a firm is more environmentally friendly if CEOs are younger. Using hand-collected data of a total 12,512 plant-year observations for 1,074 individual firms in the period from 2010 to 2022, we document evidence that younger CEOs release significantly less greenhouse gas emissions, consistent with our conjecture. Additionally, we note that younger CEOs outperform older CEOs in terms of greenhouse gas emissions by investing more in abatement initiatives, increasing manufacturing efficiency, and increasing their use of ecologically friendly fuel. Our evidence of CEO age offers relevant implications for directors, shareholders, and financial regulators.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102076"},"PeriodicalIF":5.4,"publicationDate":"2024-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142553437","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
Financial openness, liability composition of banks, and bank risk: International evidence 金融开放、银行负债构成与银行风险：国际证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-28 DOI: 10.1016/j.intfin.2024.102066
Zixian Li, Fernando Moreira
{"title":"Financial openness, liability composition of banks, and bank risk: International evidence","authors":"Zixian Li,&nbsp;Fernando Moreira","doi":"10.1016/j.intfin.2024.102066","DOIUrl":"10.1016/j.intfin.2024.102066","url":null,"abstract":"<div><div>Employing a panel dataset encompassing 4,412 banks from 87 countries from 1990 to 2020, we apply the autoregressive distributed lag (ARDL) model to investigate the relationship between financial openness, banks’ liability composition, and bank risk. Our findings reveal that financial openness can directly lead to an increase in bank risk in the short term but a reduction in bank risk over the long term. Additionally, we identify the composition of bank liabilities as a novel channel between financial openness and bank risk. Specifically, in the short term, financial openness amplifies bank risk through an escalation in the ratio of short-term liabilities juxtaposed with a decrease in the ratio of long-term liabilities. Conversely, in the long term, financial openness diminishes bank risk by diminishing short-term liabilities’ ratios while concurrently enhancing the proportions of long-term liabilities. Furthermore, it is noted that the direct effects of financial openness on banking risk, whether short- or long-term, may exhibit heterogeneity across different periods, country development levels, and types of capital flow.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102066"},"PeriodicalIF":5.4,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142527726","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
Market timing with moving average distance: International evidence 利用移动平均距离把握市场时机：国际证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-10-23 DOI: 10.1016/j.intfin.2024.102065
Menachem Meni Abudy , Guy Kaplanski , Yevgeny Mugerman
{"title":"Market timing with moving average distance: International evidence","authors":"Menachem Meni Abudy ,&nbsp;Guy Kaplanski ,&nbsp;Yevgeny Mugerman","doi":"10.1016/j.intfin.2024.102065","DOIUrl":"10.1016/j.intfin.2024.102065","url":null,"abstract":"<div><div>We explore the ability of the distance between short- and long-run moving averages, called <em>MAD</em>, to predict future returns of international market-wide indices. <em>MAD</em> portfolios yield abnormal profits after transaction costs, which do not reverse in the long run. This suggests that anchoring to long-run moving averages is a global phenomenon that applies also to market-wide indices. The annualized <em>MAD</em> portfolios’ alpha values are double-digit, with Sharpe ratios significantly higher than the global benchmarks. Similar results for developed economies and developed markets indicate that international diversification is still effective and offers significant economic benefits even among developed countries.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102065"},"PeriodicalIF":5.4,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142527779","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
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