发布求助
文献互助 智能选刊 最新文献

Journal of International Financial Markets Institutions & Money最新文献

筛选
英文 中文
The domestic and spillover effects of fiscal consolidation: The role of fiscal instruments, exchange rate regimes, and capital controls 财政整顿的国内效应和外溢效应：财政工具、汇率制度和资本管制的作用
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-24 DOI: 10.1016/j.intfin.2024.102106
Yunhan Zhang, Zhixin Liu, Hao Jin
{"title":"The domestic and spillover effects of fiscal consolidation: The role of fiscal instruments, exchange rate regimes, and capital controls","authors":"Yunhan Zhang,&nbsp;Zhixin Liu,&nbsp;Hao Jin","doi":"10.1016/j.intfin.2024.102106","DOIUrl":"10.1016/j.intfin.2024.102106","url":null,"abstract":"<div><div>This paper develops a two-country dynamic general equilibrium model with a range of fiscal policy instruments and external policies. We employ this model to examine the transmission mechanisms of fiscal consolidation and evaluate both the domestic and spillover effects of various fiscal consolidation strategies. In particular, we focus on how exchange rate regimes and financial openness influence these effects. Our findings are as follows. Firstly, a reduction in government investment significantly harms economic growth, while a reduction in transfer payments worsens income inequality. Additionally, a rise in corporate social security taxes has the most pronounced negative impact on the labor market. Secondly, the reforms of the exchange rate regime and financial account policy contribute to creating more favorable conditions for fiscal rebalancing. Lastly, China’s 2021 fiscal consolidation hit the domestic economy negatively both in the short and long term. However, it had a positive spillover effect in the short term, with a negative effect in the long term. Moreover, relative to the actual consolidation measure, the labor market-friendly and growth-friendly scenarios lead to less declines in employment and output, whereas the social-friendly scenario results in a lower domestic Gini coefficient and is preferred from a welfare perspective.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102106"},"PeriodicalIF":5.4,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183695","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
Central bank digital currency and systemic risk 央行数字货币与系统性风险
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-22 DOI: 10.1016/j.intfin.2024.102104
Muhammad Suhail Rizwan , Ghufran Ahmad , Anum Qureshi
{"title":"Central bank digital currency and systemic risk","authors":"Muhammad Suhail Rizwan ,&nbsp;Ghufran Ahmad ,&nbsp;Anum Qureshi","doi":"10.1016/j.intfin.2024.102104","DOIUrl":"10.1016/j.intfin.2024.102104","url":null,"abstract":"<div><div>Central Bank Digital Currency (CBDC) is an emerging Financial Technology (FinTech) area. Several countries are involved in CBDC development at different stages and a few are already in the launching stage. We use the autoregressive distributed lag approach to explore the association between CBDC-related news and systemic risk in the short and long run by employing dynamic panel heterogeneity analysis. The results show that CBDC-related news has a significant negative association with systemic risk in the long run, indicating a positive reception by the global financial sector. Extended analysis shows that the long-run negative association is consistent across different income levels and geographical regions. However, countries in the advanced stages of CBDC development show a significant positive association between CBDC-related news and systemic risk warranting the utmost care in implementing CBDC initiatives.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102104"},"PeriodicalIF":5.4,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183759","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
Accounting comparability between M&A bidders and targets and deal outcome 并购投标人与并购目标之间的会计可比性及交易结果
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-12 DOI: 10.1016/j.intfin.2024.102096
Seraina C. Anagnostopoulou , Andrianos E. Tsekrekos
{"title":"Accounting comparability between M&A bidders and targets and deal outcome","authors":"Seraina C. Anagnostopoulou ,&nbsp;Andrianos E. Tsekrekos","doi":"10.1016/j.intfin.2024.102096","DOIUrl":"10.1016/j.intfin.2024.102096","url":null,"abstract":"<div><div>We examine whether acquirers make better acquisitions when target firms’ financial statements exhibit higher comparability with those of the acquirer. We hypothesize that higher comparability between M&amp;A bidders/targets will result in lower deal integration and information processing costs, and easier detection of any financial misreporting practices. We examine long-run deal performance and find that financial reporting comparability between acquirers/targets is positively associated with long-run deal performance and makes post-acquisition divestitures less likely, consistent with comparability resulting in more successful acquisitions. We provide evidence on how comparative accounting information between M&amp;A counterparties influences capital allocation decisions and value creation.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102096"},"PeriodicalIF":5.4,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183712","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
The crypto collapse chronicles: Decoding cryptocurrency exchange defaults 加密货币崩溃编年史：解码加密货币交换默认值
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-12-04 DOI: 10.1016/j.intfin.2024.102093
Niranjan Sapkota
{"title":"The crypto collapse chronicles: Decoding cryptocurrency exchange defaults","authors":"Niranjan Sapkota","doi":"10.1016/j.intfin.2024.102093","DOIUrl":"10.1016/j.intfin.2024.102093","url":null,"abstract":"<div><div>This research explores the factors contributing to the failure of cryptocurrency exchanges by analyzing a sample of 845 exchanges. Using logit and probit models, it identifies key variables affecting cryptocurrency exchange defaults. The results show that cryptocurrency exchanges that are centralized, located in countries with high transparency indices, and offer fewer peer cryptocurrencies are more likely to default. Additionally, exchanges that impose high withdrawal fees and have no restrictions on clients from the United States are also positively associated with defaults. Moreover, the absence of referral schemes and having lower ratings each contributes marginally to defaults. Machine learning (ML) models including random forest, support vector machine, stacked ensemble confirm the robustness and high predictability of cryptocurrency exchange defaults.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102093"},"PeriodicalIF":5.4,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183565","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
The short-run impact of investor expectations’ past volatility on current predictions: The case of VIX 投资者预期过去波动性对当前预测的短期影响：以波动率指数为例
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-29 DOI: 10.1016/j.intfin.2024.102084
Bogdan Dima , Ştefana Maria Dima , Roxana Ioan
{"title":"The short-run impact of investor expectations’ past volatility on current predictions: The case of VIX","authors":"Bogdan Dima ,&nbsp;Ştefana Maria Dima ,&nbsp;Roxana Ioan","doi":"10.1016/j.intfin.2024.102084","DOIUrl":"10.1016/j.intfin.2024.102084","url":null,"abstract":"<div><div>Understanding the risk premium and its impact on current and expected returns is a critical research problem. The present study contributes to the investigation of risk premium decomposition over short-run periods via two key advancements. First, it presents a model that incorporates past uncertainties regarding investors’ trade outcome expectations into current predictions. This model enables a short-run decomposition of the risk premium. Second, the study examines the relationship between past volatility and current expected trading results for the Chicago Board Options Exchange Volatility Index (VIX) using daily data from January 5, 2016, to January 20, 2023. The findings indicate that current expected losses are influenced by the volatility of previously predicted unfavourable trade outcomes, underscoring the relevance of this study to portfolio management decisions. The parameter that captures this impact exhibits significant time variation. This result remains robust across various specifications of a time-varying parameter model with shrinkage. We further validate this robustness by testing different time frequencies, analysing various types of instruments and markets, and employing an alternative risk estimation method. Ultimately, the findings suggest that proactive stabilisation policies must be implemented to enhance the quality, relevance, and availability of information disseminated by financial asset issuers throughout the market.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"98 ","pages":"Article 102084"},"PeriodicalIF":5.4,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142745320","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
Carbon emission trading scheme, investors’ attention, and earnings response coefficients 碳排放交易计划、投资者关注度和收益反应系数
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-27 DOI: 10.1016/j.intfin.2024.102085
Jun Hu , Siyu Zhang , Liang Wang , Daifei Yao
{"title":"Carbon emission trading scheme, investors’ attention, and earnings response coefficients","authors":"Jun Hu ,&nbsp;Siyu Zhang ,&nbsp;Liang Wang ,&nbsp;Daifei Yao","doi":"10.1016/j.intfin.2024.102085","DOIUrl":"10.1016/j.intfin.2024.102085","url":null,"abstract":"<div><div>This study explores how the introduction of the carbon emissions trading scheme (ETS) affects investors’ reactions to corporate earnings surprises. We propose two non-exclusive explanations, namely, the preference-based view and the uncertainty-based view, and suggest that the implementation of ETS may influence the magnitude of investor responses to corporate unexpected earnings. Consistent with the preference-based view, by utilizing China’s introduction of ETS as a quasi-natural experiment, we observe a reduction in the earnings response coefficients (ERCs) following the implementation of ETS. We validate this result by showing that the introduction of ETS prompts investors to focus on corporate carbon risk. Cross-sectional tests find that the effect of ETS on ERCs is more pronounced in firms with higher corporate carbon risk exposure, in firms whose investors exhibit greater environmental awareness, in better-developed carbon pilot markets, and in firms with greater exposure to international capital markets, while this impact is mitigated by firms’ non-financial performance. These findings highlight the importance of environmental regulation and market liberalization in influencing investors’ resource allocation.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102085"},"PeriodicalIF":5.4,"publicationDate":"2024-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142719882","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
Global banks and the picking order in internal capital markets: Do locational activity patterns matter? 全球银行与内部资本市场的选择秩序：地点活动模式重要吗？
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-25 DOI: 10.1016/j.intfin.2024.102083
Carmela D’Avino
{"title":"Global banks and the picking order in internal capital markets: Do locational activity patterns matter?","authors":"Carmela D’Avino","doi":"10.1016/j.intfin.2024.102083","DOIUrl":"10.1016/j.intfin.2024.102083","url":null,"abstract":"<div><div>This paper examines whether global banks’ liquidity reallocations via internal capital markets are driven by the locational activity patterns of their foreign branches. Using aggregated data of foreign branches of US global banks located in 52 countries, we advance evidence of a picking order that favors locations where branches are more heavily engaged in lending activities. Specifically, we find that internal liquidity support to branches in host countries with prominent local lending activities is especially significant during a contraction in local deposits.</div><div>In jurisdictions where branches have higher shares of market-based activities and off-balance sheet exposures, we do not observe a significant increase in internal liquidity support following local funding contractions.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102083"},"PeriodicalIF":5.4,"publicationDate":"2024-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142700683","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
HACKED: Understanding the stock market response to cyberattacks 黑客攻击：了解股市对网络攻击的反应
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-22 DOI: 10.1016/j.intfin.2024.102082
Erdinc Akyildirim , Thomas Conlon , Shaen Corbet , Yang (Greg) Hou
{"title":"HACKED: Understanding the stock market response to cyberattacks","authors":"Erdinc Akyildirim ,&nbsp;Thomas Conlon ,&nbsp;Shaen Corbet ,&nbsp;Yang (Greg) Hou","doi":"10.1016/j.intfin.2024.102082","DOIUrl":"10.1016/j.intfin.2024.102082","url":null,"abstract":"<div><div>Increasing levels of digitisation make firms more susceptible to cyberattacks and privacy violations. In this paper, we quantify the impact of cybercrime on company stock returns using a large international sample. On the day after the cyber event, stock returns are found to decrease by -0.24%, but the effect reverses in about two weeks. The magnitude of the decrease in the stock market is greatest for companies that have experienced reoccurring events and for breaches deemed to be most severe. We show that the extent of the stock market decline cannot be explained by national institutional and macroeconomic factors, and is related to company-specific characteristics, including size, volatility, credit ranking and asset volatility. The empirical results highlight important policy and regulatory issues, not least the need for cyber risk disclosure requirements.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102082"},"PeriodicalIF":5.4,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142700682","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
Does climate risk shape firms’ accounting conservatism? 气候风险是否影响公司的会计保守主义？
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-11-19 DOI: 10.1016/j.intfin.2024.102081
Rong Ding , Gady Jacoby , Mingzhi Liu , Tingting Wang , Zhenyu Wu
{"title":"Does climate risk shape firms’ accounting conservatism?","authors":"Rong Ding ,&nbsp;Gady Jacoby ,&nbsp;Mingzhi Liu ,&nbsp;Tingting Wang ,&nbsp;Zhenyu Wu","doi":"10.1016/j.intfin.2024.102081","DOIUrl":"10.1016/j.intfin.2024.102081","url":null,"abstract":"<div><div>We study how climate risk shapes accounting conservatism with data collected from 47 countries. The results suggest that firms that are exposed to higher climate risk use more conditional conservatism, but less unconditional conservatism in their financial reporting. Furthermore, the effect of climate risk on both unconditional conservatism and conditional conservatism is significantly strengthened, both statistically and economically, in well-governed countries. We also find that in countries with higher uncertainty avoidance, the effect of climate risk on unconditional conservatism is significantly enhanced but the effect on conditional conservatism is significantly weakened. Our findings, which are robustly supported by a number of sensitivity checks, enrich the emerging literature on the socio-economic impact of climate risk.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"97 ","pages":"Article 102081"},"PeriodicalIF":5.4,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142700596","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
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
首页 上一页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信