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
Climate risk and the systemic risk of banks: A global perspective 气候风险与银行的系统性风险：全球视角
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-03 DOI: 10.1016/j.intfin.2024.102030
{"title":"Climate risk and the systemic risk of banks: A global perspective","authors":"","doi":"10.1016/j.intfin.2024.102030","DOIUrl":"10.1016/j.intfin.2024.102030","url":null,"abstract":"<div><p>This paper explores the impact of climate risk on the systemic risk of banks around the world and examines its influence channels. Our findings indicate that a country’s exposure to climate risk can significantly increase the systemic risk level of its banks. Moreover, we find that the increased bank systemic risk due to higher climate risk is mostly driven by worsened credit quality rather than the depreciation of the bank’s investment portfolio. The adverse impact of climate risk is mitigated when banks have higher profitability or capital adequacy. Cross-sectionally, this effect is particularly significant for banks with extensive branch networks, high importance in the domestic credit market, a lack of dividend payments, and those classified as commercial banks. We also find that banks located in countries with higher loan interest rates, worse regulatory quality, and higher carbon emission intensity are more impacted by climate risk.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945480","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
Limits to arbitrage and the term structure of CIP violations 套利的限制和 CIP 违规行为的期限结构
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-31 DOI: 10.1016/j.intfin.2024.102031
{"title":"Limits to arbitrage and the term structure of CIP violations","authors":"","doi":"10.1016/j.intfin.2024.102031","DOIUrl":"10.1016/j.intfin.2024.102031","url":null,"abstract":"<div><p>We investigate the existence of a term structure in cross-currency swap bases, a measure for CIP violations, to identify limits to arbitrage in foreign exchange swap markets. Based on estimates from a multivariate model of USD cross-currency bases for G10 currencies that caters for a number of known intermediary constraints as well as linkages between currency pairs our findings highlight the importance of two-tiered arbitrage, risk aversion, regulation, and policy in explaining this term structure of CIP violations.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141993452","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
Unlocking Dividends: The impact of managerial social capital on international corporate payouts 释放红利：管理社会资本对国际企业派息的影响
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-27 DOI: 10.1016/j.intfin.2024.102025
{"title":"Unlocking Dividends: The impact of managerial social capital on international corporate payouts","authors":"","doi":"10.1016/j.intfin.2024.102025","DOIUrl":"10.1016/j.intfin.2024.102025","url":null,"abstract":"<div><p>We present robust international evidence that managerial social capital is a significant determinant of dividend policy worldwide. Our analysis reveals that social capital mitigates information asymmetry and financial constraints, thereby resulting in increased dividend payouts. The effect is particularly pronounced for firms anticipating high cash retention costs. These findings are consistent with the pecking-order perspective of corporate payouts. Moreover, we identify a significant moderating role of shareholder legal protection and national cultural characteristics. Our results remain robust across alternative model specifications and tests for endogeneity.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S104244312400091X/pdfft?md5=6d8dd66c6cf445c16430a9d16b6a16d6&pid=1-s2.0-S104244312400091X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141954552","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 uncertainties and too-big-to-fail perception: Evidence from Chinese P2P registration requirements 市场不确定性与 "大而不能倒 "的观念：来自中国 P2P 注册要求的证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-26 DOI: 10.1016/j.intfin.2024.102032
{"title":"Market uncertainties and too-big-to-fail perception: Evidence from Chinese P2P registration requirements","authors":"","doi":"10.1016/j.intfin.2024.102032","DOIUrl":"10.1016/j.intfin.2024.102032","url":null,"abstract":"<div><p>The enforcement of peer-to-peer (P2P) registration requirements in mid-2018 triggered a P2P market meltdown, highlighting the inherent challenge faced by Chinese market participants in distinguishing between genuine and fraudulent fintech firms. The difference-in-difference results suggest that the too-big-to-fail (TBTF) perception can effectively halve investor outflows and borrower outflows during periods of uncertainty. Dynamic analysis further validates the parallel-trend assumption and underscores the persistent influence of TBTF perception. Moreover, the empirical findings suggest that, in the face of a market downturn, fintech market participants become unresponsive to all other certification mechanisms, including venture capital participation, custodian banks, and third-party guarantees.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000982/pdfft?md5=8ab7dce71784187ba1cac4494d7e1019&pid=1-s2.0-S1042443124000982-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141841507","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
Socially responsible banking: Weathering the Covid-19 storm 社会责任银行：抵御 Covid-19 风暴
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-26 DOI: 10.1016/j.intfin.2024.102029
{"title":"Socially responsible banking: Weathering the Covid-19 storm","authors":"","doi":"10.1016/j.intfin.2024.102029","DOIUrl":"10.1016/j.intfin.2024.102029","url":null,"abstract":"<div><p>This paper investigates the impact of socially responsible banking activities on banks’ risk profiles, using data from the period of turmoil caused by the Coronavirus (Covid-19) outbreak in Europe. Our findings show that socially responsible banking activities served as a risk-hedging strategy at the peak of the pandemic. Furthermore, we reveal the role of banks’ environmental and social engagement in reducing the exposure to country-level Covid-19 cases and public perception using a Google Trends sentiment analysis. Finally, in explaining the ESG-bank risk relationship, we identify a mediating role of the Covid-19 “panic” as a viable economic channel.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141949964","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 nexus of conventional, religious and ethical indexes during crisis 危机期间传统、宗教和伦理指数的联系
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-23 DOI: 10.1016/j.intfin.2024.102027
{"title":"The nexus of conventional, religious and ethical indexes during crisis","authors":"","doi":"10.1016/j.intfin.2024.102027","DOIUrl":"10.1016/j.intfin.2024.102027","url":null,"abstract":"<div><p>This study examines the interconnectedness between conventional and ethical indexes. Using a Bayesian graphical vector autoregressive model, we derive the contemporaneous and temporal interdependencies among these stock index returns before and during the Covid-19 pandemic. Our model specification strategy combines vector autoregressive models with networks. The findings provide empirical evidence of increased interconnectedness during the Covid-19 period across all networks. Notably, the religious and FTSE Islamic networks exhibited greater resilience during the pandemic. This could be attributed to the rigorous screening processes for religious portfolios, which focus on lower-leveraged equity stocks, contributing to their stability. Additionally, our results show that the Covid-19 crisis affected network density and the roles of key player shock transmitter entities, as indicated by changes in hub and authority scores, with new key players emerging during the crisis.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000933/pdfft?md5=5f69e49e508d31c368c29ca0d2bb51df&pid=1-s2.0-S1042443124000933-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141845395","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
Sovereign risk dynamics in the EU: The time varying relevance of fiscal and external (im)balances* 欧盟的主权风险动态：财政和对外（不）平衡的时变相关性*
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-01 DOI: 10.1016/j.intfin.2024.102026
António Afonso , José Alves , Sofia Monteiro
{"title":"Sovereign risk dynamics in the EU: The time varying relevance of fiscal and external (im)balances*","authors":"António Afonso ,&nbsp;José Alves ,&nbsp;Sofia Monteiro","doi":"10.1016/j.intfin.2024.102026","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102026","url":null,"abstract":"<div><p>Acknowledging the potential detrimental impact that twin-deficits can have on sovereign risk, this study uses a two-step approach to assess the impact of fiscal and external sustainability on sovereign risk dynamics for a panel of 27 European economies from Q4 2001 to Q3 2022. We first estimate a country-specific time-varying measure of fiscal sustainability, based on the cointegration between government revenues and expenditures and external sustainability, derived from the cointegration of exports and imports. We then use these time-varying coefficients to assess their impact on sovereign risk, proxied by 10-year CDS and CDS spreads (against the US), employing a Weighted Least Squares (WLS) analysis. Notably, we show that an improvement of both fiscal and external sustainability lead to a reduction in sovereign risk. This phenomenon is particularly pronounced for countries experiencing an upward trajectory in public debt levels.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000921/pdfft?md5=3c37a9751dcbd0ea7157623896e004b4&pid=1-s2.0-S1042443124000921-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141543725","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
One crash, too many: Global uncertainty, sentiment factors and cryptocurrency market 一次崩盘，太多了：全球不确定性、情绪因素和加密货币市场
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-01 DOI: 10.1016/j.intfin.2024.102028
Rilwan Sakariyahu , Rodiat Lawal , Rasheed Adigun , Audrey Paterson , Sofia Johan
{"title":"One crash, too many: Global uncertainty, sentiment factors and cryptocurrency market","authors":"Rilwan Sakariyahu ,&nbsp;Rodiat Lawal ,&nbsp;Rasheed Adigun ,&nbsp;Audrey Paterson ,&nbsp;Sofia Johan","doi":"10.1016/j.intfin.2024.102028","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102028","url":null,"abstract":"<div><p>Recent studies document that cryptocurrencies offer an alternative store of value, medium of exchange and can be used to hedge against currency and price fluctuations. However, the frequent collapse of the crypto-market undermines its safe-haven characteristics, as investors’ fear and anxiety could intensify market volatility and trigger a financial crisis. Motivated by the current global vicissitudes, this study examines the impact of uncertainty and sentiment factors on price behaviour of cryptocurrencies. To estimate our model, we used daily, low, high and closing price data for major crypto projects, from January 2018 to January 2023. We show that economic and political uncertainty factors significantly drive crypto prices. Furthermore, the interaction between sentiment dynamics as expressed by investors on different social platforms has a significant adverse effect on the returns of the cryptocurrency market, and the impact is more pronounced for tokens within the same ecosystem. Using the asymmetric GARCH-MIDAS model and TVP-VAR, we also demonstrate the existence of a significant contagion among tokens within the same ecosystem when bad (or good) news occurs. Considering the massive unprotected losses incurred by crypto investors during crises, our results provide important insights into how portfolio managers can effectively design investment strategies.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141543726","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 trading restriction and return comovement 非对称交易限制与回报率相关性
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-01 DOI: 10.1016/j.intfin.2024.102023
Hongbing Zhu , Lihua Yang , Bing Zhang
{"title":"Asymmetric trading restriction and return comovement","authors":"Hongbing Zhu ,&nbsp;Lihua Yang ,&nbsp;Bing Zhang","doi":"10.1016/j.intfin.2024.102023","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102023","url":null,"abstract":"<div><p>This study decomposes the overall return comovement into intraday and overnight comovement based on a model-free framework. It shows that intraday return comovement contributes the most to the overall return comovement, but the impact of overnight return comovement is persistent. Investors under the market with asymmetric trading restrictions (ATR) tend to sell stocks early in the market and buy them near the end of the market. This correlated trading behavior contributes to the specific comovement in stock returns, especially the overnight return. Our findings remain solid even after controlling for more stock attributes and changing the proxies for return comovement and investor trading behavior. We also document a weakening (reinforcing) effect of the short-selling mechanism (disposition effect) on the <em>ATR</em>-induced return comovement. Our results provide a deeper understanding of investors’ trading behavior under ultra-short-term trading restrictions and the source of return comovement in the literature.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141484694","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
Political affinity, multilateralism, and foreign direct investment worldwide 全球政治亲和力、多边主义和外国直接投资
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-01 DOI: 10.1016/j.intfin.2024.102024
Wenlian Lin , Jerry Cao , Sili Zhou , Yong Li
{"title":"Political affinity, multilateralism, and foreign direct investment worldwide","authors":"Wenlian Lin ,&nbsp;Jerry Cao ,&nbsp;Sili Zhou ,&nbsp;Yong Li","doi":"10.1016/j.intfin.2024.102024","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102024","url":null,"abstract":"<div><p>We investigate the relationship between political affinity and foreign direct investment (FDI) from the perspective of bilateral relations extending to multilateralism. The bilateral analysis shows that a host country can attract more FDI from a home country with which it has high political affinity. Furthermore, we shed new light on the role of multilateralism and find that multilateral diplomacy helps mitigate the effect of bilateral political affinity on FDI through dialog and consultation based on common interests. Finally, we show that a host country’s institutional quality moderates the relationship between political affinity and FDI. Our analysis highlights the importance of multilateralism in the era of political polarization and deglobalization, which threaten the development of international investment.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":null,"pages":null},"PeriodicalIF":5.4,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141543724","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 下一页 尾页
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：481959085
Book学术官方微信