Journal of International Financial Markets Institutions & Money最新文献_第3页

What Drives the Regret Premium: Evidence from China 是什么推动了后悔溢价：来自中国的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-03-01 Epub Date: 2025-12-20 DOI: 10.1016/j.intfin.2025.102277

Shujie Wang , Liyan Han , Xiaoguang Yang , Tongshuai Qiao

{"title":"What Drives the Regret Premium: Evidence from China","authors":"Shujie Wang , Liyan Han , Xiaoguang Yang , Tongshuai Qiao","doi":"10.1016/j.intfin.2025.102277","DOIUrl":"10.1016/j.intfin.2025.102277","url":null,"abstract":"<div><div>Although prior studies suggest that investor regret is a salient behavioral force in emerging markets, the factors driving the regret (REG) premium remain underexplored. This paper fills this gap by investigating the underlying drivers within China’s distinctive market and institutional context. Using portfolio sorts and Fama-MacBeth regressions from 1995 to 2024, we find that high-REG stocks earn significantly higher risk-adjusted returns. Further analyses reveal that the REG premium is stronger for non-state-owned enterprises, during periods of high market volatility, in low-information environments, and when investor sentiment is weak. Liquidity improvements, greater market openness, and higher institutional participation substantially attenuate the effect. Robustness checks using alternative benchmarks, extended estimation horizons, and an orthogonalized measure confirm that the REG premium is a robust and persistent market anomaly. Overall, our findings suggest that improvements in the market environment help reduce mispricing, providing broader insights into behavioral asset pricing and financial liberalization in emerging markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"107 ","pages":"Article 102277"},"PeriodicalIF":6.1,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797348","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

CBDC demand simulation across high and low inflation regimes 高通胀和低通胀制度下的CBDC需求模拟

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-25 DOI: 10.1016/j.intfin.2025.102263

Hendrik Becker

引用次数: 0

ESG reputational risk and corporate dividend policy: International evidence ESG声誉风险与公司股利政策：国际证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-07 DOI: 10.1016/j.intfin.2025.102246

Anh-Tuan Le, Thao Phuong Tran, Phuong-Linh Vu

引用次数: 0

Stock-bond return correlation: Understanding the changing behaviour 股票-债券收益相关性：了解变化中的行为

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-10-30 DOI: 10.1016/j.intfin.2025.102242

David G. McMillan

{"title":"Stock-bond return correlation: Understanding the changing behaviour","authors":"David G. McMillan","doi":"10.1016/j.intfin.2025.102242","DOIUrl":"10.1016/j.intfin.2025.102242","url":null,"abstract":"<div><div>The stock and bond return correlation remains important given its central role in portfolio behaviour. Previous, primarily US, evidence indicates sign switching, which implies that bonds change between diversifying and hedging behaviour. This paper considers time-variation in the stock–bond correlation for the G7 markets, including the nature of its economic drivers. Using monthly data over a period spanning 1980 to 2023 evidence demonstrates that the correlation switches from positive to negative in the late 1990s for six of the seven markets (the switch for Japan occurs in the first half of the 1990s). A switch back to positive is observed towards the end of the sample for most markets but earlier for France and Italy. Evidence of time-variation within the correlation drivers is also noted. Nonetheless, results suggest that inflation and interest rates typically exhibit a positive effect on the correlation, consistent with previous work and theoretical underpinnings. That is, higher inflation and interest rates depress stock and bond prices due to higher discount rates and lower real cash flows, moving them in the same direction. Growth also largely imparts a positive effect on the correlation, but this contrasts with the prevailing view. This arises through portfolio considerations where higher growth leads to an increase in demand for all assets. Of importance for investors, the switch in correlation implies that a portfolio manager will need to alter asset weights to maintain a target value for returns or risk. A portfolio variance decomposition reveals that while the bond contribution remains broadly constant over the sample, that from stocks increases as the correlation contribution shifts from positive to negative. The results are of importance to investors and those engaged in modelling market behaviour.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102242"},"PeriodicalIF":6.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145419548","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 leaders’ absences and equity market returns: Evidence from a novel uncertainty in China 政治领导人缺席与股市回报：来自中国新不确定性的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-03 DOI: 10.1016/j.intfin.2025.102247

Maoyong Cheng , Huiqin Duan , Liuchuang Li

引用次数: 0

The consequences of hypocrisy: how ESG greenwashing undermines green total factor productivity 虚伪的后果：ESG洗绿如何破坏绿色全要素生产率

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-10-27 DOI: 10.1016/j.intfin.2025.102241

Qi Gong , Zhaoyang Kong , Liang Li , Xiucheng Dong , Yang Li

{"title":"The consequences of hypocrisy: how ESG greenwashing undermines green total factor productivity","authors":"Qi Gong , Zhaoyang Kong , Liang Li , Xiucheng Dong , Yang Li","doi":"10.1016/j.intfin.2025.102241","DOIUrl":"10.1016/j.intfin.2025.102241","url":null,"abstract":"<div><div>Hypocrisy in environmental, social and governance (ESG) has become a growing concern in global capital markets. In the context of sustainable development, we examine whether and how corporate ESG greenwashing affects green total factor productivity (GTFP), a comprehensive indicator that captures both economic efficiency and environmental performance. Based on panel data comprising 7,755 firm-year observations from 705 Chinese listed firms over the period 2012–2022, we find that ESG greenwashing significantly undermines GTFP. Mechanism analysis reveals that this effect operates through tightened financing constraints and increased inefficient investment. The heterogeneity analysis reveals that the negative impact of ESG greenwashing on GTFP is particularly pronounced among cross-listed firms, highlighting the sustainability risks associated with symbolic ESG practices under multiple regulatory environments and underscoring the need for internationally harmonized ESG regulatory frameworks. Moreover, the detrimental effect is more severe among non-state-owned enterprises and firms with a higher proportion of negative media coverage. By linking ESG greenwashing with green productivity, this study contributes to the literature at the intersection of sustainability, corporate governance, and international securities markets. It offers practical implications for global investors, regulators, and firms, particularly in emerging markets, aiming to strengthen ESG accountability and reduce the sustainable development risks associated with superficial compliance.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102241"},"PeriodicalIF":6.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145371129","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

Is donation funding a dilemma for microfinance institutions? 捐赠资金是小额信贷机构的两难选择吗？

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-07 DOI: 10.1016/j.intfin.2025.102244

Md Hamid Uddin , Masnun Al Mahi , Shabiha Akter , Sabur Mollah , Jia Liu

{"title":"Is donation funding a dilemma for microfinance institutions?","authors":"Md Hamid Uddin , Masnun Al Mahi , Shabiha Akter , Sabur Mollah , Jia Liu","doi":"10.1016/j.intfin.2025.102244","DOIUrl":"10.1016/j.intfin.2025.102244","url":null,"abstract":"<div><div>Microfinance institutions (MFIs) play critical roles in providing financial access to low-income communities worldwide. Yet, reliance on donation funding in the operations poses fundamental challenges to their long-term sustainability. We argue that this dependence creates an unclear agency relationship between donors (principal) – providing cost-free funds – and the MFI managers (agent), heightening moral hazard concerns. Also, due to the nature of the business model, MFIs’ operating leverage increases as they increasingly expand lending operations with more cost-free donation funds. Based on a global dataset of 2653 MFIs across 119 countries over 20 years, we find that greater reliance on donations weakens MFIs’ financial stability and reduces their likelihood of survival in the long run. The destabilizing effect intensifies over time, confirming the ex-post inefficiency of donation-reliant models. Our findings are robust across multiple empirical techniques and consistent across various dimensions such as profit orientation, legal status, geography, and country characteristics. By jointly examining financial stability and institutional survival, the study provides a comprehensive assessment of the long-term risks of donation dependence. These findings have important implications for donor agencies and policymakers in re-evaluating the effectiveness of the donation-based microfinance and in designing measures to promote sustainable models.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102244"},"PeriodicalIF":6.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145468177","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

Climate change news risk and advertising spending 气候变化新闻风险和广告支出

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.intfin.2025.102245

Olakunle Olaboopo , Evans O. Boamah

{"title":"Climate change news risk and advertising spending","authors":"Olakunle Olaboopo , Evans O. Boamah","doi":"10.1016/j.intfin.2025.102245","DOIUrl":"10.1016/j.intfin.2025.102245","url":null,"abstract":"<div><div>We examine the effect of climate change news risk on corporate advertising spending. Using a novel measure of media-driven climate risk matched to firm-level advertising data, we find a robust negative relationship between climate news risk and advertising spending. Mechanism tests show that financial constraints mediate this relationship. The effect is stronger for firms with low stock market liquidity and high cash-flow volatility. We also find that domestic firms reduce their advertising spending relative to their multinational counterparts, which aligns with the idea that international operations provide diversification and stronger cash flow benefits that enhance firms’ resilience to the effects of domestic climate risk shocks. The results remain consistent across different advertising measures, and after correcting for selection bias with a Heckman two-step method. We address endogeneity concerns through instrumental variable estimation. Our findings support the risk management hypothesis that firms proactively adjust their financial policies to mitigate the negative effects of rising climate risk exposure.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102245"},"PeriodicalIF":6.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145468180","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 effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States 投资者驱动的信息扩散对过度流动的影响：来自中美散户和机构投资者的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-11-15 DOI: 10.1016/j.intfin.2025.102258

Fei REN , Miaomiao YI , Zhang-Hangjian CHEN , Xiang GAO

{"title":"The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States","authors":"Fei REN , Miaomiao YI , Zhang-Hangjian CHEN , Xiang GAO","doi":"10.1016/j.intfin.2025.102258","DOIUrl":"10.1016/j.intfin.2025.102258","url":null,"abstract":"<div><div>This study investigates how cross-stock information diffusion, driven by both retail and institutional investors, influences excess comovement in the Chinese retail-dominated market and the U.S. institution-dominated market. Using data from 4,533 Chinese stocks and 4,517 U.S. stocks from 2010 to 2022, we identify three key findings. First, the dominant investor group in each market significantly drives excess comovement. Specifically, in China, compared with institution-driven diffusion, retail-driven information diffusion has a notably stronger effect on excess comovement. In contrast, in the U.S., institution-driven diffusion is the primary driver of excess comovement, surpassing the influence of retail-driven diffusion. Second, we identify investors’ trading behavior as the underlying mechanism through which information diffusion affects excess comovement. Third, we observe a lead-lag relationship: stocks with faster retail-driven information diffusion exhibit comovement that precedes those with slower diffusion. Based on this finding, we further demonstrate that the predictive power of information diffusion varies across markets. In China, retail-driven diffusion shows strong and persistent predictability for excess comovement, whereas in the U.S., institution-driven diffusion exhibits similarly robust predictive capacity.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"106 ","pages":"Article 102258"},"PeriodicalIF":6.1,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520293","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 impact of investor attention to the federal reserve on jumps in China’s stock market 投资者对美联储的关注对中国股市跃升的影响

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2026-01-01 Epub Date: 2025-10-29 DOI: 10.1016/j.intfin.2025.102243

Xiaojun Chu , Haigang Zhou

引用次数: 0