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From the executive suite to the environment: How does CEO power affect climate change disclosures?
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-03-03 DOI: 10.1016/j.intfin.2025.102140
Sudipta Bose , Sabri Boubaker , Hussein Daradkeh , Syed Shams
{"title":"From the executive suite to the environment: How does CEO power affect climate change disclosures?","authors":"Sudipta Bose ,&nbsp;Sabri Boubaker ,&nbsp;Hussein Daradkeh ,&nbsp;Syed Shams","doi":"10.1016/j.intfin.2025.102140","DOIUrl":"10.1016/j.intfin.2025.102140","url":null,"abstract":"<div><div>This study examines the relationship between CEO power and corporate climate change disclosure and the moderating role of internal and external monitoring in this relationship. Using a sample of 3,512 United States firm-year observations, we find that firms with more powerful CEOs disclose less climate change information. However, this negative relationship is mitigated in firms with higher institutional ownership, greater financial analyst coverage, and stronger internal governance. Our results remain robust across a series of tests designed to address both observable and unobservable selection biases, as well as omitted variable biases. Further analysis reveals that reduced firm-level transparency is an underlying channel through which CEO power diminishes climate change disclosures. Additionally, we document that climate change disclosure acts as an underlying mechanism linking CEO power to firm value. The findings of our study have important implications for regulators, policymakers, researchers, investors, analysts, and company management, especially in the context of increasing regulatory pressure on firms to enhance their climate change disclosures.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102140"},"PeriodicalIF":5.4,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143529210","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
Multidimensional information spillover between cryptocurrencies and China’s financial markets under shocks from stringent government regulations
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-27 DOI: 10.1016/j.intfin.2025.102134
Ming-Yuan Yang , Zhe-Kai Chen , Jingwen Hu , Yiru Chen , Xin Wu
{"title":"Multidimensional information spillover between cryptocurrencies and China’s financial markets under shocks from stringent government regulations","authors":"Ming-Yuan Yang ,&nbsp;Zhe-Kai Chen ,&nbsp;Jingwen Hu ,&nbsp;Yiru Chen ,&nbsp;Xin Wu","doi":"10.1016/j.intfin.2025.102134","DOIUrl":"10.1016/j.intfin.2025.102134","url":null,"abstract":"<div><div>This paper investigates the multidimensional spillover effects between cryptocurrencies and China’s financial markets within a time-varying variance decomposition framework. Using the event study method, we examine the impact of China’s stringent regulations on the spillover effects between cryptocurrencies and China’s financial markets. Additionally, we employ multilayer network analysis to uncover interactions among different spillover dimensions. We find that (i) there are significant multidimensional spillover effects between cryptocurrencies and financial markets in China, with cryptocurrencies serving as net transmitters and China’s financial markets as the primary receivers across different dimensions. (ii) The stringent regulations imposed by the Chinese government on the cryptocurrency market significantly impact the information spillover between cryptocurrencies and China’s financial markets in all three dimensions. (iii) Nodes in different layers of the multilayer spillover network have distinct levels of importance and characteristics, so it is essential to consider all possible spillover effects when making investment decisions and managing risks. These findings have important implications for investors when they assess risk and construct diversified portfolios, and for regulators when they formulate policies for risk regulation.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102134"},"PeriodicalIF":5.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510024","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
Exchange rate regime changes and market efficiency: An event study
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-25 DOI: 10.1016/j.intfin.2025.102132
Teresa Corzo , Karin Martin-Bujack , Jose Portela , Alejandro Rodríguez-Gallego
{"title":"Exchange rate regime changes and market efficiency: An event study","authors":"Teresa Corzo ,&nbsp;Karin Martin-Bujack ,&nbsp;Jose Portela ,&nbsp;Alejandro Rodríguez-Gallego","doi":"10.1016/j.intfin.2025.102132","DOIUrl":"10.1016/j.intfin.2025.102132","url":null,"abstract":"<div><div>This study conducts a pioneering assessment of the efficiency of floating versus pegged exchange rate regimes and the effect of regime changes on market efficiency. Using daily exchange rates and fractal analysis, we characterize 81 currencies over a period of 23 years. The extensive sample covers 86.6 % of IMF members and 77.8 % of global GDP. The findings reveal high market efficiency in floating regimes, while pegged regimes display predominantly mean-reverting behavior. In addition, from the difference-in-differences and panel event study methodologies, we present new evidence indicating positive (negative) effects on efficiency when shifting to floating (pegged) regimes, with movements unfolding gradually over time.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102132"},"PeriodicalIF":5.4,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143480020","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
Multiple large shareholders and controlling shareholders’ over-appointing of directors
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-20 DOI: 10.1016/j.intfin.2025.102124
Feng Wei, Lei Zhou
{"title":"Multiple large shareholders and controlling shareholders’ over-appointing of directors","authors":"Feng Wei,&nbsp;Lei Zhou","doi":"10.1016/j.intfin.2025.102124","DOIUrl":"10.1016/j.intfin.2025.102124","url":null,"abstract":"<div><div>Using manually collected data on directors appointed by controlling shareholders, we find a positive association between the presence of multiple large shareholders (MLS) and controlling shareholders over-appointing of directors. We then provide evidence to show that the purpose of controlling shareholders to over-appoint directors in firms with MLS is to gain the advantage of control contests and resist monitoring by other large shareholders. Furthermore, our results indicate that foreign shareholders are more likely to compete for control with local controlling shareholders and to monitor them, leading to controlling shareholders over-appoint more directors. We also document that the relationship between MLS and controlling shareholders’ over-appointing of directors is less pronounced in firms with longer director tenure, a separate nomination committee and foreign directors.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102124"},"PeriodicalIF":5.4,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143445600","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
Aggregate earnings and global equity returns
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-15 DOI: 10.1016/j.intfin.2025.102125
Yigit Atilgan , K. Ozgur Demirtas , A. Doruk Gunaydin , Aynur Dilan Tosun , Duygu Zirek
{"title":"Aggregate earnings and global equity returns","authors":"Yigit Atilgan ,&nbsp;K. Ozgur Demirtas ,&nbsp;A. Doruk Gunaydin ,&nbsp;Aynur Dilan Tosun ,&nbsp;Duygu Zirek","doi":"10.1016/j.intfin.2025.102125","DOIUrl":"10.1016/j.intfin.2025.102125","url":null,"abstract":"<div><div>This paper compares the predictive power of aggregate earnings for equity returns in international markets. We rank 51 non-US countries based on the time-series averages of their price synchronicity and market concentration measures, calculated at the firm level using daily data. We find that aggregate earnings negatively predict one-quarter-ahead stock returns in country groups that contain less synchronous and concentrated markets, as opposed to country groups that contain more synchronous and concentrated markets. We attribute the negative predictive power of aggregate earnings to a business cycle effect because high (low) corporate earnings correspond to economic expansions (contractions) that tend to be associated with negative (positive) risk premia. However, this business cycle effect is offset by the positive relation between firm-level earnings and future stock returns that translates to the aggregate level in more synchronous and concentrated markets due to a lower degree of diversification. Our results remain robust after controlling for various macroeconomic variables and in alternative subsamples.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102125"},"PeriodicalIF":5.4,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143419312","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
“Dollarization vs. bitcoinization in Türkiye: Which is more dangerous for the financial market?”
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-12 DOI: 10.1016/j.intfin.2025.102116
George M. Jabbour , Layal Mansour-Ichrakieh
{"title":"“Dollarization vs. bitcoinization in Türkiye: Which is more dangerous for the financial market?”","authors":"George M. Jabbour ,&nbsp;Layal Mansour-Ichrakieh","doi":"10.1016/j.intfin.2025.102116","DOIUrl":"10.1016/j.intfin.2025.102116","url":null,"abstract":"<div><div>While bitcoinization and dollarization share similar theoretical economic definitions, their effects on the financial market differ. We employ a vector autoregressive model and Granger causality test to examine the causal relationships between Bitcoin demand, the dollarization rate, and the financial market in Türkiye. The results indicate that neither bitcoinization nor dollarization directly causes a financial crisis in Türkiye. However, when breaking down the financial market into its three components —the banking sector, the stock market, and the foreign exchange market — we find a bidirectional causality between bitcoinization and the banking sector, and between dollarization and the exchange market.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"100 ","pages":"Article 102116"},"PeriodicalIF":5.4,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143395646","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
Managing cryptocurrency risk exposures in equity portfolios: Evidence from high-frequency data
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-05 DOI: 10.1016/j.intfin.2025.102123
Minhao Leong , Vitali Alexeev , Simon Kwok
{"title":"Managing cryptocurrency risk exposures in equity portfolios: Evidence from high-frequency data","authors":"Minhao Leong ,&nbsp;Vitali Alexeev ,&nbsp;Simon Kwok","doi":"10.1016/j.intfin.2025.102123","DOIUrl":"10.1016/j.intfin.2025.102123","url":null,"abstract":"<div><div>We investigate the evolving relationships between cryptocurrencies and equity portfolios and find that Bitcoin’s contributions to the active risks of equity portfolios have grown over time, exceeding 10% in defensive strategies. This underscores the increasing importance of investment professionals quantifying and managing crypto-related risk exposures in their portfolios, a task for which we provide guidance. For risk measurement, we use intraday returns to significantly improve the forecast accuracy of equity portfolio sensitivities to cryptocurrency risks. For risk management, we advocate direct hedging for optimal risk reduction and suggest using stock selection constraints as an alternative approach to limit the influence of cryptocurrencies on portfolio risk exposures.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102123"},"PeriodicalIF":5.4,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183708","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
Stock market reaction to mandatory carbon disclosure announcements: The role of institutional investors
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-05 DOI: 10.1016/j.intfin.2025.102113
Chris Florackis , Dewan Muktadir-Al-Mukit , Sushil Sainani , Ziyang (John) Zhang
{"title":"Stock market reaction to mandatory carbon disclosure announcements: The role of institutional investors","authors":"Chris Florackis ,&nbsp;Dewan Muktadir-Al-Mukit ,&nbsp;Sushil Sainani ,&nbsp;Ziyang (John) Zhang","doi":"10.1016/j.intfin.2025.102113","DOIUrl":"10.1016/j.intfin.2025.102113","url":null,"abstract":"<div><div>We examine the stock market reaction to mandatory carbon disclosure (MCD) announcements in the UK, the first country to mandate the disclosure of greenhouse gas (GHG) emissions by listed firms. Our analysis reveals that, while the overall market was not greatly affected, firms with high carbon intensity and substantial institutional ownership experienced negative abnormal stock returns. This effect persists–and even becomes more pronounced–for firms owned by long-term institutional investors and those from countries with strong social norms surrounding climate and sustainability. Additionally, we find that heightened institutional investor attention on announcement days amplified price pressure, leading to more negative stock returns for these firms. Collectively, our findings underscore how mandatory carbon disclosure announcements enhanced the salience of carbon information, prompting institutional investors to incorporate carbon-related considerations into their decision-making processes.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102113"},"PeriodicalIF":5.4,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143331832","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
Nonlinearity in the nexus between financial development and wealth inequality
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-04 DOI: 10.1016/j.intfin.2025.102117
Dong-Hyeon Kim , Peiyao Liu , Shu-Chin Lin
{"title":"Nonlinearity in the nexus between financial development and wealth inequality","authors":"Dong-Hyeon Kim ,&nbsp;Peiyao Liu ,&nbsp;Shu-Chin Lin","doi":"10.1016/j.intfin.2025.102117","DOIUrl":"10.1016/j.intfin.2025.102117","url":null,"abstract":"<div><div>Rising income and wealth inequality have renewed interest in their determinants, positioning the financial sector as a central focus of the ongoing debate. Nevertheless, controversy persists regarding the relationship between financial development and economic inequality. While much of the empirical literature focuses on income inequality, wealth inequality has received comparatively less attention. Given the extreme concentration of wealth and its influence on economic opportunity and political power, this paper explores whether it is excessive or insufficient financial development that contributes to the widening disparities in wealth distribution. Using a cross-country panel data framework, the study finds that financial development exacerbates wealth inequality by increasing wealth concentration at the top and diminishing wealth shares in the bottom 50% up to a certain threshold. Beyond this point, financial development results in a reduction of top wealth shares and an increase in the wealth shares of the bottom 50%, thereby narrowing wealth inequality. A similar pattern is observed for income inequality. Pathway analyses indicate that these effects are partially mediated through entrepreneurship. Insufficient financial development adversely impacts both wealth and income distribution.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102117"},"PeriodicalIF":5.4,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183713","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
Downside belief disagreements and financial instability: Evidence from risk factor disclosures in U.S. financial institutions’ 10-K filings
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2025-02-04 DOI: 10.1016/j.intfin.2025.102118
Rui Li , Jianping Li , Xiaoqian Zhu
{"title":"Downside belief disagreements and financial instability: Evidence from risk factor disclosures in U.S. financial institutions’ 10-K filings","authors":"Rui Li ,&nbsp;Jianping Li ,&nbsp;Xiaoqian Zhu","doi":"10.1016/j.intfin.2025.102118","DOIUrl":"10.1016/j.intfin.2025.102118","url":null,"abstract":"<div><div>At what point does the shift from a stable to an unstable financial system occur? This study develops the first measurement of downside belief disagreements by utilizing the qualitative disclosures of risk factors in U.S. financial institutions’ 10-K filings. We show that the transition into financial instability occurs with a large increase in downside belief disagreements. Notably, it is not only downside belief disagreements but also its interaction with rapid credit expansion that matters for financial stability risks. We further conduct mechanism tests and find that downside belief disagreements harm financial stability by imposing credit constraints and price reductions.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"99 ","pages":"Article 102118"},"PeriodicalIF":5.4,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143183710","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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