Journal of International Financial Markets Institutions & Money最新文献_第4页

Centralized exchanges & proof-of-solvency: The guardians of trust 中心化交易所和偿付能力证明：信任的守护者

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-20 DOI: 10.1016/j.intfin.2025.102183

David Vidal-Tomás

引用次数: 0

Stock market liberalization and exports of small and medium-sized enterprises 股票市场自由化与中小企业出口

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-13 DOI: 10.1016/j.intfin.2025.102182

Liting Fang , Lerong He , Liying Huang

{"title":"Stock market liberalization and exports of small and medium-sized enterprises","authors":"Liting Fang , Lerong He , Liying Huang","doi":"10.1016/j.intfin.2025.102182","DOIUrl":"10.1016/j.intfin.2025.102182","url":null,"abstract":"<div><div>The paper investigates the impact of stock market liberalization on the exports of small and medium-sized enterprises (SMEs). Using the launch of China’s Shenzhen-Hong Kong Stock Connect Program as a quasi-experiment, we apply a difference-in-differences design to examine how the relaxation of foreign investment in listed Chinese SMEs stimulates these firms’ exports. We find that SMEs qualified for the Stock Connect program are associated with a larger increase in export propensity and export intensity in the post-liberalization period than the control group of SMEs unqualified for the program. We also confirm that stock market liberalization increases foreign institutional investor investment and reduces SMEs’ financing constraints, thus encouraging risk sharing, providing more information and resources to SMEs, and increasing their willingness and ability to export. In addition, we show that the influence of stock market liberalization on SMEs’ exports is contingent on industry, firm, and executive characteristics that shape firms’ resource needs and their perceptions of risk and uncertainty associated with exporting. Finally, we provide modest evidence that stock market liberalization encourages outward foreign direct investment. Overall, our paper reveals the facilitating role of stock market liberalization in boosting SMEs’ exports, the underlying mechanisms explaining this relationship, and the contingency factors affecting the strength of this relationship.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102182"},"PeriodicalIF":5.4,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144270809","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

Predictable liquidity properties in a Segmented, inelastic stock market 在一个分段的、无弹性的股票市场中可预测的流动性特性

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-10 DOI: 10.1016/j.intfin.2025.102181

Haim Kedar-Levy , Joon-Seok Kim , Sean Sehyun Yoo

引用次数: 0

Societal secrecy and corporate debt financing choice 社会保密与企业债务融资选择

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-09 DOI: 10.1016/j.intfin.2025.102179

Cephas Simon Peter Dak-Adzaklo , Solomon Wise Dodzidenu Adza , Joseph Maxwell Asamoah , Pascar Tagwan Tah

引用次数: 0

Does Banks’ environmental engagement impact funding costs? 银行的环境参与是否会影响融资成本？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-05 DOI: 10.1016/j.intfin.2025.102184

Md Jaber Al Islam , Fernando Moreira , Mustapha Douch

{"title":"Does Banks’ environmental engagement impact funding costs?","authors":"Md Jaber Al Islam , Fernando Moreira , Mustapha Douch","doi":"10.1016/j.intfin.2025.102184","DOIUrl":"10.1016/j.intfin.2025.102184","url":null,"abstract":"<div><div>Despite growing research on corporate environmental performance, the effect of banks’ environmental engagement on funding costs remains unclear. While some evidence suggests that environmentally committed banks secure lower funding costs, other studies report no significant effect, leaving the evidence inconclusive. This study addresses this inconsistency by analysing distinct funding cost measures in a global sample and demonstrating that banks with strong environmental engagement consistently benefit from reduced funding costs across multiple dimensions. The advantage is more pronounced among banks in advanced, less concentrated economies with stronger currencies and lower deposit levels. The Paris Agreement has raised awareness among depositors and investors about their role in mitigating climate change. Although such support is generally driven by sound risk management, capital adequacy, and asset size, periods of rising real interest rates and economic crises shift priorities toward higher financial returns. Our results remain robust across alternative samples, model specifications, estimation methods, funding cost measures, and endogeneity correction techniques.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"103 ","pages":"Article 102184"},"PeriodicalIF":5.4,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144212678","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 role of US bank liquidity and regulations in Covered Interest Parity deviations 美国银行流动性和监管在利差平价偏离中的作用

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-02 DOI: 10.1016/j.intfin.2025.102173

Walter Bazán-Palomino, Marco Ortiz, Marco E. Terrones, Diego Winkelried

引用次数: 0

The causal effects of equity flows: Evidence from Korea 股权流动的因果效应：来自韩国的证据

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-05-31 DOI: 10.1016/j.intfin.2025.102175

Jun Hee Kwak , Bada Han , Jae Young Lee

引用次数: 0

ESG incidents and corporate green bond market reaction ESG事件与企业绿色债券市场反应

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-05-29 DOI: 10.1016/j.intfin.2025.102178

Matteo Cotugno , Paolo Fiorillo , Stefano Monferrà , Sabrina Severini

{"title":"ESG incidents and corporate green bond market reaction","authors":"Matteo Cotugno , Paolo Fiorillo , Stefano Monferrà , Sabrina Severini","doi":"10.1016/j.intfin.2025.102178","DOIUrl":"10.1016/j.intfin.2025.102178","url":null,"abstract":"<div><div>This paper examines how the secondary market for corporate green bonds reacts to the announcement of Environmental, Social and Governance (ESG) incidents. We compare the cumulative abnormal returns (CARs) of green bonds with those of similar conventional bonds issued by the same firm, using a large international sample covering the period 2013–2022. Our results indicate that the performance of both green and conventional bonds declines after an ESG incident, but the decline is more pronounced for conventional bonds. We attribute this finding to the cost-effectiveness motive driving investors’ response to the ESG incident, as we find that a) there is no green premium (at issuance) in our sample, and b) green bonds are, on average, less liquid than conventional bonds, making the latter easier to sell due to lower transaction costs. Consistent with this argument, we observe opposite findings − namely, no significant performance differences and conventional bonds outperforming green bonds after the ESG incident − only in cases where green bonds exhibit higher liquidity, such as those issued by European firms or those compliant with the Climate Bond Initiative (CBI) standards.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"102 ","pages":"Article 102178"},"PeriodicalIF":5.4,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144166660","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

Female directors and social responsibility of microfinance institutions 小额信贷机构女董事与社会责任

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-05-19 DOI: 10.1016/j.intfin.2025.102164

Kais Bouslah , Qian (Jan) Li , Asma Mobarek

引用次数: 0

Tax avoidance opportunity for multinational enterprises: effects of digitalized tax administration in China 跨国企业的避税机会：数字化税务管理在中国的影响

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-05-19 DOI: 10.1016/j.intfin.2025.102177

Yilan Chen , Shaohai Lei

{"title":"Tax avoidance opportunity for multinational enterprises: effects of digitalized tax administration in China","authors":"Yilan Chen , Shaohai Lei","doi":"10.1016/j.intfin.2025.102177","DOIUrl":"10.1016/j.intfin.2025.102177","url":null,"abstract":"<div><div>This study investigates the impact of digitalized tax administration (DTA) on multinational enterprises’ (MNEs’) tax avoidance, with a specific focus on outward foreign direct investment (OFDI) in tax havens. Using a quasi-natural experiment based on the implementation of Golden Tax Project III (GTP III) in China, we find that home country DTA significantly reduces the difference between nominal and effective tax rates for MNEs by 1.2%. This reduction is primarily driven by a contraction in OFDI breadth in tax havens, which restrains MNEs’ tax avoidance. We demonstrate an asymmetric effect wherein DTA does not significantly influence domestic firms’ tax avoidance, which is attributed to their ability to facilitate cross-regional investment. We also explore the various responses to cross-border tax avoidance approaches employed by MNEs to mitigate the adverse effects of DTA on corporate tax avoidance. Overall, our findings highlight the critical role of home country DTA in managing MNEs’ tax avoidance, particularly in the context of developing countries.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"102 ","pages":"Article 102177"},"PeriodicalIF":5.4,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144090345","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