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Bankruptcy reforms and corporate debt structure 破产改革和公司债务结构
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-14 DOI: 10.1016/j.intfin.2024.102044
Xiaotian Liu , Yaxuan Qi , Wai Yee Wan
{"title":"Bankruptcy reforms and corporate debt structure","authors":"Xiaotian Liu ,&nbsp;Yaxuan Qi ,&nbsp;Wai Yee Wan","doi":"10.1016/j.intfin.2024.102044","DOIUrl":"10.1016/j.intfin.2024.102044","url":null,"abstract":"<div><p>A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102044"},"PeriodicalIF":5.4,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141984967","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
Fall of dwarfs: micro and macroeconomic determinants of the disappearance of European small banks 侏儒的陨落：欧洲小银行消失的微观和宏观经济决定因素
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-08 DOI: 10.1016/j.intfin.2024.102042
Federica Poli , Simone Rossi , Mariarosa Borroni
{"title":"Fall of dwarfs: micro and macroeconomic determinants of the disappearance of European small banks","authors":"Federica Poli ,&nbsp;Simone Rossi ,&nbsp;Mariarosa Borroni","doi":"10.1016/j.intfin.2024.102042","DOIUrl":"10.1016/j.intfin.2024.102042","url":null,"abstract":"<div><p>Based on a wide sample of banks headquartered in 27 European countries over the period 2005–2022, this paper tests the influence that microeconomic and macroeconomic variables have on the probability of small banks exiting the market, evaluating the predictive power of the explanatory models employed. Our approach to the determinants of small banks’ exit proves that even the macroeconomic and socio-demographic reference context can have a predictive effectiveness similar to that of the accounting variables, especially when contagion effects at the local level are taken into account.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102042"},"PeriodicalIF":5.4,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001082/pdfft?md5=f40740a9550cba0d50443ea81629a95b&pid=1-s2.0-S1042443124001082-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271318","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
Green innovation and corporate default risk 绿色创新与企业违约风险
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-05 DOI: 10.1016/j.intfin.2024.102041
Md Safiullah , Dinh Hoang Bach Phan , Md. Nurul Kabir
{"title":"Green innovation and corporate default risk","authors":"Md Safiullah ,&nbsp;Dinh Hoang Bach Phan ,&nbsp;Md. Nurul Kabir","doi":"10.1016/j.intfin.2024.102041","DOIUrl":"10.1016/j.intfin.2024.102041","url":null,"abstract":"<div><p>We investigate the impact of green innovation on default risk for the period 2003–2020. Using 15,015 firm-year observations from 2301 unique U.S. firms and a firm-fixed effects regression model, we find that firms with higher green-innovation experience lower default risk as measured by the distance-to-default, probability of default, and CDS spreads. We find robust evidence addressing potential endogeneity in the association between green innovation and default risk by applying three different approaches: the propensity score matching approach, the instrumental variable approach, and the difference-in-differences technique. Our channel analysis results show that high green innovation reduces cashflow volatility and managerial risk-taking, which translates into lower default risk. The influence of green innovation on default risks is contingent on various firm characteristics. It is more pronounced in firms with greater institutional ownership, a younger age, and more carbon-intensive operations.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102041"},"PeriodicalIF":5.4,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001070/pdfft?md5=c079516a622e67a96c155c431e0ac294&pid=1-s2.0-S1042443124001070-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945630","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
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
Baohui Wu , Fenghua Wen , Yun Zhang , Zhijian (James) Huang
{"title":"Climate risk and the systemic risk of banks: A global perspective","authors":"Baohui Wu ,&nbsp;Fenghua Wen ,&nbsp;Yun Zhang ,&nbsp;Zhijian (James) Huang","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":"95 ","pages":"Article 102030"},"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
Paul Wohlfarth , Xiaohong Chen
{"title":"Limits to arbitrage and the term structure of CIP violations","authors":"Paul Wohlfarth ,&nbsp;Xiaohong Chen","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":"95 ","pages":"Article 102031"},"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
Douglas J. Cumming , David Javakhadze , Tijana Rajkovic
{"title":"Unlocking Dividends: The impact of managerial social capital on international corporate payouts","authors":"Douglas J. Cumming ,&nbsp;David Javakhadze ,&nbsp;Tijana Rajkovic","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":"95 ","pages":"Article 102025"},"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
Zongyuan Li , Jingya Li , Xiao Chang
{"title":"Market uncertainties and too-big-to-fail perception: Evidence from Chinese P2P registration requirements","authors":"Zongyuan Li ,&nbsp;Jingya Li ,&nbsp;Xiao Chang","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":"95 ","pages":"Article 102032"},"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
Laura Chiaramonte , Alberto Dreassi , Claudia Girardone , Stefano Piserà
{"title":"Socially responsible banking: Weathering the Covid-19 storm","authors":"Laura Chiaramonte ,&nbsp;Alberto Dreassi ,&nbsp;Claudia Girardone ,&nbsp;Stefano Piserà","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":"95 ","pages":"Article 102029"},"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
Omneya Abdelsalam , Daniel Felix Ahelegbey , Yassine Essanaani
{"title":"The nexus of conventional, religious and ethical indexes during crisis","authors":"Omneya Abdelsalam ,&nbsp;Daniel Felix Ahelegbey ,&nbsp;Yassine Essanaani","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":"95 ","pages":"Article 102027"},"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":"94 ","pages":"Article 102026"},"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
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