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

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

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

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

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 , Daniel Felix Ahelegbey , 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 , José Alves , 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

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

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 , Rodiat Lawal , Rasheed Adigun , Audrey Paterson , 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":"94 ","pages":"Article 102028"},"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

Green bond issuance and credit risk: International evidence 绿色债券发行与信用风险：国际证据

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.2024.102013

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

引用次数: 0

Politicians’ connections and sovereign credit ratings 政治家的关系和主权信用评级

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-06-21 DOI: 10.1016/j.intfin.2024.102022

Patrycja Klusak , Yurtsev Uymaz , Rasha Alsakka

{"title":"Politicians’ connections and sovereign credit ratings","authors":"Patrycja Klusak , Yurtsev Uymaz , Rasha Alsakka","doi":"10.1016/j.intfin.2024.102022","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102022","url":null,"abstract":"<div><p>Using a unique hand-collected sample of professional connections between finance ministers and the top executives of the three largest credit rating agencies (CRAs) for 38 European sovereigns between January 2000 and November 2017, we show that professional connections result in higher sovereign ratings. This finding is attributed to ‘favoritism’, which stems from the conflict-of-interest problem in the CRA business model. We also find that the subjective component of ratings, captured by professional connections, has a more pronounced role for developing than developed countries. Our study offers new empirical evidence that unsolicited sovereign ratings are significantly lower than solicited ratings. Our results survive battery of robustness checks including propensity score matching (PSM), two-way fixed-effects, system GMM and various definitions of connection. Our findings offer wide-ranging implications for regulators, governments, market participants and CRAs.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"94 ","pages":"Article 102022"},"PeriodicalIF":5.4,"publicationDate":"2024-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S104244312400088X/pdfft?md5=74d95cc8113c1733ca307734fcb24647&pid=1-s2.0-S104244312400088X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141439126","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