Journal of International Financial Markets Institutions & Money最新文献_第6页

Anticipated psychological spreads: Cryptocurrencies’ hidden short-term monitors and implications for price forecasting 预期的心理价差：加密货币隐藏的短期监控和对价格预测的影响

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-10-01 Epub Date: 2025-09-17 DOI: 10.1016/j.intfin.2025.102224

Gilles Brice M’bakob, Jules Mandeng ma Ntamack, Georges Kriyoss Mfouapon

{"title":"Anticipated psychological spreads: Cryptocurrencies’ hidden short-term monitors and implications for price forecasting","authors":"Gilles Brice M’bakob, Jules Mandeng ma Ntamack, Georges Kriyoss Mfouapon","doi":"10.1016/j.intfin.2025.102224","DOIUrl":"10.1016/j.intfin.2025.102224","url":null,"abstract":"<div><div>Behavioral finance applications to cryptocurrency markets often neglect investor psychology surrounding support and resistance levels. This study introduces the anticipated psychological spread model (APSM), which formalizes chartist investors’ reactions to psychological price thresholds through loss aversion. Two behavioral indicators are defined: buyers’ anticipated psychological spread (BAPS), representing the perceived profit margin near resistance levels, and sellers’ anticipated psychological spread (SAPS), representing the anticipated profit margin near support levels. To examine the short-term price impact of these indicators, the study applies panel quantile regression to 32 cryptocurrencies from January 1, 2020, to January 31, 2024. An autoregressive integrated moving average with exogenous variables (ARIMAX)-based generalized autoregressive conditional heteroskedasticity (GARCH) framework is further employed to test robustness and evaluate the forecasting accuracy of the APSM. The results show that BAPS exerts a negative influence on prices, particularly during bear markets, while SAPS has a positive effect, especially in bull markets. Behavioral asymmetry analysis reveals buyer dominance over sellers throughout the study period. The APSM substantially improves short-term forecasting accuracy compared with classical ARIMAX–GARCH models. These findings indicate that BAPS and SAPS are valuable components for algorithmic trading strategies based on autoregressive models.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102224"},"PeriodicalIF":6.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099405","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

Macroprudential policy and corporate loans: evidence from the syndicated loan market 宏观审慎政策与企业贷款：来自银团贷款市场的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-10-01 Epub Date: 2025-09-17 DOI: 10.1016/j.intfin.2025.102223

Christophe J. Godlewski , Małgorzata Olszak

{"title":"Macroprudential policy and corporate loans: evidence from the syndicated loan market","authors":"Christophe J. Godlewski , Małgorzata Olszak","doi":"10.1016/j.intfin.2025.102223","DOIUrl":"10.1016/j.intfin.2025.102223","url":null,"abstract":"<div><div>We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and long-maturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102223"},"PeriodicalIF":6.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099404","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

Directors with foreign experience and corporate cash holdings 具有海外经验和公司现金持有量的董事

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-10-01 Epub Date: 2025-08-25 DOI: 10.1016/j.intfin.2025.102208

Xinyu Yu , Ping Wang

引用次数: 0

Pricing of green bonds: Greenium dynamics and the role of retail investors 绿色债券的定价：Greenium动态和散户投资者的作用

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-10-01 Epub Date: 2025-09-20 DOI: 10.1016/j.intfin.2025.102211

Allegra Pietsch , Dilyara Salakhova

{"title":"Pricing of green bonds: Greenium dynamics and the role of retail investors","authors":"Allegra Pietsch , Dilyara Salakhova","doi":"10.1016/j.intfin.2025.102211","DOIUrl":"10.1016/j.intfin.2025.102211","url":null,"abstract":"<div><div>The green bond market has experienced rapid growth in recent years, driven by increasing global awareness of climate change. However, the existence, magnitude and driving forces behind the “greenium” in the secondary market – a price premium associated with green bonds – remain subject to debate. This study investigates the evolution of the greenium in the euro area from 2016 to 2023, encompassing a period of significant macroeconomic shifts, including the COVID-19 pandemic, energy crisis, and the subsequent period of heightened inflation and monetary tightening. Our analysis applies a k-prototypes matching algorithm to construct a closely matched panel of European green and conventional bonds and documents a novel finding that retail investors’ demand for green bonds partly drives the greenium. Sensitivity of retail investors’ financial conditions to the macroeconomic situation and particularly tighter monetary policy may explain investors’ appetite for green bonds and thus the greenium time dynamics. Finally, we confirm investors’ preferences for green bonds with higher credibility of both bonds and bond issuers.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102211"},"PeriodicalIF":6.1,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099406","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

Comparing conventional and unconventional monetary policy effects in the euro area and the United States 比较欧元区和美国传统和非常规货币政策的影响

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-10-01 Epub Date: 2025-09-02 DOI: 10.1016/j.intfin.2025.102203

Fernando Ballabriga , Karen Davtyan

引用次数: 0

Executives’ early-life experience and corporate debt contracting: Evidence from CEO military experience 高管早年经历与公司债务承包：来自CEO军事经历的证据

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-01 Epub Date: 2025-07-26 DOI: 10.1016/j.intfin.2025.102200

Harvey Nguyen , Mia Hang Pham , Van Hoang Vu

引用次数: 0

The effect of fintech financing on firm performance: Evidence from emerging economies 金融科技融资对企业绩效的影响：来自新兴经济体的证据

IF 6.1 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-09-01 Epub Date: 2025-07-29 DOI: 10.1016/j.intfin.2025.102201

Khusrav Gaibulloev , Ali Mirzaei , Tomoe Moore , Mohsen Saad

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 : 2025-09-01 Epub 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":"2025-09-01","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

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 : 2025-09-01 Epub 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":"2025-09-01","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 : 2025-09-01 Epub 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