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Reputational risk and firm performance: Family versus nonfamily firms in different regulatory environments 声誉风险与公司业绩：不同监管环境下的家族企业与非家族企业
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-08 DOI: 10.1016/j.intfin.2024.101976
Yuying Sun, Zhenyu Wu
{"title":"Reputational risk and firm performance: Family versus nonfamily firms in different regulatory environments","authors":"Yuying Sun,&nbsp;Zhenyu Wu","doi":"10.1016/j.intfin.2024.101976","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101976","url":null,"abstract":"<div><p>This paper explores the relationship between reputational risk and firm financial performance in both family and nonfamily businesses. Relying on an international sample of over 5,000 listed firms from 2007 to 2019, we find that family firms have significantly lower reputational risk, and the impact of reputational risk on financial performance is lower in family firms. However, these findings vary across different macro-regulatory environments. In countries with poor regulatory quality, the effect of reputational risk on performance becomes positive, and family firms strengthen this positive influence. We attribute the findings to socioemotional wealth (SEW) theory and rent-seeking theory.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101976"},"PeriodicalIF":4.0,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140535702","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 EU prospectus regulation and its impact on SME listings 欧盟招股说明书法规及其对中小企业上市的影响
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-04 DOI: 10.1016/j.intfin.2024.101983
Christoph Kaserer, Victoria Treßel
{"title":"The EU prospectus regulation and its impact on SME listings","authors":"Christoph Kaserer,&nbsp;Victoria Treßel","doi":"10.1016/j.intfin.2024.101983","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101983","url":null,"abstract":"<div><p>This study analyses the “regulatory overreach hypothesis”, which asserts regulatory complexity as the cause for the IPO decline in Western countries, by focusing on the novel EU growth prospectus for SMEs introduced by the Prospectus Regulation. Using a hand-collected database of initial offerings at EU exchanges (2016–2022), we find the EU growth prospectus successfully streamlined SME IPOs without jeopardising investor protection. Despite being less complex in terms of word counts, it remains informative. SMEs are more likely to use it unless the offering becomes relatively large. We do not substantiate that fixed listing costs were reduced. Using a triple difference analysis, we do not find robust evidence of an increase in IPO activity. While questioning the regulatory overreach hypothesis, our findings show that IPO regulation can be simplified and made less burdensome without curtailing investor protection.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101983"},"PeriodicalIF":4.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000490/pdfft?md5=2dafa036d9840fb64f44c5d533ab3345&pid=1-s2.0-S1042443124000490-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140344811","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
Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies 新兴市场经济体的资本流动动态以及金融周期和商业周期的同步性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-01 DOI: 10.1016/j.intfin.2024.101980
Solikin M. Juhro , Bernard Njindan Iyke , Paresh Kumar Narayan
{"title":"Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies","authors":"Solikin M. Juhro ,&nbsp;Bernard Njindan Iyke ,&nbsp;Paresh Kumar Narayan","doi":"10.1016/j.intfin.2024.101980","DOIUrl":"10.1016/j.intfin.2024.101980","url":null,"abstract":"<div><p>This study assesses the dynamics of capital flow, financial cycles, and business cycles in Emerging Market Economies (EMEs). We show that: (a) capital flow cycles tend to be more volatile than financial and business cycles, (b) although significant heterogeneities exist in the dynamics of these cycles across EMEs, financial and business cycles tend to be similar in terms of amplitudes, (c) significant concordance exists between different cycles and between the same cycles across countries, and (d) capital flow cycles tend to lead financial and business cycles. These findings provide clear guidance on the use of central bank policy mix strategy in response to capital flows, financial, and business cycles. Our results also imply strong interconnection between EMEs, in the sense that they appear to simultaneously experience expansions and recessions.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101980"},"PeriodicalIF":4.0,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000465/pdfft?md5=2a8a4f4ed933d7350999d1bdf6b21c1a&pid=1-s2.0-S1042443124000465-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140277296","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
Detecting the risk of cross-product manipulation in the EUREX fixed income futures market 检测 EUREX 固定收益期货市场的跨产品操纵风险
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-28 DOI: 10.1016/j.intfin.2024.101984
Alexis Stenfors , Kaveesha Dilshani , Andy Guo , Peter Mere
{"title":"Detecting the risk of cross-product manipulation in the EUREX fixed income futures market","authors":"Alexis Stenfors ,&nbsp;Kaveesha Dilshani ,&nbsp;Andy Guo ,&nbsp;Peter Mere","doi":"10.1016/j.intfin.2024.101984","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101984","url":null,"abstract":"<div><p>Cross-product manipulation involves manipulating one financial product to profit from the subsequent reaction in a different but related product. In this paper, we develop a simple model that researchers and regulators can use to scan for the susceptibility of two markets to such misconduct. We also test the model empirically on a set of government bond futures contracts using a complete EUREX ultra-high-frequency dataset. Our findings show that cross-product manipulation is feasible across bond futures with different underlying maturities, issuers and contract expiry dates. The results suggest that cross-product manipulation might be widespread despite an increasing crackdown by regulators and prosecutors.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101984"},"PeriodicalIF":4.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000507/pdfft?md5=c3152ae10a36dc87f72db44c775a5452&pid=1-s2.0-S1042443124000507-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140320393","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
Foundation ownership and creditor governance: Evidence from publicly listed companies 基金会所有权与债权人治理：上市公司的证据
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-28 DOI: 10.1016/j.intfin.2024.101982
Bonnie Buchanan , Caglar Kaya
{"title":"Foundation ownership and creditor governance: Evidence from publicly listed companies","authors":"Bonnie Buchanan ,&nbsp;Caglar Kaya","doi":"10.1016/j.intfin.2024.101982","DOIUrl":"10.1016/j.intfin.2024.101982","url":null,"abstract":"<div><p>Foundation ownership represents an alternative corporate governance model to many conventional ownership structures. We examine the effect of foundation ownership on creditor governance. By utilizing an international sample of 411 publicly listed companies between 2003 and 2021, we document that foundation ownership leads to lower credit risk. This negative effect is robust across several different credit measures. Foundation-controlled companies also fare better than family-controlled and institutional investor-controlled companies. Specifically, foundation-controlled companies have better access to bank loans, with more favorable loan contracting conditions. Our results are supported by a series of robustness tests. The results also have policy implications as the European Commission recommends companies move away from a short-term focus.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101982"},"PeriodicalIF":4.0,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000489/pdfft?md5=31fe11c73ed963939d00f6c5620ce81c&pid=1-s2.0-S1042443124000489-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140399710","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
Connectedness between central bank digital currency index, financial stability and digital assets 央行数字货币指数、金融稳定性与数字资产之间的关联性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-26 DOI: 10.1016/j.intfin.2024.101981
Tugba Bas , Issam Malki , Sheeja Sivaprasad
{"title":"Connectedness between central bank digital currency index, financial stability and digital assets","authors":"Tugba Bas ,&nbsp;Issam Malki ,&nbsp;Sheeja Sivaprasad","doi":"10.1016/j.intfin.2024.101981","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101981","url":null,"abstract":"<div><p>This study examines the interconnectedness between central bank digital currencie<del>s</del> (CBDC) index, digital assets and financial stability. First, we use the CBDC index as a measure of financial stability and examine its connectedness with other known measures of financial stability used in the literature. Secondly, we analyse the connectedness of CBDC index with digital assets such as cryptocurrencies and non-fungible tokens and various measures of financial stability. By analysing index returns of CBDC data and applying various connectedness measures to CBDC index, cryptocurrencies, stablecoins and NFTs, we gain insights into the relationships among these assets within a framework. The findings reveal a significant level of connectedness between CBDCs index, digital assets and financial stability. Our analysis shows a weak positive connectedness between CBDCs index and digital assets, indicating that movements in the CBDC index are not closely related to the performance of various digital assets and have a very small contribution to the changes in the returns of digital assets. Furthermore, the study finds bidirectional connectedness between CBDCs and other financial stability measures, suggesting that changes in CBDC performance can influence the overall stability of the financial system, and vice versa. This highlights the importance of carefully considering the design and implementation of CBDCs to ensure they support financial stability objectives.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101981"},"PeriodicalIF":4.0,"publicationDate":"2024-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000477/pdfft?md5=d05d8cc587285e1ea90b31850c832ce9&pid=1-s2.0-S1042443124000477-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140296181","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
ESG and aggregate disagreement ESG 和总体分歧
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-23 DOI: 10.1016/j.intfin.2024.101972
Di Luo , Hisham Farag
{"title":"ESG and aggregate disagreement","authors":"Di Luo ,&nbsp;Hisham Farag","doi":"10.1016/j.intfin.2024.101972","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101972","url":null,"abstract":"<div><p>This paper investigates the role of aggregate disagreement in the relationship between environmental, social, and governance (<span><math><mi>ESG</mi></math></span>) scores and future stock returns in the United States (US), European Union (EU), and United Kingdom (UK). We find that firms with high <span><math><mi>ESG</mi></math></span> scores are likely to have higher exposure to aggregate disagreement than firms with low <span><math><mi>ESG</mi></math></span> scores because of the divergence of opinions about long-term earnings growth. Consistent with our conjecture, the results suggest that when aggregate disagreement is high, a profitable trading strategy is to long firms with low <span><math><mi>ESG</mi></math></span> scores and to short those with higher <span><math><mi>ESG</mi></math></span> scores. Our results have clear implications for the growing debate over <span><math><mi>ESG</mi></math></span> investment strategies.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101972"},"PeriodicalIF":4.0,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000386/pdfft?md5=9e2a488f30b40b692661e9f2119592eb&pid=1-s2.0-S1042443124000386-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140195691","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
Macroeconomic momentum and cross-sectional equity market indices 宏观经济动量与横截面股票市场指数
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-18 DOI: 10.1016/j.intfin.2024.101974
Yu Zhang, Konstantina Kappou, Andrew Urquhart
{"title":"Macroeconomic momentum and cross-sectional equity market indices","authors":"Yu Zhang,&nbsp;Konstantina Kappou,&nbsp;Andrew Urquhart","doi":"10.1016/j.intfin.2024.101974","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101974","url":null,"abstract":"<div><p>Momentum is a well-known and studied artefact of financial markets. In this paper, we investigate whether momentum in a country’s macroeconomic variables is related to the future performance of equities in that country. We find that the past economic trends of a country’s fundamentals are positively associated with the equity market index returns. Based on that, an economic momentum portfolio of buying (selling) equity index in countries with relatively strong (weak) economic past trends exhibits an annualised Sharpe ratio of 0.87. The economic momentum portfolio outperforms benchmarks regarding rewards to variability and maximum drawdown and yields an annualised alpha of 3.72%, leaving 95% of the returns unexplained by the benchmarks.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101974"},"PeriodicalIF":4.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000404/pdfft?md5=aacbb3c3205db45d31964d93dd3ffd5e&pid=1-s2.0-S1042443124000404-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140162629","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
Impacts of carbon market and climate policy uncertainties on financial and economic stability: Evidence from connectedness network analysis 碳市场和气候政策的不确定性对金融和经济稳定性的影响：关联网络分析的证据
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-16 DOI: 10.1016/j.intfin.2024.101977
Chao Liang , John W. Goodell , Xiafei Li
{"title":"Impacts of carbon market and climate policy uncertainties on financial and economic stability: Evidence from connectedness network analysis","authors":"Chao Liang ,&nbsp;John W. Goodell ,&nbsp;Xiafei Li","doi":"10.1016/j.intfin.2024.101977","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101977","url":null,"abstract":"<div><p>We use the conditional network connectedness approach of Stenfors et al. (2022) along with its frequency-domain, and tail and dynamic extensions to explore complex linkages among the carbon market, climate policy uncertainty, economic stability, and financial market stability. We focus on whether the carbon market and climate policy uncertainty impact US economic and financial market stability, and how these impacts occur. We identify a dynamic impact of the carbon market on economic and financial market stability, with these impacts varying in different frequency-domains and different quantile levels. Energy consumption and production structures as well as carbon emissions are found to be important mediators for carbon market to affect economic stability, while renewable energy equity is found to be a mediator through which the carbon market affects financial market stability. Further, while the impact of climate policy uncertainty on economic and financial market stability is typically weak, it strengthens under some circumstances, particularly in the long-term frequency-domain, right-tailed, prior to 2020. In these cases, carbon market, energy production structure and financial market stability are found to be weak mediators for climate policy uncertainty to impact economic stability.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101977"},"PeriodicalIF":4.0,"publicationDate":"2024-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140179681","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
Forecasting international financial stress: The role of climate risks 预测国际金融压力：气候风险的作用
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-15 DOI: 10.1016/j.intfin.2024.101975
Santino Del Fava , Rangan Gupta , Christian Pierdzioch , Lavinia Rognone
{"title":"Forecasting international financial stress: The role of climate risks","authors":"Santino Del Fava ,&nbsp;Rangan Gupta ,&nbsp;Christian Pierdzioch ,&nbsp;Lavinia Rognone","doi":"10.1016/j.intfin.2024.101975","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101975","url":null,"abstract":"<div><p>We study the predictive value of climate risks for subsequent financial stress in a sample of daily data running from October 2006 to December 2022 of thirteen countries, which include China, ten European Union (EU) countries, the United Kingdom (UK), and the United States (US). The climate risk indicators are the result of a text-based approach which combines the term frequency-inverse document frequency and the cosine-similarity techniques. Given the persistence of financial stress as well as the importance of spillover effects of financial stress from other countries, we use random forests, a machine-learning technique tailored to handle many predictors, to estimate our forecasting models. Our findings show that climate risks tend to have a moderate impact, albeit in several cases statistically significant, on predictive accuracy, which tends to be stronger, in our cross-section of countries, on a daily than at a weekly or monthly forecast horizon of financial stress. Furthermore, the predictive value of climate risks for financial stress is heterogeneous across the countries in our sample, implying that a univariate forecasting model appears to be better suited than a corresponding multivariate one. Finally, the predictive value of climate risks for financial stress appears to be stronger in several countries at the lower conditional quantiles of financial stress.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101975"},"PeriodicalIF":4.0,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000416/pdfft?md5=5395d686610f177e08cd364a9082438f&pid=1-s2.0-S1042443124000416-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140134198","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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