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Do foreign institutional investors improve board monitoring? 外国机构投资者能否改善对董事会的监督？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-09 DOI: 10.1016/j.intfin.2024.101962
Biwesh Neupane , Chandra Thapa , Andrew Marshall , Suman Neupane , Chaman Shrestha
{"title":"Do foreign institutional investors improve board monitoring?","authors":"Biwesh Neupane ,&nbsp;Chandra Thapa ,&nbsp;Andrew Marshall ,&nbsp;Suman Neupane ,&nbsp;Chaman Shrestha","doi":"10.1016/j.intfin.2024.101962","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101962","url":null,"abstract":"<div><p>Exploiting the global financial crisis of 2007–08 as an exogenous shock that resulted in a significant decline in the ownership of foreign institutional investors (FIIs) in the Indian equity market, we find evidence of a causal link between FIIs’ ownership and different dimensions of board monitoring. Specifically, the empirical results suggest that higher FIIs ownership leads to lower board size, busyness, network size, CEO power, CEO pay, and improved board diligence. However, we also document a negative link between FIIs’ ownership and board independence, indicating that FIIs do not view independent directors as effective monitors. In terms of implications, our results suggest that improved board monitoring, induced by higher FIIs’ ownership, leads to higher firm valuation and innovation activities.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101962"},"PeriodicalIF":4.0,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000283/pdfft?md5=5d7fa52d830d6d80d796c2079ff1eebe&pid=1-s2.0-S1042443124000283-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139726972","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
The relevance of media sentiment for small and large scale bitcoin investors 媒体报道和情绪对小型和大型比特币投资者的相关性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-07 DOI: 10.1016/j.intfin.2024.101963
Joscha Beckmann , Teo Geldner , Jan Wüstenfeld
{"title":"The relevance of media sentiment for small and large scale bitcoin investors","authors":"Joscha Beckmann ,&nbsp;Teo Geldner ,&nbsp;Jan Wüstenfeld","doi":"10.1016/j.intfin.2024.101963","DOIUrl":"10.1016/j.intfin.2024.101963","url":null,"abstract":"<div><p>We provide a novel perspective on the bitcoin market, investigating determinants of investor positions and their response to public information proxied by media sentiment indicators. We distinguish between investors by size and observe their respective behaviour concerning incoming information. We find that price dynamics and media sentiment lead to different decisions depending on the bitcoin portfolio size. Retail investors react strongly to incoming public information and media narratives, with their decisions strongly influenced by sentiment and media attention. Contrary to this, the response of large-scale investors to such information is much weaker because they arguably have different, non-public information and divergent investment objectives.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101963"},"PeriodicalIF":4.0,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000295/pdfft?md5=a0490f698664e0b21d4f78e7be9cbb90&pid=1-s2.0-S1042443124000295-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139816686","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
Does market misvaluation drive cross-border M&As? 市场错误估值是否会推动跨国并购？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101960
Wenxuan Huang , Weidong Xu , Donghui Li , Ling Zhao , Shijie Yang
{"title":"Does market misvaluation drive cross-border M&As?","authors":"Wenxuan Huang ,&nbsp;Weidong Xu ,&nbsp;Donghui Li ,&nbsp;Ling Zhao ,&nbsp;Shijie Yang","doi":"10.1016/j.intfin.2024.101960","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101960","url":null,"abstract":"<div><p>Employing a panel sample of 61,532 cross-border mergers between 2000 and 2020, we investigate the impact of market misvaluation on corporate cross-border mergers and acquisitions (CBMAs). We find that firms with higher market misvaluation launch more CBMAs and tend to pay with their overvalued stock. However, the effect of market misvaluation on CBMAs will weaken over time. CBMAs driven by high market misvaluation result in lower short-term stock returns and better long-term profitability. Cross-sectional analyses show that the impact of market misvaluation on CBMAs can be mitigated by stronger country-level uncertainty avoidance and masculinism culture, while it is more pronounced in high individualism culture. At the firm level, the monitoring role of institutional investors and analysts can mitigate the impact of market misvaluation on CBMAs. Our results remain robust in various robustness tests and after addressing endogeneity concerns.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101960"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139738284","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
Trust matters: A global perspective on the influence of trust on bank market risk 信任很重要：从全球角度看信任对银行市场风险的影响
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101959
Omneya Abdelsalam , Antonios Chantziaras , Nathan Lael Joseph , Nikolaos Tsileponis
{"title":"Trust matters: A global perspective on the influence of trust on bank market risk","authors":"Omneya Abdelsalam ,&nbsp;Antonios Chantziaras ,&nbsp;Nathan Lael Joseph ,&nbsp;Nikolaos Tsileponis","doi":"10.1016/j.intfin.2024.101959","DOIUrl":"10.1016/j.intfin.2024.101959","url":null,"abstract":"<div><p>This paper examines the role of societal and organizational trust in mitigating market risk within the banking sector. Using a global sample of 10,616 bank-year observations across 45 countries, we find that higher trust significantly reduces bank total and idiosyncratic risk. The risk-mitigating effect of societal trust becomes more pronounced for banks headquartered in countries with weaker investor protection, diminished legal rights, dissatisfaction with government economic policies, and higher political unrest. Our results suggest that trust serves as an alternative governance mechanism, substituting for ineffective formal institutions in reducing bank risk. These findings have important implications for financial regulation worldwide.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101959"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000258/pdfft?md5=0606d8edd60e289316ab841a42fa3a19&pid=1-s2.0-S1042443124000258-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139768135","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
Changing landscape of the finance-growth nexus: Industry growth, credit types, and external financial dependence 金融与增长关系的变化：行业增长、信贷类型和对外金融依赖性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101961
Mustafa Kilinc , Talat Ulussever
{"title":"Changing landscape of the finance-growth nexus: Industry growth, credit types, and external financial dependence","authors":"Mustafa Kilinc ,&nbsp;Talat Ulussever","doi":"10.1016/j.intfin.2024.101961","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101961","url":null,"abstract":"<div><p>The present paper examines the changing landscape of the finance-growth nexus using detailed industry-level data for 40 countries and 20 industries spanning 1980–2020. Regarding the long-term relationship between finance and growth, the findings indicate that industries more dependent on external finance experienced stronger growth in financially more developed markets during the 1980s and 1990s, but weaker growth in the 2000s and 2010s. Moreover, private credit changes are associated with lower industrial growth rates over the medium term. In terms of credit types, corporate credits generally have positive effects, while household credits display negative medium-term growth effects. These results highlight significant changes in the finance-growth relationship over the past four decades.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101961"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139714468","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
Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts 规模很重要：在不同机构背景下解读机构投资者规模与私募股权投资资产配置之间的关系
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-02 DOI: 10.1016/j.intfin.2024.101958
Douglas Cumming , Muhammad Zubair Khan , Naimat U. Khan , Zafir Ullah Khan
{"title":"Size matters: Unpacking the relationship between institutional investor size and private equity asset allocation within diverse institutional contexts","authors":"Douglas Cumming ,&nbsp;Muhammad Zubair Khan ,&nbsp;Naimat U. Khan ,&nbsp;Zafir Ullah Khan","doi":"10.1016/j.intfin.2024.101958","DOIUrl":"10.1016/j.intfin.2024.101958","url":null,"abstract":"<div><p>This study examines the relationship between institutional investors’ size and their inclination towards private equity investments, hypothesizing a U-shaped pattern. It also explores how this relationship is influenced by the institutional context. Using a dataset of 5668 firms across 52 countries from 1991 to 2017, we observe that small and large institutional investors exhibit a stronger preference for private equity compared to intermediate-sized counterparts. Smaller investors show heightened interest in private equity within favorable contexts, while larger investors pursue such opportunities in unfavorable contexts. Our research offers valuable insights for policymakers and investors of diffferent sizes making private equity investments in diverse institutional contexts.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101958"},"PeriodicalIF":4.0,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000246/pdfft?md5=6cfd11bec07df497388690d08d79b766&pid=1-s2.0-S1042443124000246-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139679229","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
Spillover effects of US monetary policy on emerging markets amidst uncertainty 不确定性下美国货币政策对新兴市场的溢出效应
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-01 DOI: 10.1016/j.intfin.2024.101956
Povilas Lastauskas , Anh Dinh Minh Nguyen
{"title":"Spillover effects of US monetary policy on emerging markets amidst uncertainty","authors":"Povilas Lastauskas ,&nbsp;Anh Dinh Minh Nguyen","doi":"10.1016/j.intfin.2024.101956","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101956","url":null,"abstract":"<div><p>This paper examines the impact of US monetary policy tightening on emerging markets, distinguishing between direct and indirect spillover effects using the global vector autoregression with stochastic volatility covering 32 countries. The paper shows that an increase in the US interest rate significantly reduces output for emerging markets, leading to larger, more prolonged, and persistent declines. Such an impact is further intensified by global trade integration, causing a sharper yet slightly quicker rebounding output drop. The spillover effects are significantly amplified when US monetary policy tightening is accompanied by an increase in monetary policy uncertainty. Finally, emerging markets exhibit considerable heterogeneity in their responses to US monetary policy shocks.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101956"},"PeriodicalIF":4.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139733293","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
Someone like you: Lottery-like preference and the cross-section of expected returns in the cryptocurrency market 像你这样的人类似彩票的偏好与加密货币市场的预期收益截面
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-28 DOI: 10.1016/j.intfin.2024.101957
Xiaojuan Zhao , Ye Wang , Weiyi Liu
{"title":"Someone like you: Lottery-like preference and the cross-section of expected returns in the cryptocurrency market","authors":"Xiaojuan Zhao ,&nbsp;Ye Wang ,&nbsp;Weiyi Liu","doi":"10.1016/j.intfin.2024.101957","DOIUrl":"10.1016/j.intfin.2024.101957","url":null,"abstract":"<div><p>This study sketches how crypto speculators place their bets and investigates the impact of speculative behavior on cryptocurrency pricing. We conjecture that investors favor comparable alternatives to well-known, successful cryptocurrencies as compensation for missed get-rich-quick opportunities. Our verification begins with developing a composite lottery identification indicator that encapsulates the unique characteristics of cryptocurrencies. Intriguing findings involve the following: A low price effect exists in the cryptocurrency market; small and illiquid cryptocurrencies no longer exhibit superior performance within the most speculative portfolios; investors’ lottery-like preferences are time-varying and differ across cryptocurrencies with different features. Collectively, these findings corroborate our conjecture from various angles.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101957"},"PeriodicalIF":4.0,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139588604","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
Revisiting the fiscal theory of sovereign risk from a DSGE viewpoint 从 DSGE 的角度重新审视主权风险的财政理论
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-28 DOI: 10.1016/j.intfin.2024.101953
Eiji Okano , Kazuyuki Inagaki , Masataka Eguchi
{"title":"Revisiting the fiscal theory of sovereign risk from a DSGE viewpoint","authors":"Eiji Okano ,&nbsp;Kazuyuki Inagaki ,&nbsp;Masataka Eguchi","doi":"10.1016/j.intfin.2024.101953","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101953","url":null,"abstract":"<div><p><span>In this study, we revisit Uribe’s (2006) “fiscal theory of sovereign risk”, which suggests a trade-off between stabilizing inflation and suppressing default. Unlike Uribe (2006), we develop a class of </span>dynamic stochastic general equilibrium models<span> in which the production is endogenous with nominal rigidities but whereby the default mechanism follows Uribe (2006). This marginal change generates the New Keynesian Phillips curve that connects inflation and the output gap. Under the optimal monetary and fiscal (OMF) policy, the nominal interest rate and tax rate are both used as policy instruments. A change in the tax rate stabilizes inflation by stabilizing the output gap. Furthermore, this change in the tax rate stabilizes fiscal surplus. Therefore, a trade-off between stabilizing inflation and suppressing default is mitigated by the OMF policy. Note that the OMF policy is a de facto inflation stabilization policy; thus, the tax rate is viewed as a policy instrument for stabilizing inflation.</span></p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101953"},"PeriodicalIF":4.0,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139653662","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
Does green matter for crowdfunding? International evidence 绿色对众筹是否重要？国际证据
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-28 DOI: 10.1016/j.intfin.2024.101950
Xiaobo Tang , Xingyuan Yao , Ruyi Dai , Qian Wang
{"title":"Does green matter for crowdfunding? International evidence","authors":"Xiaobo Tang ,&nbsp;Xingyuan Yao ,&nbsp;Ruyi Dai ,&nbsp;Qian Wang","doi":"10.1016/j.intfin.2024.101950","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101950","url":null,"abstract":"<div><p>This study investigates how crowdfunding is influenced by “green” factors. The findings reveal that green factors have a significant effect on crowdfunding success. Moreover, the effect of green factors on crowdfunding success has become more pronounced since the emergence of the COVID-19 pandemic. The empirical results further show that there is significant heterogeneity in this effect among developed and developing countries. Finally, we reveal that green factors, in conjunction with metrics such as the number of comments and backers, contribute to crowdfunding success rates. Overall, this study underscores the importance of environmental elements as predictors of crowdfunding success.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101950"},"PeriodicalIF":4.0,"publicationDate":"2024-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139901454","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
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