Journal of International Financial Markets Institutions & Money最新文献

筛选
英文 中文
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
The efficiency of the Estr overnight index swap market Estr隔夜指数掉期市场的效率
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-26 DOI: 10.1016/j.intfin.2024.101943
Marco Realdon
{"title":"The efficiency of the Estr overnight index swap market","authors":"Marco Realdon","doi":"10.1016/j.intfin.2024.101943","DOIUrl":"10.1016/j.intfin.2024.101943","url":null,"abstract":"<div><p>This paper studies the profitability of market-neutral delta-hedged strategies trading the mispricing of Euro Short Term Rate Overnight Index Swaps (Estr OIS) signalled by standard affine term structure models. Calibrating these models produces pricing errors that signal mispricing and the deltas to hedge market risk. The paper presents simple-to-compute portfolio weights that maximise the OIS arbitrage portfolio information ratio subject to market-neutral delta-hedge constraints and subject to bid–ask spreads. The empirical evidence shows that only investors who can “split” the bid–ask spread can profitably exploit the pricings errors signalled by these models. Investors who can only ever trade at the bid or at the ask cannot profit. Pricing errors are strongly positively auto-correlated, which hampers the profitability of trades that expect the correction of such errors. These results imply that the Estr OIS market is quite efficient and are robust to a number of models and strategies. Four and five factor models are more profitable than three factor ones. Assuming that some OIS rates are observed without error reduces the profitability of models and strategies.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101943"},"PeriodicalIF":4.0,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139638176","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
Digital finance era: Will individual investors become better players? 数字金融时代:个人投资者能否成为更好的参与者?
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-26 DOI: 10.1016/j.intfin.2024.101935
Xiaomeng Lu , Xianjun Zhang , Jiaojiao Guo , Pengpeng Yue
{"title":"Digital finance era: Will individual investors become better players?","authors":"Xiaomeng Lu ,&nbsp;Xianjun Zhang ,&nbsp;Jiaojiao Guo ,&nbsp;Pengpeng Yue","doi":"10.1016/j.intfin.2024.101935","DOIUrl":"10.1016/j.intfin.2024.101935","url":null,"abstract":"<div><p>Exploring the intersection of new technologies and financial services, this study probes the role of digital inclusive finance in enhancing the performance of individual investors. Utilizing a unique dataset, we examine the influence of digital inclusive finance in diverse financial environments, particularly focusing on areas with varying levels of traditional financial development and investor protection. Our panel-data statistical model addresses endogeneity concerns, revealing that digital inclusive finance notably boosts investor performance, primarily through enhanced investment diversification and reduced disposition effect. These improvements are more pronounced in regions with underdeveloped traditional finance or robust investor protection. This study not only contributes to understanding the nexus between digital inclusive finance and investor behavior but also suggests policy implications. We recommend leveraging digital financial strategies to empower investors, particularly in less developed financial regions, to maximize the benefits of digital inclusive finance inclusivity.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101935"},"PeriodicalIF":4.0,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139631766","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
Infrastructure financing in Africa 非洲基础设施融资
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-24 DOI: 10.1016/j.intfin.2024.101954
Qiongfang Lu, Craig Wilson
{"title":"Infrastructure financing in Africa","authors":"Qiongfang Lu,&nbsp;Craig Wilson","doi":"10.1016/j.intfin.2024.101954","DOIUrl":"10.1016/j.intfin.2024.101954","url":null,"abstract":"<div><p>We explore current development and constraints on infrastructure financing in Africa. We examine how infrastructure development in African countries affects ownership and capital structure choices of private and public–private partnership infrastructure projects. Using data from 33 African countries over 17 years, our findings suggest that infrastructure projects in African countries with better infrastructure development tend to have more private investment, more long-term investment, and they tend to use more debt financing, including more commercial debt, and less equity in their capital structure. For the least developed African countries, where debt financing is scarce, equity investment is vital for infrastructure financing.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101954"},"PeriodicalIF":4.0,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139632673","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
Examining the impact of liquidity creation on bank stability in the Asia Pacific region: Do ESG disclosures play a moderating role? 研究亚太地区流动性创造对银行稳定性的影响:环境、社会和治理信息披露是否起到调节作用?
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-24 DOI: 10.1016/j.intfin.2024.101955
Juhi Gupta , Smita Kashiramka
{"title":"Examining the impact of liquidity creation on bank stability in the Asia Pacific region: Do ESG disclosures play a moderating role?","authors":"Juhi Gupta ,&nbsp;Smita Kashiramka","doi":"10.1016/j.intfin.2024.101955","DOIUrl":"10.1016/j.intfin.2024.101955","url":null,"abstract":"<div><p>The global financial crisis reignited concerns regarding the stability and sustainability of banks. Since liquidity creation (LC) is a core output of banks, we examine if the nexus between LC and bank stability is conditional on ESG (environmental, social, and governance) disclosure by banks. Our sample comprises 178 commercial banks (1568 observations) during the period 2010–2019 in the Asia-Pacific region. Using a two-step system GMM estimation, our results document a positive impact of LC on bank stability. Additionally, ESG disclosures positively moderate the stability effect of LC, i.e., higher LC is associated with significantly more enhancement in bank stability for banks that have a higher disclosure of ESG scores compared to banks that have a moderate disclosure. Furthermore, we also provide evidence of variation in the moderating role of ESG disclosures in advanced and emerging economies. Overall, our results recommend that integrating ESG practices into banks' internal processes improves their financial soundness. Additionally, blanket implementation of liquidity regulations might be detrimental to banks’ stability.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101955"},"PeriodicalIF":4.0,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139589268","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
Migration fear and stock price crash risk 移民恐惧与股价暴跌风险
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-01-24 DOI: 10.1016/j.intfin.2024.101945
Kuntal K. Das, Mona Yaghoubi
{"title":"Migration fear and stock price crash risk","authors":"Kuntal K. Das,&nbsp;Mona Yaghoubi","doi":"10.1016/j.intfin.2024.101945","DOIUrl":"10.1016/j.intfin.2024.101945","url":null,"abstract":"<div><p>We examine whether migration fear increases future stock price crash risk. We find that a 10 percentage point increase in the migration fear index increases the future stock price crash risk by 17 to 19 percentage points. Our results hold after controlling for macroeconomic conditions, including economic policy uncertainty, and using instrumental variables to address endogeneity issues. The impact of migration fear on crash risk is larger for firms with greater asymmetric information and firms with weaker monitoring mechanisms. We conclude that migration fear can significantly change risk tolerance in financial markets and affect stock price crash risk.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101945"},"PeriodicalIF":4.0,"publicationDate":"2024-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000118/pdfft?md5=38ee3802991c1aff110bd88bdd527435&pid=1-s2.0-S1042443124000118-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139634424","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
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信