Journal of International Financial Markets Institutions & Money最新文献_第9页

ESG incidents and corporate green bond market reaction ESG事件与企业绿色债券市场反应

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-01 Epub Date: 2025-05-29 DOI: 10.1016/j.intfin.2025.102178

Matteo Cotugno , Paolo Fiorillo , Stefano Monferrà , Sabrina Severini

{"title":"ESG incidents and corporate green bond market reaction","authors":"Matteo Cotugno , Paolo Fiorillo , Stefano Monferrà , Sabrina Severini","doi":"10.1016/j.intfin.2025.102178","DOIUrl":"10.1016/j.intfin.2025.102178","url":null,"abstract":"<div><div>This paper examines how the secondary market for corporate green bonds reacts to the announcement of Environmental, Social and Governance (ESG) incidents. We compare the cumulative abnormal returns (CARs) of green bonds with those of similar conventional bonds issued by the same firm, using a large international sample covering the period 2013–2022. Our results indicate that the performance of both green and conventional bonds declines after an ESG incident, but the decline is more pronounced for conventional bonds. We attribute this finding to the cost-effectiveness motive driving investors’ response to the ESG incident, as we find that a) there is no green premium (at issuance) in our sample, and b) green bonds are, on average, less liquid than conventional bonds, making the latter easier to sell due to lower transaction costs. Consistent with this argument, we observe opposite findings − namely, no significant performance differences and conventional bonds outperforming green bonds after the ESG incident − only in cases where green bonds exhibit higher liquidity, such as those issued by European firms or those compliant with the Climate Bond Initiative (CBI) standards.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"102 ","pages":"Article 102178"},"PeriodicalIF":5.4,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144166660","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

Financial sector development and intra-African trade 金融部门发展和非洲内部贸易

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-01 Epub Date: 2025-05-13 DOI: 10.1016/j.intfin.2025.102176

Lewis L. Gakpa , Issouf Soumaré , Hugues K. Kouadio , Charles K.D. Adjasi

引用次数: 0

Tax avoidance opportunity for multinational enterprises: effects of digitalized tax administration in China 跨国企业的避税机会：数字化税务管理在中国的影响

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-07-01 Epub Date: 2025-05-19 DOI: 10.1016/j.intfin.2025.102177

Yilan Chen , Shaohai Lei

{"title":"Tax avoidance opportunity for multinational enterprises: effects of digitalized tax administration in China","authors":"Yilan Chen , Shaohai Lei","doi":"10.1016/j.intfin.2025.102177","DOIUrl":"10.1016/j.intfin.2025.102177","url":null,"abstract":"<div><div>This study investigates the impact of digitalized tax administration (DTA) on multinational enterprises’ (MNEs’) tax avoidance, with a specific focus on outward foreign direct investment (OFDI) in tax havens. Using a quasi-natural experiment based on the implementation of Golden Tax Project III (GTP III) in China, we find that home country DTA significantly reduces the difference between nominal and effective tax rates for MNEs by 1.2%. This reduction is primarily driven by a contraction in OFDI breadth in tax havens, which restrains MNEs’ tax avoidance. We demonstrate an asymmetric effect wherein DTA does not significantly influence domestic firms’ tax avoidance, which is attributed to their ability to facilitate cross-regional investment. We also explore the various responses to cross-border tax avoidance approaches employed by MNEs to mitigate the adverse effects of DTA on corporate tax avoidance. Overall, our findings highlight the critical role of home country DTA in managing MNEs’ tax avoidance, particularly in the context of developing countries.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"102 ","pages":"Article 102177"},"PeriodicalIF":5.4,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144090345","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 inflation targeting track record matter for asset prices? Evidence from stock, bond, and foreign exchange markets 通胀目标制对资产价格有影响吗？证据来自股票、债券和外汇市场

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-11 DOI: 10.1016/j.intfin.2025.102141

Zhongxia Zhang

{"title":"Does inflation targeting track record matter for asset prices? Evidence from stock, bond, and foreign exchange markets","authors":"Zhongxia Zhang","doi":"10.1016/j.intfin.2025.102141","DOIUrl":"10.1016/j.intfin.2025.102141","url":null,"abstract":"<div><div>Many central banks have adopted inflation targeting as their monetary policy frameworks since 1990. Yet, monetary authorities’ track records of managing inflation with respect to the stated policy objectives have varied significantly. This paper examines how inflation targeting track records affect asset prices within three common asset classes: stocks, bonds, and exchange rates. The analysis reveals heterogeneous and enduring effects of track records on financial markets. A stronger track record in inflation targeting leads to a more negative reaction from stock markets to inflationary pressures, with effects persisting for about four quarters. Additionally, the sensitivity of rising long-term sovereign bond yields to inflation diminishes for about three quarters as the track record improves. Moreover, credible inflation targeters are more likely to allow greater flexibility in exchange rates to deal with inflationary shocks. Consequently, credible inflation targeting track records produce desirable policy outcomes by reinforcing monetary policy transmission and saving fiscal space.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"101 ","pages":"Article 102141"},"PeriodicalIF":5.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143592075","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

Climate risk and predictability of global stock market volatility 气候风险与全球股市波动的可预测性

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-06 DOI: 10.1016/j.intfin.2025.102135

Mingtao Zhou, Yong Ma

{"title":"Climate risk and predictability of global stock market volatility","authors":"Mingtao Zhou, Yong Ma","doi":"10.1016/j.intfin.2025.102135","DOIUrl":"10.1016/j.intfin.2025.102135","url":null,"abstract":"<div><div>This study examines the informative role of climate risk in improving the predictability of global stock market volatility. By aggregating four climate risk proxies of Faccini et al. (2023), relating to physical climate impacts and climate mitigation actions, we reveal that aggregate climate risk is a significantly positive predictor of stock volatility across 32 international markets. This predictability persists in out-of-sample tests and cannot be subsumed by relevant economic and financial uncertainty measures. However, the predictive power of aggregate climate risk exhibits noteworthy variations over time and across regions; it weakens when economic conditions deteriorate, whereas it strengthens following the Paris Agreement and in regions with advanced financial development, high energy intensity, and strong climate change readiness. Moreover, by dissecting the multiple facets of climate risk, we show that physical risks, especially natural disasters, have much stronger predictability than transition risks. These predictive insights offer valuable guidance for risk management, policy planning, and the adjustment of asset pricing models in response to the evolving global climate risk landscape.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"101 ","pages":"Article 102135"},"PeriodicalIF":5.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562512","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 effects of the counter-cyclical factor on renminbi co-movements 逆周期因素对人民币联动的影响

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-11 DOI: 10.1016/j.intfin.2025.102144

Yike Sun

引用次数: 0

Could an economy get stuck on a rational pessimism sunspot path? The case of Japan 经济会陷入理性悲观的太阳黑子路径吗？日本的例子

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-17 DOI: 10.1016/j.intfin.2025.102142

Vo Phuong Mai Le , David Meenagh , Patrick Minford

引用次数: 0

Can bilateral RMB swap reduce monetary policy spillovers from the United States to China? 双边人民币互换能否减少美国货币政策对中国的溢出效应？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-21 DOI: 10.1016/j.intfin.2025.102157

Mi Zhang , Ahmet Sensoy , Duc Khuong Nguyen , Feiyang Cheng

引用次数: 0

Do U.S. Institutional investors react to international politics? 美国机构投资者对国际政治有何反应？

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-04-06 DOI: 10.1016/j.intfin.2025.102160

Jun Myung Song , Woochan Kim

{"title":"Do U.S. Institutional investors react to international politics?","authors":"Jun Myung Song , Woochan Kim","doi":"10.1016/j.intfin.2025.102160","DOIUrl":"10.1016/j.intfin.2025.102160","url":null,"abstract":"<div><div>This study explores whether foreign policy disagreements with the United States affect overseas portfolio investment decisions of U.S. institutional investors. Employing bilateral disagreement measures derived from contrasting voting decisions at the United Nations (UN) General Assembly, we find strong empirical evidence affirming this connection. We find a drop in U.S. institutional ownership in non-U.S. firms if the country they are listed in undergoes a downturn in their political relations with the U.S. Furthermore, our research unveils that this reduced U.S. institutional ownership primarily originates from investors’ reluctance to allocate capital to firms generating operating income in the U.S. Our results are further substantiated through Difference-in-Differences analyses centered around France and Germany’s opposition to the U.S.-initiated Iraq incursion in January 2003. Firms based in France and Germany experience a reduction in U.S. institutional holdings, accompanied by a decline in analyst earnings per share (EPS) forecasts. Lastly, we find that political tensions between the U.S. and a foreign nation negatively impact the valuation of firms based in that foreign country, with this effect primarily driven by divestment actions undertaken by U.S. institutional investors.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"101 ","pages":"Article 102160"},"PeriodicalIF":5.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783962","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 impact of corporate diversification on liquidity management: Evidence from lines of credit 公司多元化对流动性管理的影响：来自信贷额度的证据

IF 5.4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-01 Epub Date: 2025-03-05 DOI: 10.1016/j.intfin.2025.102139

Christina Atanasova, Frederick H. Willeboordse

{"title":"The impact of corporate diversification on liquidity management: Evidence from lines of credit","authors":"Christina Atanasova, Frederick H. Willeboordse","doi":"10.1016/j.intfin.2025.102139","DOIUrl":"10.1016/j.intfin.2025.102139","url":null,"abstract":"<div><div>We examine the impact of organizational structure on corporate liquidity, specifically focusing on how business diversification influences firms’ choice between bank lines of credit and cash holdings. Using a large sample of publicly traded companies from both developed and emerging markets, we observe that diversified firms operating across multiple industries (segments) tend to rely more heavily on bank lines of credit than their more focused counterparts. We find that lower correlations in the investment opportunities across business segments and higher correlations between investment opportunities and cash flows are associated with a greater reliance on bank lines of credit as a source of corporate liquidity. Moreover, for Emerging Market firms that face binding financial constraints, the effect of diversification on liquidity management is stronger. Our findings do not support the notion that this behavior is driven by diversified firms with lower aggregate risk or better corporate governance. Instead, the results are consistent with the monitored insurance hypothesis, where diversified firms with lower liquidity risk and hedging requirements use bank lines of credit more extensively.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"101 ","pages":"Article 102139"},"PeriodicalIF":5.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143562511","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