International Review of Financial Analysis最新文献_第9页

Green bonds & clean energy in sustainable finance: Evidence from DCC-GARCH connectedness 可持续金融中的绿色债券和清洁能源：来自DCC-GARCH联系的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-26 DOI: 10.1016/j.irfa.2025.104168

Konstantinos N. Konstantakis , Pavlos Koulmas , Panayotis G. Michaelides , Thomas Porcher , Arsenios-Georgios N. Prelorentzos

{"title":"Green bonds & clean energy in sustainable finance: Evidence from DCC-GARCH connectedness","authors":"Konstantinos N. Konstantakis , Pavlos Koulmas , Panayotis G. Michaelides , Thomas Porcher , Arsenios-Georgios N. Prelorentzos","doi":"10.1016/j.irfa.2025.104168","DOIUrl":"10.1016/j.irfa.2025.104168","url":null,"abstract":"<div><div>The paper examines green bonds and their relationship with clean energy and financial markets. With the world economy shifting towards a climate change-resilient model, green bonds—securities that finance environmentally friendly projects—are still in demand. Nonetheless, green bonds can still be considered a small portion of the overall bond market share. This paper establishes the transmission of the green bond market and its interaction with other financial assets such as metals, rare elements, and energy commodities by means of DCC-GARCH connectedness. Our paper estimates the degree of spillovers and dependencies among various green asset classes. We use a powerful approach that takes into account both cross-sectional and dynamic effects. The analysis shows that green bonds hold a central position in impacting other assets within the system, including commodities, clean energy, and oil. This suggests that green bonds function not only as standalone financial instruments but also offer diversification and hedging benefits. The findings offer valuable insights for investors aiming to manage sustainable portfolios and increase funds for low-carbon projects.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104168"},"PeriodicalIF":7.5,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Geopolitical risk and energy markets in China 地缘政治风险与中国能源市场

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-26 DOI: 10.1016/j.irfa.2025.104187

Xiaomei Su , Ummara Razi , Shangmei Zhao , Wei Li , Xiao Gu , Jiale Yan

{"title":"Geopolitical risk and energy markets in China","authors":"Xiaomei Su , Ummara Razi , Shangmei Zhao , Wei Li , Xiao Gu , Jiale Yan","doi":"10.1016/j.irfa.2025.104187","DOIUrl":"10.1016/j.irfa.2025.104187","url":null,"abstract":"<div><div>We examine the impact of geopolitical risk (GPR) on China's energy markets, focusing on carbon emission allowance prices, the clean energy stock index, the environmental–social–governance (ESG) 100 stock index, and the gas and oil stock index. Using a quantile-on-quantile regression with kernel regularized least squares methodology, we analyze weekly data from China from March 2, 2015, to December 26, 2022. Findings reveal that GPR negatively affects carbon market prices and ESG stocks, particularly when these markets are in weaker states. Conversely, clean energy stocks benefit from geopolitical uncertainties under favorable market conditions, while traditional energy stocks exhibit resilience and even strengthen due to their strategic importance during periods of heightened GPR. Moreover, GPR significantly drives energy market volatility, with amplified effects in high-volatility market conditions. This quantile-specific approach provides a nuanced understanding of how GPR influences energy assets, emphasizing the importance of tailored risk management strategies. Our findings highlight the necessity of integrating GPR assessments into investment decisions and policy frameworks to reduce the uncertainty affecting China's energy markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104187"},"PeriodicalIF":7.5,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Corporate culture and trade credit 企业文化与贸易信用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-26 DOI: 10.1016/j.irfa.2025.104178

G M Wali Ullah , Isma Khan , Mohammad Abdullah

引用次数: 0

Facial masculinity, risk preferences, and corporate hedging 面部阳刚之气，风险偏好和公司对冲

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104197

Massimiliano Barbi , Valentina Febo

引用次数: 0

Assessing the impact of government environmental attention on corporate ESG performance: Empirical insights from A-share listed firms in China 政府环境关注对企业ESG绩效的影响评估：来自中国a股上市公司的实证分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104164

Xiaoling Ouyang , Xin Yao , Ru Fan

引用次数: 0

Regret in global equity markets 全球股市的遗憾

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104198

Yigit Atilgan, K. Ozgur Demirtas, A. Doruk Gunaydin, Aynur Dilan Tosun

引用次数: 0

Disrupting political ties, enhancing transparency: China's anti-corruption campaign and corporate R&D disclosure 打破政治关系，提高透明度：中国的反腐运动与企业研发信息披露

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104160

Mengshu Hao , Jieying Hong , Yining Zhang

{"title":"Disrupting political ties, enhancing transparency: China's anti-corruption campaign and corporate R&D disclosure","authors":"Mengshu Hao , Jieying Hong , Yining Zhang","doi":"10.1016/j.irfa.2025.104160","DOIUrl":"10.1016/j.irfa.2025.104160","url":null,"abstract":"<div><div>This paper examines the impact of China's anti-corruption campaign on firms' R&D disclosure practices. Utilizing a novel measure of R&D disclosure transparency, constructed via the Latent Dirichlet Allocation (LDA) approach applied to question-and-answer texts from Earnings Communication Conferences (ECCs), we find that firms with high levels of corruption prior to the campaign significantly increase the transparency of their R&D disclosures following its implementation. These findings remain robust across a range of robustness and endogeneity tests. Further analysis reveals that firms receiving greater R&D subsidies or benefiting from lower debt costs demonstrate more pronounced improvements in R&D disclosure transparency. Moreover, firms exhibiting larger increases in disclosure transparency secure higher levels of R&D subsidies and long-term loans post-campaign. These results suggest that the enhanced R&D disclosure likely represents a strategic response by firms to sustain government support and obtain favorable financing conditions amid weakened political connections. Thus, our study illuminates a novel role for R&D disclosure in enabling firms to adapt to the loss of political ties and highlights an unintended benefit of government anti-corruption efforts in enhancing corporate information transparency.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104160"},"PeriodicalIF":7.5,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143760259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

CEO age and stock price synchronicity CEO年龄与股价同步性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104195

Calorine Twongirwe , Martin Bakundana

引用次数: 0

Decoding market reactions: Analysis of divergent signals of ESG ratings 解读市场反应：ESG评级分歧信号分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-25 DOI: 10.1016/j.irfa.2025.104161

Felix Bachner

引用次数: 0

The digitalisation of the real estate market: New evidence from the most prominent crypto hacker attacks 房地产市场的数字化：来自最著名的加密货币黑客攻击的新证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-24 DOI: 10.1016/j.irfa.2025.104166

Viktor Manahov, Mingnan Li

{"title":"The digitalisation of the real estate market: New evidence from the most prominent crypto hacker attacks","authors":"Viktor Manahov, Mingnan Li","doi":"10.1016/j.irfa.2025.104166","DOIUrl":"10.1016/j.irfa.2025.104166","url":null,"abstract":"<div><div>Blockchain innovations, particularly real estate tokens, have revolutionised the real estate market, enhancing efficiency, security, and transparency. However, the lurking threat of crypto hacker attacks on the digital real estate market demands immediate attention. We examine the impact of eight crypto hacker attacks on five types of real estate tokens. Our volatility spillover test results reveal that the stolen Ethereum have a statistically significant volatility spillover effect on the real estate token market, particularly for large capitalisation TokenFi and Hifi Finance tokens, which involve real estate investment returns. In contrast, the Propy and Propchain tokens, related to real estate transactions, show no statistically significant volatility spillover effect. This disparity underscores the varying vulnerability of different real estate tokens to the heists, depending on their market capitalisation and application. Further tests uncover market inefficiency and low liquidity post-attack, indicating that negative signals from crypto hacker attacks trigger irrational investor behaviour. Our findings highlight the urgent need for robust security measures in the digital real estate market to mitigate the negative impacts of crypto hacker attacks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104166"},"PeriodicalIF":7.5,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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