International Journal of Finance and Economics最新文献_第5页

Does the firm's life cycle matter in the relationship between short‐term debt and investment efficiency? 在短期债务与投资效率的关系中，公司的生命周期是否重要？

International Journal of Finance and Economics Pub Date : 2024-04-04 DOI: 10.1002/ijfe.2977

Ala'a Adden Awni Abuhommous

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Environmental and social governance performance and enterprise total factor productivity 环境和社会治理绩效与企业全要素生产率

International Journal of Finance and Economics Pub Date : 2024-04-03 DOI: 10.1002/ijfe.2974

Zhonghua Cheng, Lele Han

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Does a co‐opted director affect a firm's financial distress risk? 增选董事是否会影响公司的财务困境风险？

International Journal of Finance and Economics Pub Date : 2024-03-21 DOI: 10.1002/ijfe.2959

Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Riadh Manita, Asif Saeed

{"title":"Does a co‐opted director affect a firm's financial distress risk?","authors":"Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Riadh Manita, Asif Saeed","doi":"10.1002/ijfe.2959","DOIUrl":"https://doi.org/10.1002/ijfe.2959","url":null,"abstract":"This study examines the relationship between co‐opted directors (CODIR), measured as the fraction of directors appointed after the Chief Executive Officer (CEO) assumes office to board size, and firms' financial distress risk (FFDR). Understanding the relationship between CODIR and FFDR is imperative due to the significant impact of high risk‐taking on financial crises and the heightened expectations placed on board members for risk oversight. Despite growing research on corporate governance and FFDR, little attention has been paid to the role of CODIRs, presenting a significant gap in the literature. Using a US sample from 1996 to 2019, covering 13,486 firm‐year observations, we document that CODIR reduces FFDR, supporting the hypothesis that co‐opted directors have a lower financial distress risk‐taking propensity than their non‐co‐opted counterparts. We also find that a critical mass of at least three CODIRs and independent CODIRs reduces FFDR. Our results also document that CEO power in the form of CEO duality and CEO tenure, external monitoring in the form of the number of analysts following the firm, competition, and takeover susceptibility do not drive our main conclusions for co‐option and FFDR. Finally, the results show that CODIR reduces FFDR through liquidity channels. The findings remain robust to various definitions of co‐option and distress risk, and are consistent in both difference‐in‐differences analysis and propensity score matching.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140202491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Japanese stock market sectoral dynamics: A time and frequency analysis 日本股市的行业动态：时间和频率分析

International Journal of Finance and Economics Pub Date : 2024-03-19 DOI: 10.1002/ijfe.2965

Rim El Khoury, Muneer M. Alshater, Onur Polat

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Partial index tracking enhanced mean–variance portfolio 部分指数跟踪增强型均值方差投资组合

International Journal of Finance and Economics Pub Date : 2024-03-14 DOI: 10.1002/ijfe.2967

Zhaokun Cai, Zhenyu Cui, Majeed Simaan

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Determinants of the degree of fiscal sustainability 财政可持续性程度的决定因素

International Journal of Finance and Economics Pub Date : 2024-03-14 DOI: 10.1002/ijfe.2960

António Afonso, José Alves, José Carlos Coelho

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Effects of QE on sovereign bond spreads through the safe asset channel 量化宽松通过安全资产渠道对主权债券利差的影响

International Journal of Finance and Economics Pub Date : 2024-03-13 DOI: 10.1002/ijfe.2958

Jan Willem van den End

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How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time? 随着时间的推移，储备货币和主要市场的不确定性如何影响石油价格的不确定性？

International Journal of Finance and Economics Pub Date : 2024-03-12 DOI: 10.1002/ijfe.2962

Baris Kocaarslan, Ugur Soytas

{"title":"How do the reserve currency and uncertainties in major markets affect the uncertainty of oil prices over time?","authors":"Baris Kocaarslan, Ugur Soytas","doi":"10.1002/ijfe.2962","DOIUrl":"https://doi.org/10.1002/ijfe.2962","url":null,"abstract":"This research aims to understand how certain events, like the global financial crisis, the post-global financial crisis period, the COVID-19 pandemic, and the Russia-Ukraine war, along with changes in the value of the US dollar and uncertainty in gold, currency, and stock markets, affect the uncertainty in oil prices. We are particularly interested in looking at positive and negative changes in these factors when oil price uncertainty is either high or low. To achieve this, we use a quantile regression method, which allows us to analyse different levels of oil price uncertainty effectively. Throughout the whole timeframe we looked at, the initial findings suggest that when there is much uncertainty in the oil market, the US dollar and uncertainty in major markets have a bigger influence on making the oil market more uncertain, compared to times when there is not much uncertainty about oil prices. We also noticed that the impacts of negative and positive changes in the reserve currency, and uncertainties are quite different when crises happen. To cite an example, when there is much uncertainty about oil prices, positive expectations about economic activity (because the reserve currency is weaker) and confidence in the stock market (less worry about a shock in the stock market) have a stronger impact, reducing uncertainty in oil prices during the global financial crisis. On the other hand, more negative effects from pessimistic expectations (due to a stronger US dollar and increased fear of a shock in the stock market) lead to higher oil price uncertainty during the COVID-19 pandemic. According to what we have discovered in our analysis, policymakers and investors should evaluate how both negative and positive shifts in the reserve currency (US dollar) and uncertainties in gold, currency, and stock markets separately affect the uncertainty in oil prices. It is important to understand that these effects vary depending on the level of uncertainty in oil prices and the direction (positive or negative) and timing of the changes.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The tail connectedness among conventional, religious, and sustainable investments: An empirical evidence from neural network quantile regression approach 传统投资、宗教投资和可持续投资之间的尾部关联性：神经网络量化回归方法的经验证据

International Journal of Finance and Economics Pub Date : 2024-03-10 DOI: 10.1002/ijfe.2949

Xin Jin, Bisharat Hussain Chang, Chaosheng Han, Mohammed Ahmar Uddin

{"title":"The tail connectedness among conventional, religious, and sustainable investments: An empirical evidence from neural network quantile regression approach","authors":"Xin Jin, Bisharat Hussain Chang, Chaosheng Han, Mohammed Ahmar Uddin","doi":"10.1002/ijfe.2949","DOIUrl":"https://doi.org/10.1002/ijfe.2949","url":null,"abstract":"Financial markets are highly unpredictable and often associated with tail risks. This study examines the tail connectivity among three distinct markets—conventional, religious, and sustainable—and uses a new neural network quantile regression technique to quantify their risk exposure. The findings suggest that traditional and religious investments have the greatest tail risk exposure during crises, emphasising the importance of diversification using sustainable investments. The Systematic Network Risk Index identifies intense events, such as the COVID-19 pandemic, the European debt crisis, and the global financial crisis, as having the greatest tail risk. The Systematic Fragility Index finds the Islamic stocks during the COVID-19 crisis and the conventional stock market before the pandemic to the highly vulnerable markets. On the other hand, the Systemic Hazard Index identifies Islamic stocks as the primary source of systemic risk. The study concludes by providing implications for decision-makers, regulatory authorities, investors, players in the financial system, and investment managers to diversify their risk by utilising green/sustainable investments.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"28 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140107818","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Credit risk modelling within the euro area in the COVID‐19 period: Evidence from an ICAS framework COVID-19 期间欧元区的信用风险建模：来自 ICAS 框架的证据

International Journal of Finance and Economics Pub Date : 2024-03-07 DOI: 10.1002/ijfe.2957

Georgios Chortareas, Apostolos G. Katsafados, Theodore Pelagidis, Chara Prassa

{"title":"Credit risk modelling within the euro area in the COVID‐19 period: Evidence from an ICAS framework","authors":"Georgios Chortareas, Apostolos G. Katsafados, Theodore Pelagidis, Chara Prassa","doi":"10.1002/ijfe.2957","DOIUrl":"https://doi.org/10.1002/ijfe.2957","url":null,"abstract":"This paper develops a logistic regression model in an in‐house credit assessment system (ICAS) framework for predicting corporate defaults in the Greek economy. We consider the impact of the COVID‐19 pandemic and the associated government financial support schemes, aiming to protect against financial vulnerabilities, on the probability of default of non‐financial firms, as well as the relevant sectoral and firm‐size effects. In developing the ICAS framework, we address methodological issues such as the predictive performance of statistical versus machine learning approaches and the imbalanced dataset problem, indicating ways to evaluate such models with strong predictive power. Our findings suggest that the effect of the financial support measures dominates the pandemic shocks, thus substantially reducing the probability of firms' default, while the size‐ and industry‐based models show that firms in the micro and services sectors benefited the most. Furthermore, using a random forest model, our findings highlight the trade‐off between the transparency of traditional statistical models and the predictive value of machine learning models.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140073253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0