Investment Management and Financial Innovations最新文献_第4页

The impact of intellectual capital on company financial performance: Evidence from the Omani industrial sector 知识资本对公司财务业绩的影响：来自阿曼工业部门的证据

Investment Management and Financial Innovations Pub Date : 2024-03-12 DOI: 10.21511/imfi.21(1).2024.26

S. Lehenchuk, D. Zakharov, I. Vyhivska, V. Makarovych, Yaroslav V. Sheveria

{"title":"The impact of intellectual capital on company financial performance: Evidence from the Omani industrial sector","authors":"S. Lehenchuk, D. Zakharov, I. Vyhivska, V. Makarovych, Yaroslav V. Sheveria","doi":"10.21511/imfi.21(1).2024.26","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.26","url":null,"abstract":"The article aims to investigate, using the VAIC and MVAIC models, the impact of intellectual capital on the financial performance of Omani companies listed on the Muscat Stock Exchange from 2017 to 2021. Regression analysis revealed a significant positive influence of VAIC and MVAIC only on the Asset Turnover Ratio at a 10% significance level. This suggests that an increase in VAIC or MVAIC by one unit could lead to a respective increase in earnings for Omani listed industrial companies by 0.0017 and 0.0016. However, the overall impact of VAIC and MVAIC on financial performance appears limited, necessitating measures for enhanced efficacy. Moreover, company size and leverage were found to significantly influence EBITDA and Return on Assets, suggesting the positive effect of increased activity and resource utilization. Conversely, Return on Customer Equity negatively affected only Asset Turnover Ratio, implying that investments in marketing and advertising may not significantly enhance financial performance. Human Capital Efficiency showed no significant impact on financial performance measures, highlighting the necessity for Omani industrial enterprises to focus on enhancing employee skills and experience for improved value-creation processes. These findings underscore the intricate relationship between intellectual, physical, and financial capital in shaping financial performance, necessitating targeted strategies for enhancement. Further analysis of suggested models indicated the significance of company size on EBITDA, highlighting the importance of scaling activities for performance improvement. VAIC and MVAIC structural elements showed mixed results, while Capital Employed Efficiency negatively affected Return on Equity, Structural Capital Efficiency positively impacted EBITDA and Asset Turnover Ratio.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140248511","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

Overconfidence bias among retail investors: A systematic review and future research directions 散户投资者的过度自信偏差：系统回顾与未来研究方向

Investment Management and Financial Innovations Pub Date : 2024-03-06 DOI: 10.21511/imfi.21(1).2024.23

Dharmendra Singh, Garima Malik, Aruna Jha

{"title":"Overconfidence bias among retail investors: A systematic review and future research directions","authors":"Dharmendra Singh, Garima Malik, Aruna Jha","doi":"10.21511/imfi.21(1).2024.23","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.23","url":null,"abstract":"This paper comprehensively evaluates the literature on retail investor overconfidence using a framework-based systematic approach to understand the various dimensions of overconfidence bias, its effect on investing choices, and market dynamics. A systematic review of 137 publications from the Scopus database have been done to detect the research trend concerning investor overconfidence bias from its inception. An integrated ADO-TCM framework has been employed to present a systematic analysis of the theory, context, and methodologies (TCM) employed in the reviewed studies. The ADO (Antecedents, Decisions, and Outcomes) framework thoroughly examines the antecedents, decisions, and results of investor overconfidence. The study identified four broad sets of factors contributing to investor overconfidence, as found in the existing literature. These factors include demographic characteristics, personality traits of investors, their knowledge and experience, and the features of investments and investor types. The Prospect theory is the most popular theory in the literature, with much research using secondary data and experiment-based analysis. The prospective study directions, based on the gaps in the existing literature, are as follows: further investigation into the decision-making processes of overconfident retail and professional investors is a worthwhile subject. Future research may shift their focus from financial outcome variables to non-financial outcome variables such as the impact of investor overconfidence on individuals’ stress levels, subjective financial well-being, and overall life happiness.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"11 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140262292","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

Navigating the technical analysis in stock markets: Insights from bibliometric and topic modeling approaches 股票市场技术分析导航：文献计量学和主题建模方法的启示

Investment Management and Financial Innovations Pub Date : 2024-02-28 DOI: 10.21511/imfi.21(1).2024.21

Sarveshwar Kumar Inani, H. Pradhan, Surender Kumar, Baidyanath Biswas

{"title":"Navigating the technical analysis in stock markets: Insights from bibliometric and topic modeling approaches","authors":"Sarveshwar Kumar Inani, H. Pradhan, Surender Kumar, Baidyanath Biswas","doi":"10.21511/imfi.21(1).2024.21","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.21","url":null,"abstract":"In stock markets, technical analysis plays a vital role by offering valuable insights into price trends, patterns, and anticipated market movements, aiding investors in making well-informed decisions. This study employs bibliometric and topic modelling approaches on 589 English-language journal articles indexed in Scopus in the last two decades (from 2003 to 2023), exclusively focusing on technical analysis in stock markets. The keyword co-occurrence analysis identifies five topic clusters. The application of structural topic modelling also unravels five prominent thematic clusters, namely pattern-based forecasting, rule-based trading, algorithmic trading, techno-fundamental trading, and machine learning & sentiment analysis. The topic of pattern-based forecasting involves researching the application of various patterns or models to predict stock prices. Rule-based trading concentrates on utilizing technical analysis tools to generate buy and sell signals, aiming for profitability. The algorithmic trading cluster explores the use of algorithms to systematically execute buy and sell actions, especially in high-frequency trading scenarios. Techno-fundamental trading investigates the integration of both fundamental and technical analysis in trading and investment decisions. Lastly, machine learning & sentiment analysis focus on applying advanced machine learning techniques and sentiment analysis for predicting stock prices, highlighting the use of sophisticated methods in this domain. The three predominant topics in the dataset are \"rule-based trading,\" \"machine learning & sentiment analysis,\" and \"algorithmic trading\" constituting 26.79%, 23.52%, and 21.11% of the dataset, respectively. These findings underscore the prominence and significance of these themes within the context of the research domain.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"486 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140417296","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

Changing dividend payout behavior and predicting dividend policy in emerging markets: Evidence from India 新兴市场股利支付行为的变化与股利政策的预测：来自印度的证据

Investment Management and Financial Innovations Pub Date : 2024-02-20 DOI: 10.21511/imfi.21(1).2024.20

Amit Kumar, Pankaj Sinha

{"title":"Changing dividend payout behavior and predicting dividend policy in emerging markets: Evidence from India","authors":"Amit Kumar, Pankaj Sinha","doi":"10.21511/imfi.21(1).2024.20","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.20","url":null,"abstract":"Dividends have become increasingly important for capital market participants to achieve financial goals in the rapidly changing Indian economy. This study aims to simplify the evolving Indian dividend puzzle by analyzing the dividend trends, examining the evolving nature of firm and macroeconomic determinants of dividends, and developing a dividend policy prediction model. Dividend trends of 3,162 non-financial listed Indian firms from 2006–2022 are studied to gain insights about the Indian dividend puzzle. Regularization and logit models are used to explore the nature of impact of important dividend determinants. Data-mining methods are employed to build a robust model for dividend policy prediction. Trend analysis reveals a decline in the quantum of dividends and proportion of dividend-paying firms with approximately 90% of the dividend-payers belonging to the manufacturing and service sector. Further findings suggest that size, age, maturity, profitability, past dividends, earnings, and bank monitoring of firms had a favorable impact on the likelihood of dividend payments. Macroeconomic indicators such as GDP growth rate, repo rate, percentage change in equity issues, listings, gross fixed assets formation also had a positive impact. The annual percentage change in debt issues and new project announcements at the macro level with investment prospects at firm level negatively impacted dividends. Dividend prediction model based on the random forest technique achieved the highest prediction accuracy of 90.77% and 77.31% under binomial and multi-class situations. These findings are expected to help corporate executives, portfolio managers and investors proactively design optimal dividend policies and formulate their investment strategies.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"39 28","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140449248","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

Unlocking SME investment potential: The determinants of an effective credit guarantee scheme in Morocco 释放中小企业的投资潜力：摩洛哥有效信贷担保计划的决定因素

Investment Management and Financial Innovations Pub Date : 2024-02-19 DOI: 10.21511/imfi.21(1).2024.19

Oussouadi Kamal, Cherkaoui Kenza

{"title":"Unlocking SME investment potential: The determinants of an effective credit guarantee scheme in Morocco","authors":"Oussouadi Kamal, Cherkaoui Kenza","doi":"10.21511/imfi.21(1).2024.19","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.19","url":null,"abstract":"This research seeks to identify the factors influencing the investment potential of SMEs following their receipt of government-guaranteed loans. To this end, an empirical methodology based on the statistical analysis of data collected from a representative sample of Moroccan companies was employed. This sample of 335 SMEs that had benefited from loans with government guarantees was selected at random to ensure its relevance to the population of SMEs in Morocco. The methodological approach is based on a regression analysis using the robust least squares (RLS) method. Firm profitability is positively related to higher investment, suggesting that government guarantees should encourage investment by profitable SMEs. Liquidity, repayment capacity and indebtedness at the time of applying for finance do not appear to influence investment. These elements can be improved after financing, which indicates that government guarantees should not penalize SMEs in difficulty. Decision-making maturity has a negative effect on investment, suggesting that young companies and entrepreneurs tend to invest more. A negative correlation is observed between company size and investment, which suggests that government guarantees should be geared towards small SMEs and young companies and entrepreneurs. Finally, managers with a large share of capital invest more, leading us to believe that government guarantees should favor this type of SME.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"15 17","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140450896","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

Green investment in South Africa: A perception of overinvestment or underinvestment in energy and mining firms 南非的绿色投资：对能源和矿业公司过度投资或投资不足的看法

Investment Management and Financial Innovations Pub Date : 2024-02-16 DOI: 10.21511/imfi.21(1).2024.18

Oloyede Obagbuwa, Freddy Munzhelele

{"title":"Green investment in South Africa: A perception of overinvestment or underinvestment in energy and mining firms","authors":"Oloyede Obagbuwa, Freddy Munzhelele","doi":"10.21511/imfi.21(1).2024.18","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.18","url":null,"abstract":"This paper investigates green investments in energy and mining firms in South Africa to determine the efficiency level in terms of overinvestment and underinvestment. The general Richardson residual measurement model is employed, and an enhanced model is created by including variables that influence green investment, such as political connections and pollutant emissions. Data from 17 companies (5 energy and 12 mining) were used because of the significant effects of their operations on the environment over the period between 2015 and 2022. The study findings show that, in comparison to the estimated optimal investment level, South African energy and mining firms are not consistent regarding their investment level. It interplays between underinvestment and overinvestment. However, both firms demonstrated the tendency to green investment inefficiency due to underinvestment recorded in the latter years of the sample period. The study provides understanding as regards green investment levels of energy and mining firms and hence recommends adequate oversight and formulation of environmental policy by the government to ensure green investment efficiency in line with both national and international policies and regulations to facilitate a sustainable environment.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"57 21","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139960960","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

Predictive modeling of return volatility in sustainable investments: An in-depth analysis of ARIMA, GARCH, and ARCH techniques 可持续投资回报波动的预测建模：对 ARIMA、GARCH 和 ARCH 技术的深入分析

Investment Management and Financial Innovations Pub Date : 2024-02-15 DOI: 10.21511/imfi.21(1).2024.17

Srihari G., Kusuma T., Chetanraj D. B., Senthil Kumar J. P., Ravi Aluvala

{"title":"Predictive modeling of return volatility in sustainable investments: An in-depth analysis of ARIMA, GARCH, and ARCH techniques","authors":"Srihari G., Kusuma T., Chetanraj D. B., Senthil Kumar J. P., Ravi Aluvala","doi":"10.21511/imfi.21(1).2024.17","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.17","url":null,"abstract":"This paper aims to forecast the stock price and analyze the return volatility of India’s top three socially responsible companies. This study used ARIMA and GARCH models to forecast the stock price and analyze return volatility. For the analysis, the required time series data are collected from Yahoo Finance from 01-08-2012 to 29-07-2022 of the companies’ Monthly and daily closing stock prices. The socially responsible companies are selected based on India’s sustainability indices. The findings of the study show that the ARIMA (9,1,9) model for HDFC Ltd, ARIMA (10,1,7) for Reliance Industries Ltd, and ARIMA (2,1,2) are suitable models to forecast the stock price. Also, the study’s findings forecasted stock prices from August 2022 to July 2023. The forecasted stock price for July 2023 of HDFC Ltd is INR 2,613.78, Reliance industries Ltd is INR 3,073.75, and ICICI Bank Ltd is INR 857.73. Reliance Industries Ltd (σ2t = 0.9270586) is less volatile, and HDFC Ltd (σ2t = 0.9665041) is more volatile among the three companies, ICICI Bank Ltd (σ2t = 0.9507527) is the second high volatile company. The present study is limited to the top three companies that were selected from the three sustainability indices of BSE. The study is also limited to analysis of past volatility of stock price returns.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"243 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139835923","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

Predictive modeling of return volatility in sustainable investments: An in-depth analysis of ARIMA, GARCH, and ARCH techniques 可持续投资回报波动的预测建模：对 ARIMA、GARCH 和 ARCH 技术的深入分析

Investment Management and Financial Innovations Pub Date : 2024-02-15 DOI: 10.21511/imfi.21(1).2024.17

Srihari G., Kusuma T., Chetanraj D. B., Senthil Kumar J. P., Ravi Aluvala

{"title":"Predictive modeling of return volatility in sustainable investments: An in-depth analysis of ARIMA, GARCH, and ARCH techniques","authors":"Srihari G., Kusuma T., Chetanraj D. B., Senthil Kumar J. P., Ravi Aluvala","doi":"10.21511/imfi.21(1).2024.17","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.17","url":null,"abstract":"This paper aims to forecast the stock price and analyze the return volatility of India’s top three socially responsible companies. This study used ARIMA and GARCH models to forecast the stock price and analyze return volatility. For the analysis, the required time series data are collected from Yahoo Finance from 01-08-2012 to 29-07-2022 of the companies’ Monthly and daily closing stock prices. The socially responsible companies are selected based on India’s sustainability indices. The findings of the study show that the ARIMA (9,1,9) model for HDFC Ltd, ARIMA (10,1,7) for Reliance Industries Ltd, and ARIMA (2,1,2) are suitable models to forecast the stock price. Also, the study’s findings forecasted stock prices from August 2022 to July 2023. The forecasted stock price for July 2023 of HDFC Ltd is INR 2,613.78, Reliance industries Ltd is INR 3,073.75, and ICICI Bank Ltd is INR 857.73. Reliance Industries Ltd (σ2t = 0.9270586) is less volatile, and HDFC Ltd (σ2t = 0.9665041) is more volatile among the three companies, ICICI Bank Ltd (σ2t = 0.9507527) is the second high volatile company. The present study is limited to the top three companies that were selected from the three sustainability indices of BSE. The study is also limited to analysis of past volatility of stock price returns.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"22 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139776462","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

Corporate governance and cash holdings: Focusing on a corporate governance report in Korea 公司治理与现金持有：聚焦韩国的公司治理报告

Investment Management and Financial Innovations Pub Date : 2024-02-14 DOI: 10.21511/imfi.21(1).2024.16

Kevin Troy Chua, Hansol Lee

{"title":"Corporate governance and cash holdings: Focusing on a corporate governance report in Korea","authors":"Kevin Troy Chua, Hansol Lee","doi":"10.21511/imfi.21(1).2024.16","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.16","url":null,"abstract":"This study examines the effect of corporate governance on a company’s cash holdings, focusing on a firm’s compliance levels with core corporate governance indicators as outlined in the corporate governance report. Utilizing a random effect generalized least squares (GLS) regression model, this study evaluates 812 firm-year observations from Korean publicly traded companies covering the period 2018 to 2021. The results indicate that companies with robust governance structures generally maintain lower levels of cash holdings (coefficient = –0.0263, p-value = 0.044), corroborating the flexibility hypothesis. Moreover, higher compliance levels with governance matters concerning shareholder protection (coefficient = –0.0388, p-value = 0.090) and board of directors (coefficient = –0.0512, p-value = 0.052) are associated with reduced cash holdings. Further analysis, accounting for a firm’s organizational capital, underscores that the inverse relationship between corporate governance and cash holdings is more pronounced in organizations with lesser organizational capital (coefficient = –0.0548, p-value < 0.01). This study contributes empirical evidence showing that strict compliance with core corporate governance indicators, indicative of strong corporate governance, substantially affects a firm’s cash management. Additionally, this study offers valuable insights for regulatory authorities and investors and enhances the existing body of knowledge on the interplay between corporate governance and cash holdings.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"256 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139837729","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

Does climate news sway investors away from large financiers of fossil fuel projects? 气候新闻是否会动摇投资者对大型化石燃料项目融资者的信心？

Investment Management and Financial Innovations Pub Date : 2024-02-14 DOI: 10.21511/imfi.21(1).2024.15

Chekani Nkwaira, Huibrecht Margaretha van der Poll

{"title":"Does climate news sway investors away from large financiers of fossil fuel projects?","authors":"Chekani Nkwaira, Huibrecht Margaretha van der Poll","doi":"10.21511/imfi.21(1).2024.15","DOIUrl":"https://doi.org/10.21511/imfi.21(1).2024.15","url":null,"abstract":"Despite rapid growth in climate news coverage, some banks are increasing financing towards greenhouse gas emitters with investors whose decisions intensify climate challenges. This study aims to establish the impact of climate news on investment decisions involving banks’ intensified fossil fuel financing and recommend remedies. Descriptive, linear regression analyses and the two-sample t-test are applied. The list of bank stems from the Consumer News and Business Channel website. Share prices, traded shares and market capitalizations are obtained from Macrotrends and Companies’ market cap websites for computing demand and holding periods. Results reveal more demand for riskier banks after European symposiums in contrast to Asia’s reduction. It is established that no significant linear relationships exist between demand and holding periods with t < T and p-value > 0.05. The null hypothesis of no linear relationship is not rejected. There is more price risk in Europe than in Asia with average volatilies of 0.439871 and 0.067472, respectively, at p-value 0.002117 < 0.05 based on the two-sample t-test. The null hypothesis of no difference in volatility means is rejected. The higher volality risk corresponds to higher demand for riskier bank shares in Europe. Climate news persuades Asian investors to reduce the demand for the banks’ shares. Conversely, European investors demonstrate behaviors incompatible with climate risk mitigation, particularly in periods after symposiums. A Global climate risk blacklisting initiative and a publicised Global climate risk index should accompany downgrades aimed at fossil fuel project financiers. Coverage of these measures at conferences may influence more investors to make correct decisions.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":"26 22","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139778631","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