Research in International Business and Finance最新文献_第3页

Interlinkage between lending and borrowing tokens and US equity sector: Implications for social finance 借贷代币与美国股票行业之间的相互联系：对社会融资的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102630

Shoaib Ali , Ting Zhang , Imran Yousaf

{"title":"Interlinkage between lending and borrowing tokens and US equity sector: Implications for social finance","authors":"Shoaib Ali , Ting Zhang , Imran Yousaf","doi":"10.1016/j.ribaf.2024.102630","DOIUrl":"10.1016/j.ribaf.2024.102630","url":null,"abstract":"<div><div>Decentralized peer-to-peer social network-based platforms and financial products (i.e., tokens) are emerging phenomena in the area of social finance. This paper explores the return and volatility spillovers between Lending and Borrowing tokens and US equity sectors using the TVP-VAR framework. The results indicate a considerable static return and volatility spillovers between tokens and sectors. Most equity sectors are net transmitters of return and volatility spillovers, whereas tokens are more net receivers. Moreover, our findings show that dynamic return and volatility spillovers vary over time and experience a significant rise during the initial phase of the Russia-Ukraine conflict in the second quarter of 2022. Finally, we explore the portfolio implication of DeFi and find that the hedge effectiveness scores are significantly greater than zero at a 1 % significant level for all optimal weights and hedge ratios of sector/token pairs, suggesting that investors and portfolio managers should consider adding tokens to their equity sector portfolios and adjust the portfolio allocations over time to achieve diversification benefits. This paper explores the association between social finance-based emerging tokens and traditional equity markets, providing insightful information to policymakers and portfolio managers regarding diversification, hedging, and risk management.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102630"},"PeriodicalIF":6.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142535765","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

Influence of green ICT and socioeconomic factors on sustainable development: Evidence from Chinese provinces 绿色 ICT 和社会经济因素对可持续发展的影响：来自中国各省的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102624

Muhammad Zubair Chishti , Muhammad Salam , Sorphasith Xaisongkham , Anna Min Du

引用次数: 0

Connectedness and systemic risk between FinTech and traditional financial stocks: Implications for portfolio diversification 金融科技股与传统金融股之间的关联性和系统性风险：投资组合多样化的意义

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102629

Irene Henriques, Perry Sadorsky

{"title":"Connectedness and systemic risk between FinTech and traditional financial stocks: Implications for portfolio diversification","authors":"Irene Henriques, Perry Sadorsky","doi":"10.1016/j.ribaf.2024.102629","DOIUrl":"10.1016/j.ribaf.2024.102629","url":null,"abstract":"<div><div>The rapid growth in FinTech is attracting significant investor attention. There are concerns that FinTech stocks may be a source of systemic risk and this has implications for the stability of the financial sector. This study uses a TVP-VAR model to estimate the dynamic connectedness between global FinTech stocks and the stocks of large US banks, regional US banks, US insurance, and global private equity. The findings reveal that FinTech and insurance stocks are net receivers of shocks while large US banks are a major source of shocks. Thus, FinTech stocks are not a source of systemic risk but can be affected by financial contagion and systemic risk originating from large US banks. The highest connectedness was observed at the onset of the COVID-19 lockdowns illustrating the dramatic impact that a health pandemic can have on systemic risk. Systemic risk also increased during the 2023 US bank panic. Connectedness has implications for constructing investment portfolios. The equally weighted, risk parity, and risk parity connectedness portfolios have similar portfolio summary statistics, but lower risk adjusted returns than the maximum Sharpe ratio portfolio which better captures the low correlation between FinTech stocks and traditional financial stocks. These results are robust across various portfolio rebalancing periods (daily, weekly, monthly).</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102629"},"PeriodicalIF":6.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142442452","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

Inclusive finance and sustainability: The dynamic spillover effects of uncertainties on access to credit 普惠金融与可持续性：不确定性对获得信贷的动态溢出效应

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102628

Yunpeng Sun , Giray Gozgor , Chi Keung Marco Lau , Alaa M. Soliman

{"title":"Inclusive finance and sustainability: The dynamic spillover effects of uncertainties on access to credit","authors":"Yunpeng Sun , Giray Gozgor , Chi Keung Marco Lau , Alaa M. Soliman","doi":"10.1016/j.ribaf.2024.102628","DOIUrl":"10.1016/j.ribaf.2024.102628","url":null,"abstract":"<div><div>A firm's access to domestic credit is crucial in inclusive finance for businesses, particularly small and medium-sized enterprises, to invest and grow. Sustainable and inclusive economic growth requires a healthy private sector with access to financial resources. This paper explores how uncertainty from major economies (measured by Uncertainty Spillover indices) can limit domestic credit availability in the private sector. Analysing a panel dataset encompassing 100 developed and developing economies from 1996 to 2019, the research reveals that uncertainties stemming from China and the United States significantly reduce the availability of domestic financial resources. Uncertainties surrounding other G7 economies (Canada, France, Germany, Italy, Japan, and the United Kingdom) also exhibit a negative association; however, their effects are statistically insignificant. The robustness of these findings is confirmed across various empirical models and income classifications. Possible implications for inclusive finance and sustainable economic growth are also discussed.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102628"},"PeriodicalIF":6.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142535760","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

Small and medium-sized enterprises and sustainable transition: Role of FinTech in a country's banking ecosystem 中小企业与可持续转型：金融科技在国家银行生态系统中的作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102625

Andrea Quintiliani

引用次数: 0

Impact of central bank digital currency uncertainty on international financial markets 中央银行数字货币的不确定性对国际金融市场的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-11 DOI: 10.1016/j.ribaf.2024.102627

Zheng Lü , Oguzhan Ozcelebi , Seong-Min Yoon

{"title":"Impact of central bank digital currency uncertainty on international financial markets","authors":"Zheng Lü , Oguzhan Ozcelebi , Seong-Min Yoon","doi":"10.1016/j.ribaf.2024.102627","DOIUrl":"10.1016/j.ribaf.2024.102627","url":null,"abstract":"<div><div>Is the impact of central bank digital currency (CBDC) uncertainty on investment and financial stability significant? To address this pivotal question in the era of CBDC development, we employ a combination of models: the time-varying parameter vector autoregression with stochastic volatility (TVP-SV-VAR); the Baba, Engle, Kraft, and Kroner multivariate generalized autoregressive conditional heteroskedasticity (BEKK-MGARCH) model, and wavelet quantile correlation (WQC) analysis. Based on the findings, macrofinancial variables significantly respond to CBDC uncertainty shocks, exhibiting time-varying, heterogeneous, and stage-specific characteristics. These effects are most pronounced in the short term, but diminish over the long term. Notably, the impact of CBDC uncertainty shocks on other financial variables exceeds the reverse impact. In addition, asymmetric volatility spillovers are found, suggesting complex interdependencies. The implication of the findings is that interactions between CBDC uncertainty and financial variables evolve across short-, medium-, and long-term horizons, emphasizing the need for central banks to adopt a flexible approach in CBDC design to alleviate market concerns and enhance overall financial stability.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102627"},"PeriodicalIF":6.3,"publicationDate":"2024-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142438323","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

Supply chain finance and outward foreign direct investment 供应链融资和对外直接投资

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102620

Kai Wang , Ning Ding , Chenbo Wang

引用次数: 0

A step toward the attainment of carbon neutrality and SDG-13: Role of financial depth and green technology innovation 向实现碳中和和可持续发展目标 13 迈出一步：金融深度和绿色技术创新的作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102631

Sunil Tiwari , Arshian Sharif , Emrah Sofuoğlu , Florian Nuta

引用次数: 0

Asymmetry in returns and volatility between green financial assets, sustainable investments, clean energy, and international stock markets 绿色金融资产、可持续投资、清洁能源和国际股票市场之间的收益和波动不对称

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102626

Buhari Doğan , Sami Ben Jabeur , Aviral Kumar Tiwari , Emmanuel Joel Aikins Abakah

引用次数: 0

Firm-level political risk and CEO compensation 公司层面的政治风险与首席执行官薪酬

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-10-10 DOI: 10.1016/j.ribaf.2024.102614

Chunmi Jeon, Seung Hun Han, Yunji Hwang

引用次数: 0