Research in International Business and Finance最新文献_第5页

Crossroads of volatility spillover: Interactions between Islamic and conventional financial systems

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102700

Abdelhamid Addi , Matteo Foglia , Gang-Jin Wang , Federica Miglietta

引用次数: 0

Achieving energy resilience: The joint role of environmental policy stringency and environmental awareness

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102692

Amal Dabbous , Alexandre Croutzet , Matthias Horn

{"title":"Achieving energy resilience: The joint role of environmental policy stringency and environmental awareness","authors":"Amal Dabbous , Alexandre Croutzet , Matthias Horn","doi":"10.1016/j.ribaf.2024.102692","DOIUrl":"10.1016/j.ribaf.2024.102692","url":null,"abstract":"<div><div>This paper examines the critical interplay between environmental policy stringency, public environmental awareness, and energy resilience, leveraging a dataset for 32 OECD countries between 2004 and 2020. Further, it explores the channels through which these variables influence energy resilience. Principal component analysis (pca) is adopted to derive the multi-dimensional index of energy resilience based on three pillars, renewable energy, energy access, and energy efficiency. The findings underscore a significant positive relationship between stringent environmental policies, environmental awareness, and energy resilience. Additionally, environmental awareness and environmental policy stringency are shown to exert a positive effect on renewable energy and enhance energy access. Environmental policy stringency is found to have a significant negative impact on energy intensity, i.e. a positive impact on energy efficiency. The results demonstrate that by increasing public environmental awareness and implementing more stringent environmental policies policymakers can improve energy resilience, energy efficiency, and the share of renewable energy. The latter are considered essential elements for the environmental transition emerging as a prominent solution when addressing climate change challenges.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102692"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100909","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

Collaboration and regulation: A dual regulatory game for the sustainable development of green housing

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102697

Qianwen Li , Tingyu Qian , Qian Hua , Jialin Min , Yizhuo Zhao , Qingyuan Wang , Ruyin Long

{"title":"Collaboration and regulation: A dual regulatory game for the sustainable development of green housing","authors":"Qianwen Li , Tingyu Qian , Qian Hua , Jialin Min , Yizhuo Zhao , Qingyuan Wang , Ruyin Long","doi":"10.1016/j.ribaf.2024.102697","DOIUrl":"10.1016/j.ribaf.2024.102697","url":null,"abstract":"<div><div>The promotion of green housing can significantly reduce energy consumption and greenhouse gas emissions in the construction industry, thereby contributing to the achievement of the dual-carbon goal. However, the frequent occurrence of greenwashing, loan defaults, green debt, and other risks has created an urgent need for stronger government supervision of the green housing market, improved bank capital supervision mechanisms, and greater collaboration between property developer and residents to promote the sustainable development of green housing, ensuring its sustainability and compliance. This study constructs a four-party evolutionary game model involving the core stakeholders of green housing—government, bank, property developer, and resident—to clarify the long-term stable choices of each stakeholder under the dual regulation mode of government and bank. The effectiveness of dual regulation is further confirmed through simulation and sensitivity analysis. The study results indicate that: (1) Under the collaboration strategy, increased government regulation raises the likelihood that bank will also regulate, facilitating the formation of a dual regulation mode. Property developer is more likely to engage in compliant green housing development under this mode, and residents will choose to buy green housing. (2) Under the regulatory strategy, both incentive subsidies and mandatory penalties are effective. The stronger these measures, the more likely property developer will choose compliant green housing development. Finally, based on the study's conclusions, recommendations are proposed to promote the sustainable development of green housing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102697"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100921","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

Detecting, characterizing, and predicting arbitrage opportunities in international rights issues

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102719

Manuel Verdú Henares , Óscar Carchano Alcina , Jesús Ruiz Andújar

{"title":"Detecting, characterizing, and predicting arbitrage opportunities in international rights issues","authors":"Manuel Verdú Henares , Óscar Carchano Alcina , Jesús Ruiz Andújar","doi":"10.1016/j.ribaf.2024.102719","DOIUrl":"10.1016/j.ribaf.2024.102719","url":null,"abstract":"<div><div>Capital increases through the issuance of subscription rights are a financing tool employed by many companies as an alternative to debt issuance. In a process with numerous implications for both the company itself and the financial markets, market anomalies, such as arbitrage opportunities, may arise. To examine whether this issue occurs, a sample of 2583 capital increases carried out by companies located in 27 different countries was collected, and a strategy aimed at exploiting potential discrepancies between the prices of newly issued shares and existing ones was applied. The returns obtained will be subjected to various statistical and econometric tests to explain which factors may play a significant role in their formation. The results confirm the presence of these market anomalies and indicate that a higher proportion of new shares relative to existing ones increases the likelihood of these anomalies, whereas their occurrence appears to be weaker or absent when the company is listed on a stock index. These and other minor or control factors (the objective of the process or the economic sector of the firm) enable a high success rate in predicting when such anomalies are likely to form. These findings provide relevant information to all economic agents involved on how to mitigate these market anomalies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102719"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100961","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

How do Chinese urban investment bonds affect its economic resilience? Evidence from double machine learning

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102728

Yan Fang , Yinglin Liu , Yi Yang , Brian Lucey , Mohammad Zoynul Abedin

{"title":"How do Chinese urban investment bonds affect its economic resilience? Evidence from double machine learning","authors":"Yan Fang , Yinglin Liu , Yi Yang , Brian Lucey , Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2024.102728","DOIUrl":"10.1016/j.ribaf.2024.102728","url":null,"abstract":"<div><div>This paper employs the double machine learning model to investigate the impact of urban investment bonds on economic resilience. To deal with a broad set of macroeconomic and industry variables, LASSO is used for model estimation. The sample consists of 239 Chinese cities that issued debt and loan instruments between 2016 and 2021. The results show that 1) urban investment bonds have a positive, inverted U-shaped effect on economic resilience; 2) the ability to recover from an economic shock plays an important role in constructing the Chinese economic resilience index. The heterogeneity analysis reveals that the impact of urban investment bonds on economic resilience varies according to cities’ locations, industrial structure, and financial structure. Furthermore, the mechanism analysis demonstrates that urban investment bonds enhance economic resilience by promoting infrastructure development. These findings provide helpful guidance for China and other developing countries to ensure financing security and maintain robust economic growth.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102728"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100875","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

Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102720

Agne Sneideriene, Renata Legenzova

{"title":"Greenwashing prevention in environmental, social, and governance (ESG) disclosures: A bibliometric analysis","authors":"Agne Sneideriene, Renata Legenzova","doi":"10.1016/j.ribaf.2024.102720","DOIUrl":"10.1016/j.ribaf.2024.102720","url":null,"abstract":"<div><div>The accuracy and reliability of environmental, social, and governance (hereafter ESG) reporting are threatened by the presence of greenwashing which affects the quality of disclosure, complicates the decision-making process, adversely influences financial markets, and affects stakeholders’ trust in disclosed information. This study examines the academic literature on ESG disclosure and greenwashing prevention through a bibliometric analysis and systematic literature review. Our findings show that greenwashing is a complex phenomenon characterised by various forms, shapes, and levels, making it challenging to detect, measure, and develop prevention tools. The results show a growing trend in the academic literature on greenwashing with a strong focus on the establishment of greenwashing detection measures and the need for the creation of greenwashing prevention tools to ensure the reliability, comparability, and quality of corporate sustainability reporting. Understanding the challenges of greenwashing in ESG disclosures and the efforts toward greenwashing prevention carries significant implications for regulators and standard-setters, supervisory bodies, professional organizations, companies, researchers, and other stakeholders, especially in light of recent regulatory developments around the globe and the new forms and levels of greenwashing evolving in scientific research.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102720"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100908","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

Long-span multi-layer spillovers between moments of advanced equity markets: The role of climate risks

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102667

Matteo Foglia , Vasilios Plakandaras , Rangan Gupta , Qiang Ji

{"title":"Long-span multi-layer spillovers between moments of advanced equity markets: The role of climate risks","authors":"Matteo Foglia , Vasilios Plakandaras , Rangan Gupta , Qiang Ji","doi":"10.1016/j.ribaf.2024.102667","DOIUrl":"10.1016/j.ribaf.2024.102667","url":null,"abstract":"<div><div>In this paper, we examine the potential spillovers between returns, volatility, skewness and kurtosis of developed stock markets under the lenses of rare disaster events, proxied by climate risks. The aforementioned moments based on model-implied distributions of stock returns are derived from the quantile autoregressive distributed lag mixed-frequency data sampling (QADL-MIDAS) method, using a long span of data. The empirical findings are as follows: firstly, spillovers are significant within- and across stock markets for each of the four moments. Secondly, based on a nonparametric causality-in-quantiles approach, changes in temperature anomalies, have the predictive power to shape the entire conditional distribution of various metrics of spillover involving single- and multiple-layers of returns and risks layers. In sum, we show that the multi-layer approach offers a comprehensive and nuanced view of how stock market-related information is transmitted across the stock markets of advanced economies, carrying implications for investors and policymakers.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102667"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100913","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

Green bond market stability and Russia Ukraine conflict: The role of green inclusive finance

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102734

Anqi Wang , Shusheng Ding , Tianxiang Cui

引用次数: 0

Newly-constructed Chinese geopolitical risk index and trade stock returns

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102705

Jixiang Zhang , Qing Zeng , Elie Bouri , Giray Gozgor

引用次数: 0

The spillover effects between renewable energy tokens and energy assets

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102672

Yajie Yang , Longfeng Zhao , Lin Chen , Chao Wang , Gang-Jin Wang

{"title":"The spillover effects between renewable energy tokens and energy assets","authors":"Yajie Yang , Longfeng Zhao , Lin Chen , Chao Wang , Gang-Jin Wang","doi":"10.1016/j.ribaf.2024.102672","DOIUrl":"10.1016/j.ribaf.2024.102672","url":null,"abstract":"<div><div>This study employs a quantile-based approach to investigate the interconnectedness among renewable energy tokens, fossil fuels, and conventional renewable energy markets. The objective is to explore the dependence nexus under various market conditions, including the COVID-19 pandemic, cryptocurrency bubble, and Russia-Ukraine conflict. Findings reveal (i) spillovers among renewable energy tokens, fossil fuels, and conventional renewable energy markets are time-varying, intensifying during turbulent periods; (ii) the renewable energy tokens are weakly connected with the energy markets at the mean and median quantiles; (iii) at extreme quantiles, conventional renewable energy markets dominate the fossil fuels and renewable energy token markets, with spillovers from the latter to the fossil fuels. This suggests fossil fuel markets gradually lose dominance as clean energy markets advance. This research discloses the real landscape of financial spillover effects of energy markets, providing valuable insights for investors and policymakers in managing risk exposure and avoiding unexpected losses.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102672"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100964","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