Research in International Business and Finance最新文献_第6页

Policy uncertainty and cash holdings: The role of corporate governance in Brazil 政策不确定性与现金持有：巴西公司治理的作用

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103102

Daniel Ferreira Caixe

引用次数: 0

Decoding investment strategies across agricultural commodities, Islamic equities, and Sukuk markets 解读农产品、伊斯兰股票和伊斯兰债券市场的投资策略

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103097

Mabruk Billah , Ahmed H. Elsayed , Mustafa Raza Rabbani , Muneer Shaik

{"title":"Decoding investment strategies across agricultural commodities, Islamic equities, and Sukuk markets","authors":"Mabruk Billah , Ahmed H. Elsayed , Mustafa Raza Rabbani , Muneer Shaik","doi":"10.1016/j.ribaf.2025.103097","DOIUrl":"10.1016/j.ribaf.2025.103097","url":null,"abstract":"<div><div>This study develops a novel quantile time-frequency connectedness framework that enables the investigation of different investment strategies among agricultural commodities, Islamic equities, and Sukuk markets. Additionally, the study analyses relative variation of price quotations using (DCC-t-Copula) to identify the ideal portfolio weights and hedging ratios between agricultural commodities, Islamic equities, and Sukuk markets. This approach helps us understand connectedness patterns between the underlying variables under different market conditions. To this end, the study utilised the dynamic quantile time-frequency spillover approach to examine connectedness and investment strategies among ten agricultural commodities, six Islamic stock market indices, and five pre-eminent Sukuk indices. Empirical findings indicate that farming commodities and Islamic sukuk indices are mainly the net receivers of shocks. In contrast, the Islamic equity markets are the main net transmitters during the short and long run under normal market conditions. We also find that the total connectedness index among the selected indices is higher during the short-run dynamics than the long-run at different quantiles considered in the study. These findings will help investors, financial analysts, regulators, and portfolio managers understand comovements and volatility spillover patterns among the Islamic equity indices, Sukuk, and agricultural commodities to manage risk and portfolio diversification.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103097"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144908843","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

Election-induced volatility and cross-asset spillovers: The impact of political uncertainty on cryptocurrencies, stocks, and oil 选举引发的波动和跨资产溢出：政治不确定性对加密货币、股票和石油的影响

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103104

Apostolos Ampountolas

{"title":"Election-induced volatility and cross-asset spillovers: The impact of political uncertainty on cryptocurrencies, stocks, and oil","authors":"Apostolos Ampountolas","doi":"10.1016/j.ribaf.2025.103104","DOIUrl":"10.1016/j.ribaf.2025.103104","url":null,"abstract":"<div><div>This study examines volatility spillovers among cryptocurrencies, stock indices, and crude oil during the U.S. presidential election cycle of 2024, characterized by the Democratic Vice President’s nomination and the subsequent re-election of the Republican candidate. Using daily data from July 20, 2024, to January 23, 2025, within a VAR framework, we analyze interdependencies through Granger causality tests, impulse response functions (IRFs), and variance decomposition. To capture the time-varying nature of volatility, we employ an eGARCH model, which reveals asymmetric responses to political events. Bitcoin (BTC-USD) exhibits heightened sensitivity to election-related uncertainty, remaining largely independent of traditional markets in the short term while significantly influencing the S&P500 (GSPC) over longer horizons, explaining 72.93% of the variance, suggesting increasing institutional integration. An event study methodology further quantifies abnormal returns around key political announcements, highlighting market reactions to evolving regulatory expectations. European indices (FTSE, GDAXI, FCHI) display strong interconnectedness, while crude oil futures (BZ=F) remain relatively insulated, aside from modest interactions with Bitcoin. The election outcomes introduced short-term uncertainty, amplifying volatility spillovers across asset classes. Finally, the study highlights the impact of political events on shaping global financial dynamics, offering insights into portfolio diversification and risk management strategies in an era of increasing cryptocurrency adoption.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103104"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907671","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

Measuring the impact of climate transition risk on the systemic risk: A multivariate quantile-located ES approach 测量气候过渡风险对系统风险的影响：一种多变量分位数定位ES方法

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103127

Laura Garcia-Jorcano, Lidia Sanchis-Marco

引用次数: 0

Do north–south cultural differences affect share repurchases?—Evidence from China 南北文化差异会影响股票回购吗？——来自中国的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103113

Chenghao Huang, Li Zhang, Wenqi Liu

引用次数: 0

In person interaction to build trust: Evidence from supply chain financing 建立信任的面对面互动：来自供应链融资的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103156

Yanyan Wang , Chuntao Li

引用次数: 0

Enhanced judicial independence and bond credit spreads: Evidence from the establishment of circuit courts 加强司法独立和债券信用息差：来自设立巡回法院的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103064

Dayong Lv , Qi Ye , Yan Jiang , Xiaokun Wei

引用次数: 0

Harnessing FinTech for green growth: financial innovations and energy efficiency in OECD nations 利用金融科技促进绿色增长：经合组织国家的金融创新和能源效率

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103062

Abu Bakkar Siddik , Md. Saheb Ali Mondal , Myne Uddin , Li Yong

{"title":"Harnessing FinTech for green growth: financial innovations and energy efficiency in OECD nations","authors":"Abu Bakkar Siddik , Md. Saheb Ali Mondal , Myne Uddin , Li Yong","doi":"10.1016/j.ribaf.2025.103062","DOIUrl":"10.1016/j.ribaf.2025.103062","url":null,"abstract":"<div><div>We investigate the influence of FinTech startup financing on energy efficiency in 32 OECD countries from 2010 to 2022, considering the roles of financial development, financial institutions, and financial markets. Using a comprehensive dataset, we apply Data Envelopment Analysis (DEA) with a Super Slack-Based Measure (Super-SBM) to calculate energy efficiency scores, along with econometric techniques to ensure robustness and explore non-linear effects. Our findings demonstrate that FinTech financing significantly enhances energy efficiency, particularly in countries with more advanced financial systems. Additionally, financial development through well-established institutions and markets plays a crucial role in promoting energy efficiency, with the effects being stronger in highly developed countries. The quantile analysis further reveals that these impacts are asymmetric, with stronger effects observed in countries that already have higher levels of energy efficiency. These results suggest that while FinTech and financial development contribute positively to energy efficiency, their influence varies across different country contexts. Policymakers should focus on strengthening financial systems in less-developed nations to fully capitalize on FinTech innovations for improving sustainability.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103062"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144723751","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

Is the climate-linked CAT bond market efficiently priced? A risk–return analysis 与气候相关的CAT债券市场定价有效吗？风险收益分析

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103080

Antonella Cappiello, Emanuele Vannucci

引用次数: 0

Voluntary environmental regulation policies and the cost of equity capital: Evidence from China's “Green Factory” policy 自愿环境监管政策与股权资本成本：来自中国“绿色工厂”政策的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-07-01 DOI: 10.1016/j.ribaf.2025.103092

Pu Zhao , Haoyu Wang , Zhenyu Liu , Zile Yu

{"title":"Voluntary environmental regulation policies and the cost of equity capital: Evidence from China's “Green Factory” policy","authors":"Pu Zhao , Haoyu Wang , Zhenyu Liu , Zile Yu","doi":"10.1016/j.ribaf.2025.103092","DOIUrl":"10.1016/j.ribaf.2025.103092","url":null,"abstract":"<div><div>Government-led voluntary environmental regulations are vital instruments for enhancing modern environmental governance systems and promoting green industrial transformation. In this paper, we investigate the impact of voluntary environmental regulations on corporate cost of equity capital based on a quasi-natural experiment involving China’s “Green Factory” certification policy. The findings reveal that firms listed as “Green Factories” experience a significant reduction in investor risk expectations, reflected in a decrease in the cost of equity capital. Mechanism analysis suggests that “Green Factory” certification primarily impacts equity capital costs through two channels: reducing information and governance risks. Cross-sectional tests indicate that, considering internal governance mechanisms, the effect of “Green Factory” certification on equity capital cost is more pronounced among firms with stronger internal controls; considering external oversight mechanisms, the effect is mainly concentrated in firms with higher levels of media and investor attention. Overall, this study provides important empirical evidence for evaluating the effectiveness of voluntary environmental regulation, advancing green manufacturing, and building modern environmental governance frameworks.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"79 ","pages":"Article 103092"},"PeriodicalIF":6.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842646","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