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Bank performance during the COVID-19 pandemic: does income diversification help? 2019冠状病毒病大流行期间的银行业绩:收入多元化有帮助吗?
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-06-11 DOI: 10.1080/15140326.2023.2222964
Tin H. Ho, D. Nguyen, Thu B. Luu, Tu D. Q. Le, Thanh D. Ngo
{"title":"Bank performance during the COVID-19 pandemic: does income diversification help?","authors":"Tin H. Ho, D. Nguyen, Thu B. Luu, Tu D. Q. Le, Thanh D. Ngo","doi":"10.1080/15140326.2023.2222964","DOIUrl":"https://doi.org/10.1080/15140326.2023.2222964","url":null,"abstract":"ABSTRACT The Covid-19 pandemic’s economic effect led to tighter credit standards and a decline in the market for many types of loans. With a rich database of 1,231 banks in 90 countries from 2018Q1 to 2021Q4, we conducted a timely, broad-based international study to investigate whether non-interest activities, serving as a shock absorber, can promote bank performance before and during the Covid−19 pandemic. When using a dynamic panel data model with a system GMM estimator, our findings indicate that banks should be encouraged to diversify their income sources to reduce the adverse effects of the shock. With comparative analysis, we also found heterogeneous effects of income diversification on bank performance by its components, in pre-Covid−19 and during-Covid−19 periods, in both developed and developing countries. This study implies that bank managers should diversify income sources, especially fee-based services, trading activities, and foreign currency, to foster financial performance and stability during exogenous shocks.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45834455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 2
Does financial deleveraging affect governments’ desirability of privatization? Evidence from the Chinese listed local SOEs 金融去杠杆化是否会影响政府对私有化的期望?证据来自中国上市的地方国企
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-06-02 DOI: 10.1080/15140326.2023.2220468
Weiwei Yang, He Wang, Huobao Xie
{"title":"Does financial deleveraging affect governments’ desirability of privatization? Evidence from the Chinese listed local SOEs","authors":"Weiwei Yang, He Wang, Huobao Xie","doi":"10.1080/15140326.2023.2220468","DOIUrl":"https://doi.org/10.1080/15140326.2023.2220468","url":null,"abstract":"ABSTRACT The rapid growth of local SOEs in China largely depends on high leverage, thus local governments and their SOEs will face harder budget constraints when the central bank implements tight credit policies. Using a sample of listed local SOEs in the Chinese A-share market, this paper attempts to investigate the relationship between financial deleveraging and privatization of local SOEs. We find that privatization of the Chinese local SOEs increases significantly during financial deleveraging, and this effect is more pronounced among SOEs with less tax contribution, fewer employees and that cause greater financial burden to the local governments. This paper broadens the research on environmental factors that drive politicians to privatize.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42508686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Analyzing time-different connectedness among systemic financial markets during the financial crisis and conventional era: New evidence from the VARX-DCC-MEGARCH model 金融危机与传统时代系统性金融市场的时间差关联性分析——基于VARX-DCC-MEGARCH模型的新证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-05-15 DOI: 10.1080/15140326.2023.2212455
Xiaoxing Liu, K. Shehzad
{"title":"Analyzing time-different connectedness among systemic financial markets during the financial crisis and conventional era: New evidence from the VARX-DCC-MEGARCH model","authors":"Xiaoxing Liu, K. Shehzad","doi":"10.1080/15140326.2023.2212455","DOIUrl":"https://doi.org/10.1080/15140326.2023.2212455","url":null,"abstract":"ABSTRACT This investigation utilized the VARX-DCC-MEGARCH model assimilated with skewed-t density to analyze the time-different (i.e., daytime, overnight, and daily) connectedness among S&P 500, DAX 30, FTSE-100, Nikkei 225, and Shanghai Composite Index. This investigation discovered that the current daytime returns transmission from the DAX 30, FTSE 100, and Nikkei 225 index to ensuing overnight returns of the S&P 500 index was inconsequential during the stable period. The study also quantified that shocks befallen in the current overnight returns of the S&P 500 partake bidirectional and negative ties with shocks that occurred in subsequent day-wise returns of the DAX 30 index. Moreover, during crises, only the Shanghai composite index spillovers the volatility of the FTSE 100 index. The study revealed a leverage effect for the day-wise return of the S&P 500, DAX 30, and overnight returns of the FTSE 100 index.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46345956","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
Suicide and the economy: a regional analysis of italy 自杀与经济:意大利的区域分析
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-05-10 DOI: 10.1080/15140326.2023.2212348
Roberto Cellini
{"title":"Suicide and the economy: a regional analysis of italy","authors":"Roberto Cellini","doi":"10.1080/15140326.2023.2212348","DOIUrl":"https://doi.org/10.1080/15140326.2023.2212348","url":null,"abstract":"ABSTRACT This note investigates the empirical pattern of suicides across Italy over the last 15 years. Typically, a country shares similar basic cultural and social macro-features. Yet in Italy there are marked variations across the regions such that it provides a useful setting to examine the economic factors that influence suicidality. The results align with some earlier work positing an N-shaped Kuznets curve linking income and the suicide rate. Female participation in the labour market emerges as a robust explanatory factor for male and female suicide rates.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45157521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
The role of instituions in the corporate debt-productivity relationship: evidence from listed firms in China 制度在企业债务-生产率关系中的作用:来自中国上市公司的证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-05-04 DOI: 10.1080/15140326.2023.2207325
Chengchun Li, Huanhuan Lu, Min Wu, D. Teng
{"title":"The role of instituions in the corporate debt-productivity relationship: evidence from listed firms in China","authors":"Chengchun Li, Huanhuan Lu, Min Wu, D. Teng","doi":"10.1080/15140326.2023.2207325","DOIUrl":"https://doi.org/10.1080/15140326.2023.2207325","url":null,"abstract":"ABSTRACT This paper examines the relationship between corporate debt and firm productivity. We add to the existing literature by investigating the contingency effect of institutional quality in the corporate debt-productivity nexus. Using data for 2,084 Chinese listed firms, we find that corporate debt and political institutional quality have significant and negative impacts on productivity while legal institutional quality is significantly and positively associated with productivity. Also, our results reveal that both financial and fintech-supporting institutional factors exert negative contingency effects in the corporate debt-productivity relationship. Our findings provide a reasonable guideline for emerging market countries aiming to address the corporate debt overhang problem or seeking factors to boost firm productivity growth.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42173257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
How much should we trust R2 and adjusted R2: evidence from regressions in top economics journals and Monte Carlo simulations 我们应该信任R2和调整后的R2多少：来自顶级经济学期刊和蒙特卡洛模拟的回归证据
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-05-02 DOI: 10.1080/15140326.2023.2207326
Qiang Chen, Ji Qi
{"title":"How much should we trust R2 and adjusted R2: evidence from regressions in top economics journals and Monte Carlo simulations","authors":"Qiang Chen, Ji Qi","doi":"10.1080/15140326.2023.2207326","DOIUrl":"https://doi.org/10.1080/15140326.2023.2207326","url":null,"abstract":"ABSTRACT R2 and adjusted R2 may exaggerate a model’s true ability to predict the dependent variable in the presence of overfitting, whereas leave-one-out R2 (LOOR2) is robust to overfitting. We demonstrate this by replicating 279 regressions from 100 papers in top economics journals, where the median increases of R2 and adjusted R2 over LOOR2 reach 40.2% and 21.4% respectively. The inflation of test errors over training errors increases with the severity of overfitting as measured by the number of regressors and nonlinear terms, and the presence of outliers, but decreases with the sample size. These results are further validated by Monte Carlo simulations.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48427162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Welfare implications of overlapping ownership with endogenous quality 重叠所有权与内生质量的福利含义
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-03-23 DOI: 10.1080/15140326.2023.2194599
Changying Li
{"title":"Welfare implications of overlapping ownership with endogenous quality","authors":"Changying Li","doi":"10.1080/15140326.2023.2194599","DOIUrl":"https://doi.org/10.1080/15140326.2023.2194599","url":null,"abstract":"ABSTRACT In the context of a vertically differentiated duopoly model with endogenous quality choice, we analyzes the welfare effect of overlapping ownership when the market is fully covered. The results show that overlapping ownership, while detrimental for consumer surplus, may increase or decrease social welfare and firms’ profits. In particular, when the overlapping ownership structure is such that the lower-quality firm acquires a positive share of the higher-quality firm’s profit, an increase in overlapping ownership reduces the lower-quality firm’s incentive to compete against its rival, leading to a higher level of industry profit and, therefore, a higher level of overall welfare.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47647802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
The impact of active and passive investment on market efficiency: a simulation study 主动和被动投资对市场效率影响的模拟研究
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-03-15 DOI: 10.1080/15140326.2023.2188634
Patrick Jaquart, M. Motz, L. Köhler, Christof Weinhardt
{"title":"The impact of active and passive investment on market efficiency: a simulation study","authors":"Patrick Jaquart, M. Motz, L. Köhler, Christof Weinhardt","doi":"10.1080/15140326.2023.2188634","DOIUrl":"https://doi.org/10.1080/15140326.2023.2188634","url":null,"abstract":"ABSTRACT We create a simulated financial market and examine the effect of different levels of active and passive investment on fundamental market efficiency. In our simulated market, active, passive, and random investors interact with each other through issuing orders. Active and passive investors select their portfolio weights by optimizing Markowitz-based utility functions. We find that higher fractions of active investment within a market lead to an increased fundamental market efficiency. The marginal increase in fundamental market efficiency per additional active investor is lower in markets with higher levels of active investment. Furthermore, we find that a large fraction of passive investors within a market may facilitate technical price bubbles, resulting in market failure. By examining the effect of specific parameters on market outcomes, we find that that lower transaction costs, lower individual forecasting errors of active investors, and less restrictive portfolio constraints tend to increase fundamental market efficiency in the market.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43574463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board 名人股东与企业风险——基于新三板上市公司的实证研究
IF 1.8 4区 经济学
Journal of Applied Economics Pub Date : 2023-03-07 DOI: 10.1080/15140326.2023.2183629
Jingwan Liu, Wei Tang, Xingzhu Zhao
{"title":"Celebrity shareholders and corporate risk: Based on empirical evidence gathered from Chinese companies listed on the New Third Board","authors":"Jingwan Liu, Wei Tang, Xingzhu Zhao","doi":"10.1080/15140326.2023.2183629","DOIUrl":"https://doi.org/10.1080/15140326.2023.2183629","url":null,"abstract":"ABSTRACT Using the 2014 to 2019 Forbes China Celebrity Lists, this study empirically examined the relationship between celebrity shareholders and corporate risk. The findings suggest that celebrity shareholders increased corporate risk. And the main reason is that the capital structure of the enterprise changes significantly after the celebrity shares in the enterprise. Furthermore, this study finds that celebrity shareholders had a greater impact on corporate risk among firms with no independent directors, a high proportion of management shareholders, a low proportion of institutional investors and those belonging to the Innovation tier. Based on China’s unique cultural and market environment, the findings of this study enrich the literature on the impact of celebrities and corporate risk, revealing the economic consequences of celebrity securitization.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":1.8,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43797646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
How to deal with missing observations in surveys of professional forecasters 如何处理专业预测人员调查中缺失的观测结果
4区 经济学
Journal of Applied Economics Pub Date : 2023-03-07 DOI: 10.1080/15140326.2023.2185975
Constantin Rudolf Salomo Bürgi
{"title":"How to deal with missing observations in surveys of professional forecasters","authors":"Constantin Rudolf Salomo Bürgi","doi":"10.1080/15140326.2023.2185975","DOIUrl":"https://doi.org/10.1080/15140326.2023.2185975","url":null,"abstract":"Survey forecasts are prone to entry and exit of forecasters as well as forecasters not contributing every period leading to gaps. These gaps make it difficult to compare individual forecasters to each other and raises the question of how to deal with the missing observations. This is addressed for the variables GDP, CPI inflation, and unemployment for the US. The theoretically optimal method of filling in missing observations is derived and compared to several competing methods. It is found that not filling in missing observations and taking the previous value do not perform particularly well. For the other methods assessed, there is no clear superior approach for all use cases, but the theoretically optimal one usually performs quite well.","PeriodicalId":51747,"journal":{"name":"Journal of Applied Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136339143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
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