Asia-Pacific Financial Markets最新文献_第2页

Investors’ Risk Aversion in a Tail Risk Event 尾部风险事件中投资者的风险厌恶

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-24 DOI: 10.1007/s10690-025-09520-y

Rashid Ameer, Peter Chan

{"title":"Investors’ Risk Aversion in a Tail Risk Event","authors":"Rashid Ameer, Peter Chan","doi":"10.1007/s10690-025-09520-y","DOIUrl":"10.1007/s10690-025-09520-y","url":null,"abstract":"<div><p>The COVID-19 pandemic necessitated unprecedented government interventions to mitigate economic fallout. This study examines the impact of wage subsidy payment schemes implemented between March 2020 and December 2021 in Australia and New Zealand on the stock market performance of recipient firms. The findings reveal that first wage subsidy payments (30 March 2020) had an immediate positive effect on the stock market performance of recipient firms in Australia, with higher risk-adjusted excess returns 0.47%, higher cumulative investment return of 2%, (approximately less than 10 days) compared to peer groups. While Australia made twice as many wage subsidy payments as New Zealand, a longer duration scheme in New Zealand (10 days longer) resulted in slightly higher return for recipient firms (0.28% compared to 0.03%) in Australia. Using Difference-in-Difference approach, the recipient firms outperformed and had positive long-term dynamic effects in Australia compared to New Zealand. These results imply that risk averse portfolio managers should carefully evaluate government wage subsidy schemes, as varied outcomes underscore the complex interplay between policy duration and economic uncertainties.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"759 - 800"},"PeriodicalIF":2.6,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682716","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

Nexus Between Firm Life Cycle and Working Capital Management: Evidence from Indian Manufacturing Firms 企业生命周期与营运资金管理的关系：来自印度制造企业的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-21 DOI: 10.1007/s10690-025-09521-x

Himansu Sekhar Sethi, Varadraj Bapat

{"title":"Nexus Between Firm Life Cycle and Working Capital Management: Evidence from Indian Manufacturing Firms","authors":"Himansu Sekhar Sethi, Varadraj Bapat","doi":"10.1007/s10690-025-09521-x","DOIUrl":"10.1007/s10690-025-09521-x","url":null,"abstract":"<div><p>This study investigates the relationship between a firm's life cycle stages and working capital management. We use the dynamic fixed effect panel regression model on a dataset comprising 1645 Indian manufacturing firms from 2011 to 2022. The cash conversion cycle is used for working capital management, and cash flow from operations, investing, and financing is used for measuring the firm's life cycle stages. We find that firms in the introduction and decline stages positively impact working capital management and negatively impact the growth and mature stages, along with their components. Suggesting that growth and mature firms are able to manage working capital more efficiently than firms in the introduction and decline stages. Further, the relationship between a firm's lifecycle and efficient working capital management is U-shaped. We also note that the growth and mature stages with business group affiliations exhibit shorter time cycles than non-business groups. The results remain robust in alternate firm life cycle measures (DeAngelo et al., 2006), working capital measures, and the System GMM approach. The implications of these findings extend to strategic planning and corporate financial decision-making. Finance managers, creditors, financial institutions, and policymakers could find value in considering these results when assessing firms' working capital requirements. Future studies could confirm these results while exploring different markets and sectors. To the best of our knowledge, this study gives new dimensions by investigating the relationship and behavior of working capital management from a firm's lifecycle perspective.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"801 - 829"},"PeriodicalIF":2.6,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682761","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

A Systematic Review and Bibliometric Analysis of Asset Reconstruction Companies: A Panacea or A Plight for Non-Performing Assets 资产重组公司的系统评价与文献计量分析：解决不良资产的灵丹妙药还是困境

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-18 DOI: 10.1007/s10690-025-09519-5

Megha Jaiwani, Ritika Chopra, Seema Bhardwaj, Santosh Gopalkrishnan

{"title":"A Systematic Review and Bibliometric Analysis of Asset Reconstruction Companies: A Panacea or A Plight for Non-Performing Assets","authors":"Megha Jaiwani, Ritika Chopra, Seema Bhardwaj, Santosh Gopalkrishnan","doi":"10.1007/s10690-025-09519-5","DOIUrl":"10.1007/s10690-025-09519-5","url":null,"abstract":"<div><p>ARCs (asset reconstruction companies) are specialised financial institutions that acquire impaired assets from banks at discounted values and attempt to recover them, enabling banks to achieve balance sheet stability. The present study provides a comprehensive examination of the ARCs’ role within India’s financial landscape, highlighting their contributions, challenges, and potential for improvement. Through an extensive systematic literature review and a conceptual analysis, the paper identifies critical aspects of the ARC framework, including its strengths and weaknesses. The findings reveal that while ARCs have made notable strides in enhancing the insolvency resolution process and supporting economic revival, they face several challenges that hinder their effectiveness. These include regulatory ambiguities, operational inefficiencies, and capital constraints, among others. The study underscores the need for a re-evaluation of the ARC structure, suggesting that a more robust regulatory framework, coupled with better funding mechanisms and streamlined operations, could significantly enhance their performance. Policymakers and regulators should consider revisiting and refining the ARC model to address these challenges. By fostering a more conducive environment for ARCs—through clearer regulations, stronger financial support, and enhanced operational capabilities—India can establish a more efficient and effective asset resolution system. Such reforms would not only bolster the performance of ARCs but also contribute to the broader objective of building a resilient and responsive insolvency resolution ecosystem. The study suggests that these improvements could attract well-funded and strategically designed firms into the Indian asset resolution market, further strengthening the country’s capacity to manage and resolve non-performing assets in a timely and impactful manner.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"1 - 24"},"PeriodicalIF":2.6,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147340093","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

Correction: Is Financial Leverage Influenced by the Financial Performance and Firm Characteristics in the FMCG Sector in India? 修正：财务杠杆是否受到印度快速消费品行业财务业绩和企业特征的影响？

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-17 DOI: 10.1007/s10690-025-09523-9

Priyanka Singh, Ruchika Gahlot, Miklesh Prasad Yadav, Rajbir Singh

引用次数: 0

Financial Market Structures, Financial Market Openness, and the Innovation-Growth Nexus? Evidence from Developing Countries 金融市场结构、金融市场开放与创新-增长关系？来自发展中国家的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-15 DOI: 10.1007/s10690-024-09505-3

Rudra P. Pradhan, Mak B. Arvin, Mahendhiran S. Nair, John H. Hall, Sara E. Bennett

{"title":"Financial Market Structures, Financial Market Openness, and the Innovation-Growth Nexus? Evidence from Developing Countries","authors":"Rudra P. Pradhan, Mak B. Arvin, Mahendhiran S. Nair, John H. Hall, Sara E. Bennett","doi":"10.1007/s10690-024-09505-3","DOIUrl":"10.1007/s10690-024-09505-3","url":null,"abstract":"<div><p>Over the last 30 years, there have been major reforms in the financial sectors of several developing countries, such as their banking systems, stock markets and bond markets. These reforms include the introduction of various policies to improve the innovative capacity of financial systems to enable industries to move up the global competitiveness value chain. Despite such financial reforms, the impact of these changes on financial systems’ innovative capacity remains unclear, as does the knock-on effect for economic growth in these countries. The primary objective of this study is to examine the dynamics between the financial reforms (relating to financial market structures and financial market openness), innovation and economic growth in developing countries. Using the error-correction model and Granger causal dynamics, a sample consisting of 38 developing economies (focusing on the period 1961–2022) was used to test the short-term and long-term dynamic relationships between the variables. The study found conclusive evidence that, in the long run, the financial market structure, financial market openness and innovation have a significant impact on economic growth. However, the results for the short term vary, based on the measures used for the financial market structure. The empirical results suggest that policy-makers in these countries should consider co-development policies pertaining to the financial market structure, financial openness and innovation to ensure that these countries stay on the path to sustainable economic growth.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"171 - 211"},"PeriodicalIF":2.6,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147339245","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

The Effects of Geopolitical Risks on Market Returns in a Frontier Market: Evidence from Ho Chi Minh Stock Exchange 前沿市场地缘政治风险对市场收益的影响：来自胡志明证券交易所的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-03-05 DOI: 10.1007/s10690-025-09518-6

Loc Dong Truong, H. Swint Friday, Anh Thi Kim Nguyen

{"title":"The Effects of Geopolitical Risks on Market Returns in a Frontier Market: Evidence from Ho Chi Minh Stock Exchange","authors":"Loc Dong Truong, H. Swint Friday, Anh Thi Kim Nguyen","doi":"10.1007/s10690-025-09518-6","DOIUrl":"10.1007/s10690-025-09518-6","url":null,"abstract":"<div><p>This study is the first to investigate the effects of geopolitical risks on stock market returns for the Ho Chi Minh Stock Exchange (HOSE). The data used in this study consist of daily VN30-Index, geopolitical risk act (GPRA) Index and geopolitical risk threat (GPRT) Index covering the period from February 6th 2012 to December 29th 2023. Using an autoregressive distributed lag (ARDL) bounds testing approach, the empirical findings confirm that GPRT has significantly negative effects on the HOSE’s returns in both the short-term and long-term. Specifically, one percent increase in the GPRT index is associated with 0.135 percent and 0.146 percent decrease in the short-term and long-term market returns, respectively. However, the results derived from the ARDL model reveal that GPRA has no impact on the market returns in both the short-term and long-term. In addition, the findings obtained from the error correction model (ECM) show that 92.28 percent of the movements into disequilibrium in the current trading day are adjusted back to the long-term equilibrium in the next trading day.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"737 - 757"},"PeriodicalIF":2.6,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682731","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

Price Clustering in Bitcoin Markets: The Role of Transaction Fees 比特币市场的价格聚类：交易费用的作用

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-02-24 DOI: 10.1007/s10690-025-09515-9

Şahin Telli, Xufeng Zhao

引用次数: 0

Mean Field Equilibrium Asset Pricing Model with Habit Formation 考虑习惯形成的平均场均衡资产定价模型

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-02-24 DOI: 10.1007/s10690-024-09507-1

Masaaki Fujii, Masashi Sekine

引用次数: 0

Digital Transformation as a Catalyst for Resilience in Stock Price Crisis: Evidence from A ‘New Quality Productivity’ Perspective 数字化转型是股价危机弹性的催化剂：来自“新质量生产力”视角的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-02-17 DOI: 10.1007/s10690-025-09517-7

Shunru Chen, Constantinos Alexiou

{"title":"Digital Transformation as a Catalyst for Resilience in Stock Price Crisis: Evidence from A ‘New Quality Productivity’ Perspective","authors":"Shunru Chen, Constantinos Alexiou","doi":"10.1007/s10690-025-09517-7","DOIUrl":"10.1007/s10690-025-09517-7","url":null,"abstract":"<div><p>This study explores the impact of digital transformation on stock price crash risk using Chinese A-share listed enterprises from 2011 to 2022. Leveraging the TF-IDF algorithm and deep learning models, it contextualizes digital transformation within China's “new quality productivity” framework, which prioritizes technological innovation over traditional productivity drivers. The findings reveal that digital transformation significantly reduces stock price crash risk, particularly in labor and capital-intensive sectors, by enhancing market transparency and decreasing information asymmetry. Furthermore, the integration of digital transformation with the “new quality productivity” framework amplifies this protective effect, with pronounced benefits for large firms and those covered by analysts or research reports. Conversely, smaller firms or those without such coverage experience a smaller impact. By demonstrating how advanced digital technologies bolster operational agility and investor confidence, this study highlights the critical role of digital transformation in fostering resilience and stabilizing stock prices during crises.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"701 - 736"},"PeriodicalIF":2.6,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://link.springer.com/content/pdf/10.1007/s10690-025-09517-7.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Is Financial Leverage Influenced by the Financial Performance and Firm Characteristics in the FMCG Sector in India? 财务杠杆是否受到印度快速消费品行业财务业绩和企业特征的影响？

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-02-15 DOI: 10.1007/s10690-025-09516-8

Priyanka Singh, Ruchika Gahlot, Miklesh Prasad Yadav, Rajbir Singh

{"title":"Is Financial Leverage Influenced by the Financial Performance and Firm Characteristics in the FMCG Sector in India?","authors":"Priyanka Singh, Ruchika Gahlot, Miklesh Prasad Yadav, Rajbir Singh","doi":"10.1007/s10690-025-09516-8","DOIUrl":"10.1007/s10690-025-09516-8","url":null,"abstract":"<div><p>We investigate the impact of financial performance and firm characteristics on leverage by using panel data from 77 FMCG corporations included in the BSE Index spanning twelve years (2012–2023). The firm characteristics and performance are measured by Liquidity, Profitability, Tangibility, Effective Tax Rate, and Sales Growth whereas short-term debt ratio (SDR), long-term debt ratio (LDR) and total debt ratio (TDR) represent leverage. For the empirical investigation, we employ static panel data regression to analyse the association among leverage, firm characteristics, and performance. The findings indicate that firm age, size, tangibility, and liquidity exert a substantial adverse effect on SDR. When considering LDR, firm size demonstrates significant negative effects, and tangibility and growth exhibit significant positive effects. For TDR, effective tax rate, firm size, liquidity, and tangibility have significant negative effects. The study predominantly aligns with the pecking order framework, emphasizing firms’ inclination toward internal funding rather than debt due to imbalances in information availability. Understanding these trends enables Indian FMCG firms to make informed financing decisions and improve competitiveness and sustainability in the market.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"677 - 698"},"PeriodicalIF":2.6,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682759","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