Asia-Pacific Financial Markets最新文献_第3页

Financial Derivatives Usage and Firm Value in Turbulent Periods: Comparative Evidence from India during the COVID-19 Crisis 动荡时期的金融衍生品使用和公司价值：印度在 COVID-19 危机期间的比较证据

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-06-04 DOI: 10.1007/s10690-024-09457-8

S. M. R. K. Samarakoon, Rudra P. Pradhan, I. K. D. Gunathunga, Sasikanta Tripathy

{"title":"Financial Derivatives Usage and Firm Value in Turbulent Periods: Comparative Evidence from India during the COVID-19 Crisis","authors":"S. M. R. K. Samarakoon, Rudra P. Pradhan, I. K. D. Gunathunga, Sasikanta Tripathy","doi":"10.1007/s10690-024-09457-8","DOIUrl":"https://doi.org/10.1007/s10690-024-09457-8","url":null,"abstract":"<p>This study delves into the ramifications of financial derivatives usage on the firm value among Indian non-financial firms, covering both the COVID-19 crisis period (2020–2021) and the preceding stable phase (2015–2019). This comparative analysis aims to discern how the strategic use of derivatives influences firm valuation across varying economic conditions. Analyzing 712 firm-year observations during the pandemic and extending to 1735 observations in the pre-COVID era, our findings reveal that while foreign exchange and interest rate derivatives consistently enhance firm value, the use of commodity derivatives exhibits a complex relationship with firm value, becoming notably negative during the pandemic. This suggests that derivatives’ effectiveness in risk management and value preservation is contingent upon both the type of derivative and the economic context. Our research underscores the critical role of derivatives in navigating financial uncertainties, offering nuanced insights that enrich our understanding of firm-level risk management strategies in both stable and turbulent times.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"2 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141255747","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

Performance Evaluation of Socially Responsible Funds Compared to Their Benchmark Index in India: Evidence from the Covid-19 Crisis 印度社会责任基金与其基准指数的绩效评估：来自 Covid-19 危机的证据

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-05-28 DOI: 10.1007/s10690-024-09460-z

Renu Jonwall, Seema Gupta, Shuchi Pahuja

{"title":"Performance Evaluation of Socially Responsible Funds Compared to Their Benchmark Index in India: Evidence from the Covid-19 Crisis","authors":"Renu Jonwall, Seema Gupta, Shuchi Pahuja","doi":"10.1007/s10690-024-09460-z","DOIUrl":"https://doi.org/10.1007/s10690-024-09460-z","url":null,"abstract":"<p>This study aimed at differentiating the qualitative characteristics (Basic and Technical) of the Indian Socially Responsible (SR) funds. The study also compared the performance of SR funds with their benchmark indexes. The novelty of the current study is analyzing the impact of the market return and the Covid-19 outbreak on the returns of SR funds. The study used content analysis, independent t-test, and multiple linear regression analysis. The content analysis results highlighted that the majority of the SR funds adopt the Environmental, Social and Governance (ESG) integration approach, invest in large-cap, high-growth companies with good ESG score, and have an investment committee. The comparative analysis indicated that out of 14 SR funds, only four funds outperformed their benchmark index. The regression analysis showed that the selected four funds had a significant relationship with their respective benchmarks and a non-significant relationship with the Covid-19 outbreak. The current study contributes to SRI literature by identifying the differentiating characteristics of the Indian SR funds. It also contributes to the extant literature a comparative analysis, assessing the performance of the SR funds with their benchmark index. Further, determining the impact of the market return and the Covid-19 outbreak on the returns of SR fund is also a contributing factor of the present study. Findings are useful for individual investors, institutional investors and fund managers, as they can launch more SR funds on similar terms. Findings are useful for regulators and policymakers for framing new rules and regulations for boosting ESG adoption by the companies.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"55 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141173356","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

Does Governance Quality Impact Stock Market Development? An Insight of BRICS Economies 治理质量影响股市发展吗？对金砖国家经济的洞察

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-05-11 DOI: 10.1007/s10690-024-09462-x

Anam Khan, Renu Verma, Miklesh Prasad Yadav, Narain

{"title":"Does Governance Quality Impact Stock Market Development? An Insight of BRICS Economies","authors":"Anam Khan, Renu Verma, Miklesh Prasad Yadav, Narain","doi":"10.1007/s10690-024-09462-x","DOIUrl":"https://doi.org/10.1007/s10690-024-09462-x","url":null,"abstract":"<p>BRICS nations are playing a critical role in the global economic setting, but to maintain sustained economic growth they are required to make relentless efforts towards certain challenges. These challenges pertain to diverse governance areas including political, socio-economic, and legal conditions. This paper unfolds the impact of the level of governance quality indicators on stock market development for BRICS nations during the period from 2007 to 2021. Using panel data regression, our empirical findings confirm that governance indicators are critical for the development of the stock market. Our results show that governance indicators such as Government Effectiveness, Rule of Law, and Voice and Accountability are significant variables affecting the stock market development. We find that giving citizens more autonomy to participate in the formulation and execution of policies, improves the development of stock markets. Similarly, lesser political influence will also lead to better growth of the stock market. Additionally, the study evidence that a stronger legal environment in BRICS nations promotes lesser corrupt practices such as insider trading, but at the same time hinders the growth of the stock market. Policymakers in BRICS nations should follow a consistent policy to improve their governance indicators which are now becoming essential for stock market development.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"47 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140942502","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

Impact of Global and Domestic Factors on Indian Government Bond Yields 全球和国内因素对印度政府债券收益率的影响

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-05-04 DOI: 10.1007/s10690-024-09459-6

Shivam Sehgal, Jaspal Singh

{"title":"Impact of Global and Domestic Factors on Indian Government Bond Yields","authors":"Shivam Sehgal, Jaspal Singh","doi":"10.1007/s10690-024-09459-6","DOIUrl":"https://doi.org/10.1007/s10690-024-09459-6","url":null,"abstract":"<p>The article aims to empirically examine the determinants of the 10-, 7-, and 5-year Indian government bond yields over the study period of 1999–2021. For this purpose, three equations were modeled using various independent variables to account for relevant global and domestic drivers. The results were estimated using the ARDL model to identify the long and short-run determinants of the bond yields. The findings demonstrate differences between domestic and global factors' long- and short-term effects across various bond maturities. The long-run drivers of Indian government bond yields include short-term interest rates, economic policy uncertainty, foreign exchange reserves, GDP growth rate, VIX, and oil prices. However, in the short run, all the domestic and global variables affected the bond yields, including external debt, inflation, and general government debt, which did not impact the yields in the long run. These findings have substantial policy implications for the central bank and government in formulating appropriate monetary and fiscal policy mixes while considering global risk scenarios and also for the international and domestic investors for better portfolio allocation.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"26 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140926832","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

From Fields to Futures: Connectedness Among Edible Oil and Oilseeds- Where Soybean Leads, Others Follow 从田间到期货：食用油和油籽之间的联系--大豆领先，其他品种跟进

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-05-02 DOI: 10.1007/s10690-024-09458-7

Nilotpal Sarma, Priyanshu Tiwari, Prabina Rajib

引用次数: 0

Economic Policy Uncertainty and Volatility Spillovers Among International Stock Market Indices During the COVID-19 Outbreak COVID-19 爆发期间经济政策的不确定性与国际股市指数的波动溢出效应

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-04-12 DOI: 10.1007/s10690-024-09452-z

Fei Su, Feifan Wang, Yahua Xu

{"title":"Economic Policy Uncertainty and Volatility Spillovers Among International Stock Market Indices During the COVID-19 Outbreak","authors":"Fei Su, Feifan Wang, Yahua Xu","doi":"10.1007/s10690-024-09452-z","DOIUrl":"https://doi.org/10.1007/s10690-024-09452-z","url":null,"abstract":"<p>Using a sample of 16 international stock market indices spanning the period of January 2015 to June 2022, we examine how global equity markets interact with respect to volatility spillover, with a special focus on types of investment horizons, and how the connectedness structure evolves during the COVID-19 outbreak. Empirical results suggest that there is strong evidence of volatility spillovers among global stock markets, and the COVID-19 pandemic further strengthens such volatility spillovers. However, the structure of the frequency connectedness changes gradually when compared to the full sample period. We further investigate if economic policy uncertainty (EPU) affects volatility spillovers among global stock markets. The results suggest that EPU significantly affects the connectedness among global stock markets, particularly during the COVID-19 pandemic period. Overall, the findings suggest that volatility spillovers across international stock markets vary with time horizons and market conditions, which contributes to the academic literature on modelling global volatility spillovers. Practically, the findings of the study contribute to investors and policymakers in adjusting trading strategies and monitoring market risks.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"238 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140574027","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 Indirect Diversification Benefits of Investing in Japanese Firms: An Alternative Perspective 投资日本公司的间接多元化收益：另一种视角

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-03-18 DOI: 10.1007/s10690-024-09448-9

{"title":"The Indirect Diversification Benefits of Investing in Japanese Firms: An Alternative Perspective","authors":"","doi":"10.1007/s10690-024-09448-9","DOIUrl":"https://doi.org/10.1007/s10690-024-09448-9","url":null,"abstract":"<h3>Abstract</h3> <p>This paper examines the role of firm-level multinationality in equity portfolio diversification for Japanese firms from 1998 to 2015. We use a unique multinationality dataset for constituents of the Nikkei 225 based on two measures of sales and subsidiaries. We employ an extended version of the traditional Capital Asset Pricing Model (CAPM) to analyse the exposure of firm returns to various geographical regions. There is evidence that firms are not influenced by the geographic regions where they report operations. The results also indicate that there are benefits from investing in Japanese multinationals but these benefits do not increase with increasing multinationality. A new category of firms is identified that may be beneficial to investors—firms that are influenced by a geographical region where they do not report sales or subsidiaries. This finding has far reaching implications for portfolio management. Investors must do more than analyse the international location of firm operations. They must analyse the geographical influences on firm returns. Existing studies fail to distinguish between these two criteria, assuming them to be the same. We find evidence to the contrary.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"151 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140153290","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

Assessing the Impact of Policy Uncertainty, Geopolitical Risk, and Sustainable Disclosure on Corporate Performance 评估政策不确定性、地缘政治风险和可持续信息披露对公司业绩的影响

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-03-14 DOI: 10.1007/s10690-024-09450-1

Siddhartha Barman, Jitendra Mahakud

引用次数: 0

Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy 经济自由度、所有权结构和中小企业财务脆弱性：来自新兴经济体的证据

IF 2.5

Asia-Pacific Financial Markets Pub Date : 2024-02-28 DOI: 10.1007/s10690-023-09438-3

Anh-Tuan Doan

{"title":"Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy","authors":"Anh-Tuan Doan","doi":"10.1007/s10690-023-09438-3","DOIUrl":"10.1007/s10690-023-09438-3","url":null,"abstract":"<div><p>This paper examines the impact of economic freedom on the financial fragility of 1,496 non-financial SMEs in Vietnam over the period 2012–2020. We also evaluate the effect of ownership structure on the relationship between economic freedom and financial fragility. Our findings provide evidence that an increase in the degree of aggregated economic freedom and its categories – rule of law, regulatory efficiency, and market openness – help firms reduce the level of financial fragility. However, an increased government size tends to worsen their financial risk. Regarding the impact of ownership, our results reveal that greater rule of law, regulatory efficiency, and market openness have a positive influence on foreign-owned firms, enabling them to maintain lower levels of financial fragility compared to non-foreign-owned firms. However, foreign-owned firms experience a higher level of financial fragility relative to domestically private-owned firms due to increased government size. Furthermore, our analysis indicates that there is no difference in the effect of economic freedom on financial fragility between state-owned and non-state-owned firms in Vietnam. This finding has implications for recognizing the importance of foreign ownership and economic freedom in emerging markets. It also encourages foreign shareholders to design appropriate policies to mitigate financial risk.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"975 - 1006"},"PeriodicalIF":2.5,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140003265","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 Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach 油价变化与印度可再生能源公司股票回报之间的不对称互动：面板 NARDL 方法

IF 1.7

Asia-Pacific Financial Markets Pub Date : 2024-02-14 DOI: 10.1007/s10690-024-09447-w

Lalatendu Mishra, Rajesh H. Acharya

引用次数: 0