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

Valuation Driven Innovation 估值驱动型创新

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-01-28 DOI: 10.1007/s10690-024-09514-2

Keming Li

引用次数: 0

Market-News Co-Moments and the Cross Section of Stock Returns 市场新闻共同时刻和股票收益的横截面

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2025-01-05 DOI: 10.1007/s10690-024-09511-5

Mohammadreza Tavakoli Baghdadabad, Girijasankar Mallik, Sriram Shankar

引用次数: 0

Pathways to Life Success: a Comparative Study of Financial Well-Being among Males and Females in an Emerging Economy 人生成功之路：新兴经济体中男性和女性财务状况的比较研究

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-12-23 DOI: 10.1007/s10690-024-09509-z

Jitender Kumar, Vinki Rani, Manju Rani, Garima Rani

{"title":"Pathways to Life Success: a Comparative Study of Financial Well-Being among Males and Females in an Emerging Economy","authors":"Jitender Kumar, Vinki Rani, Manju Rani, Garima Rani","doi":"10.1007/s10690-024-09509-z","DOIUrl":"10.1007/s10690-024-09509-z","url":null,"abstract":"<div><p>Financial well-being is a psychological notion that determines an individual’s level of happiness in life and contributes to the success of economic growth. However, there is little research on the factors influencing the individual’s financial well-being by focusing on the comparative analysis between male and female individuals. This study is uniquely developed and empirically tests a novel framework on gender differences in financial well-being by using two datasets. Data was collected through “self-administered questionnaires,” which included 398 males from Study M and 409 females from Study F in the National Capital Region (NCR) India. In both studies, this research indicates that financial socialization and financial self-efficacy improve financial behavior, financial satisfaction and financial well-being. However, financial stress reduces financial behavior, financial satisfaction and financial well-being in both studies. Notably, financial attitude enhances financial well-being in Study F and reduces financial well-being in Study M. The study’s insights offer financial educators and policymakers valuable guidance by formulating more effective strategies to safeguard individuals’ financial futures. Accordingly, this study extends the earlier literature by evolving and empirically testing a novel framework on the antecedents of financial well-being by using a comparative analysis of two datasets in an emerging nation.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"349 - 378"},"PeriodicalIF":2.6,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147341413","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

Investor Sentiment and Stock Price Crash Risk: Indian Perspective 投资者情绪与股价崩盘风险：印度视角

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-12-23 DOI: 10.1007/s10690-024-09512-4

Rubini Sampath Sena, R. Madhumathi

引用次数: 0

The Impact of Financial Stress on Economic Growth in Asian Emerging Economies: Evidence from Quantile Connectedness Approach 金融压力对亚洲新兴经济体经济增长的影响：来自分位数连通性方法的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-12-21 DOI: 10.1007/s10690-024-09513-3

Raktim Ghosh, Biswajit Paul, Ashish Kumar Sana, Bhaskar Bagchi, Priyajit Kumar Ghosh

{"title":"The Impact of Financial Stress on Economic Growth in Asian Emerging Economies: Evidence from Quantile Connectedness Approach","authors":"Raktim Ghosh, Biswajit Paul, Ashish Kumar Sana, Bhaskar Bagchi, Priyajit Kumar Ghosh","doi":"10.1007/s10690-024-09513-3","DOIUrl":"10.1007/s10690-024-09513-3","url":null,"abstract":"<div><p>The global financial recession was the most severe economic downturn since the Great Depression of the 1930s. Since this episode, the concept and assessment of financial stress and the effects of financial stress have drawn greater attention. This study emphasizes assessing the impact of financial stress on economic growth in light of recent calamities that the world has endured in the aftermath of the global financial crisis, the Euro Crisis, and the COVID-19 pandemic by using the quantile regression model which demonstrates some interesting outcomes in assessing the impact of financial stress on the economic growth of Asian emerging economies in recent decades, that has seen fast economic expansion as well as integration into the worldwide economy. Moreover, the ERS unit root test confirms the non-existence of unit root, and the robustness of the model is also examined. Furthermore, analyzing how the intensity and direction of the linkages change over different quantiles of the distribution is also highlighted which is a more sophisticated learning of the relationship between financial stress and economic growth.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 2","pages":"559 - 588"},"PeriodicalIF":2.6,"publicationDate":"2024-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147682760","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

Crypto Volatility Forecasting: Mounting a HAR, Sentiment, and Machine Learning Horserace 加密货币波动预测：建立HAR，情绪和机器学习赛马

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-12-13 DOI: 10.1007/s10690-024-09510-6

Alexander Brauneis, Mehmet Sahiner

{"title":"Crypto Volatility Forecasting: Mounting a HAR, Sentiment, and Machine Learning Horserace","authors":"Alexander Brauneis, Mehmet Sahiner","doi":"10.1007/s10690-024-09510-6","DOIUrl":"10.1007/s10690-024-09510-6","url":null,"abstract":"<div><p>The relationship between investor sentiment and cryptocurrency market volatility remains an area of growing interest in empirical finance. In this study, we present an innovative forecasting approach by utilizing a unique dataset of AI-generated sentiment from a comprehensive database of crypto market news. In a horserace fashion, we first evaluate the Heterogeneous Autoregressive (HAR) model and then compare its forecasting performance to five advanced machine learning (ML) methods. ML performs reasonably well and improves the accuracy of the benchmark HAR model. Interestingly, including sentiment does not improve the forecasting accuracy of the HAR model. However, our findings highlight that investor sentiment seems to influence crypto market volatility in a nonlinear fashion that can (only) be captured by ML methods. In other words, LightGBM, XGBoost, and LSTM models show enhanced predictive accuracy when sentiment data is incorporated, improving no-sentiment forecasts in 54.17% of the cases studied. Overall, our results emphasize the significant potential of integrating machine learning and sentiment analysis as a promising avenue for improved forecasting, offering potential benefits for risk management strategies and provide valuable insights for researchers and practitioners.\u0000</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"379 - 411"},"PeriodicalIF":2.6,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://link.springer.com/content/pdf/10.1007/s10690-024-09510-6.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147339145","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

Sustainable Indices Outperforming Traditional Indices in India: A Comparative Study Pre and During COVID-19 印度可持续指数优于传统指数：2019冠状病毒病之前和期间的比较研究

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-12-04 DOI: 10.1007/s10690-024-09506-2

Abhisek Mahanta, Naresh Chandra Sahu, Pradeep Kumar Behera

{"title":"Sustainable Indices Outperforming Traditional Indices in India: A Comparative Study Pre and During COVID-19","authors":"Abhisek Mahanta, Naresh Chandra Sahu, Pradeep Kumar Behera","doi":"10.1007/s10690-024-09506-2","DOIUrl":"10.1007/s10690-024-09506-2","url":null,"abstract":"<div><p>This study aims to compare the performance of sustainable indices with the traditional indices of Indian stock markets, both before and during the COVID-19 pandemic in terms of risk, return, and volatility. The findings indicate that sustainable indices consistently outperform traditional indices regarding risk, returns, and volatility aspects during the COVID-19 crisis. The examination of volatility reveals the presence of significant internal volatility and asymmetric effects within the indices. Further, the Asymmetric VAR-BEKK-GARCH model uncovers a bi-directional volatility spillover between the indices before the COVID-19 period while a unidirectional volatility spillover is observed during the COVID-19 period. The connectedness approach using the TVP-VAR-based Diebold &Yilmaz model shows that sustainable indices are the net transmitters and traditional index is the net receiver of volatility spillover. Moreover, various asset pricing market factors like market premium, Small Minus Big (SMB), High Minus Low (HML), and Winners Minus Losers (WML) are driving the better performances of sustainable indices during the crisis period. Consequently, investors may consider including sustainable indices, funds, ETFs, and stocks as viable alternatives to traditional indices to diversify their portfolios during crisis periods. This analysis supports the Modern Portfolio Theory (MPT), and the ‘flight-to-safety’ phenomenon during a crisis, and aligns financial goals with Environmental, Social, and Governance (ESG) considerations.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"213 - 261"},"PeriodicalIF":2.6,"publicationDate":"2024-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147336603","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

Analyzing the Divergent Effects of Oil Price Changes on BRICS Stock Markets 石油价格变动对金砖国家股市的差异效应分析

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-11-30 DOI: 10.1007/s10690-024-09497-0

Neha Gupta, Namita Sahay, Miklesh Prasad Yadav

{"title":"Analyzing the Divergent Effects of Oil Price Changes on BRICS Stock Markets","authors":"Neha Gupta, Namita Sahay, Miklesh Prasad Yadav","doi":"10.1007/s10690-024-09497-0","DOIUrl":"10.1007/s10690-024-09497-0","url":null,"abstract":"<div><p>We analyse the asymmetric impact of oil prices on the stock markets of the BRICS nations. Employing the Nonlinear Autoregressive Distributed Lag (NARDL) model, we examine the weekly data spanning from October 29, 2010, to May 28, 2021 for West Texas Intermediate (WTI) spot prices in USD per barrel, alongside stock price data from official stock market indices websites. The findings reveal a substantial long-run association of oil prices with stock markets of BRICS nations except South Africa with significant asymmetry observed in both short and long-term impacts. Specifically, fluctuations in oil prices exhibit divergent effects on stock markets within these nations necessitating nuanced policy responses. Investors and portfolio managers are encouraged to adopt nonlinear models for forecasting and portfolio management leveraging asymmetric effects for risk mitigation strategies. These suggestions underscore the importance of recognizing the nonlinear and asymmetric nature of oil price dynamics in shaping investment decisions and formulating effective policy measures to mitigate associated risks in BRICS stock markets.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1551 - 1569"},"PeriodicalIF":2.6,"publicationDate":"2024-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449722","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

Reset Feature in Convertible Bonds: Is It Good for the Firm? 可转换债券的重置特征：对公司有利吗？

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-11-20 DOI: 10.1007/s10690-024-09504-4

Kyung Hee Park, Sanghoon Lee

{"title":"Reset Feature in Convertible Bonds: Is It Good for the Firm?","authors":"Kyung Hee Park, Sanghoon Lee","doi":"10.1007/s10690-024-09504-4","DOIUrl":"10.1007/s10690-024-09504-4","url":null,"abstract":"<div><p>This study analyzes the impact of the reset clause in convertible bonds on firms. Specifically, it investigates whether the reset feature helps alleviate capital constraints, whether this effect varies based on the controlling shareholders’ ownership stake, and how the reset feature influences the long-term performance of firms. The analysis is based on convertible bond issuances by firms listed on the Korean Stock Exchange and KOSDAQ between 2000 and 2020. The results are as follows. First, firms without the reset feature at the time of convertible bond issuance experience a higher level of capital constraint alleviation. Second, the effect of this capital constraint alleviation is not affected by the ownership stake of the controlling shareholders. Finally, the reset feature negatively impacts the long-term performance of firms. The study suggests that small and medium-sized enterprises with high growth potential might benefit from avoiding the use of the reset clause when issuing convertible bonds. This study contributes to the literature by offering the first robust empirical analysis of the reset clause, providing valuable insights into its impact and implications. These findings are expected to inform and enhance policy discussions surrounding the use of reset clauses in convertible bonds.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"149 - 169"},"PeriodicalIF":2.6,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147340934","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

Retail Investors’ Perception Towards Green Bonds in Advancing Sustainability: Evidence from India 零售投资者对绿色债券促进可持续发展的看法：来自印度的证据

IF 2.6

Asia-Pacific Financial Markets Pub Date : 2024-11-17 DOI: 10.1007/s10690-024-09503-5

Farhat Aziz Lone, Shalini Aggarwal, Sanjeev Jain

{"title":"Retail Investors’ Perception Towards Green Bonds in Advancing Sustainability: Evidence from India","authors":"Farhat Aziz Lone, Shalini Aggarwal, Sanjeev Jain","doi":"10.1007/s10690-024-09503-5","DOIUrl":"10.1007/s10690-024-09503-5","url":null,"abstract":"<div><p>Green bonds are financial instruments that raise funds for financing green projects. They facilitate sustainable investing with the goal to mitigate environmental damage. The presents study understands the factors that impact the perception of retail investor towards investing in green bonds. Also, it studies: is there any significant relationship between perceptions of retail investors towards investment in GBs and sustainability?” Furthermore, we conducted a mediation analysis to assess the role of \"perception towards green bond investment\" in advancing sustainability objectives. Exploratory factor analysis has been used to understand the important factors. Also, the study uses the PLS-SEM for testing the path analysis while performing structural model testing. The results show that social factors are the most significant factors followed by personal factors. Environmental factors comes next with financial gains as the fourth important factor that impact the perception of green bond investors in India. Risk associated with investment is given the least priority. The study will helps the fund managers, brokers, companies and policymakers to understand the perceptions of retail investors towards GBs. It will provide insight to the policymakers to incorporate the policy changes regarding the issue of green bonds in the country.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"119 - 148"},"PeriodicalIF":2.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147340064","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