发布求助
文献互助 智能选刊 最新文献

Asia-Pacific Financial Markets最新文献

筛选
英文 中文
The Influence of Domestic Bank Credit and FDI Inflows on Renewable Energy Productivity: An Analysis of Developing Asian Economies 国内银行信贷和外国直接投资流入对可再生能源生产率的影响：基于亚洲发展中经济体的分析
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-11-05 DOI: 10.1007/s10690-024-09502-6
Shruti Aggarwal, Mantu Kumar Mahalik
{"title":"The Influence of Domestic Bank Credit and FDI Inflows on Renewable Energy Productivity: An Analysis of Developing Asian Economies","authors":"Shruti Aggarwal,&nbsp;Mantu Kumar Mahalik","doi":"10.1007/s10690-024-09502-6","DOIUrl":"10.1007/s10690-024-09502-6","url":null,"abstract":"<div><p>As economies worldwide endeavour to achieve Sustainable Development Goals (SDG) by 2030, the urge to shift toward renewable energy and achieve energy usage effectiveness has grown more vital. This transition highlights the need to comprehend financial mechanisms and governance aspects that can foster the productivity of renewable energy sources. In this light, this study evaluates the dynamics between domestic bank credit and foreign direct investment inflows, effective governance, world uncertainty, and their aggregate influence on renewable energy productivity in developing Asia, providing a novel outlook on environment-friendly energy. In this context, we analyse the prospects of domestic bank credit and foreign direct investment inflows to serve reliable and affordable sustainable energy for all (i.e. SDG7). Additionally, we have incorporated labour force participation, capital formation, and non-renewable energy consumption as control variables, recognizing their role in renewable energy productivity function. We have employed two-steps dynamic Generalized Method of Moments (GMMs) and Panel-corrected Standard Errors (PCSEs) estimation techniques for the panel set of 23 developing Asian economies from 1996 to 2020. The findings discern domestic bank credit as a crucial promoter of renewable energy productivity, spotlighting the nuanced role of foreign direct investment inflows and the unfavourable impact of world uncertainty. Effective governance is asserted as a stimulus of renewable energy productivity, accentuating the indispensable need for consistent, clear, rigorous environmental policies. Furthermore, the analysis shows that the labour force, capital formation, and non-renewable energy enhance renewable energy productivity. This brief examination intensely analyses renewable energy, prioritising the importance of bolstering renewable energy productivity for attaining sustainable development goals and requiring policymakers in developing Asia to inquire further.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"95 - 118"},"PeriodicalIF":2.6,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147337107","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
Bitcoin as a Legal Tender 比特币作为法定货币
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-29 DOI: 10.1007/s10690-024-09499-y
Daehan Kim, Jing (Maggie) Chen, Doojin Ryu, Robert I. Webb
{"title":"Bitcoin as a Legal Tender","authors":"Daehan Kim,&nbsp;Jing (Maggie) Chen,&nbsp;Doojin Ryu,&nbsp;Robert I. Webb","doi":"10.1007/s10690-024-09499-y","DOIUrl":"10.1007/s10690-024-09499-y","url":null,"abstract":"<div><p>This study examines the viability of Bitcoin as legal tender with particular emphasis on the experience of El Salvador. In particular, we examine the challenges, benefits, and costs, of using Bitcoin as legal tender in a country. Our analysis underscores the significant costs of using Bitcoin to process routine transactions. These costs, both temporal and financial, form a considerable barrier to Bitcoin’s widespread adoption and use as legal tender. Given the uncertain impacts that the successful adoption of Bitcoin may cause, we suggest that there is little reason for policymakers to actively drive Bitcoin adoption.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1175 - 1188"},"PeriodicalIF":2.6,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449728","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
Hedging Derivatives with Recalibration and Model Risk 对冲衍生品与重新校准和模型风险
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-27 DOI: 10.1007/s10690-024-09501-7
Mark Davis, Seiya Goto, Koichi Matsumoto
{"title":"Hedging Derivatives with Recalibration and Model Risk","authors":"Mark Davis,&nbsp;Seiya Goto,&nbsp;Koichi Matsumoto","doi":"10.1007/s10690-024-09501-7","DOIUrl":"10.1007/s10690-024-09501-7","url":null,"abstract":"<div><p>This paper studies the hedging of derivatives whose pricing formulas are periodically recalibrated in the presence of model risk. We assume that the price and implied parameter processes are observed in the market but the true model of these processes is unknown. Given multiple candidates for the true model, we define a model set of candidates for the true model. We study the minimum hedging error and an optimal strategy under the worst situation and show the procedure for their calculation. Furthermore some numerical examples are provided to illustrate the impact of model risk on the optimal hedging.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"33 1","pages":"65 - 93"},"PeriodicalIF":2.6,"publicationDate":"2024-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147342403","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
Dynamic Risk Spillover in International Real Estate Investment Trusts: Implications for Asset Investors 国际房地产投资信托的动态风险溢出：对资产投资者的启示
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-17 DOI: 10.1007/s10690-024-09496-1
Kwame Annin, Kofi Agyarko Ababio, Solomon Sarpong
{"title":"Dynamic Risk Spillover in International Real Estate Investment Trusts: Implications for Asset Investors","authors":"Kwame Annin,&nbsp;Kofi Agyarko Ababio,&nbsp;Solomon Sarpong","doi":"10.1007/s10690-024-09496-1","DOIUrl":"10.1007/s10690-024-09496-1","url":null,"abstract":"<div><p>The paper examines the extent of connectivity and shock transmission among twenty international public REITs using both static and dynamic econometric measures. The result shows that the dominant status of the United States REIT market as a primary source of shock to the international REIT market is in contest, mostly with the Belgian, Russian, and French REITs. Our results also indicate that Belgium, Germany, and France are the leading sources of shock in the European Union REIT market. Singapore dominates the ASEAN Economic Community REITs; the United States leads the North American Free Trade Agreement REITs while Russia and the United States compete as leaders in the Asia–Pacific Economic Cooperation REIT market. Results from the dynamic spillover demonstrate that return and the volatility spillover are vulnerable to key global news—positive or negative—with the COVID-19 pandemic having a substantial influence on international REITs than oil price shocks and geopolitical news. We further find out that altogether, the 20 international REITs are highly connected, and their level of linkages increases in periods of heightened global market uncertainties. However, the connectedness levels of the markets reduce among the economic blocs, suggesting that market integration, in the perspective of REITs, is not well-achieved under established economic groupings. We believe these findings are significant for the recalibration of the international REIT market as it resets itself from the uncertainties ushered in by the insurgency of the COVID-19 pandemic. The findings also have relevant implications for the investor community.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1519 - 1550"},"PeriodicalIF":2.6,"publicationDate":"2024-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449596","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: Dynamic Linkages and Temporal Relationships between Spot and Future Index Prices: Empirical Evidence from India Using Non-linear GARCH–BEKK 修正：现货和未来指数价格之间的动态联系和时间关系：来自印度的非线性GARCH-BEKK的经验证据
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-10 DOI: 10.1007/s10690-024-09500-8
Khalid Ul Islam, Umer Mushtaq Lone, Younis Ahmed Gulam, Suhail Ahmad Bhat
{"title":"Correction: Dynamic Linkages and Temporal Relationships between Spot and Future Index Prices: Empirical Evidence from India Using Non-linear GARCH–BEKK","authors":"Khalid Ul Islam,&nbsp;Umer Mushtaq Lone,&nbsp;Younis Ahmed Gulam,&nbsp;Suhail Ahmad Bhat","doi":"10.1007/s10690-024-09500-8","DOIUrl":"10.1007/s10690-024-09500-8","url":null,"abstract":"","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1617 - 1617"},"PeriodicalIF":2.6,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449610","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
Supervision by Distracted Institutional Investors and Majority Shareholder Tunnelling: Causal Evidence from China 分散的机构投资者监管与大股东隧道行为：来自中国的因果证据
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-10 DOI: 10.1007/s10690-024-09495-2
Zihui Lin, Chante Jian Ding
{"title":"Supervision by Distracted Institutional Investors and Majority Shareholder Tunnelling: Causal Evidence from China","authors":"Zihui Lin,&nbsp;Chante Jian Ding","doi":"10.1007/s10690-024-09495-2","DOIUrl":"10.1007/s10690-024-09495-2","url":null,"abstract":"<div><p>The results of the study indicate a positive correlation between the level of distraction of institutional investors and the expropriation behavior of major shareholders. Furthermore, when independent institutional investors with stronger monitoring motives become distracted, they significantly increase the incentive for major shareholders’ expropriation. Companies with stronger external monitoring exhibit a more pronounced effect of increased expropriation by major shareholders when institutional investors are distracted. Finally, the study finds that the internal capital market makes state-owned enterprises more susceptible to major shareholders’ expropriation when institutional investors are distracted compared to private enterprises. In summary, this paper broadens the research on the influence of the “tunneling” motivation of major shareholders, verifies the impact of institutional investors’ limited attention on the capital market, and explores the external governance role of institutional investors.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1487 - 1518"},"PeriodicalIF":2.6,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449777","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
Cracking the Code: Hidden Choices and Visible Impacts Pattern Recognition in Corporate Finance 破解密码：公司财务中的隐性选择与可见影响模式识别
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-08 DOI: 10.1007/s10690-024-09487-2
Amjad Ali, Suresh Kumar Oad Rajput
{"title":"Cracking the Code: Hidden Choices and Visible Impacts Pattern Recognition in Corporate Finance","authors":"Amjad Ali,&nbsp;Suresh Kumar Oad Rajput","doi":"10.1007/s10690-024-09487-2","DOIUrl":"10.1007/s10690-024-09487-2","url":null,"abstract":"<div><p>Research in corporate finance suffers from bounded rationality due to static modeling. Adopting factor analysis, an unsupervised machine learning approach, and balance sheet information (accounts) over time, we find underlying dynamic latent corporate finance decisions. Our study identifies three latent corporate finance decisions adopted by executives in Pakistan, (1) long-term capital investment, (2) short-term debt credit, and (3) financial flexibility. The order of the decisions and the empirical tests highlight agency problems rooted in familial ownership concentration. We find that long-term capital investment and short-term debt credit decisions significantly reduce the firms’ present and future performance. Conversely, managers do not embrace financial flexibility, despite its ability to improve performance. The study highlights a contradiction, firms bounded by ownership concentration prefer control over performance and do not make decisions to optimize and protect minority shareholders’ wealth, depicting a moral hazard problem.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1243 - 1282"},"PeriodicalIF":2.6,"publicationDate":"2024-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://link.springer.com/content/pdf/10.1007/s10690-024-09487-2.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449529","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
An Empirical Analysis of Spot and Forward Interest Rates in Seven European Countries via Principal Component Analysis and the Malliavin-Mancino Method 基于主成分分析和Malliavin-Mancino方法的欧洲七国即期和远期利率实证分析
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-10-04 DOI: 10.1007/s10690-024-09498-z
Nien-Lin Liu, Ryoichi Suzuki
{"title":"An Empirical Analysis of Spot and Forward Interest Rates in Seven European Countries via Principal Component Analysis and the Malliavin-Mancino Method","authors":"Nien-Lin Liu,&nbsp;Ryoichi Suzuki","doi":"10.1007/s10690-024-09498-z","DOIUrl":"10.1007/s10690-024-09498-z","url":null,"abstract":"<div><p>Building upon the empirical studies by Liu (2:57–60, 2010) and Liu and Mancino (2012), we investigate the determinants influencing the term structure of interest rates in seven European countries: Austria, Belgium, Britain, France, Germany, Italy, and Spain. We use two methods, namely principal component analysis (PCA) for covariance matrix estimated by realized volatility estimator and PCA of integrated volatility estimated by Malliavin-Mancino (MM) estimator using Fourier series method proposed by Malliavin and Mancino (6:49–61, 2002; 37: 1983–2010, 2009), to examine spot rates and forward rates derived from zero-coupon bond data. The results of the study confirm that although three factors account for the majority of spot rate variability, a more significant number of factors is essential to capture forward rate dynamics adequately. This research complements the results established by earlier studies, providing a more comprehensive understanding of interest rate dynamics across these European markets.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1571 - 1616"},"PeriodicalIF":2.6,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://link.springer.com/content/pdf/10.1007/s10690-024-09498-z.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449551","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
Financial Surplus and Capital Structure Dynamics: Evidence from Indian Firms 财务盈余与资本结构动态：来自印度企业的证据
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-09-20 DOI: 10.1007/s10690-024-09491-6
Ajay Kumar Mishra, Yogesh Chauhan, Trilochan Tripathy
{"title":"Financial Surplus and Capital Structure Dynamics: Evidence from Indian Firms","authors":"Ajay Kumar Mishra,&nbsp;Yogesh Chauhan,&nbsp;Trilochan Tripathy","doi":"10.1007/s10690-024-09491-6","DOIUrl":"10.1007/s10690-024-09491-6","url":null,"abstract":"<div><p>This study examines the capital structure adjustment process followed by Indian Firms. Our study focuses on investigating when a firm changes its capital structure. We discover a pattern of capital structure adjustments among Indian firms, where the financial surplus or deficit of Indian firms drives the decision to adjust the capital structure. The results show that the capital structure adjustment speed for Indian firms measured using book-value-based leverage is around 39% when firms have an above-target debt with a financial surplus and about 26% when firms have a below-target debt with a financial deficit. The adjustments occur when firms have above-target/below-target debt with a financial surplus/deficit. Our results show that Indian firms adjust their capital structure conditioned upon the firm’s financial surplus/deficit.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1383 - 1405"},"PeriodicalIF":2.6,"publicationDate":"2024-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145449697","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
Do Bitcoin Shocks Dominate Other Cryptocurrencies? An Examination Through GARCH Based Dynamic Models 比特币冲击是否主导其他加密货币？通过基于 GARCH 的动态模型进行研究
IF 2.6
Asia-Pacific Financial Markets Pub Date : 2024-09-19 DOI: 10.1007/s10690-024-09493-4
Hassan Javed, Naveed Khan
{"title":"Do Bitcoin Shocks Dominate Other Cryptocurrencies? An Examination Through GARCH Based Dynamic Models","authors":"Hassan Javed,&nbsp;Naveed Khan","doi":"10.1007/s10690-024-09493-4","DOIUrl":"10.1007/s10690-024-09493-4","url":null,"abstract":"<div><p>In this paper, we examine the effects of return and volatility shocks captured from Bitcoin to other seven types of major cryptocurrencies by employing the daily data spanning from June 2011 to June 2020. We examine return and volatility transmission from Bitcoin to other cryptocurrencies using ARMA-GARCH model and extension of the asymmetric model of ARMA-TGARCH and ARMA-EGARCH. Moreover, we apply Dynamic Conditional Correlation and Asymmetric Dynamic Conditional Correlation (DCC and ADCC) models to measure the time-varying nature of conditional correlation. The results of the study show strong evidence of shocks transmission from Bitcoin to other cryptocurrencies in terms of both returns and volatility spillover, except for some less inefficient cryptocurrencies. In addition, the majority of the cryptocurrencies also reflect strong evidence about time-varying dynamic conditional correlation with asymmetric effects that adds ups the significant novelty in the existing literature from the methodological perspective as well.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"32 4","pages":"1431 - 1457"},"PeriodicalIF":2.6,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142265366","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书