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Micro-angel investments of men and women: The role of institutions Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-18 Viviana Fernandez
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Covenant-lite agreement and credit risk: A key relationship in the leveraged loan market Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-17 G. De Novellis, P. Musile Tanzi, E. Stanghellini
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Investment modeling between energy futures and responsible investment Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-17 Rajat Kumar Soni, Tanuj Nandan, Ujjawal Sawarn
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Market competition and strategic interaction in the Spanish FinTech industry Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-16 David Peón, Manel Antelo, Yanfei Sun
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Career aspirations and financial planning of young people in family businesses Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-16 Ameet Kumar Banerjee, Subhendu Kumar Mishra, Ahmet Sensoy
We add new insights into noticeably missing research about antecedents to career choices through the alternative lens of social capital theory, social cognitive theory, and social cognitive career theory. Unlike past studies with significantly researched intentions and motivation instead of actual decisions, it leaves a gap. We are first to attempt to fill the gap by exploring what determines the young
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The role of investors’ fear in crude oil volatility forecasting Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-16 Nicole Haukvik, Hamid Cheraghali, Peter Molnár
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Short-term market impact of crypto firms’ bankruptcies on cryptocurrency markets Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-16 António Miguel Martins
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Is climate transition risk priced into corporate credit risk? Evidence from credit default swaps Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-15 Andrea Ugolini, Juan C. Reboredo, Javier Ojea-Ferreiro
We study whether climate transition risk is reflected in the credit default swap (CDS) spreads of European firms. Using information on the vulnerability of a firm’s value to the transition to a low-carbon economy, we construct a climate transition risk (CTR) factor, and report how this factor shifts the term structure of the CDS spreads of more but not of less vulnerable firms. Considering the CTR
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The impact of culture and religion on financing decisions: Moderating role of CSR Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-13 Cong Zhang, Rashid Mehmood, Alessia Palma, Zhen Wang
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Readability and banks’ risk-taking behavior: Evidence from GCC Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-12 Bassam M. Abu-Abbas, Mostafa K. Hassan
We investigate the relationship between annual reports’ text readability and bank risk-taking in the Gulf Cooperation Council (GCC) countries. We find that easy-to-read annual reports are associated with a higher probability of banks’ insolvency. This finding suggests that banks with higher risks have a greater incentive to reduce information asymmetry, resulting in easy-to-read annual reports to gain
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Under the dome: Air pollution and analyst forecast optimism Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-10 Ying Wang, Zisen Liu
In this study, we investigate whether unpleasant mood caused by air pollution leads to lower analyst forecast optimism. Using a sample of 103,768 observations from 2014 to 2021, we show that there is a negative association between air pollution and analyst forecast optimism. Furthermore, we find that analysts become more optimistic forecasters after moving to a city with lower level of air pollution
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Developing a financial technology (FinTech) adoption scale: A validity and reliability study Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-09 İsmail Durak, Sena Nur Çi̇se, Selim Yazıcı
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The role of ESG performance in the nexus between economic policy uncertainty and corporate investment Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-09 Cong Zhang, Umar Farooq, Dima Jamali, Mohammad Mahtab Alam
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Fintech governance and performance: Implications for banking and financial stability Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-07 Greta Benedetta Ferilli, Yener Altunbas, Valeria Stefanelli, Egidio Palmieri, Vittorio Boscia
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Estimating time-varying factors’ variance in the string-term structure model with stochastic volatility Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-05 Thiago Ramos Almeida
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Do clean and dirty cryptocurrencies connect financial assets differently? The perspective of market inefficiency Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-04 Kun Duan, Liya Zhang, Andrew Urquhart, Kai Yao, Long Peng
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Does market microstructure affect time-varying efficiency? Evidence from emerging markets Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-04 Bahrawar Said, Muhammad Wajid Raza, Ahmed Elshahat
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The performance of green bond portfolios under climate uncertainty: A comparative analysis with conventional and black bond portfolios Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-04 Florinda Silva, André Ferreira, Maria Céu Cortez
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Information warfare: Analyzing COVID-19 news and its economic fallout in the US Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-03 Partha Gangopadhyay, Narasingha Das, Satish Kumar, Tauhidul Islam Tanin
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Is the military CEO aggressive or conservative? Differences in legal and cultural factors around the world Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-03 Siew-Boey Yeoh, Chee-Wooi Hooy
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Impression management in bilingual corporate reporting: An analysis of textual characteristics in Spanish and English Research in International Business and Finance (IF 6.143) Pub Date : 2024-04-03 Alonso Moreno
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Economic growth and environmental sustainability in developing economies Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-28 Ahmed Imran Hunjra, Elie Bouri, Muhammad Azam, Rauf I Azam, Jiapeng Dai
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Assessing the connectedness between cryptocurrency environment attention index and green cryptos, energy cryptos, and green financial assets Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-28 Ritesh Patel, Mariya Gubareva, Muhammad Zubair Chishti
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S&P 500 stock selection using machine learning classifiers: A look into the changing role of factors Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-27 Antonio Caparrini, Javier Arroyo, Jordi Escayola Mansilla
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Bitcoin Ordinals: Determinants and impact on total transaction fees Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-27 Louis Bertucci
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Unintended consequences of punishment: Adverse effects of environmental penalties on green patents Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-19 George Zhe Tian, James Yae
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Bank equity returns and oil prices: The story from U.S. regional banks during the “shale oil” revolution Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-19 André V. Mollick, Robert N. Killins, Peter V. Egly, David W. Johnk
Using monthly data from 1998 to 2020, we examine the relationship between equity returns and oil prices employing a multi-factor asset model to a sample of 124 U.S. regional banks classified by levels of oil exposure based on their headquarters’ location. We utilize the period when fundamental changes in innovation undertaken by the U.S. oil and gas industry (known as “shale”, “fracking” or “tight
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Anticipatory gains and event-driven losses in blockchain-based fan tokens: Evidence from the FIFA World Cup Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-16 Aman Saggu, Lennart Ante, Ender Demir
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Does board diversity mitigate risk? The effect of homophily and social ties on risk-taking in financial institutions Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-12 Noora Alzayed, Bernardo Batiz-Lazo, Rasol Eskandari
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Deciphering asymmetric spillovers in US industries: Insights from higher-order moments Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-07 Muhammad Shafiullah, Arunachalam Senthilkumar, Brian M. Lucey, Muhammad Abubakr Naeem
Incorporating higher-order moments, like realized volatility, skewness, and kurtosis, is crucial for understanding asymmetric asset pricing trends. Our research rigorously calculates static and dynamic higher-order moment spillovers across nine distinct US industries, using ultra-high-frequency data. We dive into the complex factors driving these spillovers, examining micro and macro-level factors
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The effect of the 2008–09 short selling sales ban on UK security equities in relation to market metrics of volatility, liquidity, and price discovery Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-06 Harihar Patel, Francesco Guidi
In this study we look at the Financial Services Authority imposed short sale ban of UK financial equities in the 2008–2009 financial crisis to explore the effects of the short selling ban on liquidity, volatility, and price discovery on alternative portfolios of UK equity stocks. To this end we employ a control portfolio as well a portfolio of banned stocks. By using a GARCH model to explore the effects
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The use and drivers of organisational eco-innovation in European SMEs Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-06 Laura Rodríguez-Rebés, Raquel Ibar-Alonso, Luis Manuel Ruíz Gómez, Julio Navío-Marco
European SMEs are key contributors to economic growth and contamination. Driving eco-innovation (EI) within SMEs is crucial for achieving SDG goals, such as clean energy, economic growth, Industry & Innovation. This study examines the relationship between eco-innovation and organisational innovation among SMEs in Europe and differentiates between the determinants for SMEs and large enterprises. We
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What explains the recovery speed of financial markets from banking crises? Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-05 Xun Huang, Chengzhao Zhang
Less is studied about the determinants of the impact of banking crises on the recovery speed of financial markets. In this paper, based on the members from Asian Infrastructure Investment Bank (AIIB), we measure the recovery speed of financial markets from banking crises by financial stress index (FSI). Then the Kaplan-Meier (K-M) survival analysis methodology is applied to depict the stylized features
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The impact of readability of risk disclosures in bond prospectuses on credit risk premium Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-05 Yanzhen Yao, Lu Wei, Haozhe Jing, Meiqi Chen, Zhan Li
This paper for the first time analyzes the impact of the readability of risk disclosures in bond prospectuses on the credit risk premium. In the empirical analysis, the textual data including 5194 corporate bond prospectuses and structured data related to the corporate financial factors and the bond characteristics from 2006 to 2021 are used to perform the fixed effect regression analysis. The empirical
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Impact of environmental, social and governance initiatives on firm value: Analysis using AI-based ESG scores for Japanese listed firms Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Zhixiong Chen, Kohei Sugiyama, Kazuyuki Tasaka, Tomomi Kito, Yukihiro Yasuda
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Environmental regulations, agency costs, and firm performance Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Mufaddal Baxamusa, Abu Jalal
We investigate whether environmental regulation reduce agency costs. We find that increases in environmental restrictions decrease liquidity and increase financial constraints. In addition, it increases the likelihood of the firms being acquired or delisted from the exchanges. Such adverse outcomes should lead the shareholders into taking actions that mitigate these risks. We notice that shareholders
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Governance network externality: Exploring systemic risk generation mechanisms Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-04 Songlin Guo, Weilu Sun, Yue Xi, Bijia Zhang
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Excessive financialization and “Original Sin Theory”: Redemption from corporate reputation Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Hanying Wang, Ju Qi, Zhuohua Li, Ahmet Sensoy, Hongwei Xing
Empirical studies suggest that excessive financialization that firms invest in a high proportion of financial assets will have a negative impact on firm value. This goes against the capital asset pricing theory, which suggests that high risk can produce high expected return. However, there is no explanation for the negative effect. We have empirically found that financial investments can yield higher
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Exploring the use of emotional sentiment to understanding market response to unexpected corporate pivots Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Iulia Cioroianu, Shaen Corbet, Yang (Greg) Hou, Yang Hu, Charles Larkin, Richard Taffler
This article studies the influence of social media sentiment on stock prices, focusing on significant shifts by Eastman Kodak. Utilising a unique emotion-based lexicon, the research indicates that social media sentiment immediately reflects stock market responses to major corporate changes. The sentiment techniques used align with the timeline of Kodak’s announcements. Excitement was found to have
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Redefining insurance through technology: Achievements and perspectives in Insurtech Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Simona Cosma, Giuseppe Rimo
The digital revolution has been shaking up the financial sector for some time now. This is also happening in the insurance industry, which has remained unchanged for a long time. Insurtech is a phenomenon that uses new technologies to revolutionize the traditional insurance business, and it deserves to be explored in depth to understand its risks and potential. This study examines the academic literature
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On the resilience of cryptocurrencies: A quantile-frequency analysis of bitcoin and ethereum reactions in times of inflation and financial instability Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Brahim Gaies, Najeh Chaâbane, Nadia Arfaoui, Jean-Michel Sahut
This study examines the resilience of Bitcoin and Ethereum to inflation and financial instability amidst major economic and political disruptions, including the U.S.-China trade war, the COVID-19 pandemic, the Ukrainian conflict, the collapse of Silicon Valley Bank, and the ensuing energy crisis. We employ wavelet coherence analysis and the quantile coherence method to unravel the complex relationship
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Return spillover across the carbon market and financial markets: A quantile-based approach Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Fenghua Wen, Kangsheng Wang, Aiqing Zeng
This study examines the dynamic risk contagion between carbon and financial markets in extreme market conditions using a freshly developed methodology for spillovers based on quantile VAR modeling. The empirical results suggest that risk spillovers between them are strengthened in extreme market states and reduce the ability of the carbon market to be used for risk hedging in portfolios. Second, there
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Quantile dependence and portfolio management between oil, gold, silver, and MENA stock markets Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-02 Walid Mensi, Tapas Mishra, Hee-Un Ko, Xuan Vinh Vo, Sang Hoon Kang
The impacts of the global financial crisis (GFC) and the COVID-19 pandemic crisis can be far-reaching, shedding light on the dynamics of dependence between commodity markets (e.g., gold, silver, and Brent) and stock markets. This paper employs a novel quantile-on-quantile regression and the causality-in-quantiles approaches to elicit significant asymmetric dependence between commodity and the stock
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Imported financial risk in global stock markets: Evidence from the interconnected network Research in International Business and Finance (IF 6.143) Pub Date : 2024-03-01 Zisheng Ouyang, Xuewei Zhou, Min Lu, Ke Liu
This paper proposes an interconnected network, including the volatility layer and sentiment layer, to examine imported financial risk in global stock markets. We compare and explore the topology structures of global volatility risk spillovers and sentiment risk spillovers based on the static sample and dynamic sample. Our results show that sentiment risk spillovers across global stock markets are stronger
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Agricultural commodities market reaction to COVID-19 Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-28 Iulia Cristina Iuga, Syeda Rabab Mudakkar, Larisa Loredana Dragolea
This study examines the volatility transmission mechanism in agricultural futures returns during crisis periods, with a specific focus on the COVID-19 pandemic. The research employs the Markov Switching model to analyze the market dynamics of key agricultural commodities—cotton, sugar, rice, wheat, and corn. The study period is divided into three phases: Pre-COVID, COVID, and Post-COVID, allowing for
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Global de-diversification and stock returns Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-28 Xiao Cheng, Ying Sophie Huang, Tao Wang
Using international firm-level data, we show that when a multinational corporation reported zero total sales made by its foreign operations, it constitutes a salient signal of global de-diversification. A simple long-short strategy portfolio that buys stocks of multinational firms and sells stocks of ex-multinational firms that report zero foreign sales earns up to 85 basis points per month (over 10%
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Financial stability: A scientometric analysis and research agenda Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-27 Hossein Ballouk, Sami Ben Jabeur, Sandra Challita, Chaomei Chen
The study of financial stability is a highly expansive and significant area of academic inquiry. However, traditional literature reviews are often constrained in their scope as they tend to provide fragmented insights from a subset of the overall corpus of financial stability. In order to bridge this existing knowledge gap, the objective of this study is to undertake a comprehensive review on a large
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Responsible risk-taking and the CSP-financial performance relation in the banking sector: A mediation analysis Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-26 Danilo Conte, Candida Bussoli, Danial Hemmings
In this study, a mediation analysis is conducted using data for 394 banks listed in 54 countries from 2002 to 2017 with the aim to investigate the role of bank risk-taking as a mediation channel to explain the CSP–financial performance relationship in the banking sector. Results show that stronger CSP is associated with improved financial performance and this relationship is partially mediated by bank
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Monetary policy and currency variance risk premia Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-24 Asad Dossani
I analyze how the stance of monetary policy predicts variance risk premia in the currency market. The stance of monetary policy is measured using the shadow short rate, and two year and ten year bond yields. The stance of U.S. monetary policy predicts currency variance risk premia, after controlling for the stance of the foreign currency’s monetary policy. Contractionary U.S. monetary policy predicts
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Understanding the impact of the financial technology revolution on systemic risk: Evidence from US and EU diversified financials Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-24 Domenico Curcio, Simona D’Amico, Igor Gianfrancesco, Davide Vioto
In this paper we first detect the impact of tech-driven downturns on US and EU diversified financials’ systemic risk measures (SRMs). Then, we study the relationship between these latter and the performance of BigTechs, FinTechs and cryptoassets, as proxied by the performance of specifically built market indexes. We find that equity related tech-driven downturns exacerbate systemic risk more than crypto
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ESG reputational risk and market valuation: Evidence from the European banking industry Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-23 Marco Mandas, Oumaima Lahmar, Luca Piras, Riccardo De Lisa
This study examines the potential bidirectional linkage between reputational risk exposure associated with Environmental, Social and Governance (ESG) factors and market valuation in the banking sector. We build a monthly panel dataset for 19 European listed banks from 2012 to 2020. We employ a Bayesian Panel Vector Autoregressive model to examine the dynamics between the two variables of interest.
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Assessing the impact of the expansion of pan-African banks and the institution’s quality on African banking stability Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-22 Chawki El Moussawi, Stéphane Goutte, Imen Kouki, Hassan Obeid
This study examines the impact of the presence of Pan-African banks (PABs) on African banks’ stability during the period from 2005 to 2018. Using the generalized method of moments (GMM), our results reveal that the presence of PABs affects banking stability both positively and negatively, while the competition has a positive impact on banking stability. However, taking into account the interaction
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CEO narcissism and ESG misconduct Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-22 Jennifer Martínez-Ferrero, M. Camino Ramón-Llorens, Emma García-Meca
This paper analyzes how narcissistic CEOs behave regarding irresponsible environmental, social, and governance (ESG) strategies and whether this behavior is influenced by managerial power and the uncertainty of the environment in which the firm operates. Using a sample of Spanish firms from 2015 to 2019, the study finds that narcissistic CEOs avoid engaging in irresponsible ESG practices to safeguard
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How would the war and the pandemic affect the stock and cryptocurrency cross-market linkages? Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-16 Georgios Bampinas, Theodore Panagiotidis
This paper studies the cross-market linkages between six international stock markets and the two major cryptocurrency markets during the Covid-19 pandemic and the Russian invasion of Ukraine. By employing the local (partial) Gaussian correlation approach, we find that during the Covid-19 pandemic period, both cryptocurrency markets possess limited diversification and safe haven properties, which further
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Dynamic interlinkages between carbon risk and volatility of green and renewable energy: A TVP-VAR analysis Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-16 Le Thanh Ha, Ahmed Bouteska, Taimur Sharif, Mohammad Zoynul Abedin
Our paper applies a time-varying parameter vector autoregression (TVP-VAR) in combination with an extended joint connectedness approach to investigate interlinkages among carbon emissions futures and the volatility of the renewable energy sector. The findings show that the system-wide dynamic connectedness realized a peak in early 2020 in the wake of the COVID-19 crisis. Net total directional connectedness
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Can a self-exciting jump structure better capture the jump behavior of cryptocurrencies? A comparative analysis with the S&P 500 Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-15 Yan Chen, Lei Zhang, Elie Bouri
This paper introduces a stochastic volatility model with an independent self-exciting jump structure model (SE-SVIJ) to capture the jump dynamics of cryptocurrency daily returns. The empirical results show that the SE-SVIJ model can provide a less volatile and less persistent volatility process. We find clear evidence of self-exciting jump clustering in the cryptocurrency market. The SE-SVIJ model
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Diversification, capital buffer, ownership and credit risk management in microfinance: An investigation on Indonesian rural banks Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-15 Moch. Doddy Ariefianto, Irwan Trinugroho, Ahmad Erani Yustika
We investigate the extent of credit risk management in the leading Indonesian Microfinance Institution (MFI’s): rural bank. Specifically, we focus on the role of diversification, capital buffer, and ownership on the probability of incidence and trajectory of two credit risk proxies—loan loss reserve to non-performing loan ratio (LLR_NPL) and net non-performing loan to total loan ratio (NPL_Net). Proportional
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Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-14 Filipe Sardo, Zélia Serrasqueiro, Manuel Rocha Armada
This paper seeks to analyse the persistence of zero leverage policy in a panel data of Portuguese small and medium-sized enterprises for the period 2011–2017. Using transition probability matrices, we show the existence of state dependence on the zero leverage behaviour. Using dynamic probit models with random effects, to control the initial conditions problem and unobserved heterogeneity of firms
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Frequency volatility connectedness and portfolio hedging of U.S. energy commodities Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-13 Evžen Kočenda, Michala Moravcová
We analyze (frequency) connectedness and portfolio hedging among U.S. energy commodities from 1997 to 2023. We show that the total connectedness increased over time, likely due to the increasing financialization of energy commodities. It fluctuates with respect to (i) different investment horizons and (ii) different periods of distress. The early stage of the Russia-Ukraine war is associated with the
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Sequential management of energy and low-carbon portfolios Research in International Business and Finance (IF 6.143) Pub Date : 2024-02-10 Pilar Gargallo, Luis Lample, Jesús A. Miguel, Manuel Salvador
This study explores the ability of clean energy and European Union Allowance (EUA) assets to diminish portfolio risk when mixed with unclean energy assets. We use a family of Asymmetric Dynamic Conditional Correlation-Generalized AutoRegressive Conditional Heteroskedastic (ADCC-GARCH) models and provide a flexible and adaptive estimation and model selection framework based on a sequential strategy