Pub Date : 2025-12-16DOI: 10.1016/j.iref.2025.104838
António Miguel Martins , Nuno Moutinho
This paper analyses the short-term market effects on Chinese listed financial institutions of four key announcements related to the collapse of Evergrande: a warning from the Central Bank and Financial Authorities; default on interest payments; bankruptcy in the U.S.; and liquidation. We focus on the understudied inter-industry effects of a real estate firm bankruptcy on creditors’ financial institutions in an emerging economy with significant government intervention. Using an event study, we show that Chinese financial institutions stock prices react significantly negatively to these four important announcements. Given the severity of the debt problem in the Chinese real estate market, the magnitude of the impacts is, however, lower than other recent events of a similar nature, the case of the collapse of Credit Suisse and Silicon Valley Bank. We highlight the contagion effect of the Evergrande collapse on the inter-industry linkage with the financial industry. Finally, our results allow to understand which firm-specific characteristics appear as value drivers. Our results are robust to support that market sentiment amplifies the negative effects expected from the contagion effect.
本文分析了与恒大破产相关的四个关键公告对中国上市金融机构的短期市场影响：央行和金融当局的警告；拖欠利息支付；美国破产；和清算。我们关注的是在政府干预显著的新兴经济体中，房地产公司破产对债权人金融机构的行业间影响。通过事件研究，我们发现中国金融机构的股价对这四项重要公告做出了显著的负面反应。然而，鉴于中国房地产市场债务问题的严重性，其影响的程度低于近期其他类似性质的事件，如瑞士信贷（Credit Suisse）和硅谷银行（Silicon Valley Bank）的倒闭。我们强调恒大倒闭对金融业跨行业联动的传染效应。最后，我们的结果允许理解哪些公司特定的特征作为价值驱动因素出现。我们的研究结果有力地支持了市场情绪放大了预期的传染效应的负面影响。
{"title":"Evergrande short-term effect on Chinese listed financial institutions","authors":"António Miguel Martins , Nuno Moutinho","doi":"10.1016/j.iref.2025.104838","DOIUrl":"10.1016/j.iref.2025.104838","url":null,"abstract":"<div><div>This paper analyses the short-term market effects on Chinese listed financial institutions of four key announcements related to the collapse of Evergrande: a warning from the Central Bank and Financial Authorities; default on interest payments; bankruptcy in the U.S.; and liquidation. We focus on the understudied inter-industry effects of a real estate firm bankruptcy on creditors’ financial institutions in an emerging economy with significant government intervention. Using an event study, we show that Chinese financial institutions stock prices react significantly negatively to these four important announcements. Given the severity of the debt problem in the Chinese real estate market, the magnitude of the impacts is, however, lower than other recent events of a similar nature, the case of the collapse of Credit Suisse and Silicon Valley Bank. We highlight the contagion effect of the Evergrande collapse on the inter-industry linkage with the financial industry. Finally, our results allow to understand which firm-specific characteristics appear as value drivers. Our results are robust to support that market sentiment amplifies the negative effects expected from the contagion effect.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104838"},"PeriodicalIF":5.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798316","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-15DOI: 10.1016/j.iref.2025.104834
Ijaz Ahmed , Mushtaq Hussain Khan
By adopting a dual-layered approach that examines both category-level and asset-level dynamics, this study offers fresh insights into how the maturity and moral alignment of cryptocurrencies shape financial contagion, diversification potential, and systemic risk across global markets. We investigate the dynamic interconnectedness among traditional and emerging cryptocurrencies, sin stocks, and socially responsible equities, employing a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model to capture evolving return spillovers across asset classes and regions. Our analysis reveals that traditional cryptocurrencies, particularly BTC, act as dominant net transmitters of shocks to both vice- and virtue-aligned equities. Emerging tokens such as TRUMP also exert significant influence as net transmitter, whereas Pi Coin consistently functions as a net receiver, suggesting lower systemic risk. For ethical investors, TRUMP, as a strong net transmitter, may raise concerns because, although such tokens can offer short-term gains and volatility-based opportunities, they may not align with socially responsible investment goals due to their speculative and politically charged nature. Regional analyses indicate stronger crypto-equity contagion in North America and Latin America, with notably weaker linkages in South Asia and Sub-Saharan Africa. These findings challenge the presumed neutrality of digital assets and offer actionable insights for portfolio reallocation, ethical investing, and regulatory oversight. Our study contributes to the growing discourse on moral finance by revealing the reputational and systemic spillovers embedded in crypto-asset markets.
{"title":"Crypto-contagion and capital flows: Interconnectedness across emerging and traditional cryptocurrencies, ethical equities, and regional markets","authors":"Ijaz Ahmed , Mushtaq Hussain Khan","doi":"10.1016/j.iref.2025.104834","DOIUrl":"10.1016/j.iref.2025.104834","url":null,"abstract":"<div><div>By adopting a dual-layered approach that examines both category-level and asset-level dynamics, this study offers fresh insights into how the maturity and moral alignment of cryptocurrencies shape financial contagion, diversification potential, and systemic risk across global markets. We investigate the dynamic interconnectedness among traditional and emerging cryptocurrencies, sin stocks, and socially responsible equities, employing a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model to capture evolving return spillovers across asset classes and regions. Our analysis reveals that traditional cryptocurrencies, particularly <span>BTC</span>, act as dominant net transmitters of shocks to both vice- and virtue-aligned equities. Emerging tokens such as <span>TRUMP</span> also exert significant influence as net transmitter, whereas <span>Pi</span> Coin consistently functions as a net receiver, suggesting lower systemic risk. For ethical investors, <span>TRUMP</span>, as a strong net transmitter, may raise concerns because, although such tokens can offer short-term gains and volatility-based opportunities, they may not align with socially responsible investment goals due to their speculative and politically charged nature. Regional analyses indicate stronger crypto-equity contagion in North America and Latin America, with notably weaker linkages in South Asia and Sub-Saharan Africa. These findings challenge the presumed neutrality of digital assets and offer actionable insights for portfolio reallocation, ethical investing, and regulatory oversight. Our study contributes to the growing discourse on moral finance by revealing the reputational and systemic spillovers embedded in crypto-asset markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104834"},"PeriodicalIF":5.6,"publicationDate":"2025-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-14DOI: 10.1016/j.iref.2025.104835
Feng Jiang
Building a moderately prosperous society in all respects (MPSR) is China's fundamental development goal for the first two decades of twenty-first century. This study explores the role of the bureaucrat performance evaluation (BPE) system in the country's development during this period. Using the turnover data of prefecture-level mayors from 2003 to 2018, the study finds that the BPE system was multi-task based, under which the likelihood of promotion of mayors would be increased when they exhibited positive performance in the fields covered by the MPSR goals. Furthermore, the incentive effects of the multi-task-based BPE system on the performance of mayors were heterogeneous across regions and times, which reinforced the motivation of mayors in improving their performance in any case. The study adds empirical evidence to a growing literature that emphasizes the impact of the bureaucrat performance evaluation on the national development.
{"title":"Bureaucrat performance evaluation and national development: Evidence from mayors in China","authors":"Feng Jiang","doi":"10.1016/j.iref.2025.104835","DOIUrl":"10.1016/j.iref.2025.104835","url":null,"abstract":"<div><div>Building a moderately prosperous society in all respects (MPSR) is China's fundamental development goal for the first two decades of twenty-first century. This study explores the role of the bureaucrat performance evaluation (BPE) system in the country's development during this period. Using the turnover data of prefecture-level mayors from 2003 to 2018, the study finds that the BPE system was multi-task based, under which the likelihood of promotion of mayors would be increased when they exhibited positive performance in the fields covered by the MPSR goals. Furthermore, the incentive effects of the multi-task-based BPE system on the performance of mayors were heterogeneous across regions and times, which reinforced the motivation of mayors in improving their performance in any case. The study adds empirical evidence to a growing literature that emphasizes the impact of the bureaucrat performance evaluation on the national development.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104835"},"PeriodicalIF":5.6,"publicationDate":"2025-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-12DOI: 10.1016/j.iref.2025.104829
Mugabil Isayev
This paper examines the moderating role of non-bank financial intermediation (NBFI) in the relationship between financial inclusion and economic growth. Using panel data from 26 countries between 2010 and 2021, we construct a composite financial inclusion index and include broad and narrow NBFI measures to reflect their heterogeneous characteristics. The findings confirm that financial inclusion significantly enhances economic growth, particularly in less developed economies. While NBFI also promotes economic expansion, its presence - whether broadly or narrowly defined - tends to weaken the positive effects of financial inclusion on growth. This mitigating effect is specifically pronounced for the narrow measure of NBFI in countries with medium to high levels of development. Additionally, Dumitrescu–Hurlin panel causality tests reveal a bidirectional relationship among financial inclusion, NBFI, and growth. These findings underscore the need for policy frameworks that enhance financial inclusion while ensuring NBFI supports rather than undermines its growth-enhancing impact.
{"title":"Financial inclusion and economic growth: The role of non-bank financial intermediation","authors":"Mugabil Isayev","doi":"10.1016/j.iref.2025.104829","DOIUrl":"10.1016/j.iref.2025.104829","url":null,"abstract":"<div><div>This paper examines the moderating role of non-bank financial intermediation (NBFI) in the relationship between financial inclusion and economic growth. Using panel data from 26 countries between 2010 and 2021, we construct a composite financial inclusion index and include broad and narrow NBFI measures to reflect their heterogeneous characteristics. The findings confirm that financial inclusion significantly enhances economic growth, particularly in less developed economies. While NBFI also promotes economic expansion, its presence - whether broadly or narrowly defined - tends to weaken the positive effects of financial inclusion on growth. This mitigating effect is specifically pronounced for the narrow measure of NBFI in countries with medium to high levels of development. Additionally, Dumitrescu–Hurlin panel causality tests reveal a bidirectional relationship among financial inclusion, NBFI, and growth. These findings underscore the need for policy frameworks that enhance financial inclusion while ensuring NBFI supports rather than undermines its growth-enhancing impact.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104829"},"PeriodicalIF":5.6,"publicationDate":"2025-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798214","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.iref.2025.104832
Junze Li
This paper examines the effect of artificial intelligence adoption on firms' annual report disclosure quality. I employ a text analysis approach and use MD&A section texts to measure the precision and readability of corporate annual reports. Using a panel dataset of Chinese listed firms from 2010 to 2023, I find that corporate AI adoption effectively enhances the readability and accuracy of text in the MD&A section. Specifically, corporate AI adoption could increase management efficiency and enhance internal control over information processing which reflects its governance effect on disclosure. Furthermore, the main effect of corporate AI adoption was more pronounced when AI patents are more closely related to firms' core business and when firms’ monopoly power is relatively weak. The above conclusions remain robust after employing the DID model and instrumental variable approach. I provide further evidence of the theoretical link between corporate AI adoption and disclosure behaviour, while extending the literature on determinants of management disclosure and AI outcomes in capital markets.
{"title":"Artificial intelligence innovation and financial report quality","authors":"Junze Li","doi":"10.1016/j.iref.2025.104832","DOIUrl":"10.1016/j.iref.2025.104832","url":null,"abstract":"<div><div>This paper examines the effect of artificial intelligence adoption on firms' annual report disclosure quality. I employ a text analysis approach and use MD&A section texts to measure the precision and readability of corporate annual reports. Using a panel dataset of Chinese listed firms from 2010 to 2023, I find that corporate AI adoption effectively enhances the readability and accuracy of text in the MD&A section. Specifically, corporate AI adoption could increase management efficiency and enhance internal control over information processing which reflects its governance effect on disclosure. Furthermore, the main effect of corporate AI adoption was more pronounced when AI patents are more closely related to firms' core business and when firms’ monopoly power is relatively weak. The above conclusions remain robust after employing the DID model and instrumental variable approach. I provide further evidence of the theoretical link between corporate AI adoption and disclosure behaviour, while extending the literature on determinants of management disclosure and AI outcomes in capital markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104832"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798208","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.iref.2025.104833
He Song , Jiangtao Bai , Yi Chen
Utilizing data from A-share listed companies from 2009 to 2022, this study delves into the impact and mechanism of executive financial background on corporate green dual innovation. The finding indicates that executive financial background significantly inhibits corporate green dual innovation, especially exhibiting more significant negative effect on green exploratory innovation. The mechanism lies in the fact that executive financial background hampers green dual innovation by deepening corporate financialization. Further analysis indicates that the negative effect of executive financial background on green dual innovation is particularly pronounced in state-owned enterprises, high-tech enterprises, enterprises without environmental protection penalties, and non-heavily polluting enterprises. The external and internal supervision can both positively moderate the relationship between executives’ financial background and green dual innovation. This study enriches the relevant research on the relationship between executive financial background and corporate green dual innovation, and also provides a new perspective for understanding the obstacles to corporate green innovation.
{"title":"Executive financial background and corporate green dual innovation: Evidence from Chinese listed companies","authors":"He Song , Jiangtao Bai , Yi Chen","doi":"10.1016/j.iref.2025.104833","DOIUrl":"10.1016/j.iref.2025.104833","url":null,"abstract":"<div><div>Utilizing data from A-share listed companies from 2009 to 2022, this study delves into the impact and mechanism of executive financial background on corporate green dual innovation. The finding indicates that executive financial background significantly inhibits corporate green dual innovation, especially exhibiting more significant negative effect on green exploratory innovation. The mechanism lies in the fact that executive financial background hampers green dual innovation by deepening corporate financialization. Further analysis indicates that the negative effect of executive financial background on green dual innovation is particularly pronounced in state-owned enterprises, high-tech enterprises, enterprises without environmental protection penalties, and non-heavily polluting enterprises. The external and internal supervision can both positively moderate the relationship between executives’ financial background and green dual innovation. This study enriches the relevant research on the relationship between executive financial background and corporate green dual innovation, and also provides a new perspective for understanding the obstacles to corporate green innovation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104833"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145735619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.iref.2025.104814
Marcello Forcellini , Gianfranco Antonio Vento , Eva Gracikova
This paper investigates the impact of the Covid-19 pandemic on the volatility of the Italian banking sector. A sample of 25 financial intermediaries listed on the Italian stock exchange is examined and compared with key benchmarks (FTSE Mib, VSTOXX, and VIX). After presenting descriptive statistics, the analysis applies hypothesis testing and a GARCH model to explore differences across three phases: before, during, and after the pandemic. Results show that volatility in the Italian banking sector rose by more than 40 % during the pandemic relative to the pre-Covid period, with daily fluctuations reaching peaks above 15 %, broadly consistent with international benchmarks. The GARCH estimates further reveal that the PEPP programme reduced volatility by roughly 10 %–15 % during the most turbulent phases, whereas APP had no significant stabilizing effect. The study contributes a sectoral and temporal focus, providing one of the first longitudinal analyses of Italian banking volatility and highlighting the critical role of ECB interventions in mitigating systemic risk.
{"title":"“The impact of Covid-19 on the market volatility: A quantitative analysis of the Italian banking sector”","authors":"Marcello Forcellini , Gianfranco Antonio Vento , Eva Gracikova","doi":"10.1016/j.iref.2025.104814","DOIUrl":"10.1016/j.iref.2025.104814","url":null,"abstract":"<div><div>This paper investigates the impact of the Covid-19 pandemic on the volatility of the Italian banking sector. A sample of 25 financial intermediaries listed on the Italian stock exchange is examined and compared with key benchmarks (FTSE Mib, VSTOXX, and VIX). After presenting descriptive statistics, the analysis applies hypothesis testing and a GARCH model to explore differences across three phases: before, during, and after the pandemic. Results show that volatility in the Italian banking sector rose by more than 40 % during the pandemic relative to the pre-Covid period, with daily fluctuations reaching peaks above 15 %, broadly consistent with international benchmarks. The GARCH estimates further reveal that the PEPP programme reduced volatility by roughly 10 %–15 % during the most turbulent phases, whereas APP had no significant stabilizing effect. The study contributes a sectoral and temporal focus, providing one of the first longitudinal analyses of Italian banking volatility and highlighting the critical role of ECB interventions in mitigating systemic risk.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104814"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.iref.2025.104830
Yarong Hao , Chengke Zhu
This paper investigates price drifts and return reversals surrounding analysts’ initial stock recommendations in Chinese A-share market from 2010 to 2017. Using an integrated framework, we test the Information Dissemination Hypothesis (IDH), Price Pressure Hypothesis (PPH), and Attention-Grabbing Hypothesis (AGH). Our findings reveal that both positive and non-positive recommendations trigger significant short-term price drifts and trading volume spikes, followed by reversals. This pattern inconsistent with the IDH and supports a behavioral sequence in which attention-induced trading generates price pressure, while arbitrage frictions delaying the mispricing correction. In Chinese retail-dominated, arbitrage-constrained environment, limited attention drives short-term drifts, and arbitrage frictions prolong mispricing corrections. These insights extend the AGH to the Chinese setting and refine the understanding of post-recommendation price drift in emerging markets.
{"title":"Post recommendation price drift: Evidence from Chinese stock market","authors":"Yarong Hao , Chengke Zhu","doi":"10.1016/j.iref.2025.104830","DOIUrl":"10.1016/j.iref.2025.104830","url":null,"abstract":"<div><div>This paper investigates price drifts and return reversals surrounding analysts’ initial stock recommendations in Chinese A-share market from 2010 to 2017. Using an integrated framework, we test the Information Dissemination Hypothesis (IDH), Price Pressure Hypothesis (PPH), and Attention-Grabbing Hypothesis (AGH). Our findings reveal that both positive and non-positive recommendations trigger significant short-term price drifts and trading volume spikes, followed by reversals. This pattern inconsistent with the IDH and supports a behavioral sequence in which attention-induced trading generates price pressure, while arbitrage frictions delaying the mispricing correction. In Chinese retail-dominated, arbitrage-constrained environment, limited attention drives short-term drifts, and arbitrage frictions prolong mispricing corrections. These insights extend the AGH to the Chinese setting and refine the understanding of post-recommendation price drift in emerging markets.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104830"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798211","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-11DOI: 10.1016/j.iref.2025.104828
Marie-Hélène Broihanne, Hava Orkut
This paper examines gender differences in spouses’ financial risk tolerance in a large sample of 10,231 couples of retail bank clients. Our measure of risk tolerance is self-assessed at the bank, in the presence of a financial advisor, through a mandatory risk-profiling survey, the Markets in Financial Instruments Directive questionnaire. On average, husbands have a higher financial risk tolerance than their wives. However, positive and negative gender gaps are both observed between spouses. We find that the gender gap in risk tolerance is less likely to be observed among spouses who visit their financial advisor together than separately, underscoring the role of intra-household social interactions in the “risk tolerance battle”. In contrast, it is positively associated with the gap in stockholding, and its direction depends on the gender of the sole stockholding spouse, highlighting the important role of the gendered asymmetry in stockholding experience in couples. Our results control for the usual determinants of risk tolerance and the bargaining power between spouses and remain robust across several specifications. Our research highlights the need for financial advisors to consider spouses separately to better address the intra-household gap in risk tolerance.
{"title":"Financial risk tolerance within couples of retail bank clients","authors":"Marie-Hélène Broihanne, Hava Orkut","doi":"10.1016/j.iref.2025.104828","DOIUrl":"10.1016/j.iref.2025.104828","url":null,"abstract":"<div><div>This paper examines gender differences in spouses’ financial risk tolerance in a large sample of 10,231 couples of retail bank clients. Our measure of risk tolerance is self-assessed at the bank, in the presence of a financial advisor, through a mandatory risk-profiling survey, the Markets in Financial Instruments Directive questionnaire. On average, husbands have a higher financial risk tolerance than their wives. However, positive and negative gender gaps are both observed between spouses. We find that the gender gap in risk tolerance is less likely to be observed among spouses who visit their financial advisor together than separately, underscoring the role of intra-household social interactions in the “risk tolerance battle”. In contrast, it is positively associated with the gap in stockholding, and its direction depends on the gender of the sole stockholding spouse, highlighting the important role of the gendered asymmetry in stockholding experience in couples. Our results control for the usual determinants of risk tolerance and the bargaining power between spouses and remain robust across several specifications. Our research highlights the need for financial advisors to consider spouses separately to better address the intra-household gap in risk tolerance.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104828"},"PeriodicalIF":5.6,"publicationDate":"2025-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145798206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-09DOI: 10.1016/j.iref.2025.104809
Miramir Bagirov , Cesario Mateus
This study examines intraday volatility spillovers between oil prices and sector indices of five oil exporting and nine oil importing countries applying the connectedness approach. The sample comprises 1689 stocks, from which ten sector indices are manually constructed utilising 5-min data covering the period from July 31, 2020, to April 30, 2021. Results indicate that the total volatility connectedness remains elevated following the peak phases of market turbulence during the global health crisis. Significant and dynamic volatility interdependencies are observed between oil and sector indices, with the direction and intensity of spillovers varying by country and sector. Oil serves as a primary net-contributor of volatility to sectors in Norway and the United Kingdom, while acting as a net-recipient from sectors in Canada and the United States. Sectors in Australia, China, Mexico, and South Korea exhibit minimal volatility interlinkages with oil.
{"title":"Intraday volatility spillovers between oil prices and stock sectors","authors":"Miramir Bagirov , Cesario Mateus","doi":"10.1016/j.iref.2025.104809","DOIUrl":"10.1016/j.iref.2025.104809","url":null,"abstract":"<div><div>This study examines intraday volatility spillovers between oil prices and sector indices of five oil exporting and nine oil importing countries applying the connectedness approach. The sample comprises 1689 stocks, from which ten sector indices are manually constructed utilising 5-min data covering the period from July 31, 2020, to April 30, 2021. Results indicate that the total volatility connectedness remains elevated following the peak phases of market turbulence during the global health crisis. Significant and dynamic volatility interdependencies are observed between oil and sector indices, with the direction and intensity of spillovers varying by country and sector. Oil serves as a primary net-contributor of volatility to sectors in Norway and the United Kingdom, while acting as a net-recipient from sectors in Canada and the United States. Sectors in Australia, China, Mexico, and South Korea exhibit minimal volatility interlinkages with oil.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"105 ","pages":"Article 104809"},"PeriodicalIF":5.6,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145735621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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