This study examines the impacts of recent turbulent events (Brexit, COVID-19 pandemic, and the Russia – Ukraine conflict) on the European banks’ resilience. Using the quarterly data of 251 commercial banks in 33 European economies from 2014 to 2022, we find that uncertainties significantly reduce bank’s overall performance and stability. The comparisons of each event reveal the differential impacts in nature on specific indicators of performance and stability. The additional analyses highlight the roles of bank size, age, holding capital, and business models in attenuating the destabilizing effect of unexpected shocks. The disparity effects are also visible across affiliations to income-generation levels and European Union. The results are robust across alternative performance proxies and econometric approaches. From the starting point of this study, valuable implications are proposed for stakeholders, regulators, and policymakers in the challenges of unprecedented uncertainties.
{"title":"Financial earthquakes and aftershocks: From Brexit to Russia-Ukraine conflict and the stability of European banks","authors":"P. Vu, Nhan H. Huynh, Hoa Phan, Ha Hai Hoang","doi":"10.2139/ssrn.4474469","DOIUrl":"https://doi.org/10.2139/ssrn.4474469","url":null,"abstract":"This study examines the impacts of recent turbulent events (Brexit, COVID-19 pandemic, and the Russia – Ukraine conflict) on the European banks’ resilience. Using the quarterly data of 251 commercial banks in 33 European economies from 2014 to 2022, we find that uncertainties significantly reduce bank’s overall performance and stability. The comparisons of each event reveal the differential impacts in nature on specific indicators of performance and stability. The additional analyses highlight the roles of bank size, age, holding capital, and business models in attenuating the destabilizing effect of unexpected shocks. The disparity effects are also visible across affiliations to income-generation levels and European Union. The results are robust across alternative performance proxies and econometric approaches. From the starting point of this study, valuable implications are proposed for stakeholders, regulators, and policymakers in the challenges of unprecedented uncertainties.","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"157 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86342977","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}
Pub Date : 2022-11-01DOI: 10.1016/j.intfin.2022.101688
Jian Xu, Jiaxing Zheng
{"title":"Escape from pollution: Mass media, air quality, and management turnover","authors":"Jian Xu, Jiaxing Zheng","doi":"10.1016/j.intfin.2022.101688","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101688","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90558025","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}
Pub Date : 2022-07-01DOI: 10.1016/j.intfin.2022.101607
J. Kolari, Jianhua Z. Huang, Hilal Anwar Butt, Huiling Liao
{"title":"International tests of the ZCAPM asset pricing model","authors":"J. Kolari, Jianhua Z. Huang, Hilal Anwar Butt, Huiling Liao","doi":"10.1016/j.intfin.2022.101607","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101607","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"107 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89305078","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}
Pub Date : 2022-06-11DOI: 10.1016/j.intfin.2022.101602
Yingying Xu, D. Lien
{"title":"Assessing the impact of COVID-19 on price Co-movements in China","authors":"Yingying Xu, D. Lien","doi":"10.1016/j.intfin.2022.101602","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101602","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"27 1","pages":"101602 - 101602"},"PeriodicalIF":0.0,"publicationDate":"2022-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90363880","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}
Pub Date : 2022-06-01DOI: 10.1016/j.intfin.2022.101598
Thiago Christiano Silva, Paulo Victor Berri Wilhelm, B. Tabak
{"title":"The role of non-critical business and telework propensity in international stock markets during the COVID-19 pandemic","authors":"Thiago Christiano Silva, Paulo Victor Berri Wilhelm, B. Tabak","doi":"10.1016/j.intfin.2022.101598","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101598","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"9 1","pages":"101598 - 101598"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79982900","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}
Pub Date : 2022-05-01DOI: 10.1016/j.intfin.2022.101569
Marinela Adriana Finta, José Renato Haas Ornelas
{"title":"Commodity Return Predictability: Evidence from Implied Variance, Skewness, and their Risk Premia","authors":"Marinela Adriana Finta, José Renato Haas Ornelas","doi":"10.1016/j.intfin.2022.101569","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101569","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81892514","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}
Pub Date : 2022-05-01DOI: 10.1016/j.intfin.2022.101574
Alfredo Schclarek, Jiajun Xu
{"title":"Exchange rate and balance of payment crisis risks in the global development finance architecture","authors":"Alfredo Schclarek, Jiajun Xu","doi":"10.1016/j.intfin.2022.101574","DOIUrl":"https://doi.org/10.1016/j.intfin.2022.101574","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"118 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79521474","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}
Pub Date : 2021-09-01DOI: 10.1016/J.INTFIN.2021.101416
K. Wang, Simeng Liu, Yue Wu
{"title":"Corporate social activities and stock price crash risk in the banking industry: International evidence","authors":"K. Wang, Simeng Liu, Yue Wu","doi":"10.1016/J.INTFIN.2021.101416","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2021.101416","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"1 1","pages":"101416"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83006363","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}
The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB's Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not riskless. Moreover, these purchases were undertaken by national central banks at their own risk. Intuition suggests, and a simple model confirms, that, ceteris paribus, large purchases by a national central bank of the bonds of their own sovereign should increase the risk for the remaining private bond holders. This might seem incompatible with the observation that risk spreads on peripheral bonds fell when QE in the euro area was announced. However, the initial fall in risk premiums may have been due to expectations of the bond purchases proving effective in lowering risk-free rates. When these expectations were disappointed, risk premiums returned to their initial level. Formal statistical tests confirm that indeed risk premiums on peripheral bonds did not follow a random walk (contrary to what is assumed in event studies). Nor did the announcements of bond buying change the stochastics of these premiums. There is thus no reason to consider the impact effect to have been permanent.
{"title":"QE in the euro area: Has the PSPP benefited peripheral bonds?","authors":"A. Belke, D. Gros","doi":"10.4419/86788931","DOIUrl":"https://doi.org/10.4419/86788931","url":null,"abstract":"The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of Quantitative Easing (QE) because the ECB's Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area government bonds, which were clearly not riskless. Moreover, these purchases were undertaken by national central banks at their own risk. Intuition suggests, and a simple model confirms, that, ceteris paribus, large purchases by a national central bank of the bonds of their own sovereign should increase the risk for the remaining private bond holders. This might seem incompatible with the observation that risk spreads on peripheral bonds fell when QE in the euro area was announced. However, the initial fall in risk premiums may have been due to expectations of the bond purchases proving effective in lowering risk-free rates. When these expectations were disappointed, risk premiums returned to their initial level. Formal statistical tests confirm that indeed risk premiums on peripheral bonds did not follow a random walk (contrary to what is assumed in event studies). Nor did the announcements of bond buying change the stochastics of these premiums. There is thus no reason to consider the impact effect to have been permanent.","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"179 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88875195","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}
Pub Date : 2021-03-01DOI: 10.1016/J.INTFIN.2021.101285
Jinho Byun, Kihun Kim, Rose C. Liao, Carrie Pan
{"title":"The Impact of Investor Sentiment on Catering Incentives around the World","authors":"Jinho Byun, Kihun Kim, Rose C. Liao, Carrie Pan","doi":"10.1016/J.INTFIN.2021.101285","DOIUrl":"https://doi.org/10.1016/J.INTFIN.2021.101285","url":null,"abstract":"","PeriodicalId":16244,"journal":{"name":"Journal of International Financial Markets, Institutions and Money","volume":"143 1","pages":"101285"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77522065","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}
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