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Financial Institutions Dynamics, Investments and Development 金融机构动态、投资与发展
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-08-03 DOI: 10.1177/09726527231160856
Rexford Abaidoo, Elvis Kwame Agyapong
The study evaluates how specific features of financial institutions and investment sources influence enduring development among economies in the sub-region of Sub-Saharan Africa (SSA). Data for the interactions in question were compiled from 36 economies in SSA from 1996 to 2019, and various empirical estimates were carried out using the two-step system Generalized Method of Moments statistical framework. Results from the analyses suggest that growth in depth, improved access, and efficiency of financial institutions foster long-term development among economies in the sub-region. Investments in various forms were found to have a varied augmenting impact on long-term development. Further empirical analyses suggest that quality of governance has a significant positive moderating impact on how net foreign direct investment and domestic investments influence development among economies in the sub-region. Political instability is, however, found to negate gains to development from both investment growth and contributions from financial institutions. JEL Codes: C33, G2, E13
该研究评估了金融机构和投资来源的具体特征如何影响撒哈拉以南非洲次区域经济体的持久发展。1996年至2019年,SSA的36个经济体汇编了有关相互作用的数据,并使用两步系统广义矩方法统计框架进行了各种实证估计。分析结果表明,金融机构的深度增长、准入改善和效率促进了次区域经济体的长期发展。人们发现,各种形式的投资对长期发展产生了各种各样的增强影响。进一步的实证分析表明,治理质量对净外国直接投资和国内投资如何影响次区域经济体的发展具有显著的正向调节影响。然而,人们发现,政治不稳定抵消了投资增长和金融机构捐款对发展的好处。JEL代码:C33、G2、E13
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引用次数: 0
Corporate Cash Holdings and Share Buyback: Evidence from Emerging Markets 企业现金持有与股票回购:来自新兴市场的证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-08-03 DOI: 10.1177/09726527231184555
Vedika Saxena, Seshadev Sahoo
This study evaluates corporate cash holdings (CCHs) as a determinant of share buyback for three emerging economies, India, Malaysia, and South Korea, from 2002 to 2020. We find CCH as a significant determinant of share buyback for our sample nations. Our results suggest that share buyback is a flexible way for firms to distribute excess cash across our sample nations. Our study also documents the impact of different country-level investor protection frameworks on buybacks. A favorable relationship between a strong investor protection environment (good governance) and buyback explains the effective role of buyback in resolving agency conflicts compared to dividends. JEL Codes: C5, F3, G3
本研究评估了2002年至2020年印度、马来西亚和韩国三个新兴经济体的企业现金持有量(CCH),将其作为股票回购的决定因素。我们发现CCH是我们样本国家股票回购的重要决定因素。我们的研究结果表明,股票回购是公司在样本国家分配多余现金的一种灵活方式。我们的研究还记录了不同国家层面的投资者保护框架对回购的影响。强大的投资者保护环境(良好治理)和回购之间的良好关系解释了回购在解决代理冲突方面与股息相比的有效作用。JEL代码:C5、F3、G3
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引用次数: 1
Does Time Frame of IPO Proceeds Predict Survival of Firms? Evidence from the Malaysian Market IPO收益的时间框架能预测企业的生存吗?来自马来西亚市场的证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-08-03 DOI: 10.1177/09726527231178086
Siti Sarah Alyasa-Gan, Norliza Che-Yahya, Rand Kwong Yew Low
Initial public offering (IPO) information disclosures such as the IPO proceeds’ strategic uses and the time frame have the potential to signal the listing firms’ post-IPO survival. We investigate the impact of IPO proceeds on 423 firms’ ability to maintain survival in business in Malaysia from 2000 to 2014. With a median survival span of approximately 104 months, our examination of survival data reveals that more than 40% of the firms in our sample had trouble surviving after their seventh year of listing. Our findings indicate that the share of IPO proceeds and the firms’ time horizon may be used to forecast whether or not they will survive, with meeting financial obligations serving as the primary motivating factor. A major fraction of IPO proceeds used for growth motives and financial obligations lead to shorter survival, while a longer time frame to meet the obligations leads to longer post-IPO survival. Our findings offer empirical support for regulators to safeguard investors’ interests and enhance firms’ survival in an environment with developing markets; information disclosure requirements include both the use of IPO proceeds and the time frame for its utilization.
首次公开募股(IPO)的信息披露,如IPO收益的战略用途和时间框架,有可能标志着上市公司在IPO后的生存。我们研究了2000年至2014年马来西亚423家公司IPO收益对其维持生存能力的影响。中位生存期约为104个月,我们对生存数据的研究显示,我们样本中超过40%的公司在上市第7年后生存困难。我们的研究结果表明,IPO收益份额和公司的时间范围可以用来预测他们是否能够生存,而履行财务义务是主要的激励因素。IPO收益的很大一部分用于增长动机和财务义务,导致生存时间较短,而较长的时间框架来履行义务,导致IPO后的生存时间更长。研究结果为监管机构在发展中市场环境中维护投资者利益和提高企业生存能力提供了实证支持;信息披露要求既包括IPO资金的使用,也包括资金使用的时间框架。
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引用次数: 0
Beware of Extreme Investor Sentiments! Indian Evidence on the Performance of Neuro-specific Options Volatility Trading Strategies on the Facets of COVID-19 谨防极端的投资者情绪!神经特异性期权波动率交易策略在COVID-19方面表现的印度证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-07-12 DOI: 10.1177/09726527231165820
Ansu Royit, Babu Jose, James Varghese
This study investigates the dynamic relationship between noise trader sentiment and excessive volatility in the Indian financial market during the COVID-19 outbreak. It proposes novel options trading strategies to ensure profitability in times of irrational exuberance and to satisfy diverse investment requirements of volatility traders, which arise from the varying levels of stimulating neurotransmitters, namely dopamine and serotonin in the human body. Empirical results show that the incremental information content of sentiment measures is vital in forecasting future volatility and the proposed options trading strategies effectively accomplish the neuro-specific intentions of the traders during extreme volatility in the Indian equity market. JEL Codes: G12, G13
本研究调查了新冠肺炎疫情期间印度金融市场噪音交易者情绪与过度波动之间的动态关系。它提出了新的期权交易策略,以确保在非理性繁荣时期的盈利能力,并满足波动性交易者的各种投资要求,这些要求源于人体中不同水平的刺激性神经递质,即多巴胺和血清素。实证结果表明,情绪指标的增量信息含量对预测未来波动性至关重要,所提出的期权交易策略有效地实现了印度股市极端波动期间交易员的神经特定意图。JEL代码:G12、G13
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引用次数: 0
Is the Beta Anomaly Real? A Correction in Existing Theories of Cost of Capital and Asset Pricing 贝塔异常是真的吗?对现有资本成本和资产定价理论的修正
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-05-16 DOI: 10.1177/09726527231160863
Vinod Kumar
Researchers argue about the beta anomaly and related anomalies in the capital market based on existing theories of asset pricing. This article shows that the observed beta anomaly is added due to the mathematical errors, inconsistencies, and limitations in existing theories. We propose a general theory for central concepts in asset pricing, including beta and cost of capital, that holds for growth, taxes, and risky debt. Our theory addresses observed beta-related anomalies and other phenomena, and provides a clearer taxonomy for ongoing research and a step toward resolving several issues. The findings are highly significant for researchers and firms. JEL Codes: G32, G12, G11, G35
研究者基于现有的资产定价理论,对资本市场的贝塔异常及相关异常进行了争论。本文表明,观测到的β异常是由于数学错误、不一致和现有理论的局限性而增加的。我们提出了一个关于资产定价核心概念的一般理论,包括贝塔和资本成本,适用于增长、税收和风险债务。我们的理论解决了观察到的β相关异常和其他现象,并为正在进行的研究提供了更清晰的分类,并朝着解决几个问题迈出了一步。这些发现对研究人员和企业来说意义重大。JEL代码:G32, G12, G11, G35
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引用次数: 0
An Assessment of Unconventional Monetary Policy During COVID-19 Pandemic in India 新冠肺炎疫情期间印度非常规货币政策评估
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-05-01 DOI: 10.1177/09726527231163207
D. Rao, Rahul Kumar
We employ event study methodology to analyze the impact of unprecedented unconventional monetary policy (UMP) measures employed by the Reserve Bank of India to fortify monetary transmission mechanism and to restore financial stability. We find that the UMP announcements result in a decline in bond yields and yield spread as well as increase in market capitalization and sectoral portfolio of stock returns. Evaluating the relative efficacy of UMP measures, we find that targeted long-term repo operation announcements are more effective in easing bond yields than mere long-term repo operations. Our findings provide beneficial inference for day-traders and investors as asset prices increase significantly and durable goods producing stock returns found to be higher than those of non-durable goods. The lessons that can be drawn for the emerging market economy central banks, who do not have enough space to conduct conventional monetary policy and even when they do not face zero lower bound interest rate, they still can employ UMP tools to directly influence banks cost of funds, and long-term bond yields and interest rates, and in turn, portfolio of stock returns and investments to stimulate aggregate demand. JEL Codes: C13, C54, E52, E65
我们采用事件研究方法来分析印度储备银行为加强货币传导机制和恢复金融稳定而采取的前所未有的非常规货币政策(UMP)措施的影响。我们发现,非常规货币政策公告导致债券收益率和收益率息差的下降,以及市值和行业股票组合收益的增加。评估非常规货币政策措施的相对有效性,我们发现有针对性的长期回购操作公告在降低债券收益率方面比单纯的长期回购操作更有效。我们的研究结果为日内交易者和投资者提供了有益的推断,因为资产价格显著上涨,耐用品产生的股票回报高于非耐用品。新兴市场经济体央行没有足够的空间来实施常规货币政策,即使在不面临零利率的情况下,它们仍然可以利用非常规货币政策工具直接影响银行的资金成本、长期债券收益率和利率,进而影响股票投资组合的回报和投资,以刺激总需求。JEL代码:C13, C54, E52, E65
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引用次数: 0
Do Values Predict Socially Responsible Investment Decisions? Measuring the Moderating Effects of Gender 价值观能预测对社会负责的投资决策吗?衡量性别的调节作用
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-05-01 DOI: 10.1177/09726527231160861
R. Raut, R. Kumar
This study examines investors’ pro-environmental investment intentions by measuring the effect of economic concern (egoistic value) and environmental concern (altruistic value) on attitudes toward socially responsible investment (SRI). A self-administered structured questionnaire was used to collect data from 469 investors using a purposive sampling technique and analyzed using two-step structural equation modeling. Results show that both altruistic and egoistic values were significant predictors of a positive attitude toward SRI, portraying the greater environmental concern of investors. Additionally, male investors motivated to invest in SRI are more concerned about environmental well-being than their counterparts, that is, female investors. By analyzing values as antecedents of attitudes toward SRI, the findings of this study add a new dimension to the belief system of young investors. JEL Codes: A13; D19; G1; G4
本研究通过衡量经济关注(利己主义价值)和环境关注(利他主义价值)对社会责任投资态度的影响,考察投资者的亲环境投资意向。采用有目的抽样技术,采用自填式结构化问卷对469名投资者进行数据收集,并采用两步结构方程模型进行分析。结果表明,利他主义和利己主义价值观都是投资者对社会责任投资持积极态度的显著预测因子,反映了投资者对环境的更大关注。此外,有动机投资社会责任投资的男性投资者比其同行(即女性投资者)更关心环境福祉。通过分析价值观对社会责任投资态度的影响,本研究的发现为年轻投资者的信念体系增加了一个新的维度。JEL代码:A13;D19;G1;G4
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引用次数: 1
Sustainability, Resilience, and Returns During COVID-19: Empirical Evidence from US and Indian Stock Markets 2019冠状病毒病期间的可持续性、弹性和回报:来自美国和印度股市的经验证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-03-25 DOI: 10.1177/09726527231158555
Neetu Yadav, Vandana Bhama
The growing number of consulting reports published globally show mixed evidence of higher returns for environmental, social, and governance (ESG) indices as compared to equity indices. The present study analyzes whether or not sustainability provided resilience, during turbulent times, to the US and India, who were worst hit by the COVID-19 pandemic. The study tests whether higher ESG scores led to higher stock returns during and after the COVID-19 pandemic. The findings revealed little and negative associations of sustainability with stock returns for sample firms during the COVID-19 crisis. There is no empirical evidence indicating that sustainability guarantees resilience during crisis times. Investors have their own preference channels and taste for sustainability that are beyond their financial motives. JEL Codes: Q01, G120
全球发布的越来越多的咨询报告显示,与股票指数相比,环境、社会和治理(ESG)指数的回报率更高,证据喜忧参半。本研究分析了在动荡时期,可持续性是否为受新冠肺炎疫情影响最严重的美国和印度提供了韧性。该研究测试了在新冠肺炎大流行期间和之后,较高的ESG分数是否会导致较高的股票回报。研究结果显示,在新冠肺炎危机期间,样本公司的可持续性与股票回报之间几乎没有负面关联。没有经验证据表明可持续性可以保证危机时期的复原力。投资者有自己的偏好渠道和对可持续性的品味,这超出了他们的财务动机。JEL代码:Q01、G120
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引用次数: 1
Better to Give than to Receive: A Study of BRICS Countries Stock Markets 给予胜于接受:金砖国家股市研究
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-03-12 DOI: 10.1177/09726527231154100
Pradiptarathi Panda, W. Ahmad, M. Thiripalraju
This study uses the MGARCH-BEKK model and Diebold–Yilmaz (DY) volatility spillover index to examine volatility spillovers among BRICS countries’ stock markets. The study finds that the own volatility spillover is more than the cross-markets and has increased during the financial crisis. In contrast, the cross-markets volatility spillovers have decreased after the financial crisis. The total net return spillover increased during the crisis period (27.30%) and the pre-crisis period (25.50%) in comparison with the post-crisis period (6.30%) and the whole sample period (10.70%). Brazil is the highest net volatility transmitter among the BRICS countries’ stock markets, and China is the highest net volatility receiver. We learned from the volatility network connectedness that China is highly connected with India regarding volatility. Foreign institutional investors may use this study’s result to find diversification opportunities across the BRICS stock markets. JEL Codes: F3, G11, G12, G15
本研究采用MGARCH-BEEK模型和Diebold–Yilmaz(DY)波动溢出指数来检验金砖国家股市的波动溢出。研究发现,自身的波动溢出超过了跨市场,并且在金融危机期间有所增加。相比之下,金融危机后,跨市场波动溢出效应有所减少。与危机后(6.30%)和整个样本期(10.70%)相比,危机期间(27.30%)和危机前(25.50%)的总净回报溢出增加。巴西是金砖国家股市中净波动率最高的国家,中国是净波动率最大的国家。我们从波动性网络的连通性中了解到,中国和印度在波动性方面有着高度的联系。外国机构投资者可以利用这项研究的结果来寻找金砖国家股市的多元化机会。JEL代码:F3、G11、G12、G15
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引用次数: 0
Investor Attention and Global Stock Market Volatility: Evidence from COVID-19 投资者关注与全球股市波动:来自COVID-19的证据
IF 1.5 Q3 BUSINESS, FINANCE Pub Date : 2023-02-08 DOI: 10.1177/09726527221148579
Chaiyuth Padungsaksawasdi, Sirimon Treepongkaruna
This paper utilizes intraday five-minute stock market indices to investigate the causal relation between global stock market volatility and investor attention measured by the Google search volume index during the COVID-19 pandemic. Using the bi-power variation method proposed by Barndorff-Nielsen and Shephard (2004), we separate the realized volatility into two components: Continuous and Jump. Based on 5,583 stock indices-day observations, we find that investor attention is positively related to the realized volatility and its continuous component, but to a lesser extent to jumps. A growth in confirmed cases is positive to all measures of market volatility. Moreover, when the number of confirmed cases increases, more attentive investors reduce market volatility. Our findings are robust regarding various estimation approaches and are less likely to suffer from omitted variable biases and endogeneity concerns. Understanding the findings revealed in this paper is crucial to regulators and policymakers as warnings of additional risks facing retail investors around the globe over the extremely volatile periods. JEL Codes: G14; G15; G40; G41
本文利用盘中五分钟股市指数,研究新冠肺炎疫情期间全球股市波动与谷歌搜索量指数衡量的投资者注意力之间的因果关系。利用Barndorf-Nielsen和Shephard(2004)提出的双幂变分方法,我们将已实现的波动性分为两个部分:连续和跳跃。基于5583个股指日的观察,我们发现投资者的注意力与已实现的波动率及其连续成分呈正相关,但与跳跃的关系较小。确诊病例的增长对衡量市场波动性的所有指标都是积极的。此外,当确诊病例数量增加时,更加关注的投资者会减少市场波动。我们的研究结果在各种估计方法方面都是稳健的,不太可能受到遗漏变量偏差和内生性问题的影响。了解本文中揭示的发现对监管机构和政策制定者至关重要,因为这是对全球散户投资者在极端动荡时期面临额外风险的警告。JEL代码:G14;G15;G40;G41
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引用次数: 2
期刊
Journal of Emerging Market Finance
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