Pub Date : 2023-05-29DOI: 10.1108/cfri-06-2022-0108
Muhammad Aftab, I. Haq, Mohamed Baity
PurposeThe COVID-19 pandemic has led to global economic policy uncertainty, which has increased the need to investigate ways to mitigate the uncertainty. This study aims to examine the potential of cryptocurrencies as a hedge and safe haven avenue against economic policy uncertainty.Design/methodology/approachThis study investigates the behavior of the five leading cryptocurrencies in relation to country-level and group-level economic policy uncertainty indices, as measured by the text-based method developed by Baker et al. (The Quarterly Journal of Economics, 2016, 131, 1593–1636). The research covers a broad range of emerging and developed economies from July 2013 to September 2020. The study employs the approach of Narayan et al. (Economic Modelling, 2016, 53, 388–397) to examine the hedging and safe-haven properties of cryptocurrencies.FindingsThis study finds that the top cryptocurrencies play a hedging role against economic policy uncertainty, with some exceptions. Additionally, there is evidence to support the idea that cryptocurrencies can serve as a safe haven during the COVID-19 pandemic. As a result, investors may benefit from using cryptocurrencies as a risk-management avenue during times of uncertainty.Originality/valueThis research contributes to the existing literature by testing the cryptocurrencies' hedging and safe haven properties in a new way, by analyzing their lead and lag behaviors using a recent and innovative approach. Additionally, it examines a wide range of emerging and advanced markets, providing insight into the potential of using cryptocurrencies as a risk mitigation avenue.
{"title":"The COVID-19 pandemic, economic policy uncertainty and the hedging role of cryptocurrencies: a global perspective","authors":"Muhammad Aftab, I. Haq, Mohamed Baity","doi":"10.1108/cfri-06-2022-0108","DOIUrl":"https://doi.org/10.1108/cfri-06-2022-0108","url":null,"abstract":"PurposeThe COVID-19 pandemic has led to global economic policy uncertainty, which has increased the need to investigate ways to mitigate the uncertainty. This study aims to examine the potential of cryptocurrencies as a hedge and safe haven avenue against economic policy uncertainty.Design/methodology/approachThis study investigates the behavior of the five leading cryptocurrencies in relation to country-level and group-level economic policy uncertainty indices, as measured by the text-based method developed by Baker et al. (The Quarterly Journal of Economics, 2016, 131, 1593–1636). The research covers a broad range of emerging and developed economies from July 2013 to September 2020. The study employs the approach of Narayan et al. (Economic Modelling, 2016, 53, 388–397) to examine the hedging and safe-haven properties of cryptocurrencies.FindingsThis study finds that the top cryptocurrencies play a hedging role against economic policy uncertainty, with some exceptions. Additionally, there is evidence to support the idea that cryptocurrencies can serve as a safe haven during the COVID-19 pandemic. As a result, investors may benefit from using cryptocurrencies as a risk-management avenue during times of uncertainty.Originality/valueThis research contributes to the existing literature by testing the cryptocurrencies' hedging and safe haven properties in a new way, by analyzing their lead and lag behaviors using a recent and innovative approach. Additionally, it examines a wide range of emerging and advanced markets, providing insight into the potential of using cryptocurrencies as a risk mitigation avenue.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49388657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-19DOI: 10.1108/cfri-09-2022-0171
Fangying Pang, Hong Xie
PurposeThis study aims to investigate the external effect of the economic growth target pressure of local governments on establishment-level SO2 emissions.Design/methodology/approachBased on manually collected panel data of 74,058 China's industrial establishments and more than 330 thousand observations from CIED and ESR, the authors use a firm-fixed effect model, instrumental variables estimation and heterogeneity tests to identify the environmental externality of economic growth target pressure.FindingsThe establishments in cities that meet or slightly exceed the economic growth target experience greater negative externality measured by SO2 emission intensity. This external effect is more pronounced in regions: with a strict and overweighted target setting; with stronger officials' promotion incentives; with a low degree of marketization; and in firms with great economic importance. The authors identify the underlying mechanisms of dependence on dirty industry and the relaxation of environmental enforcement. And the environmental protection constraints in 2007 mitigate the negative externality.Practical implicationsThe paper sheds light on to what extent economic growth target pressure has a negative externality of pollution in China and how this pressure may conflict with environmental protection.Originality/valueThis paper complements prior research on the economic effects of economic growth targets, expands the knowledge on the determinants of establishment-level pollution emission from the perspective of target pressure and provides insight into the environmental externality that results from political factors.
{"title":"The environmental externality of economic growth target pressure: evidence from China","authors":"Fangying Pang, Hong Xie","doi":"10.1108/cfri-09-2022-0171","DOIUrl":"https://doi.org/10.1108/cfri-09-2022-0171","url":null,"abstract":"PurposeThis study aims to investigate the external effect of the economic growth target pressure of local governments on establishment-level SO2 emissions.Design/methodology/approachBased on manually collected panel data of 74,058 China's industrial establishments and more than 330 thousand observations from CIED and ESR, the authors use a firm-fixed effect model, instrumental variables estimation and heterogeneity tests to identify the environmental externality of economic growth target pressure.FindingsThe establishments in cities that meet or slightly exceed the economic growth target experience greater negative externality measured by SO2 emission intensity. This external effect is more pronounced in regions: with a strict and overweighted target setting; with stronger officials' promotion incentives; with a low degree of marketization; and in firms with great economic importance. The authors identify the underlying mechanisms of dependence on dirty industry and the relaxation of environmental enforcement. And the environmental protection constraints in 2007 mitigate the negative externality.Practical implicationsThe paper sheds light on to what extent economic growth target pressure has a negative externality of pollution in China and how this pressure may conflict with environmental protection.Originality/valueThis paper complements prior research on the economic effects of economic growth targets, expands the knowledge on the determinants of establishment-level pollution emission from the perspective of target pressure and provides insight into the environmental externality that results from political factors.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":" ","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42949993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-02DOI: 10.1108/cfri-12-2022-0269
F. Tlili, Mustapha Chaffai, Imed Medhioub
PurposeThe aim of this paper is double: firstly, to examine the presence of herd behavior in four MENA stock markets (the Egyptian, Jordanian, Moroccan and Tunisian markets), and secondly, to study the anchoring behavior in these markets.Design/methodology/approachThe authors employ quantile regression analysis for testing herding bias in the MENA region, following the methodology of Chiang and Zheng (2010). Regarding the evaluation of anchoring bias, the authors follow the methodology of Lee et al. (2020). The study uses daily stock index returns ranging from April 1, 2011, to July 31, 2019, as well as CAC40 and NASDAQ returns.FindingsThe authors find evidence of herding during down-market periods in the lower tail for Egypt, Jordan and Tunisia, while this bias is detected during up-market periods in the lower tail for Morocco. In addition, based on historical returns, the authors conclude that there is a momentum effect in these markets, and they are dependent on the CAC40 and NASDAQ indices.Practical implicationsThis paper confirms the findings of previous works devoted to some emerging markets such as China, Japan and Hong Kong, where anchoring and herding are considered the most important and impactful heuristic and cognitive biases in making decisions under uncertainty, particularly during down-market periods.Originality/valueThe paper contributes to the empirical literature in herding and anchoring biases for MENA countries. The absence of empirical work on the effect of these biases on stock prices in emerging markets and those of the MENA zone leads to the discussion of the impact of psychological biases on these of markets.
本文的目的是双重的:首先，检验四个MENA股票市场(埃及，约旦，摩洛哥和突尼斯市场)中羊群行为的存在，其次，研究这些市场中的锚定行为。设计/方法/方法作者采用分位数回归分析来检验中东和北非地区的羊群偏差，采用了Chiang和Zheng(2010)的方法。关于锚定偏差的评估，作者遵循Lee et al.(2020)的方法。该研究使用了2011年4月1日至2019年7月31日的每日股票指数回报，以及CAC40和纳斯达克的回报。研究结果:作者在埃及、约旦和突尼斯的低端市场发现了放牧的证据，而在摩洛哥的低端市场发现了这种偏见。此外，基于历史回报，作者得出结论，这些市场存在动量效应，它们依赖于CAC40和纳斯达克指数。本文证实了先前对一些新兴市场(如中国、日本和香港)的研究结果，在这些市场中，锚定和羊群被认为是在不确定性下做出决策时最重要、最具影响力的启发式和认知偏差，尤其是在市场低迷时期。本文对中东和北非国家的羊群偏见和锚定偏见的实证文献做出了贡献。由于缺乏关于这些偏见对新兴市场和中东和北非地区股票价格影响的实证研究，因此我们不得不讨论心理偏见对这些市场的影响。
{"title":"Investor behavior and psychological effects: herding and anchoring biases in the MENA region","authors":"F. Tlili, Mustapha Chaffai, Imed Medhioub","doi":"10.1108/cfri-12-2022-0269","DOIUrl":"https://doi.org/10.1108/cfri-12-2022-0269","url":null,"abstract":"PurposeThe aim of this paper is double: firstly, to examine the presence of herd behavior in four MENA stock markets (the Egyptian, Jordanian, Moroccan and Tunisian markets), and secondly, to study the anchoring behavior in these markets.Design/methodology/approachThe authors employ quantile regression analysis for testing herding bias in the MENA region, following the methodology of Chiang and Zheng (2010). Regarding the evaluation of anchoring bias, the authors follow the methodology of Lee et al. (2020). The study uses daily stock index returns ranging from April 1, 2011, to July 31, 2019, as well as CAC40 and NASDAQ returns.FindingsThe authors find evidence of herding during down-market periods in the lower tail for Egypt, Jordan and Tunisia, while this bias is detected during up-market periods in the lower tail for Morocco. In addition, based on historical returns, the authors conclude that there is a momentum effect in these markets, and they are dependent on the CAC40 and NASDAQ indices.Practical implicationsThis paper confirms the findings of previous works devoted to some emerging markets such as China, Japan and Hong Kong, where anchoring and herding are considered the most important and impactful heuristic and cognitive biases in making decisions under uncertainty, particularly during down-market periods.Originality/valueThe paper contributes to the empirical literature in herding and anchoring biases for MENA countries. The absence of empirical work on the effect of these biases on stock prices in emerging markets and those of the MENA zone leads to the discussion of the impact of psychological biases on these of markets.","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"1 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41418722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892504
Don J. Wyatt
{"title":"Lead Them with Virtue: A Confucian Alternative to War by Kurtis Hagen (review)","authors":"Don J. Wyatt","doi":"10.1353/cri.2020.a892504","DOIUrl":"https://doi.org/10.1353/cri.2020.a892504","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"56 1","pages":"201 - 205"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88270431","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892499
{"title":"Making the Gods Speak: The Ritual Production of Revelation in Chinese Religious History by Vincent Goossaert (review)","authors":"","doi":"10.1353/cri.2020.a892499","DOIUrl":"https://doi.org/10.1353/cri.2020.a892499","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"487 1","pages":"181 - 186"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77331997","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892508
Li-Hsiang Lisa Rosenlee
{"title":"Confucianism and Phenomenology: An Exploration of Feeling, Value and Virtue by Yinghua Lu (review)","authors":"Li-Hsiang Lisa Rosenlee","doi":"10.1353/cri.2020.a892508","DOIUrl":"https://doi.org/10.1353/cri.2020.a892508","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"21 1 1","pages":"217 - 222"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83681070","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892492
Robert York
{"title":"Hong Kong's Last English Bishop: The Life and Times of John Gilbert Hindley Baker by Philip L. Wickeri (review)","authors":"Robert York","doi":"10.1353/cri.2020.a892492","DOIUrl":"https://doi.org/10.1353/cri.2020.a892492","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"36 1","pages":"229 - 232"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73269815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892498
Andrew D. Lambert
{"title":"Creating Confucian Authority: The Field of Ritual Learning in Early China to 9 CE by Robert Chard (review)","authors":"Andrew D. Lambert","doi":"10.1353/cri.2020.a892498","DOIUrl":"https://doi.org/10.1353/cri.2020.a892498","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"31 1","pages":"177 - 181"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83257310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892500
{"title":"Heavenly Masters: Two Thousand Years of the Daoist State by Vincent Goossaert (review)","authors":"","doi":"10.1353/cri.2020.a892500","DOIUrl":"https://doi.org/10.1353/cri.2020.a892500","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"94 1","pages":"186 - 190"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73661099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-04-29DOI: 10.1353/cri.2020.a892502
Gilbert Z. Chen
{"title":"Nursing Shifts in Sichuan: Canadian Missions and Wartime China, 1937–1951 by Sonya Grypma (review)","authors":"Gilbert Z. Chen","doi":"10.1353/cri.2020.a892502","DOIUrl":"https://doi.org/10.1353/cri.2020.a892502","url":null,"abstract":"","PeriodicalId":44440,"journal":{"name":"China Finance Review International","volume":"73 1","pages":"194 - 197"},"PeriodicalIF":8.2,"publicationDate":"2023-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79594621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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