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Editorial on Professor Robert Hudson leaving the journal 关于罗伯特·哈德森教授离开杂志的评论
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-11-24 DOI: 10.1108/rbf-11-2022-305
R. Hudson, G. Muradoglu
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引用次数: 0
A market sentiment indicator, behaviourally grounded, for the analysis and forecast of volatility and bubbles 一种基于行为的市场情绪指标,用于分析和预测波动性和泡沫
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-11-02 DOI: 10.1108/rbf-07-2021-0128
C. Ciaschini, M. C. Recchioni
PurposeThis work aims at designing an indicator for detecting and forecasting price volatility and speculative bubbles in three markets dealing with agricultural and soft commodities, i.e. Intercontinental Exchange Futures market Europe, (IFEU), Intercontinental Exchange Futures market United States (IFUS) and Chicago Board of Trade (CBOT). This indicator, designed as a demand/supply odds ratio, intends to overcome the subjectivity limits embedded in sentiment indexes as the Bull and Bears ratio by the Bank of America Merrill Lynch.Design/methodology/approachData evidence allows for the parameter estimation of a Jacobi diffusion process that models the demand share and leads the forecast of speculative bubbles and realised volatility. Validation of outcomes is obtained through the dynamic regression with autoregressive integrated moving average (ARIMA) error. Results are discussed in comparison with those from the traditional generalized autoregressive conditional heteroskedasticity (GARCH) models. The database is retrieved from Thomson Reuters DataStream (nearby futures daily frequency).FindingsThe empirical analysis shows that the indicator succeeds in capturing the trend of the observed volatility in the future at medium and long-time horizons. A comparison of simulations results with those obtained with the traditional GARCH models, usually adopted in forecasting the volatility trend, confirms that the indicator is able to replicate the trend also providing turning points, i.e. additional information completely neglected by the GARCH analysis.Originality/valueThe authors' commodity demand as discrete-time process is capable of replicating the observed trend in a continuous-time framework, as well as turning points. This process is suited for estimating behavioural parameters of the agents, i.e. long-term mean, speed of mean reversion and herding behaviour. These parameters are used in the forecast of speculative bubbles and realised volatility.
本研究旨在设计一个指标,用于检测和预测欧洲洲际交易所期货市场(IFEU)、美国洲际交易所期货市场(IFUS)和芝加哥期货交易所(CBOT)三个涉及农产品和软商品的市场的价格波动和投机泡沫。该指标被设计为需求/供应优势比,旨在克服美银美林(Bank of America Merrill Lynch)的牛熊比等情绪指数中存在的主观性限制。设计/方法/方法数据证据允许对雅可比扩散过程进行参数估计,该过程对需求份额进行建模,并导致对投机泡沫和实现波动性的预测。采用自回归综合移动平均误差(ARIMA)动态回归对结果进行验证。并与传统的广义自回归条件异方差(GARCH)模型的结果进行了比较。该数据库是从汤森路透数据流(近期期货每日频率)中检索的。实证分析表明,该指标成功地捕捉到了中长期波动率在未来的趋势。将模拟结果与通常用于预测波动率趋势的传统GARCH模型的模拟结果进行比较,证实该指标能够复制趋势,并提供转折点,即GARCH分析完全忽略的附加信息。原创性/价值作者的商品需求作为离散时间过程,能够在连续时间框架中复制观察到的趋势,以及转折点。这个过程适合于估计代理的行为参数,即长期均值、均值回归速度和羊群行为。这些参数用于预测投机泡沫和实现波动率。
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引用次数: 0
Tone complexity and the cost of debt retrospective data from the USA 语气复杂性和债务成本的回顾性数据来自美国
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-10-28 DOI: 10.1108/rbf-02-2022-0064
F. Bendriouch, Imad Jabbouri, Harit Satt, Zineb Jariri, M. M’hamdi
PurposeThis paper explores the impact of tone complexity on the cost of debt in the USA.Design/methodology/approachA sampling from 692 publicly nonfinancial-traded companies in the USA is employed over the period between 2010 and 2018. Generalized methods of moments (GMM) model is implemented to examine the impact of tone complexity on the cost of debt and its implications upon creditors and users.FindingsThe findings show that high-tone complexity is associated with a greater cost of debt. The use of a more complex tone in a company's annual reports has been shown to influence creditors' perceptions of risk.Originality/valueThis research pursues innovation by examining how creditors can use the tone complexity of annual report to assess the level of information asymmetry and estimate the required rate of return accordingly.
目的探讨语气复杂性对美国人债务成本的影响。设计/方法/方法在2010年至2018年期间,对美国692家非金融上市公司进行了抽样调查。采用广义矩量方法(GMM)模型研究音调复杂度对债务成本的影响及其对债权人和用户的影响。研究结果表明,高音调的复杂性与更高的债务成本有关。在公司年度报告中使用更复杂的语气已被证明会影响债权人对风险的看法。原创性/价值本研究通过研究债权人如何利用年度报告的语气复杂性来评估信息不对称水平并相应地估计所需的收益率,从而追求创新。
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引用次数: 0
Democracy and access to finance in developing countries 发展中国家的民主和融资渠道
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-10-19 DOI: 10.1108/rbf-07-2022-0168
Omar Farooq, Khondker Aktaruzzaman
PurposeThe aim of this paper is to document the effect of democracy on the financing constraints faced by private firms.Design/methodology/approachThis paper uses the data from the World Bank's Enterprise Surveys to test the arguments presented in this paper in a large sample of private firms from 92 developing countries.FindingsThe results show that firms headquartered in more democratic countries have better access to finance than firms headquartered in less democratic countries. The findings are robust to the comprehensive inclusion of relevant controls and to a number of sensitivity tests. The authors' findings highlight an important channel through which democracy can affect the business environment of a country.Originality/valueThe authors believe that this paper is an initial attempt to document the effect of democracy on the financing constraints faced by private firms.
本文的目的是记录民主对私营企业面临的融资约束的影响。设计/方法/方法本文使用世界银行《企业调查》的数据,在92个发展中国家的大型私营企业样本中检验本文提出的论点。研究结果表明,总部设在更民主国家的公司比总部设在不太民主国家的公司更容易获得融资。这些发现对于全面纳入相关控制和一些敏感性测试是可靠的。作者的发现突出了民主可以影响一个国家商业环境的一个重要渠道。原创性/价值作者认为,这篇论文是首次尝试记录民主对私营企业所面临的融资约束的影响。
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引用次数: 1
Empirical evidence of attribute framing: the case of unsophisticated IPO investors 属性框架的经验证据:以不成熟的IPO投资者为例
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-09-09 DOI: 10.1108/rbf-01-2022-0008
Albert Rapp
PurposeThe purpose of this paper is to investigate the empirical relevance of attribute framing in the financial marketplace.Design/methodology/approachIncorporating a sample of German initial public offerings (IPOs) from 2010 to 2019, the author uses quantitative methods, including regression models and tests for the equality of means, to analyze whether unsophisticated investors are susceptible to attribute framing and whether this susceptibility reflects irrational behavior.FindingsUnsophisticated investors, who are typically retail investors, are susceptible to attribute framing. They are likely to subscribe to IPOs whose attribute “market valuation” is framed in a positive way, that is, IPOs with low offer prices. As low-priced IPOs are overvalued and underperform in the secondary market relative to high-priced IPOs, the susceptibility to attribute framing reflects irrational behavior. The findings are robust to controlling for sentiment.Research limitations/implicationsSince this paper includes a relatively small sample from a single stock market, future research might employ alternative approaches.Social implicationsWhen issuers and underwriters are able to exploit retail investors through attribute framing, the participation of these investors in the financial marketplace may finally decrease. Therefore, the financial literacy of retail investors needs to be improved.Originality/valueThis paper is the first to provide empirical evidence of attribute framing in a financial markets context. While most previous research on IPO offer prices focuses on US stocks, this paper is the first to incorporate German stocks.
目的研究金融市场中属性框架的实证相关性。设计/方法/方法结合2010年至2019年德国首次公开发行(ipo)的样本,作者使用定量方法,包括回归模型和均值相等性检验,分析不成熟的投资者是否容易受到属性框架的影响,以及这种敏感性是否反映了非理性行为。经验不足的投资者通常是散户,他们很容易受到属性框架的影响。他们可能会认购那些“市场估值”属性以积极方式设定的ipo,即发行价格较低的ipo。由于相对于高价ipo,低价ipo在二级市场的估值过高且表现不佳,对属性框架的敏感性反映了非理性行为。研究结果在控制情绪方面是强有力的。研究的局限性/意义由于本文包含了来自单一股票市场的相对较小的样本,未来的研究可能会采用替代方法。社会影响当发行人和承销商能够通过属性框架利用散户投资者时,这些投资者在金融市场的参与度可能最终会下降。因此,散户投资者的金融素养有待提高。原创性/价值本文首次提供了金融市场背景下属性框架的经验证据。虽然以往对IPO发行价格的研究大多集中在美国股票上,但本文首次纳入了德国股票。
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引用次数: 0
The association between financial literacy confidence and financial satisfaction 财务素养、信心与财务满意度的关系
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-09-06 DOI: 10.1108/rbf-03-2022-0090
Blain Pearson, Thomas Korankye
PurposeThis study examines the association between financial literacy confidence and financial satisfaction. The authors posit that overconfident poor performers will experience greater levels of financial satisfaction and underconfident high performers will experience lower levels of financial satisfaction.Design/methodology/approachBased on the results of an objective financial literacy assessment and a subjective financial literacy assessment, variables measuring study participants' financial literacy overconfidence and financial literacy underconfidence are constructed. The variables are analyzed for their associations with financial satisfaction.FindingsThe results from the multivariate analysis suggest that financial literacy overconfidence (underconfidence) is associated positively (negatively) with higher levels of financial satisfaction and is associated negatively (positively) with lower levels of financial satisfaction.Practical implicationsThe discussion first highlights that to increase objective financial literacy, the disconnect between subjective financial literacy assessment and objective financial literacy must be recognized. Secondly, the discussion encourages financial literacy and education programs to incorporate behavioral education, which can provide learners with an awareness of the role of financial literacy confidence when making financial decisions.Originality/valueFinancial literacy overconfidence can result in an inability to recognize the realities of one's financial situation. Individuals who are overconfident in their level of financial literacy preformed lower on an objective assessment of their financial literacy, yet also tended to have a greater sense of financial satisfaction. This finding not only suggests that financial literacy overconfidence results in financial ineptitude, but also suggest that financial literacy overconfidence can result in specious conclusions regarding one's financial situation. The financial literacy underconfidence finding suggests that those who are financial literate, and who are also underconfident in their financial literacy, are less likely to have high financial satisfaction.
目的探讨财务素养、信心与财务满意度之间的关系。作者认为,过度自信的表现差的人会体验到更高水平的财务满意度,而不自信的表现优异的人会体验到更低水平的财务满意度。设计/方法/途径基于客观金融素养评估和主观金融素养评估的结果,构建衡量研究参与者金融素养过度自信和金融素养欠自信的变量。分析变量与财务满意度的关系。多变量分析的结果表明,金融素养过度自信(不自信)与较高的财务满意度呈正相关(负相关),与较低的财务满意度呈负相关(正相关)。本文首先强调,要提高客观财务素养,必须认识到主观财务素养评估与客观财务素养之间的脱节。其次,讨论鼓励金融素养和教育计划纳入行为教育,这可以让学习者意识到金融素养信心在做出财务决策时的作用。原创/价值财务知识过度自信会导致无法认识到自己财务状况的现实。对自己的金融知识水平过于自信的人在对自己的金融知识的客观评估中表现较低,但也往往有更大的金融满足感。这一发现不仅表明,金融知识的过度自信会导致财务无能,而且还表明,金融知识的过度自信会导致有关个人财务状况的似是而非的结论。金融知识缺乏自信的发现表明,那些有金融知识,同时对自己的金融知识缺乏自信的人,不太可能有很高的金融满意度。
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引用次数: 5
Can downside-risk measures help to explain the reluctance of households to invest in XTFs? An empirical study using the SHS-base 下行风险指标能否帮助解释家庭不愿投资xtf的原因?基于shs基础的实证研究
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-08-18 DOI: 10.1108/rbf-08-2021-0158
Hans Philipp Wanger, A. Oehler
PurposeThe purpose of this paper is to investigate whether downside-risk measures help to explain why households largely refrain from investing in Exchange Traded Funds that replicate broad and internationally diversified market indices, so-called XTFs, although studies frequently recommend to do so.Design/methodology/approachThe paper analyzes whether evaluating risk in terms of downside-risk measures which reflect households' interpretation of risk closer than the standard deviation (SD) of returns, yields less risk-return-enhancements, and thus, fewer incentives for households to invest in XTFs. Household portfolios are compiled by combining stylized portfolio compositions that involve multiple asset classes and German households' security holdings. The data set covers the period from January 2014 to December 2016 and includes 47,388 securities.FindingsThe results indicate that none of the downside-risk measures can help to explain the reluctance of households to invest in XTFs. On the flip side, the results show that all stylized household portfolios can enhance the risk-return position from employing XTFs, regardless of the underlying risk measure. This supports the advice to invest in XTFs and extends it upon households that evaluate risk in terms of downside-risk.Originality/valueTo the best of the authors' knowledge, this study is the first to investigate risk-return-enhancements from XTFs while simultaneously considering various downside-risk measures and multiple asset classes of household portfolios.
本文的目的是调查下行风险指标是否有助于解释为什么家庭在很大程度上避免投资于复制广泛和国际多元化市场指数的交易所交易基金(xtf),尽管研究经常建议这样做。设计/方法/方法本文分析了从下行风险指标(反映家庭对风险的解释比回报的标准差(SD)更接近)来评估风险是否会产生更少的风险-回报增强,从而减少家庭投资xtf的激励。家庭投资组合是通过将涉及多个资产类别和德国家庭证券持有的风格化投资组合组合在一起编制的。数据集涵盖2014年1月至2016年12月期间,包括47,388只证券。研究结果表明,下行风险指标都不能解释家庭不愿投资xtf的原因。另一方面,结果表明,无论潜在的风险度量是什么,所有程式化的家庭投资组合都可以通过使用xtf来提高风险回报地位。这支持了投资xtf的建议,并将其扩展到根据下行风险评估风险的家庭。原创性/价值据作者所知,这项研究是第一个在考虑各种下行风险措施和家庭投资组合的多种资产类别的同时,调查xtf的风险回报增强。
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引用次数: 0
CIO equity compensation and IT investment: the moderating role of board monitoring and evidence of managerial myopia 首席信息官股权薪酬与IT投资:董事会监督的调节作用及管理短视的证据
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-08-15 DOI: 10.1108/rbf-04-2022-0118
Serdar Turedi, Asligul Erkan-Barlow
PurposeThe purpose of this paper is to examine the effects of managerial myopia on information technology (IT) investment. Specifically, it aims to investigate the influence of chief information officer (CIO) compensation on IT investment and the moderating role of the board monitoring strength on this relationship.Design/methodology/approachThe study examines a sample of 194 firms listed on US stock exchanges with a CIO position in 2019. The authors employ hierarchical regression analysis to test the hypothesis.FindingsThe results show that CIO compensation negatively influences IT investment. Further, even though vigilant board monitoring does not necessarily reduce such opportunistic behaviors, weak board monitoring creates an environment for such actions.Research limitations/implicationsFirst, the cross-sectional data can limit the results' generalizability. Second, the sampling frame is not perfectly random as it consists of firms that have CIO compensation information in the ExecuComp for 2019. Third, we include only two measures of board monitoring strength.Practical implicationsBoard of directors should wisely select compensation packages' components since equity incentives potentially exacerbate managerial myopia. Moreover, firms may regulate CIOs' investment behaviors through board-level IT governance.Originality/valueThis study is one of the few studies that utilize CIO sensitivity to measure CIO compensation. Moreover, by examining the factors affecting IT investment behavior, this study sheds light on CIO incentives' impact on IT investment behaviors. Finally, to the best of the authors' knowledge, this is the first study to investigate board monitoring's role in the relationship between CIO sensitivity and IT investment intensity.
目的研究管理近视对信息技术投资的影响。具体而言,本文旨在探讨首席信息官薪酬对it投资的影响,以及董事会监督力度对这一关系的调节作用。该研究调查了2019年在美国证券交易所上市的194家拥有首席信息官职位的公司。作者采用层次回归分析来检验这一假设。结果表明,CIO薪酬对IT投资有负向影响。此外,尽管警惕的董事会监督不一定会减少这种机会主义行为,但薄弱的董事会监督却为这种行为创造了环境。研究局限性/启示首先,横断面数据可能会限制结果的普遍性。其次,抽样框架不是完全随机的,因为它由2019年ExecuComp中有CIO薪酬信息的公司组成。第三,我们只纳入了两项衡量董事会监督力度的指标。董事会应明智地选择薪酬方案的组成部分,因为股权激励可能会加剧管理层的短视。此外,企业可以通过董事会层面的IT治理来规范首席信息官的投资行为。原创性/价值本研究是少数利用CIO敏感性来衡量CIO薪酬的研究之一。此外,通过考察影响IT投资行为的因素,本研究揭示了CIO激励对IT投资行为的影响。最后,据作者所知,这是第一个调查董事会监督在CIO敏感性和IT投资强度之间关系中的作用的研究。
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引用次数: 1
Household stock market participation in South Africa: the role of financial literacy and social interactions 南非家庭股票市场参与:金融知识和社会互动的作用
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-08-09 DOI: 10.1108/rbf-03-2022-0083
Kingstone Nyakurukwa, Yudhvir Seetharam
PurposeOne of the most important phenomena that have been confronted in the field of household finance is the stock market participation puzzle. The puzzle describes the anomaly that the majority of households do not have ownership of stock market products, though empirically stocks give higher expected returns than risk-free assets. The stock market participation rate plays an important role as it has a direct bearing on the equity premium. In this study, the authors aim to investigate how financial literacy and various proxies of social interaction are associated with stock market participation in South Africa.Design/methodology/approachThe study uses probit regression and ordinary least squares using the South African National Income Dynamics survey Wave 5 of 2017 to investigate whether financial literacy and social interaction are significantly associated with stock market participation. The financial literacy index is computed using factor analysis on the responses to the financial literacy questions used in the survey. The authors use three proxies for social interaction, namely membership in a Stokvel, membership in a men's association and membership in a women's association.FindingsThe results reveal that an increase in financial literacy increases the odds of respondents participating in the stock market. Among the control variables, age, race and level of education are significantly associated with stock market participation. When it comes to social interaction, it is belonging to a men's association that is significantly associated with stock market participation. The other proxies for social interaction are insignificantly associated with stock market participation.Originality/valueThe study contributes to the extant literature by using a set of proxies for social interaction that have the potential to influence stock market participation which have not been used in a South African context.
目的家庭金融领域面临的最重要的现象之一是股票市场参与难题。这个谜题描述了一种反常现象,即大多数家庭不持有股市产品,尽管从经验上看,股票的预期回报高于无风险资产。股票市场参与率的高低直接关系到股票溢价的高低。在这项研究中,作者旨在调查金融素养和社会互动的各种代理如何与南非的股票市场参与相关。设计/方法/方法本研究使用probit回归和普通最小二乘,使用2017年南非国民收入动态调查第5波来调查金融素养和社会互动是否与股票市场参与显著相关。金融素养指数是利用因子分析对调查中使用的金融素养问题的回答来计算的。作者使用了三种社会互动代理,即Stokvel的成员资格,男性协会的成员资格和女性协会的成员资格。研究结果显示,金融知识的增加增加了受访者参与股票市场的几率。在控制变量中,年龄、种族和受教育程度与股票市场参与显著相关。当涉及到社会互动时,它属于一个与股票市场参与显著相关的男性协会。社会互动的其他代理与股票市场参与的关系不显著。原创性/价值本研究通过使用一组社会互动代理对现有文献做出贡献,这些代理有可能影响股票市场参与,但尚未在南非背景下使用。
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引用次数: 4
The impact sporting and financial performance of football clubs on their stock price: an analytical study of European clubs sample listed in the financial market 足球俱乐部的体育和财务业绩对其股价的影响:对金融市场上上市的欧洲俱乐部样本的分析研究
IF 2 Q2 BUSINESS, FINANCE Pub Date : 2022-08-04 DOI: 10.1108/rbf-11-2021-0242
Nazar Habeeb Abbas
PurposeThe purpose of this research is to determine the nature of the relationship between sporting, financial performance and a stock price of football clubs by adopting the quarterly financial statements of the European clubs that represent the research sample: Juventus, Borussia Dortmund and Olympique Lyonnais, which helps clubs’ managers in evaluating the sporting and financial performance effect on the share price at the quarterly level.Design/methodology/approachThe research is performed using the panel data technique, for Juventus, Borussia Dortmund and Olympique Lyonnais (2007–2016). The sporting performance is represented by the quarterly rate of the number of goals scored by the club to the number of goals scored against it; the quarterly rate of the number of wins to the total number of matches played by the club in local and international competitions. At the same time, financial performance is represented by the quarterly rate of current ratio, the quarterly rate of the leverage ratio, and the quarterly rate of earnings per share (EPS).FindingsThe analysis of the results was distributed at two levels: macro and micro. The analysis at the macro-level dealt with the correlation and influence between the sports performance indicators and the financial performance indicators of the three clubs combined on the share prices of those clubs. The micro-level performance is analyzed separately from the macro analysis. The results indicated that there was an effect on macro analysis. As for the microanalysis, the results showed no effect of the sporting performance of the three clubs on their share price.Research limitations/implicationsThe main implications of this research reveal the weakness of the correlation between the clubs' share price in the financial market, possibly due to the quarterly rate of the data. But there is a slight change for Juventus. There is a moderate correlation between the quarterly sporting performance indicators of this club and the quarterly average of its share price in the market.Practical implicationsThe main implications of this research reveal the weakness of the correlation between the clubs' share price in the financial market, possibly due to the quarterly rate of the data. But there is a slight change for Juventus. There is a moderate correlation between the quarterly sporting performance indicators of this club and the quarterly average of its share price in the market.Social implicationsThe social implications of the current research are clear by dealing with the relationship between the sports and Financial performance of football clubs and its relationship to the price of its shares in the financial market. The success of football clubs in achieving sporting victory attracts more fans. This leads to an increase in the club's profits and consequently to an increase in the price of its shares in the financial markets. Therefore, the societal benefit will be achieved by increasing the enjoyment of the au
本研究的目的是通过采用代表研究样本的欧洲俱乐部的季度财务报表来确定体育、财务绩效和足球俱乐部股价之间关系的性质:尤文图斯、多特蒙德和里昂奥林匹克俱乐部,这有助于俱乐部经理在季度水平上评估体育和财务绩效对股价的影响。设计/方法/方法本研究采用面板数据技术,研究对象为尤文图斯、多特蒙德和里昂奥林匹克(2007-2016)。体育成绩由俱乐部的季度进球数与俱乐部的进球数之比来表示;俱乐部在本地和国际比赛中获胜次数与总比赛次数的季度比率。同时,财务绩效由季度流动比率、季度杠杆率和季度每股收益(EPS)来表示。结果分析分布在宏观和微观两个层面。宏观层面的分析涉及三个俱乐部的体育绩效指标和财务绩效指标对俱乐部股价的相关性和影响。微观层面的性能分析与宏观层面的分析是分开的。结果表明,这对宏观分析有影响。在微观分析方面,结果显示三家俱乐部的体育表现对其股价没有影响。本研究的主要意义揭示了俱乐部股价在金融市场上相关性的薄弱,可能是由于数据的季度率。但是尤文图斯有一个小小的变化。该俱乐部的季度体育表现指标与其市场上的季度平均股价之间存在适度的相关性。实际意义本研究的主要意义揭示了俱乐部股价在金融市场上相关性的薄弱,可能是由于数据的季度率。但是尤文图斯有一个小小的变化。该俱乐部的季度体育表现指标与其市场上的季度平均股价之间存在适度的相关性。社会意义当前研究的社会意义是明确的,通过处理足球俱乐部的体育和财务绩效之间的关系,以及它与金融市场上的股票价格的关系。足球俱乐部在取得体育胜利方面的成功吸引了更多的球迷。这导致俱乐部的利润增加,从而导致其股票在金融市场上的价格上涨。因此,社会效益将通过增加观众的享受和增加俱乐部及其所属城市的收入来实现。独创性/价值本研究的独创性体现在它使用季度数据来阐明欧洲足球俱乐部样本的体育和财务绩效与其在金融市场上的股票价格之间的关系。因此,这项研究不同于以往的研究,后者只使用俱乐部的每日和年度数据来澄清他们的体育和财务表现之间的关系。
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引用次数: 1
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Review of Behavioral Finance
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