首页 > 最新文献

International Journal of Financial Studies最新文献

英文 中文
A Stochastically Correlated Bivariate Square-Root Model 随机相关的双变量方根模型
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-25 DOI: 10.3390/ijfs12020031
Allan Jonathan da Silva, Jack Baczynski, José Valentim Machado Vicente
We introduce a novel stochastically correlated two-factor (i.e., bivariate) diffusion process under the square-root format, for which we analytically obtain the corresponding solutions for the conditional moment-generating functions and conditional characteristic functions. Such solutions recover verbatim those of the uncorrelated case which encompasses a range of processes similar to those produced by a bivariate square-root process in which entries are correlated in the standard way, that is, via a constant correlation coefficient. Note that closed-form solutions for the conditional characteristic and moment-generating functions are not available for the latter. We focus on the financial scenario of obtaining closed-form expressions for the exact price of a zero-coupon bond and Asian option prices using a Fourier cosine series method.
我们在平方根格式下引入了一种新的随机相关双因子(即双变量)扩散过程,并通过分析得到了条件矩生成函数和条件特征函数的相应解。这些解与无相关情况下的解完全相同,无相关情况下的过程与二元平方根过程产生的过程相似,二元平方根过程中的条目以标准方式(即通过恒定相关系数)相关。需要注意的是,后者的条件特征函数和时刻生成函数没有闭式解。我们将重点放在利用傅立叶余弦级数法获得零息债券和亚洲期权价格精确价格的闭式表达式这一金融场景上。
{"title":"A Stochastically Correlated Bivariate Square-Root Model","authors":"Allan Jonathan da Silva, Jack Baczynski, José Valentim Machado Vicente","doi":"10.3390/ijfs12020031","DOIUrl":"https://doi.org/10.3390/ijfs12020031","url":null,"abstract":"We introduce a novel stochastically correlated two-factor (i.e., bivariate) diffusion process under the square-root format, for which we analytically obtain the corresponding solutions for the conditional moment-generating functions and conditional characteristic functions. Such solutions recover verbatim those of the uncorrelated case which encompasses a range of processes similar to those produced by a bivariate square-root process in which entries are correlated in the standard way, that is, via a constant correlation coefficient. Note that closed-form solutions for the conditional characteristic and moment-generating functions are not available for the latter. We focus on the financial scenario of obtaining closed-form expressions for the exact price of a zero-coupon bond and Asian option prices using a Fourier cosine series method.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140300372","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}
引用次数: 0
Examining the Effects of the Pandemic on Entrepreneurial Activities among Urban Single Mothers: An Exploratory Study 探讨大流行病对城市单身母亲创业活动的影响:一项探索性研究
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-22 DOI: 10.3390/ijfs12020030
Abdullah Sallehhuddin Abdullah Salim, Norzarina Md Yatim, Salmi Md Zahid
This study was conducted in Malaysia to examine the effectiveness of the microfinance programme for urban single mother entrepreneurs in MSMEs during the COVID-19 pandemic and Movement Control Order (MCO). Implemented as a response to the pandemic, the MCO significantly disrupted businesses, particularly MSMEs. The study aimed to investigate the relationship between empowerment factors (economic, social, digital, and psychological) and governance aspects concerning the effectiveness of microfinance programmes. Using a positivist paradigm and employing quantitative methods through online questionnaire distribution, this research established a framework based on empowerment theory. The findings underscore the importance of economic empowerment, digital empowerment, and governance aspects for microfinance programme success, and provide empirical backing for suitable mitigation strategies for MSME entrepreneurs. The study emphasises the importance of supporting single mother entrepreneurs through various developmental activities, technical and vocational training, and comprehensive financial and non-financial aid initiatives. It stresses the critical role of women, particularly single mothers, in propelling societal and economic advancement, and advocating for their empowerment through targeted interventions. Overall, the findings enhance understanding of the challenges MSMEs face during crises, and offer insights for policymakers and microfinance agencies to strengthen support for single mother entrepreneurs in navigating future challenges and fostering economic resilience and development.
本研究在马来西亚进行,旨在考察在 COVID-19 大流行和《调度令》(MCO)期间,针对城市中小微企业单亲母亲创业者的小额信贷计划的有效性。作为对大流行病的应对措施,《流动管制令》极大地扰乱了企业,尤其是中小微企业。本研究旨在调查赋权因素(经济、社会、数字和心理)与有关小额信贷计划有效性的治理方面之间的关系。本研究采用实证主义范式,通过在线发放调查问卷采用定量方法,建立了一个基于赋权理论的框架。研究结果强调了经济赋权、数字赋权和治理方面对小额信贷计划成功的重要性,并为针对中小微企业创业者的适当缓解策略提供了经验支持。研究强调了通过各种发展活动、技术和职业培训以及全面的金融和非金融援助措施支持单亲母亲创业者的重要性。研究强调了妇女,尤其是单身母亲在推动社会和经济进步方面的关键作用,并倡导通过有针对性的干预措施增强她们的能力。总体而言,研究结果加深了人们对中小微企业在危机期间所面临挑战的理解,并为政策制定者和小额信贷机构加强对单亲母亲创业者的支持,帮助她们应对未来挑战,促进经济复原和发展提供了真知灼见。
{"title":"Examining the Effects of the Pandemic on Entrepreneurial Activities among Urban Single Mothers: An Exploratory Study","authors":"Abdullah Sallehhuddin Abdullah Salim, Norzarina Md Yatim, Salmi Md Zahid","doi":"10.3390/ijfs12020030","DOIUrl":"https://doi.org/10.3390/ijfs12020030","url":null,"abstract":"This study was conducted in Malaysia to examine the effectiveness of the microfinance programme for urban single mother entrepreneurs in MSMEs during the COVID-19 pandemic and Movement Control Order (MCO). Implemented as a response to the pandemic, the MCO significantly disrupted businesses, particularly MSMEs. The study aimed to investigate the relationship between empowerment factors (economic, social, digital, and psychological) and governance aspects concerning the effectiveness of microfinance programmes. Using a positivist paradigm and employing quantitative methods through online questionnaire distribution, this research established a framework based on empowerment theory. The findings underscore the importance of economic empowerment, digital empowerment, and governance aspects for microfinance programme success, and provide empirical backing for suitable mitigation strategies for MSME entrepreneurs. The study emphasises the importance of supporting single mother entrepreneurs through various developmental activities, technical and vocational training, and comprehensive financial and non-financial aid initiatives. It stresses the critical role of women, particularly single mothers, in propelling societal and economic advancement, and advocating for their empowerment through targeted interventions. Overall, the findings enhance understanding of the challenges MSMEs face during crises, and offer insights for policymakers and microfinance agencies to strengthen support for single mother entrepreneurs in navigating future challenges and fostering economic resilience and development.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140197016","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}
引用次数: 0
Revisiting the Quiet-Life Hypothesis in the Banking Sector: Do CEOs’ Personalities Matter? 重新审视银行业的 "安静生活假说":首席执行官的个性重要吗?
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-20 DOI: 10.3390/ijfs12010028
Tu D. Q. Le, Dat T. Nguyen, Thanh Ngo
This study investigates the relationship between market power and bank profitability, and the impacts of CEOs’ personality traits, in Vietnam from 2007 to 2020. The analysis of CEOs’ signatures is used to determine their characteristics. The findings support the quiet-life hypothesis, which suggests that the negative relationship between market power and bank profitability may depend on CEOs’ characteristics. More specifically, the results show that conscientious CEOs with market power tend to reduce bank profitability, and this effect is more pronounced for foreign-owned banks. Therefore, our findings have critical implications for bank management.
本研究探讨了 2007 年至 2020 年越南市场力量与银行盈利能力之间的关系,以及首席执行官个性特征的影响。通过分析首席执行官的签名来确定其特征。研究结果支持 "宁静生活假说",即市场力量与银行盈利能力之间的负相关关系可能取决于首席执行官的特征。更具体地说,研究结果表明,拥有市场权力的兢兢业业的首席执行官往往会降低银行的盈利能力,而且这种影响对外资银行更为明显。因此,我们的研究结果对银行管理具有重要意义。
{"title":"Revisiting the Quiet-Life Hypothesis in the Banking Sector: Do CEOs’ Personalities Matter?","authors":"Tu D. Q. Le, Dat T. Nguyen, Thanh Ngo","doi":"10.3390/ijfs12010028","DOIUrl":"https://doi.org/10.3390/ijfs12010028","url":null,"abstract":"This study investigates the relationship between market power and bank profitability, and the impacts of CEOs’ personality traits, in Vietnam from 2007 to 2020. The analysis of CEOs’ signatures is used to determine their characteristics. The findings support the quiet-life hypothesis, which suggests that the negative relationship between market power and bank profitability may depend on CEOs’ characteristics. More specifically, the results show that conscientious CEOs with market power tend to reduce bank profitability, and this effect is more pronounced for foreign-owned banks. Therefore, our findings have critical implications for bank management.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140170365","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}
引用次数: 0
Unraveling the Dynamics of Intellectual Capital, Firm Performance, and the Influential Moderators—BIG4 Auditors and Group Affiliation 解读智力资本、公司业绩的动态变化以及影响因素--BIG4 审计师和集团隶属关系
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-20 DOI: 10.3390/ijfs12010029
Swati Mohapatra, Jamini Kanta Pattanayak
The importance of intellectual capital (IC) in past decades unfolds several dimensions of firm performance (FP). Still, the contradictory and inconclusive relationship between IC and FP in the literature motivates the researchers to explore further and understand the empirical connection using both linear and curvilinear approaches. Using the fixed-effect panel regression models on a sample of 795 non-financial firms of India from the financial years 2004–2005 to 2020–2021, this study reveals that, undoubtedly, the IC enhances the FP up to a certain threshold, and with any marginal investment, IC reduces the FP by forming the inverted U-shaped curve. Interestingly, the presence of BIG4 auditors in Indian firms helps to increase the FP with the help of IC, even for the group-affiliated firms. Thus, this study aligns with both value creation and cost concern perspectives and implies that management and regulatory bodies may adopt a balanced approach while enhancing the FP through IC, as the result suggests that investment in IC will not endlessly improve the FP in the Indian context.
在过去的几十年里,智力资本(IC)的重要性从多个维度展现了企业绩效(FP)。尽管如此,文献中关于智力资本与企业绩效之间的矛盾和不确定关系仍促使研究人员利用线性和曲线两种方法进一步探索和理解两者之间的经验联系。本研究以印度 2004-2005 至 2020-2021 财年的 795 家非金融企业为样本,采用固定效应面板回归模型,结果显示,毫无疑问,集成电路在达到一定临界点时会提高 FP,而在任何边际投资的情况下,集成电路都会通过形成倒 U 型曲线来降低 FP。有趣的是,印度企业中 BIG4 审计师的存在有助于在集成电路的帮助下提高 FP,即使对于集团关联企业也是如此。因此,这项研究既符合价值创造的观点,也符合成本考量的观点,意味着管理层和监管机构在通过集成电路提高财务自由度时,可以采取一种平衡的方法,因为研究结果表明,在印度,集成电路投资不会无止境地提高财务自由度。
{"title":"Unraveling the Dynamics of Intellectual Capital, Firm Performance, and the Influential Moderators—BIG4 Auditors and Group Affiliation","authors":"Swati Mohapatra, Jamini Kanta Pattanayak","doi":"10.3390/ijfs12010029","DOIUrl":"https://doi.org/10.3390/ijfs12010029","url":null,"abstract":"The importance of intellectual capital (IC) in past decades unfolds several dimensions of firm performance (FP). Still, the contradictory and inconclusive relationship between IC and FP in the literature motivates the researchers to explore further and understand the empirical connection using both linear and curvilinear approaches. Using the fixed-effect panel regression models on a sample of 795 non-financial firms of India from the financial years 2004–2005 to 2020–2021, this study reveals that, undoubtedly, the IC enhances the FP up to a certain threshold, and with any marginal investment, IC reduces the FP by forming the inverted U-shaped curve. Interestingly, the presence of BIG4 auditors in Indian firms helps to increase the FP with the help of IC, even for the group-affiliated firms. Thus, this study aligns with both value creation and cost concern perspectives and implies that management and regulatory bodies may adopt a balanced approach while enhancing the FP through IC, as the result suggests that investment in IC will not endlessly improve the FP in the Indian context.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140170470","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}
引用次数: 0
Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms 动态资本结构调整:韩国企业的公司特定因素和宏观经济因素的综合分析
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-12 DOI: 10.3390/ijfs12010026
SungSup Brian Choi, Kudzai Sauka, MiYoung Lee
This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.
本研究调查了在韩国证券交易所(KSE)上市的 271 家非金融企业资本结构的影响因素,时间跨度从 1995 年到 2021 年,包括稳定和危机两种情况。我们采用动态面板数据模型和广义矩方法(GMM)进行估计,解决了因纳入滞后因变量而带来的内生性问题。我们的研究将企业特定的内部因素与宏观经济的外部变量结合起来,以全面了解不同经济环境对资本结构的影响。我们的研究表明,在经济稳定时期,企业的资本结构决策更多地受到盈利能力等内部因素的影响。然而,在经济衰退时期,外部宏观经济市场条件往往会对这些决策产生更大的影响。同样值得注意的是,与危机时期相比,账面杠杆(BL)和市场杠杆(ML)在稳定时期的调整速度更快。这表明,在稳定、正常的条件下,企业调整资本结构的灵活性更高。我们的研究结果提供了韩国企业资本结构决定因素的整体视角,为现有文献做出了贡献。它们强调了同时考虑内部动态和外部经济条件的适应性财务战略的必要性。本研究填补了当前研究的空白,对韩国企业的资本结构动态提出了新的见解,并提出了在不同经济背景下理解资本结构的多元方法。
{"title":"Dynamic Capital Structure Adjustment: An Integrated Analysis of Firm-Specific and Macroeconomic Factors in Korean Firms","authors":"SungSup Brian Choi, Kudzai Sauka, MiYoung Lee","doi":"10.3390/ijfs12010026","DOIUrl":"https://doi.org/10.3390/ijfs12010026","url":null,"abstract":"This research investigates the factors influencing the capital structure of 271 non-financial firms listed on the Korean Stock Exchange (KSE) over a broad period from 1995 to 2021, encompassing both stable and crisis conditions. Employing a dynamic panel data model and the generalized method of moments (GMM) estimation, we address the endogeneity issue introduced by the inclusion of lagged dependent variables. Our research integrates firm-specific internal factors with macroeconomic external variables to provide a comprehensive understanding of the influence of varying economic environments on capital structure. Our study suggests that in times of economic stability, the capital structure decisions of a firm are more influenced by internal factors such as profitability. However, in periods of economic downturns, it is the external macroeconomic market conditions that tend to have a greater impact on these decisions. It is also noteworthy that both book leverage (BL) and market leverage (ML) exhibit quicker adjustments during stable periods as opposed to periods of crisis. This indicates a higher agility of firms in adapting their capital structures in stable, normal conditions. Our findings contribute to the existing literature by offering a holistic view of capital structure determinants in Korean firms. They underscore the necessity of adaptable financial strategies that account for both internal dynamics and external economic conditions. This study fills a gap in current research, presenting new insights into the dynamics of capital structure in Korean firms and suggesting a multifaceted approach to understanding capital structure in diverse economic contexts.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140151031","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}
引用次数: 0
Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics 量化影响,发现趋势:影子银行和金融疫情动态的综合文献计量分析
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-05 DOI: 10.3390/ijfs12010025
Ionuț Nica, Camelia Delcea, Nora Chiriță, Ștefan Ionescu
This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced bibliometric methods, we explored the global network of publications, identifying key works, influential authors, and the evolution of research over time. The results of the bibliometric analysis have highlighted an annual growth rate of 22.05% in publications related to the topics of shadow banking and financial contagion, illustrating researchers’ interest and the dynamic nature of publications over time. Additionally, significant increases in scientific production have been recorded in recent years, reaching a total of 178 articles published in 2022. The most predominant keywords used in research include “systemic risks”, “risk assessment”, and “measuring systemic risk”. The thematic evolution has revealed that over time, the focus on fundamental concepts used in analyzing these two topics has shifted, considering technological advancements and disruptive events that have impacted the economic and financial system. Our findings provide a detailed insight into the progress, gaps, and future directions in understanding the complex interplay of shadow banking and financial contagion. Our study represents a valuable asset for researchers, practitioners, and policymakers with a keen interest in understanding the dynamics of these critical components within the global financial system.
本研究对 1996 年至 2022 年的影子银行和金融传染动态进行了全面的文献计量分析。通过整体方法,我们的研究侧重于量化与这些相互关联领域相关的科学研究的影响并揭示其重要趋势。利用先进的文献计量学方法,我们探索了全球出版物网络,确定了关键作品、有影响力的作者以及随时间推移的研究演变。文献计量分析的结果表明,与影子银行和金融传染主题相关的出版物年增长率为 22.05%,这说明了研究人员的兴趣和出版物随时间推移的动态性质。此外,近年来科研成果显著增加,2022 年共发表 178 篇文章。研究中使用的最主要关键词包括 "系统性风险"、"风险评估 "和 "衡量系统性风险"。主题演变表明,随着时间的推移,考虑到技术进步和影响经济与金融体系的破坏性事件,分析这两个主题时使用的基本概念的重点发生了变化。我们的研究结果为了解影子银行和金融传染的复杂相互作用提供了详细的进展、差距和未来方向。我们的研究为研究人员、从业人员和政策制定者提供了宝贵的财富,他们对了解全球金融体系中这些关键组成部分的动态有着浓厚的兴趣。
{"title":"Quantifying Impact, Uncovering Trends: A Comprehensive Bibliometric Analysis of Shadow Banking and Financial Contagion Dynamics","authors":"Ionuț Nica, Camelia Delcea, Nora Chiriță, Ștefan Ionescu","doi":"10.3390/ijfs12010025","DOIUrl":"https://doi.org/10.3390/ijfs12010025","url":null,"abstract":"This study describes a comprehensive bibliometric analysis of shadow banking and financial contagion dynamics from 1996 to 2022. Through a holistic approach, our study focuses on quantifying the impact and uncovering significant trends in scientific research related to these interconnected fields. Using advanced bibliometric methods, we explored the global network of publications, identifying key works, influential authors, and the evolution of research over time. The results of the bibliometric analysis have highlighted an annual growth rate of 22.05% in publications related to the topics of shadow banking and financial contagion, illustrating researchers’ interest and the dynamic nature of publications over time. Additionally, significant increases in scientific production have been recorded in recent years, reaching a total of 178 articles published in 2022. The most predominant keywords used in research include “systemic risks”, “risk assessment”, and “measuring systemic risk”. The thematic evolution has revealed that over time, the focus on fundamental concepts used in analyzing these two topics has shifted, considering technological advancements and disruptive events that have impacted the economic and financial system. Our findings provide a detailed insight into the progress, gaps, and future directions in understanding the complex interplay of shadow banking and financial contagion. Our study represents a valuable asset for researchers, practitioners, and policymakers with a keen interest in understanding the dynamics of these critical components within the global financial system.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140032708","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}
引用次数: 0
Decision Rules for Corporate Investment 企业投资决策规则
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-03-04 DOI: 10.3390/ijfs12010024
Reinier de Adelhart Toorop, Dirk Schoenmaker, Willem Schramade
We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated value—resulting in varying preferences for social and environmental impacts or values. Next, these preferences are incorporated in investment decision rules. The traditional net present value (NPV) rule optimises only the financial value. We propose a new integrated present value (IPV) decision rule that includes a preference for social and environmental values without neglecting the financial value. By applying the new IPV rule, responsible companies are able to achieve more sustainable outcomes.
我们通过设计公司价值边界来研究公司投资的决策规则。该公司价值前沿可以平衡财务价值与社会和环境影响。本文提出了新颖的价值概念--从股东价值到股东福利和综合价值,从而产生了对社会和环境影响或价值的不同偏好。然后,将这些偏好纳入投资决策规则。传统的净现值(NPV)规则只优化财务价值。我们提出了一种新的综合现值(IPV)决策规则,其中包括对社会和环境价值的偏好,同时不忽略财务价值。通过应用新的 IPV 规则,负责任的公司能够实现更可持续的结果。
{"title":"Decision Rules for Corporate Investment","authors":"Reinier de Adelhart Toorop, Dirk Schoenmaker, Willem Schramade","doi":"10.3390/ijfs12010024","DOIUrl":"https://doi.org/10.3390/ijfs12010024","url":null,"abstract":"We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts—ranging from shareholder value to shareholder welfare and integrated value—resulting in varying preferences for social and environmental impacts or values. Next, these preferences are incorporated in investment decision rules. The traditional net present value (NPV) rule optimises only the financial value. We propose a new integrated present value (IPV) decision rule that includes a preference for social and environmental values without neglecting the financial value. By applying the new IPV rule, responsible companies are able to achieve more sustainable outcomes.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140032385","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}
引用次数: 0
Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression 利用深度学习和线性回归预测医疗保健共同基金的表现
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-02-29 DOI: 10.3390/ijfs12010023
Anuwat Boonprasope, Korrakot Yaibuathet Tippayawong
Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant on historical trading data, limiting predictive accuracy and scope. This study aims to overcome these constraints by integrating a diverse set of twelve external factors spanning economic, industrial, and company-specific domains to enhance predictive models. Employing Long Short-Term Memory (LSTM) and Multiple Linear Regression (MLR) techniques, the study evaluates the effectiveness of this multifaceted approach. Results indicate that incorporating various influencing factors beyond historical data significantly improves price prediction accuracy. Moreover, the utilization of LSTM alongside this comprehensive dataset yields comparable predictive outcomes to those obtained solely from historical data. Thus, this study highlights the potential of leveraging diverse external factors for more robust forecasting of mutual fund prices within the healthcare sector.
继 COVID-19 大流行之后,医疗保健行业在市场波动中已成为一个有弹性且有利可图的领域。因此,投资医疗保健证券,特别是通过共同基金进行投资,已经获得了越来越多的关注。现有的医疗保健证券未来价格预测研究主要依赖于历史交易数据,从而限制了预测的准确性和范围。本研究旨在通过整合跨越经济、行业和公司特定领域的十二种外部因素来增强预测模型,从而克服这些限制。研究采用了长短期记忆(LSTM)和多元线性回归(MLR)技术,评估了这种多元方法的有效性。结果表明,将历史数据之外的各种影响因素纳入其中可显著提高价格预测的准确性。此外,将 LSTM 与这一综合数据集结合使用,可获得与仅从历史数据获得的预测结果相当的预测结果。因此,本研究强调了利用各种外部因素更稳健地预测医疗保健行业共同基金价格的潜力。
{"title":"Predicting Healthcare Mutual Fund Performance Using Deep Learning and Linear Regression","authors":"Anuwat Boonprasope, Korrakot Yaibuathet Tippayawong","doi":"10.3390/ijfs12010023","DOIUrl":"https://doi.org/10.3390/ijfs12010023","url":null,"abstract":"Following the COVID-19 pandemic, the healthcare sector has emerged as a resilient and profitable domain amidst market fluctuations. Consequently, investing in healthcare securities, particularly through mutual funds, has gained traction. Existing research on predicting future prices of healthcare securities has been predominantly reliant on historical trading data, limiting predictive accuracy and scope. This study aims to overcome these constraints by integrating a diverse set of twelve external factors spanning economic, industrial, and company-specific domains to enhance predictive models. Employing Long Short-Term Memory (LSTM) and Multiple Linear Regression (MLR) techniques, the study evaluates the effectiveness of this multifaceted approach. Results indicate that incorporating various influencing factors beyond historical data significantly improves price prediction accuracy. Moreover, the utilization of LSTM alongside this comprehensive dataset yields comparable predictive outcomes to those obtained solely from historical data. Thus, this study highlights the potential of leveraging diverse external factors for more robust forecasting of mutual fund prices within the healthcare sector.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140007144","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}
引用次数: 0
Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market 重新审视股利政策对公司业绩和价值的影响:韩国市场的经验证据
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-02-28 DOI: 10.3390/ijfs12010022
Okechukwu Enyeribe Njoku, Younghwan Lee
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market.
本研究考虑到韩国财阀所有权结构的独特背景,调查了韩国市场上股利政策、公司业绩和价值之间的关系。我们的实证分析使用了先进的回归模型,利用韩国综合股价指数的 5478 个观测数据集,从利益一致和管理强化假说的角度揭示了各种股利政策措施的独特效果。令人惊讶的是,虽然现金股利支付对托宾 Q 值和市净率有稳健的正向影响,表明股利政策与市场估值有整体的正向联系,但仔细观察就会发现,股利政策对财阀企业和非财阀企业的影响是不同的。在财阀企业中,股利政策代用指标始终对业绩指标产生积极影响,这与利益一致假说相吻合,并凸显了企业的战略信号努力。相反,非财阀企业则表现出令人费解的负面影响,这支持了管理层固化假说,并意味着市场价值面临潜在挑战。在充满活力的韩国市场上,企业应优先考虑股利政策的透明沟通,以改善投资者决策并加强公司治理。
{"title":"Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market","authors":"Okechukwu Enyeribe Njoku, Younghwan Lee","doi":"10.3390/ijfs12010022","DOIUrl":"https://doi.org/10.3390/ijfs12010022","url":null,"abstract":"This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140007134","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}
引用次数: 0
Assessing Energy Mutual Funds: Performance, Risks, and Managerial Skills 评估能源共同基金:绩效、风险和管理技能
IF 2.3 Q2 Economics, Econometrics and Finance Pub Date : 2024-02-26 DOI: 10.3390/ijfs12010020
Davinder Malhotra, Srinivas Nippani
This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector’s cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market fluctuations. However, challenges emerged during the COVID-19 pandemic, with notable improvements post-vaccination. Utilizing a multi-factor model, the research highlights the interconnectivity of energy equity mutual funds with broader market movements and systemic factors. Despite their primary focus on the energy sector, these funds exhibit sensitivity to larger market trends, rendering them susceptible to market dynamics. Additionally, an assessment of portfolio manager expertise reveals some proficiency in security selection post-vaccinations against COVID-19.
本研究采用累积财富指数(CWI)来衡量能源股票共同基金相对于基准指数的长期表现,调查了能源股票共同基金在 23 年间经风险调整后的表现。尽管能源行业的周期性特性导致了固有的波动性,但根据月度回报率计算,这些基金的表现始终优于基准指数,在市场波动中展现了抗跌性。然而,在 COVID-19 大流行期间出现了挑战,但在接种疫苗后情况有了明显改善。研究利用多因素模型,强调了能源股票共同基金与更广泛的市场走势和系统性因素之间的相互关联性。尽管这些基金主要关注能源行业,但它们对更大的市场趋势表现出敏感性,使其容易受到市场动态的影响。此外,对投资组合经理专业知识的评估显示,在接种 COVID-19 疫苗后,他们在证券选择方面具有一定的能力。
{"title":"Assessing Energy Mutual Funds: Performance, Risks, and Managerial Skills","authors":"Davinder Malhotra, Srinivas Nippani","doi":"10.3390/ijfs12010020","DOIUrl":"https://doi.org/10.3390/ijfs12010020","url":null,"abstract":"This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector’s cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market fluctuations. However, challenges emerged during the COVID-19 pandemic, with notable improvements post-vaccination. Utilizing a multi-factor model, the research highlights the interconnectivity of energy equity mutual funds with broader market movements and systemic factors. Despite their primary focus on the energy sector, these funds exhibit sensitivity to larger market trends, rendering them susceptible to market dynamics. Additionally, an assessment of portfolio manager expertise reveals some proficiency in security selection post-vaccinations against COVID-19.","PeriodicalId":45794,"journal":{"name":"International Journal of Financial Studies","volume":null,"pages":null},"PeriodicalIF":2.3,"publicationDate":"2024-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139979787","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}
引用次数: 0
期刊
International Journal of Financial Studies
全部 Acc. Chem. Res. ACS Applied Bio Materials ACS Appl. Electron. Mater. ACS Appl. Energy Mater. ACS Appl. Mater. Interfaces ACS Appl. Nano Mater. ACS Appl. Polym. Mater. ACS BIOMATER-SCI ENG ACS Catal. ACS Cent. Sci. ACS Chem. Biol. ACS Chemical Health & Safety ACS Chem. Neurosci. ACS Comb. Sci. ACS Earth Space Chem. ACS Energy Lett. ACS Infect. Dis. ACS Macro Lett. ACS Mater. Lett. ACS Med. Chem. Lett. ACS Nano ACS Omega ACS Photonics ACS Sens. ACS Sustainable Chem. Eng. ACS Synth. Biol. Anal. Chem. BIOCHEMISTRY-US Bioconjugate Chem. BIOMACROMOLECULES Chem. Res. Toxicol. Chem. Rev. Chem. Mater. CRYST GROWTH DES ENERG FUEL Environ. Sci. Technol. Environ. Sci. Technol. Lett. Eur. J. Inorg. Chem. IND ENG CHEM RES Inorg. Chem. J. Agric. Food. Chem. J. Chem. Eng. Data J. Chem. Educ. J. Chem. Inf. Model. J. Chem. Theory Comput. J. Med. Chem. J. Nat. Prod. J PROTEOME RES J. Am. Chem. Soc. LANGMUIR MACROMOLECULES Mol. Pharmaceutics Nano Lett. Org. Lett. ORG PROCESS RES DEV ORGANOMETALLICS J. Org. Chem. J. Phys. Chem. J. Phys. Chem. A J. Phys. Chem. B J. Phys. Chem. C J. Phys. Chem. Lett. Analyst Anal. Methods Biomater. Sci. Catal. Sci. Technol. Chem. Commun. Chem. Soc. Rev. CHEM EDUC RES PRACT CRYSTENGCOMM Dalton Trans. Energy Environ. Sci. ENVIRON SCI-NANO ENVIRON SCI-PROC IMP ENVIRON SCI-WAT RES Faraday Discuss. Food Funct. Green Chem. Inorg. Chem. Front. Integr. Biol. J. Anal. At. Spectrom. J. Mater. Chem. A J. Mater. Chem. B J. Mater. Chem. C Lab Chip Mater. Chem. Front. Mater. Horiz. MEDCHEMCOMM Metallomics Mol. Biosyst. Mol. Syst. Des. Eng. Nanoscale Nanoscale Horiz. Nat. Prod. Rep. New J. Chem. Org. Biomol. Chem. Org. Chem. Front. PHOTOCH PHOTOBIO SCI PCCP Polym. Chem.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1