Borsa Istanbul Review最新文献

英文中文

Connections between gold, main agricultural commodities, and Turkish stock markets

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.001

Hasan Kazak , Walid Mensi , Mehmet Akif Gunduz , Abdullah Kilicarslan , Ahmet Tayfur Akcan

This study investigates the relationship between gold prices, agricultural commodity prices (rice, flour, bean, chickpea, lentil, and sugar), and Turkish stock markets. Using the Fourier Toda-Yamamoto causality test and wavelet coherency approach, we find that gold prices significantly influence agricultural commodity prices, emphasizing gold's pivotal role in agricultural market dynamics. Portfolio diversification incorporating gold and agricultural commodities mitigates risks, enhancing portfolio resilience. The BIST100 index and agricultural spot commodity prices exhibit differential impacts depending on specific products. Wavelet coherence analysis reveals time-varying dependencies, suggesting investors leverage their investments in BIST100 and gold for diversification with agricultural commodities. Our findings present agricultural commodities as alternative investment instruments, subject to favorable market conditions. The portfolio analysis uncovers nuanced relationships between commodities and indices, guiding investors in diversification and real asset investments. This research contributes novel perspectives, emphasizing the viability of agricultural commodities in diversified portfolios.

{"title":"Connections between gold, main agricultural commodities, and Turkish stock markets","authors":"Hasan Kazak , Walid Mensi , Mehmet Akif Gunduz , Abdullah Kilicarslan , Ahmet Tayfur Akcan","doi":"10.1016/j.bir.2025.01.001","DOIUrl":"10.1016/j.bir.2025.01.001","url":null,"abstract":"<div><div>This study investigates the relationship between gold prices, agricultural commodity prices (rice, flour, bean, chickpea, lentil, and sugar), and Turkish stock markets. Using the Fourier Toda-Yamamoto causality test and wavelet coherency approach, we find that gold prices significantly influence agricultural commodity prices, emphasizing gold's pivotal role in agricultural market dynamics. Portfolio diversification incorporating gold and agricultural commodities mitigates risks, enhancing portfolio resilience. The BIST100 index and agricultural spot commodity prices exhibit differential impacts depending on specific products. Wavelet coherence analysis reveals time-varying dependencies, suggesting investors leverage their investments in BIST100 and gold for diversification with agricultural commodities. Our findings present agricultural commodities as alternative investment instruments, subject to favorable market conditions. The portfolio analysis uncovers nuanced relationships between commodities and indices, guiding investors in diversification and real asset investments. This research contributes novel perspectives, emphasizing the viability of agricultural commodities in diversified portfolios.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 296-310"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510009","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.010

Şerife Akıncı Tok , Savaş Tarkun

This study analyzes the dynamic connectedness between the Baltic Dirty Tanker Index (BDTI) and sector indexes in the stock exchanges of the BRIC countries, focusing on the chemical, oil, and raw materials sectors. Using daily data from January 1, 2015, to September 30, 2024, the analysis reveals significant pairwise relationships, highlighting the sensitivity of these sector indexes to shipping costs. The findings indicate that during periods of heightened market volatility, the BDTI has substantial influence, especially on Russia's chemical and India's oil and gas sectors. These results suggest that geopolitical risks and market uncertainty can significantly amplify interdependence. Based on these insights, proactive policies aimed at stabilizing shipping costs and improving cooperation among the BRIC countries are recommended to mitigate the impact of unexpected increases in freight rates. This study offers valuable information for policy makers, investors, and industry representatives for strengthening risk management strategies in shipping and logistics.

{"title":"Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach","authors":"Şerife Akıncı Tok , Savaş Tarkun","doi":"10.1016/j.bir.2025.01.010","DOIUrl":"10.1016/j.bir.2025.01.010","url":null,"abstract":"<div><div>This study analyzes the dynamic connectedness between the Baltic Dirty Tanker Index (BDTI) and sector indexes in the stock exchanges of the BRIC countries, focusing on the chemical, oil, and raw materials sectors. Using daily data from January 1, 2015, to September 30, 2024, the analysis reveals significant pairwise relationships, highlighting the sensitivity of these sector indexes to shipping costs. The findings indicate that during periods of heightened market volatility, the BDTI has substantial influence, especially on Russia's chemical and India's oil and gas sectors. These results suggest that geopolitical risks and market uncertainty can significantly amplify interdependence. Based on these insights, proactive policies aimed at stabilizing shipping costs and improving cooperation among the BRIC countries are recommended to mitigate the impact of unexpected increases in freight rates. This study offers valuable information for policy makers, investors, and industry representatives for strengthening risk management strategies in shipping and logistics.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 265-274"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510006","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of geopolitical risk on firm financial fragility: International evidence from listed companies

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.004

Hüseyin Kaya , Yasir Küçükşahin , Mücahit Çitil

In this study, we investigate the impact of geopolitical risks on financial fragility of firms across 40 countries in the period from 1990 to 2022. The Altman Z-Score is used as an indicator of financial fragility, while the Geopolitical Risk Index is employed as a measure of geopolitical risk. The analysis includes firm-specific indicators and macroeconomic factors from a novel panel dataset. We use panel fixed-effect estimation method and employ system GMM for robustness check. We also examine the relationship according to three different income level groups of countries. The results reveal that geopolitical risks significantly increase the financial fragility of firms, and this effect is stronger in upper middle-income countries. Along with macroeconomic environment and firm characteristics, firms’ heightened sensitivity to geopolitical instability emphasizes the essential role of geopolitical stability in maintaining firm financial health.

引用次数: 0

Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.008

Fangfang Zhou , Lianghua Chen , Libin Zhao , Xiangfei Fu

The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of common institutional ownership on controlling shareholders’ equity-pledging behavior using data from Chinese A-share listed firms between 2010 and 2021. The findings reveal that common institutional ownership significantly reduces equity-pledging activities among controlling shareholders. This relationship is robust across various tests, including the Heckman two-step model and instrumental variable approach. Mechanism analysis suggests that common institutional ownership influences equity pledging mainly through scale effects, board appointments, and exit threats. Moreover, the effect is stronger when long-term independent institutional investors are involved. These findings contribute to the literature by highlighting factors influencing equity pledges and showing how common institutional ownership reduces the risks associated with controlling shareholders' equity pledges.

{"title":"Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies","authors":"Fangfang Zhou , Lianghua Chen , Libin Zhao , Xiangfei Fu","doi":"10.1016/j.bir.2025.01.008","DOIUrl":"10.1016/j.bir.2025.01.008","url":null,"abstract":"<div><div>The potential risks associated with controlling shareholders' equity pledges pose significant challenges to capital market stability and development. Therefore, effective mechanisms to constrain equity pledges have become a key focus of scholarly investigation. This study examines the impact of common institutional ownership on controlling shareholders’ equity-pledging behavior using data from Chinese A-share listed firms between 2010 and 2021. The findings reveal that common institutional ownership significantly reduces equity-pledging activities among controlling shareholders. This relationship is robust across various tests, including the Heckman two-step model and instrumental variable approach. Mechanism analysis suggests that common institutional ownership influences equity pledging mainly through scale effects, board appointments, and exit threats. Moreover, the effect is stronger when long-term independent institutional investors are involved. These findings contribute to the literature by highlighting factors influencing equity pledges and showing how common institutional ownership reduces the risks associated with controlling shareholders' equity pledges.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 311-322"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.003

Xin Xiang , Xu He

Green innovation is a costly and risky process that enables firms to improve their energy efficiency and maintain sustainable growth. In this study, we investigate whether cross-listing shares in developed markets encourages firms from developing markets to engage in green innovation. By analyzing a sample of firms that are simultaneously listed on the Chinese A-share market and the Hong Kong Stock Exchange, the study finds that cross-listed firms have more green patent applications, patent grants, and citations than non-cross-listed firms. The transmission mechanisms suggest that cross-listed firms are motivated by foreign investors’ expectations of sustainable growth to engage in green innovation. Furthermore, in developed capital markets, high-quality firms can receive capital at low costs and use it to support valuable green innovation. As a result, cross-listed firms demonstrate better environmental performance after cross-listing, and green innovation products (patents) enable cross-listed firms to improve their financial performance. Overall, we establish a relationship between cross-listing and green innovation and highlight a new factor that leads firms to undertake valuable green innovation.

{"title":"Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence","authors":"Xin Xiang , Xu He","doi":"10.1016/j.bir.2025.01.003","DOIUrl":"10.1016/j.bir.2025.01.003","url":null,"abstract":"<div><div>Green innovation is a costly and risky process that enables firms to improve their energy efficiency and maintain sustainable growth. In this study, we investigate whether cross-listing shares in developed markets encourages firms from developing markets to engage in green innovation. By analyzing a sample of firms that are simultaneously listed on the Chinese A-share market and the Hong Kong Stock Exchange, the study finds that cross-listed firms have more green patent applications, patent grants, and citations than non-cross-listed firms. The transmission mechanisms suggest that cross-listed firms are motivated by foreign investors’ expectations of sustainable growth to engage in green innovation. <span>Furthermore</span>, in developed capital markets, high-quality firms can receive capital at low costs and use it to support valuable green innovation. As a result, cross-listed firms demonstrate better environmental performance after cross-listing, and green innovation products (patents) enable cross-listed firms to improve their financial performance. Overall, we establish a relationship between cross-listing and green innovation and highlight a new factor that leads firms to undertake valuable green innovation.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 323-336"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

When to bet against beta? Ask Google

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.005

Pedro Piccoli

In this paper, I document that investor attention negatively predicts betting against beta returns. Using Google Search Volumes toward US market indices as my proxy to attention, I find that this relation holds after controlling for competitive factors and different search terminologies and in all the other G7 countries. The results also indicate that investor attention presents a unique capacity to explain future betting against beta (BAB) performance that is not shared by other famous variables, such as liquidity constraints, sentiment, lottery demand or volatility. On aggregate, the findings suggest that individual investors play a relevant role on BAB performance.

引用次数: 0

Impact of firm-level climate change exposure on firm value: The moderating role of carbon transparency

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.006

Shan Jin, Christopher Gan, Zhaohua Li

This study uses a novel measure of climate change exposure at the firm level to investigate the impact of climate change on the value of Asia-Pacific non-financial firms. We examine whether increased carbon disclosure mitigates this impact. The findings reveal that a one-standard-deviation increase in climate change exposure reduces firm value by 4.14%, with this decline primarily driven by climate change-related opportunities and regulatory shock exposure. However, a higher level of carbon transparency significantly mitigates the negative effects of climate change exposure on firm value. Our heterogeneity analysis reveals that the moderating role of carbon transparency is more pronounced among firms operating in environments of lower institutional quality. These findings offer useful practical insights that can help policymakers and governance bodies design effective environmental disclosure regulations and robust institutional frameworks to reduce the adverse effects of climate change exposure on firm value.

引用次数: 0

A sentiment-based financial stress index for Russia

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2025.01.007

Mikhail Stolbov , Maria Shchepeleva

We propose a sentiment-based financial stress index (S–FSI) for Russia from January 2018 to June 2024. The index is based on the intensity of internet searches in Russian via Google and Yandex for terms with negative connotations about financial stability. The terms in our index form a unique dictionary that captures both global and country-specific financial stress factors. The index shows the most significant increases at the onset of the COVID-19 pandemic and the Russian-Ukrainian conflict. Evidence suggests that our index precedes an alternative financial stress index for Russia based on conventional financial data and industrial production. The index also provides valuable insights not captured by existing non-financial sentiment indicators for Russia—economic policy uncertainty and geopolitical risk indices. Overall, our proposed novel index can effectively monitor financial stress in the Russian economy.

引用次数: 0

Asset pricing in a country embracing religious beliefs and social norms: Evidence from the Indonesian stock market

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2024.12.005

Ridwan Gunawan , Katsushi Nakajima

The debate surrounding the financial performance of Shariah compliance (SC) and socially-responsible (SR) investments versus traditional ones remains controversial. This study pioneers an examination of this issue within Indonesia, a country where SC Investments (SCIs) and SR Investments (SRIs) are government priorities and widely embraced by investors. Our analysis, from July 2009 to June 2021, employing well-known five-factor and cross-section models, reveals that SCI underperforms conventional benchmarks, whereas SRI exhibits resilience. Our findings also suggest that investor preferences may contribute to the overvaluation of SCI and SRI assets. Additionally, we extend the existing literature by exploring corporate financing strategies, highlighting a preference for capital markets over bank borrowing among SC and SR companies. This research illuminates the multifaceted dynamics of SCIs and SRIs in a region prioritizing ethics and sustainability.

引用次数: 0

Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review

Pub Date : 2025-03-01 DOI: 10.1016/j.bir.2024.12.006

Changgui Li , Huan Yang , Jiayi Li , Chunhua Tao , Yan Zhong

This paper considers data from China's A-share listed companies in Shanghai and Shenzhen from 2006 to 2021 to investigate how private placements affect asset mispricing. The findings from the empirical study demonstrate that private placements by listed companies substantially impact the level of asset mispricing. This conclusion holds when controlling for potential endogeneity issues. Analyzing the mechanism indicates that private placements elicit irrational investment behavior from investors by delivering positive signals while simultaneously intensifying information asymmetry, exacerbating asset mispricing. Further analysis shows that asset mispricing is more pronounced in non-state-owned firms, firms with lower external audit quality, and firms with high management and shareholder agency costs. This paper's findings provide theoretical support for regulators to formulate a reasonable policy on private placements and provide useful guidance for companies to use private placements as a financing tool. Moreover, the conclusions offer empirical evidence for developing policies to temper management conduct and strengthen the well-being of financial markets.

{"title":"Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling","authors":"Changgui Li , Huan Yang , Jiayi Li , Chunhua Tao , Yan Zhong","doi":"10.1016/j.bir.2024.12.006","DOIUrl":"10.1016/j.bir.2024.12.006","url":null,"abstract":"<div><div>This paper considers data from China's A-share listed companies in Shanghai and Shenzhen from 2006 to 2021 to investigate how private placements affect asset mispricing. The findings from the empirical study demonstrate that private placements by listed companies substantially impact the level of asset mispricing. This conclusion holds when controlling for potential endogeneity issues. Analyzing the mechanism indicates that private placements elicit irrational investment behavior from investors by delivering positive signals while simultaneously intensifying information asymmetry, exacerbating asset mispricing. Further analysis shows that asset mispricing is more pronounced in non-state-owned firms, firms with lower external audit quality, and firms with high management and shareholder agency costs. This paper's findings provide theoretical support for regulators to formulate a reasonable policy on private placements and provide useful guidance for companies to use private placements as a financing tool. Moreover, the conclusions offer empirical evidence for developing policies to temper management conduct and strengthen the well-being of financial markets.</div></div>","PeriodicalId":46690,"journal":{"name":"Borsa Istanbul Review","volume":"25 2","pages":"Pages 240-252"},"PeriodicalIF":6.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143510004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

下一页尾页

类型

全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

数据库

全部 ACS Publications Elsevier ieeexplore Springer The Royal Society of Chemistry Wiley

期刊

Borsa Istanbul Review

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.

﹀