Pub Date : 2025-12-25DOI: 10.1016/j.ememar.2025.101434
Min Maung
We find robust evidence that the presence of state religions reduces entrepreneurial financing in a large cross section of countries. The effect of state religions is mediated by increased aversion to risk, stricter business restrictions, lower financial development, and reduced participation in religious memberships. Religious participation increases entrepreneurial financing in countries without state religions. However, in countries with state religions, the effect of religious participation is either negative or insignificant. The reduction in financing in countries with state-sponsored religions likely comes from the institutional and cultural environments associated with the presence of state religions.
{"title":"Do state religions affect entrepreneurial financing? A cross-country analysis","authors":"Min Maung","doi":"10.1016/j.ememar.2025.101434","DOIUrl":"10.1016/j.ememar.2025.101434","url":null,"abstract":"<div><div>We find robust evidence that the presence of state religions reduces entrepreneurial financing in a large cross section of countries. The effect of state religions is mediated by increased aversion to risk, stricter business restrictions, lower financial development, and reduced participation in religious memberships. Religious participation <em>increases</em> entrepreneurial financing in countries <em>without</em> state religions. However, in countries with state religions, the effect of religious participation is either negative or insignificant. The reduction in financing in countries with state-sponsored religions likely comes from the institutional and cultural environments associated with the presence of state religions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101434"},"PeriodicalIF":4.6,"publicationDate":"2025-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-22DOI: 10.1016/j.ememar.2025.101430
Hang Cai , Ying Liu , Zhitao Xiong
This paper reexamines how FinTech affects household consumption from the novel perspective of monopoly alleviation. Employing an extended Hotelling model, we demonstrate that FinTech reduces transportation costs, facilitating household switching between firms. This effect lowers price premiums at the Nash equilibrium, thereby boosting consumption quantities. The resulting improvements in utility, reduction in inequality, and changes in consumption structure contribute to increased household welfare. Utilizing simulations and calibrations based on real data, we further explore the policy implications. Overall, our paper emphasizes the positive effect of FinTech on household welfare, which differs from previous literature primarily focused on increased consumption expenditure.
{"title":"Reexamining the effects of FinTech on household consumption: A perspective on monopoly alleviation","authors":"Hang Cai , Ying Liu , Zhitao Xiong","doi":"10.1016/j.ememar.2025.101430","DOIUrl":"10.1016/j.ememar.2025.101430","url":null,"abstract":"<div><div>This paper reexamines how FinTech affects household consumption from the novel perspective of monopoly alleviation. Employing an extended Hotelling model, we demonstrate that FinTech reduces transportation costs, facilitating household switching between firms. This effect lowers price premiums at the Nash equilibrium, thereby boosting consumption quantities. The resulting improvements in utility, reduction in inequality, and changes in consumption structure contribute to increased household welfare. Utilizing simulations and calibrations based on real data, we further explore the policy implications. Overall, our paper emphasizes the positive effect of FinTech on household welfare, which differs from previous literature primarily focused on increased consumption expenditure.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101430"},"PeriodicalIF":4.6,"publicationDate":"2025-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-20DOI: 10.1016/j.ememar.2025.101432
Wang Lumeng , Chen Shilai , Hoje Jo , Muhammad Safdar Sial
Information infrastructure serves as a critical material foundation for industrial innovation, a role that has been amplified by widespread Internet penetration in the information age. This study examines the effect of information infrastructure, proxied by Internet penetration rates, on technological innovation in China over the period 2007–2022. We identify a significant positive causal relationship, whereby improved information infrastructure not only increases patent output but also enhances the quality of innovation. Our mechanism tests indicate that knowledge spillovers are a primary channel through which infrastructure fosters corporate innovation. The heterogeneity analysis suggests that the effect is significantly more pronounced in regions with stronger intellectual property rights and lower industrial concentration, with high-tech industries deriving the most significant advantage. We also find that information infrastructure promotes exploitative innovation, patent diversity, and technological proximity, but has no statistically significant effect on exploratory innovation. The study concludes with targeted policy implications for enhancing technological innovation among firms in developing countries.
{"title":"Information infrastructure, knowledge spillover, and technological innovation — Evidence from the internet penetration rates of emerging market","authors":"Wang Lumeng , Chen Shilai , Hoje Jo , Muhammad Safdar Sial","doi":"10.1016/j.ememar.2025.101432","DOIUrl":"10.1016/j.ememar.2025.101432","url":null,"abstract":"<div><div>Information infrastructure serves as a critical material foundation for industrial innovation, a role that has been amplified by widespread Internet penetration in the information age. This study examines the effect of information infrastructure, proxied by Internet penetration rates, on technological innovation in China over the period 2007–2022. We identify a significant positive causal relationship, whereby improved information infrastructure not only increases patent output but also enhances the quality of innovation. Our mechanism tests indicate that knowledge spillovers are a primary channel through which infrastructure fosters corporate innovation. The heterogeneity analysis suggests that the effect is significantly more pronounced in regions with stronger intellectual property rights and lower industrial concentration, with high-tech industries deriving the most significant advantage. We also find that information infrastructure promotes exploitative innovation, patent diversity, and technological proximity, but has no statistically significant effect on exploratory innovation. The study concludes with targeted policy implications for enhancing technological innovation among firms in developing countries.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101432"},"PeriodicalIF":4.6,"publicationDate":"2025-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145884306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-16DOI: 10.1016/j.ememar.2025.101429
Yang Hu , Wei Cui , Yongli Zhang
This paper investigates the impact of superstition, specifically beliefs in misfortune during one's zodiac year, on household consumption in China. Utilizing data from the China Family Panel Studies (CFPS), our analysis reveals a significant decrease in household consumption during individuals' zodiac year. Further exploration indicates that this decline is attributed to heightened risk perception and an “infectious effect”, where the superstition spread through social interactions. The zodiac effect is more pronounced among individuals with Eastern religious beliefs, the elderly, non-Communist Party members, those without college degrees, and urban residents. Additional scrutiny shows that this effect permeates various consumption categories, with an increased impact on durables. Importantly, no anticipatory or lingering impacts are observed, suggesting the effect is contained to the zodiac year. Although financial well-being remains unchanged, the decline in self-reported happiness points to non-monetary welfare losses stemming from superstitiously motivated consumption cuts.
{"title":"Effects of superstition on household consumption: Evidence from “zodiac-year” beliefs in China","authors":"Yang Hu , Wei Cui , Yongli Zhang","doi":"10.1016/j.ememar.2025.101429","DOIUrl":"10.1016/j.ememar.2025.101429","url":null,"abstract":"<div><div>This paper investigates the impact of superstition, specifically beliefs in misfortune during one's zodiac year, on household consumption in China. Utilizing data from the China Family Panel Studies (CFPS), our analysis reveals a significant decrease in household consumption during individuals' zodiac year. Further exploration indicates that this decline is attributed to heightened risk perception and an “infectious effect”, where the superstition spread through social interactions. The zodiac effect is more pronounced among individuals with Eastern religious beliefs, the elderly, non-Communist Party members, those without college degrees, and urban residents. Additional scrutiny shows that this effect permeates various consumption categories, with an increased impact on durables. Importantly, no anticipatory or lingering impacts are observed, suggesting the effect is contained to the zodiac year. Although financial well-being remains unchanged, the decline in self-reported happiness points to non-monetary welfare losses stemming from superstitiously motivated consumption cuts.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101429"},"PeriodicalIF":4.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-16DOI: 10.1016/j.ememar.2025.101431
Karam Kim , Jonathan A. Batten , Doojin Ryu
This study examines whether market sentiment affects innovation investment by firms in an emerging market, focusing on Korean firms. We find a significantly positive relationship between market sentiment and innovation investment. For financially constrained firms, sentiment increases both innovation and physical investment, which indicates reliance on sentiment driven equity financing. Firms that are affiliated with chaebols are more likely to adjust research and development investment in response to market sentiment. During periods of high market uncertainty such as the COVID 19 period, the effect of market sentiment on research and development decisions is stronger for financially unconstrained firms. Managerial sentiment amplifies the effect of market sentiment on innovation but does not influence physical investment. Our results show that sentiment acts as an alternative financing mechanism that supports innovation in financially constrained firms.
{"title":"Does sentiment influence corporate innovation investment?","authors":"Karam Kim , Jonathan A. Batten , Doojin Ryu","doi":"10.1016/j.ememar.2025.101431","DOIUrl":"10.1016/j.ememar.2025.101431","url":null,"abstract":"<div><div>This study examines whether market sentiment affects innovation investment by firms in an emerging market, focusing on Korean firms. We find a significantly positive relationship between market sentiment and innovation investment. For financially constrained firms, sentiment increases both innovation and physical investment, which indicates reliance on sentiment driven equity financing. Firms that are affiliated with chaebols are more likely to adjust research and development investment in response to market sentiment. During periods of high market uncertainty such as the COVID 19 period, the effect of market sentiment on research and development decisions is stronger for financially unconstrained firms. Managerial sentiment amplifies the effect of market sentiment on innovation but does not influence physical investment. Our results show that sentiment acts as an alternative financing mechanism that supports innovation in financially constrained firms.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"72 ","pages":"Article 101431"},"PeriodicalIF":4.6,"publicationDate":"2025-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145947974","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-13DOI: 10.1016/j.ememar.2025.101428
Xin Hong , Jia Mao , Zhuang Zhuang
This paper examines how the geographical locations of shareholders in mutual fund management companies influence fund investment decisions and performance in China. Using a hand-collected sample comprises 3610 mutual funds managed by 143 fund management companies from 2010 to 2021, we employ a double-clustering methodology to demonstrate that mutual funds are significantly more likely to hold and overweight stocks from regions where their management company's shareholders are located. These regionally aligned holdings generate superior returns and contribute meaningfully to overall fund performance, particularly in stocks with high information asymmetry. The findings suggest that shareholders provide informational advantages that shape portfolio choices, offering new insights into the origins and consequences of local bias in institutional investment.
{"title":"The local influence of fund management company shareholders on fund investment decisions and performance","authors":"Xin Hong , Jia Mao , Zhuang Zhuang","doi":"10.1016/j.ememar.2025.101428","DOIUrl":"10.1016/j.ememar.2025.101428","url":null,"abstract":"<div><div>This paper examines how the geographical locations of shareholders in mutual fund management companies influence fund investment decisions and performance in China. Using a hand-collected sample comprises 3610 mutual funds managed by 143 fund management companies from 2010 to 2021, we employ a double-clustering methodology to demonstrate that mutual funds are significantly more likely to hold and overweight stocks from regions where their management company's shareholders are located. These regionally aligned holdings generate superior returns and contribute meaningfully to overall fund performance, particularly in stocks with high information asymmetry. The findings suggest that shareholders provide informational advantages that shape portfolio choices, offering new insights into the origins and consequences of local bias in institutional investment.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101428"},"PeriodicalIF":4.6,"publicationDate":"2025-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-10DOI: 10.1016/j.ememar.2025.101426
Zhensong Chen, Wenjun Zhang, Yinhong Yao
Contagion risk has garnered widespread attention with the major occurrence of financial crises. However, existing literature has mainly focused on the characteristics analysis of risk contagion, while ignoring the prediction of contagion risk. Therefore, considering the importance of time series charts, a framework for contagion risk prediction is proposed by comprehensively mining the features of technical charts and technical indicators. In detail, correlation and centrality of the financial network are extracted to specify the contagion risk. Then, time series charts are converted to graphs by the chart similarity, and each node in the graph is assigned with technical indicators. Finally, a Chart Graph Convolutional Network (Chart GCN) is used to extract the features in the graph and predict the contagion risk. Based on the 28 sectors of the Chinese stock market, we specify the contagion risk and verify its consistency with the occurrence of financial crisis. In addition, our model proves the effectiveness of mining time series chart features in stock market contagion risk prediction. These results are essential for risk management in the financial market.
{"title":"Contagion risk prediction with Chart Graph Convolutional Network: Evidence from Chinese stock market","authors":"Zhensong Chen, Wenjun Zhang, Yinhong Yao","doi":"10.1016/j.ememar.2025.101426","DOIUrl":"10.1016/j.ememar.2025.101426","url":null,"abstract":"<div><div>Contagion risk has garnered widespread attention with the major occurrence of financial crises. However, existing literature has mainly focused on the characteristics analysis of risk contagion, while ignoring the prediction of contagion risk. Therefore, considering the importance of time series charts, a framework for contagion risk prediction is proposed by comprehensively mining the features of technical charts and technical indicators. In detail, correlation and centrality of the financial network are extracted to specify the contagion risk. Then, time series charts are converted to graphs by the chart similarity, and each node in the graph is assigned with technical indicators. Finally, a Chart Graph Convolutional Network (Chart GCN) is used to extract the features in the graph and predict the contagion risk. Based on the 28 sectors of the Chinese stock market, we specify the contagion risk and verify its consistency with the occurrence of financial crisis. In addition, our model proves the effectiveness of mining time series chart features in stock market contagion risk prediction. These results are essential for risk management in the financial market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101426"},"PeriodicalIF":4.6,"publicationDate":"2025-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145749770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-10DOI: 10.1016/j.ememar.2025.101424
David Ugarte Chacon , Seohyun Lee, Jaehyuk Park
This paper proposes an explainable machine learning model for consumer credit scoring in Mexico, an emerging economy. We develop an extreme gradient boosting (XGBoost) model using non-traditional data from the Financial Inclusion National Survey. To address the black box problem, we explore the feature importance by estimating the Shapley values that measure the average marginal contributions across all possible subsets of features. The key drivers of consumer credit defaults include the adverse economic effects due to the COVID-19 pandemic and financial attitudes and behaviors. By exploring the distributions of the Shapley values by age and income, we find evidence of non-linearity in the feature explanations.
{"title":"An explainable machine learning model for consumer credit scoring in Mexico","authors":"David Ugarte Chacon , Seohyun Lee, Jaehyuk Park","doi":"10.1016/j.ememar.2025.101424","DOIUrl":"10.1016/j.ememar.2025.101424","url":null,"abstract":"<div><div>This paper proposes an explainable machine learning model for consumer credit scoring in Mexico, an emerging economy. We develop an extreme gradient boosting (XGBoost) model using non-traditional data from the Financial Inclusion National Survey. To address the black box problem, we explore the feature importance by estimating the Shapley values that measure the average marginal contributions across all possible subsets of features. The key drivers of consumer credit defaults include the adverse economic effects due to the COVID-19 pandemic and financial attitudes and behaviors. By exploring the distributions of the Shapley values by age and income, we find evidence of non-linearity in the feature explanations.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101424"},"PeriodicalIF":4.6,"publicationDate":"2025-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145749771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-09DOI: 10.1016/j.ememar.2025.101427
Vladimir Sokolov , Aleksei Gorodilov
We examine the relationship between net revaluations of foreign currency-denominated assets and liabilities and banks' liquidity creation. Our findings reveal a significant effect on FX-USD liquidity creation: revaluations enhance liquidity creation on the asset side but diminish it on the liability side, leading to a total neutral effect. Subsample analysis reveals that banks with positive FX mismatches face liquidity destruction in FX-USD liabilities during exchange rate shocks, whereas negatively FX-mismatched banks use these shocks to extend long-term FX loans, balancing total liquidity creation. For accounts denominated in the domestic currency, no significant effects of net revaluations are observed for liquidity creation on the full sample. For positively FX-mismatched banks net revaluations enhance total liquidity creation, while for negatively FX-mismatched banks reduce it, resulting in an overall neutral outcome for domestic currency liquidity creation. Furthermore, regulatory capital moderates the impact of revaluations on liquidity creation through the financial fragility mechanism. These results underscore the complex interplay of currency risks, balance sheet FX mismatches, and regulatory dynamics in influencing liquidity creation in emerging markets.
{"title":"Banks' foreign currency revaluations and liquidity creation","authors":"Vladimir Sokolov , Aleksei Gorodilov","doi":"10.1016/j.ememar.2025.101427","DOIUrl":"10.1016/j.ememar.2025.101427","url":null,"abstract":"<div><div>We examine the relationship between net revaluations of foreign currency-denominated assets and liabilities and banks' liquidity creation. Our findings reveal a significant effect on FX-USD liquidity creation: revaluations enhance liquidity creation on the asset side but diminish it on the liability side, leading to a total neutral effect. Subsample analysis reveals that banks with positive FX mismatches face liquidity destruction in FX-USD liabilities during exchange rate shocks, whereas negatively FX-mismatched banks use these shocks to extend long-term FX loans, balancing total liquidity creation. For accounts denominated in the domestic currency, no significant effects of net revaluations are observed for liquidity creation on the full sample. For positively FX-mismatched banks net revaluations enhance total liquidity creation, while for negatively FX-mismatched banks reduce it, resulting in an overall neutral outcome for domestic currency liquidity creation. Furthermore, regulatory capital moderates the impact of revaluations on liquidity creation through the financial fragility mechanism. These results underscore the complex interplay of currency risks, balance sheet FX mismatches, and regulatory dynamics in influencing liquidity creation in emerging markets.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"71 ","pages":"Article 101427"},"PeriodicalIF":4.6,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145797802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-12-09DOI: 10.1016/j.ememar.2025.101425
Anna Burova , Elena Deryugina , Nadezhda Ivanova , Maxim Morozov , Natalia Turdyeva
The energy transition and the climate policies accompanying it represent one of the major challenges for the Russian economy. Using a CGE model and a firm-level financial model, we evaluate transition risks for Russia's financial system. Our analysis reveals that the main costs to Russia from global net-zero efforts are largely exogenous, stemming from a decline in the value of its energy products rather than from domestic climate policies. Moreover, the effects of global climate actions in the Net Zero scenario exceed those of implementing a domestic emissions trading system aligned with Russia's low-carbon development strategy. The granular data in the satelite financial models makes it possible to evaluate the concentration of sectoral debt burden and estimate the impact of climate regulations on sectors' equity valuations.
{"title":"Transition to a low-carbon economy and its implications for financial stability in Russia","authors":"Anna Burova , Elena Deryugina , Nadezhda Ivanova , Maxim Morozov , Natalia Turdyeva","doi":"10.1016/j.ememar.2025.101425","DOIUrl":"10.1016/j.ememar.2025.101425","url":null,"abstract":"<div><div>The energy transition and the climate policies accompanying it represent one of the major challenges for the Russian economy. Using a CGE model and a firm-level financial model, we evaluate transition risks for Russia's financial system. Our analysis reveals that the main costs to Russia from global net-zero efforts are largely exogenous, stemming from a decline in the value of its energy products rather than from domestic climate policies. Moreover, the effects of global climate actions in the Net Zero scenario exceed those of implementing a domestic emissions trading system aligned with Russia's low-carbon development strategy. The granular data in the satelite financial models makes it possible to evaluate the concentration of sectoral debt burden and estimate the impact of climate regulations on sectors' equity valuations.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"72 ","pages":"Article 101425"},"PeriodicalIF":4.6,"publicationDate":"2025-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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