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Relative finance wages and inequality: A role for intangibles? 相对金融工资和不平等:无形资产的作用?
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-24 DOI: 10.1016/j.intfin.2025.102192
Adnan Velic
We investigate the role of intangible capital in the growth of relative finance wages using (i) a production framework entailing multi-level nesting and (ii) reduced-form analysis. We find that the degree and effects of complementarity between skilled labor and intangible capital are much more pronounced in finance than in the rest of the market economy. The stronger positive effects of such complementarity on finance skill premia are reinforced by relatively stronger unskilled labor substitution possibilities and technical change in the sector. Despite accounting for under a tenth of overall economic activity, finance offsets up to almost a third of declines in skilled–unskilled wage disparities nationally. We thereby find that finance contributes inordinately to income inequality. Intensified intangible capital growth in the industry stands to exacerbate this trend. Finally, our study suggests that financial deregulation, globalization, banking competition, and domestic credit expansion positively affect relative finance wages. Stricter labor market protection meanwhile dampens the impact of banking competition.
我们使用(i)涉及多层次嵌套的生产框架和(ii)简化形式分析来研究无形资本在相对金融工资增长中的作用。我们发现,在金融领域,技术劳动力和无形资本之间的互补性的程度和效果比在市场经济的其他领域更为明显。相对较强的非熟练劳动力替代可能性和行业技术变革强化了这种互补性对金融技能溢价的正向效应。尽管金融业在整体经济活动中所占的比重不到十分之一,但却抵消了全国熟练工人与非熟练工人工资差距下降的近三分之一。因此,我们发现金融对收入不平等的贡献过大。该行业无形资本的增长加剧了这一趋势。最后,我们的研究表明,金融放松管制、全球化、银行业竞争和国内信贷扩张对相对金融工资有正向影响。同时,更严格的劳动力市场保护抑制了银行业竞争的影响。
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引用次数: 0
Centralized exchanges & proof-of-solvency: The guardians of trust 中心化交易所和偿付能力证明:信任的守护者
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-20 DOI: 10.1016/j.intfin.2025.102183
David Vidal-Tomás
The stability and transparency of centralized cryptocurrency exchanges have received limited attention, despite their growing role in digital asset markets. This paper analyzes their stability through proof-of-assets disclosures. Using an AR-GARCH framework and MVaR assessment, we evaluate centralized exchange resilience during the extreme events of 2022 within the impersonal trust framework of Shapiro (1987). Our findings highlight that the FTX and Celsius bankruptcies had the most detrimental impact on market stability, while stablecoins played a dual role—enhancing resilience under normal conditions but posing systemic risks in the event of failure. Additionally, exchanges should maintain extra reserves of 6% to 14% to withstand adverse events and improve resilience during periods of stress. Paradoxically, the cryptocurrency ecosystem, designed to reduce reliance on trust, now demands even more “guardians of trust” than traditional finance to create a trustworthy environment for participants.
集中式加密货币交易所的稳定性和透明度受到的关注有限,尽管它们在数字资产市场中的作用越来越大。本文通过资产披露证明分析了它们的稳定性。利用AR-GARCH框架和MVaR评估,我们在Shapiro(1987)的非个人信任框架下评估了2022年极端事件期间的集中式交换弹性。我们的研究结果强调,FTX和Celsius破产对市场稳定的影响最为不利,而稳定币发挥了双重作用——在正常情况下增强弹性,但在破产时构成系统性风险。此外,交易所应保持6%至14%的额外储备,以抵御不利事件,并在压力时期提高弹性。矛盾的是,旨在减少对信任依赖的加密货币生态系统,现在需要比传统金融更多的“信任守护者”,为参与者创造一个值得信赖的环境。
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引用次数: 0
Stock market liberalization and exports of small and medium-sized enterprises 股票市场自由化与中小企业出口
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-13 DOI: 10.1016/j.intfin.2025.102182
Liting Fang , Lerong He , Liying Huang
The paper investigates the impact of stock market liberalization on the exports of small and medium-sized enterprises (SMEs). Using the launch of China’s Shenzhen-Hong Kong Stock Connect Program as a quasi-experiment, we apply a difference-in-differences design to examine how the relaxation of foreign investment in listed Chinese SMEs stimulates these firms’ exports. We find that SMEs qualified for the Stock Connect program are associated with a larger increase in export propensity and export intensity in the post-liberalization period than the control group of SMEs unqualified for the program. We also confirm that stock market liberalization increases foreign institutional investor investment and reduces SMEs’ financing constraints, thus encouraging risk sharing, providing more information and resources to SMEs, and increasing their willingness and ability to export. In addition, we show that the influence of stock market liberalization on SMEs’ exports is contingent on industry, firm, and executive characteristics that shape firms’ resource needs and their perceptions of risk and uncertainty associated with exporting. Finally, we provide modest evidence that stock market liberalization encourages outward foreign direct investment. Overall, our paper reveals the facilitating role of stock market liberalization in boosting SMEs’ exports, the underlying mechanisms explaining this relationship, and the contingency factors affecting the strength of this relationship.
本文研究了股票市场自由化对中小企业出口的影响。利用中国深港通计划的启动作为准实验,我们采用差异中的差异设计来检验外国对中国上市中小企业投资的放松如何刺激这些企业的出口。我们发现,符合沪港通条件的中小企业在后开放时期的出口倾向和出口强度的增长幅度大于不符合沪港通条件的中小企业对照组。我们还确认,股票市场自由化增加了境外机构投资者的投资,减少了中小企业的融资约束,从而鼓励风险分担,为中小企业提供更多信息和资源,增强其出口意愿和能力。此外,我们发现股票市场自由化对中小企业出口的影响取决于行业、企业和高管特征,这些特征决定了企业的资源需求以及他们对与出口相关的风险和不确定性的看法。最后,我们提供了适度的证据表明,股票市场自由化鼓励对外直接投资。总体而言,本文揭示了股票市场自由化对中小企业出口的促进作用,解释这种关系的潜在机制,以及影响这种关系强度的偶然性因素。
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引用次数: 0
Predictable liquidity properties in a Segmented, inelastic stock market 在一个分段的、无弹性的股票市场中可预测的流动性特性
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-10 DOI: 10.1016/j.intfin.2025.102181
Haim Kedar-Levy , Joon-Seok Kim , Sean Sehyun Yoo
We explore the predictive capability of two investment strategies on idiosyncratic volatility, liquidity risk and liquidity commonality, by investor type. Investors are characterized as positive-feedback or contrarian once their trades are significantly associated with daily stock returns on a given month. We find that this classification has predictive power: positive-feedback traders (mainly foreign investors) tend to increase, while contrarian traders (mainly local individuals) tend to reduce, the following month’s volatility and liquidity. Different investor clienteles segment the market by stock characteristics, questioning linear cross-sectional pricing. Controlling for supply inelasticity we find that share issuance/buyback datapoints tilt some of the statistics and blur the findings.
根据投资者类型,探讨了两种投资策略对特质波动率、流动性风险和流动性共性的预测能力。一旦投资者的交易与给定月份的每日股票回报显著相关,他们就被定性为正反馈投资者或反向投资者。我们发现这种分类具有预测能力:正反馈交易者(主要是外国投资者)倾向于增加,而反向交易者(主要是本地个人)倾向于减少,接下来一个月的波动性和流动性。不同的投资者客户根据股票特征细分市场,质疑线性截面定价。在控制供应不弹性的情况下,我们发现股票发行/回购数据点倾斜了一些统计数据,模糊了研究结果。
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引用次数: 0
Societal secrecy and corporate debt financing choice 社会保密与企业债务融资选择
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-09 DOI: 10.1016/j.intfin.2025.102179
Cephas Simon Peter Dak-Adzaklo , Solomon Wise Dodzidenu Adza , Joseph Maxwell Asamoah , Pascar Tagwan Tah
We investigate the impact of societal secrecy on corporate debt financing decisions. Based a sample of 30,680 firms across 34 countries, we find robust evidence that societal secrecy is positively associated with bank debt financing and negatively associated with public debt financing. This finding is robust to a wide variety of sensitivity tests and to addressing endogeneity concerns. Cross-sectional analyses show that strong shareholder rights protection and the degree of internationalization moderate the relation between societal secrecy and debt choice. Additional analyses reveal that societal secrecy influences the choice of debt financing through three channels: information asymmetry, proprietary cost information, and information production cost. Our study sheds light on societal secrecy as a potential explanation for the variations in public debt market development across countries.
我们研究了社会保密对公司债务融资决策的影响。基于34个国家30,680家公司的样本,我们发现强有力的证据表明,社会保密与银行债务融资呈正相关,与公共债务融资负相关。这一发现是稳健的各种敏感性测试和解决内生性问题。横断面分析表明,强大的股东权利保护和国际化程度调节了社会保密与债务选择之间的关系。进一步的分析表明,社会保密性通过三个渠道影响债务融资选择:信息不对称、专有成本信息和信息生产成本。我们的研究揭示了社会保密作为各国公共债务市场发展差异的潜在解释。
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引用次数: 0
Does Banks’ environmental engagement impact funding costs? 银行的环境参与是否会影响融资成本?
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-05 DOI: 10.1016/j.intfin.2025.102184
Md Jaber Al Islam , Fernando Moreira , Mustapha Douch
Despite growing research on corporate environmental performance, the effect of banks’ environmental engagement on funding costs remains unclear. While some evidence suggests that environmentally committed banks secure lower funding costs, other studies report no significant effect, leaving the evidence inconclusive. This study addresses this inconsistency by analysing distinct funding cost measures in a global sample and demonstrating that banks with strong environmental engagement consistently benefit from reduced funding costs across multiple dimensions. The advantage is more pronounced among banks in advanced, less concentrated economies with stronger currencies and lower deposit levels. The Paris Agreement has raised awareness among depositors and investors about their role in mitigating climate change. Although such support is generally driven by sound risk management, capital adequacy, and asset size, periods of rising real interest rates and economic crises shift priorities toward higher financial returns. Our results remain robust across alternative samples, model specifications, estimation methods, funding cost measures, and endogeneity correction techniques.
尽管对企业环境绩效的研究越来越多,但银行环境参与对融资成本的影响仍不清楚。虽然一些证据表明,致力于环保的银行获得了较低的融资成本,但其他研究报告没有显著影响,因此证据不确定。本研究通过分析全球样本中不同的融资成本指标来解决这种不一致性,并证明具有强大环境参与的银行始终受益于多个维度的融资成本降低。这种优势在发达、集中度较低、货币较坚挺、存款水平较低的经济体的银行中更为明显。《巴黎协定》提高了存款人和投资者对自己在减缓气候变化中的作用的认识。虽然这种支持通常是由健全的风险管理、资本充足率和资产规模驱动的,但实际利率上升和经济危机时期将优先考虑更高的财务回报。我们的结果在可选样本、模型规格、估计方法、资金成本度量和内质性校正技术中都是稳健的。
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引用次数: 0
The role of US bank liquidity and regulations in Covered Interest Parity deviations 美国银行流动性和监管在利差平价偏离中的作用
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-02 DOI: 10.1016/j.intfin.2025.102173
Walter Bazán-Palomino, Marco Ortiz, Marco E. Terrones, Diego Winkelried
This paper examines how private bank regulation and liquidity provided by the Federal Reserve in the US are related to deviations from the covered interest parity (CIP). We find evidence that the effects of bank liquidity on CIP deviations partially offset those resulting from regulatory changes in a sample of 11 OECD countries over the 2001-2019 period. This finding supports the conjecture that changes in private banks’ liquidity and regulation can significantly affect the cross-currency basis. Interestingly, the effects of liquidity on CIP deviations become more pronounced as bank regulation intensifies, reflecting interaction effects. One implication is that stricter regulations may amplify liquidity-related distortions, thereby increasing CIP deviations.
本文考察了美国联邦储备委员会提供的私人银行监管和流动性如何与偏离覆盖利率平价(CIP)相关。我们发现有证据表明,在2001-2019年期间,11个经合组织国家的样本中,银行流动性对CIP偏差的影响部分抵消了监管变化带来的影响。这一发现支持了私人银行流动性和监管变化会显著影响跨货币基差的猜想。有趣的是,流动性对CIP偏差的影响随着银行监管的加强而变得更加明显,反映了交互效应。一个暗示是,更严格的监管可能会放大流动性相关的扭曲,从而增加CIP偏差。
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引用次数: 0
The causal effects of equity flows: Evidence from Korea 股权流动的因果效应:来自韩国的证据
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-05-31 DOI: 10.1016/j.intfin.2025.102175
Jun Hee Kwak , Bada Han , Jae Young Lee
In this paper, we estimate the causal effects of gross equity inflows into an open economy using the Granular Instrument Variable (GIV) constructed from regulatory data on foreign investments in the Korean stock market. We find that a one-standard-deviation increase in monthly foreign inflows into the Korean stock market results in approximately a 2.2% rise in the Korean benchmark stock price index and a 1.0% appreciation of the Korean won against the US dollar. These foreign inflows also lead to drops in short-term treasury bond rates and improvements in dollar funding conditions. Our empirical results are consistent with the Inelastic Market Hypothesis.
在本文中,我们使用基于韩国股票市场外国投资监管数据构建的颗粒工具变量(GIV)来估计总股本流入开放经济的因果效应。我们发现,每月流入韩国股市的外国资金增加一个标准差,导致韩国基准股价指数上涨约2.2%,韩元兑美元升值1.0%。这些外国资金流入还导致短期国债利率下降,美元融资条件改善。我们的实证结果与非弹性市场假说一致。
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引用次数: 0
ESG incidents and corporate green bond market reaction ESG事件与企业绿色债券市场反应
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-05-29 DOI: 10.1016/j.intfin.2025.102178
Matteo Cotugno , Paolo Fiorillo , Stefano Monferrà , Sabrina Severini
This paper examines how the secondary market for corporate green bonds reacts to the announcement of Environmental, Social and Governance (ESG) incidents. We compare the cumulative abnormal returns (CARs) of green bonds with those of similar conventional bonds issued by the same firm, using a large international sample covering the period 2013–2022. Our results indicate that the performance of both green and conventional bonds declines after an ESG incident, but the decline is more pronounced for conventional bonds. We attribute this finding to the cost-effectiveness motive driving investors’ response to the ESG incident, as we find that a) there is no green premium (at issuance) in our sample, and b) green bonds are, on average, less liquid than conventional bonds, making the latter easier to sell due to lower transaction costs. Consistent with this argument, we observe opposite findings − namely, no significant performance differences and conventional bonds outperforming green bonds after the ESG incident − only in cases where green bonds exhibit higher liquidity, such as those issued by European firms or those compliant with the Climate Bond Initiative (CBI) standards.
本文探讨企业绿色债券二级市场对环境、社会和治理(ESG)事件公告的反应。我们使用涵盖2013-2022年期间的大型国际样本,比较了绿色债券与同一公司发行的类似传统债券的累积异常回报(CARs)。我们的研究结果表明,在ESG事件发生后,绿色债券和传统债券的表现都有所下降,但传统债券的下降更为明显。我们将这一发现归因于驱动投资者对ESG事件反应的成本效益动机,因为我们发现a)在我们的样本中没有绿色溢价(在发行时),b)平均而言,绿色债券的流动性低于传统债券,由于交易成本较低,后者更容易出售。与这一论点相一致,我们观察到相反的结果——即,在ESG事件后,只有在绿色债券表现出更高流动性的情况下,如欧洲公司发行的债券或符合气候债券倡议(CBI)标准的债券,传统债券的表现才优于绿色债券,没有显著的绩效差异。
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引用次数: 0
Female directors and social responsibility of microfinance institutions 小额信贷机构女董事与社会责任
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-05-19 DOI: 10.1016/j.intfin.2025.102164
Kais Bouslah , Qian (Jan) Li , Asma Mobarek
We investigate whether female directors influence the social responsibility of Microfinance Institutions (MFIs). We also explore the factors that might affect the influence of female directors on the different dimensions of MFIs’ social responsibility. Using an international sample of 362 MFIs during the sample period 2010–2018, we find that the impact of female directors on social responsibility of MFIs is positive and not uniform across the various dimensions of social responsibility. We also find that the impact of female board members on MFIs’ social responsibility is stronger when MFIs are structured as not-for-profit organizations. However, local cultural gender values and institutional strength do not affect the relationship between female board members and the social responsibility of MFIs. We contribute to the emerging research stream of women’s representation in the boardrooms of organizations supplying public goods.
我们调查女性董事是否影响小额信贷机构(mfi)的社会责任。在小额信贷机构社会责任的不同维度上,探讨女性董事的影响因素。利用2010-2018年362家小额信贷机构的国际样本,我们发现女性董事对小额信贷机构社会责任的影响是积极的,但在社会责任的各个维度上并不统一。我们还发现,当小额信贷机构的结构为非营利组织时,女性董事会成员对小额信贷机构社会责任的影响更大。然而,当地文化性别价值观和制度实力并不影响女性董事会成员与小额信贷机构社会责任的关系。我们为提供公共产品的组织的董事会中妇女代表的新兴研究流作出贡献。
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引用次数: 0
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Journal of International Financial Markets Institutions & Money
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