Pub Date : 2025-09-20DOI: 10.1016/j.intfin.2025.102211
Allegra Pietsch , Dilyara Salakhova
The green bond market has experienced rapid growth in recent years, driven by increasing global awareness of climate change. However, the existence, magnitude and driving forces behind the “greenium” in the secondary market – a price premium associated with green bonds – remain subject to debate. This study investigates the evolution of the greenium in the euro area from 2016 to 2023, encompassing a period of significant macroeconomic shifts, including the COVID-19 pandemic, energy crisis, and the subsequent period of heightened inflation and monetary tightening. Our analysis applies a k-prototypes matching algorithm to construct a closely matched panel of European green and conventional bonds and documents a novel finding that retail investors’ demand for green bonds partly drives the greenium. Sensitivity of retail investors’ financial conditions to the macroeconomic situation and particularly tighter monetary policy may explain investors’ appetite for green bonds and thus the greenium time dynamics. Finally, we confirm investors’ preferences for green bonds with higher credibility of both bonds and bond issuers.
{"title":"Pricing of green bonds: Greenium dynamics and the role of retail investors","authors":"Allegra Pietsch , Dilyara Salakhova","doi":"10.1016/j.intfin.2025.102211","DOIUrl":"10.1016/j.intfin.2025.102211","url":null,"abstract":"<div><div>The green bond market has experienced rapid growth in recent years, driven by increasing global awareness of climate change. However, the existence, magnitude and driving forces behind the “greenium” in the secondary market – a price premium associated with green bonds – remain subject to debate. This study investigates the evolution of the greenium in the euro area from 2016 to 2023, encompassing a period of significant macroeconomic shifts, including the COVID-19 pandemic, energy crisis, and the subsequent period of heightened inflation and monetary tightening. Our analysis applies a k-prototypes matching algorithm to construct a closely matched panel of European green and conventional bonds and documents a novel finding that retail investors’ demand for green bonds partly drives the greenium. Sensitivity of retail investors’ financial conditions to the macroeconomic situation and particularly tighter monetary policy may explain investors’ appetite for green bonds and thus the greenium time dynamics. Finally, we confirm investors’ preferences for green bonds with higher credibility of both bonds and bond issuers.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102211"},"PeriodicalIF":6.1,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099406","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 : 2025-09-17DOI: 10.1016/j.intfin.2025.102224
Gilles Brice M’bakob, Jules Mandeng ma Ntamack, Georges Kriyoss Mfouapon
Behavioral finance applications to cryptocurrency markets often neglect investor psychology surrounding support and resistance levels. This study introduces the anticipated psychological spread model (APSM), which formalizes chartist investors’ reactions to psychological price thresholds through loss aversion. Two behavioral indicators are defined: buyers’ anticipated psychological spread (BAPS), representing the perceived profit margin near resistance levels, and sellers’ anticipated psychological spread (SAPS), representing the anticipated profit margin near support levels. To examine the short-term price impact of these indicators, the study applies panel quantile regression to 32 cryptocurrencies from January 1, 2020, to January 31, 2024. An autoregressive integrated moving average with exogenous variables (ARIMAX)-based generalized autoregressive conditional heteroskedasticity (GARCH) framework is further employed to test robustness and evaluate the forecasting accuracy of the APSM. The results show that BAPS exerts a negative influence on prices, particularly during bear markets, while SAPS has a positive effect, especially in bull markets. Behavioral asymmetry analysis reveals buyer dominance over sellers throughout the study period. The APSM substantially improves short-term forecasting accuracy compared with classical ARIMAX–GARCH models. These findings indicate that BAPS and SAPS are valuable components for algorithmic trading strategies based on autoregressive models.
{"title":"Anticipated psychological spreads: Cryptocurrencies’ hidden short-term monitors and implications for price forecasting","authors":"Gilles Brice M’bakob, Jules Mandeng ma Ntamack, Georges Kriyoss Mfouapon","doi":"10.1016/j.intfin.2025.102224","DOIUrl":"10.1016/j.intfin.2025.102224","url":null,"abstract":"<div><div>Behavioral finance applications to cryptocurrency markets often neglect investor psychology surrounding support and resistance levels. This study introduces the anticipated psychological spread model (APSM), which formalizes chartist investors’ reactions to psychological price thresholds through loss aversion. Two behavioral indicators are defined: buyers’ anticipated psychological spread (BAPS), representing the perceived profit margin near resistance levels, and sellers’ anticipated psychological spread (SAPS), representing the anticipated profit margin near support levels. To examine the short-term price impact of these indicators, the study applies panel quantile regression to 32 cryptocurrencies from January 1, 2020, to January 31, 2024. An autoregressive integrated moving average with exogenous variables (ARIMAX)-based generalized autoregressive conditional heteroskedasticity (GARCH) framework is further employed to test robustness and evaluate the forecasting accuracy of the APSM. The results show that BAPS exerts a negative influence on prices, particularly during bear markets, while SAPS has a positive effect, especially in bull markets. Behavioral asymmetry analysis reveals buyer dominance over sellers throughout the study period. The APSM substantially improves short-term forecasting accuracy compared with classical ARIMAX–GARCH models. These findings indicate that BAPS and SAPS are valuable components for algorithmic trading strategies based on autoregressive models.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102224"},"PeriodicalIF":6.1,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099405","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 : 2025-09-17DOI: 10.1016/j.intfin.2025.102223
Christophe J. Godlewski , Małgorzata Olszak
We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and long-maturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.
{"title":"Macroprudential policy and corporate loans: evidence from the syndicated loan market","authors":"Christophe J. Godlewski , Małgorzata Olszak","doi":"10.1016/j.intfin.2025.102223","DOIUrl":"10.1016/j.intfin.2025.102223","url":null,"abstract":"<div><div>We examine how macroprudential policy influences the structure of syndicated corporate loan contracts. Using a dataset of 4,853 European syndicated loans matched with detailed macroprudential policy indicators across nineteen EU countries, we study the impact of regulatory stance on loan amount, maturity, collateral and covenant use. Stricter macroprudential policy is associated with larger loans and a higher probability of collateralization, while macroprudential loosening reduces loan size. These adjustments occur along the intensive margin rather than through outright credit rationing and are concentrated among medium-sized loans and long-maturity facilities. We also show that borrower and lender characteristics mediate the response: larger, more leveraged firms and well-capitalized arranging banks are the primary drivers of the increase in loan size and collateral use. Our findings reveal a novel micro-level transmission channel of macroprudential policy and indicate that regulatory tightening reallocates credit toward safer contracts rather than suppressing overall lending.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102223"},"PeriodicalIF":6.1,"publicationDate":"2025-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145099404","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 : 2025-09-11DOI: 10.1016/j.intfin.2025.102209
Yang Zhang , Huanhuan Zheng
We apply a factor model to estimate the spillover effects of global fund flows across international equity and bond markets. We document robust evidence of global and regional spillovers of equity and bond flows in the transmission of external shocks, especially to emerging markets (EMs) during episodes of financial crises and capital stops. Macroprudential policies are effective in alleviating global and regional spillovers to EMs. However, we find no similar evidence for capital controls. Foreign and passive investors mitigate global and regional spillovers, but not sustainable investors whose scale may be too small to have any major impact. We observe bilateral spillovers between equity and bond markets within the same economy; however, their magnitudes are not comparable to those of global or regional spillovers.
{"title":"Spillover effects of global fund flows","authors":"Yang Zhang , Huanhuan Zheng","doi":"10.1016/j.intfin.2025.102209","DOIUrl":"10.1016/j.intfin.2025.102209","url":null,"abstract":"<div><div>We apply a factor model to estimate the spillover effects of global fund flows across international equity and bond markets. We document robust evidence of global and regional spillovers of equity and bond flows in the transmission of external shocks, especially to emerging markets (EMs) during episodes of financial crises and capital stops. Macroprudential policies are effective in alleviating global and regional spillovers to EMs. However, we find no similar evidence for capital controls. Foreign and passive investors mitigate global and regional spillovers, but not sustainable investors whose scale may be too small to have any major impact. We observe bilateral spillovers between equity and bond markets within the same economy; however, their magnitudes are not comparable to those of global or regional spillovers.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102209"},"PeriodicalIF":6.1,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145046128","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 : 2025-09-07DOI: 10.1016/j.intfin.2025.102221
Christos Mavrogiannis , Athanasios Tagkalakis
Utilizing a narrative database on structural reforms in 25 OECD countries from 1985 to 2020, we investigate the effects of labor and product market reforms on gross capital inflows. By applying the local projection method and addressing reform endogeneity with the Augmented Inverse Probability Weighted estimator, we find that structural reforms have a positive medium-term effect on both direct and portfolio investment. In particular, reforms boost investment, especially in environments of high quality financial institutions and amid low public debt.
{"title":"The effects of structural reforms on gross capital inflows in OECD countries","authors":"Christos Mavrogiannis , Athanasios Tagkalakis","doi":"10.1016/j.intfin.2025.102221","DOIUrl":"10.1016/j.intfin.2025.102221","url":null,"abstract":"<div><div>Utilizing a narrative database on structural reforms in 25 OECD countries from 1985 to 2020, we investigate the effects of labor and product market reforms on gross capital inflows. By applying the local projection method and addressing reform endogeneity with the Augmented Inverse Probability Weighted estimator, we find that structural reforms have a positive medium-term effect on both direct and portfolio investment. In particular, reforms boost investment, especially in environments of high quality financial institutions and amid low public debt.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102221"},"PeriodicalIF":6.1,"publicationDate":"2025-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145009997","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 : 2025-09-04DOI: 10.1016/j.intfin.2025.102222
Joanna Mackiewicz-Łyziak , Tymoteusz Mętrak
Literature on economists’ perceptions of central bank credibility is limited, with Alan Blinder’s work remaining the seminal piece. In this study, we examine how views on various aspects of central bank credibility have evolved over the past two decades, since Blinder’s first survey on this topic. We present the results of the survey conducted in March and April 2024 among 319 experts in the fields of central banking and monetary economics. The questionnaire includes items from the original survey, as well as several new ones, particularly those related to the impact of unconventional monetary policy on credibility, credibility measurement, and central bank objectives. The results indicate that economists still perceive central bank credibility as considerably important for different aspects of central bank activities. In the study, respondents who were central bank practitioners considered credibility more important for monetary policymaking than did academics. Independence, a history of honesty, and transparency were identified as the most important attributes of central bank credibility, while unconventional monetary policies and large fiscal expansions were not considered threats to credibility. These results offer important implications for central banks aiming to formulate relevant policy guidelines.
{"title":"Revisiting central bank credibility: Results from a new survey","authors":"Joanna Mackiewicz-Łyziak , Tymoteusz Mętrak","doi":"10.1016/j.intfin.2025.102222","DOIUrl":"10.1016/j.intfin.2025.102222","url":null,"abstract":"<div><div>Literature on economists’ perceptions of central bank credibility is limited, with Alan Blinder’s work remaining the seminal piece. In this study, we examine how views on various aspects of central bank credibility have evolved over the past two decades, since Blinder’s first survey on this topic. We present the results of the survey conducted in March and April 2024 among 319 experts in the fields of central banking and monetary economics. The questionnaire includes items from the original survey, as well as several new ones, particularly those related to the impact of unconventional monetary policy on credibility, credibility measurement, and central bank objectives. The results indicate that economists still perceive central bank credibility as considerably important for different aspects of central bank activities. In the study, respondents who were central bank practitioners considered credibility more important for monetary policymaking than did academics. Independence, a history of honesty, and transparency were identified as the most important attributes of central bank credibility, while unconventional monetary policies and large fiscal expansions were not considered threats to credibility. These results offer important implications for central banks aiming to formulate relevant policy guidelines.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102222"},"PeriodicalIF":6.1,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988412","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 : 2025-09-02DOI: 10.1016/j.intfin.2025.102203
Fernando Ballabriga , Karen Davtyan
We use a consistent framework to compare the macroeconomic effects of conventional and unconventional monetary policy in the euro area (EA) and the United States (US). We find that monetary policy has a stronger effect on prices for the conventional policy period. We interpret this result by the lower level of the natural rate of interest during the unconventional policy period. At the same time, the effects of monetary policy on the unemployment rate and financial variables are more comparable between the conventional and the unconventional policy periods. We also find that the effectiveness of unconventional monetary policy in terms of its target impact is lower in the EA than in the US, a result we attribute to differences in central bank institutional design.
{"title":"Comparing conventional and unconventional monetary policy effects in the euro area and the United States","authors":"Fernando Ballabriga , Karen Davtyan","doi":"10.1016/j.intfin.2025.102203","DOIUrl":"10.1016/j.intfin.2025.102203","url":null,"abstract":"<div><div>We use a consistent framework to compare the macroeconomic effects of conventional and unconventional monetary policy in the euro area (EA) and the United States (US). We find that monetary policy has a stronger effect on prices for the conventional policy period. We interpret this result by the lower level of the natural rate of interest during the unconventional policy period. At the same time, the effects of monetary policy on the unemployment rate and financial variables are more comparable between the conventional and the unconventional policy periods. We also find that the effectiveness of unconventional monetary policy in terms of its target impact is lower in the EA than in the US, a result we attribute to differences in central bank institutional design.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102203"},"PeriodicalIF":6.1,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932939","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 : 2025-08-25DOI: 10.1016/j.intfin.2025.102207
Nusret Cakici , Adam Zaremba
We employ machine learning models to determine what matters more for stock return predictability: technical data or accounting information. Technical data holds an advantage—it consistently yields more accurate forecasts and higher portfolio returns. This superiority is not limited to the U.S. market but extends to major developed markets worldwide, at times showing even stronger effects. Furthermore, it remains remarkably robust across firm sizes and time periods. However, its edge is most pronounced at short horizons and comes at the cost of higher turnover. Accounting signals, while weaker overall, perform better over longer horizons and support lower-cost implementation. Finally, technical strategies excel in volatile, hard-to-value contexts, whereas accounting-based models fare better when valuation uncertainty is low.
{"title":"Accounting vs technical information: what matters more for stock return predictability?","authors":"Nusret Cakici , Adam Zaremba","doi":"10.1016/j.intfin.2025.102207","DOIUrl":"10.1016/j.intfin.2025.102207","url":null,"abstract":"<div><div>We employ machine learning models to determine what matters more for stock return predictability: technical data or accounting information. Technical data holds an advantage—it consistently yields more accurate forecasts and higher portfolio returns. This superiority is not limited to the U.S. market but extends to major developed markets worldwide, at times showing even stronger effects. Furthermore, it remains remarkably robust across firm sizes and time periods. However, its edge is most pronounced at short horizons and comes at the cost of higher turnover. Accounting signals, while weaker overall, perform better over longer horizons and support lower-cost implementation. Finally, technical strategies excel in volatile, hard-to-value contexts, whereas accounting-based models fare better when valuation uncertainty is low.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102207"},"PeriodicalIF":6.1,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893332","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 : 2025-08-25DOI: 10.1016/j.intfin.2025.102208
Xinyu Yu , Ping Wang
This study examines the impact of directors with foreign experience (FE directors) on corporate cash holdings. Using a sample of Chinese listed firms, we find that directors with the experience of working or studying abroad have a positive and significant impact on corporate cash decisions, supporting the precautionary motive. The result is valid across a set of robustness tests and several endogeneity checks. Moreover, we find that the association between FE directors and cash holdings is more pronounced in firms with greater financial constraints and investment opportunities. The mediation analysis further identifies two potential channels through which FE directors increase cash holdings, that is, facilitating foreign operations and promoting risky innovation. We finally perform a series of additional analyses to further validate our findings. Overall, our study reveals that it is the resource-providing role that such directors play to shape cash policy, which sheds new light on the value of international human capital for firms in emerging markets.
{"title":"Directors with foreign experience and corporate cash holdings","authors":"Xinyu Yu , Ping Wang","doi":"10.1016/j.intfin.2025.102208","DOIUrl":"10.1016/j.intfin.2025.102208","url":null,"abstract":"<div><div>This study examines the impact of directors with foreign experience (FE directors) on corporate cash holdings. Using a sample of Chinese listed firms, we find that directors with the experience of working or studying abroad have a positive and significant impact on corporate cash decisions, supporting the precautionary motive. The result is valid across a set of robustness tests and several endogeneity checks. Moreover, we find that the association between FE directors and cash holdings is more pronounced in firms with greater financial constraints and investment opportunities. The mediation analysis further identifies two potential channels through which FE directors increase cash holdings, that is, facilitating foreign operations and promoting risky innovation. We finally perform a series of additional analyses to further validate our findings. Overall, our study reveals that it is the resource-providing role that such directors play to shape cash policy, which sheds new light on the value of international human capital for firms in emerging markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102208"},"PeriodicalIF":6.1,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144896145","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 : 2025-08-23DOI: 10.1016/j.intfin.2025.102205
Heiko Jacobs , Alexander Lauber , Sebastian Müller
We analyze the extent to which proxies for short interest at the firm level influence the tone of media reporting for the cross-section of firms. The examination of the German stock market shows that there is a significantly negative relation. Nevertheless, this relation becomes often, though not always, insignificant after thoroughly controlling for relevant company characteristics. Past performance as well as measures of differences of opinion and information uncertainty prove to be particularly important for tonality. These findings are similar for domestic and foreign reporting. With the exception of salience shocks, these results are also obtained for both public and non-public short interest. Additional evidence results from article characteristics and the aggregated time series, among others. On a broader level, the results contribute to the discussion about drivers of media reporting in financial markets.
{"title":"Bearish bets and the press: On the relation between short interest and media tone","authors":"Heiko Jacobs , Alexander Lauber , Sebastian Müller","doi":"10.1016/j.intfin.2025.102205","DOIUrl":"10.1016/j.intfin.2025.102205","url":null,"abstract":"<div><div>We analyze the extent to which proxies for short interest at the firm level influence the tone of media reporting for the cross-section of firms. The examination of the German stock market shows that there is a significantly negative relation. Nevertheless, this relation becomes often, though not always, insignificant after thoroughly controlling for relevant company characteristics. Past performance as well as measures of differences of opinion and information uncertainty prove to be particularly important for tonality. These findings are similar for domestic and foreign reporting. With the exception of salience shocks, these results are also obtained for both public and non-public short interest. Additional evidence results from article characteristics and the aggregated time series, among others. On a broader level, the results contribute to the discussion about drivers of media reporting in financial markets.</div></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"104 ","pages":"Article 102205"},"PeriodicalIF":6.1,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144890194","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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