This study analyzes how the COVID-19 pandemic impacted stock markets worldwide using the COVID-19 Global Fear Index (GFI) devised by Salisu and Akanni (2020). We examine feedback trading behaviors in stock indices across 70 countries, revealing a complex relationship between pandemic-sentiment and feedback trading. Our study finds that GFI primarily motivates negative feedback trading in many developed countries, particularly those in higher latitudes, while the relationship between pandemic-sentiment and feedback trading is complex and varies across regions. Notably, China and India deviate from these patterns, exhibiting no significant feedback trading effects. These results highlight how regional differences shape financial market responses to the COVID-19 crisis. This analysis offers valuable insights into the pandemic's nuanced impact on global financial markets, emphasizing the distinct reactions across diverse geographic regions.
{"title":"The COVID-19 pandemic and feedback trading dynamics: Unveiling global patterns","authors":"Chia-Hsien Tang , Yen-Hsien Lee , Chan-Shin Chen , Ya-Ling Huang","doi":"10.1016/j.ribaf.2024.102638","DOIUrl":"10.1016/j.ribaf.2024.102638","url":null,"abstract":"<div><div>This study analyzes how the COVID-19 pandemic impacted stock markets worldwide using the COVID-19 Global Fear Index (GFI) devised by Salisu and Akanni (2020). We examine feedback trading behaviors in stock indices across 70 countries, revealing a complex relationship between pandemic-sentiment and feedback trading. Our study finds that GFI primarily motivates negative feedback trading in many developed countries, particularly those in higher latitudes, while the relationship between pandemic-sentiment and feedback trading is complex and varies across regions. Notably, China and India deviate from these patterns, exhibiting no significant feedback trading effects. These results highlight how regional differences shape financial market responses to the COVID-19 crisis. This analysis offers valuable insights into the pandemic's nuanced impact on global financial markets, emphasizing the distinct reactions across diverse geographic regions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102638"},"PeriodicalIF":6.3,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653581","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 : 2024-11-10DOI: 10.1016/j.ribaf.2024.102652
Sara Longo , Michele Fabrizi , Antonio Parbonetti
This paper aims to provide evidence on the market reaction to the EU CRD IV regulation announcements in the EU banking industry and examine their determinants at the bank and country levels. EU CRD IV came up in the aftermath of the 2008 financial crisis, and it is recognized as the most notable regulatory initiative at the European level to increase overall bank transparency. Employing an event study approach around 15 announcements between 2011 and 2013, we document a negative market reaction on a sample of 145 listed European banks, indicating that transparency increases are borne by shareholders, with detrimental impacts on bank stock prices. We show that investors negatively perceive the introduction of this regulation, with more pronounced reactions for poorly transparent, large, and complex banks located in countries with high exposure to sovereign indebtedness. Our findings contribute to the debate on bank transparency matters.
本文旨在为欧盟银行业对欧盟 CRD IV 监管公告的市场反应提供证据，并从银行和国家层面研究其决定因素。欧盟 CRD IV 于 2008 年金融危机后出台，被认为是欧洲层面提高银行整体透明度的最显著监管举措。通过对 2011 年至 2013 年间的 15 项公告进行事件研究，我们记录了 145 家欧洲上市银行样本的负面市场反应，表明透明度的提高由股东承担，对银行股价产生了不利影响。我们的研究结果表明，投资者对这一法规的引入持负面看法，对于位于主权债务风险较高国家的透明度较低、大型且复杂的银行，投资者的反应更为明显。我们的研究结果为有关银行透明度问题的讨论做出了贡献。
{"title":"Market reaction to EU CRD IV regulation in the banking industry","authors":"Sara Longo , Michele Fabrizi , Antonio Parbonetti","doi":"10.1016/j.ribaf.2024.102652","DOIUrl":"10.1016/j.ribaf.2024.102652","url":null,"abstract":"<div><div>This paper aims to provide evidence on the market reaction to the EU CRD IV regulation announcements in the EU banking industry and examine their determinants at the bank and country levels. EU CRD IV came up in the aftermath of the 2008 financial crisis, and it is recognized as the most notable regulatory initiative at the European level to increase overall bank transparency. Employing an event study approach around 15 announcements between 2011 and 2013, we document a negative market reaction on a sample of 145 listed European banks, indicating that transparency increases are borne by shareholders, with detrimental impacts on bank stock prices. We show that investors negatively perceive the introduction of this regulation, with more pronounced reactions for poorly transparent, large, and complex banks located in countries with high exposure to sovereign indebtedness. Our findings contribute to the debate on bank transparency matters.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102652"},"PeriodicalIF":6.3,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653579","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}
Pub Date : 2024-11-08DOI: 10.1016/j.ribaf.2024.102640
Nohade Nasrallah , Rim El Khoury , Osama F. Atayah , Hazem Marashdeh , Khakan Najaf
The present paper explores the impact of carbon awareness on the cost of equity (COE) with a keen focus on the influence of country governance and innovation factors. Drawing on Bloomberg data spanning from 2011 to 2022, our analysis encompasses 263 firms within the Oil and Gas sector across 50 countries, culminating in 2122 annual observations. Through the employment of a comprehensive suite of regression analyses—including median regression, M-estimator regression, and MM-estimator regression, alongside Firm-Fixed Effect and Reverse Causality Models—we uncover a consistently negative association between carbon awareness and COE. Our investigation further assesses the effect of country-level governance on COE, revealing a universally negative correlation. Among governance indicators, regulatory quality emerges as a particularly significant factor. Similarly, we observe a consistent negative relationship between country-level innovation and COE, reinforcing the significance of national innovation capabilities in financial performance metrics. These findings remain robust across a range of tests, underscoring their reliability and relevance. The study is important for policymakers, investors, managers, and strategic environmentalists.
{"title":"The impact of carbon awareness, country-governance, and innovation on the cost of equity: Evidence from oil and gas firms","authors":"Nohade Nasrallah , Rim El Khoury , Osama F. Atayah , Hazem Marashdeh , Khakan Najaf","doi":"10.1016/j.ribaf.2024.102640","DOIUrl":"10.1016/j.ribaf.2024.102640","url":null,"abstract":"<div><div>The present paper explores the impact of carbon awareness on the cost of equity (COE) with a keen focus on the influence of country governance and innovation factors. Drawing on Bloomberg data spanning from 2011 to 2022, our analysis encompasses 263 firms within the Oil and Gas sector across 50 countries, culminating in 2122 annual observations. Through the employment of a comprehensive suite of regression analyses—including median regression, M-estimator regression, and MM-estimator regression, alongside Firm-Fixed Effect and Reverse Causality Models—we uncover a consistently negative association between carbon awareness and COE. Our investigation further assesses the effect of country-level governance on COE, revealing a universally negative correlation. Among governance indicators, regulatory quality emerges as a particularly significant factor. Similarly, we observe a consistent negative relationship between country-level innovation and COE, reinforcing the significance of national innovation capabilities in financial performance metrics. These findings remain robust across a range of tests, underscoring their reliability and relevance. The study is important for policymakers, investors, managers, and strategic environmentalists.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102640"},"PeriodicalIF":6.3,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653580","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 : 2024-11-07DOI: 10.1016/j.ribaf.2024.102653
Federico Cini , Annalisa Ferrari
Despite the persistence of methodological inconsistency and uncertainty, ESG ratings are useful for assessing Environmental (E), Social (S), and Governance (G) risk, individually and as a system (ESG). The ESG rating class is the only investment selection parameter that measures asset class sustainability. This paper tests whether a selected set of balance sheet variables and a dynamic measure of systemic risk, observed at time t, have information content useful to identify a firm’s ESG rating class of at time t+1. Using EuroStoxx 600 firms for the period 2016–2021, we apply a Machine Learning (ML) model. Specifically, a Random Forest (RF) classification model estimates the ESG rating at time t+1 with unprecedented accuracy in the international literature. This agile and parsimonious model offers important information to the sustainable investor for making strategic investment decisions and paves the way for ESG rating estimation for unlisted companies and SMEs.
{"title":"Towards the estimation of ESG ratings: A machine learning approach using balance sheet ratios","authors":"Federico Cini , Annalisa Ferrari","doi":"10.1016/j.ribaf.2024.102653","DOIUrl":"10.1016/j.ribaf.2024.102653","url":null,"abstract":"<div><div>Despite the persistence of methodological inconsistency and uncertainty, ESG ratings are useful for assessing Environmental (E), Social (S), and Governance (G) risk, individually and as a system (ESG). The ESG rating class is the only investment selection parameter that measures asset class sustainability. This paper tests whether a selected set of balance sheet variables and a dynamic measure of systemic risk, observed at time t, have information content useful to identify a firm’s ESG rating class of at time t+1. Using EuroStoxx 600 firms for the period 2016–2021, we apply a Machine Learning (ML) model. Specifically, a Random Forest (RF) classification model estimates the ESG rating at time t+1 with unprecedented accuracy in the international literature. This agile and parsimonious model offers important information to the sustainable investor for making strategic investment decisions and paves the way for ESG rating estimation for unlisted companies and SMEs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102653"},"PeriodicalIF":6.3,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653582","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}
Although internationalization research has proliferated recently, scant attention has been devoted to understanding why international expansion decreases firm value. By applying the concepts of transaction cost economics and agency theory, we propose that the impact of internationalization on investment efficiency—a critical determinant of international strategy success—is significant. Internationalization often exacerbates information asymmetry and complicates effective monitoring leading to diminished investment efficiency. Moreover, this relationship is moderated by international experience, the intensity of industry competition, and the stage of the firm's lifecycle. An Ordinary Least Squares regression analysis of a US sample with 49,168 firm-year observations between 1989 and 2022 supports our predictions. This study not only advances internationalization theories but also provides a fresh perspective on the performance implications of international expansion, underscoring the organizational and industrial conditions that influence the success of internationalization efforts.
{"title":"The effect of international diversification on investment efficiency","authors":"Alireza Askarzadeh , Kenneth Yung , Fatemeh Askarzadeh","doi":"10.1016/j.ribaf.2024.102641","DOIUrl":"10.1016/j.ribaf.2024.102641","url":null,"abstract":"<div><div>Although internationalization research has proliferated recently, scant attention has been devoted to understanding why international expansion decreases firm value. By applying the concepts of transaction cost economics and agency theory, we propose that the impact of internationalization on investment efficiency—a critical determinant of international strategy success—is significant. Internationalization often exacerbates information asymmetry and complicates effective monitoring leading to diminished investment efficiency. Moreover, this relationship is moderated by international experience, the intensity of industry competition, and the stage of the firm's lifecycle. An Ordinary Least Squares regression analysis of a US sample with 49,168 firm-year observations between 1989 and 2022 supports our predictions. This study not only advances internationalization theories but also provides a fresh perspective on the performance implications of international expansion, underscoring the organizational and industrial conditions that influence the success of internationalization efforts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102641"},"PeriodicalIF":6.3,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653578","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 : 2024-10-29DOI: 10.1016/j.ribaf.2024.102646
Mirza Muhammad Naseer , Ahmed Imran Hunjra , Alessia Palma , Tanveer Bagh
This study investigates the impact of renewable and non-renewable energy consumption, governance quality, and economic growth on environmental sustainability across frontier, emerging, and developed economies from 2001 to 2021. The Environmental Performance Index (EPI) and Sustainable Development Goals (SDGs) are environmental sustainability measures. The study addresses potential endogeneity issues through advanced econometric techniques and explores the differential impacts of energy sources, governance structures, and economic factors on environmental performance. The findings reveal significant variations in how these factors influence environmental sustainability across frontier, emerging, and developed economies. The results demonstrate a positive relationship between renewable energy consumption and governance quality with environmental sustainability, while non-renewable energy consumption exhibits a negative association. Economic growth emerges as a crucial factor influencing both environmental performance and the advancement of SDGs. This research contributes to the expanding literature on environmental sustainability by presenting a comprehensive analysis of its determinants across different economic contexts. The findings provide valuable insights for policymakers, underscoring the importance of tailored approaches to energy policy, governance reforms, and economic development strategies in the pursuit of environmental sustainability goals.
{"title":"Sustainable development goals and environmental performance: Exploring the contribution of governance, energy, and growth","authors":"Mirza Muhammad Naseer , Ahmed Imran Hunjra , Alessia Palma , Tanveer Bagh","doi":"10.1016/j.ribaf.2024.102646","DOIUrl":"10.1016/j.ribaf.2024.102646","url":null,"abstract":"<div><div>This study investigates the impact of renewable and non-renewable energy consumption, governance quality, and economic growth on environmental sustainability across frontier, emerging, and developed economies from 2001 to 2021. The Environmental Performance Index (EPI) and Sustainable Development Goals (SDGs) are environmental sustainability measures. The study addresses potential endogeneity issues through advanced econometric techniques and explores the differential impacts of energy sources, governance structures, and economic factors on environmental performance. The findings reveal significant variations in how these factors influence environmental sustainability across frontier, emerging, and developed economies. The results demonstrate a positive relationship between renewable energy consumption and governance quality with environmental sustainability, while non-renewable energy consumption exhibits a negative association. Economic growth emerges as a crucial factor influencing both environmental performance and the advancement of SDGs. This research contributes to the expanding literature on environmental sustainability by presenting a comprehensive analysis of its determinants across different economic contexts. The findings provide valuable insights for policymakers, underscoring the importance of tailored approaches to energy policy, governance reforms, and economic development strategies in the pursuit of environmental sustainability goals.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102646"},"PeriodicalIF":6.3,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653583","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}
Pub Date : 2024-10-28DOI: 10.1016/j.ribaf.2024.102645
Meng Li , Zhengqi Wang , Linhan Shu , Haoyu Gao
Broadband infrastructure, as a basis of digital economic development, plays an important role in accelerating the enterprise digital transformation. Using the “Broadband China” strategy as a quasi-natural experiment, this paper investigates whether and how the broadband infrastructure affects enterprise digital transformation. We find that the construction of broadband infrastructure significantly increases enterprise digital transformation. The underlying mechanism is that the broadband infrastructure mitigates transformation costs and facilitates competition among peers within the same industry, thereby promoting enterprise digital transformation from both active and passive aspects. The effect is magnified when enterprises are small-scale, non-SOEs and in high-tech or technology-intensive sectors. Under the rapid development of the digital economy, this paper contributes to the economic consequences of the broadband infrastructure and offers empirical support for enterprise digital transformation.
{"title":"Broadband infrastructure and enterprise digital transformation: Evidence from China","authors":"Meng Li , Zhengqi Wang , Linhan Shu , Haoyu Gao","doi":"10.1016/j.ribaf.2024.102645","DOIUrl":"10.1016/j.ribaf.2024.102645","url":null,"abstract":"<div><div>Broadband infrastructure, as a basis of digital economic development, plays an important role in accelerating the enterprise digital transformation. Using the “Broadband China” strategy as a quasi-natural experiment, this paper investigates whether and how the broadband infrastructure affects enterprise digital transformation. We find that the construction of broadband infrastructure significantly increases enterprise digital transformation. The underlying mechanism is that the broadband infrastructure mitigates transformation costs and facilitates competition among peers within the same industry, thereby promoting enterprise digital transformation from both active and passive aspects. The effect is magnified when enterprises are small-scale, non-SOEs and in high-tech or technology-intensive sectors. Under the rapid development of the digital economy, this paper contributes to the economic consequences of the broadband infrastructure and offers empirical support for enterprise digital transformation.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102645"},"PeriodicalIF":6.3,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653527","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 : 2024-09-14DOI: 10.1016/j.ribaf.2024.102582
Tadashi Endo
Many governmental and international attempts to develop government securities markets (GSMs) in low-income economies have been unsuccessful. Common causes of the failures are a lack of understanding of the development dynamics of emerging GSMs and developmentally and locally suitable policies. Emerging GSMs tend to get trapped in a paradoxical market failure in which the market system cannot develop a GSM or core financial infrastructure. In contrast to advanced GSMs in which the government plays a minor role, emerging GSMs require the government to play a significant role in establishing and supporting a market structure that provides traders with “utilities” to facilitate trading. Using a multiplicative factor model and diagrams and referring to empirically observed development patterns of the Indian GSM, this study examined the effects of “utilities” and found that diminishing returns to utility explained the development dynamics of emerging GSMs. The analyses in this study also used the theories of club, consumer purchasing behavior, and diffusion of innovation. For better policy analyses and formulation for emerging GSM development, the study proposes a financial market utility hypothesis and a two-dimensional policy framework.
{"title":"A paradox of emerging government securities market development","authors":"Tadashi Endo","doi":"10.1016/j.ribaf.2024.102582","DOIUrl":"10.1016/j.ribaf.2024.102582","url":null,"abstract":"<div><div>Many governmental and international attempts to develop government securities markets (GSMs) in low-income economies have been unsuccessful. Common causes of the failures are a lack of understanding of the development dynamics of emerging GSMs and developmentally and locally suitable policies. Emerging GSMs tend to get trapped in a paradoxical market failure in which the market system cannot develop a GSM or core financial infrastructure. In contrast to advanced GSMs in which the government plays a minor role, emerging GSMs require the government to play a significant role in establishing and supporting a market structure that provides traders with “utilities” to facilitate trading. Using a multiplicative factor model and diagrams and referring to empirically observed development patterns of the Indian GSM, this study examined the effects of “utilities” and found that diminishing returns to utility explained the development dynamics of emerging GSMs. The analyses in this study also used the theories of club, consumer purchasing behavior, and diffusion of innovation. For better policy analyses and formulation for emerging GSM development, the study proposes a financial market utility hypothesis and a two-dimensional policy framework.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102582"},"PeriodicalIF":6.3,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653528","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 : 2024-01-16DOI: 10.1101/2023.05.06.539663
Joseph J Hale, Takeshi Matsui, Ilan Goldstein, Martin N Mullis, Kevin R Roy, Chris Ne Ville, Darach Miller, Charley Wang, Trevor Reynolds, Lars M Steinmetz, Sasha F Levy, Ian M Ehrenreich
Interactions between genetic perturbations and segregating loci can cause perturbations to show different phenotypic effects across genetically distinct individuals. To study these interactions on a genome scale in many individuals, we used combinatorial DNA barcode sequencing to measure the fitness effects of 7,700 CRISPRi perturbations targeting 1,712 distinct genes in 169 yeast cross progeny (or segregants). We identified 460 genes whose perturbation has different effects across segregants. Several factors caused perturbations to show variable effects, including baseline segregant fitness, the mean effect of a perturbation across segregants, and interacting loci. We mapped 234 interacting loci and found four hub loci that interact with many different perturbations. Perturbations that interact with a given hub exhibit similar epistatic relationships with the hub and show enrichment for cellular processes that may mediate these interactions. These results suggest that an individual's response to perturbations is shaped by a network of perturbation-locus interactions that cannot be measured by approaches that examine perturbations or natural variation alone.
{"title":"Genome-scale analysis of interactions between genetic perturbations and natural variation.","authors":"Joseph J Hale, Takeshi Matsui, Ilan Goldstein, Martin N Mullis, Kevin R Roy, Chris Ne Ville, Darach Miller, Charley Wang, Trevor Reynolds, Lars M Steinmetz, Sasha F Levy, Ian M Ehrenreich","doi":"10.1101/2023.05.06.539663","DOIUrl":"10.1101/2023.05.06.539663","url":null,"abstract":"<p><p>Interactions between genetic perturbations and segregating loci can cause perturbations to show different phenotypic effects across genetically distinct individuals. To study these interactions on a genome scale in many individuals, we used combinatorial DNA barcode sequencing to measure the fitness effects of 7,700 CRISPRi perturbations targeting 1,712 distinct genes in 169 yeast cross progeny (or segregants). We identified 460 genes whose perturbation has different effects across segregants. Several factors caused perturbations to show variable effects, including baseline segregant fitness, the mean effect of a perturbation across segregants, and interacting loci. We mapped 234 interacting loci and found four hub loci that interact with many different perturbations. Perturbations that interact with a given hub exhibit similar epistatic relationships with the hub and show enrichment for cellular processes that may mediate these interactions. These results suggest that an individual's response to perturbations is shaped by a network of perturbation-locus interactions that cannot be measured by approaches that examine perturbations or natural variation alone.</p>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10827069/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76945936","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}
Pub Date : 2023-11-14DOI: 10.1016/j.ribaf.2023.102166
Claudio Porzio, Francesca Battaglia
The purpose of our paper is to analyze the market reaction to banks’ sustainable activities, by focusing on the impact of Environmental, Social and Governance (ESG) practices on banks’ profitability and risk-taking. Specifically, we investigate if and to what extent banks with lower ESG scores are considered less profitable and riskier than those characterized by higher ones, and by taking into consideration both the joint and the separate effects of ESG dimensions. Using panel estimation methods on listed global systemically important bank and less significant European banks, over the period 2014–2020, we find that banks with higher ESG scores are perceived as more profitable and less risky by the market, thus supporting the risk mitigation view. Interestingly, our findings reveal that investors behave in the same way, regardless of the size of the bank, when assessing the impact of ESG scores on the bank's return and risk. Our evidence is robust to selection bias and endogeneity concerns. Overall, the results support the ESG regulatory policy on mandatory disclosures of non-financial reporting for larger entities and emphasize the need to enhance its benefits and extend it also to smaller banks.
{"title":"Analyzing the role of sustainable investor in global systemically important banks and less significant institutions","authors":"Claudio Porzio, Francesca Battaglia","doi":"10.1016/j.ribaf.2023.102166","DOIUrl":"10.1016/j.ribaf.2023.102166","url":null,"abstract":"<div><p>The purpose of our paper is to analyze the market reaction to banks’ sustainable activities, by focusing on the impact of Environmental, Social and Governance (ESG) practices on banks’ profitability and risk-taking. Specifically, we investigate if and to what extent banks with lower ESG scores are considered less profitable and riskier than those characterized by higher ones, and by taking into consideration both the joint and the separate effects of ESG dimensions. Using panel estimation methods on listed global systemically important bank and less significant European banks, over the period 2014–2020, we find that banks with higher ESG scores are perceived as more profitable and less risky by the market, thus supporting the risk mitigation view. Interestingly, our findings reveal that investors behave in the same way, regardless of the size of the bank, when assessing the impact of ESG scores on the bank's return and risk. Our evidence is robust to selection bias and endogeneity concerns. Overall, the results support the ESG regulatory policy on mandatory disclosures of non-financial reporting for larger entities and emphasize the need to enhance its benefits and extend it also to smaller banks.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"68 ","pages":"Article 102166"},"PeriodicalIF":6.5,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135716799","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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