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Int. J. Financial Stud., Volume 10, Issue 4 (December 2022) – 33 articles

Cover Story (view full-size image): Investors decide the best time to take a given action by maximizing their utility function while taking into account current information and the underlying process in the optimal stopping model. Option pricing, sequential analysis, disorder problems, and other problems requiring timed decision making are all examples of this type of problem. A lot of literature has studied optimal stopping models and put forward corresponding solutions. Investors in financial markets must also know when to buy and sell, so timing is crucial. This paper presents a classified review of the literature on optimal stopping models, followed by a summary of the strategies that can be used in financial markets to make investment decisions using optimal stopping methods. View this paper
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14 pages, 897 KiB  
Article
Do Customers Want to Communicate with Insurers on Social Media? An Investigation of the Swiss Market
by Carlo Pugnetti, Johannes Becker and Cristian Zani
Int. J. Financial Stud. 2022, 10(4), 115; https://doi.org/10.3390/ijfs10040115 - 19 Dec 2022
Cited by 1 | Viewed by 2069
Abstract
Social media usage has grown rapidly in recent years, and with it companies’ interest in interacting with their customers on these platforms. It is, however, not yet clear whether customers welcome more intense relationships on social media and what drives this acceptance in [...] Read more.
Social media usage has grown rapidly in recent years, and with it companies’ interest in interacting with their customers on these platforms. It is, however, not yet clear whether customers welcome more intense relationships on social media and what drives this acceptance in more detail. Our research aims at understanding how age, gender, geography, usage, type of platform, personality, and current insurance provider impact customers’ attitudes towards interacting with insurance companies in the Swiss market. We find that age and frequency of use, in particular, impact acceptance, with younger customers much more open to interactions and insurance presence more welcome on more frequently used tools. This is an encouraging result for insurers, as customers tend to welcome them where customers are already frequently present. In addition, insurers can look forward to increasing interaction as younger individuals, who are more open to social media, age into core customers. Social context, on the other hand, plays only a minor role in customer preferences. The current insurance provider plays no significant role, in spite of insurance companies in the sample following widely different approaches to digital offerings and communication. This may be due to the early stage of development of the industry. Full article
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17 pages, 862 KiB  
Article
A Structural Time Series Analysis of the Effect of Quantitative Easing on Stock Prices
by George B. Tawadros and Imad A. Moosa
Int. J. Financial Stud. 2022, 10(4), 114; https://doi.org/10.3390/ijfs10040114 - 11 Dec 2022
Cited by 1 | Viewed by 2412
Abstract
In this paper, a structural time series model is estimated to analyse the effect of quantitative easing (QE) on stock prices for the US, UK and Japan. The model is estimated by maximum likelihood in a time-varying parametric framework, using the DJIA, S&P500, [...] Read more.
In this paper, a structural time series model is estimated to analyse the effect of quantitative easing (QE) on stock prices for the US, UK and Japan. The model is estimated by maximum likelihood in a time-varying parametric framework, using the DJIA, S&P500, NASDAQ, FTSE100 and the NIKKEI225 as the dependent variable and the balance sheet of the respective Central Bank as an explanatory variable, along with the unobserved components that account for the behaviour of other explanatory variables that are not explicitly specified in the model. The results show that QE had a significant but not exclusive effect on the DJIA, S&P500 and the NASDAQ, suggesting that these stock prices are also affected by other missing variables and cyclical movements. However, for the UK and Japan, no effect of QE on the FTSE100 and the NIKKEI225 is found, suggesting that variables other than QE are important for the rise in these stock prices. One plausible explanation for this result is that perhaps QE becomes effective only after a certain threshold level is met. Full article
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16 pages, 1254 KiB  
Article
Relationship between Stock Returns and Trading Volume at the Bourse Régionale des Valeurs Mobilières, West Africa
by Jean-Pierre Gueyie, Mouhamadou Saliou Diallo and Mamadou Fadel Diallo
Int. J. Financial Stud. 2022, 10(4), 113; https://doi.org/10.3390/ijfs10040113 - 8 Dec 2022
Viewed by 2486
Abstract
The objective of this paper is to study the contemporaneous relationship and the dynamic relationship between the stock index return and the trading volume on the Bourse Régionale des Valeurs Mobilières using daily data from 5 January 2015 to 31 October 2022. Estimations [...] Read more.
The objective of this paper is to study the contemporaneous relationship and the dynamic relationship between the stock index return and the trading volume on the Bourse Régionale des Valeurs Mobilières using daily data from 5 January 2015 to 31 October 2022. Estimations are made using the generalized method of moments (GMM) and generalized autoregressive conditional heteroscedasticity or GARCH (1,1) specifications for the contemporaneous regressions and the vector autoregressive specification for the dynamic (causal) relationship. The contemporaneous specifications show that there is no significant relationship between stock returns and trading volume. Neither of the two variables significantly influences the other. Furthermore, the dynamic specification shows a causality running from stock returns to trading volume but the reverse is not true. For the period covered by the study, the results invalidate both the mixture of distribution hypothesis and the sequential information arrival hypothesis and open the way for other considerations such as behavioral models. Full article
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19 pages, 2070 KiB  
Article
ASEAN-5 Stock Price Index Valuation after COVID-19 Outbreak through GBM-MCS and VaR-SDPP Methods
by Hersugondo Hersugondo, Endang Tri Widyarti, Di Asih I Maruddani and Trimono Trimono
Int. J. Financial Stud. 2022, 10(4), 112; https://doi.org/10.3390/ijfs10040112 - 30 Nov 2022
Cited by 1 | Viewed by 3973
Abstract
In the economic globalization era, mainly since 2010, ASEAN countries’ financial and investment sectors have emerged to accelerate economic growth. The driving factor for the financial sector’s contribution is the public’s growing interest in financial asset investment products, of which the most chosen [...] Read more.
In the economic globalization era, mainly since 2010, ASEAN countries’ financial and investment sectors have emerged to accelerate economic growth. The driving factor for the financial sector’s contribution is the public’s growing interest in financial asset investment products, of which the most chosen one in ASEAN is stocks. However, the COVID-19 pandemic at the end of 2019 affected the growth of stock investments, causing market conditions to be unstable. People held back their interest in investing in stocks because they thought this condition would bring significant losses. Therefore, in this study, the ASEAN-5 stock price index was evaluated to analyze the general stock price conditions for each stock market in the new standard era. The valuation included price predictions and risk of loss using the GBM-MCS and VaR-VC models. The results showed that the GBM-MCS model was more accurate than the GBM model because it had a more stable MAPE value. Referring to the VaR-VC value, the prediction of losses in the ASEAN topfive stock markets for 21–25 April 2022 ranged from 1% to 15%. Full article
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12 pages, 292 KiB  
Article
Accrual Management and Firm-Specific Risk
by Yuni Pristiwati Noer Widianingsih, Doddy Setiawan, Y. Anni Aryani and Evi Gantyowati
Int. J. Financial Stud. 2022, 10(4), 111; https://doi.org/10.3390/ijfs10040111 - 30 Nov 2022
Cited by 3 | Viewed by 1953
Abstract
Firm-specific risk causes opinion differences on whether it relates to price informativeness or errors. The main difference is related to the disparity in information transparency. Therefore, this study tests the relationship between accrual management and firm-specific risk based on information transparency. It was [...] Read more.
Firm-specific risk causes opinion differences on whether it relates to price informativeness or errors. The main difference is related to the disparity in information transparency. Therefore, this study tests the relationship between accrual management and firm-specific risk based on information transparency. It was conducted on firms listed on the Indonesia Stock Exchange from 2015 to 2019. The results showed that accrual management positively affects specific risks, which is strengthened by information asymmetry. These results indicate that accrual management has the potential to occur in environments with low transparency or high information asymmetry. Accrual management inhibits actual information, causing errors in stock price assessments that indicate firm-specific risk. This proves that firm-specific risk shows a price error. These results are consistent with previous studies that discretionary accruals can measure earnings quality by considering the firm’s fundamental factors reflected in how non-discretionary accruals affect firm-specific risk. This study shows that risk fluctuates depending on firm-specific information. Full article
30 pages, 1071 KiB  
Article
Risk-Oriented Efficiency Assessment within the Level of Capitalization for Financial Institutions: Evidence from Turkish Securities Firms
by Gokben Cevikcan and Oktay Tas
Int. J. Financial Stud. 2022, 10(4), 110; https://doi.org/10.3390/ijfs10040110 - 29 Nov 2022
Cited by 1 | Viewed by 1598
Abstract
Securities firms are the leading institutions that facilitate the flow of funds by performing key services both in primary and secondary markets. The assessment of the efficiency of these firms has become a contemporary major issue due to the increasingly intense competition, globalization, [...] Read more.
Securities firms are the leading institutions that facilitate the flow of funds by performing key services both in primary and secondary markets. The assessment of the efficiency of these firms has become a contemporary major issue due to the increasingly intense competition, globalization, and innovation in capital markets. As part of the nature of the business environment for such firms, risk-taking behaviors play a key role in their efficiency. In addition, the level of capitalization has become a more critical tool to counterbalance risk and efficiency. Therefore, we aimed to assess the relationship between efficiency, risk, and the level of capitalization in a sample of Turkish securities by covering the detailed data of securities firms between 2004 Q1 and 2021 Q4. After employing a three-stage least-squares method in a panel-data framework, the empirical findings showed that there was a positive and significant relationship between the risk incentive and efficiency in the brokerage industry, which implied that firms can improve their efficiency through a more diversified portfolio. We further report that there was also a positive and significant relationship between securities firms’ risk incentives and capital that could be explained by the higher risky-asset ratio needed for larger amounts of capital to compensate for losses. These results have potentially important implications for the brokerage industry’s prudent supervision and underlined the importance of attaining long-term efficiency gains to support the development of capital markets. Full article
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13 pages, 857 KiB  
Article
The Global Pandemic, Laboratory of the Cashless Economy?
by Jeremy Srouji and Dominique Torre
Int. J. Financial Stud. 2022, 10(4), 109; https://doi.org/10.3390/ijfs10040109 - 26 Nov 2022
Cited by 3 | Viewed by 3923
Abstract
The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency. This article presents [...] Read more.
The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency. This article presents the digital payments and cashless agenda before and after the pandemic, focusing on how the changing payments landscape has influenced the priorities and decisions of regulators, banks and other financial intermediaries, with regards to the future shape of payment systems. It finds that while the pandemic demonstrated the benefits associated with building an advanced, competitive and integrated digital payments eco-system, it has also brought to the forefront more fragmentation than convergence between payment systems in different regions of the world. Full article
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23 pages, 1051 KiB  
Article
Decentralized Finance (DeFi) Projects: A Study of Key Performance Indicators in Terms of DeFi Protocols’ Valuations
by Dominik Metelski and Janusz Sobieraj
Int. J. Financial Stud. 2022, 10(4), 108; https://doi.org/10.3390/ijfs10040108 - 25 Nov 2022
Cited by 13 | Viewed by 11450
Abstract
Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking, investment and trading solutions and provide a viable framework that creates incentives and conditions for the development of an alternative financial services market. In this respect, they can be seen as alternative financial [...] Read more.
Decentralized finance (DeFi) protocols use blockchain-based tools to mimic banking, investment and trading solutions and provide a viable framework that creates incentives and conditions for the development of an alternative financial services market. In this respect, they can be seen as alternative financial vehicles that mitigate portfolio risk, which is particularly important at a time of increasing uncertainty in financial markets. In particular, some DeFi protocols offer an automated, low-risk way to generate returns through a “delta-neutral” trading strategy that reduces volatility. The main financial operations of DeFi protocols are implemented using appropriate algorithms, but unlike traditional finance, where issues of value and valuation are commonplace, DeFis lack a similar value-based analysis. The aim of this study is to evaluate relevant DeFi performance metrics related to the valuations of these protocols through a thorough analysis based on various scientific methods and to show what influences the valuations of these protocols. More specifically, the study identifies how DeFi protocol valuations depend on the total value locked and other performance variables, such as protocol revenue, total revenue, gross merchandise volume and inflation factor, and assesses these relationships. The study analyzes the valuations of 30 selected protocols representing three different classes of DeFi (i.e., decentralized exchanges, lending protocols and asset management) in relation to their respective performance measures. The analysis presented in the article is quantitative in nature and relies on Granger causality tests as well as the results of a fixed effects panel regression model. The results show that the valuations of DeFi protocols depend to some extent on the performance measures of these protocols under study, although the magnitude of the relationships and their directions differ for the different variables. The Granger causality test could not confirm that future DeFi protocol valuations can be effectively predicted by the TVLs of these protocols, while other directions of causality (one-way and two-way) were confirmed, e.g., a two-way causal relationship between DeFi protocol valuations and gross merchandise volume, which turned out to be the only variable that Granger-causes future DeFi protocol valuations. Full article
(This article belongs to the Special Issue The Financial Industry 4.0 Part 2)
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18 pages, 352 KiB  
Article
The Determinants and Impact of Key Audit Matters Disclosure in the Auditor’s Report
by Hidaya Al Lawati and Khaled Hussainey
Int. J. Financial Stud. 2022, 10(4), 107; https://doi.org/10.3390/ijfs10040107 - 23 Nov 2022
Cited by 12 | Viewed by 5167
Abstract
We investigate the determinants of key audit matters (KAMs) in the auditor’s report. In particular, we examine the impact of overlapped audit committee (AC) directors on the quantity of KAMs disclosure. We also examine the consequences of KAMs disclosure. We test to see [...] Read more.
We investigate the determinants of key audit matters (KAMs) in the auditor’s report. In particular, we examine the impact of overlapped audit committee (AC) directors on the quantity of KAMs disclosure. We also examine the consequences of KAMs disclosure. We test to see if the quantity of KAMs disclosure affects audit quality. Oman was among the early adopters of KAMs disclosure requirement. We, therefore, use the content analysis approach to count the number of KAMs disclosed in auditor reports of financial firms listed on the Muscat Stock Market for the period of 2014 to 2019. We use regression models to test our hypotheses. Overlapped audit committee directors are measured as the ratio of AC members who also serve on other committees within the same firm. We use audit fees as a proxy for audit quality. We find that overlapped AC membership positively affects KAMs disclosure due to the knowledge spillover that results from serving on multiple committees. We also find that KAMs disclosure positively affects the quality of external auditing. We make an important and novel contribution to the literature on financial reporting, auditing and corporate governance. We add to the literature by providing the first empirical evidence of the impact of overlapped AC members on KAMs disclosure and the impact of KAMs on the quality of external auditing. The findings provide important policy implications to exceedingly appoint overlapped members on AC to enhance the level of KAMs disclosure, which leads to an improvement in audit quality. Full article
(This article belongs to the Special Issue Advances in Corporate Disclosure Practice)
16 pages, 561 KiB  
Article
Impact of Carbon Tax and Environmental Regulation on Inbound Cross-Border Mergers and Acquisitions Volume: An Evidence from India
by Chandrika Raghavendra, Mahesh Rampilla, Venkata Ramana Thanikella and Isha Gupta
Int. J. Financial Stud. 2022, 10(4), 106; https://doi.org/10.3390/ijfs10040106 - 22 Nov 2022
Cited by 4 | Viewed by 2608
Abstract
Climate change, global warming, and carbon emission are global issues. Countries are strengthening their environmental regulations to mitigate the emission problem. According to the pollution haven hypothesis, rich countries invest in emerging economies where the institutional framework is weak to migrate the emissions. [...] Read more.
Climate change, global warming, and carbon emission are global issues. Countries are strengthening their environmental regulations to mitigate the emission problem. According to the pollution haven hypothesis, rich countries invest in emerging economies where the institutional framework is weak to migrate the emissions. With this background, this study examines the impact of the introduction of the carbon tax in India and environmental regulation restriction distance on India’s inbound cross-border mergers and acquisitions (a form of foreign direct investment) volume using a 979 country-pair-year observation sample. The Tobit regression model findings suggest that carbon tax introduction and environmental regulation distance negatively impact India’s inbound cross-border mergers and acquisitions volume. Furthermore, control of corruption intensifies its impact by effectively moderating them. The results indicate that India can avoid becoming a pollution haven by strengthening its environmental policies and controlling corruption. These results provide insight into strengthening the policies relating to environmental regulations and continuing the efforts required to control corruption in India. Full article
(This article belongs to the Special Issue Mergers and Acquisitions (M&A))
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25 pages, 1438 KiB  
Article
Corporate Cash Holdings and Exposure to Macroeconomic Conditions
by YoungHa Ki and Ramesh Adhikari
Int. J. Financial Stud. 2022, 10(4), 105; https://doi.org/10.3390/ijfs10040105 - 16 Nov 2022
Cited by 4 | Viewed by 2676
Abstract
Determinants of a firm’s cash holdings have been a popular topic of research in finance, especially after the rapid surge in cash holdings for U.S. firms since the 1980s. The wide array of research has focused primarily on firm-specific factors to explain the [...] Read more.
Determinants of a firm’s cash holdings have been a popular topic of research in finance, especially after the rapid surge in cash holdings for U.S. firms since the 1980s. The wide array of research has focused primarily on firm-specific factors to explain the cross-sectional variations but has found insufficient explanatory power for the variations in cash holdings. We incorporate variables for macroeconomic conditions and uncertainty with firm-specific variables. Using 19,223 firms with 213,663 firm-year observations from 1971 to 2019 and introducing five variables for macroeconomic conditions of the Aruoba–Diebold–Scotti index and three variables for macroeconomic and financial uncertainty, we find that a firm’s sensitivity to macroeconomic conditions and uncertainty plays important role in determining the level of cash holdings. We find supportive evidence from the robustness test with the firm’s age that variables for macroeconomic variables have an impact on the level of cash holdings irrespective of the firm’s age. Full article
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22 pages, 1334 KiB  
Article
Conciseness, Financial Disclosure, and Market Reaction: A Textual Analysis of Annual Reports in Listed Chinese Companies
by Fahd Alduais, Nashat Ali Almasria, Abeer Samara and Ali Masadeh
Int. J. Financial Stud. 2022, 10(4), 104; https://doi.org/10.3390/ijfs10040104 - 9 Nov 2022
Cited by 6 | Viewed by 2743
Abstract
The purpose of this study was to examine the relationship between the conciseness and complexity of financial disclosures and market reactions, using the annual reports of Chinese-listed B-share companies over the period 2006–2018. We employed a set of statistical methods that were derived [...] Read more.
The purpose of this study was to examine the relationship between the conciseness and complexity of financial disclosures and market reactions, using the annual reports of Chinese-listed B-share companies over the period 2006–2018. We employed a set of statistical methods that were derived from other fields, such as computational and event studies, in order to derive the English annual reports of Chinese-listed companies, as well as to obtain other key financial indicators from the CSMAR database. Markets react significantly to increased report length, which means that managers that present poor returns with manipulated financial reports could be hiding poor returns. Additionally, the findings of this study are robust to additional tests that use alternative proxies. Furthermore, the results of this paper reinforce the hypothesis that the readability of financial reports affects financial market response. The results indicate that more complex financial reports are correlated with lower current returns, and negatively affect the expectations of future returns. For the purposes of avoiding the effects of the coronavirus pandemic on the results, we utilized data up to 2018. In light of this circumstance, we recommend that future research be conducted that compares results from before and after the coronavirus pandemic. The findings of our study have important implications for regulators, managers, and investors. Investors should obtain relevant information through annual reports; therefore, the importance of style is less relevant. Managers should be encouraged to write their annual reports more concisely. This study concluded that these reports are significant outputs of firms, and are widely read by investors. The study also provides empirical evidence of market reactions that are associated with readability and earnings, as well as with surprise earnings; thus, the complexity of annual reports provided by a variety of investors, using computational and event analysis, should be reduced. Full article
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10 pages, 258 KiB  
Article
Holiday Effect and Stock Returns: Evidence from Stock Exchanges of Gulf Cooperation Council
by Prakash Pinto, Shakila Bolar, Iqbal Thonse Hawaldar, Aleyamma George and Abdelrhman Meero
Int. J. Financial Stud. 2022, 10(4), 103; https://doi.org/10.3390/ijfs10040103 - 8 Nov 2022
Cited by 1 | Viewed by 1896
Abstract
One of the prominent types of calendar anomalies includes holiday effects, where stocks show abnormally higher mean returns on the days prior to holidays in comparison to other trading days. The current study investigates the existence of holiday effects in the stock exchanges [...] Read more.
One of the prominent types of calendar anomalies includes holiday effects, where stocks show abnormally higher mean returns on the days prior to holidays in comparison to other trading days. The current study investigates the existence of holiday effects in the stock exchanges of the Gulf Co-operation Council, namely, Kuwait, Bahrain, Qatar, Oman, Saudi Arabia, and the United Arab Emirates for the period between January 2009 and December 2020. The national holidays that are considered for the study are New Year’s Day, Mawlid al-Nabi (Prophet birthday), Eid-Al-Isra Wal Miraj, Eid-Al-Fitr, National Day, Hegire Day (Islamic New Year), and Christmas Day. The study employs descriptive statistics and the non-parametric Mann–Whitney U test. The findings of the study disclosed the significant pre-holiday mean returns for ADSMI, BHSEASI, DFMGI, MSM30, TASI and FTDKUW, whereas significant post-holiday mean returns were found only in MSM30 and TASI. The study provided evidence for the presence of a calendar anomaly like holiday effects in the major indices of the Gulf Co-operation Council and proved the market was not in an efficient form during the study period. Full article
14 pages, 295 KiB  
Article
The Size Anomaly in Islamic Stock Indices: A Stochastic Dominance Approach
by Osamah AlKhazali, Hooi Hooi Lean and Taisier Zoubi
Int. J. Financial Stud. 2022, 10(4), 102; https://doi.org/10.3390/ijfs10040102 - 1 Nov 2022
Viewed by 1391
Abstract
This paper examines whether small Islamic firms’ returns stochastically dominate (outperform) the returns of large Islamic firms using Ascending and Descending Stochastic Dominance (ASD and DSD) approaches. In other words, we investigate the size anomaly in Islamic equity indices. We use global, European, [...] Read more.
This paper examines whether small Islamic firms’ returns stochastically dominate (outperform) the returns of large Islamic firms using Ascending and Descending Stochastic Dominance (ASD and DSD) approaches. In other words, we investigate the size anomaly in Islamic equity indices. We use global, European, Asian/Pacific, and US Islamic equity indices from 1996 to 2019. For risk-averse investors, we find that small-size portfolios of Islamic indices ASD outperform large-sized portfolios in Asia/Pacific and Europe, while the opposite is true in the Dow Jones and the US. For risk-seeking investors, we find that small-sized portfolios of Islamic indices DSD outperform large-sized portfolios in the Dow Jones and the US, while the opposite is true in Asia/Pacific and Europe. We conclude that a size anomaly is present, and Islamic stock indices are inefficient in the semi-strong form. The results of this study should assist those who are interested in investing in Islamic equity markets in building their investment portfolios. Full article
24 pages, 2357 KiB  
Article
Financial Uncertainty from a Dual Shock at Global Level–Insights from Kuwait
by Talal A. N. M. S. Alotaibi and Lucía Morales
Int. J. Financial Stud. 2022, 10(4), 101; https://doi.org/10.3390/ijfs10040101 - 31 Oct 2022
Viewed by 1971
Abstract
Global stock markets experienced a dual shock in 2020 due to the impact of the global health crisis, parallel to a simultaneous shock derived from the Saudi Arabia and Russia oil price war. The dual shock fueled oil market volatility with lasting effects [...] Read more.
Global stock markets experienced a dual shock in 2020 due to the impact of the global health crisis, parallel to a simultaneous shock derived from the Saudi Arabia and Russia oil price war. The dual shock fueled oil market volatility with lasting effects as the global economy is immersed in an energy crisis combined with high inflationary pressures exacerbated by heightened energy costs. This research paper implemented GARCH and FIGARCH models on daily returns from 31 December 2015, to 9 December 2021, to examine volatility persistence and long memory processes. The world’s most prominent economies are represented by the G7, E7 and the GCC stock markets. Particular attention was devoted to the case of Kuwait as an example of a small oil-dependent economy. The research findings suggest evidence of volatility persistence across the markets, as reported by the GARCH (1,1) model. The FIGARCH (1,1) did not offer significant evidence of long memory processes except for the cases of FTSE 100, BIST 100, IDEX, BSE 100 and Bahrain. Full article
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15 pages, 927 KiB  
Article
Inappropriate Corporate Strategies: Latin American Companies That Increase Their Value by Short-Term Liabilities
by Jorge Feregrino, Juan Felipe Espinosa-Cristia, Nelson Lay and Luis Leyton
Int. J. Financial Stud. 2022, 10(4), 100; https://doi.org/10.3390/ijfs10040100 - 30 Oct 2022
Cited by 3 | Viewed by 1882
Abstract
This study seeks to understand the financing strategy used by companies listed on the Mexican Stock Exchange (BVM), the São Paulo Stock Exchange (VVSP), and the Santiago Stock Exchange (BCS). To this end, the data observed in the Economática database for a sample [...] Read more.
This study seeks to understand the financing strategy used by companies listed on the Mexican Stock Exchange (BVM), the São Paulo Stock Exchange (VVSP), and the Santiago Stock Exchange (BCS). To this end, the data observed in the Economática database for a sample of 29 companies were considered. Then, through a long panel data model, the study concludes that in the organizations reviewed, there is a degree of association between the variables “short-term liabilities” and “share price”, as the former increases by 1%, and the value of the shares increases by 0.09% in the subsequent period. This confirms a procyclical financial leverage. Full article
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15 pages, 967 KiB  
Article
Improving Returns on Strategy Decisions through Integration of Neural Networks for the Valuation of Asset Pricing: The Case of Taiwanese Stock
by Yi-Chang Chen, Shih-Ming Kuo, Yonglin Liu, Zeqiong Wu and Fang Zhang
Int. J. Financial Stud. 2022, 10(4), 99; https://doi.org/10.3390/ijfs10040099 - 27 Oct 2022
Cited by 1 | Viewed by 1909
Abstract
Most of the growth forecasts in analysts’ evaluation reports rely on human judgment, which leads to the occurrence of bias. A back-propagation neural network (BPNN) is a financial technique that learns a multi-layer feedforward network. This study aims to integrate BPNN and asset [...] Read more.
Most of the growth forecasts in analysts’ evaluation reports rely on human judgment, which leads to the occurrence of bias. A back-propagation neural network (BPNN) is a financial technique that learns a multi-layer feedforward network. This study aims to integrate BPNN and asset pricing models to avoid artificial forecasting errors. In terms of evaluation, financial statements and investor attention were used in this case study, demonstrating that modern analysts should incorporate the evaluation advantages of big data to provide more reasonable and rational investment reports. We found that assessments of revenue, index returns, and investor attention suggest that stock prices are prone to undervaluation The levels of risk-taking behaviors were used in the classification of robustness analysis. This study showed that when betas range from 1% to 5%, both risk-taking levels of investors can hold buying strategies for the long term. However, for lower risk-taking preferences, only when the change exceeds 10 percent, the stock price is prone to overvaluation, indicating that investors can sell or adopt a more cautious investment strategy. Full article
(This article belongs to the Special Issue Financial Econometrics and Machine Learning)
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29 pages, 472 KiB  
Article
How Do Banking Characteristics Influence Companies’ Debt Features and Performance during COVID-19? A Study of Portuguese Firms
by Pedro Manuel Nogueira Reis and António Pedro Soares Pinto
Int. J. Financial Stud. 2022, 10(4), 98; https://doi.org/10.3390/ijfs10040098 - 19 Oct 2022
Cited by 2 | Viewed by 2120
Abstract
This paper investigates how bank characteristics (market share, principal shareholders, profitability, and size), and the gender of the company’s board members, along with their supervisory abilities, influence the firm’s performance, cost of debt, and leverage. We extracted relevant data from a sample of [...] Read more.
This paper investigates how bank characteristics (market share, principal shareholders, profitability, and size), and the gender of the company’s board members, along with their supervisory abilities, influence the firm’s performance, cost of debt, and leverage. We extracted relevant data from a sample of nearly 18,300 Portuguese companies in 2020 (the pandemic year) to build our model with all the main explanatory variables; then, through the least absolute shrinkage and selection operator estimation, we reduced the variables. The robust ordinary least-squares standard-errors approach was applied by company size. Our findings allowed us to observe the crucial negative role of multiple bank relations, but only on the returns of small companies. A decrease in bank relations led to an increase in debt cost and reduced leverage across larger companies. Profitable banks generate higher company returns, mainly for small companies. Furthermore, the better-informed bank shareholders (management, institutional, or government) persuaded the banks to charge higher interest rates, resulting in a higher leverage ratio for companies of average size. Female board members tended to vote for lower debt ratios due to greater risk aversion, while the opposite was true of male board members. The supervisory capacity of the board in the area of bank relations showed a more substantial link with the increased financing costs of small companies. In brief, bank characteristics and board gender were strongly associated with the financial aggregates of companies relative to their size. This work contributes to the literature by using new bank characteristics and an original variable representing board ability to cope with bank relations. To the best of our knowledge, this is the first study to determine the association of the above characteristics in the Portuguese market relative to company size, and their impact on profitability, cost of debt, and leverage. The company board and banking systems should evaluate the impact of their decisions on corporate activity and make necessary adjustments. Full article
(This article belongs to the Special Issue Diversity in Global Finance)
26 pages, 518 KiB  
Article
Market Reaction to Local Attention around Earnings Announcements in China: Evidence from Internet Search Activity
by Qian Chen, Xiang Gao, Jianming Mo and Zhouling Xu
Int. J. Financial Stud. 2022, 10(4), 97; https://doi.org/10.3390/ijfs10040097 - 13 Oct 2022
Cited by 1 | Viewed by 1955
Abstract
The existing literature shows that, due to locality and familiarity, spatial investor–firm adjacency plays a key role in determining stock investor attention, as proxied by the location where investors initiate an Internet search of the ticker symbol. This paper investigates whether Chinese stock [...] Read more.
The existing literature shows that, due to locality and familiarity, spatial investor–firm adjacency plays a key role in determining stock investor attention, as proxied by the location where investors initiate an Internet search of the ticker symbol. This paper investigates whether Chinese stock markets exhibit the same pattern observed in the U.S. market—demand for a firm’s information can exert strong effects on the stock market response during earnings announcements of the firm. Specifically, for each Chinese publicly listed firm, this paper constructs a dynamic local attention ratio that divides the search volume generated within the province where the firm is registered by the contemporaneous nationwide search volume consisting of 31 provinces in total. During 2011–2018 in China’s A-share market, it was found that the local attention measure leads the market response around annual earnings announcement dates. For firms with higher local attention, trading is more active before the announcement, and the price changes can better predict incoming earnings news. At the announcement, while trading remains active, the predictivity of price changes for earnings becomes weaker. Furthermore, we only found evidence that supports the local information advantage argument in explaining the locality of Chinese investors’ attention. Full article
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23 pages, 385 KiB  
Article
Optimal Stopping Methods for Investment Decisions: A Literature Review
by Zhenya Liu and Yuhao Mu
Int. J. Financial Stud. 2022, 10(4), 96; https://doi.org/10.3390/ijfs10040096 - 13 Oct 2022
Viewed by 2501
Abstract
Investors decide the best time to take a given action by maximizing their utility function while taking into account current information and the underlying process in the optimal stopping model. Option pricing, sequential analysis, disorder problems, and other problems requiring time decision-making are [...] Read more.
Investors decide the best time to take a given action by maximizing their utility function while taking into account current information and the underlying process in the optimal stopping model. Option pricing, sequential analysis, disorder problems, and other problems requiring time decision-making are all examples of this type of problem. A lot of literature has studied optimal stopping models and put forward the corresponding solutions. Investors in financial markets must also know when to buy and sell, so timing is crucial. This paper presents a classified review of the literature on optimal stopping models, followed by a summary of the strategies that can be used in financial markets to make investment decisions using optimal stopping methods. Full article
18 pages, 2072 KiB  
Article
Volatility Spillover Effects of the US, European and Chinese Financial Markets in the Context of the Russia–Ukraine Conflict
by Mohamed Beraich, Karim Amzile, Jaouad Laamire, Omar Zirari and Mohamed Amine Fadali
Int. J. Financial Stud. 2022, 10(4), 95; https://doi.org/10.3390/ijfs10040095 - 12 Oct 2022
Cited by 21 | Viewed by 4194
Abstract
The present study aims to investigate the volatility spillover effects in the international financial markets before and during the Russia–Ukraine conflict. The subject of this paper is the study of the influence of the recent war between Russia and Ukraine on the transmission [...] Read more.
The present study aims to investigate the volatility spillover effects in the international financial markets before and during the Russia–Ukraine conflict. The subject of this paper is the study of the influence of the recent war between Russia and Ukraine on the transmission of volatility between the American, European and Chinese stock markets using the DY methodology. The sample period for daily data is from 1 June 2019 to 1 June 2022, excluding holidays. The volatility spillover index increased during the war period, but this increase remains insignificant compared to that recorded during the COVID-19 pandemic crisis. According to the empirical results, we also found varying levels of dependence and spillover effects between the European, American and Chinese stock indices before and during the Russia–Ukraine conflict. Full article
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14 pages, 667 KiB  
Article
Being Naked - et Quo hinc?: Developing a ‘Skin-in-the-Game’ Solution for Credit Default Swaps
by Shanuka Senarath, Pelma Rajapakse, Jan Job de Vries Robbé, Naveen Wickremeratne and Maduka Subasinghage
Int. J. Financial Stud. 2022, 10(4), 94; https://doi.org/10.3390/ijfs10040094 - 10 Oct 2022
Cited by 1 | Viewed by 1372
Abstract
A credit default swap (CDS) is a derivative financial instrument that provides insurance against credit risk. CDSs on subprime Asset Backed Securities (ABSs) paved the way for securitizers to hedge the credit risk of the underlying subprime loans during the onset of the [...] Read more.
A credit default swap (CDS) is a derivative financial instrument that provides insurance against credit risk. CDSs on subprime Asset Backed Securities (ABSs) paved the way for securitizers to hedge the credit risk of the underlying subprime loans during the onset of the Global Financial Crisis (GFC). Thus, mortgage originators were least concerned about the quality of loans they securitize since they could hedge the default risk via CDS, paving way to a moral hazard concern. We argue that the core issue pertaining to CDSs, moral hazards, remains unattended even after a decade since the GFC. This paper, utilizing a lexonomic approach embedded in the second-best efficiency criteria, examines the mechanism behind a CDS and develops a regulatory framework with the view of minimizing moral hazards associated with CDSs. Our analysis indicates that incorporating an ‘excess’ on CDSs may minimize moral hazards, since originators are compelled to bear part of the risk associated with assets they create. Full article
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18 pages, 326 KiB  
Article
Impact of Bank Efficiency on the Profitability of the Banks in India: An Empirical Analysis Using Panel Data Approach
by Suzan Dsouza, Mustafa Raza Rabbani, Iqbal Thonse Hawaldar and Ajay Kumar Jain
Int. J. Financial Stud. 2022, 10(4), 93; https://doi.org/10.3390/ijfs10040093 - 5 Oct 2022
Cited by 9 | Viewed by 5820
Abstract
This study aims to determine the impact of banking efficiency on the profitability of the Indian banking division. The ratios (key variables) used in the study are mentioned by the Reserve Bank of India—RBI (Central bank of India). Through a quantitative approach, pooled [...] Read more.
This study aims to determine the impact of banking efficiency on the profitability of the Indian banking division. The ratios (key variables) used in the study are mentioned by the Reserve Bank of India—RBI (Central bank of India). Through a quantitative approach, pooled panel regression, univariate analysis, correlation, and descriptive statistics models are used by taking annual data of the Indian banking division from 2001 to 2020 available on the Thomson Reuters (Refinitiv) Database. Unbalanced cross-sectional data (panel data) comprising 527 bank-year observations for 33 Indian banks were studied. It was decided to evaluate the impact of efficiency (cost to income ratio and staff expenses to total expenses ratio) on the profitability (return on assets and net interest margin ratio) of the banks from the Indian banking division. The results revealed that the cost to income ratio has a significant negative impact on the bank return on assets and net interest margin ratio. The staff expenses to total expenses ratio has a significant positive impact on the bank return on assets and a positive nonsignificant impact on the bank net interest margin ratio. Full article
19 pages, 655 KiB  
Article
FinTech Entrepreneurial Ecosystems: Exploring the Interplay between Input and Output
by Ekaterina Koroleva
Int. J. Financial Stud. 2022, 10(4), 92; https://doi.org/10.3390/ijfs10040092 - 2 Oct 2022
Cited by 5 | Viewed by 2667
Abstract
This paper aims to examine the interplay between the attributes of the FinTech ecosystem (input) and productive entrepreneurship (output) in Russian regions. A survey was used to gather data from FinTech representatives in ten selected regions located in Russia. The acquired responses allowed [...] Read more.
This paper aims to examine the interplay between the attributes of the FinTech ecosystem (input) and productive entrepreneurship (output) in Russian regions. A survey was used to gather data from FinTech representatives in ten selected regions located in Russia. The acquired responses allowed measuring the FinTech ecosystem attributes by calculating the FinTech ecosystem index. Correlation analysis was used to analyse the association between the FinTech ecosystem index and productive entrepreneurship, as measured by the number of FinTechs. Data envelopment analysis was used to determine regions with more productive entrepreneurship given the ecosystem attributes. The FinTech ecosystem index defines a similar environment in the analysed regions for financial sector entrepreneurship. The regions have high values of physical infrastructure, demand, and talent, while new knowledge and networks appear as weaknesses. Still, Moscow has the highest and Chelyabinsk the lowest FinTech ecosystem index. There appears a positive link between FinTech ecosystem attributes and productive entrepreneurship. The Moscow and Chelyabinsk regions are also revealed as the regions that effectively create an environment for productive entrepreneurship from the position of the Fintech ecosystem index. This study contributed to the existing literature by measuring FinTech ecosystem attributes and productive entrepreneurship, investigating the relationship between them and determining the territories with productive entrepreneurship. It also contributed to Russian FinTech literature by being the first to measure the environment for financial sector entrepreneurship. Full article
(This article belongs to the Special Issue The Financial Industry 4.0 Part 2)
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10 pages, 309 KiB  
Article
The Role of Motivated Financial Institutions on Community Currencies Loans
by Rodrigo de Oliveira Leite, Layla dos Santos Mendes, Roberto Tommasetti, Vinicius Mothe Maia and Rodrigo Soto Larrain
Int. J. Financial Stud. 2022, 10(4), 91; https://doi.org/10.3390/ijfs10040091 - 2 Oct 2022
Viewed by 1691
Abstract
Community currencies have recently emerged as tools for assisting the disadvantaged. In order to make a contribution to the larger field of community currencies, the purpose of this research is to investigate how a financial institution evaluates community currency lending. We show, using [...] Read more.
Community currencies have recently emerged as tools for assisting the disadvantaged. In order to make a contribution to the larger field of community currencies, the purpose of this research is to investigate how a financial institution evaluates community currency lending. We show, using an adverse selection model, the importance of the role of motivated financial institutions in the effectiveness of community currency loans for small entrepreneurs. If those institutions are unmotivated, the market collapses, and only traditional loans are offered. Additionally, if there is enough intrinsic motivation, the size of the loans also increases, which is beneficial to the borrowers. Finally, this paper emphasizes the importance of subsidies in this sector, which act as catalysts by increasing the likelihood that community currency loans will be offered, as well as increasing loan sizes. Full article
20 pages, 689 KiB  
Article
Examining the Factors Affecting the Adoption of Blockchain Technology in the Banking Sector: An Extended UTAUT Model
by Rabindra Kumar Jena
Int. J. Financial Stud. 2022, 10(4), 90; https://doi.org/10.3390/ijfs10040090 - 30 Sep 2022
Cited by 36 | Viewed by 6969
Abstract
Technology innovation has dramatically transformed banks over time. Digital innovation in the banking sector began with the introduction of money to replace barter systems, and then gradually replaced wax seals with digital signatures. One such disruptive innovation that is transforming the banking sector [...] Read more.
Technology innovation has dramatically transformed banks over time. Digital innovation in the banking sector began with the introduction of money to replace barter systems, and then gradually replaced wax seals with digital signatures. One such disruptive innovation that is transforming the banking sector around the world is blockchain technology (BCT). The banking sector in India has also started adopting blockchain technology in various financial transactions. However, they are encountering some difficulties in adapting to and implementing this new technology. The successful and speedy adoption of blockchain in banking largely depends on the users’ intention to use the services. Therefore, this study extended “the unified theory of acceptance and use of technology” (UTAUT) to understand the significant predictors of the bankers’ intention to use blockchain technology. The data was collected from leading banking institutions and FinTech firms in the country to empirically test and validate the extended model. The results found that facilitating conditions, performance expectancy, and initial trust, are the significant antecedents to predicting the bankers’ intention to use blockchain in banking transactions. The study also established the significant mediating role of initial trust in predicting usage intention to use blockchain. This study’s results would help government authorities, decision-makers, and technocrats to improve banking instructions for the speedy and smooth adoption of blockchain technology. The study suggested an extended UTAUT model that incorporates contextual factors based on the scope and usage of blockchain in Indian banking activities. The study helped to identify the key factors influencing blockchain adoption among Indian bankers. The proposed model and the findings make more sense in promoting the adoption of blockchain in the Indian banking sector. Full article
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16 pages, 460 KiB  
Article
Working Capital Management and Shareholder’s Wealth Creation: Evidence from Manufacturing Companies Listed in Oman
by Shrikant Krupasindhu Panigrahi, Maryam Juma Al Farsi, Sumathi Kumaraswamy, Muhammad Waris Ali Khan and Faisal Rana
Int. J. Financial Stud. 2022, 10(4), 89; https://doi.org/10.3390/ijfs10040089 - 28 Sep 2022
Cited by 5 | Viewed by 4287
Abstract
Working capital management (WCM) is a key factor in the success of manufacturing companies when credit is restricted, as is the case in the current climate caused by the COVID-19 crisis. The main purpose of this paper is to investigate the relationship between [...] Read more.
Working capital management (WCM) is a key factor in the success of manufacturing companies when credit is restricted, as is the case in the current climate caused by the COVID-19 crisis. The main purpose of this paper is to investigate the relationship between working capital management, earnings quality, sales growth, and shareholders’ wealth of listed manufacturing firms in Oman. The study used balanced panel data of 31 manufacturing firms listed on the Muscat Stock Exchange (MSE) from 2004 to 2019. The study reveals that days in working capital, cash conversion cycle, payable deferred period, sales growth, and earnings quality positively affects shareholder’s wealth proxied by the return on assets, whereas, days in working capital have a negative effect on return on assets. Similarly, working capital management was found to have no influence on the earnings per share (EPS). It was also documented that sales growth and earnings quality positively impacted EPS. The study concluded that improving sales growth and earnings quality would result in shareholders’ wealth creation. The results are helpful to manufacturing companies to improve their business performance and social welfare through a direct and indirect chain of raising investments, pay, and production scales. This study adds knowledge to the body of literature on working capital management, earnings quality, and sales growth in the areas of methodology, the impact of WCM components on manufacturing firms’ shareholder value, and socioeconomic evidence from Oman. Full article
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18 pages, 4827 KiB  
Article
Management Accounting Practices in the Hospitality Industry: The Portuguese Background
by Filipa Campos, Conceição Gomes, Lucília Cardoso and Luís Lima Santos
Int. J. Financial Stud. 2022, 10(4), 88; https://doi.org/10.3390/ijfs10040088 - 28 Sep 2022
Cited by 1 | Viewed by 3154
Abstract
Background: Despite the increase in tourism revenues, management in the hospitality industry faces constant challenges for profit maximization. In this way, the aim of this study is to analyze management accounting (MA) research applied to the Portuguese hospitality industry, identifying all the practices [...] Read more.
Background: Despite the increase in tourism revenues, management in the hospitality industry faces constant challenges for profit maximization. In this way, the aim of this study is to analyze management accounting (MA) research applied to the Portuguese hospitality industry, identifying all the practices mentioned by authors studying the same theme in the rest of the world. Methods: fifty-two studies were obtained and used between 2010 and 2021 for data assessment through bibliometric review, which involved both quantitative and qualitative methods of analysis. To achieve the objectives, studies were selected according to the MA practices identified by several authors for the global hospitality industry. Results: the results highlight the importance of increasing research on MA practices in the hospitality industry to empower management and smooth out the differences between their use. Currently, the emphasis is on hotel ratios and indicators, budgeting, and benchmarking. Conclusions: The adoption of MA practices is decisive for the success of hotel companies. This study evidenced the increasing use of some hotel MA practices over the years and made it possible to assess the development of these practices in Portugal, since to date no other author has produced a bibliometric review on this topic. Full article
(This article belongs to the Special Issue Financing Sport and Leisure: Contemporary Issues and Prospects)
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23 pages, 566 KiB  
Article
CSR Disclosures, CSR Awards and Corporate Governance as Determinants of the Cost of Debt: Evidence from Malaysia
by Shyamala Dhoraisingam Samuel, Sakthi Mahenthiran and Ravindran Ramasamy
Int. J. Financial Stud. 2022, 10(4), 87; https://doi.org/10.3390/ijfs10040087 - 27 Sep 2022
Cited by 6 | Viewed by 3618
Abstract
The current study examines the relationship between corporate social responsibility (CSR) disclosures, media announcements of CSR awards and a firm’s cost of debt in Malaysia. The sample consists of 104 Malaysian publicly listed companies belonging to the Edge Billion Ringgit Club between 2009 [...] Read more.
The current study examines the relationship between corporate social responsibility (CSR) disclosures, media announcements of CSR awards and a firm’s cost of debt in Malaysia. The sample consists of 104 Malaysian publicly listed companies belonging to the Edge Billion Ringgit Club between 2009 to 2015. The study uses panel data regression analysis and the ordinary least squares estimation method. The results find that the interaction between CSR disclosures and winning awards for a company’s CSR initiatives and practices lowers the cost of debt. Our study concludes that, when a company discloses more information on its CSR initiatives and practices, it reduces the cost of debt. Thus, we argue that CSR disclosures and awards can act as proxies for branding listed firms, making them more marketable and allowing them to negotiate better debt contracts. However, the study shows that politically connected companies have a higher debt cost than non-politically connected firms. Furthermore, our results indicate that smaller boards are effective, but audit committees are not effective in monitoring the board of directors in Malaysian listed firms. Full article
(This article belongs to the Collection Corporate Social Responsibility in Finance)
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26 pages, 3628 KiB  
Article
CSR in Professional Football in Times of Crisis: New Ways in a Challenging New Normal
by Severin J. S. Oeckl and Stephen Morrow
Int. J. Financial Stud. 2022, 10(4), 86; https://doi.org/10.3390/ijfs10040086 - 22 Sep 2022
Cited by 4 | Viewed by 5152
Abstract
While corporate social responsibility (CSR) activities are well-established among football clubs, COVID-19 challenged clubs’ capacity and commitment to continue delivering in times of crisis. Focusing on Scottish Professional Football League (SPFL) Premiership clubs and their charitable foundations, we examined challenges presented by restrictions [...] Read more.
While corporate social responsibility (CSR) activities are well-established among football clubs, COVID-19 challenged clubs’ capacity and commitment to continue delivering in times of crisis. Focusing on Scottish Professional Football League (SPFL) Premiership clubs and their charitable foundations, we examined challenges presented by restrictions and limited resources and how these impacted the decision making of CSR managers, as well as their prioritisation of projects undertaken. Qualitative research methods were applied in a two-step process. A content analysis drawing on publicly available resources provided a holistic overview of the CSR landscape in Scottish football. Subsequent semi-structured interviews with CSR managers of four clubs’ foundations offered detailed insights into crisis response. We found that resource limitations resulted primarily in operational rather than financial difficulties. To remain functional and consistent with their motives, foundations initiated new ways to address target groups’ social needs. Specifically, delivery shifted towards direct help and short-term support. While foundations continued to benefit from being associated with the parent football club, autonomy from the club was a critical success factor intensifying stakeholder relationships and community links. COVID-19-related disruptive factors resulted in more rapid decision making and greater empowerment of operational staff. Lessons learned have potential implications for CSR management post-pandemic. Full article
(This article belongs to the Special Issue Financing Sport and Leisure: Contemporary Issues and Prospects)
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