首页期刊导航|Balance sheet: Strategies for risk and balance sheet management
期刊信息/Journal information
Balance sheet: Strategies for risk and balance sheet management
Risk Magazine Ltd.
Balance sheet: Strategies for risk and balance sheet management

Risk Magazine Ltd.

季刊

0965-7967

Balance sheet: Strategies for risk and balance sheet management/Journal Balance sheet: Strategies for risk and balance sheet managementESCI
正式出版
收录年代

    How do green bonds promote common prosperity? Evidence from Chinese prefecture-level cities

    Yang LiuKangyin DongKun WangXiaowen Fu...
    705-722页
    查看更多>>摘要：Purpose The purpose of this study is to examine the impact of green bonds on common prosperity in China. Green bonds have gained significant attention as a means to address financial challenges and promote environmental protection. This research aims to investigate the influence of green bonds on common prosperity by utilizing the system-generalized method of moments (SYS-GMM) and analyzing panel data from prefecture-level cities. The study also explores the theoretical mechanisms and heterogeneous relationships between green bonds and common prosperity, providing valuable guidance for advancing economic and social well-being in China.Design/methodology/approach This study employs a system-generalized method of moments (SYS-GMM) as the methodology to investigate the influence of green bonds on common prosperity in China. Panel data from prefecture-level cities for the period 2014 to 2020 are utilized for analysis. The SYS-GMM approach allows for the examination of dynamic relationships and control of endogeneity issues. By utilizing this methodology, the study aims to provide robust and reliable findings on the impact of green bonds on common prosperity, considering the specific context of China's ecological civilization development and financial challenges faced by energy-saving and environmental protection enterprises.Findings The findings of this research indicate several important outcomes. Firstly, common prosperity in China experienced substantial growth between 2014 and 2020. Secondly, green bonds have demonstrated a clear and positive impact on common prosperity. They contribute to the enhancement of common prosperity by driving industrial structure upgrading and fostering green technology innovation. Lastly, the study reveals that the positive influence of green bonds on common prosperity is particularly pronounced in the western region of China. These findings highlight the significance of green bonds in promoting sustainable economic development and societal well-being.Originality/value This study contributes to the existing literature by examining the impact of green bonds on common prosperity in China, utilizing the system-generalized method of moments (SYS-GMM) and panel data analysis. The research not only adds to the understanding of the relationship between green bonds and economic well-being but also provides insights into the theoretical mechanisms and heterogeneous relationships involved. The findings showcase the positive influence of green bonds on common prosperity, emphasizing their role in addressing financial challenges, promoting environmental protection, and driving sustainable development. The study's conclusions offer valuable guidance for policymakers, financial institutions, and stakeholders in advancing common prosperity in China.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Stock price crash risk research: current trends and future directions

    Anjali SrivastavaRima AssafDharen Kumar PandeyRahul Kumar...
    723-750页
    查看更多>>摘要：Purpose Understanding and mitigating stock price crash risk is vital for investors and regulators to ensure financial market stability. This study aims to unveil significant research trends and opportunities.Design/methodology/approach This study adopts the bibliometric and systematic review approach to analyse 485 Scopus-indexed articles through citation, keyword co-occurrence, bibliographic coupling, and publication analyses and delve into the depth of crash risk literature.Findings This bibliometric review reveals not only a surge in crash risk publications over the last decade but also delineates several emerging thematic threads within this domain. We identify seven distinct themes that have gained prominence in recent literature: bad news hoarding, board characteristics, capital market factors, corporate policies, ownership impact, corporate governance, and external environmental influences on crash risk. This thematic analysis provides a comprehensive overview of the evolving landscape of crash risk research and underscores the multifaceted nature of factors contributing to market instability.Practical implications This study makes a substantial contribution by furnishing a thorough examination of existing studies, pinpointing areas where knowledge is lacking, and shedding light on emerging trends and debates within the crash risk literature.Originality/value This study identifies current research trajectories and propels future exploration into agency perspectives, audit quality, and corporate disclosures within crash risk literature.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Why do firms list their shares in the US? The role of political uncertainty

    Imen GhadhabHamza Nizar
    751-773页
    查看更多>>摘要：Purpose This paper investigates the effect of political uncertainty on the decision to cross-list in the United States (US).Design/methodology/approach To reach our paper aim, we use a sample of 589 non-US firms cross-listed in the US for the period from 2000 to 2019. We perform logit regression and use several political uncertainty proxies, including US election presidential years, political voting margin and the political uncertainty index from Baker et al. (2002), as a continuous measure of general political condition (Francis et al., 2021).Findings We find the following results. Non-US firms are less likely to cross-list their shares when US political uncertainty is high. We also find that the decision to cross-list is driven by price informativeness as a channel that can explain the role of political uncertainty. Our results are robust to the endogeneity concern. In addition, we find that political administration (Democrats vs Republicans) significantly affects the decision to cross-list. More particularly, we show that firms are more likely to cross-list their shares in the US when Democrats win the elections. Moreover, we find that cross-listed firms exhibit lower valuation compared to their non-cross-listed peers when US political uncertainty is high.Originality/value Using a unified framework of non-US firms cross-listed in the US, this paper contributes to different strands of the literature. Our first main contribution adds to the literature on cross-listing by providing, in our knowledge, the first evidence regarding the relation between cross-listing and political uncertainty. We add to the existing literature by showing that US political uncertainty significantly determines the decision to cross-list and value creation for cross-listed firms. Whether and how managers alter their strategic decision behavior in such settings is less clear. Hence, our paper contributes to the literature by documenting how political uncertainty impacts cross-listing decision and shapes management guidance decisions. Second, this study joins a growing body of literature that examines the real impact of economic policy uncertainty (EPU) on economic outcomes. We provide empirical evidence suggesting that cross-listed firms exhibit lower valuation during period of high political uncertainty due to decreased price informativeness.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Examining the impact of market uncertainty on earnings forecasts: an empirical study from Egypt

    Rania PashaHayam WahbaHadia Y. Lasheen
    774-791页
    查看更多>>摘要：Purpose This paper aims to conduct a comparative analysis of the impact of market uncertainty on the degree of accuracy and bias of analysts' earnings forecasts versus four model-based earnings forecasts.Design/methodology/approach The study employs panel regression analysis on a sample of Egyptian listed companies from 2005 to 2022 to examine the impact of market uncertainty on the accuracy and bias of each type of earnings forecast.Findings The empirical analysis reveals that market uncertainty significantly affects analysts’ earnings forecast accuracy and bias, while model-based earnings forecasts are less affected. Furthermore, the Earnings Persistence and Residual Income model-based earnings were found to be superior in terms of exhibiting the least susceptibility to the impact of market uncertainty on their forecast accuracy and biasness levels, respectively.Practical implications The findings have important implications for stakeholders within the financial realm, including investors, financial analysts, corporate executives and portfolio managers. They emphasize the importance of considering market uncertainty when formulating earnings forecasts, while concurrently highlighting the potential benefits of using alternative forecasting methods.Originality/value To our knowledge, the influence of market uncertainty on analysts' earnings forecast accuracy and bias in the MENA region, particularly in the Egyptian market, remains unexplored in existing research. Additionally, this paper contributes to the existing literature by pinpointing the forecasting method, specifically distinguishing between analysts-based and model-based approaches, whose predictive quality is less adversely impacted by market uncertainty in an emerging market.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Bitcoin, Fintech stocks and Asian Pacific equity markets: a dependence analysis with implications for portfolio management

    Emmanuel Joel Aikins AbakahNader TrabelsiAviral Kumar TiwariSamia Nasreen...
    792-839页
    查看更多>>摘要：Purpose This study aims to provide empirical evidence on the return and volatility spillover structures between Bitcoin, Fintech stocks and Asian-Pacific equity markets over time and during different market conditions, and their implications for portfolio management.Design/methodology/approach We use Time-varying parameter vector autoregressive and quantile frequency connectedness approach models for the connectedness framework, in conjunction with Diebold and Yilmaz’s connectivity approach. Additionally, we use the minimum connectedness portfolio model to highlight implications for portfolio management.Findings Regarding the uncertainty of the whole system, we show a small contribution from Bitcoin and Fintech, with a higher contribution from the four Asian Tigers (Taiwan, Singapore, Hong Kong and Thailand). The quantile and frequency analyses also demonstrate that the link among assets is symmetric, with short-term spillovers having the largest influence. Finally, Bitcoins and Fintech stocks are excellent diversification and hedging instruments for Asian equity investors.Practical implications There is an instantaneous, symmetric and dynamic return and volatility spillover between Asian stock markets, Fintech and Bitcoin. This conclusion should be considered by investors and portfolio managers when creating risk diversification strategies, as well as by policymakers when implementing their financial stability policies.Originality/value The study’s major contribution is to analyze the volatility spillover between Bitcoin, Fintech and Asian stock markets, which is dynamic, symmetric and immediate.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Banking-as-a-service? American and European G-SIBs performance

    Faten Ben BouheniMouwafac SidaouiDima LeshchinskiiBryan Zaremba...
    840-869页
    查看更多>>摘要：Purpose The purpose of this study is to investigate how the implementation of digital banking services (mobile applications) by globally systemically important banks (G-SIBs) affects banks’ performance in the USA and Europe from 2005 to 2022.Design/methodology/approach The study employs advanced econometric methods to analyze the link between deposits and banking performance, utilizing linear regressions and multivariate Bayesian regressions.Findings Our results indicate that customer deposits positively impact a bank’s performance after the introduction of the mobile application feature of check deposits, whereas social risk negatively impacts banking financial performance. These findings support the hypothesis that technology implementation improves the profitability and growth of traditional banks.Research limitations/implications While findings are robust econometrically in linear and Bayesian regressions, variables reflecting the digitalization of banks remain limited. For instance, the number of mobile users or the volume of digital transactions per bank since the implementation of the mobile app is not available.Practical implications In a rapidly growing technology and constantly changing customers behaviors, this research has practical implications from bankers’ perspective to continue the technological innovation efforts and from regulators’ perspective to strengthen requirements for the digital banking services.Social implications We provide empirical evidence that including a banking app for smartphones’ users for remote banking services benefit the financial performance of banks. However, the social risk remains significant for banks in terms of customers' satisfaction, data privacy and cybersecurity.Originality/value This paper employs an innovative approach to create a mobile app “discriminatory” factor and examine the relationship between deposits and banks’ performance before and after the introduction of a mobile app for too-big-to-fail banks in Europe and the USA. Additionally, we consider the social risk component of the ESG score, as a bank’s decision to implement mobile applications and technology for its customers potentially affects social risks associated with customer satisfaction and technology usability.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    The determining factors of demand for life insurance: PLS method applied to the case of OECD and MENA countries

    Ines NasriAida BouzirMohamed Hédi Benhadj MbarekSaloua Benammou...
    870-893页
    查看更多>>摘要：Purpose This article provides a comparative analysis of the relationship between insurance and economic growth in the Organization for Economic Cooperation and Development (OECD) and Middle East and North Africa (MENA) regions. The research aims to understand how insurance impacts economic growth in these two regions, highlighting the similarities and differences between them.Design/methodology/approach The study analyzes economic and insurance data from various countries in the OECD and MENA regions over a specific period. It employs the statistical method of Partial Least Squares (PLS) univariate regression to examine the relationships between the variables.Findings The study finds a positive correlation between insurance and economic growth in both regions, though the characteristics and mechanisms differ. In the OECD region, where insurance markets are more developed, insurance is strongly linked to economic growth. In contrast, the MENA region, with lower levels of insurance and a less developed industry, still shows a positive effect of insurance on economic growth. The article also identifies factors specific to the OECD and MENA regions that influence this relationship, such as insurance industry regulation, access to financial services, economic and political stability and cultural and institutional differences.Originality/value The originality of this research lies in its use of the PLS regression method, setting it apart from previous studies in the same field that have typically relied on other econometric techniques.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing

    Investor behavior in crisis: a comparative study of fear-driven downtrends and confidence-led recoveries

    Fernando García-MonleónElena González-RodrigoMaría-Julia Bordonado-Bermejo
    894-914页
    查看更多>>摘要：Purpose The purpose of this research is to investigate the differences between financial crises of fear and confidence and the differential behavior between downtrends and recovery.Design/methodology/approach Five national stock markets have been analyzed – the USA (SP500), China (Hang Seng), Spain (IBEX 35), Japan (Nikkei) and Germany (DAX) – through the evolution of three world economic crises: the mortgage bubble crisis of 2007 in the first place, with special attention to the bankruptcy of Lehman Brothers, which will be treated as an independent crisis process, and the crisis caused by COVID-19. The behavioral finance theory, with the support of the complexity theory in the field of risk management, will establish the different behavioral biases that explain the differences between the two types of crises, fear and confidence, when confronted with risk.Findings Economic crises resulting from a shocking event, addressed as crises of fear in this research, such as Lehman Brothers or COVID-19, are fast-moving; all the economies analyzed show a common pattern of evolution. The difference is found in the recovery periods in which the previous parallelism does not continue. Crisis events that arise from a social context, addressed as crises of trust in this research, follow similar patterns in their evolution; nonetheless, the start date presents higher variations than those originated by a shock. These crises also lack parallelism between fall and recovery.Practical implications Understanding crisis process patterns may help to prevent them and alleviate their effects when they occur.Originality/value Understanding crisis process patterns may help to prevent them and alleviate their effects when they occur. This constitutes an original field of research.
      原文链接:
    • NETL
    • NSTL
    • Emerald Group Publishing