首页期刊导航|Emerging markets finance & trade
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Emerging markets finance & trade
M.E. Sharpe
Emerging markets finance & trade

M.E. Sharpe

双月刊

1540-496X

Emerging markets finance & trade/Journal Emerging markets finance & trade
正式出版
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    Effect of Country Governance on Cross-Border Renewable Energy Investment and Climate Actions in Emerging Countries

    Moau Yong TohAli AlbadaSin Huei Ng
    3813-3827页
    查看更多>>摘要：This study investigates the effect of country governance on climate actions, specifically climate-change mitigation and adaptation, through cross-border renewable energy investment (CB-REI). Using data from 74 emerging countries from 2008 to 2019, we find that the control of corruption, regulatory quality, citizens' voices and accountability are the key governance pillars that attract CB-REI, which enhances climate actions. Heterogeneity analyses reveal that the CB-REI channel effect is more evident in countries with higher governance quality and carbon emission levels. This study offers policy implications pertaining to governance-related obstacles for CB-REI in emerging countries and their transition toward low-emissions, climate-resilient pathways.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Revealing the Default Risks in MSMEs Financial Leasing:Identification and Underlying Mechanism

    Jun RenShengxian GaoDongliang Pan
    3828-3841页
    查看更多>>摘要：We explored the default risk of small and medium-sized financial leasing businesses in China based on real transactions of a Chinese financial leasing company from 2018 to 2021. The results show that there Is a negative relationship between the financing scale and the default risk of lessee companies. The management cost of financial leasing business moderates the relationship between the business scale and the risk of overdue default. In addition, the improvement of industry competition is expected to select financially sound MSMEs for lessees. These enterprises have demonstrated higher risk resistance in obtaining large-scale financial leasing services. We provide novel insights into the risk management of Chinese financial leasing companies and offer policy recommendations for regulation and development.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    COVID-19 Pandemic, Corporate Investment and the Real Option Value

    Chao YanZiyi ZhangYi Feng
    3842-3865页
    查看更多>>摘要：The outbreak of COVID-19 has a huge negative impact on the firms' business activities. This paper investigates the effects of COVID-19 pandemic on corporate investment and firm value from the real option perspective. Based on the real options-based model (ROM) proposed by Zhang (2000), we find that COVID-19 crisis accelerates low-profitability firms to reduce investment and exercise put options timely, thereby increasing the value of put options. This finding mainly exists in areas where the COVID-19 pandemic was worse and firms that did not receive government subsidies related to COVID-19. We also find that the value of put options is more pronounced for non-state-owned enterprises and firms with higher internal control quality. However, we do not find the change of growth option value of high-profitability firms during the COVID-19, which indicates that it is difficult for high-profitability firms to grasp the investment expansion opportunities under the pandemic. Our study sheds light on the applicability of ROM and the importance of real option in firm valuation under the major public emergencies.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Capital Market Opening and ESG Performance

    Peidong DengJun WenWei HeYin-E Chen...
    3866-3876页
    查看更多>>摘要：This research uses a quasi-natural experiment of the Shanghai-Hong Kong Stock Connect trading system and takes 2011 -2019 A-share listed companies as the sample to construct a DID model that empirically proves the improvement effect of capital market opening on corporate ESG performance through external monitoring mechanisms. This effect is also heterogeneous due to firm characteristics. This study presents the Shanghai-Hong Kong Stock Connect trading system as a breakthrough, reveals the mechanism of capital market opening on ESG, and provides new empirical evidence for the study of micro-firm behavior.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Impact of Local Government Competition and Land Finance on Haze Pollution: Empirical Evidence from China

    Jianhong CaoSiong Hook LawDesheng WuXiaodong Yang...
    3877-3899页
    查看更多>>摘要：Taking 269 prefecture-level cities in China from 2004 to 2017 as the sample dataset, this research employs spatial analysis techniques to investigate the roles of local government competition and land finance on haze pollution. The paper concludes that a significant spatial spillover and time lag are associated with haze pollution. Local government competition and land finance positively relate to haze pollution in the local area, but also produce the same effect on neighboring areas. Local government competition positively moderates the contribution of land finance to haze pollution both locally and in neighboring areas. Moreover, the role of local government competition on haze pollution is significantly negative In the east region, while significantly positive in the central-west region. The impact of land finance on haze pollution in the east region is negative but insignificant, while significantly positive in the central-west region. Local government competition positively and negatively moderates the role of land finance in the east region on haze pollution, while in the central-west region the role is significantly positive. This study provides new research ideas and empirical reference evidence for alleviating haze pollution, which is valuable for accelerating the improvement of China's environmental quality.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Finance in a More Globalized Economy

    Shu-Chin LinYi-Chen Wu
    3900-3914页
    查看更多>>摘要：This paper empirically examines whether globalization affects the level, volatility and structure of financial development as well as the competition and credit composition of the banking sector. Using dynamic panel estimation techniques, we find, in a sample of advanced and developing countries, that both trade and financial openness promote financial development, raise financial volatility, and result in a more market-based financial system, the effects that moderate with increased openness. It is also found that both trade and financial openness lead to a more competitive, less concentrated banking industry and a greater share of household credit relative to enterprise credit, the effects that dampen with increased openness.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Does Financial Development Promote Economic Globalization? Evidence from the Top and the Bottom Globalized Emerging Economies

    Jing ZhangShreya PalMantu Kumar MahalikGiray Gozgor...
    3915-3927页
    查看更多>>摘要：This paper examines the role of financial development in economic globalization using balanced panel data from 1984 to 2016. The empirical analysis considers Europe and Central Asia (ECA) and South Asia (SA) as the top and the bottom globalized emerging economies, respectively. Financial development promotes economic globalization in the top globalized developing regions in the long run. The growth in financial institutions also improves economic globalization in the ECA. The opposite finding is reported in the SA economies. The findings suggest that 'financial development-led economic globalization should not be overlooked by the policymakers of the top globalized developing regions.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    The Impact of China's Overseas Emigration Network on Outward Foreign Direct Investment

    Yechi MaZheng FuWeixian JiangYuhong Liu...
    3928-3939页
    查看更多>>摘要：Emigrants can reduce information asymmetry and provide community enforcement of contracts across international boundaries. This study investigates the impact of China's overseas emigration network on OFDI with a particular focus on the intensive and extensive margins of OFDI. Using data from 116 countries during the 2005-2019 period, we find that more emigrants in a given country promote both the intensive and extensive margins of OFDI and thus promote OFDI into that country. Furthermore, we find that the positive effects of the emigration network on OFDI only exist among non-high income host countries and non-Belt and Road host countries. Finally, during periods of high global economic policy uncertainty, the positive effect of the emigration network on the extensive margin and OFDI is mitigated.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    A Study of Bitcoin-Based Intraday Volatility Forecasting for Cross-Market Spreads

    Longguang YangFengshuang HouHuihong Shi
    3941-3951页
    查看更多>>摘要：This study provides a volatility estimation based on cross-market spreads by analyzing the behavior of Bitcoin cross-market arbitrageurs. This study crawls real-time price data from different exchanges for empirical analysis and verifies the accuracy and validity of the method employed by comparing it with the existing mainstream methods. The following conclusions are drawn: 1) The more exchanges that can be utilized, the smaller the Bitcoin price volatility, and the larger the cross-market spread, the better the estimation effect of the proposed method; and 2) Volume had no significant effect on the estimation using our method.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis

    Structural Change Features and Influencing Factors of China's Carbon Price

    Jian LiuXin HuLizhao Yan
    3952-3967页
    查看更多>>摘要：The existence of structural change features can lead to the failure of traditional econometric methods. This research uses the Bai-Perron test to diagnose the structural change point of the price series in China's pilot carbon market. It uses an impulse response function to analyze the interaction between carbon prices and energy prices, stock price indices, power industry index, and similar asset prices. The results show structural change points in all five carbon markets during the operation period, and the timing of these structural change points relates to an economic situation and compliance period. In addition, the impact mechanisms of the stock price index, similar asset price, and power industry index on the price of China's pilot carbon market change significantly before and after the structural change points, but the impact of energy price does not change except for the Hubei carbon market.
      原文链接:
    • NETL
    • NSTL
    • Taylor & Francis