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Does Qualitative News Affect Stock Price Crash Risk? Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-12 Qin Yu, Song Yang, Hongbing Zhu
Stock price crash risk represents a considerable concern due to its potential for extreme volatility and crisis contagion within the stock market, attracting substantial interest from both academia...
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Dynamic Multiscale Relationships Between COVID-19 Sentiment and Extreme Crude Oil Returns: Evidence from Wavelet Coherence Analysis Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-12 Xinghe Liu, Cheng Xu, Yun Hong, Hao Xu
This study investigates the dynamic, multi-scale relationship between sentiment related to the COVID-19 pandemic and extreme returns in crude oil. The recently developed COVID-19 indices are employ...
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Impact of Enterprises Relationship on Ml’s Ability to Forecast SME’s Credit Risk in SCF: A Research Based on Complex Network Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-12 Qiaosheng Peng, Chi Xie, Jing Li, You Zhu, Gang-Jin Wang
In this study, we investigate the impact of introducing enterprise relationship to train machine learning (ML) algorithms on improving its ability of forecasting small and medium-sized enterprises’...
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Is the Uncertainty Economic Policy an Impediment or an Impetus to Technological Innovation? Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-05 Chi Wei Su, Xiaofeng Liu, Meng Qin, Muhammad Umar
Under the background of increasing economic policy uncertainty (EPU), this paper explores the time-varying impact of EPU on technical innovation (TI) by using the Granger causality test of the boot...
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Which Top Management Team Characteristics Drive a Firm’s Tax Aggressiveness? Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-05 Haiming Jiang, Eunyoung Kim
This study examines the relationship between a firm’s tax planning and several observable characteristics of its top management team. We obtain empirical evidence based on multiple regressions of a...
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Experimenting with the Forecasting Power of Speculation in the Predictability of Carbon Prices Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-03-05 Kazeem O. Isah, Johnson O. Adelakun, Elias A. Udeaja
Drawing from the big data archive of Google Trends, we innovatively construct a novel data set, the composite news-based speculation index, to proxy for the role of speculation in the predictabilit...
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Performance Shortfall, Executive Social Relations and the Choice Between Shared and Full Control for New Overseas Entries Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-22 Weihong Chen, Xi Zhong, Andrew Delios, Hailin Lan
Integrating the behavioral theory of the firm and social capital theory, this study examines how performance shortfalls and executive social relations jointly affect firms’ trade-offs between the s...
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The Impact of Population Aging on a Country’s Global Value Chain Position: Unraveling the Dynamics and Mechanisms Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-20 KaiYao Wu, Feng Chen, Sajid Anwar, Li Liao
This article utilizes a novel approach by combining the export domestic value-added rate and export technology complexity to gain insights into a country’s comprehensive global value chain (GVC) po...
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Uncertainty and Credit: The Chicken or the Egg Causality Dilemma Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-14 Chi Wei Su, Shuqi Lv, Meng Qin, Diego Norena-Chavez
This paper seeks to explore whether bank credit (BC) contains useful information for mitigating economic policy uncertainty (EPU). The results of the bootstrap rolling-window test show that EPU is ...
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E-Government and Entrepreneurship: The Perspective of Risk Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-13 Yuping Yang
Risk is an important factor that hinders entrepreneurial activities, especially for entrepreneurs with high aspirations. This study examines e-government’s impact on entrepreneurship from a risk pe...
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The Intraday Heterogeneity and Risk Pricing Reversal Between Day and Night: Evidence from China Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-13 Lu Zhang, Hao Zhang
Using a large panel of high-frequency trading data, this article investigates the intraday heterogeneity of risk pricing process in the Chinese stock market. Our research reveals that the financial...
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Do Different Credit Flows Affect the Current Account Differently? Evidence from Emerging Economies Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-08 Bhavesh Garg, Harsha Paranavithana
This paper examines the impact of credit flows, both at the aggregated and disaggregated level, on current account balances for five Southeast Asian economies. Evidence shows that total credit flow...
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Unleashing the Influence Mechanism of Technology Innovation and Human Development for Ecological Sustainability in Emerging Countries Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-02-08 Xiuyun Yang, Muhammad Nouman Shafiq, Rabia Nazir, Seemab Gillani
The strife for more incredible and sustainable human development is often associated with compromised environmental standards. Early growth may increase pollutant emissions that can be regulated la...
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The Effect of Gambling Preference on Stock Volatility: From the Evidence of Looser Price Limits Regulation Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-31 Haoye Liang, Shibo Liu, Xinyu Zhan, Wanfang Xiong
This article explores the intricate relationship between gambling preferences and stock market dynamics, with a focus on the repercussions of a more lenient price limit regulation. Specifically, we...
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Assessing the Impact of US Monetary Policy on Foreign Currency Debt and Credit Growth in Emerging Markets During the COVID-19 Pandemic” Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-29 K.P. Prabheesh, Vipula Wickramarachchi, Sanjiv Kumar
This paper analyses the impact of US monetary policy on external debt and credit growth in emerging market economies (EMEs) during the COVID-19 period. Using quarterly data from 13 EMEs and employi...
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How Does Digital Infrastructure Affect Manufacturing SMEs Business Model Innovation? An Empirical Study in Guangdong Province Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-23 Weihong Xie, Zhongshun Li, Zhong Wang, Diwen Zheng, Yongjian Wang
Based on the resource orchestration theory (ROT), this research explores the significant role of digital infrastructure in enabling business model governance innovation (BMGI) within manufacturing ...
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Time to Revisit Audit Committee Activity: Evidence from Audit Adjustments Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-17 Sohee Park, Meeok Cho, Bum-Joon Kim
This study examines the impact of audit committee activity on audit adjustments. Using unique Korean data on audit adjustments—the earnings discrepancy between pre-audit earnings prepared by manage...
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Regression for Asymmetric Information Problem: The Comparison of Different Methods Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-17 Chun-Ting Liu, Chih-Ping Yu
In previous decades, seminal theories were advanced addressing the problems of asymmetric information. These scholarly works confirmed a significant positive correlation between insurance coverage ...
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Distance and Financial Connection: Dynamics in Private Firms’ Bank Loan Availability Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-03 Shao-Chieh Hsueh, Shuoxun Zhang
This study investigates the impact of borrower-lender distance on credit availability for private firms. Utilizing an extensive loan record history, we categorize loans into initial and subsequent ...
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Foreign Institutional Investors and Corporate Green Innovation: Evidence from an Emerging Economy Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-03 Hao Liu, Xue Tang, LiYuan Liu, Hui Lai
This study investigates the impact of foreign institutional investors (FIIs) on corporate green innovation. We manually collected data on foreign institutional ownership (FIO) from 34 international...
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The Dissemination of Politically-Motivated False Information and Its Influence on the Stock Market Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2024-01-03 Chien-Chiang Lee, Ting-Hsuan Chen, Meng-Feng Yen
The rapid growth of online media and communities has increased and accelerated the spread of unverified and false information (“fake news”), with significant political, economic, and social impacts...
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Climate Risk and Stock Markets: Implications for Market Efficiency and Return Predictability Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-27 Idris A. Adediran, Phebian N. Bewaji, Olajide O. Oyadeyi
In this study, we set out to construct a daily frequency climate risk index with the aim to explore the impacts of climate risk on the stock markets of advanced and emerging countries and green sto...
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International Evidence on the Interest Rate Effect in Dynamic IS Curves Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-27 Sedjro Aaron Alovokpinhou, Pholile Dladla, Christopher Malikane
A number of studies have found little evidence of the effect of the interest rate in dynamic IS curves. We show that this is due to de-trending. The interest rate has a weak effect on the output ga...
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Do CEOs Realize the Negative Impact of Air Pollution? Evidence from Voluntary CEO Turnovers Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-27 Ying Hao, Zhe Lu, Chong Ning, Jiahuan Li, Zi Wei
We examine whether air pollution surrounding corporate headquarters affects CEO turnover. We assume that CEOs tend to have higher quality of life requirements and are more sensitive to air pollutio...
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Managerial Power and Investment Inefficiency: Reconciling Theory and Evidence Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-21 Hsiao-Fen Hsiao, Tingyong Zhong, Tzu-Ching Weng, Chia Ying Lu
The extant corporate investment literature documented that agency conflicts of managers from making optimal investment decisions. This study aims to investigate the influence of managerial power on...
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Technological Diversity in M&A Network and High-Quality Development of Enterprises Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-21 Xindong Zhang, Jie Tian, Yanna Lyu, Yanhong Gong
This study breaks through the homogeneity of mergers and acquisitions (M&A) and the dyadic relationship between the acquirer and the target firm. We consider the network content of technological di...
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Trick or Treat? The Effect of CEO Relative Pay on Corporate Social Irresponsibility Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-14 Liuyang Ren, Xi Zhong
CEO pay structure critically impacts a wide range of strategic choices, including corporate social irresponsibility (CSI), a pervasive and seriously damaging behavior. While the impact of CEO pay s...
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The Information Role of Investors’ Site Visits in Management Forecasts Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-14 Haojing Guo, Siyuan Tang, Zhe Wei
Prior research mainly focuses on how investors acquire private information through corporate site visits. Rarely evidence shows whether firms can obtain external information from investors’ site vi...
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Financial Development Convergence: Evidence from Top and Bottom Globalised Developing Economies Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-14 Zuoxiang Zhao, Ding Han, Shreya Pal, Mantu Kumar Mahalik, Giray Gozgor
This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We em...
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Investor-Paid Rating Agency, Information Disclosure, and Stock Price Crash Risk Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-15 Jieyi Lu, Wanfa Lin, Huiyu Guo, Jinyu Luo
This paper examines the impact of investor-paid rating agency on stock price crash risk. The findings reveal a substantial 127.6% reduction in the stock price crash risk for stocks tracked by inves...
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Central Bank Communication and Leverage Differentiation of Non-Financial Enterprises Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-14 Xun Han, Jiaxue Qiao, Lingfeng Meng, Sara Hsu
As an expectation management policy, central bank communication can affect corporate market expectations, thus effectively guiding corporate investment and financing behavior. Based on the quarterl...
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Can Reverse Mixed-Ownership Reform Reduce the Cost of Equity Financing of Private Enterprises? Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-12-07 Lina Yan, Zi Nie, Yajun Deng
How to leverage the advantages of state-owned capital to promote the high-quality development of private enterprises is a central issue of mixed-ownership reform. We empirically explore the effect ...
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General Equilibrium Effects of the Adoption of a Dual-Class Share Structure by an Innovative Firm in Korea Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-28 Jung Joo La
This study examines the general equilibrium effects of the adoption of a dual-class share structure by an innovative firm in Korea. In contrast to previous studies, which are performed from a micro...
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Does Global Value Chain Integration Enhance Export Competitiveness? Evidence from Indonesia’s Industry-Level Analysis Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-28 Bhushan Praveen Jangam, Badri Narayan Rath, Masagus M Ridhwan
We investigate the association between global value chain (GVC) integration and export competitiveness for 34 Indonesian industries from 2007 to 2020. Using panel unit root, panel cointegration, pa...
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How Does Financial Development Affect Global Energy Security? A Functional Data Analysis Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-23 Chao Feng, Yu-Qi Liu, Jun Yang
As an important foundation for national economic and social development, the energy sector can be affected by financial developments complexly. Using data for 60 countries from 1995–2019 and functi...
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Assessing the Effects of Macroprudential Policy on the Indian Macroeconomy Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Sanjiv Kumar, K.P. Prabheesh
This study examines the impact of macroprudential policy (MaPP) on macroeconomic conditions. Using data from 2004–2005 to 2019–2020, this study finds that increased use of MaPP is associated with h...
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When Do Second-Generation Returnees Affect Family Firms’ Entrepreneurial Risk-Taking? The Moderating Role of Managerial Discretion Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Ying Fu, Chien-Chiang Lee, Weiqi Dai, Emma Su
We posit that the dual identities of second-generation returnees present a complex situation regarding their influence on family firms’ entrepreneurial risk-taking (ERT). On one hand, their status ...
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Investor Sentiment, Financing Constraints, and Earnings Persistence Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Chunhui You, Jing Wang
Based on the background of investor sentiment volatility in the capital market, this article empirically examines the relationship between investor sentiment and corporate earnings persistence and ...
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How to Comprehensively Evaluate Firm Performance from Operational, Financial, and Sustainability Perspectives? A Two-Stage Data Envelopment Analysis Approach Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-23 Tarifa Almulhim, Norah Almubarak, Noorah Aljabr
This study proposes a two-stage modeling framework to evaluate the efficiency of firm performance based on sustainability (environmental, social, and governance (ESG)), operational and financial me...
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Does Independence of Board Committees Enhance Corporate Performance? The Case of Russia Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Marina Zavertiaeva, Evgeniya Shenkman, Ekaterina Kazarina
This article analyzes the service of independent directors on audit, compensation, nomination, and strategy committees as a driver of book- and market-based performance using a sample of 77 Russian...
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Launching Prosocial Crowdfunding Campaigns: The Final Countdown Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Fábio Duarte, Ricardo Emanuel-Correia, Sabrina Tomé, Ana Paula Matias Gama
Prosocial crowdfunding has achieved a growing audience by providing a financing source for entrepreneurs in the microfinance space. Using data from Kiva, a leading prosocial crowdfunding platform, ...
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Consumption Disasters: A Global Dataset Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-23 Bruno Ćorić
A number of studies suggest that macro-finance models incorporating the risk of extremely large drops in consumption can explain many financial phenomena. This literature is based on the data for a...
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Influence of Financial Support on Regional Innovation Across Different Phases of the COVID-19 Pandemic Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-11-22 Min Zhang, Xin Jin, Yuanheng Li, Xiaoyi Tang
The financial market and regional innovation have been severely affected by the COVID-19 pandemic. This paper investigates the impact of financial support on regional innovation at different stages...
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Empirical Analysis of the “China‒US factor” in Stock Market Linkages Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-31 Huai Qian, Bingkun Yang, Weihua Huang
This article studies the economic impact of China and the U.S. from 2011 to 2023 through stock market linkages. A bivariate VAR model is used for nonlinear Granger causality analysis. The results s...
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Does Private Means Better? A Water and Sanitation Quasi-Experimental Design Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-26 Arthur Dassan, Joelson Oliveira Sampaio, Vinícius Augusto Brunassi Silva, Rodrigo De-Losso
This paper compares water and sanitation services in municipalities that entered into a concession arrangement with a private operator versus those in a comparable control group that continued with...
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E-Commerce and Preferential Credit to Enable Farmers’ Cooperative Financing Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-26 Le Zhang, Baogui Xin
Agricultural cooperatives are pivotal in promoting agricultural industrialization but face capital shortages, needing strategic financing selection between bank loans and e-commerce. This paper use...
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Heterogeneous Intermediary Asset Pricing in Iran’s Stock Market: Privately-Owned vs. State-Owned Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-24 Mohammad Hossein Dehghani, Monireh Ravanbakhsh
In Iran’s stock market, this paper examines a new dimension of heterogeneity: ownership type, using an intermediary asset pricing model. When only state-owned intermediaries are considered, the pri...
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Good (Bad) News and the Probability of Informed Trading: Evidence from Illegal Insider Trading Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-24 Shunyu Su, Yezhou Sha
We present a closed-form solution connecting the probability of informed trading (PIN) to the overlooked parameter that signaling private information is good or bad. Estimating PIN using illegal in...
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Macro-Prudential Policy and Bank Systemic Risk: Cross-Country Evidence Based on Emerging and Advanced Economies Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-24 Ye Zhou, Juejin Chen
This study examines the effects of macro-prudential policy on bank systemic risk by using a cross-country panel data of 65 economies. We find that: (1) macro-prudential policy mitigates bank system...
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High-Speed Rails, Labor Mobility and Within-Firm Pay Gap Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-18 Gaowen Kong, Lihua Liu, Dongmin Kong, Jian Zhang
The intrafirm pay gap plays a significant role in firm outcomes and prior research focuses on examining its determinants based on firm characteristics and institutional factors, with limited unders...
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ICT, Financial Inclusion and the Informal Economy: Evidence from Selected Latin American and Caribbean Countries Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-12 Fulei Yan, Beibei Chen, Yuxin Yang
Exploring effective tools to control the rampant expansion of the informal economy is critical to achieving the Sustainable Development Goals (SDGs). Based on balanced panel data for 19 selected La...
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Fund Flows, Stock Markets, and Economic Policy Uncertainty: From the Perspective a CIVET Nation Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-12 Joseph J. French, Philipp D. Schaberl, Rodrigo Taborda
We investigate the relationships among economic policy uncertainty (EPU), equity fund flows (EFF), and the Colombian stock market. Results show adverse impacts of domestic, global, and regional EPU...
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Digital Economy Development and Corporate Bankruptcy Risk: Based on the Perspective of Institutional Isomorphism Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-10-06 Jianmin Liu, Shichen Wang, Yude Xu, Lingsha Cheng
Digital economy development gives birth to new market norms and competition rules, which push digital transformation and further form the legitimacy isomorphism effect to decrease corporate bankrup...
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Spatio-Temporal Patterns and Driving Factors of Green Development Level of Urban Agglomerations in the Yellow River Basin Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-09-04 Haijie Wang, Jingxue Zhang
Promoting green development (GD) is key for the Yellow River Basin (YRB) to step into the phase of high-quality development. This study constructs a green development level (GDL) evaluation system ...
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Data Factor and Financial Market Equilibrium Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-09-04 Qingduo Zeng, Tao Bing, Li Li, Yang Xu
In this paper, we develop a novel asset pricing model in which data factor is incorporated into the fundamental value to explore its impact on financial market equilibrium. It is shown that high pr...
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COVID-19 Pandemic, Corporate Investment and the Real Option Value Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-09-04 Chao Yan, Ziyi Zhang, Yi Feng
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 ...
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Fintech’s Impact on Green Total Factor Productivity of High Carbon Enterprises Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-08-29 Jian Liu, Xin Kang, Wei Wang
Effectively improving the green total factor productivity (GTFP) of high-carbon enterprises is the key to adhering to green development and achieving the dual-carbon goal. This study examines the r...
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Digital Economy, Institutional Environment, and the Credit Risks of Commercial Banks Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-08-29 Guanglin Sun, Ting Li, Yijing Su, Dan Shi
Most emerging economies are in a transition period, and an imperfect institutional environment will lead to inefficient supervision mechanisms in the digital economy. Based on data representing the...
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Effect of Country Governance on Cross-Border Renewable Energy Investment and Climate Actions in Emerging Countries Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-08-28 Moau Yong Toh, Ali Albada, Sin Huei Ng
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 ...
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Financial Experts on the Outside Boards, Financial Stress in Foreign Exchange Markets, and Firm Employment Emerging Markets Finance and Trade (IF 4.859) Pub Date : 2023-07-25 Deokki Ko, Wonho Cho
This study examines the role of financial experts on the outside boards on firm-level employment decisions under financial stress in foreign exchange markets (FSIFX). Using firm-level data from the...