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The Indirect Diversification Benefits of Investing in Japanese Firms: An Alternative Perspective Asia-Pacific Financial Markets Pub Date : 2024-03-18
Abstract This paper examines the role of firm-level multinationality in equity portfolio diversification for Japanese firms from 1998 to 2015. We use a unique multinationality dataset for constituents of the Nikkei 225 based on two measures of sales and subsidiaries. We employ an extended version of the traditional Capital Asset Pricing Model (CAPM) to analyse the exposure of firm returns to various
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Assessing the Impact of Policy Uncertainty, Geopolitical Risk, and Sustainable Disclosure on Corporate Performance Asia-Pacific Financial Markets Pub Date : 2024-03-14 Siddhartha Barman, Jitendra Mahakud
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Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy Asia-Pacific Financial Markets Pub Date : 2024-02-28 Anh-Tuan Doan
This paper examines the impact of economic freedom on the financial fragility of 1,496 non-financial SMEs in Vietnam over the period 2012–2020. We also evaluate the effect of ownership structure on the relationship between economic freedom and financial fragility. Our findings provide evidence that an increase in the degree of aggregated economic freedom and its categories – rule of law, regulatory
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Can Corporate Governance and Sustainability Policies Drive CSR Performance? An Empirical Study Asia-Pacific Financial Markets Pub Date : 2024-02-14 Ankita Nandi, Nidhi Agarwala, Tarak Nath Sahu
This study investigates how board and audit committee characteristics, alongside sustainable policies, influence corporate social responsibility (CSR) performance (Total ESG Score). We also evaluate their individual effects on environmental, social, and governance ratings. Our research focuses on non-financial firms in India’s Nifty 500 index. We employ panel data analysis, utilising information sourced
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The Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach Asia-Pacific Financial Markets Pub Date : 2024-02-14 Lalatendu Mishra, Rajesh H. Acharya
This study aims to investigate the oil price asymmetric effect on stock return of renewable energy companies. We apply panel Non-linear Autoregressive Distributed Lag to examine the effect of positive and negative changes in the oil price. The monthly data of all renewable energy companies listed in the National Stock Exchange of India are considered for the analysis. We find the oil price asymmetric
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Does Innovation Relieve Corporate Financial Distress? Asia-Pacific Financial Markets Pub Date : 2024-01-25 Keming Li
This paper examines whether innovation ability improves corporate performance of financially distressed firms. I begin by providing direct evidence that innovative firms in financial distress have significantly better future operating performance. To identify the causal effect, I study an exogenous shock—State Street Bank and Trust Company v. Signature Financial Group, Inc.—and find that an increase
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The Role of Real Exchange Rate in India’s Service Export: Do Remittances Inflows Matter in Post Liberalization-Era? Asia-Pacific Financial Markets Pub Date : 2024-01-08 Shreya Pal, Mantu Kumar Mahalik
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Spillover Effect of Green Bond with Metal and Bullion Market Asia-Pacific Financial Markets Pub Date : 2023-12-29 Kajal Panwar, Miklesh Prasad Yadav, Neha Puri
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An Empirical Investigation on Financing Choice Descendants of Indian Start-ups Asia-Pacific Financial Markets Pub Date : 2023-11-15 Priyanka Runach, Shubham Garg, Karam Pal Narwal
The primary goal of the study is to examine the factors affecting the financial leverage of unicorn start-ups in India. In order to achieve this goal, the study has employed the panel data techniques on the financial data of 25 start-ups unicorn of India from 2017 to 2021. The study has employed three proxies to measure the financial leverage namely short-run, long-run, and total debt ratio. The result
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Identifying Cryptocurrencies as Diversifying Assets and Safe Haven in the Indian Stock Market Asia-Pacific Financial Markets Pub Date : 2023-11-03 Susovon Jana, Tarak Nath Sahu
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Network Nexus: Exploring the Impact of Alumni Connections of Managers on Mutual Fund Performance in India Asia-Pacific Financial Markets Pub Date : 2023-10-29 Sudipta Majumdar, Sayantan Kundu, Sankalp Bose, Abhijeet Chandra
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Systemic Risk in Indian Financial Institutions: A Probabilistic Approach Asia-Pacific Financial Markets Pub Date : 2023-10-18 Subhash Karmakar, Gautam Bandyopadhyay, Jayanta Nath Mukhopadhyay
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Can Clean Energy Stocks Predict Crude Oil Markets Using Hybrid and Advanced Machine Learning Models? Asia-Pacific Financial Markets Pub Date : 2023-10-11 Anis Jarboui, Emna Mnif
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Reactions of Global Stock Markets to the Russia–Ukraine War: An Empirical Evidence Asia-Pacific Financial Markets Pub Date : 2023-10-05 Emon Kalyan Chowdhury, Iffat Ishrat Khan
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Stock Returns, Crude Oil and Gold Prices in Turkey: Evidence from Rolling Window-Based Nonparametric Quantile Causality Test Asia-Pacific Financial Markets Pub Date : 2023-10-02 Ugur Korkut Pata, Ojonugwa Usman, Godwin Olasehinde-Williams, Oktay Ozkan
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Expected Power Utility Maximization of Insurers Asia-Pacific Financial Markets Pub Date : 2023-10-03 Hiroaki Hata, Kazuhiro Yasuda
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The Asymmetric Effects of Exchange Rate Volatility on Pakistan–Japan Commodity Trade: Evidence from Non-linear ARDL Approach Asia-Pacific Financial Markets Pub Date : 2023-09-27 Javed Iqbal, Sitara Jabeen, Misbah Nosheen, Mark Wohar
The current research delves into the implications of exchange rate fluctuations on commodity trade between Pakistan and Japan, utilizing the nonlinear autoregressive distributed lag method. While prior studies have predominantly utilized the symmetric cointegration approach, the current study posits that the limited assumption of symmetry between the exchange rate and the trade flows could have hindered
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Do Carbon Performance and Disclosure Practices Effect Companies’ Financial Performance: A Non-Linear Perspective Asia-Pacific Financial Markets Pub Date : 2023-09-26 Suchismita Ghosh, Ritu Pareek, Tarak Nath Sahu
To find out how carbon performance and disclosure practices affects corporate’s financial performance, this study investigates its non-linear influence on financial performance by considering non-financial 100 businesses that are listed on National Stock Exchange 200 Index in India for the consecutive 12 years, i.e., from 2010 to 2021. It employs two indicators of environmental-related information
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Value Relevance of Comprehensive Income reported as per IFRS-converged Indian Accounting Standards Asia-Pacific Financial Markets Pub Date : 2023-09-15 Sushma Vishnani, Nityanand Deva, Dheeraj Misra
The study probes comparative and additional value relevance of total comprehensive income and other comprehensive income, respectively, in the Indian context after adopting IFRS-converged accounting standards. The study sample comprises of 367 Indian non-financial companies. The period of study is F.Y. 2016–2017 to F.Y. 2019–2020. Results reveal both net profit and total comprehensive are value relevant
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The Effects of Overnight Events on Daytime Return: A Market Microstructure Analysis of Market Quality Asia-Pacific Financial Markets Pub Date : 2023-09-07 Sreekha Pullaykkodi, Rajesh H. Acharya
This paper examines the trading and non-trading returns to diagnose the impact of market microstructure changes on market quality. The daily data of ten agricultural commodities traded on the National Commodity and Derivative Exchange (NCDEX) were used for the study. The data has been divided into three categories: year-wise, pre- and post-reform, pre-ban, and post-ban period. The study employs variance
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Nexus Between Indian Economic Growth and Remittance Inflows: A Non-linear ARDL Approach Asia-Pacific Financial Markets Pub Date : 2023-09-06 Muhammed Ashiq Villanthenkodath, Mohd Arshad Ansari
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The Impact of Directional Global Economic Policy Uncertainty on Indian Stock Market Volatility: New Evidence Asia-Pacific Financial Markets Pub Date : 2023-08-25 Aswini Kumar Mishra, Anand Theertha Nakhate, Yash Bagra, Abinash Singh, Bibhu Prasad Kar
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PDE-Based Bayesian Inference of CEV Dynamics for Credit Risk in Stock Prices Asia-Pacific Financial Markets Pub Date : 2023-08-25 Kensuke Kato, Nobuhiro Nakamura
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Optimal Currency Portfolio with Implied Return Distribution in the Mean-Variance Approach Asia-Pacific Financial Markets Pub Date : 2023-08-22 Yuta Hibiki, Takuya Kiriu, Norio Hibiki
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The Impact of Third-Party Financial Products on the Consumer Loan Services Market in the Banking Sector: An Analysis of Sales Progress and Consumer Behavior Asia-Pacific Financial Markets Pub Date : 2023-08-17 Narendra Singh Ranawat, Ayon Chakraborty
Certain predominant Banks astride across India stayed esoterically stable while graphing nascent opportunities in retail banking sectors to intensify their financial values. And concomitantly, Money lending facilities i.e., Consumer Loan services are one of those offerings which are supposed to meet the customer’s needs and requirements. But due to a lack of proper ‘customer education’, customers are
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Fund Characteristics, Managerial Skills and Performance Persistence: Evidence from India Asia-Pacific Financial Markets Pub Date : 2023-07-30 Sudipta Majumdar, Rohan Kumar Mishra, Abhijeet Chandra
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Performance Attributes of Environmental, Social, and Governance Exchange-Traded Funds Asia-Pacific Financial Markets Pub Date : 2023-07-22 Hasan F. Baklaci, William I-Wei Cheng, Jianing Zhang
Recently, interest in socially responsible investing has grown, including new investment vehicles such as environmental, social, and governance exchange-traded funds (ESG ETFs). Despite their rising popularity, few studies have attempted to examine the performance characteristics of these stylized funds. This study aimed to fill this knowledge gap by elaborating on the performance attributes of ESG
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Covid-19 Data Manipulation and Reaction of Stock Markets Asia-Pacific Financial Markets Pub Date : 2023-06-30 Monika Bolek, Cezary Bolek
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Decomposing the Momentum in the Japanese Stock Market Asia-Pacific Financial Markets Pub Date : 2023-06-20 Yasuhiro Iwanaga, Takehide Hirose, Tomohiro Yoshida
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A CNN-LSTM Stock Prediction Model Based on Genetic Algorithm Optimization Asia-Pacific Financial Markets Pub Date : 2023-06-17 Heon Baek
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The Relationship Between Financial Knowledge, Investment Strategy and Satisfaction From Pension Schemes: Evidence From India Asia-Pacific Financial Markets Pub Date : 2023-05-15 Shallu Saini, Tejinder Sharma, Satyanarayana Parayitam
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Does Market Performance (Tobin’s Q) Have A Negative Effect On Credit Ratings? Evidence From South Korea Asia-Pacific Financial Markets Pub Date : 2023-05-10 Hyoung-Joo Lim, Dafydd Mali
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Entropy Augmented Asset Pricing Model: Study on Indian Stock Market Asia-Pacific Financial Markets Pub Date : 2023-05-09 Harshit Mishra, Parama Barai
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Industry Competition, Market Shares, and the Long-Run Performance of SEO Firms Asia-Pacific Financial Markets Pub Date : 2023-04-30 Weiju Young, Junming Hsu, Peng-Yu Gao, Tzu-Ju Yang
This study investigates the impacts of industry competition and market share on the long-run performance of firms conducting seasoned equity offerings (SEOs). These two factors are related to the “market dominance” and “expense preference” hypotheses, which suggest that dominant (low-competitive and high-market-share) firms would perform well after SEOs if they can bring their market advantages into
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Into the Unknown: Uncertainty, Foreboding and Financial Markets Asia-Pacific Financial Markets Pub Date : 2023-04-11 Smita Roy Trivedi
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Multi-period Dynamic Bond Portfolio Optimization Utilizing a Stochastic Interest Rate Model Asia-Pacific Financial Markets Pub Date : 2023-03-23 Yoshiyuki Shimai, Naoki Makimoto
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How Serious is India’s Nonperforming Assets Crisis? A Structural Satellite Version of the Financial-Macroeconometric Model Asia-Pacific Financial Markets Pub Date : 2023-03-20 Nithin Mani, Alok Kumar Mishra, Jijin Pandikasala
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Does G7 Engross the Shock of COVID 19: An Assessment with Market Volatility? Asia-Pacific Financial Markets Pub Date : 2023-03-16 Nupur Moni Das, Bhabani Sankar Rout, Yashmin Khatun
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Innovative Financial Instruments and Investors’ Interest in Indian Securities Markets Asia-Pacific Financial Markets Pub Date : 2023-03-18 Pradiptarathi Panda
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Macroeconomic Response to BRICS Countries Stock Markets Using Panel VAR Asia-Pacific Financial Markets Pub Date : 2023-03-09 Babita Panda, Ajaya Kumar Panda, Pradiptarathi Panda
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Market Efficiency of Commodity Derivatives with Reference to Nonagricultural Commodities Asia-Pacific Financial Markets Pub Date : 2023-03-07 Hema Divya Kantamaneni, Vasudeva Reddy Asi
The main objective of this paper is to study the market efficiency of nonagricultural commodities markets. Based on the review of literature, the present study tries to find out whether there is a cointegration, lead and lag relation in spot and futures market prices of identified non agricultural commodities traded in multi commodities exchange, using Stationary tests Cointegration and Regression
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Exchange Rate Risk Management using Currency Derivatives: The Case of Exposures to Japanese Yen Asia-Pacific Financial Markets Pub Date : 2022-12-03 Sung C. Bae, Taek Ho Kwon
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Insurance Market and Economic Growth in an Information-Driven Economy: Evidence from a Panel of High- and Middle-Income Countries? Asia-Pacific Financial Markets Pub Date : 2022-11-17 Rudra P. Pradhan, Sahar Bahmani, Rebecca Abraham, John H. Hall
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An ISM and MICMAC Approach for Modelling the Contributors of Multibagger Stocks Asia-Pacific Financial Markets Pub Date : 2022-11-16 Ajay Chauhan, Swati Gupta, Sanjay Gupta
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The Dynamic Volatility Connectedness of Major Environmental, Social, and Governance (ESG) Stock Indices: Evidence Based on DCC-GARCH Model Asia-Pacific Financial Markets Pub Date : 2022-10-31 Muneer Shaik, Mohd Ziaur Rehman
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Disentangling the Nonlinearity Effect in Cryptocurrency Markets During the Covid-19 Pandemic: Evidence from a Regime-Switching Approach Asia-Pacific Financial Markets Pub Date : 2022-10-25 Nidhal Mgadmi, Azza Béjaoui, Wajdi Moussa
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Effect of Index Concentration on Index Volatility and Performance Asia-Pacific Financial Markets Pub Date : 2022-10-24 Amit Pandey, Anil Kumar Sharma
The presented study investigated the effect of index concentration on component security and index variances to explore the possibility of concentration risk and its impact on index performance in different markets. The study also investigated the 1/n index with the market cap index to find possible concentration costs for the investors. We analyzed BRICSU (BRICS plus USA) by applying various tools
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Multi-scale Features of Interdependence Between Oil Prices and Stock Prices Asia-Pacific Financial Markets Pub Date : 2022-10-18 Ngo Thai Hung, Xuan Vinh Vo
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Is Cross-Hedging Effective for Mitigating Equity Investment Risks in the Indian Banking Sector? Asia-Pacific Financial Markets Pub Date : 2022-10-14 Babu Jose, Nithin Jose
Can the investments in securities devoid of futures be effectively hedged? If so, what is the best cross-hedging instrument? The study evaluates the efficacy of the cross-hedging strategy for small and medium investors interested in banking sector stocks devoid of futures using the market index, sectoral index and stock futures from the same sector. The risk mitigation ability of each portfolio is
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Comparing Financial Debt Choices of Existing and New SMEs in Indian Manufacturing Sector Asia-Pacific Financial Markets Pub Date : 2022-10-14 KG Suresh, Akanksha Saxena, M. Srikanth
The study examines the differences in financial debt choices of SME and Non-SME firms in India. Being SMEs, firms enjoy special grants and packages that non-SMEs firms do not, and very often, the SMEs do not want to let go of the SME status. This brings in the information asymmetry and agency problem among the market participants and this may result in differences in the debt choices of the firms.
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Forecast the Role of GCC Financial Stress on Oil Market and GCC Financial Markets Using Convolutional Neural Networks Asia-Pacific Financial Markets Pub Date : 2022-10-13 Taicir Mezghani, Mouna Boujelbène Abbes
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Board Variables Reforms in India: Success or Failure? A Comparative Analysis Between Pre and Post Enactment Period of Companies Act, 2013 Asia-Pacific Financial Markets Pub Date : 2022-10-07 Mahesh Chand Garg, Khushboo Tanwer
The present research is carried out to make a comparative investigation of the impact of board variables on organizational performance before and after the enactment of the Companies Act, 2013, in the Indian corporate sector. Data of 66 Indian companies listed on the BSE Dollex are analysed in two time periods before (2009–2013) and after (2014–2018) the enactment of the Companies Act, 2013. Regression
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Stock returns seasonality in emerging asian markets Asia-Pacific Financial Markets Pub Date : 2022-10-03 Khushboo Aggarwal, Mithilesh Kumar Jha
This study examines the presence of the “month of the year effect” in the six emerging Asian stock markets (India, Indonesia, Japan, Malaysia, Philippines, and South Korea) for the period January, 1991 to November, 2020 using GARCH (1, 1), EGARCH (1, 1) and TGARCH (1, 1) models. The empirical results indicate the existence of “month of the year effects” on stock returns and volatility of all the emerging
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Investment Performance and Tracking Efficiency of Indian Equity Exchange Traded Funds Asia-Pacific Financial Markets Pub Date : 2022-08-17 L. Alamelu, Nisha Goyal
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FDI Inflows-Economic Globalization Nexus in ASEAN Countries: The Panel Bootstrap Causality Test Based on Wavelet Decomposition Asia-Pacific Financial Markets Pub Date : 2022-07-30 Muhammed Sehid Gorus, Veli Yilanci, Maxwell Kongkuah
This study aims to investigate the causal linkage between foreign direct investment (FDI) inflows and economic globalization (considering de facto and de jure indexes) for 7 Association of Southeast Asian Nations (ASEAN) countries for 1985–2018. Our sample consists of Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Empirically, we propose the panel bootstrap causality
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Measuring Dependence in a Set of Asset Returns Asia-Pacific Financial Markets Pub Date : 2022-07-29 Dilip B. Madan, King Wang
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Is the Growth of Companies Influencing Their Financial Condition Depending on Their Size: S&P 500 Listed Companies Example Asia-Pacific Financial Markets Pub Date : 2022-07-28 Monika Bolek, Agata Gniadkowska-Szymańska
The goal of this paper is related to the analysis of the earnings per share growth and the financial condition of companies as measured by Altman Z-Score Model and their relation. The research has been carried out on the example of S&P500 Index listed companies. The correlation and OLS panel data models with fixed effects were tested. The results indicate that the relationship between the EPS growth
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Control Variate Method for Deep BSDE Solver Using Weak Approximation Asia-Pacific Financial Markets Pub Date : 2022-07-27 Yoshifumi Tsuchida
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Persistence of Large-Cap Equity Funds performance, market timing ability, and selectivity: evidence from India Asia-Pacific Financial Markets Pub Date : 2022-06-20 Veeravel. V, A. Balakrishnan
In this paper, we examine the persistence of large-cap equity mutual funds performance, market timing skills, and selectivity of fund managers in India. The study uses monthly data of net assets values (NAV), market capitalization, and price to book ratio. The sample data period is from January 2000 to December 2019. We employ the methodology of Jensen (1968), Fama-French (1993), and Carhart (1997)
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Trading Behaviour of Foreign Institutional Investors: Evidence from Indian Stock Markets Asia-Pacific Financial Markets Pub Date : 2022-05-28 Paramita Mukherjee, Sweta Tiwari