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Articles ( Showing 1-20 of 118 items)
Searched for: [ Keywords: "Financial Markets" ] clear all
Journal Article
Digital Currency and Financial Markets in Nigeria: Impact and Policy Implications
by Chioma Nwosu Peace , Bosha Ernest Oryiman  and  Abubakar Ibrahim Sani
Abstract
The rise of privately issued digital currencies, which primarily serve as alternative investment assets poses a challenge to the traditional financial instruments traded in the financial market. This study examines the dynamic relationship between the major privately issued digital currency (Bitcoin) and two financial market securities in Nigeria. The paper employed Vector Auto [...] Read more

Journal Article
Corporate financialization matters trade credit financing: Evidence from China’s non-financial listed companies
by Xiaohua Huang , Benhuan Nie  and  Zhehao Huang
Abstract
This study empirically examines the influence of corporate financialization on trade credit financing, focusing on non-financial companies listed in China's A-share market from 2010 to 2022. The results indicate that as corporate financialization increases, companies will obtain less trade credit financing. Further incorporating moderating factors like market position and finan [...] Read more

Journal Article
Aggregate Investor Sentiment and Time-Varying Price Discovery: Evidence from the Options Market
by Yaping Zhou  and  Dayong Lv
Abstract
Previous literature shows that the price-discovery ability of options market varies substantially over time. Using data of Shanghai Stock Exchange 50 exchange-traded fund options, this paper shows that options prices contribute relatively less to price discovery during low-sentiment periods, but the price-discovery ability of options market remains unchanged during high-sentime [...] Read more
Hit Affiliation:
School of Financial Technology, Shanghai Lixin University of Accounting and Finance, Shanghai, China

Journal Article
Determinants of FinTech and BigTech lending: the role of financial inclusion and financial development
by Peterson K. Ozili
Abstract
Credit markets around the world are undergoing digital transformation which has led to the rise in FinTech and BigTech lending. FinTech and BigTech lending is the provision of credit by FinTech and BigTech providers who have more capital, cutting-edge IT systems, worldwide recognition, greater online presence and are able to handle more big data on computers and mobile phones t [...] Read more

Journal Article
Financial literacy of Portuguese undergraduate students in polytechnics: does the area of the course influence financial literacy?
by Paula Sarabando , Roge rio Matias , Pedro Vasconcelos  and  Tiago Miguel
Abstract
Financial literacy seems to be more important and focused than ever. Several recent studies have found that Portugal is at bottom of the table compared to the Eurozone countries regarding financial literacy. As it’s a key factor in the development of a country, it appears to be crucial to understand what people know about financial matters when they complete compulsory sc [...] Read more

Journal Article
The Role of News Sentiments in the Connectedness of GCC Equity Markets
by Moosa Yousuf
Abstract
This study examines the role of news sentiments in the GCC equity markets’ connectedness. We collected news titles for the period from 22nd June 2006 until 31st December 2020 from Gulf News, which is the most widely read English newspaper in the Arab World. We filter these news titles using a carefully designed list of keywords that capture public sentiment on matters rel [...] Read more

Letter
Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis
by Rubaiyat Ahsan Bhuiyan , Tze Chi Chin  and  Changyong Zhang
Abstract
Gold has been traditionally well recognized as a safe heaven for financial markets. Lately, Bitcoin has been gradually considered as a popular alternative. Since the outbreak of COVID-19 in early 2020, it has become even more necessary and critical to examine the diversification capability of them to hedge financial risks associated with an unexpected crisis comparable to the p [...] Read more

Journal Article
How does financial development environment affect regional innovation capabilities? New perspectives from digital finance and institutional quality
by Feiling Lu
Abstract
Based on China's 30 provincial panel data from 2006 to 2018, this paper uses the spatial Durbin model to empirically study the influence path and transmission mechanism of financial development on regional technological innovation, and introduce digital finance environment, marketization degree, and government environmental management as an adjustment variable to verify its reg [...] Read more

Journal Article
The Role of Oscillations in Macroeconomic and Financial Factors in the Production of Renewable Energy: A Case Study of Selected South Asian Economies
by Shahid Ali
Abstract
The objective of this study is to explore the link between the financial sector, macroeconomic fluctuations, and sustainable energy production in South Asia. It evaluates existing research, identifies gaps, and suggests future directions. The study emphasizes the need to understand how economic activities influence the environment and how environmental factors impact economic a [...] Read more

Journal Article
Long-Term Dependencies in Central European Stock Markets: A Crisp-Set Analysis
by Rui Manuel Teixeira Dias , Mariana Chambino  and  Nicole Rebolo Horta
Abstract
This paper intends to analyze efficiency, in its weak form, in the stock markets of Austria (ATX), Poland (WIG), the Czech Republic (PX Prague), Hungary (BUX), Croatia (CROBEX), Serbia (BELEX 15), Romania (BET), and Slovenia (SBI TOP), from February 16, 2018, to February 15, 2023. To achieve the research aim, we intend to answer the following research question: i) Have events i [...] Read more

Journal Article
Has the development of the digital economy increased corporate financial asset holdings? --A quasi-natural experiment based on the "Broadband China" policy
by Xiuhai Huang  and  Zhenyu Xu
Abstract
A differences-in-differences (DID) model and financial data from Chinese listed firms from 2011 to 2019 are used to empirically investigate the effects of the digital economy on corporate financial asset holdings using the "Broadband China" policy as a quasi-natural experiment. After robustness testing and heterogeneity effects are disposed of, the digital economy dramatically [...] Read more

Journal Article
The Impact of Financial Liberalization Policies on Income Inequality
by Fateh Saci
Abstract
This paper examines impacts of China’s financial liberalization policy on income inequality, through three channels: financial scale, financial structure and financial efficiency, an empirical analysis based on panel data of 30 provinces in China from 1996 to 2013 is conducted. The results confirm the Kuznets effect between financial scale, financial structure and income [...] Read more

Journal Article
Observable and Unobservable Investment Information in Multiple Markets
by Yoshikazu Ishinagi  and  Joonghwa Oh
Abstract
This study considers the effects of disclosure conditions on firms' investment decisions when facing an identical competitor in multiple markets. Assuming that there are congestion costs between multiple investments to reduce marginal cost for each market, this study focuses on the cases where the disclosure conditions may differ by market. Like previous studies on single Courn [...] Read more

Journal Article
Analysis of Stock Market Information Leakage by RDD
by Jianing Zhu  and  Cunyi Yang
Abstract
Information leakage in the stock market has been widely proven. Information disclosure is sometimes uneven, and there is significant information asymmetry between ordinary investors and professional institutional investors. In this paper, Regression Discontinuity design (RDD) model is first employed to analyze the information leakage issues. Based on the daily closing stock pri [...] Read more

Journal Article
Financial returns in reward-based crowdfunding
by Victoria Dobrynskaya  and  Julia Grebennikova
Abstract
We quantify financial returns to backers in reward-based crowdfunding projects on Kickstarter and show that such investments provide profitable opportunities in addition to non-monetary benefits. The average unconditional annualized return is 11.5% and the average return on successful projects is 30%. Hence, backing money near the end of a campaign, when the probability of succ [...] Read more

Journal Article
Research on the Effect of Digital Economy Development on Local Financial Pressure
by Baolin Song , Xinrui Hu , Hang Zhang , Yanchen Gao  and  Yuan Guo
Abstract
The vigorous development of the digital economy provides a new research perspective for alleviating local financial pressure. Based on the provincial panel data from 2013 to 2020, the mediating effect model and threshold regression model were used to explore the effect and mechanism of the digital economy on local fiscal pressure. The research shows that the digital economy has [...] Read more

Journal Article
Portfolio rebalancing in times of stress: Capital markets vs. Commodities
by Rui Manuel Teixeira Dias , Nicole Rebolo Horta  and  Mariana Chambino
Abstract
In light of the events of 2020 and 2022, this study aims to examine the co-movements between the capital markets of the Netherlands (AEX), France (CAC 40), Germany (DAX 30), the United Kingdom (FTSE 100), Italy (FTSE MIB), Spain (IBEX 35), Russia (IMOEX), and spot prices of crude oil (WTI), silver (XAG), gold (XAU), and platinum (XPT) from January 1, 2018 to December 31, 2022. [...] Read more

Letter
Time to build, financial frictions, and the effectiveness of fiscal stimulus
by Zhiming Ao , Ziyue Chen  and  He Nie
Abstract
By introducing time to build, which creates a time-lag between government investment and the accumulation of productive capital, into an analysis of fiscal stimulus to the economy with financial frictions, we find that the effectiveness of fiscal policy is dampened. While the weakening effects of time to build become significantly weaker alongside with a higher fraction of gove [...] Read more

Journal Article
Knowledge Sources and Manufacturing Enterprise’s Technological Innovation
by Shuang Yao , Ying Li  and  Xin Zhao
Abstract
This paper uses the questionnaire data of the World Bank’s China Enterprise Survey 2012 to establish a Logit model to empirically study the relationship between knowledge sources and technological innovation in Chinese manufacturing enterprises. The results show that although internal and external knowledge has a positive effect on enterprise technological innovation in g [...] Read more
Hit Affiliation:
Financial Department, Central University of Finance and Economics, Beijing, China
Financial Department, Powerchina renewable energy Co., Beijing, China

Journal Article
Access to and use of financial services in ECOWAS countries: Is mobile money closing the gender gap?
by Aristide Bonsdaouêndé Valea
Abstract
This paper deals with the gender gap in accessing and using financial services provided by mobile money and financial institutions. Using data from ECOWAS member countries, we applied the Fairlie decomposition method to estimate and decompose the gender gap. The results show that mobile money contributes to improving of the use of services compared to financial institutions. Ho [...] Read more