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Asia-Pacific Financial Markets OnlineFirst articles

12.04.2024 | Original Research

Economic Policy Uncertainty and Volatility Spillovers Among International Stock Market Indices During the COVID-19 Outbreak

Using a sample of 16 international stock market indices spanning the period of January 2015 to June 2022, we examine how global equity markets interact with respect to volatility spillover, with a special focus on types of investment horizons, and …

verfasst von:
Fei Su, Feifan Wang, Yahua Xu

30.03.2024 | Original Research

ESG Disagreement and Stock Price Crash Risk: Evidence from China

The ESG ratings have been focused in response to the requirements for green development. However, the uncertainty created by ESG disagreements has caused market participants to question their reliability. This study empirically examines how ESG …

verfasst von:
Minghua Dong, Miaomiao Li, Hongxia Wang, Yuanyuan Pang

Open Access 29.03.2024 | Original Research

External Governance Oversight and the IPO Process: Empirical Evidence from China

This study examines the effects of political affiliations as an external governance element on various aspects of the IPO procedure in China. Within China, the significance of political connections is widely recognized as a notable external …

verfasst von:
Lewis Liu

Open Access 18.03.2024 | Original Research

The Indirect Diversification Benefits of Investing in Japanese Firms: An Alternative Perspective

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 …

verfasst von:
Pearlean Chadha, Jenny Berrill

14.03.2024 | Original Research

Assessing the Impact of Policy Uncertainty, Geopolitical Risk, and Sustainable Disclosure on Corporate Performance

This study explores the impact of policy uncertainty, geopolitical risk, and sustainable disclosure (ESG) on corporate performance for the period 2014–21 across 23 countries. Using the System GMM technique, it uncovers a negative link between …

verfasst von:
Siddhartha Barman, Jitendra Mahakud

28.02.2024 | Original Research

Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy

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 …

verfasst von:
Anh-Tuan Doan

28.02.2024 | Original Research

Nonlinear Relationship Between Investor Sentiment and Conditional Volatility in Emerging Equity Markets

The present study aims to identify the non-linear relationship of bullish and bearish investor sentiment with conditional volatility. It is conducted in emerging equity markets of Brazil, India, Pakistan, Russia, Indonesia, South Africa, and …

verfasst von:
Rameeza Andleeb, Arshad Hassan

14.02.2024 | Original Research

Can Corporate Governance and Sustainability Policies Drive CSR Performance? An Empirical Study

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 …

verfasst von:
Ankita Nandi, Nidhi Agarwala, Tarak Nath Sahu

14.02.2024 | Original Research

The Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach

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 …

verfasst von:
Lalatendu Mishra, Rajesh H. Acharya

25.01.2024

Does Innovation Relieve Corporate Financial Distress?

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.

verfasst von:
Keming Li

08.01.2024 | Original Research

The Role of Real Exchange Rate in India’s Service Export: Do Remittances Inflows Matter in Post Liberalization-Era?

This study assesses the effects of real exchange rate and remittance inflows on India's total service exports, comprising traditional and modern service exports, spanning the annual data from 1990 to 2020. The control variables for the service …

verfasst von:
Shreya Pal, Mantu Kumar Mahalik

29.12.2023 | Original Research

The Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market

We employ the "Two Sessions," comprising the National People’s Congress and the Chinese People’s Political Consultative Conference, as a proxy for measuring policy uncertainty. In our analysis, we utilize a regression model, the three-path …

verfasst von:
Yunpeng Su, Jia Li, Baochen Yang, Yunbi An

29.12.2023 | Original Research

Spillover Effect of Green Bond with Metal and Bullion Market

This paper examines the spillover of green bond with metal market and bullion market using the daily observation from 16/06/2014 to 25/02/2022. The S&P Green Bond (GBD) is used to measure the Green bond while Copper (CPR) and Aluminium (ALM) are …

verfasst von:
Kajal Panwar, Miklesh Prasad Yadav, Neha Puri

18.12.2023 | Original Research

Dynamics of Contagion Risk Among World Markets in Times of Crises: A Financial Network Perspective

This study used a Time-Varying Parameter VAR approach to analyze contagion risk among global stock markets and WTI crude oil during times of crisis. The examined markets included the United States, the Eurozone, the United Kingdom, China, Japan …

verfasst von:
Karim Belcaid, Sara El Aoufi, Mamdouh Abdulaziz Saleh Al-Faryan

27.11.2023 | Original Research

Revisiting China’s Commodity Futures Market Amid the Main Waves of COVID-19 Pandemics

This study examines the impact of the global pandemic on the returns and volatility of China’s commodity futures market from December 2019 to April 2021. Our analysis reveals that the regimes of futures returns in the general commodity …

verfasst von:
Xiangyu Chen, Jittima Tongurai, Pattana Boonchoo

22.11.2023 | Original Research

Carry Trade Dynamics Under Capital Controls: The Case of China

Despite an attractive interest rate differential between China and foreign countries, existing capital control might prevent currency carry trade strategies to be executed. We focus on the copper market to study if trades are taken in order to …

verfasst von:
Christopher Balding, Andros Gregoriou, Domenico Tarzia, Xiao Zhang

20.11.2023 | Original Research

Anomaly Identification and Premium Mining: Evidence from Chinese Urban Construction Investment Bonds

This paper identifies the presence of anomalies in Chinese urban construction investment bonds (UCIBs) market using variable ranking portfolio analysis and finds that liquidity anomalies, downside risk anomalies, and historical return anomalies …

verfasst von:
Ping Li, Jiahong Li, Dong Wang

15.11.2023 | Original Research

An Empirical Investigation on Financing Choice Descendants of Indian Start-ups

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 …

verfasst von:
Priyanka Runach, Shubham Garg, Karam Pal Narwal

03.11.2023 | Original Research

Identifying Cryptocurrencies as Diversifying Assets and Safe Haven in the Indian Stock Market

This study investigates the interconnectedness between cryptocurrency and the Indian stock market and explores the diversification, hedge, and safe haven potential of cryptocurrency. The study employs the wavelet approach on daily data from …

verfasst von:
Susovon Jana, Tarak Nath Sahu

29.10.2023 | Original Research

Network Nexus: Exploring the Impact of Alumni Connections of Managers on Mutual Fund Performance in India

The paper investigates the influence of the alumni social network of mutual fund managers on fund performance in India. The alumni networks of 211 managers managing 585 funds are constructed through seven network centrality measures for the period …

verfasst von:
Sudipta Majumdar, Sayantan Kundu, Sankalp Bose, Abhijeet Chandra