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Journal of Economics and Finance OnlineFirst articles

15.10.2019

U.S. Small Business Administration loans and U.S. state-level employment

This study examines the relationship between the U.S. Small Business Administration’s (SBA) lending programs and state-level employment from the early 1990s to 2013 using quarterly panel data for U.S. states with fixed effects. The results show a …

Autor:
Paul E. Orzechowski

11.09.2019

Do directional predictions of US gasoline prices reveal asymmetries?

This study employs a directional forecasting approach to re-examine the possible “rockets and feathers” effect, using monthly crude oil and US retail gasoline prices for 1986–2018. We show that, for 1986–1999 (2000–2018), changes in crude oil …

Autoren:
Hamid Baghestani, Jorg Bley

03.09.2019

Stock returns and investor sentiment: textual analysis and social media

The behavioral finance literature has found that investor sentiment has predictive ability for equity returns. This differs from standard finance theory, which provides no role for investor sentiment. We examine the relationship between investor …

Autoren:
Zachary McGurk, Adam Nowak, Joshua C. Hall

31.08.2019

Firm size proxies and the value relevance of predictive stock return models

This paper investigates differences in value relevance of predictive stock return models depending on which firm size proxy (or proxies) is used, these being market value (MV), total book assets (TBA) and market value of total book assets (MVTA).

Autor:
Gulraze Wakil

09.08.2019

The intra-industry effects of proxy contests

In this study, we examine the intra-industry effect of proxy contests. Proxy contests convey the information of common industrial risks or expected competitive relationship change. We find significant negative abnormal returns in the group of …

Autoren:
Fang Chen, Jian Huang, Han Yu

01.08.2019

Structural change in Asia, the real effective exchange rate, and agricultural productivity

It is argued in this paper that agriculture plays a here-to-for unrecognized role in the process of structural change. In very poor countries agriculture is the key sector in the economy and agricultural prices greatly influence the overall price …

Autoren:
Richard Grabowski, Sharmistha Self

17.07.2019

Is the flow-performance relationship really convex? - The impact of data treatment and model specification

This paper challenges the convexity of the flow-performance relationship, according to which investors strongly chase top-performing funds, while fund flows exhibit little to no sensitivity to past performance within the segment of poorly …

Autoren:
Alexander Schiller, René-Ojas Woltering, Steffen Sebastian

15.07.2019

Risk factors explaining returns anomaly in emerging market banks – study on Indian banking system

The article provides evidence about the risk factors influence the pricing of banking stocks in the context of emerging economies like India. We use 10 years of data comprising of public and private banks for empirical evidence of abnormal …

Autoren:
Sabyasachi Mohapatra, Arun Kumar Misra, Marimuthu Murali Kannan

03.07.2019

Banking Competition and Bank Size: Some Evidence from Italy

This paper assesses the degree of competition of the Italian banking industry and investigates whether there are differences in the competitive behaviour related to the size of the intermediaries. Competition is measured using the Bresnahan-Lau …

Autoren:
Paolo Coccorese, Laura Santucci

26.06.2019 | Correction

Correction to: Corporate governance and employee treatment: Evidence from takeover defenses

This study investigates if antitakeover provisions are a value-enhancing indicator of corporate governance by estimating the effect of takeover susceptibility to labor litigations. Using a unique hand-collected dataset of employee lawsuits, we …

Autoren:
Omer Unsal, Blake Rayfield

15.06.2019

Forming appropriate peer groups for bank research: a cluster analysis of bank financial statements

Choosing appropriate peer groups for commercial banks is important to investors comparing bank performance, for regulators evaluating safety and soundness, for bank management looking at merger alternatives or relative performance, and for bank …

Autoren:
Ken B. Cyree, Travis R. Davidson, John D. Stowe

15.06.2019

An optimization model of retiree decisions under recursive utility with housing

We investigate both of analytical and numerical solutions of retirees’ spending and investment decisions. We use a dynamic and realistic recursive utility setting which includes the standard expected utility setting as a special case. We find that …

Autoren:
Asiye Aydilek, Harun Aydilek

08.06.2019

Remittances, market size, and foreign direct investment: a case of sub-Saharan Africa

This study covers the period 1981–2014 and uses an unbalanced panel data set for 85 developing countries. It assesses the effect of remittances through per capita GDP on FDI inflows to Sub-Saharan Africa (SSA) and compares its performance in …

Autoren:
William A. Amponsah, Pablo A. Garcia-Fuentes, Joseph A. Smalley

29.05.2019

Do more financing obstacles trigger tax avoidance behavior? Evidence from Indian SMEs

Using the data from Enterprise Survey, this paper documents the following findings in India. Firstly, we show that firms experiencing higher obstacles in accessing finance are more likely to avoid taxes. We argue that firms try to overcome the …

Autoren:
Mohamed A. Elbannan, Omar Farooq

21.05.2019

Converting remittances to investment: a dynamic optimal policy

The existing literature does not provide a theoretical framework for conversion of remittances into investment. If a government introduces some measure for the earner abroad to save more, the earner’s cost (to the extent of his/ her share of …

Autor:
Nasreen Nawaz

15.05.2019

International movements of money and men: impact on the informal economy

Using panel data for a large cross-country sample, we consider the influences of FDI inflows, inward development aid, and immigration on the informal sector. Both FDI and immigration increase the informal sector, with the effect of immigration …

Autoren:
Rajeev K. Goel, Rati Ram, Friedrich Schneider, Ashley Potempa

14.05.2019

Real estate prices and banking performance: evidence from Canada

Using quarterly data from 1996 through 2018, this study explores the impact of real estate prices, real estate exuberance and real estate volatility on bank profits using a dynamic panel methodology with a unique sample of Canadian banks. The …

Autor:
Robert N. Killins

03.05.2019

Learning advanced technology in easier ways from developed countries

Even though developing countries demand to disclose advanced technology of developed countries, it is hardly possible that the developed countries disclose their technology for nothing as they worked very hard to get it through R&D investment.

Autor:
Inyong Shin

03.05.2019

Is the empirical relationship between hours and productivity effected by corporate profits?

This paper studies the behaviour of hours-worked in the event of positive technology shock first in the closed economy DSGE model and second by adding a corporate profits in a bivariate SVAR model. Our analytical results show that in the presence …

Autoren:
Kashif Zaheer Malik, Syed Zahid Ali

18.04.2019

Corporate governance and employee treatment: evidence from takeover defenses

In this study, we use a unique hand-collected dataset of employee lawsuits to understand the effect of litigation on CEO turnover. We gather 28,258 employee disputes (after initial court hearing) dating between the years 2000 and 2014 to test the …

Autoren:
Omer Unsal, Blake Rayfield