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Publisher: Elsevier   (Total: 3157 journals)

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Showing 1401 - 1600 of 3161 Journals sorted alphabetically
Intl. J. of Accounting     Hybrid Journal   (Followers: 1)
Intl. J. of Accounting Information Systems     Hybrid Journal   (Followers: 5, SJR: 0.399, CiteScore: 2)
Intl. J. of Adhesion and Adhesives     Hybrid Journal   (Followers: 19, SJR: 0.926, CiteScore: 2)
Intl. J. of Africa Nursing Sciences     Open Access   (SJR: 0.396, CiteScore: 1)
Intl. J. of Antimicrobial Agents     Hybrid Journal   (Followers: 10, SJR: 1.699, CiteScore: 4)
Intl. J. of Applied Earth Observation and Geoinformation     Hybrid Journal   (Followers: 35, SJR: 1.591, CiteScore: 4)
Intl. J. of Approximate Reasoning     Hybrid Journal   (Followers: 1, SJR: 0.866, CiteScore: 3)
Intl. J. of Biochemistry & Cell Biology     Hybrid Journal   (Followers: 6, SJR: 1.492, CiteScore: 3)
Intl. J. of Biological Macromolecules     Hybrid Journal   (Followers: 2, SJR: 0.917, CiteScore: 4)
Intl. J. of Cardiology     Hybrid Journal   (Followers: 16, SJR: 1.2, CiteScore: 2)
Intl. J. of Chemical and Analytical Science     Full-text available via subscription   (Followers: 4)
Intl. J. of Child-Computer Interaction     Hybrid Journal   (Followers: 2, SJR: 0.479, CiteScore: 3)
Intl. J. of Clinical and Health Psychology     Open Access   (Followers: 20, SJR: 1.345, CiteScore: 4)
Intl. J. of Coal Geology     Hybrid Journal   (Followers: 4, SJR: 2.186, CiteScore: 5)
Intl. J. of Critical Infrastructure Protection     Hybrid Journal   (Followers: 8, SJR: 0.648, CiteScore: 2)
Intl. J. of Dental Science and Research     Full-text available via subscription   (Followers: 1)
Intl. J. of Developmental Neuroscience     Hybrid Journal   (Followers: 8, SJR: 0.986, CiteScore: 2)
Intl. J. of Diabetes Mellitus     Open Access   (Followers: 9)
Intl. J. of Disaster Risk Reduction     Hybrid Journal   (Followers: 19, SJR: 0.769, CiteScore: 2)
Intl. J. of Drug Policy     Hybrid Journal   (Followers: 460, SJR: 1.441, CiteScore: 3)
Intl. J. of e-Navigation and Maritime Economy     Open Access   (Followers: 3)
Intl. J. of Educational Development     Hybrid Journal   (Followers: 14, SJR: 0.822, CiteScore: 1)
Intl. J. of Educational Research     Hybrid Journal   (Followers: 27, SJR: 0.617, CiteScore: 1)
Intl. J. of Electrical Power & Energy Systems     Open Access   (Followers: 25, SJR: 1.276, CiteScore: 5)
Intl. J. of Engineering Science     Hybrid Journal   (Followers: 5, SJR: 2.82, CiteScore: 6)
Intl. J. of Fatigue     Hybrid Journal   (Followers: 38, SJR: 1.402, CiteScore: 3)
Intl. J. of Food Microbiology     Hybrid Journal   (Followers: 15, SJR: 1.366, CiteScore: 4)
Intl. J. of Forecasting     Hybrid Journal   (Followers: 28, SJR: 1.879, CiteScore: 3)
Intl. J. of Gastronomy and Food Science     Open Access   (Followers: 4, SJR: 0.422, CiteScore: 1)
Intl. J. of Gerontology     Open Access   (Followers: 8, SJR: 0.215, CiteScore: 0)
Intl. J. of Greenhouse Gas Control     Partially Free   (Followers: 6, SJR: 1.458, CiteScore: 4)
Intl. J. of Heat and Fluid Flow     Hybrid Journal   (Followers: 36, SJR: 0.947, CiteScore: 3)
Intl. J. of Heat and Mass Transfer     Hybrid Journal   (Followers: 278, SJR: 1.498, CiteScore: 4)
Intl. J. of Hospitality Management     Hybrid Journal   (Followers: 20, SJR: 2.027, CiteScore: 4)
Intl. J. of Human-Computer Studies     Hybrid Journal   (Followers: 18, SJR: 0.605, CiteScore: 3)
Intl. J. of Hydrogen Energy     Partially Free   (Followers: 20, SJR: 1.116, CiteScore: 4)
Intl. J. of Hygiene and Environmental Health     Hybrid Journal   (Followers: 7, SJR: 1.334, CiteScore: 4)
Intl. J. of Impact Engineering     Hybrid Journal   (Followers: 9, SJR: 2.124, CiteScore: 4)
Intl. J. of Industrial Ergonomics     Hybrid Journal   (Followers: 15, SJR: 0.795, CiteScore: 2)
Intl. J. of Industrial Organization     Hybrid Journal   (Followers: 24, SJR: 0.873, CiteScore: 1)
Intl. J. of Infectious Diseases     Open Access   (Followers: 8, SJR: 1.514, CiteScore: 3)
Intl. J. of Information Management     Hybrid Journal   (Followers: 312, SJR: 1.373, CiteScore: 6)
Intl. J. of Intercultural Relations     Hybrid Journal   (Followers: 13, SJR: 0.732, CiteScore: 2)
Intl. J. of Law and Psychiatry     Hybrid Journal   (Followers: 9, SJR: 0.546, CiteScore: 1)
Intl. J. of Law, Crime and Justice     Hybrid Journal   (Followers: 58, SJR: 0.362, CiteScore: 1)
Intl. J. of Machine Tools and Manufacture     Hybrid Journal   (Followers: 7, SJR: 2.7, CiteScore: 6)
Intl. J. of Management Education     Hybrid Journal   (Followers: 8, SJR: 0.597, CiteScore: 2)
Intl. J. of Marine Energy     Full-text available via subscription   (Followers: 1, SJR: 0.92, CiteScore: 2)
Intl. J. of Mass Spectrometry     Hybrid Journal   (Followers: 17, SJR: 0.61, CiteScore: 2)
Intl. J. of Mechanical Sciences     Hybrid Journal   (Followers: 13, SJR: 1.595, CiteScore: 4)
Intl. J. of Medical Informatics     Hybrid Journal   (Followers: 9, SJR: 1.247, CiteScore: 4)
Intl. J. of Medical Microbiology     Hybrid Journal   (Followers: 8, SJR: 1.717, CiteScore: 4)
Intl. J. of Mineral Processing     Hybrid Journal   (Followers: 10, SJR: 0.782, CiteScore: 2)
Intl. J. of Mining Science and Technology     Open Access   (Followers: 3, SJR: 1.323, CiteScore: 2)
Intl. J. of Multiphase Flow     Hybrid Journal   (Followers: 9, SJR: 1.218, CiteScore: 3)
Intl. J. of Naval Architecture and Ocean Engineering     Open Access   (Followers: 3, SJR: 0.571, CiteScore: 1)
Intl. J. of Neuropharmacology     Full-text available via subscription   (Followers: 1)
Intl. J. of Non-Linear Mechanics     Hybrid Journal   (Followers: 8, SJR: 1.032, CiteScore: 2)
Intl. J. of Nursing Sciences     Open Access   (Followers: 2, SJR: 0.285, CiteScore: 1)
Intl. J. of Nursing Studies     Hybrid Journal   (Followers: 15, SJR: 1.646, CiteScore: 4)
Intl. J. of Obstetric Anesthesia     Full-text available via subscription   (Followers: 13, SJR: 0.717, CiteScore: 2)
Intl. J. of Oral and Maxillofacial Surgery     Hybrid Journal   (Followers: 8, SJR: 1.137, CiteScore: 2)
Intl. J. of Orthopaedic and Trauma Nursing     Hybrid Journal   (Followers: 11, SJR: 0.369, CiteScore: 1)
Intl. J. of Osteopathic Medicine     Hybrid Journal   (Followers: 2, SJR: 0.297, CiteScore: 1)
Intl. J. of Paleopathology     Partially Free   (Followers: 8, SJR: 0.618, CiteScore: 1)
Intl. J. of Pavement Research and Technology     Open Access   (Followers: 6, SJR: 0.311, CiteScore: 1)
Intl. J. of Pediatric Otorhinolaryngology     Full-text available via subscription   (Followers: 1, SJR: 0.783, CiteScore: 1)
Intl. J. of Pediatric Otorhinolaryngology Extra     Full-text available via subscription   (Followers: 1, SJR: 0.11, CiteScore: 0)
Intl. J. of Pediatrics and Adolescent Medicine     Open Access   (Followers: 1, SJR: 0.144, CiteScore: 1)
Intl. J. of Pharmaceutics     Hybrid Journal   (Followers: 36, SJR: 1.172, CiteScore: 4)
Intl. J. of Plasticity     Hybrid Journal   (Followers: 7, SJR: 3.395, CiteScore: 6)
Intl. J. of Pressure Vessels and Piping     Hybrid Journal   (Followers: 28, SJR: 0.981, CiteScore: 2)
Intl. J. of Production Economics     Hybrid Journal   (Followers: 15, SJR: 2.401, CiteScore: 5)
Intl. J. of Project Management     Hybrid Journal   (Followers: 49, SJR: 1.463, CiteScore: 5)
Intl. J. of Psychophysiology     Hybrid Journal   (Followers: 5, SJR: 1.157, CiteScore: 3)
Intl. J. of Radiation Oncology*Biology*Physics     Hybrid Journal   (Followers: 32, SJR: 2.485, CiteScore: 3)
Intl. J. of Refractory Metals and Hard Materials     Hybrid Journal   (Followers: 5)
Intl. J. of Refrigeration     Full-text available via subscription   (Followers: 5, SJR: 1.471, CiteScore: 3)
Intl. J. of Research in Marketing     Hybrid Journal   (Followers: 20, SJR: 2.528, CiteScore: 3)
Intl. J. of Rock Mechanics and Mining Sciences     Hybrid Journal   (Followers: 8, SJR: 2.259, CiteScore: 4)
Intl. J. of Sediment Research     Full-text available via subscription   (Followers: 3, SJR: 0.663, CiteScore: 2)
Intl. J. of Solids and Structures     Hybrid Journal   (Followers: 15, SJR: 1.295, CiteScore: 3)
Intl. J. of Spine Surgery     Hybrid Journal   (Followers: 3, SJR: 0.793, CiteScore: 2)
Intl. J. of Surgery     Hybrid Journal   (Followers: 8, SJR: 0.834, CiteScore: 3)
Intl. J. of Surgery Case Reports     Open Access   (Followers: 4, SJR: 0.26, CiteScore: 1)
Intl. J. of Surgery Open     Open Access   (SJR: 0.116, CiteScore: 0)
Intl. J. of Surgery Protocols     Open Access   (Followers: 1, SJR: 0.141, CiteScore: 1)
Intl. J. of Sustainable Built Environment     Open Access   (Followers: 5, SJR: 0.746, CiteScore: 3)
Intl. J. of the Sociology of Law     Hybrid Journal   (Followers: 18)
Intl. J. of Thermal Sciences     Hybrid Journal   (Followers: 18, SJR: 1.429, CiteScore: 4)
Intl. J. of Transportation Science and Technology     Open Access   (Followers: 10)
Intl. J. of Veterinary Science and Medicine     Open Access   (Followers: 4)
Intl. J. of Women's Dermatology     Open Access   (Followers: 1, SJR: 0.213, CiteScore: 0)
Intl. Medical Review on Down Syndrome     Full-text available via subscription  
Intl. Orthodontics     Full-text available via subscription   (Followers: 3, SJR: 0.239, CiteScore: 0)
Intl. Perspectives on Child and Adolescent Mental Health     Full-text available via subscription   (Followers: 5)
Intl. Review of Cell and Molecular Biology     Full-text available via subscription   (Followers: 6, SJR: 1.973, CiteScore: 4)
Intl. Review of Cytology     Full-text available via subscription  
Intl. Review of Economics & Finance     Hybrid Journal   (Followers: 26, SJR: 0.841, CiteScore: 2)
Intl. Review of Economics Education     Hybrid Journal   (Followers: 1, SJR: 0.632, CiteScore: 1)
Intl. Review of Financial Analysis     Hybrid Journal   (Followers: 7, SJR: 0.755, CiteScore: 2)
Intl. Review of Law and Economics     Hybrid Journal   (Followers: 22, SJR: 0.572, CiteScore: 1)
Intl. Review of Neurobiology     Full-text available via subscription   (Followers: 2, SJR: 1.497, CiteScore: 3)
Intl. Review of Research in Mental Retardation     Full-text available via subscription   (Followers: 7)
Intl. Soil and Water Conservation Research     Open Access   (SJR: 0.667, CiteScore: 2)
Intl. Strategic Management Review     Open Access   (Followers: 4)
Investigación en Educación Médica     Open Access  
Investigaciones de Historia Económica     Full-text available via subscription   (SJR: 0.264, CiteScore: 0)
Investigaciones Europeas de Dirección y Economía de la Empresa     Open Access  
IRBM     Full-text available via subscription   (SJR: 0.298, CiteScore: 1)
IRBM News     Full-text available via subscription   (SJR: 0.139, CiteScore: 0)
ISA Transactions     Full-text available via subscription   (Followers: 1, SJR: 1.115, CiteScore: 4)
iScience     Open Access  
ISPRS J. of Photogrammetry and Remote Sensing     Hybrid Journal   (Followers: 71, SJR: 3.169, CiteScore: 8)
Italian Oral Surgery     Full-text available via subscription   (Followers: 1)
ITBM-RBM     Full-text available via subscription   (Followers: 1)
ITBM-RBM News     Full-text available via subscription   (Followers: 1)
J. de Chirurgie Viscerale     Full-text available via subscription   (Followers: 1, SJR: 0.264, CiteScore: 0)
J. de Gynécologie Obstétrique et Biologie de la Reproduction     Full-text available via subscription  
J. de Mathématiques Pures et Appliquées     Full-text available via subscription   (Followers: 4, SJR: 3.571, CiteScore: 2)
J. de Mycologie Médicale / J. of Medical Mycology     Full-text available via subscription   (Followers: 2, SJR: 0.495, CiteScore: 2)
J. de Pédiatrie et de Puériculture     Full-text available via subscription   (SJR: 0.116, CiteScore: 0)
J. de Radiologie     Full-text available via subscription  
J. de Radiologie Diagnostique et Interventionnelle     Full-text available via subscription   (Followers: 2)
J. de Thérapie Comportementale et Cognitive     Full-text available via subscription   (SJR: 0.111, CiteScore: 0)
J. de Traumatologie du Sport     Full-text available via subscription   (Followers: 2, SJR: 0.152, CiteScore: 0)
J. des Anti-infectieux     Full-text available via subscription   (Followers: 2, SJR: 0.107, CiteScore: 0)
J. des Maladies Vasculaires     Full-text available via subscription  
J. Européen des Urgences     Full-text available via subscription   (Followers: 1)
J. Européen des Urgences et de Réanimation     Hybrid Journal   (SJR: 0.108, CiteScore: 0)
J. for Nature Conservation     Hybrid Journal   (Followers: 28, SJR: 0.894, CiteScore: 2)
J. for Nurse Practitioners     Hybrid Journal   (Followers: 12, SJR: 0.179, CiteScore: 0)
J. Français d'Ophtalmologie     Full-text available via subscription   (Followers: 3, SJR: 0.292, CiteScore: 0)
J. of Academic Librarianship     Hybrid Journal   (Followers: 1052, SJR: 1.224, CiteScore: 2)
J. of Accounting and Economics     Hybrid Journal   (Followers: 39, SJR: 6.875, CiteScore: 4)
J. of Accounting and Public Policy     Hybrid Journal   (Followers: 7, SJR: 0.91, CiteScore: 2)
J. of Accounting Education     Hybrid Journal   (Followers: 6, SJR: 0.882, CiteScore: 1)
J. of Accounting Literature     Hybrid Journal   (Followers: 7, SJR: 0.986, CiteScore: 3)
J. of Acupuncture and Meridian Studies     Open Access   (Followers: 1, SJR: 0.347, CiteScore: 1)
J. of Acute Medicine     Open Access   (SJR: 0.196, CiteScore: 1)
J. of Adolescence     Hybrid Journal   (Followers: 15, SJR: 1.01, CiteScore: 2)
J. of Adolescent Health     Hybrid Journal   (Followers: 24, SJR: 1.851, CiteScore: 4)
J. of Advanced Research     Open Access   (Followers: 2, SJR: 0.741, CiteScore: 4)
J. of Aerosol Science     Hybrid Journal   (Followers: 5, SJR: 0.828, CiteScore: 3)
J. of Affective Disorders     Hybrid Journal   (Followers: 18, SJR: 2.053, CiteScore: 4)
J. of African Earth Sciences     Hybrid Journal   (Followers: 11, SJR: 0.681, CiteScore: 2)
J. of African Trade     Open Access  
J. of Aging Studies     Hybrid Journal   (Followers: 11, SJR: 0.8, CiteScore: 2)
J. of Air Transport Management     Hybrid Journal   (Followers: 9, SJR: 0.981, CiteScore: 2)
J. of Algebra     Full-text available via subscription   (Followers: 5, SJR: 1.187, CiteScore: 1)
J. of Algorithms     Full-text available via subscription   (Followers: 4)
J. of Allergy and Clinical Immunology     Hybrid Journal   (Followers: 31, SJR: 5.049, CiteScore: 7)
J. of Allergy and Clinical Immunology : In Practice     Full-text available via subscription   (Followers: 13, SJR: 1.461, CiteScore: 3)
J. of Alloys and Compounds     Hybrid Journal   (Followers: 13, SJR: 1.02, CiteScore: 4)
J. of American Association for Pediatric Ophthalmology and Strabismus     Hybrid Journal   (Followers: 7, SJR: 0.752, CiteScore: 1)
J. of Analytical and Applied Pyrolysis     Hybrid Journal   (Followers: 3, SJR: 1.129, CiteScore: 4)
J. of Anesthesia History     Full-text available via subscription   (Followers: 1, SJR: 0.19, CiteScore: 0)
J. of Anthropological Archaeology     Hybrid Journal   (Followers: 79, SJR: 1.24, CiteScore: 2)
J. of Anxiety Disorders     Hybrid Journal   (Followers: 16, SJR: 2.043, CiteScore: 4)
J. of Applied Biomedicine     Open Access   (Followers: 2, SJR: 0.348, CiteScore: 2)
J. of Applied Developmental Psychology     Hybrid Journal   (Followers: 14, SJR: 1.339, CiteScore: 3)
J. of Applied Economics     Full-text available via subscription   (Followers: 8, SJR: 0.235, CiteScore: 1)
J. of Applied Geophysics     Hybrid Journal   (Followers: 15, SJR: 0.636, CiteScore: 2)
J. of Applied Logic     Full-text available via subscription   (SJR: 0.277, CiteScore: 1)
J. of Applied Mathematics and Mechanics     Full-text available via subscription   (Followers: 9, SJR: 0.321, CiteScore: 0)
J. of Applied Research and Technology     Open Access   (SJR: 0.255, CiteScore: 1)
J. of Applied Research in Memory and Cognition     Partially Free   (Followers: 12, SJR: 1.303, CiteScore: 2)
J. of Applied Research on Medicinal and Aromatic Plants     Hybrid Journal   (SJR: 0.355, CiteScore: 2)
J. of Approximation Theory     Hybrid Journal   (Followers: 1, SJR: 0.907, CiteScore: 1)
J. of Archaeological Science     Hybrid Journal   (Followers: 66, SJR: 1.885, CiteScore: 3)
J. of Archaeological Science : Reports     Hybrid Journal   (Followers: 17, SJR: 0.659, CiteScore: 1)
J. of Arid Environments     Hybrid Journal   (Followers: 14, SJR: 0.763, CiteScore: 2)
J. of Arrhythmia     Open Access   (SJR: 0.398, CiteScore: 1)
J. of Arthroplasty     Hybrid Journal   (Followers: 50, SJR: 2.373, CiteScore: 3)
J. of Arthroscopy and Joint Surgery     Full-text available via subscription   (Followers: 2, SJR: 0.103, CiteScore: 0)
J. of Asia-Pacific Biodiversity     Open Access   (SJR: 0.361, CiteScore: 1)
J. of Asia-Pacific Entomology     Full-text available via subscription   (Followers: 6, SJR: 0.373, CiteScore: 1)
J. of Asian Ceramic Societies     Open Access   (Followers: 2, SJR: 0.509, CiteScore: 2)
J. of Asian Earth Sciences     Hybrid Journal   (Followers: 13, SJR: 1.488, CiteScore: 3)
J. of Asian Economics     Hybrid Journal   (Followers: 1, SJR: 0.419, CiteScore: 1)
J. of Atmospheric and Solar-Terrestrial Physics     Hybrid Journal   (Followers: 155, SJR: 0.696, CiteScore: 2)
J. of Autoimmunity     Hybrid Journal   (Followers: 16, SJR: 2.046, CiteScore: 7)
J. of Ayurveda and Integrative Medicine     Open Access   (Followers: 3, SJR: 0.338, CiteScore: 1)
J. of Banking & Finance     Hybrid Journal   (Followers: 180)
J. of Basic & Applied Zoology : Physiology     Open Access   (Followers: 3)
J. of Behavior Therapy and Experimental Psychiatry     Hybrid Journal   (Followers: 4, SJR: 1.42, CiteScore: 3)
J. of Behavior, Health & Social Issues     Open Access   (Followers: 7)
J. of Behavioral and Experimental Economics     Full-text available via subscription   (Followers: 8, SJR: 0.593, CiteScore: 1)
J. of Behavioral and Experimental Finance     Full-text available via subscription   (Followers: 3, SJR: 0.475, CiteScore: 1)
J. of Biochemical and Biophysical Methods     Hybrid Journal   (Followers: 5)
J. of Biomechanics     Hybrid Journal   (Followers: 37, SJR: 1.147, CiteScore: 3)
J. of Biomedical Informatics     Partially Free   (Followers: 15, SJR: 1.028, CiteScore: 4)
J. of Biomedical Research     Full-text available via subscription   (Followers: 3, SJR: 0.712, CiteScore: 2)
J. of Bionic Engineering     Full-text available via subscription   (SJR: 0.584, CiteScore: 3)
J. of Bioscience and Bioengineering     Full-text available via subscription   (Followers: 31, SJR: 0.675, CiteScore: 2)
J. of Biotechnology     Hybrid Journal   (Followers: 62, SJR: 0.929, CiteScore: 3)
J. of Bodywork and Movement Therapies     Hybrid Journal   (Followers: 17, SJR: 0.522, CiteScore: 1)
J. of Bone Oncology     Open Access   (Followers: 1, SJR: 0.941, CiteScore: 3)
J. of Building Engineering     Hybrid Journal   (Followers: 2, SJR: 0.753, CiteScore: 3)
J. of Business Research     Hybrid Journal   (Followers: 22, SJR: 1.26, CiteScore: 3)

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Journal Cover
International Review of Economics & Finance
Journal Prestige (SJR): 0.841
Citation Impact (citeScore): 2
Number of Followers: 26  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1059-0560
Published by Elsevier Homepage  [3157 journals]
  • The role of real options in the takeover premia in mergers and
           acquisitions
    • Abstract: Publication date: Available online 19 January 2019Source: International Review of Economics & FinanceAuthor(s): Leonidas G. Barbopoulos, Louis T.W. Cheng, Yi Cheng, Andrew Marshall This paper applies a real option framework to suggest that the takeover premia in mergers and acquisitions can be influenced by (a) the pre-bid ownership of target and (b) the real option characteristics of both acquirer and target firms. Our findings show that pre-bid ownership reduces the takeover premia, which is consistent with the argument that pre-bid ownership reduces information asymmetry. However, we find that the takeover premia is higher when both the acquirer and target firms exhibit real option capacity as measured by positive risk-return sensitivity. As a result, an acquirer with real option capacity is willing to pay higher takeover premia for an option embedded in the target firm.
       
  • Cash holding and over-investment behavior in firms with problem directors
    • Abstract: Publication date: Available online 19 January 2019Source: International Review of Economics & FinanceAuthor(s): Md Borhan Uddin Bhuiyan, Jill Hooks This paper examines the empirical relationship between cash holding and investment behavior when problem directors are on the Board. We argue that problem directors provide lower quality (weak) corporate governance which encourages excess cash holdings. The findings show consistent evidence that firms with at least one problem director hold more cash. In addition, evidence is found that firms with higher cash holdings engage in over-investment and such behavior is more pronounced when problem directors are on the board. This study contributes to the limited research on the professional history of directors and provides evidence of the financial effects for firms served by problem directors.
       
  • A dynamic network DEA model for accounting and financial indicators: A
           case of efficiency in MENA banking
    • Abstract: Publication date: Available online 18 January 2019Source: International Review of Economics & FinanceAuthor(s): Peter Wanke, Md Abul Kalam Azad, Ali Emrouznejad, Jorge Antunes Middle East and North Africa (MENA) countries present a banking industry that is well-known for regulatory and cultural heterogeneity, besides ownership, origin, and type diversity. This paper explores these issues by developing a Dynamic Network DEA model in order to handle the underlying relationships among major accounting and financial indicators. Firstly, a relational model encompassing major profit sheet, balance sheet, and financial health indicators is presented under a dynamic network structure. Subsequently, the dynamic effect of carry-over indicators is incorporated into it so that efficiency scores can be properly computed for these three substructures. The impact of contextual variables related to bank ownership, its type, and whether or not it has undergone a previous merger and acquisition process is tested by means of a stochastic non-linear model solved by differential evolution, which combines bootstrapped Simplex, Tobit, Beta, and Simar and Wilson truncated regression results. The results reveal that bank type, origin, and ownership impact efficiency levels differently in terms of profit sheet, balance sheet, and financial health indicators, although the impact of culture and regulatory barriers seem to prevail at the country level.
       
  • Does underwriter rating matter' Evidence from seasoned equity
           offerings in an emerging market
    • Abstract: Publication date: Available online 8 January 2019Source: International Review of Economics & FinanceAuthor(s): Xiongyuan Wang, Linlang Zhang, Kam C. Chan, Jie He We examine the impact of underwriting rating on seasoned equity offering (SEO) discount in China. The China Securities Regulatory Commission has adopted an underwriting rating system since 2010, although it remains unclear whether such a rating system is able to translate into a lower SEO discount and a higher cumulative abnormal returns so that SEO firms are able to leave less money on the table. Our findings are consistent with the underwriter general ability hypothesis. That is, an underwriter’s general ability as reflected in its rating contributes to a lower SEO discount. The findings are robust to a battery of alternative specifications, after accounting for selectivity bias, and accounting for underwriter reputation. In addition, we show that the rating system reflects the multi-dimensional ability of the underwriter. We document that without an underwriter rating variable, the conventional underwriter reputation measure (using relative underwriting market share) is negatively related to the SEO discount. After incorporating the underwriter rating variable, it dominates the conventional underwriter reputation measures in explaining the SEO discount. Finally, we document that a highly rated underwriter is associated with firms having lower accrual-based and real earnings management. Some policy implications are discussed.
       
  • Does accounting comparability alleviate the informational disadvantage of
           foreign investors'
    • Abstract: Publication date: Available online 4 January 2019Source: International Review of Economics & FinanceAuthor(s): Yogesh Chauhan, Surya B. Kumar The paper examines the benefits of financial accounting comparability for an emerging market. We document the benefits in the form of foreign equity investments. Our empirical results find that foreign investors prefer to invest in firms showing more accounting comparability. Our results also reveal that the benefits of accounting comparability are more prominent when firms have less visibility, operate in a less competitive industry, and have stock prices that reflect a lower level of firm-specific information. We further find that the effect of accounting comparability is lower for domestic mutual fund ownership. Overall, our study suggests that accounting comparability can complement a poor information environment concerning emerging market firms.
       
  • Financial Development, Inequality, and Poverty: Some International
           Evidence
    • Abstract: Publication date: Available online 4 January 2019Source: International Review of Economics & FinanceAuthor(s): Ruixin Zhang, Sami Ben Naceur This paper provides evidence for the relationship between financial development, income inequality, and poverty. Unlike the existing literature, which mainly studies the effects of financial deepening, this paper features a multidimensional investigation. We considered financial access, depth, efficiency, stability, and liberalization. This paper reports three major findings. First, four out of five dimensions of financial development (access, depth, efficiency, and stability) can significantly reduce inequality and poverty. Second, financial liberalizations tend to exacerbate inequality and poverty. Third,the development of the banking shows a more significant impact on income distribution than the development of the stock market.
       
  • It's not that important: The negligible effect of oil market
           uncertainty'
    • Abstract: Publication date: Available online 27 December 2018Source: International Review of Economics & FinanceAuthor(s): Libo Yin, Jiabao Feng, Li Liu, Yudong Wang Extensive literature has shown the predictability of stock returns based on various factors originating in the oil markets. We investigate the international stock return predictability at both daily and monthly frequencies from a new perspective of oil market uncertainties, which are measured by the oil volatility risk premium. In addition to traditional in-sample and out-of-sample analyses, a time-varying approach is also employed to identify the predictive characteristics of the oil market uncertainty. However, the empirical results suggest that there is a weak statistically significant effect of the oil market volatility on global stock returns. The results are essentially unchanged during cyclical expansions and recessions as well as during market periods with relatively high and low volatility. Even in the time-varying analysis, the stock return predictability based on the oil market uncertainty is still inferior. Generally, we shed some doubts on the stock return predictability based on the oil market uncertainty, which contrasts with the existing perspectives.
       
  • Determinants of MD&A sentiment in Canada
    • Abstract: Publication date: Available online 27 December 2018Source: International Review of Economics & FinanceAuthor(s): Shantanu Dutta, Michel Fuksa, Ken Macaulay
       
  • Choosing expected shortfall over VaR in Basel III using stochastic
           dominance
    • Abstract: Publication date: Available online 24 December 2018Source: International Review of Economics & FinanceAuthor(s): Chia-Lin Chang, Juan-Ángel Jiménez-Martín, Esfandiar Maasoumi, Michael McAleer, Teodosio Pérez-Amaral In this paper we use stochastic dominance to evaluate the consequences of moving from Value-at-Risk (VaR) to Expected Shortfall (ES) from a policy maker's perspective. In particular, we compare VaR at the 99% level (VaR99) and ES at the 97.5% level (ES97.5). We contemplate VaR99 and ES97.5 as two alternative risk metrics according to the capital adequacy bank regulation, as suggested by Basel III. Moving from VaR99 to ES97.5 will have effects in terms of the quantity and quality of the capital required to banks. According to the Basel Committee on Banking Supervision (2013, page 18):“the Committee believes that moving to a confidence level of 97.5% (relative to the 99th percentile confidence level for the current VaR measure) is appropriate.”Stochastic dominance of the capital requirement distribution after the change in bank regulations, as suggested by Basel III, over the capital requirement under the old regulation, implies that a policy maker with any positive marginal utility of capital requirements (and a negative second derivative for risk aversion) would prefer it. SD tests examines if the rankings of outcomes are utility function specific, or uniform, over all decision makers with preferences in the class considered.
       
  • Home equity and household portfolio choice: Evidence from China
    • Abstract: Publication date: Available online 23 December 2018Source: International Review of Economics & FinanceAuthor(s): Zekai He, Xiuzhen Shi, Xiaomeng Lu, Feng Li Using unique microeconomic data on more than 20 000 households, we examine the household portfolio choice response to a housing boom in China that resulted in rapid home equity appreciation. This study isolates exogenous variation in home equity by using differences in land supply quotas and housing supply elasticities across housing markets as instruments. We find that increases in home equity wealth significantly lead to household participation in the stock market and stock shareholdings. In response to 10% of home equity appreciation, the stock market participation rate and shareholdings increase by approximately 0.6 and 0.3 percentage points, respectively. We show that the effect is more pronounced for multi-home owners and for those in the first and second tiers of cities. Moreover, portfolio choice response is weaker among households with mortgages, credit constraints, low income, and a lack of employment security. The interaction between housing and financial markets could have important implications for the macroeconomy.
       
  • Flexible or mandatory retirement' Welfare implications of retirement
           policies for a population with heterogeneous health conditions
    • Abstract: Publication date: Available online 23 December 2018Source: International Review of Economics & FinanceAuthor(s): Zhenhua Feng, Jaimie W. Lien, Jie Zheng A flexible retirement policy has often been proposed as a solution to address the social dilemma of individuals in the population having different desired retirement ages. We analyze such a policy in an overlapping generations general equilibrium framework, where individuals differ in terms of their health condition at the standard retirement age, and therefore in their suitability for remaining in the labor force beyond the standard age. In our model, workers know about their future health condition when they are young, and adjust their savings and labor supply accordingly in order to maximize their lifetime utility. The applies to situations in which workers can fairly accurately predict their health status based upon personal, family, community and professional health status tendencies. We compare the flexible retirement policy to the mandatory retirement policy in the labor and capital markets, and the effects on savings and wages in the aggregate for both healthy and unhealthy, young and elderly cohorts. For economies with sufficiently high capital intensity of production and high levels health among the elderly, a flexible retirement policy can result in a welfare reduction compared to a mandatory retirement policy. Our study links the social desirability of the two retirement policies to the technological and population structure of the economy.
       
  • Does money supply drive housing prices in China'
    • Abstract: Publication date: Available online 20 December 2018Source: International Review of Economics & FinanceAuthor(s): Chi-Wei Su, Xiao-Qing Wang, Ran Tao, Hsu-Ling Chang This study explores the causality between housing prices and money supply in order to support the dynamic equilibrium model in China. Considering structural changes, the long-run nexus using full-sample data is found to be unstable, suggesting the causality test is not reliable. Instead a time-varying rolling-window approach is employed to revisit the dynamic causal relationship. The results highlight the existence of a bidirectional causal link between housing prices and money supply in China. Specifically, soar and crash of housing prices manifest both positive and negative impacts on money supply in different sub-periods. In turn, money supply has a positive impact on housing prices, which supports the dynamic equilibrium model. In order to support a relatively stable housing price level, especially during structural economic changes, it is critical to facilitate the pegged money supply precautionary control and insure a reasonable and stable level of money supply into the real estate market.
       
  • How Does Product Market Competition Affect Corporate Takeover in an
           Emerging Economy'
    • Abstract: Publication date: Available online 19 December 2018Source: International Review of Economics & FinanceAuthor(s): Ji Hye Lee, Hee Sub Byun, Kyung Suh Park This study investigates the effect of product market competition as an external control mechanism on the operation and efficiency of corporate takeovers in an emerging economy. Empirically, we find that firms in more competitive product markets are more likely to experience a change in control than those in less competitive markets after controlling for other firm and industry characteristics. Further, the positive effect of a change in control on shareholder wealth is observed in more competitive product markets but disappears in less competitive markets. The results imply that product market competition improves market efficiency for corporate control in an emerging economy with less developed capital markets and weak investor protection, supporting the complementary Hypothesis between product market competition and corporate takeover.
       
  • Financialization and sluggish fixed investment in Chinese real sector
           firms
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Jiaxian Shu, Chengsi Zhang, Ning Zheng :China’s economy has been slowing down over the past decade since 2007, with real investment posting obviously sluggish growth, in contrast to a rising trend of financialization in non-financial firms. Using firm-level panel data, this paper examines the impacts of firms’ financialization on real investment in China with an extended portfolio choice model. Empirical results show that firms’ financialization has an economically and statistically significant reducing effect on their real investment. Unlike the existing literature, however, we find that the return gap between real and financial investments plays a limited role in affecting real investment.
       
  • Two-child Policy, Gender Income and Fertility Choice In China
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Jun Liu, Taoxiong Liu We construct a three-period overlapping generation model to explore the effectiveness of the fertility policy and the factors affecting the fertility choices in China. The results show that there is a significant U-shaped relationship between female income and two-child fertility choice. The analysis of the effectiveness of the universal two-child policy suggests that a threshold exists for the fertility policy that is estimated to be between 1 and 2. Therefore, even if the two-child policy is further relaxed, it will exert little influence on fertility choice. Thus, other forms of fertility policies should be combined to improve the fertility rate.
       
  • Political Connection and the Walking Dead: Evidence from China’s
           Privately Owned Firms
    • Abstract: Publication date: Available online 13 December 2018Source: International Review of Economics & FinanceAuthor(s): Qing He, Xiaoyang Li, Wenyu Zhu Using a sample of privately owned listed firms in China, we document that firms’ political connections have a positive effect on their likelihood of becoming insolvent and inefficient (which we call zombies or zombie firms). The results are more pronounced for firms that are located in regions with extensive government intervention or weak institutional environment. In addition, for firms without political connections, the presence of zombie firms has larger negative spillover effects on the investment and productivity of healthy firms compared with zombie firms in the same industry. Curiously, such differential negative spillover effects are not observed for firms with political connections.
       
  • Portfolio rebalancing behavior with operating losses and investment
           regulation
    • Abstract: Publication date: Available online 8 October 2018Source: International Review of Economics & FinanceAuthor(s): M. Martin Boyer, Elicia P. Cowins, Willie D. Reddic Firms should make every attempt to reduce their tax burden by, for instance, preferring higher-yield taxable investments when faced with operating losses and lower-yield tax-exempt investments otherwise. We examine in this paper whether there are impediments to rebalancing which result from a firm's regulatory environment. Using an original measure of investment regulatory stringency that U.S. property and casualty insurers encounter, we find that insurers operating in more stringent regulatory environments receive a lower percentage of their investment income from taxable sources. We conclude that regulatory constraints limit insurers from rebalancing efficiently their investment portfolio in response to operational performance.
       
  • Independent director connectedness in China: An examination of the trade
           credit financing hypothesis
    • Abstract: Publication date: Available online 1 October 2018Source: International Review of Economics & FinanceAuthor(s): Changyuan Xia, Xiaowei Zhang, Chunfang Cao, Nan Xu We propose and examine a trade credit financing hypothesis of independent director connectedness. Our conjecture is that a firm with well-connected independent directors can obtain more trade credit. The findings suggest that independent director connectedness is positively correlated with the amount of trade credit available to a firm. The trade credit obtained is costly, however. Relationship-based financing comes in the form of higher-cost notes payable, rather than lower-cost accounts payable. Specifically, we find that firms with financial constraints are more likely to benefit from independent director connectedness in obtaining trade credit. We show that the roles of independent directors include trade credit financing in addition to traditional monitoring and advising.
       
  • How does analyst forecast dispersion affect SEO discounts in uniform-price
           auction system' Evidence from investor bids in China
    • Abstract: Publication date: Available online 1 October 2018Source: International Review of Economics & FinanceAuthor(s): Mingjing Yang, Xiaoke Cheng, Qian Sun, Chao Lu This study investigates the relationship between the analyst forecast dispersion and SEO pricing in auction system of SEOs in China. Leveraging detailed investor bids, our findings show that the analyst forecast dispersion has two opposite information contents, information asymmetry and divergent opinions, both of which affect the investor bidding behavior and SEO pricing. The information asymmetry effect leads to a decrease in weighted average of investor bid prices and the divergent opinions effect leads to an increase in the standard deviation of bid prices. The net effect of the two information contents in analyst forecast dispersion results in an increase in SEO discounts, suggesting the effect of information asymmetry outweighs that of divergent opinions. Furthermore, the transmission mechanism test shows that the investor bidding behavior is a complete transmission channel underling the impact of analyst forecast dispersion and SEO discounts. Our findings contribute to the literature related to SEO discount determinants and how financial analysts affect capital markets.
       
  • Risk disclosure in annual reports and corporate investment efficiency
    • Abstract: Publication date: Available online 7 September 2018Source: International Review of Economics & FinanceAuthor(s): Yanqiong Li, Jie He, Min Xiao We calculate a risk disclosure index (RDI) from annual reports by applying textual analysis and study how it affects investment efficiency in firms. The results show that the higher the frequency of risk disclosure in sections of MD&A is, the higher the corporate investment efficiency will be. In further analysis, we find that the effect of risk disclosure on corporate investment efficiency is more prominent when the tone of MD&A is more positive, when there are more keywords about investment in MD&A and when investors have more demand of information or better ability of information processing. Our results support the convergence argument on risk disclosure, and our findings advance the literature of both risk disclosure and investment efficiency.
       
  • How does customer concentration affect informal financing'
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Xuan Peng, XiongYuan Wang, Lina Yan We examine how customer concentration of a firm affects the amount of informal financing (trade credit) granted by the firm. Using a sample of Chinese public firms from 2007 to 2013, we document that customer concentration and informal financing are positively correlated. The findings are robust to alternative measures of customer concentration and informal financing and account for selection bias. We further report evidence that the impact of customer concentration on informal financing is less pronounced when the firm has high corporate risk. In contrast, when a firm has high financial leverage or receives a large amount of informal financing from its suppliers, the impact of customer concentration on informal financing granted is stronger. Our findings advance the informal financing literature by providing direct evidence on the impact of customer concentration.
       
  • The anchoring effect of underwriters' proposed price ranges on
           institutional investors' bid prices in IPO auctions: Evidence from China
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Shenghao Gao, Feng Cao, Robert (Chi-Wing) Fok We examine the anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices during IPO auctions. We find that the distribution of investor bid prices exhibits sharp spikes around both endpoints (the reference points) of underwriters' proposed price ranges and that investor bid prices increase with the disparity between the reference points and the expected IPO offer price. Our findings are robust to a battery of checks. In addition, the final IPO offer price is positively and the aftermarket performance is negatively associated with the disparity, respectively. Our findings suggest that institutional investors anchor on underwriters' proposed price ranges when bidding in IPO auctions and this anchoring effect has wealth effect on IPO pricing.
       
  • Do political connections enhance or impede corporate innovation'
    • Abstract: Publication date: Available online 5 September 2018Source: International Review of Economics & FinanceAuthor(s): Zhong-qin Su, Zuoping Xiao, Lin Yu We establish a comprehensive political connection index based on manually collected personal profiles of top firm managers or board members to examine the contribution of political connections to corporate innovation and the channels of this relation. Our results indicate that politically connected firms tend to have more innovation than non-connected firms, and government subsidies mediate this relation. Moreover, the innovation-enhancing value of political connections is especially important for firms that receive less government support, such as non-SOEs and low-tech companies.
       
  • The impact of analyst coverage on partial acquisitions: Evidence from M&A
           premium and firm performance in China
    • Abstract: Publication date: Available online 10 August 2018Source: International Review of Economics & FinanceAuthor(s): Ying Li, Miao Lu, Y. Ling Lo In this paper, we examine how analyst coverage affects mergers and acquisitions in China. By using partial acquisitions in our study, we are able to directly examine the post-acquisition performance of the targets. Our results are robust and consistent with our hypotheses. Analyst coverage can effectively reduce information asymmetry. As a result, targets with high analyst coverage experience more immediate and accurate price correction in the short run, as indicated in the acquisition premium. In the long run, targets with high analyst coverage outperform targets with low analyst coverage up to two years post acquisition, based on EPS. Our results indicate analyst coverage can effectively (1) speed up price discovery by bringing targets' stock prices closer to their equilibria, (2) promote market efficiency by reducing information asymmetry, (3) help acquirers make better asset allocation and investment decisions in the acquisition market by reducing information asymmetry, and (4) support targets' long-term performance by providing them with better access to external resources.
       
  • Motives for corporate philanthropy propensity: Does short selling
           matter'
    • Abstract: Publication date: Available online 29 July 2018Source: International Review of Economics & FinanceAuthor(s): Deshuai Hou, Qingbin Meng, Kai Zhang, Kam C. Chan We examine the impact of short selling on a firm's CP propensity in a sample of Chinese firms. Drawing from the strategic view of CP literature, we postulate that when a firm faces weaknesses, it has incentive to use CP to divert public attention. Our results, as expected, suggest that when there is a surge in short selling, a firm is more likely to make CP in a given year. The findings are robust to endogeneity concerns and different measure of CP propensity. Sub-sample analyses use corporate transparency, operating results, corporate governance, and prior security violation suggest that when a firm is less transparent, having poor operating performance, an ineffective corporate governance, and anticipated future security violation, it is more likely to using CP to divert the public attention.
       
  • Does quasi-mandatory dividend rule restrain overinvestment'
    • Abstract: Publication date: Available online 7 July 2018Source: International Review of Economics & FinanceAuthor(s): Xiaoquan Wei, Chunfei Wang, Yunnan Guo We study the impact of a quasi-mandatory dividend rule on restraining corporate overinvestment in China. In 2008, the Chinese government adopted a regulation mandating that publicly listed firms pay out a minimum of 30% of their average earnings over the preceding 3 years as cash dividends before the firms can apply for SEOs. The 30% Rule in China is unique in the sense that it applies only to firms applying for SEOs. Our findings suggest that firms paying small dividends (but not meeting the 30% Rule) better restrain their overinvestment after the 30% Rule than the control firms. The 30% Rule, while meant to encourage firms to pay more dividends, pushes small-dividend firms to improve their investment efficiency by lowering the extent of overinvestment. For firms paying no dividends, we find that, after implementation of the 30% Rule, their overinvestment increases. Finally, we document that the impact of the 30% Rule on restraining overinvestment among small-dividend firms is attenuated if they have bad agency problems. Our findings offer policy implications for other emerging markets considering adopting mandatory dividend regulations.
       
  • Stress test impact and bank risk profile: Evidence from macro stress
           testing in Europe
    • Abstract: Publication date: Available online 11 April 2018Source: International Review of Economics & FinanceAuthor(s): Nicolás Gambetta, María Antonia García-Benau, Ana Zorio-Grima This study investigates the risk profile of banks that get a significant capital level reduction in the EU-wide stress test exercises. Using the CAMELS multifaceted risk approach, we look into the connection between the bank risk factors and the macro stress testing impact on capital. The results show that financial institutions that are inefficient or complex, with low profitability levels and small loan portfolio, receive highly negative results in the stress tests. As this risk profile is not consistent over time, the results support the stress tests disciplinary role, suggesting risk management strategy adjustment through consideration of prior stress test outcomes.
       
  • Legal systems and the financing of working capital
    • Abstract: Publication date: Available online 9 February 2018Source: International Review of Economics & FinanceAuthor(s): Michael Troilo, Brian R. Walkup, Masato Abe, Seulki Lee This study builds on the existing law and finance literature by analyzing the impact of legal systems on both the level and the sourcing of working capital. We find that stronger rule of law results in lower levels of working capital, less sourcing from retained earnings, and more sourcing from banks. Firms in common-law regimes have lower levels of working capital and finance it from banks, while firms from civil-law environments rely on retained earnings and other financial institutions for sourcing. The impact of legal origin on both the level and the sourcing of working capital is mixed.
       
  • Stability in mutual fund performance rankings: A new proposal
    • Abstract: Publication date: Available online 31 January 2018Source: International Review of Economics & FinanceAuthor(s): Pilar Grau-Carles, Luis Miguel Doncel, Jorge Sainz Market investors use financial performance measures to determine, often ex post, fund managers' investment ability and identify the fund managers who are best suited to managing their investments. The Sharpe ratio is the principal financial performance measure, although it has certain weaknesses. To correct for the Sharpe ratio's shortcomings, researchers and practitioners have developed alternative measures. This study investigated the most widely used performance measures. Their results were evaluated by ranking different investments. The analysis showed that the choice of measure affects the ranking of investments. The paper presents a new method that provides a stable ranking based on the notion of stability selection. This method was applied to daily prices of UK investment funds. The method enables identification of the top stable funds. The final ranking can help investors evaluate fund managers' ability using a combination of performance measures.In this research, measures are divided in five typologies: the Sharpe-like relative risk-adjusted ratios, among which would be the Sharpe ratio, the adjusted Sharpe ratio and double Sharpe ratio; those based on Value-at-Risk; those based on linear regression, such as Treynor ratio and Jensen alpha; those based on partial moments such as Omega, Sortino and Kappa ratios; and finally those based on drawdown, such as Kalmar, Sterling and Burke ratios.The aim of this work is ascertain that the choice of a particular measure has an impact on ranking of alternative investments and at the same time it evaluates the stability of the rankings of funds obtained from them. Using daily prices of British Investment Funds we show that the ranking obtained from the different measures are different, even if the measure belongs to the same typology. The disagreement between the rankings is greater when there are major differences in the higher moments of the distribution of returns. Finally, we suggest a new ranking method that tries to maximize stability, based on the well-known methods such as mean, median, t-test or rank-sum test and combining it with a bootstrapping technique.The novelty of the results lies in two aspects, firstly, it offers a new vision for the estimation of the stability and secondly, and certainly more useful for investors, the method is able to offer a final ranking that orders the elements according to their stability. This final ranking will be useful for investors when assessing their inversions while it will facilitate the evaluation of the fund managers’ ability with a methodology that, using the combination of different performance measures, allows a single ranking based on stability.
       
  • A fuzzy-set analysis of conditions influencing mutual fund performance
    • Abstract: Publication date: Available online 31 January 2018Source: International Review of Economics & FinanceAuthor(s): J. Edward Graham, Carlos Lassala, Belén Ribeiro-Navarrete This paper presents an application of fuzzy-set qualitative comparative analysis (fsQCA) to frame the conditions that lead to over- or under-performance of mutual funds. Building upon a considerable library of research on fund returns, the study uses fsQCA to affirm and extend earlier discoveries. Considered here is fund performance relative to Morningstar ratings, features of the funds themselves, as well as characteristics of the fund managers. Results suggest that positive Morningstar and analyst ratings are necessary conditions, on average, for funds to generate value according to the Jensen's alpha ratio. Just over seven percent of the cases imply that funds have attractive Sharpe ratios and higher returns when the funds have lower management fees and lower ongoing fees. Likewise, larger funds with better Morningstar ratings are associated with improved Sharpe ratios and better returns, often where the fund manager has not been managing the fund for a long period.
       
  • News and Return Volatility of Chinese Bank Stocks
    • Abstract: Publication date: Available online 10 December 2018Source: International Review of Economics & FinanceAuthor(s): Kin-Yip Ho, Yanlin Shi, Zhaoyong Zhang Using the comprehensive RavenPack Dow Jones News Analytics (DJNA) database that captures firm-specific news releases and their sentiment scores at high frequencies, we examine the contemporaneous correlation as well as the lead-lag relation between news and return volatility of major commercial banks listed on the Chinese stock market. Contrary to the Sequential Information Arrival Hypothesis (SIAH), most of the Chinese bank stocks do not exhibit significant lead-lag relations between news and volatility. However, there is substantial evidence that news is strongly correlated with return volatility in all the stocks, consistent with the Mixture of Distributions Hypothesis (MDH). Further analysis based on news sentiment scores suggests that positive news arrivals influence return volatility more strongly, compared with negative news. In addition, there is some evidence indicating that news arrivals contribute to the persistence in return volatility.
       
  • An alternative explanation for high saving in China: Rising inequality
    • Abstract: Publication date: Available online 10 December 2018Source: International Review of Economics & FinanceAuthor(s): Xinhua Gu, Pui Sun Tam, Guoqiang Li, Qingbin Zhao This paper examines potential factors contributing to China’s originally high and subsequently rising rate of aggregate saving prior to the global financial crisis. We find strong evidence that the high and rising level of income inequality in China is a significant mover of its savings glut. Behavioral inertia, income growth, industrial structure, and policy orientation (fiscal receipts and real interest rates) are also found to be responsible for high saving that, however, is somewhat alleviated by rising old dependency under population ageing. The policy implication of our findings is that a corrective redistribution of income in favor of the working class is urgently needed for China to boost consumption spending, make economic growth rely less on investment or trade, and help mitigate worsening global imbalances.
       
  • Stock return distribution and predictability: Evidence from over a century
           of daily data on the DJIA index
    • Abstract: Publication date: Available online 7 December 2018Source: International Review of Economics & FinanceAuthor(s): Bartosz Gebka, Mark E. Wohar This paper analyses the predictive power of the DJIA index returns, measured at different quantiles of its distribution, for future return distribution. The returns measured at quantile .75 have predictive power for most quantiles of future returns, except for their median. This result prevails after controlling for the predictive power of the lagged first four moments of returns and of other economic predictors used in the literature. Furthermore, this finding is stable over time. Forecasts of future mean returns based on predicted return quantiles have positive economic value, as do forecasts of future volatility, the latter especially for investors with low risk aversion. The predictive power of quantile .75 DJIA returns is shown to be the result of their ability to forecast shocks to future investment and consumption.
       
  • What role does the investor-paid rating agency play in China'
           Competitor or information provider
    • Abstract: Publication date: Available online 24 November 2018Source: International Review of Economics & FinanceAuthor(s): Yu-Li Huang, Chung-Hua Shen This paper investigates whether an investor-paid rating agency plays the role of a competitor or an information provider in China. We find that the incumbent issuer-paid rating agencies regard the investor-paid rating agency, the China Bond Rating Company, Ltd. (CBRC), as a competitor. They are more likely to downgrade or less likely to upgrade ratings when the CBRC also covers the issuer. Further, the information quality of the ratings improves for the issuers that CBRC also covers. We also find that the investor-paid agency plays the role of an information provider. CBRC's rating grades and their difference with issuer-paid rating agencies can explain bond yield spreads. We further find that the effects of the improvement in the quality of the information behind the ratings are consistent for CBRC's solicited and unsolicited ratings.
       
  • The role of emerging economies in the global price formation process of
           commodities: Evidence from Brazilian and U.S. coffee markets
    • Abstract: Publication date: Available online 22 November 2018Source: International Review of Economics & FinanceAuthor(s): Martin T. Bohl, Christian Gross, Waldemar Souza This paper examines the role of the Brazilian futures exchange, BM&F Bovespa, in the global price formation process of Arabica coffee. Using a multivariate GARCH model we find bi-directional information transmission in terms of spillover effects between the BM&F Bovespa futures contract for Arabica coffee and the ‘Coffee C’ futures contract traded at the Intercontinental Exchange (ICE) in New York. Moreover, our empirical results indicate that the influence of the BM&F Bovespa futures market on the ICE futures market increased during the 2010–2012 boom in coffee prices, suggesting a greater role of local market information for price and volatility dynamics during this period. We also show that local Brazilian spot markets incorporate information from the domestic and foreign futures market. Taken together, our findings highlight the great relevance of the BM&F Bovespa futures market in the global price formation process of Arabica coffee.
       
  • Asset pricing with time varying pessimism and rare disasters
    • Abstract: Publication date: Available online 19 November 2018Source: International Review of Economics & FinanceAuthor(s): Jian Zhang, Dongmin Kong, Hening Liu, Ji Wu We incorporate time-varying consumption volatility in the representative-agent asset pricing model with generalized recursive smooth ambiguity preferences developed by Ju and Miao (2012). We calibrate the model to data on consumption and asset returns since the Great Depression period. Uncertainty aversion amplifies the perceived probability of the disastrous state coupled with high consumption volatility. We find that the model with time-varying volatility generates a high equity risk premium. When we impose the condition that no consumption disasters ever realized in simulated samples, the model with time-varying volatility can reproduce predictability of returns and non-predictability of consumption growth simultaneously, which are consistent with empirical findings.
       
  • Whose confidence matters in Chinese monetary policy'
    • Abstract: Publication date: Available online 19 November 2018Source: International Review of Economics & FinanceAuthor(s): Chengsi Zhang, Yuchen Sun, Di Tang Whose confidence matters in Chinese monetary policy—consumers or entrepreneurs' To answer this question, we first conduct a competition test between the two groups and find that the entrepreneurs' confidence plays a much more dominant role than the consumer confidence in the transmission process of monetary policy. In addition, we use counterfactual structural vector autoregression method to isolate and identify the effect of confidence. The empirical results show that the effectiveness of proactive monetary policy will be strikingly reduced if the channel of entrepreneurs’ confidence is shut down. Removing the effect of consumer confidence from the system, however, produces little impact on the effectiveness of monetary. These findings are robust to both price-based and quantitative-based policy variables in China.
       
  • Telehealth: Emerging evidence on efficiency
    • Abstract: Publication date: Available online 14 November 2018Source: International Review of Economics & FinanceAuthor(s): Orna Chakrabarti I present new evidence on efficiency, in terms of cost-effectiveness, of telehealth services. Results from the existing body of literature on this evolving component of healthcare services are mixed. I observe, with a reasonable degree of robustness, that providers with telehealth capabilities can lower per-capita Medicare reimbursement. While results from non-parametric as well as parametric regression support this inference, quantile regression analyses suggest potential economies of scale for telehealth services.
       
  • The Cost of Trading during Federal Funds Rate Announcements: Evidence from
           Cross-listed Stocks
    • Abstract: Publication date: Available online 12 November 2018Source: International Review of Economics & FinanceAuthor(s): Bart Frijns, Ivan Indriawan, Yoichi Otsubo, Alireza Tourani-Rad We investigate the behavior of bid-ask spread components around U.S. Federal Funds Rate announcement times for a sample of Canadian firms that are cross-listed in the U.S. We use transaction-level data to decompose the spread into its three components, namely, information asymmetry, order persistence, and order processing costs. We observe that at times of news announcements, the information asymmetry component increases more in Canada than in the U.S., indicating that trades in Canada are more information-driven than trades in the U.S. We further find that the order persistence component increases more in the U.S. than in Canada, indicating that there is a temporary price pressure surrounding the news announcement period in the U.S.
       
  • Corporate Debt Maturity and Future Firm Performance Volatility
    • Abstract: Publication date: Available online 8 November 2018Source: International Review of Economics & FinanceAuthor(s): Meg Adachi-Sato, Chaiporn Vithessonthi We propose a simple idea that corporate debt maturity should serve as a good indicator of future firm performance volatility. We show in a simple two-period model that the riskiness of corporate investment is a decreasing function of corporate debt maturity. If “observable” corporate debt maturity and ex ante “unobservable” corporate risk-taking is highly correlated, corporate debt maturity should be highly correlated with “ex post” realized firm performance volatility in following years. Using data on firms in 10 developing and developed countries during 1991−2013, we find that corporate debt maturity is negatively associated with future firm operating performance volatility but is not associated with future firm value volatility.
       
  • Loan loss provisioning by Italian banks: Managerial discretion,
           relationship banking, functional distance and bank risk
    • Abstract: Publication date: Available online 31 October 2018Source: International Review of Economics & FinanceAuthor(s): David Aristei, Manuela Gallo This paper investigates the loan loss provisioning behaviour of Italian banks during the period 2006–2013. We examine the main discretionary and non-discretionary determinants of loan loss provisions (LLPs) and explicitly investigate the role of bank's functional distance, geographic diversification and risk.Empirical results suggest that LLPs by Italian banks are mainly driven by non-discretionary factors related to expected credit risk. Moreover, we find that distantly managed banks adopt a more prudent provisioning approach, whereas small local cooperative credit banks have a lower level of LLPs. We also show that LLPs are higher in regional banking systems with higher loan concentration and lower degree of competition. Finally, we find that banks facing increasing levels of risk are not only characterized by higher LLPs, but also have a higher tendency to engage in earnings management practices to stabilize their income flows over time.
       
  • Do insiders share pledging affect executive pay-for-performance
           sensitivity'
    • Abstract: Publication date: Available online 29 October 2018Source: International Review of Economics & FinanceAuthor(s): Caiyue Ouyang, Jiacai Xiong, Lyu Fan We examine the impact of insider share pledging (ISP) on executive pay-for-performance sensitivity. Using Chinese data, we find that ISP leads to a decrease in executive pay-for-performance sensitivity. The results on the additional analyses show that when firms facing high ownership change risk (non-state-owned firms, located in high marketization region, or when stock price crash risk is high), the adverse impact of ISP on executive pay-for-performance sensitivity magnifies. In contrast, when a firm has good internal and external corporate governance (high institutional ownership, good internal control system, auditor with industry specific knowledge, or more analyst following), the adverse impact of ISP on executive pay-for-performance sensitivity alleviates.
       
  • The role of labor endowments on industry output in the short run: Evidence
           from U.S industries
    • Abstract: Publication date: Available online 29 October 2018Source: International Review of Economics & FinanceAuthor(s): Can Dogan, Gokhan H. Akay This paper investigates the effect of changing factor endowments on industry output using an extended version of specific factors model with skilled and unskilled labor as mobile factors. The theoretical model is calibrated with a parametric estimation of substitution elasticities of factor inputs in 29 US Industries. We show that output declines in some industries when skilled or unskilled labor endowment increases, a result that challenges findings of the standard specific factors model as well as the Rybczynski pattern with one type of labor. Our theoretical framework demonstrates that it is essential to allow for multiple mobile factors to analyze changes in output in the short run. We offer fully accurate predictions on the change of industry output in industries in which specific capital is substitute with one type of labor and complement with the other type.
       
  • Historical decoupling in the EU: Evidence from time-frequency analysis
    • Abstract: Publication date: Available online 24 October 2018Source: International Review of Economics & FinanceAuthor(s): Svatopluk Kapounek, Zuzana Kučerová We investigate economic cycle comovements and identify directions of relationships to discuss the spread of asymmetric shocks across the European Union during the twenty years from the euro adoption. We contribute to traditional wavelet analyses with an updated historical overview of economic cycle comovements in 24 EU countries over 35 years with particular attention to the main milestones in the European integration process.We show the significant economic cycle synchronisation between France and the EU and point out the decoupling of Germany, the United Kingdom and countries in Southern Europe. In addition we find strong evidence of comovements between the three Baltic countries. Our results do not support the idea of increasing business cycle synchronisation of monetary union members, despite European economic integration deepening.
       
  • Productivity enhancing trade through local fragmentation
    • Abstract: Publication date: Available online 17 October 2018Source: International Review of Economics & FinanceAuthor(s): Sugata Marjit, Xinpeng Xu, Lei YangAbstactMechanisms linking trade and productivity are rarely discussed in well accepted trade-theoretic literature although such a link is critical especially for understanding how trade helps developing countries. We restructure the standard neo-classical model of trade to provide a clear mechanism that leads to productivity enhancement in the export sector. As trade in labor-abundant countries reduces the real return to capital due to Stolper-Samuelson hypothesis, entrepreneurs find it easier to establish new businesses as capital costs decline. A section of workers becomes entrepreneurs producing and supplying cheaper intermediate goods to the export sector. Expanding export sector helps such a process, whereas contracting import-competing sector does not. New entrepreneurs boost the productivity of the export sector by supplying low-cost input. Here a boost in entrepreneurship induced by a decline in capital cost increases productivity of the export sector. Thus, this paper establishes a different and novel link between trade and productivity.
       
 
 
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