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Publisher: Emerald   (Total: 335 journals)

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Showing 1 - 200 of 335 Journals sorted alphabetically
A Life in the Day     Hybrid Journal   (Followers: 9)
Academia Revista Latinoamericana de Administración     Open Access   (Followers: 2, SJR: 0.144, h-index: 4)
Accounting Auditing & Accountability J.     Hybrid Journal   (Followers: 30)
Accounting Research J.     Hybrid Journal   (Followers: 25, SJR: 0.26, h-index: 7)
Accounting, Auditing and Accountability J.     Hybrid Journal   (Followers: 19, SJR: 0.88, h-index: 40)
Advances in Accounting Education     Hybrid Journal   (Followers: 14, SJR: 0.514, h-index: 5)
Advances in Appreciative Inquiry     Hybrid Journal   (SJR: 0.124, h-index: 5)
Advances in Autism     Hybrid Journal   (Followers: 6)
Advances in Dual Diagnosis     Hybrid Journal   (Followers: 47, SJR: 0.228, h-index: 2)
Advances in Gender Research     Full-text available via subscription   (Followers: 3, SJR: 0.229, h-index: 7)
Advances in Intl. Marketing     Full-text available via subscription   (Followers: 4, SJR: 0.123, h-index: 11)
Advances in Mental Health and Intellectual Disabilities     Hybrid Journal   (Followers: 60, SJR: 0.29, h-index: 5)
Advances in Mental Health and Learning Disabilities     Hybrid Journal   (Followers: 29)
African J. of Economic and Management Studies     Hybrid Journal   (Followers: 11, SJR: 0.125, h-index: 2)
Agricultural Finance Review     Hybrid Journal  
Aircraft Engineering and Aerospace Technology     Hybrid Journal   (Followers: 174, SJR: 0.391, h-index: 18)
American J. of Business     Hybrid Journal   (Followers: 15)
Annals in Social Responsibility     Full-text available via subscription  
Anti-Corrosion Methods and Materials     Hybrid Journal   (Followers: 10, SJR: 0.215, h-index: 25)
Arts and the Market     Hybrid Journal   (Followers: 9)
Asia Pacific J. of Marketing and Logistics     Hybrid Journal   (Followers: 7, SJR: 0.244, h-index: 15)
Asia-Pacific J. of Business Administration     Hybrid Journal   (Followers: 3, SJR: 0.182, h-index: 7)
Asian Association of Open Universities J.     Open Access  
Asian Education and Development Studies     Hybrid Journal   (Followers: 5)
Asian J. on Quality     Hybrid Journal   (Followers: 1)
Asian Review of Accounting     Hybrid Journal   (Followers: 2, SJR: 0.29, h-index: 7)
Aslib J. of Information Management     Hybrid Journal   (Followers: 22, SJR: 0.65, h-index: 29)
Aslib Proceedings     Hybrid Journal   (Followers: 251)
Assembly Automation     Hybrid Journal   (Followers: 2, SJR: 0.657, h-index: 26)
Baltic J. of Management     Hybrid Journal   (Followers: 3, SJR: 0.354, h-index: 14)
Benchmarking : An Intl. J.     Hybrid Journal   (Followers: 11, SJR: 0.556, h-index: 38)
British Food J.     Hybrid Journal   (Followers: 15, SJR: 0.329, h-index: 35)
Built Environment Project and Asset Management     Hybrid Journal   (Followers: 15, SJR: 0.232, h-index: 4)
Business Process Re-engineering & Management J.     Hybrid Journal   (Followers: 8, SJR: 0.614, h-index: 42)
Business Strategy Series     Hybrid Journal   (Followers: 6, SJR: 0.201, h-index: 6)
Career Development Intl.     Hybrid Journal   (Followers: 16, SJR: 0.686, h-index: 32)
China Agricultural Economic Review     Hybrid Journal   (Followers: 1, SJR: 0.238, h-index: 10)
China Finance Review Intl.     Hybrid Journal   (Followers: 5)
Chinese Management Studies     Hybrid Journal   (Followers: 4, SJR: 0.216, h-index: 12)
Circuit World     Hybrid Journal   (Followers: 15, SJR: 0.346, h-index: 17)
Collection Building     Hybrid Journal   (Followers: 11, SJR: 0.829, h-index: 10)
COMPEL: The Intl. J. for Computation and Mathematics in Electrical and Electronic Engineering     Hybrid Journal   (Followers: 3, SJR: 0.269, h-index: 22)
Competitiveness Review : An Intl. Business J. incorporating J. of Global Competitiveness     Hybrid Journal   (Followers: 6)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14, SJR: 0.508, h-index: 8)
Corporate Communications An Intl. J.     Hybrid Journal   (Followers: 6, SJR: 0.703, h-index: 26)
Corporate Governance Intl. J. of Business in Society     Hybrid Journal   (Followers: 7, SJR: 0.309, h-index: 29)
Critical Perspectives on Intl. Business     Hybrid Journal   (Followers: 1, SJR: 0.32, h-index: 15)
Cross Cultural & Strategic Management     Hybrid Journal   (Followers: 8, SJR: 0.356, h-index: 13)
Development and Learning in Organizations     Hybrid Journal   (Followers: 7, SJR: 0.138, h-index: 8)
Digital Library Perspectives     Hybrid Journal   (Followers: 15)
Direct Marketing An Intl. J.     Hybrid Journal   (Followers: 6)
Disaster Prevention and Management     Hybrid Journal   (Followers: 20, SJR: 0.533, h-index: 32)
Drugs and Alcohol Today     Hybrid Journal   (Followers: 127, SJR: 0.241, h-index: 4)
Education + Training     Hybrid Journal   (Followers: 21, SJR: 0.532, h-index: 30)
Education, Business and Society : Contemporary Middle Eastern Issues     Hybrid Journal   (SJR: 0.141, h-index: 10)
Emerald Emerging Markets Case Studies     Hybrid Journal   (Followers: 1)
Employee Relations     Hybrid Journal   (Followers: 6, SJR: 0.435, h-index: 22)
Engineering Computations     Hybrid Journal   (Followers: 4, SJR: 0.387, h-index: 39)
Engineering, Construction and Architectural Management     Hybrid Journal   (Followers: 14, SJR: 0.541, h-index: 28)
Equal Opportunities Intl.     Hybrid Journal   (Followers: 3)
Equality, Diversity and Inclusion : An Intl. J.     Hybrid Journal   (Followers: 14, SJR: 0.239, h-index: 9)
EuroMed J. of Business     Hybrid Journal   (Followers: 1, SJR: 0.145, h-index: 9)
European Business Review     Hybrid Journal   (Followers: 7, SJR: 0.481, h-index: 21)
European J. of Innovation Management     Hybrid Journal   (Followers: 23, SJR: 0.596, h-index: 30)
European J. of Marketing     Hybrid Journal   (Followers: 20, SJR: 0.933, h-index: 55)
European J. of Training and Development     Hybrid Journal   (Followers: 9, SJR: 0.489, h-index: 23)
Evidence-based HRM     Hybrid Journal   (Followers: 6)
Facilities     Hybrid Journal   (Followers: 2, SJR: 0.371, h-index: 18)
Foresight     Hybrid Journal   (Followers: 7, SJR: 0.486, h-index: 20)
Gender in Management : An Intl. J.     Hybrid Journal   (Followers: 17, SJR: 0.359, h-index: 22)
Grey Systems : Theory and Application     Hybrid Journal   (Followers: 1)
Health Education     Hybrid Journal   (Followers: 3, SJR: 0.383, h-index: 17)
Higher Education, Skills and Work-based Learning     Hybrid Journal   (Followers: 44, SJR: 0.172, h-index: 4)
History of Education Review     Hybrid Journal   (Followers: 13, SJR: 0.141, h-index: 2)
Housing, Care and Support     Hybrid Journal   (Followers: 9, SJR: 0.174, h-index: 4)
Human Resource Management Intl. Digest     Hybrid Journal   (Followers: 17, SJR: 0.121, h-index: 6)
Humanomics     Hybrid Journal   (Followers: 2, SJR: 0.14, h-index: 4)
IMP J.     Hybrid Journal  
Indian Growth and Development Review     Hybrid Journal   (SJR: 0.163, h-index: 4)
Industrial and Commercial Training     Hybrid Journal   (Followers: 5, SJR: 0.217, h-index: 14)
Industrial Lubrication and Tribology     Hybrid Journal   (Followers: 6, SJR: 0.322, h-index: 19)
Industrial Management & Data Systems     Hybrid Journal   (Followers: 6, SJR: 0.63, h-index: 69)
Industrial Robot An Intl. J.     Hybrid Journal   (Followers: 3, SJR: 0.375, h-index: 32)
Info     Hybrid Journal   (Followers: 1, SJR: 0.25, h-index: 21)
Information and Computer Security     Hybrid Journal   (Followers: 22)
Information Technology & People     Hybrid Journal   (Followers: 45, SJR: 0.576, h-index: 28)
Interactive Technology and Smart Education     Hybrid Journal   (Followers: 14, SJR: 0.112, h-index: 1)
Interlending & Document Supply     Hybrid Journal   (Followers: 63, SJR: 0.48, h-index: 13)
Internet Research     Hybrid Journal   (Followers: 43, SJR: 1.746, h-index: 57)
Intl. J. for Lesson and Learning Studies     Hybrid Journal   (Followers: 3)
Intl. J. for Researcher Development     Hybrid Journal   (Followers: 9)
Intl. J. of Accounting and Information Management     Hybrid Journal   (Followers: 8, SJR: 0.304, h-index: 7)
Intl. J. of Bank Marketing     Hybrid Journal   (Followers: 7, SJR: 0.515, h-index: 38)
Intl. J. of Climate Change Strategies and Management     Hybrid Journal   (Followers: 14, SJR: 0.416, h-index: 7)
Intl. J. of Clothing Science and Technology     Hybrid Journal   (Followers: 5, SJR: 0.279, h-index: 25)
Intl. J. of Commerce and Management     Hybrid Journal   (Followers: 1)
Intl. J. of Conflict Management     Hybrid Journal   (Followers: 14, SJR: 0.763, h-index: 38)
Intl. J. of Contemporary Hospitality Management     Hybrid Journal   (Followers: 12, SJR: 1.329, h-index: 35)
Intl. J. of Culture Tourism and Hospitality Research     Hybrid Journal   (Followers: 16, SJR: 0.399, h-index: 5)
Intl. J. of Development Issues     Hybrid Journal   (Followers: 10)
Intl. J. of Disaster Resilience in the Built Environment     Hybrid Journal   (Followers: 7, SJR: 0.225, h-index: 7)
Intl. J. of Educational Management     Hybrid Journal   (Followers: 5, SJR: 0.424, h-index: 32)
Intl. J. of Emergency Services     Hybrid Journal   (Followers: 4, SJR: 0.179, h-index: 1)
Intl. J. of Emerging Markets     Hybrid Journal   (Followers: 4, SJR: 0.199, h-index: 5)
Intl. J. of Energy Sector Management     Hybrid Journal   (Followers: 3, SJR: 0.25, h-index: 12)
Intl. J. of Entrepreneurial Behaviour & Research     Hybrid Journal   (Followers: 5, SJR: 0.694, h-index: 28)
Intl. J. of Event and Festival Management     Hybrid Journal   (Followers: 6, SJR: 0.32, h-index: 8)
Intl. J. of Gender and Entrepreneurship     Hybrid Journal   (Followers: 5, SJR: 0.638, h-index: 6)
Intl. J. of Health Care Quality Assurance     Hybrid Journal   (Followers: 9, SJR: 0.352, h-index: 32)
Intl. J. of Health Governance     Hybrid Journal   (Followers: 26, SJR: 0.277, h-index: 15)
Intl. J. of Housing Markets and Analysis     Hybrid Journal   (Followers: 10, SJR: 0.201, h-index: 5)
Intl. J. of Human Rights in Healthcare     Hybrid Journal   (Followers: 9, SJR: 0.13, h-index: 2)
Intl. J. of Information and Learning Technology     Hybrid Journal   (Followers: 7)
Intl. J. of Innovation Science     Hybrid Journal   (Followers: 9, SJR: 0.173, h-index: 5)
Intl. J. of Intelligent Computing and Cybernetics     Hybrid Journal   (Followers: 3, SJR: 0.258, h-index: 10)
Intl. J. of Intelligent Unmanned Systems     Hybrid Journal   (Followers: 4, SJR: 0.145, h-index: 2)
Intl. J. of Islamic and Middle Eastern Finance and Management     Hybrid Journal   (Followers: 8)
Intl. J. of Law and Management     Hybrid Journal   (Followers: 2, SJR: 0.107, h-index: 2)
Intl. J. of Law in the Built Environment     Hybrid Journal   (Followers: 4, SJR: 0.111, h-index: 2)
Intl. J. of Leadership in Public Services     Hybrid Journal   (Followers: 15)
Intl. J. of Lean Six Sigma     Hybrid Journal   (Followers: 7, SJR: 0.562, h-index: 15)
Intl. J. of Logistics Management     Hybrid Journal   (Followers: 12, SJR: 0.998, h-index: 15)
Intl. J. of Managerial Finance     Hybrid Journal   (Followers: 6, SJR: 0.212, h-index: 11)
Intl. J. of Managing Projects in Business     Hybrid Journal   (Followers: 2)
Intl. J. of Manpower     Hybrid Journal   (Followers: 2, SJR: 0.354, h-index: 37)
Intl. J. of Mentoring and Coaching in Education     Hybrid Journal   (Followers: 24)
Intl. J. of Migration, Health and Social Care     Hybrid Journal   (Followers: 10, SJR: 0.261, h-index: 5)
Intl. J. of Numerical Methods for Heat & Fluid Flow     Hybrid Journal   (Followers: 11, SJR: 0.594, h-index: 32)
Intl. J. of Operations & Production Management     Hybrid Journal   (Followers: 17, SJR: 2.198, h-index: 94)
Intl. J. of Organizational Analysis     Hybrid Journal   (Followers: 3, SJR: 0.222, h-index: 11)
Intl. J. of Pervasive Computing and Communications     Hybrid Journal   (Followers: 3, SJR: 0.165, h-index: 9)
Intl. J. of Pharmaceutical and Healthcare Marketing     Hybrid Journal   (Followers: 4, SJR: 0.304, h-index: 12)
Intl. J. of Physical Distribution & Logistics Management     Hybrid Journal   (Followers: 11, SJR: 1.694, h-index: 66)
Intl. J. of Prisoner Health     Hybrid Journal   (Followers: 10, SJR: 0.254, h-index: 10)
Intl. J. of Productivity and Performance Management     Hybrid Journal   (Followers: 6, SJR: 0.785, h-index: 31)
Intl. J. of Public Sector Management     Hybrid Journal   (Followers: 23, SJR: 0.272, h-index: 37)
Intl. J. of Quality & Reliability Management     Hybrid Journal   (Followers: 8, SJR: 0.544, h-index: 63)
Intl. J. of Quality and Service Sciences     Hybrid Journal   (Followers: 2, SJR: 0.133, h-index: 1)
Intl. J. of Retail & Distribution Management     Hybrid Journal   (Followers: 6, SJR: 0.543, h-index: 36)
Intl. J. of Service Industry Management     Hybrid Journal   (Followers: 2)
Intl. J. of Social Economics     Hybrid Journal   (Followers: 9, SJR: 0.227, h-index: 25)
Intl. J. of Sociology and Social Policy     Hybrid Journal   (Followers: 49, SJR: 0.361, h-index: 5)
Intl. J. of Sports Marketing and Sponsorship     Hybrid Journal   (Followers: 1)
Intl. J. of Structural Integrity     Hybrid Journal   (Followers: 2, SJR: 0.325, h-index: 8)
Intl. J. of Sustainability in Higher Education     Hybrid Journal   (Followers: 12, SJR: 0.616, h-index: 29)
Intl. J. of Tourism Cities     Hybrid Journal   (Followers: 2)
Intl. J. of Web Information Systems     Hybrid Journal   (Followers: 5, SJR: 0.208, h-index: 13)
Intl. J. of Wine Business Research     Hybrid Journal   (Followers: 6, SJR: 0.196, h-index: 12)
Intl. J. of Workplace Health Management     Hybrid Journal   (Followers: 11, SJR: 0.358, h-index: 8)
Intl. Marketing Review     Hybrid Journal   (Followers: 16, SJR: 1.076, h-index: 57)
J. for Multicultural Education     Hybrid Journal   (Followers: 3, SJR: 0.124, h-index: 11)
J. of Accounting & Organizational Change     Hybrid Journal   (Followers: 5, SJR: 0.346, h-index: 7)
J. of Accounting in Emerging Economies     Hybrid Journal   (Followers: 7)
J. of Adult Protection, The     Hybrid Journal   (Followers: 15, SJR: 0.291, h-index: 7)
J. of Advances in Management Research     Hybrid Journal   (Followers: 3)
J. of Aggression, Conflict and Peace Research     Hybrid Journal   (Followers: 48, SJR: 0.177, h-index: 9)
J. of Agribusiness in Developing and Emerging Economies     Hybrid Journal   (Followers: 1)
J. of Applied Accounting Research     Hybrid Journal   (Followers: 16, SJR: 0.22, h-index: 5)
J. of Applied Research in Higher Education     Hybrid Journal   (Followers: 51)
J. of Asia Business Studies     Hybrid Journal   (Followers: 3, SJR: 0.115, h-index: 1)
J. of Assistive Technologies     Hybrid Journal   (Followers: 19, SJR: 0.215, h-index: 6)
J. of Business & Industrial Marketing     Hybrid Journal   (Followers: 8, SJR: 0.664, h-index: 48)
J. of Business Strategy     Hybrid Journal   (Followers: 12, SJR: 0.381, h-index: 17)
J. of Centrum Cathedra     Open Access  
J. of Children's Services     Hybrid Journal   (Followers: 5, SJR: 0.167, h-index: 9)
J. of Chinese Economic and Foreign Trade Studies     Hybrid Journal   (Followers: 1, SJR: 0.188, h-index: 4)
J. of Chinese Entrepreneurship     Hybrid Journal   (Followers: 3)
J. of Chinese Human Resource Management     Hybrid Journal   (Followers: 7, SJR: 0.112, h-index: 3)
J. of Communication Management     Hybrid Journal   (Followers: 7, SJR: 0.735, h-index: 6)
J. of Consumer Marketing     Hybrid Journal   (Followers: 18, SJR: 0.613, h-index: 62)
J. of Corporate Real Estate     Hybrid Journal   (Followers: 3, SJR: 0.633, h-index: 5)
J. of Criminal Psychology     Hybrid Journal   (Followers: 120, SJR: 0.13, h-index: 1)
J. of Criminological Research, Policy and Practice     Hybrid Journal   (Followers: 54)
J. of Cultural Heritage Management and Sustainable Development     Hybrid Journal   (Followers: 11, SJR: 0.109, h-index: 5)
J. of Documentation     Hybrid Journal   (Followers: 185, SJR: 0.936, h-index: 50)
J. of Economic and Administrative Sciences     Hybrid Journal   (Followers: 3)
J. of Economic Studies     Hybrid Journal   (Followers: 10, SJR: 0.498, h-index: 26)
J. of Educational Administration     Hybrid Journal   (Followers: 5, SJR: 0.848, h-index: 36)
J. of Engineering, Design and Technology     Hybrid Journal   (Followers: 17, SJR: 0.173, h-index: 10)
J. of Enterprise Information Management     Hybrid Journal   (Followers: 4, SJR: 0.433, h-index: 38)
J. of Enterprising Communities People and Places in the Global Economy     Hybrid Journal   (Followers: 1, SJR: 0.212, h-index: 8)
J. of Entrepreneurship and Public Policy     Hybrid Journal   (Followers: 9)
J. of European Industrial Training     Hybrid Journal   (Followers: 2)
J. of European Real Estate Research     Hybrid Journal   (Followers: 4, SJR: 0.52, h-index: 7)
J. of Facilities Management     Hybrid Journal   (Followers: 3)
J. of Family Business Management     Hybrid Journal   (Followers: 6)
J. of Fashion Marketing and Management     Hybrid Journal   (Followers: 13, SJR: 0.529, h-index: 30)
J. of Financial Crime     Hybrid Journal   (Followers: 334, SJR: 0.158, h-index: 5)
J. of Financial Economic Policy     Hybrid Journal  
J. of Financial Management of Property and Construction     Hybrid Journal   (Followers: 8, SJR: 0.234, h-index: 1)
J. of Financial Regulation and Compliance     Hybrid Journal   (Followers: 9)
J. of Financial Reporting and Accounting     Hybrid Journal   (Followers: 12)
J. of Forensic Practice     Hybrid Journal   (Followers: 49, SJR: 0.225, h-index: 8)
J. of Global Mobility     Hybrid Journal   (Followers: 1)
J. of Global Responsibility     Hybrid Journal   (Followers: 4)
J. of Health Organisation and Management     Hybrid Journal   (Followers: 23, SJR: 0.67, h-index: 27)
J. of Historical Research in Marketing     Hybrid Journal   (Followers: 3, SJR: 0.376, h-index: 8)
J. of Hospitality and Tourism Technology     Hybrid Journal   (Followers: 4, SJR: 0.672, h-index: 10)
J. of Human Resource Costing & Accounting     Hybrid Journal   (Followers: 5)
J. of Humanitarian Logistics and Supply Chain Management     Hybrid Journal   (Followers: 13)

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Journal Cover Journal of Financial Economic Policy
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   Hybrid Journal Hybrid journal (It can contain Open Access articles)
   ISSN (Print) 1757-6385
   Published by Emerald Homepage  [335 journals]
  • Economic policy uncertainty, market returns, and expected return
           predictability
    • Authors: Frederick A Adjei, Mavis Adjei
      First page: 242
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose Using the EPU index as a proxy for the level of economic policy uncertainty, we study the impact of the level of economic policy uncertainty on the conditional mean of market returns and we examine the predictive power of economic policy uncertainty on future market returns. Design/methodology/approach We employ a GARCH-M model with exogenous variables. Findings Our results show that even after controlling for business cycle effects, economic policy uncertainty is inversely related to contemporaneous market returns. Particularly, we find that the negative impact of economic policy uncertainty subsists only during recessions or recessionary states of the economy, and have no discernible effects during expansionary periods. Originality/value This is the first study to examine the predictive power of economic policy uncertainty on future market returns.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:32:02Z
      DOI: 10.1108/JFEP-11-2016-0074
       
  • Establishing credible rules for fed emergency lending
    • Authors: Charles William Calomiris, Douglas Holtz-Eakin, Robert Glenn Hubbard, Allan H. Meltzer, Hal Scott
      First page: 260
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose This paper proposes reforms that would establish a credible framework of rules to constrain and guide emergency lending by the Federal Reserve and by fiscal authorities during a future financial crisis. Design/methodology/approach We propose a set of five overarching rules, informed by history, empirical evidence and theory, which would serve as the foundation on which detailed legislation should be constructed. Findings We find that the current framework governing emergency lending – including reforms to Federal Reserve lending enacted after the recent crisis – are inadequate and not credible, and that our proposed framework would constitute a credible balancing of costs and benefits. Practical implications Adequate assistance to financial institutions would be provided in systemic crises but would be limited in its form, and by the process that would govern its provision. Originality/value Our framework would serve as a basis for establishing effective rules that would be credible, and that would properly balance the moral-hazard costs of emergency lending against the gains from avoiding systemic collapse of the financial system.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:32:00Z
      DOI: 10.1108/JFEP-01-2017-0006
       
  • Real earnings management or "just business"
    • Authors: Angel Arturo Pacheco Paredes, Clark Wheatley
      First page: 268
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose Research on real earnings management [REM] has expressed concerns that firms deviating from normal business practices may endure a negative impact on future performance. Not all studies have, however, found a negative impact of REM on future performance. As a consequence, a new stream of research is emerging that examines whether actions that would mechanically be identified as REM are truly earnings management, or are, simply efficient business activities. We further this stream of inquiry by identifying factors: restructurings; and expectations of future sales growth, that can be useful in making a distinction between earnings management and “just business.” Design/methodology/approach To measure real earnings management, we rely on two of the proxies of Roychowdhury (2006): abnormal discretionary expenses; and abnormal production costs, and regress these interacted with measures of restructurings and expectations of future sales growth, on future performance. Findings We find that when we control for restructurings, reductions in discretionary expenses that would ordinarily be indicative of REM are instead associated with improved future return-on-assets and security returns. We further find that when we control for future sales growth, overproduction is also associated with improved return-on-sales as it is with future increases in cost of goods sold. Originality/value Together, our results may explain the contradictory results presented in prior research with respect to the impact of REM on future performance – that is, some of what has been identified as REM in prior studies may, in fact, be “just business.”
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:31:56Z
      DOI: 10.1108/JFEP-09-2016-0065
       
  • Do financial crises discipline future credit growth?
    • Authors: Puspa Amri, Eric M. P. Chiu, Greg Richey, Thomas D Willett
      First page: 284
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose The purpose of this paper is to test whether financial crises themselves provide some degree of ex post discipline. In other words is there learning from the mistakes associated with crises? We test this hypothesis on credit growth, a frequent contributor to banking crises. Design/methodology/approach The study uses statistical tests (comparison of means) on a sample of 72 banking crises, the onset of which occurred between 1980 and 2008. Tests for significance of the difference are conducted using Kolmogorov-Smirnov equality in distribution tests. Findings The results show that real credit growth fell substantially (relative to average) by about 8% points from pre- to post-crisis periods, and that average banking regulation and supervision strengthens after a crisis. Originality/value This paper provides empirical support for the proposition that while financial markets may fail to give sufficient warning signals before a financial crisis, they may discipline governments to undertake reforms in the aftermath of a crisis.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:31:56Z
      DOI: 10.1108/JFEP-03-2017-0020
       
  • Impact of non-performing loans on US product and labor markets
    • Authors: Amit Ghosh
      First page: 302
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose Using time-series data on the US banking industry for the period 1984Q1-2016Q2 the present study examines the impact of both aggregate as well as sector-specific non-performing loans (NPLs) on aggregate and sectoral product and labor markets. Design/methodology/approach Employing both single equation OLS and instrumental variables regressions, the study compares the sensitivity of sector-specific GDP and employment growth to changes in both aggregate and sectoral NPLs. Moreover, the paper uses VARs to dynamically trace the impact and duration of NPLs on different types of real economic activity. Findings Rise in total NPLs reduces US real GDP growth that is most accentuated for construction sector GDP. Likewise, total NPLs significantly lowers both total and non-farm employment growth, financial activities and construction sector employment growth, with the latter showing most sensitivity. Moreover, NPLs in commercial and industrial sector, consumer lending, non-farm non-residential, construction and land development, single- and multi-family residential sectors reduce corresponding sectoral employment growth. The VARs largely confirm these findings with shocks to total NPLs having the most immediate and persistent inimical impact on construction-sector GDP growth. Practical implications The deleterious impact of different categories of NPLs on both aggregate as well as sector-specific product and labor markets illustrate that a distressed banking sector is a serious obstacle to the real sector. The findings underscore the need to clean up NPLs not only for the sake of banks financial soundness but to reduce their pernicious effects on the health of the US economy. For bank regulatory authorities in the US it indicates constant monitoring of banks in their jurisdiction and identifying early warning signals to mitigate the potential real sector losses due to rising NPLs. Originality/value The extant literature on NPLs has mainly focused on explaining its underlying determinants but not on its real sector consequences. The present paper examines the impact of NPLs on different facets of real economic activity, an issue that has been rarely studied, and especially not on the US economy. Moreover, the overwhelming majority of existing literature focuses on aggregate NPLs. The relationships derived in such studies, while useful, can mask important differences between different types of NPLs and real economic activity. The present paper explores the impact of disaggregated NPLs in the US banking industry on corresponding sector-specific product and labor markets, again an issue that has not been studied previously.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:31:58Z
      DOI: 10.1108/JFEP-01-2017-0003
       
  • Recent evidence on political brinkmanship and treasury yields
    • Authors: Srinivas Nippani, Dror Parnes
      First page: 324
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose We analyze how political brinkmanship impacted Treasury yields during the debt ceiling debate in 2015. Our results show that the resignation of the House Speaker John A. Boehner caused a significant decrease in Treasury bill yields of one-month and three-month maturities. Our robust analysis indicates that these lower yields have saved U.S. taxpayers several billion dollars in extra tax expenses. This paper provides evidence that lack of political brinkmanship can be very advantageous for the taxpayers. This has considerable implications for lawmakers in this post-election year. Design/methodology/approach We examine the differences in yields between equal maturity short-term Treasury securities and Commercial paper using t-tests, non-parametric tests and a robust regression model based on earlier empirical studies. Findings This study provides evidence indicating that between September 25, 2015, and up to October 30, 2015, relatively lower Treasury yields resulted from the lack of political brinkmanship and this has saved the U.S. taxpayers several billion dollars in interest expenses in 2015. Research limitations/implications The study showed that lower yields will result from lack of political brinkmanship and this resulted in savings of several billions of dollars in interest payments. Considering that both the White House and Congress will be controlled by the same political party, this gives lawmakers a unique opportunity to have less acrimonious debt ceiling debates. The limitation of the study is that it does not consider the impact on foreign exchange markets and other factors which could play a major role. Practical implications Unlike earlier scenarios where default risk increased, followed by credit rating downgrades, there was a quiet confidence this time about a quick resolution. Markets were stable, and this allowed money market participants to invest more confidently even when an upcoming debt ceiling debate is on. Corporations that invested additional cash in money markets for short-term could do it more confidently at that time without fear of default or interest rate risk which could potentially harm the market value of their investments. Originality/value Several earlier studies have examined Treasury default caused by political brinkmanship. This is the first study to examine an event where political brinkmanship appeared possible and then suddenly dissipated in a single day. Political brinkmanship is bad news because it increases taxpayer interest burden as seen from several of the studies above. Therefore, it should be considered good news if no disagreement is evident. This argument serves as our motivation for this paper. Since an increase in the chances of default causes an increase in the yield of Treasury bills as earlier studies showed, a decrease in the chance of default caused Treasury bill yields to be that much lower based on the results of this study.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:31:57Z
      DOI: 10.1108/JFEP-01-2017-0001
       
  • Expectations, uncertainty and risk premium
    • Authors: Rexford Abaidoo
      First page: 338
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 3, August 2017.
      Purpose This study examines short and long run effects of specific macroeconomic conditions on risk premium estimates on lending Design/methodology/approach Empirical estimates are based on Error Correction and ARDL models Findings The results suggests that, in the short run, inflation expectations, recession expectations and actual inflationary conditions tend to have significant impact on risk premium estimates; in the long run however, only inflation expectations and recession expectations are significant in risk premium estimates on lending Originality/value This study examines how specific conditions of uncertainty and expectations influence variability in risk premium estimates on lending in the US economy.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-05-24T11:31:57Z
      DOI: 10.1108/JFEP-12-2016-0096
       
  • Currency demand stability in the presence of seasonality and endogenous
           financial innovation: evidence from India
    • First page: 122
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose This paper intends to examine the stability of the currency demand function for India with private consumption expenditure, tax-GDP ratio and deposit rate as explanatory variables for the period 1996:1 to 2014:4. Additionally, we also try to detect the presence of endogenous financial innovation in the currency demand function. Design/methodology/approach For the theoretical foundation of the study, we have used a modified version of money-in-the-utility function. To examine the stability of currency demand function empirically, we apply seasonal cointegration technique developed by HEGY (1990) and EGHL (1993). Finally, to detect the presence of endogenous financial innovation in the currency demand equation, we have tested the Gurley & Shaw (1960) hypothesis by presenting the currency demand equation in a state-space form. Findings The empirical findings show that there is the absence of long-run cointegrationg relationship among the variables at the zero and annual frequency, however, there is evidence of a relationship among the variables at the biannual frequency. Moreover, the time-varying coefficient of deposit rate elasticity, used to test the Gurley-Shaw hypothesis, suggests that innovations in financial markets, especially improvements in the payment technology, raises the deposit rate elasticity, beginning from 2010 onward. Practical implications The empirical results of the paper suggest that there would be shrinkage of currency demand in future. From the monetary policy angle, the Reserve Bank of India needs to adapt adequately to a situation of shrinking demand for currency. Originality/value Apart from using seasonally unadjusted data to examine currency demand function for India, we, for the first time in our knowledge, try to test the evidence of financial innovation in India by testing the Gurley-Shaw hypothesis. The findings of the study will have significant implication in the planning of the issue and distribution of currency in the fast-changing economic environment.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:23Z
      DOI: 10.1108/JFEP-05-2016-0037
       
  • Political stability and FDI in the most competitive Asia Pacific countries
    • First page: 140
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose Competitiveness is vital to attracting FDI into a country, which has led us to investigate the determinants of FDI in the top 15 most competitive countries in the Asia Pacific region. Design/methodology/approach We have analysed political stability alongside other commonly studied determinants of FDI. We have employed a panel data fixed-effect model on a 14-year sample data (2000-2013) involving the top 15 most competitive Asia Pacific countries. The Global Competitiveness Index was taken as the yardstick to identify these countries. We have used fixed effect, GMM-system, and Panel ARDL tests for robust results. Findings The GDP, trade openness and political stability positively influenced FDI inflows while inflation rate negatively impacted FDI inflows in the selected countries. Political stability was the most influential variable in the presence of other indicators. GDP, openness, and political stability exhibit significant long-run relationship with FDI inflows. Practical implications To increase FDI flows, regulators should focus on building the image of the country, and possibly the region, by ensuring stable economic and political environment, maintaining macroeconomic stability through bi- and multi-lateral arrangements with neighbouring countries. Originality/value Regional relationships with neighbouring countries can be considered as the building blocks for attracting FDIs. These relationships can be strengthened based on liberal trade policies, openness in capital control, and cooperation in terms of political actions. One such recent issue in regional political cooperation include actions to reduce terrorism and corruption that help boost the confidence of the investors.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:20Z
      DOI: 10.1108/JFEP-03-2016-0022
       
  • Why RMB should be more flexible
    • First page: 156
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose This report examines the recent developments and trends relating to the Chinese government’s policy actions and the key issues that determine the choice of exchange rate regime in China. An up-to-date “stock-take” of the economic indicators is conducted to determine what is suitable for China in light of the rapidly evolving nature of the world economy and trading environment. This paper discusses the role of economic development, trade competitiveness, capital flow, foreign exchange reserve, and RMB internationalization in the determination of the RMB exchange rate regime. Design/methodology/approach This research uses an inductive approach to gain a fine-grained understanding of the complex, multifaceted aspects of China’s exchange rate policy. A combination of statistical analysis, including basic descriptive statistics, trend analysis, and a correlation study are used to explore the association between various indicators and their implications. The report also draws on analysis of a broad range of data sources and the work of numerous researchers and research institutions. Findings A more flexible exchange rate regime can play a complementary role towards rebalancing the Chinese economy by raising the buying capacity of families, rebalancing growth towards domestic consumption, and reducing reliance on export. China’s price elasticity of the demand for exports was relatively low that the appreciation of the Chinese currency has almost no influence on optimizing China’s trade balance. A more flexible two-way flow in RMB would be suitable under the current cash flow scenario in China. Reduced intervention will facilitate further adjustment in reserves. Lastly, in the early stage of RMB internationalization, flexibility in the exchange rate is one of the factors that influences its growth prospect as a reserve currency. Research limitations/implications The findings and conclusion are derived based on the latest empirical information, statistical evidence, and economic theory. This inquiry does not build on a theory, and aims to neither verify a theory, nor test hypotheses. Rather, it aims to demonstrate, assess, and explain significant roles that various economic factors play in shaping the future exchange rate regime of China. Practical implications An analysis of the RMB exchange rate is vital because of the globalized nature of foreign exchange markets and their interconnectedness. The challenges faced by China change over time, suggesting a need to adapt to changing circumstances. Revisiting the current factors that impact on the exchange rate policy is, therefore, a useful exercise for policy decision-making. Originality/value This paper presents the rationale behind a more flexible two-way exchange rate, by assessing the latest empirical data and theoretical explanation that support such a move.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:24Z
      DOI: 10.1108/JFEP-08-2016-0058
       
  • Market linkages and conditional correlation between the stock markets of
           South & Central America
    • First page: 174
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose The present study examines the short term dynamism and long term equilibrium relationship between the stock markets of South and Central America. It also aims to capture the dynamic conditional correlations between the stock markets using weekly returns of market benchmark indices of the respective countries spanning from 2nd week of 1995 to 4th week of December 2015 are analyzed. Design/methodology/approach The Johansen and Juselius multivariate cointegration test, Granger causality test based vector error correction model (VECM) approach, and variance decomposition analysis were used to investigate the dynamic linkages between markets. GARCH-DCC is used to investigate the Correlation Dynamics. Findings This study identifies long run co-movements between the stock markets. Chile, Peru and Venezuela are the most dynamically interlinked. The empirical results VECM reveal that Argentina, Brazil, Chile and Venezuela stock market returns are significantly influenced by each other, suggesting a stronger linkages between national stock markets. Cointegration test confirms long-run equilibrium relationship. among the major stock markets of the region. The findings from GARCH-DCC provide evidence consistent with increasing market integration. Stocks exhibit asymmetries in conditional correlations. The results demonstrate that correlations are higher toward the end of the sample period than in the early phase. Research limitations/implications On the basis of the results produced by the study, we conclude that there exist opportunities for diversification and investors will benefit from reduction of diversifiable risk among the South and Central American countries in general, but in particular Chile, Peru and Venezuela have not shown the same outcome. Originality/value This study has been conducted for a longer period of time and also uses various tools to investigate the dynamic linkages between markets.VAR, VECM, Cointegration and GARCH-DCC altogether in a single study is a rare piece of work.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:21Z
      DOI: 10.1108/JFEP-08-2016-0063
       
  • Impact of federal budget deficits on the ex ante real interest rate yield
           on Moody’s Baa-rated long-term corporate bonds, 1960-2015
    • First page: 198
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose To investigate the impact of the federal budget deficit (expressed as a percent of the Gross Domestic Product, GDP) in the U.S. on the ex ante real interest rate yield on Moody's Baa-rated corporate bonds and to provide evidence that is both contemporary and covers an extended time period, namely, 1960 through 2015. Design/methodology/approach The analysis constructs a loanable funds model that involves a variety of financial and economic variables, with the ex ante real interest rate yield on Moody's Baa-rated long-term corporate bonds as the dependent variable. The dependent variable is contemporaneous with the federal budget deficit and two other interest rate measures. Accordingly, instrumental variables are identified for each of these contemporaneous explanatory variables. The model also consists of four additional (lagged) explanatory variables.The model is then estimated using auto-regressive, i.e., AR(1), two-stage least squares. Findings The principal finding is that the ex ante real interest rate yield on Moody's Baa rated corporate bonds is an increasing function of the federal budget deficit, expressed as a percent of GDP. In particular, if the federal budget deficit were to rise by one percentage point, say from 3% to 4% of GDP, the ex ante real interest rate would rise by 58 basis points. Research limitations/implications There are other time-series techniques that could be applied to the topic, such as co-integration, although the AR(1) process is tailored for studying volatile series such as interest rates and stock prices. Practical implications The greater the U.S. federal budget deficit, the greater the real cost of funds to firms. Hence, the high budget deficits of recent years have led to the crowding out of investment in new plant, new equipment, and new technology. These impacts lower economic growth and restrict prosperity in the U.S. over time. Federal budget deficits must be substantially reduced so as to protect the U.S. economy. Originality/value This is the first study to focus on the impact of the federal budget deficit on the ex ante real long term cost of funds to firms in decades. Nearly all related studies fail to focus on this variable. Since, in theory, this variable (represented by the ex ante real yield on Moody's Baa rated long term corporate bonds) is a key factor in corporate investment decisions, the empirical findings have potentially very significant implications for U.S. firms and for the economy as a whole in view of the extraordinarily high budget deficits of recent years.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:22Z
      DOI: 10.1108/JFEP-12-2016-0097
       
  • Growth-enhancing economic freedom
    • First page: 209
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose We explore how economic freedom measurements can be used to guide policy. Design/methodology/approach We propose a method for creating a growth-enhancing economic freedom index, which allows for nonlinearities and interaction effects between the components to economic freedom. We use this method to illustrate that U.S. states differ in which policy area generates the greatest gains. Findings To validate the method presented, we apply our index to state bond markets. Financial market participants have the incentive to properly evaluate states’ policies. If our measurement is useful, then it should correlate with bond ratings. Consistent with this hypothesis, we present evidence that state bond ratings are strongly correlated with our growth-enhancing economic freedom index. Originality/value It has been well-established that economic freedom is associated with good economic outcomes. Economic freedom is comprised of numerous dimensions. Thus, the marginal benefit of improving policy in one area can be expected to depend on the amount of freedom in the other dimensions. Which policy improvement is most impactful depends on the entire menu of current policies and, therefore, differs between states. Our new method can then be used as a guide to determining for a particular state which policies can be expected to impact economic well-being the most.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:17Z
      DOI: 10.1108/JFEP-11-2016-0086
       
  • The optimal LTV-ratio, mortgage market variability and monetary policy
           regimes: a demand side perspective
    • First page: 225
      Abstract: Journal of Financial Economic Policy, Volume 9, Issue 2, May 2017.
      Purpose The purpose of this paper is twofold: First, it derives the optimal LTV-ratio for a mortgagor that maximizes the return to home equity when considering the capital structure of housing investment. Second, it analyses the demand side contribution to mortgage market variability across monetary policy regimes. Design/methodology/approach The paper endogenises both the relation between the loan-to-value (LTV) ratio and the mortgage rate and the relation between LTV and the rate of appreciation. When we consider LTV-variance, and the demand side contribution to mortgage market variability, three stylized regimes is considered. Findings The paper finds an intuitive ranking of the optimal LTV-ratios across regimes, and the optimal LTV-ratio peaks during a housing boom. When however monetary policy ignores asset inflation the demand side contribution to market variability is highest during normal market conditions. Hence, there is a potentially humped shaped relation between the risk exposure of individual mortgagors and the demand side contribution to mortgage market variability. Originality/value The paper finds a potentially humped shaped relation between the risk exposure of individual mortgagors and the demand side contribution to mortgage market variability which to the best of our knowledge is novel. The paper shows how macro-prudential and monetary policy are complementary tolls for preserving financial stability.
      Citation: Journal of Financial Economic Policy
      PubDate: 2017-03-09T12:22:15Z
      DOI: 10.1108/JFEP-06-2016-0044
       
 
 
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