•We examined the extreme risk transmission of blockchain markets.•Risk spillovers among blockchain markets with strong disconnection of NFTs.•NFTs offer greater diversification avenues with ...substantial risk-bearing potential among blockchain markets.
The high volatility of the blockchain markets has driven the attention of investors and market participants to concentrate on the diversification avenues of NFTs, DeFi Tokens, and Cryptocurrencies. We examined the extreme risk transmission of blockchain markets using the quantile connectedness technique at the median, extreme low, and extreme high volatility conditions. We find significant risk spillovers among blockchain markets with strong disconnection of NFTs. Meanwhile, time-varying features characterized various uneven economic circumstances. Overall, NFTs offer greater diversification avenues with substantial risk-bearing potential among other blockchain markets to shelter the investments and minimize extreme risks.
Climate Finance Hong, Harrison; Karolyi, G. Andrew; Scheinkman, José A.
The Review of financial studies,
03/2020, Letnik:
33, Številka:
3
Journal Article
Recenzirano
Odprti dostop
Climate finance is the study of local and global financing of public and private investment that seeks to support mitigation of and adaptation to climate change. In 2017, the review of financial ...studies launched a competition among scholars to develop research proposals on the topic with the goal of publishing this special volume. We describe the competition, how the nine projects featured in this volume came to be published, and frame their findings within what we view as a broader climate finance research program.
•We examine the effect of government responses of G7 countries to COVID-19.•We focus on reaction of G7 stock market returns.•We show the importance of lockdowns, travel bans, and economic ...stimulus.•Lockdowns resulted in cushioning the effects of COVID-19 most.
This paper examines the effect of government responses of G7 countries to the coronavirus pandemic (COVID-19) on stock market returns. Using time-series data, we show that lockdowns, travel bans, and economic stimulus packages all had a positive effect on the G7 stock markets. However, lockdowns were most effective in cushioning the effects of COVID-19. Our results are robust to different measures of returns and controls for other factors of returns.
We study the impact of higher capital requirements on banks’ balance sheets and their transmission to the real economy. The 2011 EBA capital exercise is an almost ideal quasi-natural experiment to ...identify this impact with a difference-in-differences matching estimator. We find that treated banks increase their capital ratios by reducing their risk-weighted assets, not by raising their levels of equity, consistent with debt overhang. Banks reduce lending to corporate and retail customers, resulting in lower asset, investment, and sales growth for firms obtaining a larger share of their bank credit from the treated banks.
We examine the existence and dates of pricing bubbles in Bitcoin and Ethereum, two popular cryptocurrencies using the (Phillips et al., 2011) methodology. In contrast to previous papers, we examine ...the fundamental drivers of the price. Having derived ratios that are economically and computationally sensible, we use these variables to detect and datestamp bubbles. Our conclusion is that there are periods of clear bubble behaviour, with Bitcoin now almost certainly in a bubble phase.
Resumen El mercado de ropa de segunda es una alternativa de economía circular para hacer frente al consumo desmedido y disminuir el impacto ambiental causado por la industria de la moda. En ...Latinoamérica, y Colombia específicamente, este mercado está por explorarse porque los estudios alrededor del tema son limitados, en contraste de las múltiples publicaciones en Estados Unidos y Europa. Esta investigación cualitativa explora las motivaciones de los jóvenes de 20 a 33 años de la ciudad de Medellín, Colombia, frente al consumo de ropa de segunda. Se realizaron auto etnografías con estos consumidores, y luego, se utilizó una escala preexistente de motivaciones de compradores de segunda mano como instrumento en entrevistas a profundidad para narrar sus experiencias significativas con compras de segunda de vestuario. Los hallazgos presentaron dos perfiles de consumidores de ropa de segunda, los apasionados por el diseño y los profesionales conscientes, que se distinguen por movilizar sus intenciones de compra desde motivaciones hedónicas y económicas, respectivamente. Esta investigación ofrece contribuciones para la estructuración de propuestas de valor que respondan a las necesidades de estos compradores.
Methodology: Institutional Theory and the National Business System approach were used to propose the research hypotheses. The work evaluated 1,072 companies from the 10 largest economies in the ...world, using econometric models and statistical analysis.Purpose: Investigate the effect of the national business system on the disclosure of greenhouse gases by companies from the largest economies in the world.Findings: The results indicate that institutional factors, such as the political, financial and cultural systems affect the disclosure of greenhouse gases. Thus, institutional pressure from countries can determine the environmental performance of their firms. However, the results showed that the country’s level of development is not an explanatory variable for the disclosure of atmospheric emissions.Practical implications: The research presents the impact of formal and informal institutions on the disclosure practices of companies, suggesting that policy makers could influence it by strengthening certain institutional aspects. Originality/Value: Although there is an increasing volume of research on the disclosure of corporate social responsibility, few studies are dedicated to comparing the disclosure of greenhouse gases in the light of the national business system.
Purpose: This research aimed to evaluate the potential for resilient performance in the face of crises and adversities for companies located in the city of Santa Maria – RS ...(Brazil).Design/methodology/approach: We adopted a quantitative approach. The research was carried out through five sequential steps: (i) construction and validation of the research instrument; (ii) definition of the sample size and sampling procedures; (iii) data collection; (iv) data analysis and interpretation of results; and (v) elaboration of recommendations. A research instrument containing 44 questions was built and distributed among potential respondents, obtaining 87 valid answers, which corresponds to a statistically representative sample for the parameters adopted.Findings: Our sample was divided into two subsets, representing the Industrial and Commerce sectors. Resilience assessment accounted for four dimensions: the ability to respond, to anticipate, to monitor, and to learn. Results for both sectors showed scores ranging from 3.4 to 3.7 (out of 5) in the four dimensions evaluated. This reveals both sectors have been developing practices that positively contribute to the improvement of resilience, although there are opportunities for improvement.Originality/value: This research sheds light on the resilience ability of the cases surveyed, enabling managers to take action to strengthen their organizations and overcome crises and adversities. Additionally, our findings demonstrate how resilience abilities can be assessed, considering the scope of an economic sector and a geographical area. This approach can be adopted by researchers, policymakers, and development agencies to assess the resilience abilities of firms within their sphere of influence.
Purpose – The study aims to identify whether emotional intelligence influences leadership profilesgiven the performance of their teams in the face of the people, processes, and results ...pillars.Methodology – A qualitative research used in-depth interviews to collect and analyze data, whichIramuteq software supports.Findings – According to the interviewer’s perspective, the results showed that the situational leadershipmodel proved helpful in leadership practice. Emotional intelligence is strongly associated with thesituational leadership profile.Research Limitations – The conclusions of a qualitative study could not be generalized for other’scircumstances but could support further research.Practical Implications – The interviewees perceive this connection between situational leadership andemotional intelligence when they note the importance of knowing how to manage conflicts, influencethe team, and have emotional resilience and empathy.Originality/value – This research assumes that the combined use of situational leadership andemotional intelligence variables can guide the adoption of a management style aimed at achievingresults at work and greater employee job satisfaction.
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