This paper examines the dependence,systemic risk spillover,return and volatility spillover,and portfolio implications across various timescales between the Green Bond(GB)and U.S.S&P 500 Stock(SP),Vanguard Total Wo...This paper examines the dependence,systemic risk spillover,return and volatility spillover,and portfolio implications across various timescales between the Green Bond(GB)and U.S.S&P 500 Stock(SP),Vanguard Total World Stock Index Fund(VT),Bitcoin(BTC),Ethereum(ETH),Ripple,OIL,and GOLD markets.The sample period is August 07,2015–October 6,2023,covering periods of instability during the COVID-19 pandemic and the Russia–Ukraine conflict.Using the wavelet–copula–conditional value-atrisk and wavelet-multivariate asymmetric-GARCH framework,our main results show that the systemic risk and return,volatility spillovers,and diversification opportunities are portfolio-specific and timescale-dependent.Specifically,there is a negative long-term correlation for the pairs GB-SP and GB-OIL,whereas the pair GB–GOLD pair is positively correlated in the short term.GB can mitigate the risk of other markets.In terms of the portfolio implications,GB weakly hedges BTC and ETH during normal and turbulent periods but has a strong ability to hedge VT in the short term and SP in the mid and long term.Regarding hedging effectiveness,the role of GB for GOLD and VT is noted.展开更多
Climate change and environmental degradation threaten the world and global economic conditions.As one of countries’most important economic components,the financial sector might be an effective tool for reducing and e...Climate change and environmental degradation threaten the world and global economic conditions.As one of countries’most important economic components,the financial sector might be an effective tool for reducing and even reversing environmental degradation.The financial sector can affect sustainability through its lending and investment practices.The sector can play a role in financing sustainable projects and businesses,helping reduce CO_(2) emissions.By aligning its financial objectives with environmental protection,the financial sector can support the transition to a more sustainable future by helping reduce environmental degradation’s negative impacts.This paper examines the domestic financial sector’s impact on CO_(2) emissions in the United States over the 1990:Q1–2022:Q3 period.In this research,the nexus between the domestic financial sector(total debt securities,loans,liabilities,and total financial assets)and Carbon dioxide emissions in the U.S.is investigated by Morlet wavelet analysis.Rest of the world:sector discrepancy transactions,rest of the world:debt securities and loans,gross domestic product,and the square of the gross domestic product,are control variables in the estimated models.Partial wavelet coherency analyses prove that the financial sector reduces CO_(2) emissions at the 5–8-year frequency band during different subsample periods.The financial sector’s instruments can be effective in struggling with climate change.展开更多
The IPO price suppression phenomenon is extremely common in both mature and emerging capital markets,and high price suppression can lead to an imbalance in the market supply and demand mechanism and affect the sustain...The IPO price suppression phenomenon is extremely common in both mature and emerging capital markets,and high price suppression can lead to an imbalance in the market supply and demand mechanism and affect the sustainable and healthy operation of the capital market.In the Chinese mainland market,the causes of IPO price suppression are mainly imperfect trading systems and information asymmetry.In this paper,we will use the survey method,literature analysis,and quantitative analysis to study the phenomenon of underpricing in the Chinese IPO market and its causes,comparing the Chinese IPO market with the U.S.IPO market.Using international and national statistics,we will propose the reasons affecting the IPO underpricing rate and compare the IPO underpricing difference between China and the US horizontally.Taking the Chinese A-share market as the main character,we analyze the impact of market transactions on IPO suppression and propose measures to improve IPO suppression in China's mainland stock market.展开更多
文摘This paper examines the dependence,systemic risk spillover,return and volatility spillover,and portfolio implications across various timescales between the Green Bond(GB)and U.S.S&P 500 Stock(SP),Vanguard Total World Stock Index Fund(VT),Bitcoin(BTC),Ethereum(ETH),Ripple,OIL,and GOLD markets.The sample period is August 07,2015–October 6,2023,covering periods of instability during the COVID-19 pandemic and the Russia–Ukraine conflict.Using the wavelet–copula–conditional value-atrisk and wavelet-multivariate asymmetric-GARCH framework,our main results show that the systemic risk and return,volatility spillovers,and diversification opportunities are portfolio-specific and timescale-dependent.Specifically,there is a negative long-term correlation for the pairs GB-SP and GB-OIL,whereas the pair GB–GOLD pair is positively correlated in the short term.GB can mitigate the risk of other markets.In terms of the portfolio implications,GB weakly hedges BTC and ETH during normal and turbulent periods but has a strong ability to hedge VT in the short term and SP in the mid and long term.Regarding hedging effectiveness,the role of GB for GOLD and VT is noted.
文摘Climate change and environmental degradation threaten the world and global economic conditions.As one of countries’most important economic components,the financial sector might be an effective tool for reducing and even reversing environmental degradation.The financial sector can affect sustainability through its lending and investment practices.The sector can play a role in financing sustainable projects and businesses,helping reduce CO_(2) emissions.By aligning its financial objectives with environmental protection,the financial sector can support the transition to a more sustainable future by helping reduce environmental degradation’s negative impacts.This paper examines the domestic financial sector’s impact on CO_(2) emissions in the United States over the 1990:Q1–2022:Q3 period.In this research,the nexus between the domestic financial sector(total debt securities,loans,liabilities,and total financial assets)and Carbon dioxide emissions in the U.S.is investigated by Morlet wavelet analysis.Rest of the world:sector discrepancy transactions,rest of the world:debt securities and loans,gross domestic product,and the square of the gross domestic product,are control variables in the estimated models.Partial wavelet coherency analyses prove that the financial sector reduces CO_(2) emissions at the 5–8-year frequency band during different subsample periods.The financial sector’s instruments can be effective in struggling with climate change.
文摘The IPO price suppression phenomenon is extremely common in both mature and emerging capital markets,and high price suppression can lead to an imbalance in the market supply and demand mechanism and affect the sustainable and healthy operation of the capital market.In the Chinese mainland market,the causes of IPO price suppression are mainly imperfect trading systems and information asymmetry.In this paper,we will use the survey method,literature analysis,and quantitative analysis to study the phenomenon of underpricing in the Chinese IPO market and its causes,comparing the Chinese IPO market with the U.S.IPO market.Using international and national statistics,we will propose the reasons affecting the IPO underpricing rate and compare the IPO underpricing difference between China and the US horizontally.Taking the Chinese A-share market as the main character,we analyze the impact of market transactions on IPO suppression and propose measures to improve IPO suppression in China's mainland stock market.
