Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researche...Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researchers.We illustrate various applications of ChatGPT in finance research,from analyzing financial charts and providing coding support to the theoretical derivation of financial models.Significant advances in multimodal learning,such as Visual Referring Prompting(VRP),are also explored for their potential to enhance ChatGPT’s image analysis capabilities.Furthermore,we conduct a comparative analysis of ChatGPT-3.5,ChatGPT-4,and Microsoft Bing to examine their distinct features,strengths,and weaknesses to provide valuable insights into their applicability in finance research.We demonstrate the innovative opportunities and insights provided by the development of ChatGPT to enrich the financial research process.By addressing the potential pitfalls and ethical considerations associated with using ChatGPT,we aim to promote responsible AI adoption and a more indepth understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.Overall,this paper underscores ChatGPT’s transformative role in finance research,detailing its applications,benefits,and challenges,and advocating for ethical AI adoption to shape the future of the field.展开更多
To address climate change and highlight its global nature,the United Nations Framework Convention on Climate Change(UNFCCC)was adopted for the first time in history within the UN framework on May 9,1992,clearly establ...To address climate change and highlight its global nature,the United Nations Framework Convention on Climate Change(UNFCCC)was adopted for the first time in history within the UN framework on May 9,1992,clearly establishing the obligations of developed countries to take the lead in emission reduction and provide financial,technological,and capacity-building support to developing countries.Particularly since the 2015 Paris Agreement,successive UN climate conferences have placed high emphasis on financial and technological matters,with financial arrangements demonstrating an increasingly specific trend in recent years.The Glasgow Climate Pact adopted in 2021 urges developed country Parties to deliver on their commitment to the goal of providing USD 100 billion to developing country prties,while also urging developed country parties to at least double their provision of climate finance to developing country parties by 2025 compared to 2019 levels.展开更多
In July 2025,Claudio Descalzi,CEO of Italian oil company Eni,stated in an interview with the Financial Times that Eni’s low-carbon business operating profits would equal those of its oil and gas business by 2035 and ...In July 2025,Claudio Descalzi,CEO of Italian oil company Eni,stated in an interview with the Financial Times that Eni’s low-carbon business operating profits would equal those of its oil and gas business by 2035 and exceed oil and gas business profits by 2040.Meanwhile,British oil company bp is scaling back its low-carbon business under shareholder pressure,returning to traditional oil and gas operations,and plans to gradually dispose of USD 20 billion worth of low-carbon business assets such as onshore wind farms,aiming to increase oil and gas production to 2.3−2.5 million boe per day by 2030.Two European oil companies are heading in completely different strategic directions.In the future,whether Eni can achieve its expected goals of making renewable energy business a key core business,as well as what development strategies oil and gas companies should implement and adhere to,are questions worthy of deep consideration.展开更多
The estimation of the probability of informed trading(PIN)model and its extensions poses significant challenges owing to various computational problems.To address these issues,we propose a novel estimation method call...The estimation of the probability of informed trading(PIN)model and its extensions poses significant challenges owing to various computational problems.To address these issues,we propose a novel estimation method called the expectation-conditional-maximization(ECM)algorithm,which can serve as an alternative to the existing methods for estimating PIN models.Our method provides optimal estimates for the original PIN model as well as two of its extensions:the multilayer PIN model and the adjusted PIN model,along with its restricted versions.Our results indicate that estimations using the ECM algorithm are generally faster,more accurate,and more memory-efficient than the standard methods used in the literature,making it a robust alternative.More importantly,the ECM algorithm is not limited to the models discussed and can be easily adapted to estimate future extensions of the PIN model.展开更多
Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibil...Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.展开更多
Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currenc...Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.展开更多
This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles....This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles.Moreover,we found that explosive behavior in one currency leads to explosivity in other cryptocurrencies.During the pandemic,herd behavior was evident among investors;however,this diminishes during bubbles,indicating that bubbles are not explained by herd behavior.Regarding cryptocurrency and market-specific factors,we found that Google Trends and volume are positively associated with predicting speculative bubbles in time-series and panel probit regressions.Hence,investors should exercise caution when investing in cryptocurrencies and follow both crypto currency and market-related factors to estimate bubbles.Alternative liquidity,volatility,and Google Trends measures are used for robustness analysis and yield similar results.Overall,our results suggest that bubble behavior is common in the cryptocurrency market,contradicting the efficient market hypothesis.展开更多
Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to construct a v...Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to construct a varying-parameter state space model, and an error correction model, to estimate the influence of coat prices on Chinese merchandise prices. The time lag and the dynamic relationship were determined from the data. A long term equilibrium relationship between coal price and the PPI, and the CPI, can be observed. The long term influence of coal price fluctuations on the PPI is 0.263%. The corresponding value for the CPI is 0.157%. The PPI shows an influence from coal price change in the first period of observation： by eight periods the influence is obvious, after which it diminishes. The effect of coal price change on the CPI is rather weak and has no long term memory. Analysis of variance shows a similar situation. The elas- ticity coefficient of coal prices on the CPI, or the PPI, fluctuates over the 2002-2004 period. From 2002 to 2007 the influence elasticity on the CPI declined and subsequently levelled off after 2009.展开更多
Web-based corporate reporting is the provision of financial information through the Internet. Other companies prefer to disclose their financial information in order to satisfy their investors and to attract new ones ...Web-based corporate reporting is the provision of financial information through the Internet. Other companies prefer to disclose their financial information in order to satisfy their investors and to attract new ones while others prefer to provide as less information as possible. The purpose of this paper is twofold： first it provides a critical examination of the main reporting criteria followed by the Greek listed companies, in order to point out how many of these companies present these criteria. Second, it considers how the industry sector of the listed companies or their capitalization category is related with their disclosure degree of financial reporting.展开更多
In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local a...In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local and 12 brands imported) were collected from supermarkets and independent food stores throughout Djibouti. The chemical composition mentioned on the labels of the nineteen bottled mineral waters ha</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> made the subject of a first verification by Ionic Balance Error (IBE). It was found out of the nineteen brands selected, 12 brands (2 brands local and 10 brands imported) had acceptable charge balance error. Correlation Analysis (CA), Principal Component Analysis (PCA) and Hierarchical Cluster Analysis (HCA) were used to analyze the data collected from the labels of bottled water. The obtained results showed that the 12 brands of studied waters can be grouped in 4 distinct classes with similar chemical characteristics. Two local and one imported brands have the same chemical composition but marketed under different names. It was observed that the chemical content local water brands w</span><span style="font-family:Verdana;">ere</span><span style="font-family:""><span style="font-family:Verdana;"> within the normal range prescribed by both WHO and USEPA except five imported water brands that have concentration values Ca, HCO</span><sub><span style="font-size:12px;font-family:Verdana;">3</span></sub><span style="font-family:Verdana;">, Mg and SO</span><sub><span style="font-size:12px;font-family:Verdana;">4</span></sub><span style="font-family:Verdana;"> beyond acceptable standards. Total hardness values classified most of the studied brands from moderate to very hard water.展开更多
This study investigates the factors that impact farmers'adoption of risk management strategies(RMS)in Pakistan during times of uncertainty.The study examines farmers'adoption of RMS using both multinomial prob...This study investigates the factors that impact farmers'adoption of risk management strategies(RMS)in Pakistan during times of uncertainty.The study examines farmers'adoption of RMS using both multinomial probit(MNP)and multivariate probit(MVP).Data were collected from 382 farmers sampled from four districts in KhyberPakhtunkhwa(KP)province of Pakistan via a multistage sampling technique.This study utilizes the MNP model,considering the assumption of Independence of Irrelevant Alternatives(IIA)and incorporating correlated error terms.The objective is to understand farmers'behavior in risky situations and determine if there is heterogeneity.Results are compared with the MVP model to assess robustness and gain deeper understanding of farmers'decisionmaking processes.The research findings reveal that our results are robust,and farmers behave homogeneously in various RMS scenarios.Farmers adopt RMS individually or in combination to mitigate the adverse effects of natural calamities on their livelihood.The risk-averse farmers,who perceive weather-related risks as a threat,access credits and information,and have farms close to a river are more likely to adopt RMS,irrespective of the format of the strategies available.Moreover,the predicted probabilities and correlation of the RMS and RM categories have strengthened our model estimation.These findings provide insights into the behavior of farmers in adopting RMS which are helpful for policymakers and stakeholders in developing strategies to mitigate the impacts of natural calamities on farmers.展开更多
Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after es...Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after estimation design,this study examines the impact of this policy change and the role of institutional governance quality on the initial trading day and aftermarket trading performance of initial public offerings(IPO)in Turkey from 1998 to 2019.The results show that the IFRS mandate does not affect initial trading day returns but improves the aftermarket trading performance of IPO shares.This finding may imply that Turkey’s secondary market also suffers from information asymmetry and that IFRS-compliant reports help alleviate this problem.Furthermore,none of the six institutional governance quality measures tested loaded significantly against initial trading day or long-term returns.However,when examined together,two institutional measures with a negative value,voice and accountability,and political stability,offset the positive effect of the IFRS-compliant reporting on longterm IPO returns,providing support to the premise that institutional quality matters for realizing the economic benefits of the IFRS mandate.展开更多
A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fracti...A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fraction of ash originating from coal burned to generate electricity and collected by filtering exhaust gases leaving the furnace),added to soil as a component of sewage sludge stabilized with fly ash and lime(NVS).Application to soil of NVS has potential agricultural and environmental advantages and disadvantages.The costs and benefits of such application were calculated using both a database and expert opinions.The calculations assumed a representative assemblage of soils and crops,with weights assigned to each crop type and soil characteristic.The annual weighted benefits(additional income for the farmer)and costs per hectare reached 324$/ha and 131$/ha respectively.Major potential benefits include:Chemical fertilizer replacement,159$/ha;Improvement to the soil’s physical properties,75$/ha;Supply of vital trace elements,33$/ha.Major potential costs were:Regulatory limitations on marketing of crops pending proof of absence of risk of heavy metals or radionuclides accumulation in these crops,(17$/ha and 36$/ha respectively);Application and incorporation cost,50$/ha.The presented estimates of the costs and benefits refer to the array of soils and conditions typical to Israel.It is possible to maximize potential benefits by applying fly ash only to the most suitable agricultural soils while improper use of fly ash will increase the costs incurred from its use.展开更多
This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receiva...This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.展开更多
Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emergi...Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emerging economy of Pakistan.Methods:We used KMI 30 and KSE 100 indices for Islamic and conventional stock for the period of July 2008 to November 2013.We employed Generalized Autoregressive Conditional Heteroskedastic in the mean(GARCH-M)model.This framework relaxes constancy assumption of classical linear regression(CLRM)model and allows exchange rate and interest rate volatility to evolve over time.The GARCHM framework also reveals results about risk-return trade-off in the context of both Islamic and conventional stock indices.Results:The findings show positive and statistically significant effect of interest rate volatility on KSE-100,whereas KMI-30 remains unaffected by the same.Exchange rate volatility is found to be significant for both conventional and Islamic indices.The relationship of risk coefficient(γ)and stocks returns,as expected,is positive and statistically significant for both KMI-30 and KSE-100.This result is consistent with the theory of risk-return trade-off.The results of parametric t-test show significant difference between returns of both indices.This implies that Shari’ah compliant stock index(KMI-30)of Pakistan underperforms its conventional counterpart.Conclusion:By using different performance measures(Sharp ratio,Jensen alpha,Treynor ratio),this study also investigates the hypothesis that Islamic stock index has inferior performance compared with unscreened conventional counterparts due to availability of a smaller investment universe,increased monitoring costs,and limited diversification.展开更多
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.展开更多
This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer,...This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.展开更多
This paper analyzesand discusses in detail various as-pects concerning the European sov-ereign debt crisis,ranging from itscoming into being to its influenceon China,including its impact onthe exchange rate,foreign tr...This paper analyzesand discusses in detail various as-pects concerning the European sov-ereign debt crisis,ranging from itscoming into being to its influenceon China,including its impact onthe exchange rate,foreign trade andfinancial policies.Then it pointsout that China should learn lessonsfrom the European sovereign debtcrisis and improve regulatory re-gime of local government debt.展开更多
This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still pro...This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still provides no answers concerning this nexus.Using a new firm-specific Twitter investor sentiment(TS)metric and performing a panel smooth transition regression for daily data on 66 S&P 500 financial institutions from January 1 to December 31,2020,we find that TS acts asymmetrically,nonlinearly,and time varyingly according to the pandemic situation and US states’responses to COVID-19.In other words,we uncover the nexus between TS and financial institution stock returns and determine that it changes with US states’reactions to COVID-19.With a permissive government response(the first regime),TS does not impact financial institution stock returns;however,when moving to a strict government response(the overall government response index exceeds the 63.59 threshold),this positive effect becomes significant in the second regime.Moreover,the results show that the slope of the transition function is high,indicating an abrupt rather than a smooth transition between the first and second regimes.The results are robust and have important policy implications for policymakers,investment analysts,and portfolio managers.展开更多
Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such th...Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such the new monotone measure ?is absolutely continuous with respect to the monotone measure μ. We show that the new monotone measure preserves some important structural characteristics of the original monotone measures, such as continuity from below, subadditivity, null-additivity, weak null-additivity and (S) property. Since the pan-integral based on a pair of pan-operations ?covers the Sugeno integral (based on ) and the Shilkret integral (based on ), therefore, the previous related results for the Sugeno integral are covered by the results presented here, in the meantime, some special results related the Shilkret integral are also obtained.展开更多
文摘Natural language processing(NLP)technologies,such as ChatGPT,are revolutionizing various fields,including finance research.This article explores the potential of Chat-GPT as a transformative tool for finance researchers.We illustrate various applications of ChatGPT in finance research,from analyzing financial charts and providing coding support to the theoretical derivation of financial models.Significant advances in multimodal learning,such as Visual Referring Prompting(VRP),are also explored for their potential to enhance ChatGPT’s image analysis capabilities.Furthermore,we conduct a comparative analysis of ChatGPT-3.5,ChatGPT-4,and Microsoft Bing to examine their distinct features,strengths,and weaknesses to provide valuable insights into their applicability in finance research.We demonstrate the innovative opportunities and insights provided by the development of ChatGPT to enrich the financial research process.By addressing the potential pitfalls and ethical considerations associated with using ChatGPT,we aim to promote responsible AI adoption and a more indepth understanding of the role of advanced NLP technologies in shaping the future of finance research and practice.Overall,this paper underscores ChatGPT’s transformative role in finance research,detailing its applications,benefits,and challenges,and advocating for ethical AI adoption to shape the future of the field.
文摘To address climate change and highlight its global nature,the United Nations Framework Convention on Climate Change(UNFCCC)was adopted for the first time in history within the UN framework on May 9,1992,clearly establishing the obligations of developed countries to take the lead in emission reduction and provide financial,technological,and capacity-building support to developing countries.Particularly since the 2015 Paris Agreement,successive UN climate conferences have placed high emphasis on financial and technological matters,with financial arrangements demonstrating an increasingly specific trend in recent years.The Glasgow Climate Pact adopted in 2021 urges developed country Parties to deliver on their commitment to the goal of providing USD 100 billion to developing country prties,while also urging developed country parties to at least double their provision of climate finance to developing country parties by 2025 compared to 2019 levels.
文摘In July 2025,Claudio Descalzi,CEO of Italian oil company Eni,stated in an interview with the Financial Times that Eni’s low-carbon business operating profits would equal those of its oil and gas business by 2035 and exceed oil and gas business profits by 2040.Meanwhile,British oil company bp is scaling back its low-carbon business under shareholder pressure,returning to traditional oil and gas operations,and plans to gradually dispose of USD 20 billion worth of low-carbon business assets such as onshore wind farms,aiming to increase oil and gas production to 2.3−2.5 million boe per day by 2030.Two European oil companies are heading in completely different strategic directions.In the future,whether Eni can achieve its expected goals of making renewable energy business a key core business,as well as what development strategies oil and gas companies should implement and adhere to,are questions worthy of deep consideration.
基金supported by the Scientific and Technological Research Council of Turkey(TUBITAK)[grant no 122K637].
文摘The estimation of the probability of informed trading(PIN)model and its extensions poses significant challenges owing to various computational problems.To address these issues,we propose a novel estimation method called the expectation-conditional-maximization(ECM)algorithm,which can serve as an alternative to the existing methods for estimating PIN models.Our method provides optimal estimates for the original PIN model as well as two of its extensions:the multilayer PIN model and the adjusted PIN model,along with its restricted versions.Our results indicate that estimations using the ECM algorithm are generally faster,more accurate,and more memory-efficient than the standard methods used in the literature,making it a robust alternative.More importantly,the ECM algorithm is not limited to the models discussed and can be easily adapted to estimate future extensions of the PIN model.
基金Scientific Research Project of Higher Education Institutions in Hebei Province in 2025“Research on Government Procurement-Driven Green Governance of Hebei’s Manufacturing Industry”(Project No.:QN2025662)Social Science Fund of Hebei Province in 2024“Research on Informal Environmental Regulation Promoting Green Development of Hebei’s Manufacturing Industry”(Project No.:HB24GL036)Hebei Provincial Social Science Development Research Project,“Study on the Constraints and Implementation Paths of the Transformation from Dual Control of Energy Consumption to Dual Control of Carbon Emissions in Hebei Province”(Project No.:HBSKFZ25QN199)。
文摘Taking China’s 2018 value-added tax(VAT)credit refund reform as an exogenous shock to improve VAT neutrality,we use a difference-in-differences approach to explore how the reform affected corporate social responsibility(CSR).We find that the reform motivated firms to improve CSR performance.The reform has a“resource”effect,increasing internal funds and reducing financing costs,thereby enhancing firms’ability to undertake CSR.The reform also has a“reputation”effect,stimulating firms’willingness to engage in CSR to improve their reputations.CSR following the reform increases firm values and reduces bankruptcy risk.Our study provides fresh insights into VAT neutrality theory and is a reference for tax reform in emerging economies.
文摘Predicting the currency exchange rate is crucial for financial agents,risk managers,and policymakers.Traditional approaches use publicly announced news on macroeconomic and financial variables as predictors of currency exchange.However,the rise of social media may have changed the source of information.For instance,tweets can help investors make informed decisions about the foreign exchange(FX)market by reflecting market sentiment and opinion.From another aspect,changes in currency exchange may incite agents to post tweets.Are tweets good predictors of currency exchange?Is the relationship between tweets and currency exchange bidirectional?We investigate the comovement/causality between the number of#dolar(“enflasyon”resp.)tweets and USDTRY currency exchange using wavelet coherence and transfer entropy(TE)to answer these questions.Wavelet coherence allows us to determine the relationship between the number of tweets and the USDTRY rate by considering the time–frequency domain.TE enables us to quantify the net information flow between the number of tweets and USDTRY.Data from October 2020 to March 2022 were used.The obtained results remain robust regardless of the frequency of retained data(daily or hourly)and the methods used(wavelet or TE).Based on our results,USDTRY is correlated with the number of#dolar tweets(#inflation)mainly in the short run and a few times in the medium run.These relationships change through time and frequency(wavelet analysis results).However,the results from TE indicate a bidirectional relationship between the#dolar(#inflation)tweets number and the USDTRY exchange rate.The influence of the exchange rate on the number of tweets is highly pronounced.Financial agents,risk managers,policymakers,and investors should then pay moderate attention to the number of#dolar(#inflation)tweets in trading/forecasting the USD–TRY exchange rate.
文摘This study investigates speculative bubbles in the cryptocurrency market and factors affecting bubbles during the COVID-19 pandemic.Our results indicate that each cryptocurrency covered in the study presented bubbles.Moreover,we found that explosive behavior in one currency leads to explosivity in other cryptocurrencies.During the pandemic,herd behavior was evident among investors;however,this diminishes during bubbles,indicating that bubbles are not explained by herd behavior.Regarding cryptocurrency and market-specific factors,we found that Google Trends and volume are positively associated with predicting speculative bubbles in time-series and panel probit regressions.Hence,investors should exercise caution when investing in cryptocurrencies and follow both crypto currency and market-related factors to estimate bubbles.Alternative liquidity,volatility,and Google Trends measures are used for robustness analysis and yield similar results.Overall,our results suggest that bubble behavior is common in the cryptocurrency market,contradicting the efficient market hypothesis.
基金support for this work, provided by the National Natural Science Foundation of China (No. 71003097)Jiangsu Province Social Science Foundation (No. 10EYD025)2008 China University of Mining and Technology Youth Foundation Program (No.2008W04)
文摘Coal is the principal form of energy used in China. Hence, coal price variations are expected to have some influence on merchandise prices. Monthly data from January, 2002, to October, 2010, were used to construct a varying-parameter state space model, and an error correction model, to estimate the influence of coat prices on Chinese merchandise prices. The time lag and the dynamic relationship were determined from the data. A long term equilibrium relationship between coal price and the PPI, and the CPI, can be observed. The long term influence of coal price fluctuations on the PPI is 0.263%. The corresponding value for the CPI is 0.157%. The PPI shows an influence from coal price change in the first period of observation： by eight periods the influence is obvious, after which it diminishes. The effect of coal price change on the CPI is rather weak and has no long term memory. Analysis of variance shows a similar situation. The elas- ticity coefficient of coal prices on the CPI, or the PPI, fluctuates over the 2002-2004 period. From 2002 to 2007 the influence elasticity on the CPI declined and subsequently levelled off after 2009.
文摘Web-based corporate reporting is the provision of financial information through the Internet. Other companies prefer to disclose their financial information in order to satisfy their investors and to attract new ones while others prefer to provide as less information as possible. The purpose of this paper is twofold： first it provides a critical examination of the main reporting criteria followed by the Greek listed companies, in order to point out how many of these companies present these criteria. Second, it considers how the industry sector of the listed companies or their capitalization category is related with their disclosure degree of financial reporting.
文摘In this study</span><span style="font-family:Verdana;">,</span><span style="font-family:Verdana;"> nineteen different brands of bottled mineral waters (7 brands local and 12 brands imported) were collected from supermarkets and independent food stores throughout Djibouti. The chemical composition mentioned on the labels of the nineteen bottled mineral waters ha</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> made the subject of a first verification by Ionic Balance Error (IBE). It was found out of the nineteen brands selected, 12 brands (2 brands local and 10 brands imported) had acceptable charge balance error. Correlation Analysis (CA), Principal Component Analysis (PCA) and Hierarchical Cluster Analysis (HCA) were used to analyze the data collected from the labels of bottled water. The obtained results showed that the 12 brands of studied waters can be grouped in 4 distinct classes with similar chemical characteristics. Two local and one imported brands have the same chemical composition but marketed under different names. It was observed that the chemical content local water brands w</span><span style="font-family:Verdana;">ere</span><span style="font-family:""><span style="font-family:Verdana;"> within the normal range prescribed by both WHO and USEPA except five imported water brands that have concentration values Ca, HCO</span><sub><span style="font-size:12px;font-family:Verdana;">3</span></sub><span style="font-family:Verdana;">, Mg and SO</span><sub><span style="font-size:12px;font-family:Verdana;">4</span></sub><span style="font-family:Verdana;"> beyond acceptable standards. Total hardness values classified most of the studied brands from moderate to very hard water.
文摘This study investigates the factors that impact farmers'adoption of risk management strategies(RMS)in Pakistan during times of uncertainty.The study examines farmers'adoption of RMS using both multinomial probit(MNP)and multivariate probit(MVP).Data were collected from 382 farmers sampled from four districts in KhyberPakhtunkhwa(KP)province of Pakistan via a multistage sampling technique.This study utilizes the MNP model,considering the assumption of Independence of Irrelevant Alternatives(IIA)and incorporating correlated error terms.The objective is to understand farmers'behavior in risky situations and determine if there is heterogeneity.Results are compared with the MVP model to assess robustness and gain deeper understanding of farmers'decisionmaking processes.The research findings reveal that our results are robust,and farmers behave homogeneously in various RMS scenarios.Farmers adopt RMS individually or in combination to mitigate the adverse effects of natural calamities on their livelihood.The risk-averse farmers,who perceive weather-related risks as a threat,access credits and information,and have farms close to a river are more likely to adopt RMS,irrespective of the format of the strategies available.Moreover,the predicted probabilities and correlation of the RMS and RM categories have strengthened our model estimation.These findings provide insights into the behavior of farmers in adopting RMS which are helpful for policymakers and stakeholders in developing strategies to mitigate the impacts of natural calamities on farmers.
文摘Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after estimation design,this study examines the impact of this policy change and the role of institutional governance quality on the initial trading day and aftermarket trading performance of initial public offerings(IPO)in Turkey from 1998 to 2019.The results show that the IFRS mandate does not affect initial trading day returns but improves the aftermarket trading performance of IPO shares.This finding may imply that Turkey’s secondary market also suffers from information asymmetry and that IFRS-compliant reports help alleviate this problem.Furthermore,none of the six institutional governance quality measures tested loaded significantly against initial trading day or long-term returns.However,when examined together,two institutional measures with a negative value,voice and accountability,and political stability,offset the positive effect of the IFRS-compliant reporting on longterm IPO returns,providing support to the premise that institutional quality matters for realizing the economic benefits of the IFRS mandate.
基金This work was funded by the Israel National Coal Ash Board(INCAB)Grant#39477.The authors wish to express their deep gratitude to the late Mr.Omri Lulav,Head of the INCAB.
文摘A tool for calculating the economic and environmental impacts of the use of byproducts of industrial processes that can substitute for perishable resources was presented.This was exemplified by fly ash(the fine fraction of ash originating from coal burned to generate electricity and collected by filtering exhaust gases leaving the furnace),added to soil as a component of sewage sludge stabilized with fly ash and lime(NVS).Application to soil of NVS has potential agricultural and environmental advantages and disadvantages.The costs and benefits of such application were calculated using both a database and expert opinions.The calculations assumed a representative assemblage of soils and crops,with weights assigned to each crop type and soil characteristic.The annual weighted benefits(additional income for the farmer)and costs per hectare reached 324$/ha and 131$/ha respectively.Major potential benefits include:Chemical fertilizer replacement,159$/ha;Improvement to the soil’s physical properties,75$/ha;Supply of vital trace elements,33$/ha.Major potential costs were:Regulatory limitations on marketing of crops pending proof of absence of risk of heavy metals or radionuclides accumulation in these crops,(17$/ha and 36$/ha respectively);Application and incorporation cost,50$/ha.The presented estimates of the costs and benefits refer to the array of soils and conditions typical to Israel.It is possible to maximize potential benefits by applying fly ash only to the most suitable agricultural soils while improper use of fly ash will increase the costs incurred from its use.
文摘This study investigates the possible nonlinear relationship between working capital and credit rating.Furthermore,it examines the relationship between the three components of working capital(inventory,accounts receivable,and accounts payable)and a firm’s credit rating.Employing data for U.S listed firms for the period between 1985 and 2017,the results of our ordered probit model show a nonlinear relationship between working capital and its components and credit rating.Finally,we find that the deviation from the optimal working capital adversely affects the credit rating.The results of this study are of significant importance for policy makers,managers,decision makers,and credit-rating agencies,as they help highlight the importance of working capital management for a firm’s credit rating.
文摘Background:This study aims to investigate the extent to which the conditional volatilities of both Shari’ah compliant stock and conventional stock are related to those of interest rate and exchange rate in the emerging economy of Pakistan.Methods:We used KMI 30 and KSE 100 indices for Islamic and conventional stock for the period of July 2008 to November 2013.We employed Generalized Autoregressive Conditional Heteroskedastic in the mean(GARCH-M)model.This framework relaxes constancy assumption of classical linear regression(CLRM)model and allows exchange rate and interest rate volatility to evolve over time.The GARCHM framework also reveals results about risk-return trade-off in the context of both Islamic and conventional stock indices.Results:The findings show positive and statistically significant effect of interest rate volatility on KSE-100,whereas KMI-30 remains unaffected by the same.Exchange rate volatility is found to be significant for both conventional and Islamic indices.The relationship of risk coefficient(γ)and stocks returns,as expected,is positive and statistically significant for both KMI-30 and KSE-100.This result is consistent with the theory of risk-return trade-off.The results of parametric t-test show significant difference between returns of both indices.This implies that Shari’ah compliant stock index(KMI-30)of Pakistan underperforms its conventional counterpart.Conclusion:By using different performance measures(Sharp ratio,Jensen alpha,Treynor ratio),this study also investigates the hypothesis that Islamic stock index has inferior performance compared with unscreened conventional counterparts due to availability of a smaller investment universe,increased monitoring costs,and limited diversification.
文摘Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s government is committed to its privatization policies as they developed capital markets by underpricing of IPOs.To make dispersion in ownership structure and to involve more small investors,the regulatory authorities such as Securities and Exchange Commission of Pakistan(SECP are required to take some steps to minimize concentration in ownership structure).There is a need of some specific range of underpricing by issuers and SECP.
文摘This study investigates the effects of corporate governance compliance on market valuation in Malaysia using a sample of 164 companies listed on the Main Board in Bursa Malaysia from 5 different industries （consumer, trading ＆ services, industrial, constructions and properties） within 2001 to 2005. Throughout, this study will use correlation and regression analysis in the SPSS software to determine the effects of corporate governance practices on Market Valuation. In analyzing firms＇ market valuation, we will use the Tobin＇s Q formula and for the corporate governance compliance, we will look at 4 criteria to compare with market valuation, which are （1） Board of Director＇s composition, （2） Board of Director＇s remuneration （salaries）, （3） Board of Director＇s training and development, （4） Board of Director＇s meeting. In order to determine the effects between the corporate governance compliance and market valuation, we will use regression analysis. Based on the correlation analysis, the first null hypothesis must be rejected and the alternative hypothesis is accepted, in which dependent variable and independent variables are significantly correlated with BOD remuneration and BOD training availability. Overall, there is a significant relationship between Tobin＇s Q and independent variables （BOD remuneration and BOD training）. This study also recommends that for the company who did not comply with the code, they should follow the best practice because it will be a pivotal weapon in facing with the fierce competition in era globalization.
文摘This paper analyzesand discusses in detail various as-pects concerning the European sov-ereign debt crisis,ranging from itscoming into being to its influenceon China,including its impact onthe exchange rate,foreign trade andfinancial policies.Then it pointsout that China should learn lessonsfrom the European sovereign debtcrisis and improve regulatory re-gime of local government debt.
文摘This paper specifically investigates the effects of US government emergency actions on the investor sentiment–financial institution stock returns relationship.Despite attempts by many studies,the literature still provides no answers concerning this nexus.Using a new firm-specific Twitter investor sentiment(TS)metric and performing a panel smooth transition regression for daily data on 66 S&P 500 financial institutions from January 1 to December 31,2020,we find that TS acts asymmetrically,nonlinearly,and time varyingly according to the pandemic situation and US states’responses to COVID-19.In other words,we uncover the nexus between TS and financial institution stock returns and determine that it changes with US states’reactions to COVID-19.With a permissive government response(the first regime),TS does not impact financial institution stock returns;however,when moving to a strict government response(the overall government response index exceeds the 63.59 threshold),this positive effect becomes significant in the second regime.Moreover,the results show that the slope of the transition function is high,indicating an abrupt rather than a smooth transition between the first and second regimes.The results are robust and have important policy implications for policymakers,investment analysts,and portfolio managers.
文摘Given a pan-space ?and a nonnegative measurable function f on measurable space (X, A), the pan-integral of f with respect to monotone measure μ and pan-operation ?determines a new monotone measure ?on?(X, A). Such the new monotone measure ?is absolutely continuous with respect to the monotone measure μ. We show that the new monotone measure preserves some important structural characteristics of the original monotone measures, such as continuity from below, subadditivity, null-additivity, weak null-additivity and (S) property. Since the pan-integral based on a pair of pan-operations ?covers the Sugeno integral (based on ) and the Shilkret integral (based on ), therefore, the previous related results for the Sugeno integral are covered by the results presented here, in the meantime, some special results related the Shilkret integral are also obtained.
