Financial Markets and Institutions

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Markets".

Deadline for manuscript submissions: 15 June 2024 | Viewed by 366

Special Issue Editor


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Guest Editor
Department of Business and Economics, International Christian University (ICU), Mitaka, Tokyo 181-8585, Japan
Interests: financial markets; financial institutions; financial regulation; monetary policy

Special Issue Information

Dear Colleagues,

This Special Issue titled “Financial Markets and Institutions” invites high-quality original research submissions on financial markets, financial institutions, and corporate finance. Empirical studies focusing on how financial markets and institutions respond to economic policy, particularly monetary policy, and financial regulation are especially encouraged. This Special Issue titled “Financial Markets and Institutions” will publish new and challenging studies that explore how economic institutions and regulatory environments influence the responses of financial markets on topics ranging from equity to debt, foreign exchange, and monetary policy. Papers on money, financial transactions, monetary policy, financial markets, financial institutions, financial industries, corporate finance, and international finance will be considered for publication in this Special Issue. Corporate finance may include capital structure and corporate governance topics, including ESG.

Dr. Heather Montgomery
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial markets  (e.g., equity markets, asset pricing, bond markets, foreign exchange, and corporate finance)
  • financial institutions
  • financial regulation
  • monetary policy
  • international finance (e.g., exchange rates)

Published Papers (1 paper)

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Research

11 pages, 650 KiB  
Article
Impact of COVID-19 Travel Subsidies on Stock Market Returns: Evidence from Japanese Tourism Companies
by Hideaki Sakawa and Naoki Watanabel
J. Risk Financial Manag. 2024, 17(5), 206; https://doi.org/10.3390/jrfm17050206 - 14 May 2024
Viewed by 104
Abstract
This study examines stock market response (SMR) to the Japanese tourism industry (TI) after the government’s announcement of travel subsidies (TRSs) during the COVID-19 pandemic in 2020, using a sample comprising 80 listed Japanese firms in the TI and an event study method [...] Read more.
This study examines stock market response (SMR) to the Japanese tourism industry (TI) after the government’s announcement of travel subsidies (TRSs) during the COVID-19 pandemic in 2020, using a sample comprising 80 listed Japanese firms in the TI and an event study method (ESM) to determine the impact of government policy responses (GPRs) to the pandemic. This study found that investors in the TI reacted positively to the announcement of subsidies; this positive effect persisted for 50 trading days after the announcement but was weaker for transportation firms. The results suggest that TRSs are important for the TI, with a stronger link to travel-related firms, such as airlines and travel agencies, hotels, and amusement services. However, investors in the TI reacted negatively to policies that directly addressed the pandemic, such as social distance policies (SDPs). These results are robustly confirmed when we measure abnormal returns by using a three-factor model. The results offer useful insights for policymakers and practitioners aiming to mitigate economic loss from disasters such as the COVID-19 pandemic. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
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