Journal of Risk and Financial Management, Volume 13, Issue 11

This paper proposes a new approach to examine the relationship between CO${}_2$ emissions and economic developing. In particular, we propose to test the Environmental Kuznets Curve (EKC) hypothesis for a panel of 24 OECD countries and 32 non-OECD countrie...

Foreign direct investment (FDI) as a driver of growth is important in today’s globalized economy. It is extremely difficult for economies to grow sustainably without economic interactions outside their borders. However, there has been a debate...

Estimation of the causal effect of a binary treatment on outcomes often requires conditioning on covariates to address selection concerning observed variables. This is not straightforward when one or more of the covariates are measured with error. He...

The section “Economics and Finance” brings together a collection of papers that cover a variety of topics both in the areas of economics and finance [...]

We present an empirical study of the Aumann-Serrano performance index for multi-period gambles when the underlying stochastic process is assumed to be a normal mixture process with time-varying volatility. We compare the Aumann-Serrano performance in...

This paper develops a test that helps assess whether the term structure of option implied volatility is constant across different levels of moneyness. The test is based on the Hausman principle of comparing two estimators, one that is efficient but n...

The aim of this paper is to assess the efficiency of a set of 62 precious metal mutual funds (PMMFs) and to explain performance differences between funds using weighted additive data envelopment analysis (DEA) and Tobit regression, respectively. The...

This paper aims to analyze the determinants of profitability and bank efficiency in the Iberian Peninsula. To achieve the proposed objective, a sample of 66 Portuguese and Spanish banks was analyzed. To test the hypotheses formulated according to the...

Portfolio optimization and quantitative risk management have been studied extensively since the 1990s and began to attract even more attention after the 2008 financial crisis. This disastrous occurrence propelled portfolio managers to reevaluate and...

The scope and ambitions of biomedical institutions worldwide currently working toward the integration of personalized medicine (PM) require recognizing the potential profound impact on regulatory standards and on the economic functioning and financin...

Real estate investment trusts (REITs) provide portfolio diversification and tax benefits, a stable stream of income, and inflation hedging to investors. This study employs a quantile autoregression model to investigate the dependence structures of RE...

The Enterprise Risk Management (ERM) process has heterogeneously developed across the world, although it represents a leading paradigm, supporting organizations to identify, evaluate, and manage risks at the enterprise level. Academics have studied t...

This paper aims to enrich the understanding and modelling strategies for cryptocurrency markets by investigating major cryptocurrencies’ returns determinants and forecast their returns. To handle model uncertainty when modelling cryptocurrencie...

In this paper, we establish the significance and effects of initial public offer (IPO) offer price ranges on subscription, initial trading, and post-IPO ownership structures. The primary market in India provides a unique setting for estimating the ef...

The goal programming (GP) is a well-known approach applied to multi-criteria decision making (M-DM). It has been used in many domains and the literature offers diverse extensions of this procedure. On the other hand, so far, some evident analogies be...

This study examines the effect of the elderly population on SARS-CoV-2 Disease (COVID-19) mortality for a sample of 146 countries. It shows that the elderly population is robustly associated with higher COVID-19 mortality. This effect, however, decre...

Due to the lockdown regulations worldwide during the COVID-19 pandemic, the global aviation industry has been severely hit. This study focuses on the volatility estimation of stock indexes in the Chinese Airport Shipping Set (ASS) at industry-enterpr...

This paper is the first to study a comparatively new Environmental Kuznets Curve which traces empirically the relationship between environmental abatement and real GDP. Our model is a partial linear semi parametric model that allows for two way fixed...

This paper analyzes the connectedness among bitcoin, gold, and crude oil between 3 January 2017 and 31 December 2019. The paper’s motivation is based upon the idea that bitcoin can be similar to gold in terms of its hedging properties and can b...

This paper addresses the application of financial innovations from the corporate finance perspective. The objective is to identify and prioritize the main types of barriers to the implementation of financial innovations by nonfinancial firms. The mot...

This paper fits into the stream of current research on the concept of short-termism and its importance for economic sustainability, especially sustainable finance. Short-termism focuses on short time horizons by both corporate managers and the financ...

Systemic risk is the risk that the distress of one or more institutions trigger a collapse of the entire financial system. We extend CoVaR (value-at-risk conditioned on an institution) and CoCVaR (conditional value-at-risk conditioned on an instituti...

Community currencies are only sometimes economically advantageous. We focus on seasonal changes in money supply and assume that community currencies stabilize the money supply in a local community. This leads to additional transactions during seasons...

This paper studies the determinants of German direct investment in the Central and Eastern European countries during the period 1996–2016 using the augmented Knowledge Capital model to identify the main reasons for foreign direct investment (FD...

The debate regarding the suitability of market orientation or culture of sustainability for corporate social responsibility (CSR) implementation and economic sustainability deserve much more scholarly attention as globalization and competition in eme...

The present study investigated the factors that influence the feasibility and competitive advantage of a digital freight forwarder through a binary logistic regression model. The research is a concrete application of sustainable entrepreneurship in t...

Since the oil price downturn of 2015, the United Arab Emirates and fellow Gulf Cooperation Council countries have worked hard to expand digital payments in the interest of improved tax and revenue collection, transparency, and security. Yet despite a...

The economic results of a company are an important tool for many entities, e.g., for internal entities as well as for external entities. As the economic results of a company are often the only source of information that informs the company’s pa...

Experience gained from NATO operations shows that the basis for an effective solution to a crisis is a combination of a comprehensive political, civilian and military approach. The cooperation of all stakeholders is thus a basic prerequisite for the...

This paper investigates the relationship between the bitcoin price and the hashrate by disentangling the effects of the energy efficiency of the bitcoin mining equipment, bitcoin halving, and of structural breaks on the price dynamics. For this purpo...

Sustainable corporate finance is an attractive field of study in sustainability literature; however, the literature lacks systematic bibliometric analysis that provides a comprehensive review to clarify state-of-the-art sustainable corporate finance...

This paper presents an overview of the procedures that are involved in prediction with machine learning models with special emphasis on deep learning. We study suitable objective functions for prediction in high-dimensional settings and discuss the r...

This paper explores a decision analysis on product integration of family security services and residential fire insurance in the London and Taiwan markets by using the proposed mathematical models for counting sustainable value. This paper shows the...

Global warming, while increasing human demand for water, is reducing water availability by reducing runoff flows and the effective amount of water between seasons, making water scarcity a growing problem globally. Water management plays an important...

The computational revolution in simulation techniques has shown to become a key ingredient in the field of Bayesian econometrics and opened new possibilities to study complex economic and financial phenomena. Applications include risk measurement, fo...

The purpose of the study is to examine the relation between Nordic corporate governance practices and earnings management. We find that the presence of employee representation on the board and the presence of an audit committee are both practices tha...

Sufficient literature supports small and medium ‘enterprises’ (SMEs) significant role in emerging and mature economies. Still, the same research highlights varying challenges that innovative firms in developing economies face, like access...

Investor sentiment is an important aspect of behavioural finance, which provides explanation of anomalies to the asset’s intrinsic values. Sentiments can easily affect individual investors. Historically, Australia is regarded as rich in resourc...

In the traditional human capital framework, education is often considered as an investment, rather than consumption, while consumption is not necessarily precluded. Whether education is an investment is empirically unclear and relatively under-explor...

This paper examines the effect of board characteristics, especially board independence, on firm performance from a dynamic perspective through copula-based quantile regression approaches, which allow us to focus on changes at different points in the...

The main purpose of this article is to explore the application of mixed methods research in the innovation management sub-discipline utilizing a systematic literature review and meta-summary analysis. Regardless of the growing number of studies in in...

While exchanges and regulators are able to observe and analyze the individual behavior of financial market participants through access to labeled data, this information is not accessible by other market participants nor by the general public. A key q...

This paper, intended for researchers, introduces a stochastic method for calculating the optimal tax schedule based on taxpayer utility, population skill distribution, and wages. It implements and extends the classic approach to optimal income tax ca...

Green entrepreneurship is a novel sustainability term. A strategy has recently been put forward to make a business greener by minimizing the harmful impact on the environment and committing to sustainability while maintaining financial imperishabilit...