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Journal of Risk and Financial Management, Volume 13, Issue 12

December 2020 - 39 articles

Cover Story: In financial crises, liquidity becomes scarce, a problem that disproportionately affects SMEs. The paper shows that obligation-clearing is a highly effective liquidity-saving method in the trade credit market. Use of a mutual credit complementary currency as a liquidity source can double the impact of obligation-clearing: data from the Sardex mutual credit circuit show a liquidity-saving potential in B2B transactions of almost 50%. These tools are also important for risk reduction for lenders, based on individual company information that the circuit manager can provide to banks and on the relief that liquidity-saving provides to NPL companies. The paper concludes with recommendations for how even greater savings can be achieved, e.g., by including the tax authority in the obligation network. View this paper.
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Articles (39)

  • Article
  • Open Access
2 Citations
3,331 Views
11 Pages

There are two different forms of property tax systems: value-based tax, which is used in most countries of the world, and area-based tax, which is used mainly in Central and Eastern Europe and developing countries in Africa. Area-based property tax p...

  • Article
  • Open Access
1 Citations
2,982 Views
13 Pages

The studies concerning commonality in liquidity on emerging markets in Central and Eastern Europe are scarce and, in particular, they do not utilize the Principal Component Analysis (PCA) to identify latent factors in liquidity. Therefore, the main a...

  • Article
  • Open Access
3 Citations
2,660 Views
10 Pages

Inflation and Risky Investments

  • Hannu Laurila and
  • Jukka Ilomäki

The paper uses a Walrasian two-period financial market model with informed and uninformed constant absolute risk averse (CARA) rational investors and noise traders. The investors allocate their initial wealth between risky assets and risk-free fiat m...

  • Article
  • Open Access
72 Citations
17,694 Views
13 Pages

The pandemic caused by COVID-19 has changed the mindset of many consumers. They are increasingly aware of the risks of not caring for the planet. Before the pandemic, there was a perceived increase in collective environmental concern and sustainabili...

  • Article
  • Open Access
13 Citations
5,547 Views
16 Pages

Crowdfunding has quickly gained popularity in recent years, providing an additional way for entrepreneurial individuals and organizations (creators) to attract funds for their projects. Scholars have been interested in predicting the success of crowd...

  • Article
  • Open Access
7 Citations
3,685 Views
28 Pages

Institutional Drivers of Crowdfunding Volumes

  • Mari-Liis Kukk and
  • Laivi Laidroo

Crowdfunding improves access to financing, yet cases of crowdfunding’s importance, besides traditional financing, are rare and notably localized. In explaining why global crowdfunding volumes are so heterogeneous, previous academic research has...

  • Article
  • Open Access
22 Citations
5,147 Views
20 Pages

The Effect and Impact of Signals on Investing Decisions in Reward-Based Crowdfunding: A Comparative Study of China and the United Kingdom

  • Sardar Muhammad Usman,
  • Farasat Ali Shah Bukhari,
  • Huiwei You,
  • Daniel Badulescu and
  • Darie Gavrilut

When traditional financial institutions faced difficulties in the task of assisting micro, small and medium-sized enterprises (MSMEs) with capital allocations, crowdfunding can upsurge as an innovative and vibrant vehicle that can support and assist...

  • Article
  • Open Access
28 Citations
24,707 Views
14 Pages

Financial (il-)literacy and its effects have been studied extensively in recent years. The measurement of this concept is, however, tricky and numerous measurement instruments exist. In this paper, we study the connection between these measures empir...

  • Article
  • Open Access
2 Citations
2,398 Views
14 Pages

Environmental and quality management practices are extremely relevant for a firm’s development and international recognition. However, dealing with the standards required and obtaining an international standards certification involves costs for...

  • Article
  • Open Access
14 Citations
7,692 Views
10 Pages

In this paper, we examine the impact that COVID-19 has had on enterprise risk management (ERM). Guided by the origins and philosophy of ERM, we suggest an agenda for future research on ERM in a “post-COVID-19” reality, by addressing its integrated, s...

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J. Risk Financial Manag. - ISSN 1911-8074Creative Common CC BY license