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Journal of Risk and Financial Management, Volume 14, Issue 10

2021 October - 51 articles

Cover Story: Using monthly zip-code level data on credit card transactions covering 16 US cities, this paper investigates changes in consumption at local commercial places during the early coronavirus disease 2019 (COVID-19) era. The estimation results based on common factors across zip codes show that relative consumption of products and services that can be consumed at home has increased up to 56% amid COVID-19 compared to the previous year, whereas relative consumption of products and services that cannot be consumed at home has decreased up to 51%. Similarly, after controlling for the corresponding factors, online shopping has increased up to 21%, while its expenditure share has increased by up to 16% compared to the pre-COVID-19 period.View this paper
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Articles (51)

  • Article
  • Open Access
24 Citations
34,579 Views
15 Pages

Consumer needs change over time as a result of the fast-paced advancement in technology and the induction of the Internet, expansion that leads to a difficulty for brands to adapt their marketing promotion strategy and trying to remain innovative and...

(This article belongs to the Special Issue Consumer Behavior and Marketing Strategy)
  • Article
  • Open Access
7 Citations
3,419 Views
29 Pages

This paper investigates the relationship between the BRICs’ and the advanced economies’ stock markets from 2000 to 2016 utilizing continuous wavelet transform. The continuous wavelet transform allows us to explore these relationships in the time–freq...

(This article belongs to the Section Economics and Finance)
  • Article
  • Open Access
13 Citations
6,935 Views
15 Pages

This article questions the assumptions, sustainability and ethics of endless economic growth on the basis of environmental science, ecological economics and ecological ethics. It considers the impossibility and unsustainability of endless physical gr...

(This article belongs to the Section Economics and Finance)
  • Article
  • Open Access
6 Citations
3,369 Views
27 Pages

Power generation companies play an important role in the Canadian economy, as most of the economic activities in the manufacturing and service sectors are powered by electricity. The significance of the Canadian power generation industry shows that e...

(This article belongs to the Special Issue Sustainability, Marketing and Communication)
  • Review
  • Open Access
8 Citations
7,718 Views
22 Pages

Emerging market multinational enterprises (EMNEs) play a vital role in global economic development and usually adopt aggressive internationalization strategies. However, the volatile global environment has caused EMNEs to face various risks in their...

(This article belongs to the Special Issue Internationalization of Emerging Market Multinational Enterprises in a Volatile Environment)
  • Article
  • Open Access
25 Citations
7,863 Views
16 Pages

Because prior knowledge may not generalize to the COVID-19 setting, scholars are racing to test the efficacy of existing theoretical frameworks during COVID-19. Most business studies are conceptual or surveys of damage. The main purpose of the paper...

(This article belongs to the Special Issue Infectious Disease Outbreaks, Uncertainties, Firms, and Financial Markets)
  • Article
  • Open Access
19 Citations
6,297 Views
18 Pages

The real estate sector has emerged as the bedrock of the Gulf Cooperation Council (GCC) economies, and it has remained resilient despite the various unprecedented micro- and macro-economic shocks devouring the world’s economies. However, wavering inv...

(This article belongs to the Special Issue International Trends and Economic Sustainability on Emerging Markets)
  • Article
  • Open Access
9 Citations
46,127 Views
20 Pages

Implementing a Customer Relationship Management (CRM) system requires significant consideration with respect to change management and the associated business risks. This paper describes how to best achieve the change goal and minimize these risks. Th...

(This article belongs to the Section Risk)
  • Article
  • Open Access
2 Citations
4,266 Views
15 Pages

This paper studies the impact of a high-frequency investor sentiment measure (New FEARS) on the returns of foreign securities listed in U.S. markets as American Depository Receipts (ADRs). We recreate a high-frequency investor sentiment measure by ag...

(This article belongs to the Special Issue Theoretical, Empirical, and Experimental Aspects of Market Microstructure)
  • Article
  • Open Access
8 Citations
5,421 Views
14 Pages

Democracy and Corruption

  • Markus Brueckner

I examine the relationship between democracy and the perceived risk of corruption in a panel of 130 countries. My panel model controls for country fixed effects and enables the estimation of a within-country relationship between democracy and corrupt...

(This article belongs to the Section Applied Economics and Finance)
  • Article
  • Open Access
17 Citations
6,972 Views
12 Pages

The cryptocurrency market has experienced stunning growth, with market value exceeding USD 1.5 trillion. We use a DCC-MGARCH model to examine the return and volatility spillovers across three distinct classes of cryptocurrencies: coins, tokens, and s...

(This article belongs to the Section Financial Markets)
  • Article
  • Open Access
7 Citations
7,000 Views
24 Pages

The COVID-19 crisis has revealed the economic vulnerability of various countries and, thus, has instigated the systematic exploration and forecasting of sovereign default risks. Multivariate statistical and stochastic process-based sovereign default...

(This article belongs to the Special Issue COVID-19’s Risk Management and Its Impact on the Economy)
  • Article
  • Open Access
2 Citations
4,398 Views
15 Pages

The COVID-19 Shock: A Bayesian Approach

  • Oussama Abi Younes and
  • Sumru Altug

The coronavirus crisis that started in December 2019 was declared a pandemic by March 2020 and had devastating global consequences. The spread of the virus led to the implementation of different preventive measures prior to the availability of effect...

(This article belongs to the Special Issue Monetary Policy, Inflation and Unemployment Dynamics: Theory and Empirics)
  • Article
  • Open Access
22 Citations
5,152 Views
10 Pages

In this study, we predicted the log returns of the top 10 cryptocurrencies based on market cap, using univariate and multivariate machine learning methods such as recurrent neural networks, deep learning neural networks, Holt’s exponential smoothing,...

(This article belongs to the Special Issue Machine Learning Applications in Finance)
  • Article
  • Open Access
22 Citations
6,195 Views
14 Pages

This research is motivated by the Omani government’s desire to reduce tax avoidance and bolster tax revenue collected from financial institutions. The purpose of this paper is to examine the impact of overlapped audit committee (AC) chairs and other...

(This article belongs to the Special Issue Corporate Governance and Its Impact on Accounting and Finance II)
  • Article
  • Open Access
34 Citations
10,864 Views
24 Pages

The objective of this study is to investigate the nexus between financial development (FD) in economic growth (GROWTH) in developing countries. The study uses panel data from 138 developing countries during the period 1980–2018. The relationship betw...

(This article belongs to the Special Issue Financial Development and Economic Growth)
  • Article
  • Open Access
1 Citations
2,754 Views
12 Pages

Modeling of Social Risks in the Labor Sphere

  • Olha Shulha,
  • Tatiana Kostyshyna,
  • Maryna Semykina,
  • Liudmyla Katan and
  • Hanna Smirnova

Modern society has developed in such a way that social reality is characterized by the significant dynamics of all processes and their uncertainty. Under such conditions, risk accompanies any purposeful activity of the social subject, and, in turn, t...

(This article belongs to the Special Issue Mechanisms and Models of Risk Management)
  • Article
  • Open Access
13 Citations
13,636 Views
14 Pages

Recent studies on decision analytics frequently refer to the topic of behavioral decision making (BDM), which focuses on behavioral components of decision analytics. This paper provides a critical review of literature for re-examining the relations b...

(This article belongs to the Section Risk)
  • Editorial
  • Open Access
1 Citations
2,161 Views
3 Pages

Transnational and Transdisciplinary Lessons from the COVID-19 Pandemic

  • Frédéric Dutheil,
  • Valentin Navel,
  • Julien S. Baker,
  • Emilie Tran,
  • Alistair Cole,
  • Binh Quach,
  • Jiao Jiao,
  • Jean-Baptiste Bouillon-Minois and
  • Maëlys Clinchamps

On 7 January 2020, China identified a virus called severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) [...]

(This article belongs to the Special Issue Transnational and Transdisciplinary Lessons of COVID 19 From the Perspective of Risk and Management)
  • Article
  • Open Access
2 Citations
3,726 Views
17 Pages

This paper aims to contribute to the existing literature in portfolio management and strategy by investigating the performance, diversification, and hedging benefits arising from integrating Sharia-compliant stocks into a conventional portfolio. Thus...

(This article belongs to the Special Issue Islamic Finance)
  • Article
  • Open Access
8 Citations
4,223 Views
18 Pages

Self-Organising (Kohonen) Maps for the Vietnam Banking Industry

  • Man Ha,
  • Christopher Gan,
  • Cuong Nguyen and
  • Patricia Anthony

This is the first study to use the self-organisation (Kohonen) map technique, an artificial neural network based on a non-supervised learning algorithm, to categorise Vietnamese banks into super-class groups. Drawing on unbalanced yearly data from 20...

  • Article
  • Open Access
6 Citations
7,573 Views
20 Pages

Framework on Performance Management in Automotive Industry: A Case Study

  • Elena Lascu,
  • Irina Severin,
  • Florina Daniela Lascu,
  • Razvan Adrian Gudana,
  • Gabriela Nalbitoru and
  • Nicoleta Daniela Ignat

The purpose of this research is to identify the risks and deficiencies that affect the performance of companies that provide vehicle after-sales services. Thus, this paper highlights the results of a comparative study based on a questionnaire conduct...

(This article belongs to the Special Issue Advances in International Management Research)
  • Article
  • Open Access
10 Citations
5,044 Views
24 Pages

A Novel Model Structured on Predictive Churn Methods in a Banking Organization

  • Leonardo José Silveira,
  • Plácido Rogério Pinheiro and
  • Leopoldo Soares de Melo Junior

A constant in the business world is the frequent movement of customers joining or abandoning companies’ services and products. The customer is one of the company’s most important assets. Reducing the customer abandonment rate has become a matter of s...

(This article belongs to the Special Issue Machine Learning Applications in Finance)
  • Article
  • Open Access
7 Citations
6,658 Views
23 Pages

This paper proposes a novel measure of political risk that confirms some of the findings documented in the Foreign Direct Investments (FDI) literature. Particularly, we confirm the positive relationship between political stability and its components...

(This article belongs to the Special Issue Political Risk in Financial Markets)
  • Article
  • Open Access
1 Citations
4,514 Views
17 Pages

Multi-Asset Value Payoff: Is Recent Underperformance Cyclical?

  • Yesim Tokat-Acikel,
  • Marco Aiolfi and
  • Yiwen Jin

Recent value factor underperformance has called into question whether the value factor payoff is cyclically low, or if there are more structural challenges. We use a new approach to explore a link between the well-known macroeconomic exposures of tra...

(This article belongs to the Special Issue Mathematical and Empirical Finance)
  • Article
  • Open Access
5 Citations
5,834 Views
10 Pages

Using monthly zip-code level data on credit card transactions covering 16 U.S. cities, this paper investigates changes in consumption at local commercial places during the early coronavirus disease 2019 (COVID-19) era. Since using aggregate-level dat...

(This article belongs to the Special Issue Infectious Disease Outbreaks, Uncertainties, Firms, and Financial Markets)
  • Article
  • Open Access
3,733 Views
22 Pages

Counterparty risk in the form of investment fraud damages a retiree’s nest egg. Does fraud negatively impact portfolios that are both stock and bond-heavy equally? This study uses Monte Carlo analysis within the Trinity Study framework to determine t...

(This article belongs to the Section Financial Markets)
  • Review
  • Open Access
6 Citations
6,386 Views
12 Pages

The Preventive Role of Exercise on the Physiological, Psychological, and Psychophysiological Parameters of Coronavirus 2 (SARS-CoV-2): A Mini Review

  • Julien S. Baker,
  • Alistair Cole,
  • Dan Tao,
  • Feifei Li,
  • Wei Liang,
  • Jojo Jiao,
  • Yang Gao and
  • Rashmi Supriya

The world has been severely challenged by the Coronavirus Disease (COVID-19) outbreak since the early 2020s. Worldwide, there have been more than 66 million cases of infection and over 3,880,450 deaths caused by this highly contagious disease. All se...

(This article belongs to the Special Issue Transnational and Transdisciplinary Lessons of COVID 19 From the Perspective of Risk and Management)
  • Article
  • Open Access
22 Citations
10,006 Views
24 Pages

Risk management has been a topic of great interest to Michael McAleer. Even as recent as 2020, his paper on risk management for COVID-19 was published. In his memory, this article is focused on bankruptcy risk in financial firms. For financial instit...

(This article belongs to the Special Issue A Commemorative Issue in Honor of Professor Michael McAleer, 1952–2021)
  • Article
  • Open Access
18 Citations
6,029 Views
22 Pages

This paper investigates to what extent cultural dimensions, based on Hofstede’s model, can clarify differences in cash holding levels. The sample includes 395 banks across 19 countries in the Middle East and North Africa region over a period of 16 ye...

(This article belongs to the Special Issue Corporate Finance)
  • Article
  • Open Access
14 Citations
4,942 Views
26 Pages

Falling energy intensity (increasing efficiency) is believed to be a result of more efficient production methods that have evolved over time, indicating overall sustainability in the production process. The objective of this study is to investigate t...

(This article belongs to the Special Issue Financial Development and Economic Growth)
  • Article
  • Open Access
3 Citations
4,048 Views
16 Pages

From a risk management perspective, this study examines the role of ownership and board sub-committee governance on direct measures of agency costs in a small OECD economy—New Zealand. Using Logistic and OLS regression approaches, two proxies of dire...

(This article belongs to the Special Issue Corporate Governance in Global Shocks and Risk Management)
  • Article
  • Open Access
5 Citations
5,924 Views
20 Pages

Accounting Policies, Institutional Factors, and Firm Performance: Qualitative Insights in a Developing Country

  • Daniel Badulescu,
  • Muhammad Nouman Akhtar,
  • Mumtaz Ahmad and
  • Mariam Abbas Soharwardi

This study aims to uncover the determinants for the formulation of accounting practices and their impact on firm performance in Pakistan through the lens of institutional theory. Based on a pragmatic approach, this study has collected data from 455 p...

(This article belongs to the Special Issue Accounting, International Finance, and Economic Development with Applications)
  • Article
  • Open Access
5 Citations
3,033 Views
13 Pages

This paper aims to study the usefulness of applying tax arrears in failure prediction, when annual reports to calculate financial ratios are outdated. Three known classification methods from the failure prediction literature are applied to the whole...

(This article belongs to the Special Issue Modern Methods of Bankruptcy Prediction)
  • Article
  • Open Access
16 Citations
8,434 Views
11 Pages

Most studies that explore collective models of intra-household decision-making use economic outcomes such as human capital, earnings, assets, and relative income shares as proxies of the relative distribution of bargaining power. These studies, howev...

(This article belongs to the Special Issue Household Finance)
  • Article
  • Open Access
13 Citations
9,759 Views
21 Pages

Cost–Benefit Analysis in the Evaluation of Cultural Heritage Project Funding

  • Sanja Tišma,
  • Mira Mileusnić Škrtić,
  • Sanja Maleković and
  • Daniela Angelina Jelinčić

Cultural heritage has, for a long time, been considered a source of wealth and well-being for economies. Currently, considerable investments have been allocated for its renewal and maintenance that often surpass the budgets of owners, local communiti...

(This article belongs to the Special Issue Economic Sustainability of Culture and Cultural Tourism)
  • Article
  • Open Access
8 Citations
2,813 Views
22 Pages

Variable Slope Forecasting Methods and COVID-19 Risk

  • Jonathan Leightner,
  • Tomoo Inoue and
  • Pierre Lafaye de Micheaux

There are many real-world situations in which complex interacting forces are best described by a series of equations. Traditional regression approaches to these situations involve modeling and estimating each individual equation (producing estimates...

(This article belongs to the Special Issue Economic Forecasting)
  • Article
  • Open Access
14 Citations
9,119 Views
24 Pages

The purpose of this paper is to analyze the relationship between home country institutions and cross-border merger and acquisition (M&A) motives of MNEs from the Asia-Pacific region, with a focus on the role of regulatory quality and dynamics. We...

(This article belongs to the Special Issue Internationalization of Emerging Market Multinational Enterprises in a Volatile Environment)
  • Article
  • Open Access
16 Citations
7,284 Views
23 Pages

The COVID-19 pandemic impacted many socio-economic areas of countries around the world. It has made the production and business situations of enterprises face substantial difficulties. In this study, the authors used data envelopment analysis (DEA) m...

(This article belongs to the Special Issue Economic and Financial Implications of COVID-19)
  • Article
  • Open Access
2 Citations
4,193 Views
22 Pages

We present a multiscale analysis of the price dynamics of U.S. sector exchange-traded funds (ETFs). Our methodology features a multiscale noise-assisted approach, called the complementary ensemble empirical mode decomposition (CEEMD), that decomposes...

(This article belongs to the Special Issue Financial Markets, Financial Volatility and Beyond)
  • Article
  • Open Access
8 Citations
4,584 Views
14 Pages

This study shows how import and export shocks propagate through domestic supply chains using actual Japanese supply-chain data and a world input-output table (WIOT) based on firm-level agent-based simulations. We propose three different models with w...

(This article belongs to the Section Sustainability and Finance)
  • Article
  • Open Access
9 Citations
4,599 Views
14 Pages

This paper studies the impact of independent board members on the financial performance of companies listed on the Bucharest Stock Exchange during the period 2016–2020. Different characteristics of the board of directors have been examined extensivel...

(This article belongs to the Special Issue Corporate Finance, Governance, and Social Responsibility)
  • Article
  • Open Access
8 Citations
3,517 Views
16 Pages

The current study investigates the connectedness between US COVID-19 news, Dowes Jones Index (DJI), green bonds, gold, and bitcoin prices for the period 22 January 2020–3 August 2021. The study has employed wavelet coherency, the continuous wavelet t...

(This article belongs to the Section Financial Markets)
  • Article
  • Open Access
54 Citations
26,956 Views
13 Pages

FinTech: Ecosystem, Opportunities and Challenges in Saudi Arabia

  • Mansour Saleh Albarrak and
  • Sara Ali Alokley

FinTech is a disruptive international phenomenon that is expected to shape the future of the financial sector. This study describes the features and characteristics of the current Saudi Arabian FinTech landscape and ecosystem. Examples of innovative...

(This article belongs to the Special Issue FinTech and the Future of Finance)
  • Article
  • Open Access
8 Citations
5,939 Views
21 Pages

Analyst Forecasts during the COVID-19 Pandemic: Evidence from REITs

  • Paul Anglin,
  • Jianxin Cui,
  • Yanmin Gao and
  • Li Zhang

The COVID-19 pandemic disrupts capital markets and confuses decision makers. This event represents an opportunity to better understand how financial analysts forecast earnings. We focus on forecasts for Real Estate Investment Trusts (REITs) in the Un...

(This article belongs to the Special Issue Real Estate and COVID-19)
  • Article
  • Open Access
7 Citations
9,036 Views
20 Pages

Succession as a Risk Process in the Survival of a Family Business—Case of Slovakia

  • Boris Rumanko,
  • Zuzana Lušňáková,
  • Monika Moravanská and
  • Mária Šajbidorová

Generational transfer is a risky point in the life cycle of any family business, and thus the succession process should not be underestimated. Family businesses in Slovakia began to appear after 1989, and therefore many of them await the process of g...

(This article belongs to the Section Applied Economics and Finance)
  • Article
  • Open Access
21 Citations
9,294 Views
13 Pages

The Road from Money to Happiness

  • Gabriela Mihaela Mureșan,
  • Melinda Timea Fülöp and
  • Cristina Ciumaș

Nowadays, companies must be concerned with the levels of satisfaction and happiness of employees. Hence, this paper proposes to investigate the links between salary and happiness through an exploratory study with a quasi-experimental design. The samp...

(This article belongs to the Section Applied Economics and Finance)
  • Article
  • Open Access
9 Citations
11,386 Views
18 Pages

This paper examines the customer value creation framework and discusses the design of the key elements for product development in emerging markets. A scientometric/bibliometric scoping literature review identifies a clear gap in the current research...

(This article belongs to the Special Issue Internationalization of Emerging Market Multinational Enterprises in a Volatile Environment)
  • Article
  • Open Access
2 Citations
6,574 Views
17 Pages

This paper analyzes stock returns for biotechnology firms after initial public offering (IPO) and explores the effect of social media—specifically, Twitter—on these returns. The results indicate positive yet insignificant cumulative average abnormal...

(This article belongs to the Section Financial Markets)
  • Article
  • Open Access
13 Citations
4,253 Views
16 Pages

Prediction insolvency is one of the most important issues during creditworthiness assessment, especially in the turmoil environment. That is why the problem of insolvency and bankruptcy prediction has been the subject of numerous studies focused on i...

(This article belongs to the Section Economics and Finance)

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J. Risk Financ. Manag. - ISSN 1911-8074