Journal of Risk and Financial Management, Volume 19, Issue 5

Research Purpose: This study investigates the role of digital investor behavior, measured through Google Trends, alongside technical indicators such as RSI and Bollinger Bands, in forecasting volatility in the Dubai Financial Market. The aim is to de...

This study examines the relationship between managerial overconfidence and environmental, social, and governance (ESG) performance through firm-level financial policy channels in an emerging-market context. Using panel data from non-financial firms l...

This paper develops a queueing-organized framework for within-venue monitoring of BTC/USDT liquidity, signed-flow pressure, and resiliency on Binance. The model treats latent buy and sell pressure as occupancy processes and organizes three empirical...

Climate-related financial risks have become a central concern for financial institutions and regulators, particularly within the European financial system. This paper examines how climate-related risks are integrated into governance, risk assessment,...

This study investigates whether CNN-based front-end feature extraction improves the predictive performance of deep learning models applied to 1 min intraday CSI 300 index data. Three baseline sequence models, LSTM, GRU, and TCN, are compared against...

The objective of this paper was to explore how financial development affects the relationship between sustainability practices and sustainable development in Sub-Saharan Africa, where poor institutional quality and shallow financial markets may preve...

Several studies show that financial vulnerability is not determined solely by low levels of wealth, but also by behavioural and social factors that shape financial behaviour. From this perspective, the social environment and financial knowledge can i...

In this research, the primary aim is to conduct a systematic review of the thematic evolution of green finance, which remains fragmented and unevenly represented in global academic debates. The objective of this analysis is to scientifically map out...

This featured volume is dedicated to the memory of Professor Joe Gani (1924–2016) and Professor Chris Heyde (1939–2008), two outstanding scholars whose research, intellectual leadership, and mentorship had a lasting influence on applied p...

Financial reporting standards aim to increase transparency; however, the expansion in disclosure volume may also create an information overload paradox for investors, an issue that remains underexplored in the context of institutional investors. Exce...

This study examines the association between foreign exchange (FX) governance and financial stability by analysing empirical evidence from multinational entities. We analyse a 16-year panel (2009–2024) comprising 6613 firm-year observations usin...

This study examines whether investor sentiment drives volatility spillovers between socially responsible and traditional mutual funds. The rapid growth of responsible investing in emerging markets raises questions about whether higher costs deliver i...

This study examines the dynamic relationship between exchange rates and stock returns in Taiwan, focusing on asymmetry and time-varying dependence. Using monthly and daily data from 1994 to 2024, we employ ARDL, NARDL, and error correction models (EC...

The intersection of financial innovation and environmental sustainability offers important opportunities for low- and middle-income (LMI) countries. This study examines the association between FinTech investment, geopolitical-economic uncertainty, ur...

Credit risk evaluation is a key factor in financial intermediation, regulatory capital provision, and risk management in the portfolio. In this study, we compare the deep learning performance for probability-of-default (PD) estimation with a structur...

The integration of environmental, social and governance (ESG) criteria into corporate and financial decision-making has become one of the most significant transformations in today’s financial markets. Growing regulatory pressure, stakeholder ex...

This study assesses export concentration risk in four Central Asian economies (Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan) by examining trade specialization patterns in 31 mineral, chemical, textile, and metallurgical product groups over 2017...

Credit risk management is critical in developing economies where high default rates threaten financial stability. This study compares traditional logistic regression (TLR) and Bayesian logistic regression (BLR) for predicting loan default using anony...

Empirical evidence shows that the El Niño-Southern Oscillation (ENSO) influences the frequency–damage relationship for floods. However, ENSO is generally not incorporated into indemnity-trigger modeling of Flood Catastrophe Bonds (FCBs),...

Financial reporting integrity (FRI) plays a critical role in capital market efficiency, yet its determinants remain difficult to model due to nonlinear relationships, heterogeneous firm characteristics, and institutional differences across emerging m...

In the spirit of the solution of for modeling price changes in high-volatility markets for univariate commodities, here we generalize an approach to the case of modeling price changes jointly for two related commodities. Often, conditional distributi...

This study examines the transformative impact of artificial intelligence (AI) on tax auditing through a PRISMA-compliant systematic literature review and textometric analysis. By analyzing literature published between 2015 and 2025 using IRAMUTEQ, we...

Forensic accounting faces increasing complexity as reactive approaches fail to address escalating risks. This study pioneers a Proactive Risk Intelligence Framework (PRIF) for Chartered Accountant (CA) firms, targeting gaps in risk anticipation, stak...

The objective of this study was to explore the impact of exchange rate volatility on corporate financial stability in European corporations, with particular emphasis on the Eurozone and non-Eurozone. The data set of this study consisted of 80 publicl...

This study examines the association between account-level inherent risk and auditor–client disagreement. To measure disagreement directly, we introduce a novel proxy: the absolute magnitude of the gap between pre-audit and post-audit net income...

This study examines the risk–return performance of Nifty100 ESG and the Nifty Enhanced ESG equity indices listed on India’s National Stock Exchange (NSE) relative to the conventional Nifty 100 benchmark from April 2011 to June 2023. Rathe...

This study examines the role of investor sentiment in asset pricing within a frontier market, focusing on Vietnam. Using a comprehensive dataset covering the period 2015–2025 with 4018 observations, sentiment indices are constructed from both m...

This paper examines whether global monetary conditions are embedded in the spillover structure of sovereign credit risk across emerging markets and whether that role changes across market states. Using monthly data for 15 emerging-market 5-year sover...

This study investigates the role of market volatility, proxied by the CBOE Volatility Index (VIX), as a potential regime-dependent interaction of corporate leverage risk within the S&P 100. Addressing the limitations of traditional financial dist...

This study explores the paradoxical role of ESG ratings in emerging markets, focusing on Morocco, where these tools are simultaneously promoted as signals of credibility and transparency while producing distortions, inconsistencies, and symbolic comp...

Digital financial inclusion (DFI) plays an increasingly important role in expanding financial participation, improving access to payment systems, and supporting inclusive economic development. Yet substantial gender gaps in DFI remain a persistent ch...

This article investigates the impact of grassroots cryptocurrency adoption—operationally defined as the intensity of on-chain retail transactions and peer-to-peer (P2P) exchange volumes—on household financial resilience. Utilising aggrega...

This study explains cryptocurrency investment decisions by integrating personality traits, influencer credibility, and social influence within the Stimulus–Organism–Response (SOR) framework. Openness, extraversion, conscientiousness, infl...

Macroeconomic volatility remains a major conundrum in SSA countries despite financial market liberalization reforms aimed at global financial market integration and unconstrained external capital flows to foster macroeconomic stability. Therefore, th...

Financial inclusion is a key policy priority in developing economies, but significant disparities in access to financial services persist. This study examines the microeconomic drivers of financial inclusion in Morocco using data from the Global Find...

This study explores the effects of the COVID-19 pandemic on stock market efficiency in nine Asian emerging markets—China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Taiwan, and Thailand—between 2019 and 2021. We use dai...

Earnings management undermines financial transparency and threatens long-term corporate sustainability, particularly in emerging markets where principal–agent conflicts remain pronounced. In China’s capital market, performance-based incen...

Today, there is often a fundamental misunderstanding of what risk management actually entails. The ten theses presented in this conceptual article summarize research and practical experience from a contemporary perspective on how a modern, decision-o...

This paper develops a deep supervised learning framework for sequential prediction of macro-financial time series derived from the U.S. Treasury yield curve. Using daily data on the 10-year Treasury constant maturity rate and the 3-month Treasury bil...

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Blue accounting has emerged as a reporting approach to enhance corporate transparency and responsible stewardship of marine ecosystems. This aligns particularly with Sustainable Development Goal (SDG) 14; however, its conceptual development and pract...

This study examines the association between corporate governance and firm-level financial outcomes across the BRICS economies from 2013 to 2023. A multidimensional Corporate Governance Index (CGI), comprising five sub-indices and thirty-one attribute...

Financial forecasting research often prioritizes methodological sophistication over the authenticity of underlying training data. This study quantifies the “estimation–reality divide” by comparing models trained on estimated quarter...

Financial fraud represents one of the most critical operational risks faced by financial institutions, resulting in significant financial losses and destabilizing markets. While machine learning models are effective at prediction, their evaluation is...

This study investigates how on-chain trading activity influences liquidity and market microstructure in blockchain-based voluntary carbon markets (VCMs) while accounting for the regulation index as a conditioning factor. Using mean-centered MMRM with...

This is a conceptual paper on next-generation digital trade that proposes a multi-layered taxonomic integration of Web 3.0, decentralized e-commerce, and the emerging paradigm of Agentic Commerce. While current literature often conflates technologica...

Bank performance depends not only on capital strength but on the governance environment in which that capital operates. Yet existing studies treat capital buffers and institutional quality as parallel, additive drivers, thereby underexploiting their...

This article examines the effect of state ownership and regulatory frameworks on internal control weaknesses (ICW) within an emerging economy. Focusing on the Algerian banking sector, we exploit a symmetric pre- and post-regulatory window (2007&ndash...

The objective of this paper is to offer a mathematical formulation of economic value added (EVA) that incorporates distance-to-default (DD) and thus a default-free capital structure. The latter is extended via the weighted average cost of capital (WA...

This study constitutes the second part of a comprehensive investigation of the persistence of weighted average cost of capital (WACC) rates despite declining risk-free interest rates. While theory suggests that WACC should reflect lower risk-free int...