2025 September - 23 articles
The COVID-19 pandemic and the implementation of strict lockdown measures have significantly impacted various dimensions of the global economy. This study examines the impact of COVID-19 and lockdown stringency on exchange rate volatility in India usi...
This study investigates the nonlinear and regime-dependent relationship between climate policy uncertainty (CPU) and sovereign credit default swap (CDS) spreads across a panel of developed and emerging economies from February 2010 to March 2025. Util...
In this paper, we propose a novel optimization model for portfolio selection that integrates the classical mean–variance criterion with a second-order Tsallis entropy term. This approach enables a trade-off between expected return, risk, and di...
Inspired by the limited research regarding the influence of CEO succession origin on corporate misconduct, this study draws on organizational identification theory and agency theory to examine this issue. Empirical analysis indicates that insider CEO...
There is a growing need to provide AI risk management models that can assess whether AI applications are safe and trustworthy, to make them responsible. To date, there are a few research papers on this topic. To fill the gap, in this paper we extend...
Digitalization is reshaping entrepreneurship, yet the mechanisms that translate new technological possibilities into entrepreneurial intention remain poorly understood, especially for resource-constrained small and medium-sized enterprises (SMEs). Bu...
This study examined the factor structure of Green, Grey, and Red EU securities using extended asset pricing models built on the Fama–French and Carhart frameworks. The findings show improved return predictability and consistently negative risk-...
In the dual risk model, while the ultimate ruin probability has an exact and straightforward formula, the mathematics becomes significantly more complex when considering a finite time horizon, and the literature on this topic is scarce. As a result,...
This study investigates how bank mergers and acquisitions (M&As) reshape the monitoring architecture of syndicated loans and, by extension, borrowers’ financing conditions. Using a global panel of 20,299 syndicated loan contracts, originati...
The global aviation sector underwent an unprecedented shock due to the COVID-19 pandemic, severely disrupting the passenger flows, flight operations, and revenues of Polish airports. In response, the government launched protective measures under the...
This study develops a machine learning framework to improve the prediction of automobile loan defaults by integrating explainable feature selection with advanced resampling techniques. Using publicly available data, we compare Logistic Regression, Ra...
Purpose: This article evaluated the decline of registered auditors (RAs) and its impact on the future of the assurance industry in South Africa. Auditors play a critical role in ensuring the transparency, trust, and credibility of financial statement...
In the context of Japan’s rapidly aging population, people’s anxiety about life after 65, especially regarding financial sustainability, has become a growing concern. This study examines old age anxiety through the lens of digital financi...
The COVID-19 pandemic has caused market turmoil and economic distress. To understand the effect of the pandemic on the U.S. financial systemic risk, we analyze the explanatory power of detailed COVID-19 data on three market-based systemic risk measur...
This paper investigates the dependence structure between returns and trading volumes for five major cryptocurrencies: Bitcoin, Cardano, Ethereum, Litecoin, and Ripple. Using a copula-based framework, we focus on a mixture of the Joe copula and its 90...
Conventional risk assessment frameworks usually define risk as a function of vulnerabilities and threats, but they frequently lack a single quantitative model that incorporates the unique features of each element. In order to close this gap, this pap...
This study examines the use of Filtered Historical Simulation (FHS) to estimate tail risk in cryptocurrency markets for the optimization of robustness in this area under model misspecification. An ARMA-GARCH model is employed on the daily returns on...
This paper uses a statistical test based on entropy theory to propose a new way to distinguish between interdependence, contagion, and the decoupling hypotheses in the context of shock transmission and spillover. Applying the proposed approach, the t...
This study examines the impacts of Enterprise Resource Planning (ERP) systems on financing costs from the dual perspectives of risk management and relative value creation based on corporate value maximization objectives. Data were manually collected...
This study develops an integrated risk modeling framework to assess capital adequacy and optimize portfolio performance for Thai life and non-life insurers. Leveraging ARMA–GJR–GARCH models with skewed Student-t innovations, extreme value...
As a crucial modeling tool for stochastic financial markets, the Lévy risk model effectively characterizes the evolution of risks during enterprise operations. Through dynamic evaluation and quantitative analysis of risk indicators under speci...
This study investigates the asymmetric responses of AI and ESG Exchange Traded Funds (ETFs) to geopolitical and financial uncertainty, with a focus on resilience across market regimes. The NASDAQ-100 and MSCI ESG Leaders indices are used as proxies f...
The EU Artificial Intelligence Act (Regulation (EU) 2024/1689) designates AI systems used in life and health insurance underwriting as high-risk systems, imposing rigorous requirements for bias testing, technical documentation, and post-deployment mo...
