2026 April - 24 articles
This paper examines how scam compounds, money mules and crypto-assets operate as interdependent elements of contemporary money-laundering chains. It assesses whether existing anti-money laundering (AML) and crypto-asset regulatory frameworks are capa...
Multiple linear regression remains a foundational predictive methodology across a broad range of applications. We propose a novel regression framework that, rather than minimising the aggregate prediction error associated with the dependent variable,...
Machine learning-based credit risk models are commonly assessed using discrimination metrics alone. Such evaluation, however, does not fully capture economic consequences, temporal deployment conditions, or changes in the underlying risk environment....
This research article explores whether the climate transition risk (CTR) and climate physical risk (CPR) transmit greater shocks towards the sustainable, gold-backed, energy-related and Sharia-compliant cryptocurrencies during bullish market conditio...
This study aims to predict stock market risk and improve preparedness for potential economic crises by identifying sharp declines in stock returns using classification-based machine learning models. Using ten years of KOSPI 200 index data (2015 to 20...
In insurance portfolios, classifying customers without a prior history at a given company is particularly challenging due to the absence of historical behavior, extreme class imbalance, heavy-tailed loss distributions, and strict operational constrai...
This paper derives a closed-form expression for the expected discounted value of aggregate cash flows when arrival times follow a Poisson process but both the time horizon and the number of arrivals are finite. The result provides a tractable analyti...
We develop a practical framework for identifying and quantifying the hidden layers of risks and optionality embedded in American options by introducing stochasticity into one or more of their underlying determinants. The heuristic approach remedies t...
This study analyzes the relationship between stock market returns and investment flows in investment funds in Spain. Through a quantitative analysis covering the period from December 2001 to June 2025, it examines not only the existence of a correlat...
This study presents an exploratory methodological framework for examining structural changes in regulatory risk disclosure using sentence embeddings, multivariate anomaly detection, and explainable artificial intelligence. Prior research typically re...
This paper introduces the Copula Asymmetry Index (CAI), a rolling, rank-based measure of asymmetric tail dependence between equity returns and implied-volatility proxies. CAI is defined as the difference between the empirical frequency of joint &ldqu...
The life insurance sector plays a critical role in the financial stability of countries due to its long-term liability structure and strong interaction with the financial system. The aim of this study is to evaluate the performance of the life insura...
This study examines overnight vs. daytime static and momentum strategies applied to ten sector Exchange-traded funds (ETFs) over a 27-year period from 1999 to 2025. Our findings reveal that several such strategies, particularly reversal strategies, c...
This paper presents a physics-based hazard model for catastrophe (CAT) modelling of urban flood risk—a first step toward a complete CAT modelling framework. We introduce a linear second-order ordinary differential equation (ODE) system to simul...
Like other agricultural products, food legumes production faces uncertainty risks stemming from climate change, which may affect yields and consequently impact farmers’ livelihoods. Agricultural insurance serves as one of the climate change ada...
This study examines whether IAS 38-recognized identifiable intangible assets (excluding goodwill) are associated with corporate leverage in Thailand, an emerging bank-dominated financial system, and whether that relationship changed after the COVID-1...
This research examines market reactions to financial distress announcements by small privately held Canadian oil firms operating in the upstream sector between 2015 and 2021, employing an event study methodology, with daily spot prices for Brent and...
Inclusive insurance plays a critical role in reducing household vulnerability in developing countries such as Indonesia. This study investigates the factors influencing inclusive insurance participation across regencies in the Special Region of Yogya...
Optimal dividend policy remains a key topic of debate in corporate finance, particularly in emerging markets where investor preferences and macroeconomic volatility affect decision making. This study therefore examines the relationship between divide...
This study investigates the determinants of FinTech adoption and its role in supporting financial inclusion among micro, small, and medium enterprises (MSMEs) in South Sumatra, Indonesia. The analysis applies an extended Unified Theory of Acceptance...
This research examines Jordanian risk disclosure policies and how board size, meeting frequency, CEO duality, and board expertise affect them, exploring how political ties moderate the link between board features and risk disclosure. In 2014–20...
Conventional VAR-based volatility spillover measures rely on homoskedasticity and single-Gaussian assumptions, limiting their ability to capture structural breaks and heterogeneous shocks during crises. This study develops a flexible framework to ana...
Exogenous shocks can affect equity markets by changing volatility and cross-market co-movement. This study examines how two U.S.-centred events, treated as different shock types, influence time-varying conditional correlations between the U.S. stock...
Systemic risk in banking systems arises from losses transmitted through networks of contractual exposures. Yet, most widely used measures rely on market-implied volatility and equity prices rather than structural balance sheet fragilities. This paper...
