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Risks and Uncertainties in Financial Markets
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Risks and Uncertainties in Financial Markets

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: 1 May 2025 | Viewed by 4488

Special Issue Editors

Dr. Sahbi Farhani

E-Mail Website
Guest Editor
Higher Institute of Finance and Taxation of Sousse (ISFFS), University of Sousse, Sousse, Tunisia
Interests: financial markets; energy economics; sustainability; climate change
Special Issues, Collections and Topics in MDPI journals
Dr. Alaa M. Soliman

E-Mail Website
Guest Editor
Leeds Business School, Leeds, UK
Interests: economic growth; development economics; applied economics; applied macroeconomics; economics analysis; economic modeling

Special Issue Information

Dear Colleagues,

The aim of this Special Issue is to identify challenges and solutions related to the risks and uncertainties that arise in financial markets. It will feature papers on complex topics, exploring the following themes:

  • General equilibrium models in which the distinction between uncertainty and risk is formalized by assuming that there are several types of financial markets;
  • How uncertainties in financial markets can affect client decisions;
  • How the firm’s role in helping these clients may mitigate risks, and how shifting market dynamics can often present strategic opportunities for clients and financial markets;
  • The impact of uncertainty shocks on investment and consumption;
  • How financial frictions can play an important role in transmitting uncertainty shocks;
  • The impact of investor sentiments on financial markets’ volatilities.

This Special Issue welcomes empirical studies on a wide range of relevant topics including, but not limited to, the points indicated above.

We welcome contributions covering all the major areas of financial markets, uncertainty, and risk.

Dr. Sahbi Farhani
Dr. Alaa M. Soliman
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • financial markets
  • risks
  • uncertainties
  • financial frictions
  • uncertainty shocks

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (2 papers)

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Research

20 pages, 6077 KiB  
Article
Research on the Impact of Economic Policy Uncertainty and Investor Sentiment on the Growth Enterprise Market Return in China—An Empirical Study Based on TVP-SV-VAR Model
by Junxiao Gui, Nathee Naktnasukanjn, Xi Yu and Siva Shankar Ramasamy
Int. J. Financial Stud. 2024, 12(4), 108; https://doi.org/10.3390/ijfs12040108 - 25 Oct 2024
Viewed by 2604
Abstract
This study employs the economic policy uncertainty index to gauge the level of economic policy uncertainty in China. Utilizing textual data from the growth enterprise market internet community, we construct the growth enterprise market investor sentiment index by applying the deep learning ERNIE [...] Read more.
This study employs the economic policy uncertainty index to gauge the level of economic policy uncertainty in China. Utilizing textual data from the growth enterprise market internet community, we construct the growth enterprise market investor sentiment index by applying the deep learning ERNIE (Enhanced Representation through Knowledge Integration) model, thereby capturing investors’ sentiment within the growth enterprise market. The dynamic interplay between economic policy uncertainty, investor sentiment, and returns of the growth enterprise market is scrutinized via the TVP-SV-VAR (time-varying parameter stochastic volatility vector auto-regression) model, and the asymmetric response of different industries’ stock returns within the growth enterprise market to economic policy uncertainty and investor sentiment shock. The findings of this research are that economic policy uncertainty exerts a negative influence on both investor sentiment and returns of the growth enterprise market. While it may trigger a temporary decline in stock prices, the empirical evidence suggests that the impact is of short duration. The influence of investor sentiment on the growth enterprise market returns is characterized by a reversal effect, suggesting that improved sentiment may initially boost stock prices but could lead to a subsequent decline over the long term. The relationship between economic policy uncertainty, investor sentiment, and returns of the growth enterprise market is time-variant, with heightened sensitivity observed during bull markets. Lastly, the effects of economic policy uncertainty and investor sentiment on the returns of different industries within the growth enterprise market are found to be asymmetric. These conclusions contribute to the existing body of literature on the Chinese capital market, offering a deeper understanding of the complex dynamics and the factors influencing market behavior. Full article
(This article belongs to the Special Issue Risks and Uncertainties in Financial Markets)
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19 pages, 3494 KiB  
Article
China’s Stock Market under COVID-19: From the Perspective of Behavioral Finance
by Kaizheng Li and Xiaowen Jiang
Int. J. Financial Stud. 2024, 12(3), 70; https://doi.org/10.3390/ijfs12030070 - 19 Jul 2024
Viewed by 1261
Abstract
As a colossal developing economy, irrational, and inefficient trades broadly exist in China’s stock market and are intensified by the once-in-a-century COVID-19 pandemic. This atypical but prominent event enhances systemic risk and requires a more effective analysis tool that adapts to the investors’ [...] Read more.
As a colossal developing economy, irrational, and inefficient trades broadly exist in China’s stock market and are intensified by the once-in-a-century COVID-19 pandemic. This atypical but prominent event enhances systemic risk and requires a more effective analysis tool that adapts to the investors’ sentiment and behavior. Based on the behavioral asset pricing model, this paper verifies the existence of noise traders in China’s stock market, measures the intensity of the noise with the NTR indicator, and examines the market noise with IANM. Furthermore, the mechanism of how COVID-19 influences the market noise through investors’ behaviors is analyzed with the event study method. The findings show that, based on 92 Chinese companies, the market noise significantly exists, and the noise is associated with psychological biases including over-confidence, herding effects and regret aversion. These biases are affected to varying degrees by COVID-19-related events, leading to notable implications for market stability and investor behavior during crises. Our study provides critical insights for policymakers and investors on managing market risks and understanding behavioral impacts during unprecedented events. Full article
(This article belongs to the Special Issue Risks and Uncertainties in Financial Markets)
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