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Evaluating Risk and Return in Modern Financial Markets
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Evaluating Risk and Return in Modern Financial Markets

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Applied Economics and Finance".

Deadline for manuscript submissions: 10 August 2026 | Viewed by 2051

Special Issue Editors

Prof. Dr. Ying Yuan

E-Mail Website
Guest Editor
National Frontiers Science Center for Industrial Intelligence and Systems Optimization, Northeastern University, Shenyang 110819, China
Interests: risk management; AI+ finance
Special Issues, Collections and Topics in MDPI journals
Dr. Haiying Wang

E-Mail Website
Guest Editor
School of Finance, Jiangxi University of Finance and Economics, Nanchang 330013, China
Interests: risk management; climate risk; financial contagion

Special Issue Information

Dear Colleagues,

Against a backdrop of volatile global markets, evolving regulatory frameworks, and disruptive technological innovations, the trade-off between risk and return remains the cornerstone of modern financial decision-making. This special issue aims to showcase cutting-edge empirical and theoretical research that advances methodologies for evaluating risk-return dynamics across asset classes, markets, and investment strategies.

We welcome contributions addressing topics including—but not limited to—risk-return models considering climate risk, high-frequency data-driven risk assessment, the impact of fintech on portfolio optimization, and risk management in emerging markets. Both original research papers and rigorous review articles that challenge conventional paradigms and offer practical insights for academics, practitioners, and policymakers will be prioritized. We invite scholars worldwide to submit their work and contribute to a comprehensive understanding of risk-return evaluation in today’s complex financial landscape.

Prof. Dr. Ying Yuan
Dr. Haiying Wang
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 250 words) can be sent to the Editorial Office for assessment.

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. Journal of Risk and Financial Management is an international peer-reviewed open access monthly 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 1600 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

  • climate risk
  • high-frequency data-driven
  • fintech
  • portfolio optimization
 

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Published Papers (3 papers)

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Research

18 pages, 1996 KB  
Article
Asymmetric Risk–Return Dynamics of Sustainable Portfolios: A Regime-Switching Analysis on Borsa Istanbul
by Turgay Yavuzarslan, Selman Aslan and Bülent Çelebi
J. Risk Financial Manag. 2026, 19(3), 227; https://doi.org/10.3390/jrfm19030227 - 18 Mar 2026
Viewed by 384
Abstract
(1) Background: In integrated financial markets where traditional diversification often fails, analyzing sustainability-oriented investments under non-linear dynamics is critical to averting erroneous decisions. This study investigates whether corporate sustainability provides effective downside mitigation against volatility in emerging markets, using Borsa Istanbul as a [...] Read more.
(1) Background: In integrated financial markets where traditional diversification often fails, analyzing sustainability-oriented investments under non-linear dynamics is critical to averting erroneous decisions. This study investigates whether corporate sustainability provides effective downside mitigation against volatility in emerging markets, using Borsa Istanbul as a case study. (2) Methods: The analysis employs US Dollar-denominated excess returns of an equal-weighted portfolio from the longest-tenured BIST Sustainability Index constituents versus the broader BIST 100 Index (2014–2025), utilizing Markov Regime Switching (MS-AR) and Regime-Switching CAPM methodologies to model non-linear dynamics. (3) Results: Empirical results reveal two distinct regimes, where market variance surges approximately 8.5-fold during crises. The sustainable portfolio exhibits a low systematic risk sensitivity (Beta: 0.76) in normal conditions, driven by its distinct structural composition without generating statistically significant Alpha. In crisis regimes, despite increased sensitivity (Beta: 0.90), the portfolio remains resilient with a beta strictly below 1.00. While BIST 100 investors suffered a massive 40.86% USD wealth erosion over the full period, the sustainability portfolio significantly mitigated this damage, limiting the total capital loss to 20.73% due to substantial compounding accumulated during normal regimes. (4) Conclusions: Consequently, sustainability proves to be not merely an ethical preference but a rational financial strategy offering diversification benefits in tranquility and acting as an effective partial hedge during turbulence in high-volatility markets. Full article
(This article belongs to the Special Issue Evaluating Risk and Return in Modern Financial Markets)
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14 pages, 259 KB  
Article
Stock Market Efficiency and Banking Stability: Empirical Evidence from the MENA Region
by Rim Jalloul and Mahfuzul Haque
J. Risk Financial Manag. 2026, 19(2), 162; https://doi.org/10.3390/jrfm19020162 - 23 Feb 2026
Viewed by 552
Abstract
Stock market efficiency plays a vital role in financial economics, as it reflects how quickly and accurately asset prices incorporate available information. This study investigates stock market efficiency and banking sector stability in the MENA region, focusing on the dynamic interactions between macroeconomic [...] Read more.
Stock market efficiency plays a vital role in financial economics, as it reflects how quickly and accurately asset prices incorporate available information. This study investigates stock market efficiency and banking sector stability in the MENA region, focusing on the dynamic interactions between macroeconomic indicators, financial depth, and bank-specific variables. Using panel data from 21 countries over the period 2003–2021, the analysis employs both fixed-effects regression and a Panel Vector Autoregression (PVAR) framework to capture cross-country heterogeneity, temporal dynamics, and systemic interdependencies. The findings reveal that traditional macroeconomic variables, including inflation, GDP per capita, and domestic credit to the private sector, exert limited direct influence on banking sector stability as measured by the Z-score. Instead, the results highlight the importance of country-specific characteristics, institutional quality, and regulatory frameworks in shaping financial resilience across MENA countries. Overall, the findings confirm that effective risk management plays a central role in strengthening bank stability. By enhancing financial resilience, improving operational discipline, and reducing vulnerability to economic and financial shocks, sound risk management practices support the ability of banks to maintain consistent performance over time. The results further suggest that stability is not solely driven by internal mechanisms but also depends on the broader economic and institutional environment in which banks operate. Together, these elements reinforce the capacity of banking systems to contribute to long-term financial stability in the region. Full article
(This article belongs to the Special Issue Evaluating Risk and Return in Modern Financial Markets)
21 pages, 394 KB  
Article
An Assessment of Economic and Geopolitical Risk Sensitivity in the Tourism Sector: Evidence from Firm-Level Performance and Stock Returns (2012–2025)
by Yeşim Helhel and Selçuk Helhel
J. Risk Financial Manag. 2026, 19(2), 102; https://doi.org/10.3390/jrfm19020102 - 2 Feb 2026
Cited by 1 | Viewed by 797
Abstract
This study examines how tourism companies in emerging markets respond to economic and geopolitical risks using a comprehensive panel data approach. Data from 23 tourism companies listed on the Istanbul Stock Exchange (BIST) between the first quarter of 2012 and the first quarter [...] Read more.
This study examines how tourism companies in emerging markets respond to economic and geopolitical risks using a comprehensive panel data approach. Data from 23 tourism companies listed on the Istanbul Stock Exchange (BIST) between the first quarter of 2012 and the first quarter of 2025 were analyzed to assess their financial performance amid macroeconomic shocks and regional crises. The analysis addressed ‘multiple crisis’ scenarios such as the Russia–Turkey plane crisis, the COVID-19 pandemic, and a significant earthquake in 2023. Panel regression results reveal that financial leverage (LEV) and GDP growth have a significant and statistically meaningful impact on profitability and stock performance compared to sectoral volume indicators (number of tourists and spending). The findings emphasize that tourism companies are highly sensitive not only to sectoral demand but also to overall economic confidence and macroeconomic stability. This study highlights that adopting flexible capital structures is essential for corporate resilience in uncertain times. Full article
(This article belongs to the Special Issue Evaluating Risk and Return in Modern Financial Markets)
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