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Financial Markets and Institutions
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Financial Markets and Institutions

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

Deadline for manuscript submissions: closed (8 January 2025) | Viewed by 11201

Special Issue Editor

Dr. Heather Montgomery

E-Mail Website
Guest Editor
Department of Business and Economics, International Christian University (ICU), Mitaka, Tokyo 181-8585, Japan
Interests: financial markets; financial institutions; financial regulation; monetary policy

Special Issue Information

Dear Colleagues,

This Special Issue titled “Financial Markets and Institutions” invites high-quality original research submissions on financial markets, financial institutions, and corporate finance. Empirical studies focusing on how financial markets and institutions respond to economic policy, particularly monetary policy, and financial regulation are especially encouraged. This Special Issue titled “Financial Markets and Institutions” will publish new and challenging studies that explore how economic institutions and regulatory environments influence the responses of financial markets on topics ranging from equity to debt, foreign exchange, and monetary policy. Papers on money, financial transactions, monetary policy, financial markets, financial institutions, financial industries, corporate finance, and international finance will be considered for publication in this Special Issue. Corporate finance may include capital structure and corporate governance topics, including ESG.

Dr. Heather Montgomery
Guest Editor

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. 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 1400 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  (e.g., equity markets, asset pricing, bond markets, foreign exchange, and corporate finance)
  • financial institutions
  • financial regulation
  • monetary policy
  • international finance (e.g., exchange rates)

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Published Papers (7 papers)

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Research

50 pages, 1408 KiB  
Article
Selection and Timing Skill in Bond Mutual Fund Returns: Evidence from Bootstrap Simulations
by Lifa Huang, Wayne Y. Lee and Craig G. Rennie
J. Risk Financial Manag. 2025, 18(2), 62; https://doi.org/10.3390/jrfm18020062 - 29 Jan 2025
Cited by 1 | Viewed by 711
Abstract
We show that U.S. open-end actively managed domestic bond mutual fund managers possess selection and short-term timing skills based on monthly returns from 1999 to 2016. Parametric tests bias against finding evidence of manager skill, and correction for precision of alpha matters most [...] Read more.
We show that U.S. open-end actively managed domestic bond mutual fund managers possess selection and short-term timing skills based on monthly returns from 1999 to 2016. Parametric tests bias against finding evidence of manager skill, and correction for precision of alpha matters most when true alpha is uncertain. Our bootstrap simulations use precision-adjusted alpha (t(α)) controlling for luck without relying on parametric statistics. We find: the top 50 percent of bond mutual fund managers generate positive precision-adjusted alpha net of expense; selection skill contributes to long-term fund performance; and timing skill adds to short-term fund results, especially for government bond funds compared to corporate bond funds. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
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39 pages, 2255 KiB  
Article
The Extent and Efficiency of Credit Reallocation During Economic Downturns
by Koji Sakai and Iichiro Uesugi
J. Risk Financial Manag. 2024, 17(12), 574; https://doi.org/10.3390/jrfm17120574 - 19 Dec 2024
Viewed by 686
Abstract
The theoretical literature on credit reallocation has yielded conflicting predictions on both the extent and the efficiency of reallocations during economic downturns. We borrowed the methodology of measuring job reallocation to measure credit reallocation and examine which predictions are consistent with the data. [...] Read more.
The theoretical literature on credit reallocation has yielded conflicting predictions on both the extent and the efficiency of reallocations during economic downturns. We borrowed the methodology of measuring job reallocation to measure credit reallocation and examine which predictions are consistent with the data. We reported the following findings: (1) the extent of credit reallocation is smaller in recessions than in expansions, which is attributable to the decreasing extent of credit creation; (2) this tendency was more pronounced during the Lost Decade of the 1990s; (3) credit reallocation generally is efficiency-enhancing, but at a lower rate in recessions and turns to efficiency-reducing during the Lost Decade, possibly due to financial assistance by banks to large but low-quality firms (e.g., through zombie lending). These findings indicate that the inefficient credit reallocation during the Lost Decade was characterized by efficiency-reducing reallocation to large firms. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
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13 pages, 268 KiB  
Article
Determinants of Zombie Firms: The Impact of Corporate Insolvency Efficiency and Cultural Factors
by Yongcuo Zhaxi and Yukihiro Yasuda
J. Risk Financial Manag. 2024, 17(8), 317; https://doi.org/10.3390/jrfm17080317 - 24 Jul 2024
Viewed by 1849
Abstract
By examining a broad range of companies from both developed and developing nations from 2015 to 2021, we gather evidence on the occurrence and factors contributing to the existence of zombie firms. Approximately 10% of our observations are identified as zombie firms, and [...] Read more.
By examining a broad range of companies from both developed and developing nations from 2015 to 2021, we gather evidence on the occurrence and factors contributing to the existence of zombie firms. Approximately 10% of our observations are identified as zombie firms, and there is significant variability in the proportion of zombie firms across different countries. We find that countries with more efficient corporate insolvency rules tend to have a lower incidence of zombie firms. We also establish that a nation’s culture plays a vital role in determining the prevalence of zombie firms. More specifically, our findings indicate that countries with higher levels of individualism culture tend to have lower numbers of zombie firms. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
17 pages, 567 KiB  
Article
Personal Networks, Board Structures and Corporate Fraud in Japan
by Takeshi Osada, David Vera and Taketoshi Hashimoto
J. Risk Financial Manag. 2024, 17(8), 314; https://doi.org/10.3390/jrfm17080314 - 23 Jul 2024
Viewed by 1192
Abstract
We examine the impact of corporate governance and personal networks on corporate fraud in Japanese companies, using panel logit and Cox proportional hazard models to analyze fraud occurrence and detection. This study focuses on the effects of Japan’s recent corporate governance reform and [...] Read more.
We examine the impact of corporate governance and personal networks on corporate fraud in Japanese companies, using panel logit and Cox proportional hazard models to analyze fraud occurrence and detection. This study focuses on the effects of Japan’s recent corporate governance reform and explores the unique influence of personal networks. Our key findings indicate that recent changes in corporate governance in Japan have been effective in preventing the occurrence of fraud and accelerating its detection. Additionally, stronger personal networks among board members help prevent fraud concealment, highlighting cultural differences in the effectiveness of personal networks in corporate governance compared to findings from Europe and the US. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
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13 pages, 250 KiB  
Article
Climate Change and Corporate Financial Performance
by Lian Liu, John Beirne, Dina Azhgaliyeva and Dil Rahut
J. Risk Financial Manag. 2024, 17(7), 267; https://doi.org/10.3390/jrfm17070267 - 27 Jun 2024
Viewed by 2755
Abstract
Climate change impacts will continue to worsen with rising greenhouse gas (GHG) emissions, underscoring the growing necessity to foresee and comprehend the impact of climate change risks on economic activity. Using quarterly firm-level data of 209 firms from the People’s Republic of China [...] Read more.
Climate change impacts will continue to worsen with rising greenhouse gas (GHG) emissions, underscoring the growing necessity to foresee and comprehend the impact of climate change risks on economic activity. Using quarterly firm-level data of 209 firms from the People’s Republic of China (PRC) over the period Q1 2018–Q2 2022, this study estimates the impact of firms’ exposure to climate-related risks on their financial performance. The results indicate a notable adverse effect of climate change exposure on firms’ rate of return, with a lag of around two years. Firms located in more climate-vulnerable coastal areas and high-income provinces experience relatively greater negative impacts on their financial returns. Our findings have important policy implications for firms aiming to maximize their returns through enhanced climate change mitigation and adaptation efforts. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
23 pages, 360 KiB  
Article
Working Capital Management and Bank Mergers
by Baoqi Na and Katsutoshi Shimizu
J. Risk Financial Manag. 2024, 17(5), 213; https://doi.org/10.3390/jrfm17050213 - 20 May 2024
Cited by 1 | Viewed by 1613
Abstract
This study investigates the consequences of bank mergers on non-financial borrowers’ working capital management. We find evidence that bank mergers increase corporate cash holdings and decrease receivables and investments in inventories by reducing bank credit availability. Bank mergers also decrease trade credit used [...] Read more.
This study investigates the consequences of bank mergers on non-financial borrowers’ working capital management. We find evidence that bank mergers increase corporate cash holdings and decrease receivables and investments in inventories by reducing bank credit availability. Bank mergers also decrease trade credit used through the reduction in bank credit availability. These findings are new contributions to the literature, suggesting that borrowing firms find it more difficult to manage working capital after bank mergers occur and that bank-dependent firms find it more difficult to manage working capital than their non-dependent counterparts after mergers. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
11 pages, 650 KiB  
Article
Impact of COVID-19 Travel Subsidies on Stock Market Returns: Evidence from Japanese Tourism Companies
by Hideaki Sakawa and Naoki Watanabel
J. Risk Financial Manag. 2024, 17(5), 206; https://doi.org/10.3390/jrfm17050206 - 14 May 2024
Cited by 2 | Viewed by 1372
Abstract
This study examines stock market response (SMR) to the Japanese tourism industry (TI) after the government’s announcement of travel subsidies (TRSs) during the COVID-19 pandemic in 2020, using a sample comprising 80 listed Japanese firms in the TI and an event study method [...] Read more.
This study examines stock market response (SMR) to the Japanese tourism industry (TI) after the government’s announcement of travel subsidies (TRSs) during the COVID-19 pandemic in 2020, using a sample comprising 80 listed Japanese firms in the TI and an event study method (ESM) to determine the impact of government policy responses (GPRs) to the pandemic. This study found that investors in the TI reacted positively to the announcement of subsidies; this positive effect persisted for 50 trading days after the announcement but was weaker for transportation firms. The results suggest that TRSs are important for the TI, with a stronger link to travel-related firms, such as airlines and travel agencies, hotels, and amusement services. However, investors in the TI reacted negatively to policies that directly addressed the pandemic, such as social distance policies (SDPs). These results are robustly confirmed when we measure abnormal returns by using a three-factor model. The results offer useful insights for policymakers and practitioners aiming to mitigate economic loss from disasters such as the COVID-19 pandemic. Full article
(This article belongs to the Special Issue Financial Markets and Institutions)
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