Topical Collection "Feature Papers on Applied Economics and Finance"

Editor

Prof. Dr. Chia-Lin Chang
E-Mail Website
Collection Editor
1. Department of Applied Economics and Department of Finance, National Chung Hsing University, Taichung 402, Taiwan;
2. Department of Finance, College of Management, Asia University, Taichung 41354, Taiwan
Interests: economics; econometrics; financial econometrics; statistics; quantitative finance; risk and financial management; energy economics and finance; time series analysis; forecasting; technology and innovation; industrial organization; health and medical economics; tourism research and management
Special Issues and Collections in MDPI journals

Topical Collection Information

Dear Colleagues,

This Special Issue is concerned with the broad topic of applied economics, and includes any novel theoretical or empirical research associated with the application of econometrics and financial econometrics.

Theoretical contributions should be associated with an empirical example, or directions in which the novel ideas might be applied.

The Special Issue will publish contributions covering theoretical and applied econometrics; economics; theoretical and applied financial econometrics; quantitative finance; risk; financial management; theoretical and applied statistics; time series analysis; forecasting; mathematics; energy economics; energy finance; agricultural economics; informatics; data mining; bibliometrics; and international rankings of journals and academics.

Prof. Dr. Chia-Lin Chang
Collection Editor

About the Editor:

Chia-Lin Chang holds a PhD (Economics), 2004, Université Catholique de Louvain, Belgium, is an elected Distinguished Fellow of the International Engineering and Technology Institute (DFIETI), and an elected Fellow of the Modelling and Simulation Society of Australia and New Zealand (FMSSANZ). Chia-Lin Chang is a University Distinguished Professor, Professor of Economics, Professor of Finance, and Director of the Agricultural and Natural Resources Research Centre (ANRRC) at National Chung Hsing University, Taiwan, Distinguished Visiting Professor in the Faculty of Economic and Financial Sciences, University of Johannesburg, South Africa, and Adjunct Professor, Department of Economic Analysis and ICAE, Complutense University of Madrid (founded 1293), Spain. Chia-Lin Chang has over 100 journal publications (most of which are in Web of Science Clarivate Analytics and Scopus, and chapters in books and edited and fully refereed conference proceedings volumes, is Executive Editor of the Taiwan Journal of Applied Economics (TJAE) (TSSCI), Co-Editor-in-Chief, Journal of Reviews of Global Economics (JRGE) (Scopus), Editor-in-Chief, Journal of Medical and Health Economics (JMHE), Co-Editor-in-Chief, Journal of Management Information and Decision Sciences (JMIDS), Co-Editor-in-Chief, Journal of Big Data and Computational Science (JBDCS), Senior Co-Editor in Chief, Advances in Decision Sciences (ADS) (Scopus), a member of the Editorial Boards of 20+ international journals, and has guest co-edited collections of the following Web of Science Clarivate Analytics or Scopus journals: Journal of Econometrics (Elsevier), Mathematics and Computers in Simulation (Elsevier), North American Journal of Economics and Finance (Elsevier), Annals of Financial Economics (World Scientific), Advances in Decision Sciences (Hindawi), Sustainability (MDPI), Energies (MDPI), Journal of Risk and Financial Management (MDPI), Risks (MDPI), and China Finance Review International (Emerald). Chia-Lin Chang has been a visiting professor at the Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands; Faculty of Economics and Faculty of Engineering, University of Tokyo, Japan; Institute of Economic Research, Kyoto University, Japan; Faculty of Economics, Yokohama National University, Japan; Department of Economics, University of Padova (founded 1222), Italy; and Department of Finance, Chinese University of Hong Kong, China; and Department of Mathematics, Hong Kong University of Science and Technology, China. Her research areas include applied econometrics, financial econometrics, applied statistics, quantitative finance, risk and financial management, energy economics, energy finance, applied time series analysis, forecasting, technology and innovation, empirical industrial organization, health and medical economics, tourism research, tourism management, bibliometrics, and international rankings of journals and academics.

Related Special Issues

"Applied Econometrics" in Journal of Risk and Financial Management
"Mathematical Finance with applications" in Journal of Risk and Financial Management
"Quantitative Finance" in Journal of Risk and Financial Management
"Financial Econometrics" in Journal of Risk and Financial Management
"Nonparametric Econometric Methods and Application" in Journal of Risk and Financial Management
"Risk Analysis and Portfolio Modelling" in Journal of Risk and Financial Management
"Computational Finance" in Journal of Risk and Financial Management
"Bayesian Econometrics" in Journal of Risk and Financial Management

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 papers will be peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the collection 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 1200 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

  • theoretical and applied econometrics
  • theoretical and applied financial econometrics  
  • estimation methods
  • hypothesis testing methods 
  • applied and empirical economics
  • applied and empirical  finance 
  • quantitative finance
  • mathematical finance
  • risk modelling
  • univariate and multivariate volatility
  • financial management
  • theoretical and applied statistics
  • time series analysis
  • financial time series
  • forecasting
  • applied mathematics
  • energy economics
  • energy finance
  • agricultural economics
  • informatics
  • bibliometrics
  • international rankings of journals and academics

Published Papers (6 papers)

2021

Jump to: 2020

Article
Role of International Trade Competitive Advantage and Corporate Governance Quality in Predicting Equity Returns: Static and Conditional Model Proposals for an Emerging Market
J. Risk Financial Manag. 2021, 14(3), 125; https://doi.org/10.3390/jrfm14030125 - 16 Mar 2021
Viewed by 893
Abstract
This paper aims to develop some static and conditional (dynamic) models to predict portfolio returns in the Borsa Istanbul (BIST) that are calibrated to combine the capital asset-pricing model (CAPM) and corporate governance quality. In our conditional model proposals, both the traditional CAPM [...] Read more.
This paper aims to develop some static and conditional (dynamic) models to predict portfolio returns in the Borsa Istanbul (BIST) that are calibrated to combine the capital asset-pricing model (CAPM) and corporate governance quality. In our conditional model proposals, both the traditional CAPM (beta) coefficient and model constant are allowed to vary on a binary basis with any degradation or improvement in the country’s international trade competitiveness, and meanwhile a new variable is added to the models to represent the portfolio’s sensitivity to excess returns on the governance portfolio (BIST Governance) over the market. Some robust and Bayesian linear models have been derived using the monthly capital gains between December 2009 and December 2019 of four leading index portfolios. A crude measure is then introduced that we think can be used in assessing governance quality of portfolios. This is called governance quality score (GQS). Our robust regression findings suggest both superiority of conditional models assuming varying beta coefficients over static model proposals and significant impact of corporate governance quality on portfolio returns. The Bayesian model proposals, however, exhibited robust findings that favor the static model with fixed beta estimates and were lacking in supporting significance of corporate governance quality. Full article
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Communication
Towards a New Form of Undemocratic Capitalism: Introducing Macro-Equity to Finance Development Post COVID-19 Crisis
J. Risk Financial Manag. 2021, 14(3), 116; https://doi.org/10.3390/jrfm14030116 - 11 Mar 2021
Viewed by 673
Abstract
Sustainable Development Goal 16 talks about Peace, Justice, and Strong Institutions, and goal 10 talks about reducing inequality. A major problem exposed by the COVID-19 crisis is that public deficits seem to be the normal state in the business cycle’s booms and downturns, [...] Read more.
Sustainable Development Goal 16 talks about Peace, Justice, and Strong Institutions, and goal 10 talks about reducing inequality. A major problem exposed by the COVID-19 crisis is that public deficits seem to be the normal state in the business cycle’s booms and downturns, limiting capacity for emergencies. Corporate capitalism has an incentive to perpetuate deficits to increase growth, provide risk-free interest income to financial institutions, and to increase inequalities and economic injustice. To counter this problem, the purpose of this communication is to suggest that countries need to issue equity capital, which we term macro-equity. This macro-equity will give dividends to its shareholders in times of public surplus and issue new shares in times of public deficits. The communication is written as a mind experiment, debating the issues that may arise. This proposal raises many questions of an ethical and moral nature that will lead to passionate debate. The use of macro-equity will reduce countries’ stress, created by high public debt. With appropriate incentives, it may create an entrepreneurial mindset in political leaders that may even reduce corruption and promote redistribution. The moral and ethical issues need to be weighed against the street violence in the absence of any change. Full article
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2020

Jump to: 2021

Article
The Impact of Credit Constraints on International Quality and Environmental Certifications: Evidence from Survey Data
J. Risk Financial Manag. 2020, 13(12), 322; https://doi.org/10.3390/jrfm13120322 - 16 Dec 2020
Viewed by 414
Abstract
Environmental and quality management practices are extremely relevant for a firm’s development and international recognition. However, dealing with the standards required and obtaining an international standards certification involves costs for employee training, procedure documents, and third-party audit fees that must be paid in [...] Read more.
Environmental and quality management practices are extremely relevant for a firm’s development and international recognition. However, dealing with the standards required and obtaining an international standards certification involves costs for employee training, procedure documents, and third-party audit fees that must be paid in advance by companies. This paper attempts to analyze the impact of difficulties in accessing external financing on the likelihood of possessing the standards and the certification, for firms based in 64 countries. A crucial aspect in uncovering such a causal effect is the potential endogeneity of financial constraints with respect to international standards certification. I address this issue by adopting a bivariate probit model and a set of firm-level instrumental variables. The empirical results showed that financially constrained firms were less likely to possess the standards required and the associated international certification, and that this impact was more relevant for small and young firms. Full article
Article
Challenges and Solutions for Integrating and Financing Personalized Medicine in Healthcare Systems: A Systematic Literature Review
J. Risk Financial Manag. 2020, 13(11), 283; https://doi.org/10.3390/jrfm13110283 - 16 Nov 2020
Viewed by 848
Abstract
The scope and ambitions of biomedical institutions worldwide currently working toward the integration of personalized medicine (PM) require recognizing the potential profound impact on regulatory standards and on the economic functioning and financing of healthcare. Against this background, researchers and policymakers must manage [...] Read more.
The scope and ambitions of biomedical institutions worldwide currently working toward the integration of personalized medicine (PM) require recognizing the potential profound impact on regulatory standards and on the economic functioning and financing of healthcare. Against this background, researchers and policymakers must manage the arising challenges for the healthcare systems. In this paper we study the literature related to the consequences of PM on health insurance and care systems. Using the PRISMA research protocol, we search the existing body of literature and analyze publications dealing with insurance (419 papers) in the field of PM. After a detailed reading of the 52 studies included in our analysis, we synthesize challenges in three fields that must be addressed to avoid hindering the implantation of PM. The key issues that we highlight concern (1) a lack of clear and consistent data on the economic relevance of PM, (2) a value-oriented and cost-efficient definition of reimbursement thresholds, (3) the implementation of PM in the prevailing healthcare system. In the meantime, we provide several solutions to these concerns; we present (a) risk-sharing contracts that can deal with the emerging coverage challenges, (b) criteria that could constitute future reimbursement thresholds and (c) examples of successful implementations of PM into healthcare systems. Our findings are relevant for policymakers and health insurance companies for redefining the guidelines for the healthcare schemes of the future. Full article
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Article
Political Stability and Bank Flows: New Evidence
J. Risk Financial Manag. 2020, 13(3), 56; https://doi.org/10.3390/jrfm13030056 - 16 Mar 2020
Cited by 1 | Viewed by 760
Abstract
In this paper, we use a rich dataset of several countries to analyze how sound political measures affect cross-border bank flows. Furthermore, our work is the first to comprehensively examine various components of political stability on the aforementioned subject using a larger sample [...] Read more.
In this paper, we use a rich dataset of several countries to analyze how sound political measures affect cross-border bank flows. Furthermore, our work is the first to comprehensively examine various components of political stability on the aforementioned subject using a larger sample than previous studies, and covering the period 1984–2013. Our paper will inform policy makers which particular aspects of political stability have a significant effect on cross-border bank flows and provide an outline on the favorable long term political and institutional development to increase such flows. We find that sound political measures—and therefore, higher political stability—increase cross-border bank flows, especially in advanced economies. Moreover, we find that in advanced economies, the political stability components; socioeconomic conditions, investment profile, corruption within the political system, religious tensions, ethnic tensions, and bureaucracy quality have a positive and close association with such bank flows. In our work, we also find that policies aiming to increase political stability have a stronger impact after the financial crisis of 2008, namely with regard to policies that affect socioeconomic conditions, investment profile, corruption within the political system and religious tensions. Full article
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Figure A1

Article
The Impact of Economic Freedom on Economic Growth? New European Dynamic Panel Evidence
J. Risk Financial Manag. 2020, 13(2), 26; https://doi.org/10.3390/jrfm13020026 - 04 Feb 2020
Cited by 3 | Viewed by 1265
Abstract
This paper analyzes the impact of economic freedom along with traditional economic factors on economic growth for a panel of European countries. The growth of the gross domestic product was observed over a twenty-year time period on a sample of 43 developing and [...] Read more.
This paper analyzes the impact of economic freedom along with traditional economic factors on economic growth for a panel of European countries. The growth of the gross domestic product was observed over a twenty-year time period on a sample of 43 developing and developed countries. Based on a robust dynamic panel setting, we conclude that increases in economic freedom as expressed by the Index of Economic Freedom/Heritage Foundation (but not its levels) are related to economic growth. The EU membership status either had no effect or it curbed the effect of the economic freedom on growth. We also find that the subprime economic crisis of 2008–2009 exerted a negative impact on the growth of European economies. Full article
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