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International Finance
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International Finance

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 (30 September 2022) | Viewed by 24719

Special Issue Editor

Prof. Dr. Rebecca Abraham

E-Mail Website
Guest Editor
H. Wayne Huizenga School of Business and Entrepreneurship, Nova Southeastern University, Fort Lauderdale, FL 33319, USA
Interests: corporate finance; drivatives; corporate governance; ESG investing
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the broad topic of “International Finance” and includes innovative finance research in international investments, emerging markets, and multinational corporate finance. Theoretical and empirical papers are solicited that cover traditional investments, such as securities and bonds, along with more exotic investments in foreign currency options, index futures, and derivatives on real estate and commodities. Papers in mathematical finance are particularly encouraged, as such papers frequently make valuable contributions to the advancement of theory. Green bonds, green securities, and derivatives issued in emerging markets are encouraged, as such novel topics are very much under-researched and need to be examined.

Research in multinational corporate finance consists of, but is not limited to, multinational financial statement analysis, MNC risk exposure, innovative MNC financing strategies, MNC transaction exposure, and foreign currency hedging.  

Prof. Dr. Rebecca Abraham
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

  • foreign currency hedging
  • emerging markets securities
  • foreign currency derivatives
  • MNC risk management
  • green investments
  • foreign stock index futures
  • foreign commodities
  • foreign security management
  • volatility measurement in foreign markets

Published Papers (6 papers)

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Research

12 pages, 648 KiB  
Article
Does the Impact of Transparency and Disclosure on the Firm’s Valuation Depend on the ESG?
by Venkata Mrudula Bhimavarapu, Shailesh Rastogi, Rajani Gupte, Geetanjali Pinto and Sudam Shingade
J. Risk Financial Manag. 2022, 15(9), 410; https://doi.org/10.3390/jrfm15090410 - 15 Sep 2022
Cited by 4 | Viewed by 3651
Abstract
The global economic crisis in 1997 significantly impacted all corporate firms. Measuring valuation is becoming increasingly important in corporate firm analysis. Transparency in disclosures enables a company to meet market expectations while also adhering to regulatory requirements. The study’s primary purpose is to [...] Read more.
The global economic crisis in 1997 significantly impacted all corporate firms. Measuring valuation is becoming increasingly important in corporate firm analysis. Transparency in disclosures enables a company to meet market expectations while also adhering to regulatory requirements. The study’s primary purpose is to measure the impact of transparency and disclosures on the valuation of non-financial firms in India and explore the role of Environmental, social and Governance (ESG) as a moderator variable in determining the firm’s value. Panel data regression is the methodology adopted for the data analysis in the study. Panel Data of seventy-six non-financial firms was collected for ten years (2011–2020). Market capitalization is considered as a proxy variable for the valuation. The study results indicate that transparency and disclosures (TD) have a negative and significant influence on the value of the firms. Inferring that a higher degree of TD reduces the firm value. At the same time, the interaction term of TD and ESG show a positive significant association. This finding implies that high ESG reduces the negative impact of high TD on the valuation. Full article
(This article belongs to the Special Issue International Finance)
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15 pages, 1232 KiB  
Article
Financial Technology and Its Impact on Digital Literacy in India: Using Poverty as a Moderating Variable
by Rahul Singh Gautam, Shailesh Rastogi, Aashi Rawal, Venkata Mrudula Bhimavarapu, Jagjeevan Kanoujiya and Samaksh Rastogi
J. Risk Financial Manag. 2022, 15(7), 311; https://doi.org/10.3390/jrfm15070311 - 15 Jul 2022
Cited by 19 | Viewed by 4948
Abstract
Financial technology is a powerful tool in financial infrastructure, used to strengthen and smooth the delivery of financial services into the broader space. Financial technology involves software, applications, and other technologies designed to improve and automate traditional forms of financial services for [...] Read more.
Financial technology is a powerful tool in financial infrastructure, used to strengthen and smooth the delivery of financial services into the broader space. Financial technology involves software, applications, and other technologies designed to improve and automate traditional forms of financial services for businesses established in different areas. The authors aimed to explore the impact of financial technology on the digital literacy rate in India, by utilizing the poverty score as a moderating variable. The panel data analysis (PDA) has been employed in the current study. Data from 29 states and two union territories (UTs) of India were considered for three financial years, i.e., 2017–2018 to 2019–2020. The study’s findings reveal that Kisan Credit Cards (KCCs), both in terms of numbers and amount, are positively associated with the literacy rate. However, ATMs are negatively significant in association with literacy rate. Furthermore, the study’s empirical results show that KCCs and ATMs positively impact literacy when interacting with poverty scores. The study’s findings bring noteworthy implications for the government and other officials to understand the situation at the ground level of Indian states and UTs while forming new rules and policies for society’s betterment, particularly in finance and digital literacy. Additionally, the findings imply that ordinary people living in urban and rural areas of India should take advantage of financial technology and get motivated towards digital literacy. Full article
(This article belongs to the Special Issue International Finance)
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17 pages, 475 KiB  
Article
Impact of Liquidity Coverage Ratio on Performance of Select Indian Banks
by Anureet Virk Sidhu, Shailesh Rastogi, Rajani Gupte and Venkata Mrudula Bhimavarapu
J. Risk Financial Manag. 2022, 15(5), 226; https://doi.org/10.3390/jrfm15050226 - 20 May 2022
Cited by 9 | Viewed by 4343
Abstract
The post-crisis liquidity framework improves banking stability by imposing stricter liquidity requirements. However, consistent bank performance continues to be an essential factor in achieving this goal. This study examines the impact of the liquidity coverage ratio (LCR) on the profitability and non-performing assets [...] Read more.
The post-crisis liquidity framework improves banking stability by imposing stricter liquidity requirements. However, consistent bank performance continues to be an essential factor in achieving this goal. This study examines the impact of the liquidity coverage ratio (LCR) on the profitability and non-performing assets (NPAs) of Indian banks using annual data from 2010 to 2019. By applying the dynamic panel data regression technique, we found that compliance with the minimum level of the LCR reduces the net interest margins (NIMs) of banks due to a narrower interest spread, thereby impacting banks profitability. Moreover, the NPAs of the banks tend to grow with an increase in LCR. The study’s findings have far-reaching implications for policymakers. Indian policymakers/regulators need to understand the strategies used by banks to meet liquidity standards and, if necessary, revisit the policy framework to achieve better compliance results. The study’s framework establishes a foundation that can be used for conducting similar research in other complex geographies such as India. Full article
(This article belongs to the Special Issue International Finance)
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11 pages, 786 KiB  
Article
Asymmetric Exchange Rate Pass-Through in Turkish Imports of Cocoa Beans
by Nazif Durmaz and John Kagochi
J. Risk Financial Manag. 2022, 15(4), 184; https://doi.org/10.3390/jrfm15040184 - 15 Apr 2022
Cited by 2 | Viewed by 2031
Abstract
The present paper uses asymmetric cointegration and error-correction modeling where a nonlinear adjustment of the exchange rate yields results that are different than those yielded by linear models. We study cocoa imports for Turkey with advanced ARDL and nonlinear ARDL frameworks. Our findings [...] Read more.
The present paper uses asymmetric cointegration and error-correction modeling where a nonlinear adjustment of the exchange rate yields results that are different than those yielded by linear models. We study cocoa imports for Turkey with advanced ARDL and nonlinear ARDL frameworks. Our findings reveal that there is considerable asymmetry for the case of Turkish cocoa bean imports from Côte d’Ivoire. Compared with imports from Ghana, there are significant differences in Turkish importers’ preferences when choosing between the two cocoa bean providers. Our results provide support for the nonlinear adjustment of the real Turkish lira–US dollar exchange rate and a hint of imperfect rivalry in Turkish cocoa bean imports. Full article
(This article belongs to the Special Issue International Finance)
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20 pages, 565 KiB  
Article
Shareholder Activism and Its Impact on Profitability, Return, and Valuation of the Firms in India
by Sudam Shingade, Shailesh Rastogi, Venkata Mrudula Bhimavarapu and Abhijit Chirputkar
J. Risk Financial Manag. 2022, 15(4), 148; https://doi.org/10.3390/jrfm15040148 - 23 Mar 2022
Cited by 15 | Viewed by 5029
Abstract
The paper’s prime objective is to understand the impact of Shareholder activism on firm performance. This study is conducted in a unique setup where traditional activist investors such as pension funds and hedge funds are not present. However, the activism cases are increasing [...] Read more.
The paper’s prime objective is to understand the impact of Shareholder activism on firm performance. This study is conducted in a unique setup where traditional activist investors such as pension funds and hedge funds are not present. However, the activism cases are increasing yearly in an emerging economy like India. We have created a comprehensive shareholder activism index (sha index) using multiple activisms and corporate governance factors. To measure firm performance, we have used valuation (Tobin’s Q and Market capitalization), profitability (operating profit margin and net profit margin), and return ratios (Return on capital and return on equity). Panel data analysis (PDA) is employed for the current study as it overcomes the shortcomings of the time series analysis and cross-sectional studies. The sample comprises 37 listed firms’ data for FY2017 to FY2020. Chosen firms have experienced activism instances at least once during the 2017–2020 period. As per our analysis, shareholder activism has a significant negative impact on valuation measured in market capitalization and profitability estimated by operating profit margin. Activism primarily impacts the other four parameters negatively, but it is insignificant. India is in the nascent stage of activism, partly explaining the insignificance of the effects of shareholder activism on firm performance. Also, activist investors are targeting companies. These attacks are not fructifying desired outcomes as promoters own over 50% stake in the listed companies. The latest data for FY2021 has not been considered for the study as covid-19 impacted the businesses during the financial year. Also, we cannot capture activism instances that are not reported in regulatory filings. Unlike past research in this area, we have used a comprehensive activism index as a proxy of activism and have employed PDA instead of event studies to assess the impact on firm performance. Also, this is the first such empirical study conducted in an emerging economy setup where neither large hedge nor pension funds are present. Full article
(This article belongs to the Special Issue International Finance)
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31 pages, 427 KiB  
Article
Predictors of Excess Return in a Green Energy Equity Portfolio: Market Risk, Market Return, Value-at-Risk and or Expected Shortfall?
by Rebecca Abraham, Hani El-Chaarani and Zhi Tao
J. Risk Financial Manag. 2022, 15(2), 80; https://doi.org/10.3390/jrfm15020080 - 14 Feb 2022
Cited by 1 | Viewed by 2818
Abstract
The rapid growth of electric vehicles, solar roofs, and wind power suggests that the potential growth in green equity investments is an emerging trend. Accordingly, this study measured the predictors of excess equity returns in a portfolio of global green energy producers, from [...] Read more.
The rapid growth of electric vehicles, solar roofs, and wind power suggests that the potential growth in green equity investments is an emerging trend. Accordingly, this study measured the predictors of excess equity returns in a portfolio of global green energy producers, from 2010 to 2019. Fixed-effects panel data regressions of daily returns, followed by quantile regressions, were performed. There was some support for the explanation of green equity returns by market returns and market risk (beta), as indicated by the single-factor Capital Asset Pricing Model (CAPM), and the multifactor Fama–French Three-Factor and Fama–French Five-Factor Models. The most significant predictors of green equity returns were Value-at-Risk at a 95% confidence level, and Value-at-Risk at a 99% confidence level. Expected Shortfall was another extreme risk value measure. The importance of extreme value measures suggests the presence of fat-tailed leptokurtic distributions, whereby excess returns were explained by the risk of loss given adverse conditions, primarily at 95% confidence. We conclude that the proliferation of small firms and new entrants in the renewable energy sector has led to the explanation of returns by extreme values of risk. Full article
(This article belongs to the Special Issue International Finance)
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