Search Results (328)

This study investigates the “insurance-like effect” of corporate Environmental, Social, and Governance (ESG) performance amid financial restatement events among Chinese listed firms and examines the moderating role of ESG rating divergence. Employing an event study methodology on a sample of 1552 financial restatement events in China’s A-share market from 2013 to 2023, we measure market reactions using the cumulative abnormal return (CAR) over a [−1, +1] day window. Our findings reveal that strong ESG performance significantly mitigates the negative market reactions triggered by financial restatements. However, this protective effect of ESG is significantly weakened by the inconsistency in ESG assessments among rating agencies, known as ESG rating divergence, particularly when such divergence is persistent. We argue that the underlying mechanism is that rating divergence creates signal conflicts, exacerbates information asymmetry, and erodes the credibility of ESG signals. This, in turn, undermines the stakeholder trust and moral capital that underpin the insurance-like effect. This research sheds light on the complex impact of ESG rating divergence on the value-protective mechanism of ESG and contributes new empirical evidence to the literature on ESG and its insurance-like effect, especially within the context of an emerging market. Full article

This study investigates the influence of major regulatory interventions on decentralised finance (DeFi) token markets by conducting an event study of six high-profile announcements issued between 2023 and 2025. The analysis reveals that these interventions primarily lead to risk-sensitive, token-specific price adjustments rather than systemic disruptions across the broader DeFi ecosystem. While enforcement actions trigger asymmetric and delayed volatility effects, legal clarity alone does not stabilise liquidity conditions. Notably, governance and decentralised exchange (DEX) tokens exhibit heightened sensitivity to enforcement actions and policy signals, underscoring the role of protocol function in regulatory risk transmission. These results contribute to the literature on market microstructure in decentralised ecosystems and offer practical insights into liquidity formation, volatility persistence, and differentiated risk management within emerging fintech infrastructures. Full article

Background/Objectives: Long COVID (LC) has been linked to fatigue, exercise intolerance, and autonomic dysfunction, but sex-stratified data on cardiovascular responses to maximal exercise—an essential component of personalized medicine—are scarce. This study aimed to examine hemodynamic, autonomic, and functional responses during and up to 24 h after a cardiopulmonary exercise test (CPET) in young adults with and without Long COVID (LC). Methods: In this cross-sectional study, we assessed 38 physically active adults, who were allocated into four subgroups stratified by clinical condition (LC or control) and biological sex: control–female (CON-F; n = 10), LC–female (LC-F; n = 10), control–male (CON-M; n = 10), and LC–male (LC-M; n = 8). Outcomes included systolic (SBP) and diastolic blood pressure (DBP), heart rate (HR), cardiac output (CO), total (TPR) and peripheral vascular resistance (PVR), pulse wave velocity (PWV), augmentation index (AIx@75), and heart rate variability (HF, LF, LF/HF), assessed at rest, peak effort, recovery (1, 3, 5, 10, 30, and 60 min), and through 24 h ambulatory blood pressure monitoring (ABPM) after CPET. Results: SBP increase appropriately during exercise, with higher peaks in males (p < 0.01), and returned to baseline within 5 min across all groups. HR recovery was preserved; however, LC-F showed lower values than CON-F at 3, 5, and 10 min (126 vs. 144 bpm, p = 0.020; 119 vs. 136 bpm, p = 0.020; 94 vs. 109 bpm, p = 0.011), though all groups normalized by 60 min. PWV, AIx@75, TPR and PVR exhibited expected sex-related patterns without LC-related impairments. HRV indices showed transient post-exercise shifts (HF↓, LF↑, LF/HF↑). Ambulatory monitoring confirmed preserved circadian modulation, with normal systolic dipping (11–13%) and no abnormal nocturnal patterns. Conclusions: Young physically active adults with LC showed preserved hemodynamic, autonomic, and vascular responses during and after maximal exercise. These findings contribute to personalized medicine by showing that individualized, sex-stratified cardiovascular assessments reveal no clinically relevant impairments in this population, supporting tailored clinical decision making and exercise prescription. Full article

Background: Sex-based variations in brain structure, hormonal balance, and neurochemistry may influence symptom presentation and recovery after mild traumatic brain injury (mTBI). This systematic review investigated sex-related differences in mTBI severity, symptoms, and recovery outcomes across different injury mechanisms. Methods: This review followed PRISMA 2020 guidelines and was registered with PROSPERO (CRD420251011379). Searches were conducted in PubMed, SPORTDiscus, Web of Science, and Scopus for articles published between 2000 and 2024. Eligible studies included adults (≥18 years) diagnosed with mTBI or concussion (Glasgow Coma Scale 13–15) with quantifiable outcome data for both sexes. Data extraction and quality assessment followed the JBI critical appraisal tools. Results: Forty-one studies involving 15,656 participants (8671 males; 6985 females) met the inclusion criteria. Female participants reported a greater symptom burden, higher pain intensity, and longer recovery times for gait abnormalities and return to activity compared with males. Neuroimaging studies showed more extensive white matter alterations in females, whereas males displayed greater reductions in cerebral blood flow. Cognitive and neurosensory outcomes revealed poorer cognitive performance, slower reaction times, and higher rates of vestibular–ocular and visual abnormalities in females. A limited number of studies explored electrophysiological measures, indicating sex-based differences in early brain responses to emotional stimuli. Conclusions: Sex plays an important role in symptom presentation and recovery after mTBI. Female patients demonstrate heightened vulnerability across several clinical domains, likely due to biological and neurochemical differences. Recognising these sex-specific patterns can support more targeted diagnostic and rehabilitation strategies. Future research should further explore the structural and biochemical mechanisms underlying these differences to improve precision in mTBI management. Full article

Background/Objectives: Varicocele is a common cause of testicular hypotrophy and impaired semen quality in adolescents. Laparoscopic varicocelectomy (LV) and microsurgical varicocelectomy (MV) with internal spermatic vein-superficial epigastric vein bypass are established treatment options. This study aimed to compare clinical outcomes, complication rates, and functional recovery between LV and MV in adolescents. Methods: A retrospective two-center analysis was conducted on adolescents who underwent LV or MV between 2019 and 2024. Primary outcomes included postoperative complications, recurrence, testicular volume recovery, and semen parameter improvement. Secondary outcomes included operative time, hospital stay, and return to full activity. Statistical significance was set at p < 0.05. Results: A total of 430 patients met the inclusion criteria (270 LV, 160 MV). LV had a significantly shorter operative time (15 ± 5.1 min vs. 55.5 ± 6.4 min; p < 0.0001). There were no significant differences in hospital stay (p = 0.28), postoperative hematoma (p = 0.06), hydrocele (p = 0.06), or recurrence rates (p = 0.20). Full recovery of testicular volume occurred in 75.0% after LV vs. 70.6% after MV (p = 0.40). Overall semen improvement was 89.5% in LV vs. 100% in MV (p = 0.07). Normalization of oligospermia was significantly higher in the MV group (92.8% vs. 65.3%; p = 0.0048). Conclusions: Both LV and MV are safe and effective techniques for adolescent varicocele repair, with comparable complication and recurrence rates. LV offers significantly shorter operative time, whereas MV provides a superior improvement in semen parameters, suggesting a potential advantage of microsurgical repair in adolescents presenting with abnormal semen analysis. Full article

This study, set against the backdrop of escalating trade tensions between China and the United States, examines the impact of soybean tariff adjustments on the abnormal asymmetric behavior in the futures market. By employing specialized analytical methods that capture market volatility asymmetry and event study techniques, we focus on the multi-stage soybean tariff adjustments to analyze their effects on market return transmission, volatility asymmetry, and market stability. This study compares the market responses to positive and negative shocks and the distinct performances of the futures markets in China and the United States, with the core aim of verifying whether soybean tariff shocks trigger abnormal asymmetric behavior in the futures market. The results show that tariff shocks significantly lead to asymmetric characteristics in market volatility, with negative shocks having a more pronounced impact on market volatility than positive ones. During the trading days before and after the announcement of tariff policies, the cumulative abnormal return difference, which measures the disparity in market reactions to related assets, also rose significantly. This indicates that tariff adjustments are the core factor causing abnormal asymmetric phenomena in the market, and the commodity futures market needs to pay attention to such asymmetric risks triggered by policies. The value of this study lies in its targeted analysis of the dynamic impact of tariff shocks, combined with volatility analysis and event study methods, to quantify the asymmetric effects in cross-border markets. The research conclusions can help investors avoid risks related to trade policies and provide references for policymakers to stabilize fluctuations in the commodity market, ultimately facilitating the market’s more efficient response to trade policy shocks and reducing information asymmetry in futures market pricing. Full article

As enterprises increasingly depend on software systems, security defects such as vulnerability disclosures, exploitations, and misconfigurations have become economically relevant risk events. However, their short-term impacts on capital markets remain insufficiently understood. This study examines how different types of software security defects affect short-horizon stock market behavior. Using a multi-model event-study framework that integrates the Constant Mean Return Model (CMRM), Autoregressive Integrated Moving Average (ARIMA), and the Capital Asset Pricing Model (CAPM), we estimate abnormal returns and trading-activity responses around security-related events. The results show that vulnerability disclosures are associated with negative abnormal returns and reduced trading activity, while exploitation events lead to larger price declines accompanied by significant increases in trading activity. Misconfiguration incidents exhibit weaker price effects but persistent turnover increases, suggesting that markets interpret them primarily as governance-related issues. Further analyses reveal that market reactions vary with technical severity, exposure scope, industry context, and firm role, and that cyber shocks propagate through both price adjustment and liquidity migration channels. Overall, the findings indicate that software security defects act as short-term information shocks in financial markets, with heterogeneous effects depending on event type. This study contributes to the literature on cybersecurity economics and provides insights for firms, investors, and policymakers in managing software-related risks. Full article

This study investigates how U.S. Federal Reserve interest rate cuts during the 2019–2020 easing cycle influenced the performance of equity mutual funds, with a particular emphasis on contrast between growth and value investment styles. Using an event study framework, we examine abnormal returns, cumulative abnormal returns, and risk-adjusted performance metrics, including those based on both 30 days static and rolling Jensen’s alpha and Sharpe ratios, across short-term (30-day) and long-term (6-month and 1-year) windows surrounding three major rate cut events. Our empirical results show that growth funds significantly outperform value funds following rate reductions, especially over longer horizons. This performance advantage is more pronounced in risk-adjusted measures and strengthens when incorporating rolling dynamics, indicating that and asymmetric sensitivity of fund styles to interest rate changes, shaped by differences in duration exposure and investor sentiment. Overall, this study offers novel insights into how monetary policy influences fund-level dynamics beyond broad market movements and deepens the understanding of monetary transmission in asset management by incorporating time-varying performance metrics. Full article

This study examines the role of Digital Twin technologies in advancing Environmental, Social, and Governance performance within multinational corporations. Grounded in socio-technical systems theory and stakeholder theory, the research investigates how digital twins facilitate the integration of organizational capabilities with external accountability mechanisms. A multi-method research design is employed, comprising in-depth case studies, capital market event analysis, and machine learning-assisted regression to capture both qualitative and empirical insights. Case evidence from Siemens, Unilever, Tesla, and BP reveals that DT adoption is associated with measurable ESG gains, including reduced emissions, improved safety, enhanced supplier compliance, and accelerated reporting cycles. Event study findings show statistically significant abnormal returns following ESG-oriented DT announcements, while regression analysis confirms a positive association between DT adoption and ESG performance. Governance structures are explored as potential moderators of this relationship. The findings underscore DTs as strategic enablers of ESG value creation, beyond their technical utility. By enhancing transparency, auditability, and stakeholder trust, DTs contribute to both internal transformation and external legitimacy. This research advances the discourse on ESG digitalization and offers actionable implications for corporate leaders and policymakers seeking to foster sustainable, technology-driven governance in complex global value chains. However, because the quantitative component relies on cross-sectional data, the relationships identified should be interpreted as associations rather than definitive causal effects. Full article

This study introduces a novel AI-powered Business Intelligence Dashboard System (AIBIDS) designed to detect and visualize calendar-based anomalies in cryptocurrency returns. Focusing on Bitcoin as a case study, the system integrates unsupervised machine learning algorithms to identify periods of abnormal market behavior across multiple temporal resolutions. The proposed system leverages a star-schema OLAP data warehouse, enabling real-time anomaly detection, dynamic visualization, and drill-down exploration of market irregularities. Empirical results confirm the presence of pronounced calendar effects in Bitcoin returns, such as heightened anomalies during Q1 and Q4, and reveal model-specific sensitivities to local versus global volatility. Our novel platform offers a practical, scalable innovation for investors, analysts, and regulators seeking to monitor cryptocurrency markets more effectively, and contributes to the emerging FinTech literature on AI-driven anomaly detection and behavioral market dynamics. Full article

This study undertakes a systematic literature review combined with bibliometric analysis to examine how abnormal returns are studied in relation to environmental, social, and governance (ESG) factors, investor sentiment, and dividend policy. Using RStudio version 2025.09.0+387 and VOSviewer version 1.6.20, we conduct a bibliometric study that integrates performance analysis, science mapping, and network analysis. The dataset consists of 532 publications published between 2000 and 2025 and indexed in the Web of Science and Scopus databases. Our results show that scholarly work on abnormal returns is organised around three main thematic areas. First, investor sentiment is closely linked with event study applications, behavioural finance explanations, and sentiment analysis, which underscores the importance of psychological influences in understanding market anomalies. Second, prior studies on dividend policy continue to rely heavily on event study designs to evaluate how markets react to dividend announcements. Third, investor sentiment and dividend policy are connected through their common focus on abnormal returns, which operate as a central conceptual link between these strands of literature. Although interest in behavioural and policy-related determinants of abnormal returns has grown over time, work that explicitly incorporates ESG considerations remains relatively marginal. This peripheral position points to an important gap, suggesting that the dynamic relationships among ESG performance, investor sentiment, dividend decisions, and abnormal returns are still not fully explored. The contribution of this study lies in bringing these elements together by mapping research on event studies while treating ESG performance as a potential market signal that may shape both investor sentiment and corporate financial policy. Full article

The study employs principal component analysis (PCA) to construct an investor attention index derived from seven key variables: abnormal trading volume, extreme returns, past returns, nearness to the 52-week high, nearness to the historical high, Google search volume, and mutual fund inflows. Subsequently, the research examines the impact of the investor attention index on the KSE-100 index excess returns. The analysis covers monthly data from January 2004 to December 2024. The PCA identified four components and constructed attention indices: $A^{PCA1}$ has highest weights of nearness to the 52-week high, abnormal trading volume, past returns, and mutual funds inflows; $A^{PCA2}$ has major weights of abnormal trading volume, extreme returns, past returns, and Google search volume; $A^{PCA3}$ has nearness to the 52-week high, nearness to the historical high, extreme returns, and mutual funds inflows; and $A^{PCA4}$ has nearness to the historical high, extreme returns, Google search volume, and mutual funds inflows. The $A^{PCA1}$ and $A^{PCA4}$ have a positive and significant impact on the excess returns of the KSE-100 index. This suggests that when investors are more motivated to invest, herding behavior increases, leading to improved index performance and higher returns. Subsequently, $A^{PCA3}$ has a negative but significant impact on index returns, indicating that a lack of investor interest leads to reduced trading activity and weaker index performance. The findings of this study have important implications for policymakers, investors, and mutual fund managers to understand the patterns of investor attention, creating policies and procedures to make the financial markets more transparent and protect the investor’s rights. Full article

This study investigates how the Egyptian stock market responded to the 2024 devaluation of the Egyptian Pound (EGP) and evaluates whether price adjustments reflect semi-strong form market efficiency. Using daily data for EGX30 firms, we estimate abnormal returns around the devaluation announcement and document largely insignificant market-wide reactions, indicating weak evidence of semi-strong efficiency. However, notable cross-firm heterogeneity emerges export-oriented and foreign-revenue-generating firms showed greater resilience, while companies dependent on imported inputs experienced sharper declines. These findings highlight how differences in currency exposure shape firms’ sensitivity to exchange rate shocks in emerging markets with recent dual-rate dynamics. From a practical perspective, the results emphasise the importance of transparent policy communication during major currency adjustments and underline the need for investors to account for firms’ FX risk profiles when constructing portfolios in devaluation-prone environments. The findings also offer insights for regulators seeking to strengthen disclosure practices and improve informational efficiency in the Egyptian capital market. Full article

The environmental footprint of cryptocurrency networks, particularly the electricity-intensive Bitcoin (BTC) blockchain, has raised growing concern among policymakers, investors, and environmental organizations. This study examines how major global environmental events and climate policy announcements influence Bitcoin’s return and risk dynamics, linking digital asset markets to sustainability debates. Thirteen events between 2010 and 2024—including multilateral agreements (e.g., the Paris Agreement), COP summits, extreme weather disasters, and national policy interventions—are analyzed using an event study framework integrated with the Capital Asset Pricing Model (CAPM) and GARCH-based volatility modelling. We hypothesize that highly visible policy events generate stronger short-run abnormal returns than climate disasters, while disasters produce more persistent effects on volatility. Results confirm this distinction: events such as the U.S. Paris Agreement withdrawal triggered immediate and significant reactions, whereas major weather disasters induced longer-term volatility adjustments. While overall systematic risk remained stable, event-specific responses revealed shifts in Bitcoin’s sensitivity to global equity markets. Climate-related signals shape speculative digital asset markets, with implications for sustainable finance, climate risk assessment, and regulatory policy design. Climate-related news can shape investor perceptions of energy-intensive digital assets, with implications for environmental policy design, sustainable finance strategies, and climate risk assessment. For policymakers, the results highlight the potential of environmental signals to influence speculative markets, supporting the case for integrating financial market behaviour into environmental management and regulatory planning. Full article

This paper examines the stock market reaction to company investment decisions with and without a sustainability objective. Abnormal returns are estimated using a standard event study methodology for a sample of 517 investment announcements for listed UK firms for the period 2013 to 2021. Using a sample of 90 sustainable investments and 427 non-sustainable investments, we test whether 90 announcements with a sustainability agenda are more positively viewed by market participants than 427 announcements without a sustainability agenda. This study documents significant positive stock market reactions to both sets of investments, but abnormal returns are higher for investments without a sustainability agenda. The difference in abnormal returns between both sets of investments is not statistically significant. The findings reported in this study suggest that classifying corporate investment decisions according to information content indicative of a sustainability agenda contains price-sensitive information. This has implications for information made available to the market and will therefore promote price discovery, reducing the information asymmetry between informed and uninformed investors and allowing improved market efficiency in categorizing investment decisions according to investment objectives. In a market-based system, the positive valuation of investments associated with sustainability undertakings has implications for allocative efficiency, because firms become more attractive regarding the future allocation of funds to investment projects that address sustainability concerns, indicating that new sustainable investments should be encouraged. Full article