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Global Finance Journal
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#1Anoop Rai (Hofstra University)H-Index: 8
#2Rama Seth (CBS: Copenhagen Business School)H-Index: 2
Last. Sunil K. Mohanty (CUNY: City University of New York)H-Index: 13
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Abstract We study whether foreign banks engaged in countercyclical lending in the United States during the 1990–1991, 2001, and 2007–2009 recessions. Aggregate lending by foreign banks increased in the 1990–91 recession and by domestic banks in the 2001 recession. Controlling for local GDP and unemployment, we show countercyclical lending by foreign branches in the 1990 recession and by foreign subsidiaries in the 2001 recession. In the 2008 recession, foreign branches and subsidiaries exhibited...
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#1He Li (University of Wisconsin–Whitewater)
#2James F. Refalo (California State University, Los Angeles)H-Index: 3
Last. Olivier Maisondieu-Laforge (College of Business Administration)H-Index: 1
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Abstract This paper identifies national corruption as a determinant of international banking. Using total international banking claims of 21 countries from worldwide borrowers, at the bilateral lender-borrower level, we document that when lender countries are less corrupt than borrower countries, international banking volume tends to be higher between countries with similar corruption levels. In contrast, when lender countries are more corrupt than borrower countries, corruption difference has n...
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#1Saad Azmat (LUMS: Lahore University of Management Sciences)H-Index: 6
#2M. Kabir Hassan (UNO: University of New Orleans)H-Index: 35
Last. A. S. M. Sohel Azad (Deakin University)H-Index: 6
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Abstract This paper examines how state contingent banking can help neutralize challenges like debt overhang and lack of optimal risk takings, problems associated with conventional banking that can eventually manifest in the creation of asset price bubbles and a financial crisis. Our analysis also contributes to the literature on Islamic banking which considers state contingent contracts as ideal from a religious perspective. We develop a model of banking with state contingent contracts on the li...
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#1Madina Kalimullina (HSE: National Research University – Higher School of Economics)
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#1Burak Pirgaip (Hacettepe University)
#2Özgür Arslan-Ayaydin (UIC: University of Illinois at Chicago)H-Index: 4
Last. Mehmet Baha Karan (Hacettepe University)H-Index: 7
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Abstract We investigate the contribution of Sukuk in diversification of bond portfolios. We do so by comparing Turkish bond funds that invest exclusively in conventional bonds (pure conventional bond funds), in Sukuk (pure Islamic bond funds), and in both (mixed bond funds) among each other for the period of 2014–2019. We employ tests of differences in means and variances of various risk-return measures as well as mean-variance spanning and intersection tests in order to uncover the diversificat...
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#1Antonio SalviH-Index: 5
#2Anastasia Giakoumelou (University of Rome Tor Vergata)H-Index: 1
Last. Giorgio Stefano Bertinetti (Ca' Foscari University of Venice)H-Index: 3
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Abstract This study examines the impact of corporate social performance (CSP) on the spreads and credit ratings of corporate bonds on a global scale. The relationship is examined within the national legal and institutional environment and with regard to specific stakeholder practices. We construct and use a unique longitudinal, international dataset with a total of 5280 bond issues dating from 2003 to 2018 and spanning 40 countries worldwide. We provide evidence that more responsible firms benef...
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Abstract The increase of the use of derivative instruments by Islamic banks for different purposes motivate us to conduct this study. This work has twice objective: firstly, to investigate the effect of each derivative instrument (forwards, futures, swaps or options) on the performance of Islamic banks, and secondly to examine the effect of each derivative purpose (hedging or trading) on the performance of Islamic banks. To reach this end, dynamic panel data econometrics with GMM system are cond...
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#1Cumhur Ekinci (ITU: Istanbul Technical University)H-Index: 2
#2Ali Eray Bulut (ITU: Istanbul Technical University)
Abstract This study investigates whether there is a relationship between Google search and stock returns after we account for market, size, and value. We analyze weekly data on BIST 100 stocks from 2012 to 2017. Our results reveal that Google search is associated with positive returns, especially in small-capitalization stocks, but high search volume in the current period does not predict positive returns in the next period. The relationship is stronger (weaker) for sports and real estate (comme...
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#1Joye Khoo (Curtin University)
#2Adrian Cheung (City University of Macau)
Abstract This paper investigates the effect of geopolitical uncertainty on (market) leverage ratio, debt maturity, and choice of debt source. Using a new monthly index of geopolitical uncertainty and annual data for corporate financing variables, we find that under geopolitical uncertainty firms tend to reduce debt and increase market leverage. We argue that this increase is driven by asymmetrical reductions in the numerator (total debt) and the denominator (total debt and equity) of the leverag...
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#1Andrea PaltrinieriH-Index: 4
#2Alberto DreassiH-Index: 3
Last. Ashraf Khan (Institute of Business Administration, Karachi)
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Abstract Revenue diversification in banking offers opportunities and threats. Recent academic research shows that disadvantages may outweigh advantages, in terms of both volatility of profitability and bank riskiness. Literature on this topic in emerging countries and in the field of Islamic finance is limited: our aim is to empirically test if revenue diversity affects Islamic banks differently than conventional institutions. We analyze the impact of income diversification on profitability and ...
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