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A dynamic analysis of the neglected firm effect (2022)
Journal Article
Andrikopoulos, A., & Zheng, M. (2023). A dynamic analysis of the neglected firm effect. International review of financial analysis, 85, Article 102429. https://doi.org/10.1016/j.irfa.2022.102429

This study uses rolling regressions with panel data and conducts a dynamic analysis of the neglected firm effect, the negative relationship between the number of analysts and stock returns. For this reason, we use two samples of firms: one from the L... Read More about A dynamic analysis of the neglected firm effect.

The Asymmetric Overnight Return Anomaly in the Chinese Stock Market (2022)
Journal Article
An, Y., Huang, L., & Li, Y. (2022). The Asymmetric Overnight Return Anomaly in the Chinese Stock Market. Journal of Risk and Financial Management, 15(11), Article 534. https://doi.org/10.3390/jrfm15110534

Traditional asset pricing theory suggests that to compensate for the uncertainty that investors bear, risky assets should generate considerably higher rates of return than the risk-free rate. However, the overnight return anomaly in the Chinese stock... Read More about The Asymmetric Overnight Return Anomaly in the Chinese Stock Market.

Bank market power and performance of financial technology firms (2022)
Journal Article
Andrikopoulos, A., & Dassiou, X. (in press). Bank market power and performance of financial technology firms. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.2727

We adopt a novel variation of the traditional structure-conduct-performance modelling approach, looking at between, rather than within, industries to study the impact of changes in the bank market structure on the corporate performance of financial t... Read More about Bank market power and performance of financial technology firms.

Impact of Financial Liberalization on Concentration and Competition in the Ghanaian Banking System: A Panzar-Rosse Analysis (2022)
Journal Article
Adu, A., & Bhattarai, K. (2022). Impact of Financial Liberalization on Concentration and Competition in the Ghanaian Banking System: A Panzar-Rosse Analysis. Journal of Development Economics and Finance, 3(2), 253-273. https://doi.org/10.47509/JDEF.2022.v03i02.01

This paper empirically investigated the evolution of market concentration in Ghana. It tests market competitiveness in banking systems post financial sector reforms. Using unbalanced panel data of 24 banks in the period 2003-2012, a period characteri... Read More about Impact of Financial Liberalization on Concentration and Competition in the Ghanaian Banking System: A Panzar-Rosse Analysis.

Competition or Authorization—Manufacturers’ Choice of Remanufacturing Strategies (2022)
Journal Article
Wu, Y., & Li, Y. (2022). Competition or Authorization—Manufacturers’ Choice of Remanufacturing Strategies. Sustainability, 14(19), Article 12632. https://doi.org/10.3390/su141912632

In the face of the cannibalization of remanufactured products produced by independent remanufacturers (IRs), original equipment manufacturers (OEMs) can produce remanufactured products themselves to compete with independent remanufacturers (IRs), or... Read More about Competition or Authorization—Manufacturers’ Choice of Remanufacturing Strategies.

Better ways to test for herding (2022)
Journal Article
Wang, J., & Hudson, R. (2022). Better ways to test for herding. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.2707

In this article, we outline problems with the standard test for herding developed by Chang, Cheng and Kohrana (2000), subsequently called the CCK test, which is based on the proposition that the cross-sectional absolute deviation of stock returns (CS... Read More about Better ways to test for herding.

Momentum and the Cross-section of Stock Volatility (2022)
Journal Article
Fan, M., Kearney, F., Li, Y., & Liu, J. (2022). Momentum and the Cross-section of Stock Volatility. Journal of Economic Dynamics and Control, 144, Article 104524. https://doi.org/10.1016/j.jedc.2022.104524

Recent literature shows that momentum strategies exhibit significant downside risks over certain periods, called “momentum crashes”. We find that high uncertainty of momentum strategy returns is sourced from the cross-sectional volatility of individu... Read More about Momentum and the Cross-section of Stock Volatility.

Why do small businesses have difficulty in accessing bank financing? (2022)
Journal Article
Harrison, R., Li, Y., Vigne, S. A., & Wu, Y. (2022). Why do small businesses have difficulty in accessing bank financing?. International review of financial analysis, 84, Article 102352. https://doi.org/10.1016/j.irfa.2022.102352

This study investigates bank financing to small and medium-size enterprises (SMEs) and evaluates whether the difficulties of SMEs in accessing bank financing during a period of financial crisis are due to a reduction in the supply of credit, or to a... Read More about Why do small businesses have difficulty in accessing bank financing?.

Aggregate Investor Attention and Bitcoin Return: The Long Short-term Memory Networks Perspective (2022)
Journal Article
Wang, C., Shen, D., & Li, Y. (2022). Aggregate Investor Attention and Bitcoin Return: The Long Short-term Memory Networks Perspective. Finance research letters, 49, Article 103143. https://doi.org/10.1016/j.frl.2022.103143

Investor attention is a scarce cognitive resource which affects investment decisions, and recent studies suggest that investor attention also have impacts on asset prices. Although Bitcoin is found to be one of the most unpredictable cryptocurrencies... Read More about Aggregate Investor Attention and Bitcoin Return: The Long Short-term Memory Networks Perspective.

Dominant Algorithms to Evaluate Artificial Intelligence: From the View of Throughput Model (2022)
Book
Rodgers, W. (2022). Dominant Algorithms to Evaluate Artificial Intelligence: From the View of Throughput Model. Bentham Science Publishers. https://doi.org/10.2174/97898150495411220101

This book describes the Throughput Model methodology that can enable individuals and organizations to better identify, understand, and use algorithms to solve daily problems. The Throughput Model is a progressive model intended to advance the artific... Read More about Dominant Algorithms to Evaluate Artificial Intelligence: From the View of Throughput Model.

A reexamination of factor momentum: How strong is it? (2022)
Journal Article
Fan, M., Li, Y., Liao, M., & Liu, J. (2022). A reexamination of factor momentum: How strong is it?. Financial Review, 57(3), 585-615. https://doi.org/10.1111/fire.12300

Recent studies show that most financial market anomalies exhibit a momentum effect. Based on two datasets, (i) an original 22-factor sample and (ii) a more comprehensive 187-factor sample, we find that factor momentum effect is weak at the individual... Read More about A reexamination of factor momentum: How strong is it?.

Trade, Human Capital and Economic Growth in BRICS and EU Economies (2022)
Journal Article
Negem, S. H., & Bhattarai, K. (in press). Trade, Human Capital and Economic Growth in BRICS and EU Economies. Journal of Development Economics and Finance, 3(1), 21-46

This paper examines the impact of both trade and human capital on economic growth of the European Union and BRICS. Over the period 2010-2020, the estimated model is based on endogenous growth theory. Our theoretical model is estimated for the EU and... Read More about Trade, Human Capital and Economic Growth in BRICS and EU Economies.

The moderating effects of CEO power and personal traits on say-on-pay effectiveness: Insights from the Anglo-Saxon economies (2022)
Journal Article
Joura, E., Xiao, Q., & Ullah, S. (2022). The moderating effects of CEO power and personal traits on say-on-pay effectiveness: Insights from the Anglo-Saxon economies. International journal of finance & economics : IJFE, https://doi.org/10.1002/ijfe.2636

This study investigates the efficacy of say-on-pay (SOP) regulation in mitigating excessive CEO compensation and how it is affected by CEO personal traits and the power distribution inside a corporation. Using IV-GMM method and a sample of 1,931 firm... Read More about The moderating effects of CEO power and personal traits on say-on-pay effectiveness: Insights from the Anglo-Saxon economies.

Do political connections reduce earnings management? (2022)
Journal Article
Khalil, M., Harianto, S., & Guney, Y. (2022). Do political connections reduce earnings management?. Review of Quantitative Finance and Accounting, https://doi.org/10.1007/s11156-022-01062-y

This study examines whether political connections are associated with earnings management (both accrual-based and real) and whether the association is influenced by corporate governance and external auditing qualities. Empirical evidence on the assoc... Read More about Do political connections reduce earnings management?.

Convergence in labor productivity across provinces and production sectors in China (2022)
Journal Article
Bhattarai, K., & Qin, W. (2022). Convergence in labor productivity across provinces and production sectors in China. Journal of economic asymmetries, 25, Article e00247. https://doi.org/10.1016/j.jeca.2022.e00247

Empirical evidence is found for the β and σ convergence towards the steady states of labor productivity across provinces and production sectors in China based on estimates of static, dynamic and quintile panel data models. The pattern of convergences... Read More about Convergence in labor productivity across provinces and production sectors in China.

Digitalization in public sector in emerging economies: The enablers and inhibitors influence electronic customs in Vietnam (2022)
Journal Article
Nguyen, H. T., Grant, D. B., Bovis, C., Nguyen, T. T. L., & Mac, Y. T. H. (2022). Digitalization in public sector in emerging economies: The enablers and inhibitors influence electronic customs in Vietnam. International Journal of Data and Network Science, 6(3), 921-934. https://doi.org/10.5267/j.ijdns.2022.2.004

This paper investigates how customs officials perceive the implementation of e-customs will influence business performance in Vietnam, a developing country with a lower technological environment. A survey of customs officials was conducted, and data... Read More about Digitalization in public sector in emerging economies: The enablers and inhibitors influence electronic customs in Vietnam.

How female directors help firms to attain optimal cash holdings (2022)
Journal Article
Tosun, O. K., El Kalak, I., & Hudson, R. (2022). How female directors help firms to attain optimal cash holdings. International review of financial analysis, 80, Article 102034. https://doi.org/10.1016/j.irfa.2022.102034

Is female board representation helpful for firms attaining optimal cash holdings? We address this question using data on 1163 US-listed firms for 2000‐–2017. We show that if there are more female directors on firm boards, ceteris paribus, there is no... Read More about How female directors help firms to attain optimal cash holdings.

Innovation and efficiency in financial institutions (2022)
Journal Article
Sena, V., Kenjegaliev, A., & Kenjegalieva, A. (2022). Innovation and efficiency in financial institutions. Frontiers in Research Metrics and Analytics, 7, Article 805116. https://doi.org/10.3389/frma.2022.805116

This paper proposes a new methodology that combines standard production theory with Multiple-Criteria Decision Analysis (MCDA) methods to rank banks based on their capability of using investment in new technologies to reduce the other inputs' usage,... Read More about Innovation and efficiency in financial institutions.

ESG complementarities in the US economy (2022)
Journal Article
Duygun, M., Hall, S., Kenjegalieva, A., & Kenjegaliev, A. (2022). ESG complementarities in the US economy. The European journal of finance, https://doi.org/10.1080/1351847X.2022.2157300

This paper investigates ESG from the perspective of changes in input elasticities of substitution and complementarity. Rather than compute these elasticities from the cost function, we compute them from the Input Distance Function (IDF). Our data are... Read More about ESG complementarities in the US economy.