All Outputs (12)

How does green credit policy affect polluting firms' dividend policy? The China experience (2023)
Journal Article
Li, Y., Liao, M., & Liu, Y. (2023). How does green credit policy affect polluting firms' dividend policy? The China experience. International review of financial analysis, 88, Article 102631. https://doi.org/10.1016/j.irfa.2023.102631

We explore how polluting firms alter their dividend policy in response to pressure from green credit policy. The green credit guidelines that China adopted in 2012 aim to promote credit supply in sustainable development. Meanwhile, this green credit... Read More about How does green credit policy affect polluting firms' dividend policy? The China experience.

Higher tax and less work: reverse “Keep up with the Joneses” and rising inequality (2023)
Journal Article
FitzRoy, F., Jin, J., & Nolan, M. (in press). Higher tax and less work: reverse “Keep up with the Joneses” and rising inequality. Journal of Economics, https://doi.org/10.1007/s00712-023-00821-2

To counteract excessive effort due to relative income comparison among identical agents, the literature suggests a tax response equal to the negative externality. Assuming a general income distribution, we show that an optimal tax must be higher unde... Read More about Higher tax and less work: reverse “Keep up with the Joneses” and rising inequality.

Modelling credit and investment decisions based on AI algorithmic behavioral pathways (2023)
Journal Article
Rodgers, W., Hudson, R., & Economou, F. (2023). Modelling credit and investment decisions based on AI algorithmic behavioral pathways. Technological Forecasting and Social Change, 191, Article 122471. https://doi.org/10.1016/j.techfore.2023.122471

This paper provides a new approach to understanding bankers' risk-taking behavior. We build upon prior studies that suggest artificial intelligence algorithms are an effective approach to obtaining this understanding. Our approach uses behavioral fin... Read More about Modelling credit and investment decisions based on AI algorithmic behavioral pathways.

Global economic policy Uncertainty, gross capital Inflows, and the mitigating role of Macroprudential policies (2022)
Journal Article
Andrikopoulos, A., Chen, Z., Chortareas, G., & Li, K. (2023). Global economic policy Uncertainty, gross capital Inflows, and the mitigating role of Macroprudential policies. Journal of International Money and Finance, 131, Article 102793. https://doi.org/10.1016/j.jimonfin.2022.102793

We consider the effects of global economic policy uncertainty on capital inflows and the potentially mitigating effect of different macroprudential frameworks and policies on this effect. While macroprudential policies aim to maintain domestic financ... Read More about Global economic policy Uncertainty, gross capital Inflows, and the mitigating role of Macroprudential policies.

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?.

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.

Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach (2021)
Journal Article
Chen, Y., Li, Y., Pantelous, A. A., & Stanley, H. E. (2022). Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach. International review of financial analysis, 79, Article 102002. https://doi.org/10.1016/j.irfa.2021.102002

In this paper, we propose a network-based analytical framework that exploits cointegration and the error correction model to systematically investigate the directions and intensities in terms of the short-run disequilibrium adjustment towards long-ru... Read More about Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach.

The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies (2021)
Journal Article
Shehadeh, A. A., Li, Y., Vigne, S. A., Almaharmeh, M. I., & Wang, Y. (2021). The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies. International review of financial analysis, 78, Article 101871. https://doi.org/10.1016/j.irfa.2021.101871

In this paper we investigate the forward premium bias (FPB) puzzle for a number of developed and developing country currencies. Our main objective is to examine the possible variations in the existence and severity of the bias for different currency... Read More about The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies.

Was a deterioration in ‘connectedness’ a leading indicator of the European sovereign debt crisis? (2021)
Journal Article
Hamill, P. A., Li, Y., Pantelous, A., Vigne, S. A., & Waterworth, J. (2021). Was a deterioration in ‘connectedness’ a leading indicator of the European sovereign debt crisis?. Journal of International Financial Markets, Institutions and Money, Article 101300. https://doi.org/10.1016/j.intfin.2021.101300

This paper investigates network connectedness of European sovereign bond markets from 2005 to 2011. To overcome weaknesses in alternative methodologies to estimate network connectedness we adopt the unified methodology recommended by Diebold and Yilm... Read More about Was a deterioration in ‘connectedness’ a leading indicator of the European sovereign debt crisis?.

Bayesian Value-at-Risk backtesting: The case of annuity pricing (2021)
Journal Article
Leung, M., Li, Y., Pantelous, A. A., & Vigne, S. A. (in press). Bayesian Value-at-Risk backtesting: The case of annuity pricing. European journal of operational research, https://doi.org/10.1016/j.ejor.2020.12.051

We propose new Unconditional, Independence and Conditional Coverage VaR-forecast backtests for the case of annuity pricing under a Bayesian framework that significantly minimise the direct and indirect effects of p-hacking or other biased outcomes in... Read More about Bayesian Value-at-Risk backtesting: The case of annuity pricing.

Multinational corporations and human right violations in emerging economies: Do commitment to social and environmental responsibility matter? (2020)
Journal Article
Ullah, S., Adams, K., Adams, D., & Attah-Boakye, R. (2021). Multinational corporations and human right violations in emerging economies: Do commitment to social and environmental responsibility matter?. Journal of environmental management, 280, Article 111689. https://doi.org/10.1016/j.jenvman.2020.111689

With the surge in economic growth in the global-north vis-a-vis social and economic inequalities in the global-south (north-south dichotomy), there is an increasing requirement for critical research and an examination of the policy implications with... Read More about Multinational corporations and human right violations in emerging economies: Do commitment to social and environmental responsibility matter?.

Growth and redistribution impacts of income taxes in the Thai Economy: A dynamic CGE analysis (2020)
Journal Article
Bhattarai, K., & Benjasak, C. (2021). Growth and redistribution impacts of income taxes in the Thai Economy: A dynamic CGE analysis. Journal of economic asymmetries, 23, https://doi.org/10.1016/j.jeca.2020.e00189

A reform in the personal income tax (PIT) is helpful in reducing inequality in the distribution of income and consumption in both short and long terms in Thailand. It boosts private consumption, investment, employment, capital stock, exports, imports... Read More about Growth and redistribution impacts of income taxes in the Thai Economy: A dynamic CGE analysis.