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Digital Economy and the Role of Accounting and Finance
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Digital Economy and the Role of Accounting and Finance

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Financial Technology and Innovation".

Deadline for manuscript submissions: 1 March 2025 | Viewed by 7142

Special Issue Editors

Prof. Dr. Lawrence Murphy Smith

E-Mail Website
Guest Editor
Department of Accounting, Finance and Business Law, Texas A&M University-Corpus Christi, RELLIS Science & Technology Center, 3478 TAMU, College Station, TX 77843-3477, USA
Interests: accounting ethics; international accounting; managerial accounting; public interest
Dr. Dimitrios Koutmos

E-Mail Website
Guest Editor
Department of Accounting, Finance, and Business Law, College of Business, Texas A&M University, Corpus Christi, TX 78412, USA
Interests: asset pricing; banking; blockchain; computational finance; data analytics; fintech
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

In recent decades, a rapid growth in the digitalization of economies and societies has been observed worldwide. This has had a fundamental impact on the activities of businesses, organizational life, social interactions, and international trade and supply chains. Applications related to accounting and finance have been affected by this trend, yet, interestingly, they have also served as catalysts for change within industries and across economic sectors or areas of practice.

The aim of this Special Issue in the Journal of Risk and Financial Management is to create an interdisciplinary discussion platform (original research and approaches, perspectives, ideas) that is focused on topics including but not limited to, the following:

  • The internet revolution;
  • Mobile internet, blockchain, internet of things (IoT);
  • E-commerce and network platforms;
  • Accounting and risk controls in the digital economy;
  • Management accounting and accounting standards changes;
  • Financial risks and the digital economy;
  • FinTech, cryptocurrencies, and digital money;
  • Risk and econometric models with application to digital economic data;
  • Corporate social responsibility in a digital economic environment.

Prof. Dr. Lawrence Murphy Smith
Dr. Dimitrios Koutmos
Guest Editors

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

  • digital economy and money
  • management accounting
  • fintech
  • accounting standards

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (3 papers)

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Research

16 pages, 1956 KiB  
Article
The GARCH-EVT-Copula Approach to Investigating Dependence and Quantifying Risk in a Portfolio of Bitcoin and the South African Rand
by Thabani Ndlovu and Delson Chikobvu
J. Risk Financial Manag. 2024, 17(11), 504; https://doi.org/10.3390/jrfm17110504 - 8 Nov 2024
Viewed by 626
Abstract
This study uses a hybrid model of the exponential generalised auto-regressive conditional heteroscedasticity (eGARCH)-extreme value theory (EVT)-Gumbel copula model to investigate the dependence structure between Bitcoin and the South African Rand, and quantify the portfolio risk of an equally weighted portfolio. The Gumbel [...] Read more.
This study uses a hybrid model of the exponential generalised auto-regressive conditional heteroscedasticity (eGARCH)-extreme value theory (EVT)-Gumbel copula model to investigate the dependence structure between Bitcoin and the South African Rand, and quantify the portfolio risk of an equally weighted portfolio. The Gumbel copula, an extreme value copula, is preferred due to its versatile ability to capture various tail dependence structures. To model marginals, firstly, the eGARCH(1, 1) model is fitted to the growth rate data. Secondly, a mixture model featuring the generalised Pareto distribution (GPD) and the Gaussian kernel is fitted to the standardised residuals from an eGARCH(1, 1) model. The GPD is fitted to the tails while the Gaussian kernel is used in the central parts of the data set. The Gumbel copula parameter is estimated to be α=1.007, implying that the two currencies are independent. At 90%, 95%, and 99% levels of confidence, the portfolio’s diversification effects (DE) quantities using value at risk (VaR) and expected shortfall (ES) show that there is evidence of a reduction in losses (diversification benefits) in the portfolio compared to the risk of the simple sum of single assets. These results can be used by fund managers, risk practitioners, and investors to decide on diversification strategies that reduce their risk exposure. Full article
(This article belongs to the Special Issue Digital Economy and the Role of Accounting and Finance)
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18 pages, 270 KiB  
Article
How Should Cryptocurrencies Be Defined and Reported? An Exploratory Study of Accounting Professor Opinions
by D. Larry Crumbley, Donald L. Ariail and Amine Khayati
J. Risk Financial Manag. 2024, 17(1), 3; https://doi.org/10.3390/jrfm17010003 - 20 Dec 2023
Cited by 2 | Viewed by 2346
Abstract
Crypto assets have upset the pillars of regulatory and centralized monetary policy, and the Financial Accounting Standards Board (FASB) has been slow in developing a position on how to account for cryptocurrencies. Currently, there are many accounting, finance, and tax meanings of cryptocurrencies. [...] Read more.
Crypto assets have upset the pillars of regulatory and centralized monetary policy, and the Financial Accounting Standards Board (FASB) has been slow in developing a position on how to account for cryptocurrencies. Currently, there are many accounting, finance, and tax meanings of cryptocurrencies. The purpose of this study is to show the path FASB has taken to develop accounting standards for more than 20,000 crypto assets, outline the positions other authorities and agencies have taken, and discuss Central Bank Digital Currencies since the United States and other countries are considering replacing their fiat currency with a digital currency. Furthermore, the study presents insights from an exploratory survey of accounting faculty opinions on cryptocurrencies. The discussion of virtual currency regulatory and accounting treatments informs the development of a regulatory framework. Full article
(This article belongs to the Special Issue Digital Economy and the Role of Accounting and Finance)
14 pages, 842 KiB  
Communication
Network Activity and Ethereum Gas Prices
by Dimitrios Koutmos
J. Risk Financial Manag. 2023, 16(10), 431; https://doi.org/10.3390/jrfm16100431 - 30 Sep 2023
Cited by 4 | Viewed by 2841
Abstract
This article explores the extent to which network activity can explain changes in Ethereum transaction fees. Such fees are referred to as “gas prices” within the Ethereum blockchain, and are important inputs not only for executing transactions, but also for the deployment of [...] Read more.
This article explores the extent to which network activity can explain changes in Ethereum transaction fees. Such fees are referred to as “gas prices” within the Ethereum blockchain, and are important inputs not only for executing transactions, but also for the deployment of smart contracts within the network. Using a bootstrapped quantile regression model, it can be shown that network activity, such as the sizes of blocks or the number of transactions and contracts, can have a heterogeneous relationship with gas prices across periods of low and high gas price changes. Of all the network activity variables examined herein, the number of intraday transactions within Ethereum’s blockchain is most consistent in explaining gas fees across the full distribution of gas fee changes. From a statistical perspective, the bootstrapped quantile regression approach demonstrates that linear modeling techniques may yield but a partial view of the rich dynamics found in the full range of gas price changes’ conditional distribution. This is an important finding given that Ethereum’s blockchain has undergone fundamental economic and technological regime changes, such as the recent implementation of the Ethereum Improvement Proposal (EIP) 1559, which aims to provide an algorithmic updating rule to estimate Ethereum’s “base fee”. Full article
(This article belongs to the Special Issue Digital Economy and the Role of Accounting and Finance)
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