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International Financial Markets
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International Financial Markets

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

Deadline for manuscript submissions: closed (30 November 2020) | Viewed by 14611

Special Issue Editor

Prof. Dr. Yiuman Tse

E-Mail Website
Guest Editor
College of Business Administration, University of Missouri-St. Louis, One University of Blvd, St. Louis, MO 63121, USA
Interests: international financial markets and investments; market microstructure; time series analysis; futures and options; corporate finance; risk management
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Topical Collection will publish papers in various areas related to international financial markets on currencies, bonds, stocks, commodities, and derivatives. The Collection is particularly interested in (1) the relationships within and among these markets with an international perspective and (2) the market microstructure of developed and emerging financial markets. Papers with rigorous empirical research methods and practical applications in international financial markets are most welcomed.

Dr. Yiuman Tse
Guest Editor

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

  • International financial markets
  • Market relationships
  • Market microstructure
  • Developed and emerging financial markets
  • Empirical research methods

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Published Papers (4 papers)

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Research

18 pages, 332 KiB  
Article
The Dynamics of Foreign Exchange Derivative Use in China
by Yidi Sun and Bruce Morley
J. Risk Financial Manag. 2021, 14(7), 291; https://doi.org/10.3390/jrfm14070291 - 25 Jun 2021
Cited by 1 | Viewed by 2633
Abstract
The aim of this study is to determine the main factors affecting the use of foreign exchange hedging instruments by Chinese firms, following their regulatory changes in the derivative markets. The original contributions to this literature include the use of a panel dataset [...] Read more.
The aim of this study is to determine the main factors affecting the use of foreign exchange hedging instruments by Chinese firms, following their regulatory changes in the derivative markets. The original contributions to this literature include the use of a panel dataset of 316 Chinese firms with the data running from 2012 to 2017 and a dynamic random effects probability approach. The results suggest the main determinants of derivative use are the overseas trade conducted by these firms, with some evidence of non-linearity, as well as firms being more likely to use derivatives when there is more information asymmetry and agency problems, potentially due to greater controls on their use in China. Full article
(This article belongs to the Special Issue International Financial Markets)
13 pages, 1334 KiB  
Article
Corporate Bond Market in Poland—Prospects for Development
by Jakub Kubiczek
J. Risk Financial Manag. 2020, 13(12), 306; https://doi.org/10.3390/jrfm13120306 - 2 Dec 2020
Cited by 6 | Viewed by 3803
Abstract
The Polish corporate bond market does not have a history as long as the American one, however, it is characterized by stable annual growth. The growth of the market is related to the growth of its liquidity and is determined by a number [...] Read more.
The Polish corporate bond market does not have a history as long as the American one, however, it is characterized by stable annual growth. The growth of the market is related to the growth of its liquidity and is determined by a number of entities, both on the demand and the supply side. The aim of the study was to present the structure of the Catalyst market and bond trading in Poland. The study also discusses the market’s development and identifies the factors that determine this development. Based on reports concerning trading on the Catalyst market, a huge growth was noticed in the 10 years since the market’s establishment. Forecasts indicate that the growth will continue. The outbreak of the SARS-CoV-2 pandemic will cause the market development to be slower than the model’s forecast, although the data for the first nine months of 2020 suggest that the upward trend will be maintained. Moreover, for the market to continue to thrive, a rating must be compulsory for corporate bond issuers. A comparison of the ratings of individual issuers enables investors to analyze the risk and profitability of corporate bonds in an easier way. Full article
(This article belongs to the Special Issue International Financial Markets)
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23 pages, 2283 KiB  
Article
Dynamic Responses of Major Equity Markets to the US Fear Index
by Bahram Adrangi, Arjun Chatrath, Joseph Macri and Kambiz Raffiee
J. Risk Financial Manag. 2019, 12(4), 156; https://doi.org/10.3390/jrfm12040156 - 25 Sep 2019
Cited by 7 | Viewed by 4679
Abstract
This study examines the reaction of four major equity markets of the world to the US equity market fear index, i.e., the Chicago Board of Trade Volatility Index (VIX). The VIX is designed to perform as a leading indicator of the volatility in [...] Read more.
This study examines the reaction of four major equity markets of the world to the US equity market fear index, i.e., the Chicago Board of Trade Volatility Index (VIX). The VIX is designed to perform as a leading indicator of the volatility in equity markets. Our paper examines the daily data for the period of 2013 through 2018. We find that during this period there were three significant breaks in the data. Impulse responses from the structural vector autoregressive model estimation show that, in the first and second subperiods that cover from 6/2013 through 5/2016, equity market volatility in the US, UK, France, and Germany responded to structural shocks to the VIX. Nonlinear Granger causality tests confirm these findings. However, in the post Brexit-vote era, equity indices neither react to VIX structural shocks nor are caused by these shocks. Full article
(This article belongs to the Special Issue International Financial Markets)
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29 pages, 370 KiB  
Article
Book-To-Market Decomposition, Net Share Issuance, and the Cross Section of Global Stock Returns
by Douglas W. Blackburn and Nusret Cakici
J. Risk Financial Manag. 2019, 12(2), 90; https://doi.org/10.3390/jrfm12020090 - 22 May 2019
Cited by 3 | Viewed by 2991
Abstract
This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market—changes in book value, changes in price, and net share issues. This conclusion is supported using data representing North [...] Read more.
This paper provides global evidence supporting the hypothesis that expected return models are enhanced by the inclusion of variables that describe the evolution of book-to-market—changes in book value, changes in price, and net share issues. This conclusion is supported using data representing North America, Europe, Japan, and Asia. Results are highly consistent across all global regions and hold for small and big market capitalization subsets as well as in different subperiods. Variables measured over the past twelve months are more relevant than variables measured over the past thirty-six months, demonstrating that recent news is more important than old news. Full article
(This article belongs to the Special Issue International Financial Markets)
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