Determinants of a firm’s cash holdings have been a popular topic of research in finance, especially after the rapid surge in cash holdings for U.S. firms since the 1980s. The wide array of research has focused primarily on firm-specific factors...
This study investigates the relationship between financial leverage and firm performance and examines the moderating role of macroeconomic conditions among GCC-listed firms. While prior studies have primarily focused on the direct effect of leverage...
The paper explores the association between macroeconomic conditions (MCI), energy-related factors (ENI), and sustainable entrepreneurial capacity at the macro level (SEI) in Denmark, Germany, the Netherlands, Poland, and Sweden over the period 2008&n...
Using an unbalanced panel of 922 non-financial companies publicly listed on the London Stock Exchange during January 1995 and September 2014, this article tests the predictions of Pecking Order Theory (POT), Trade-off Theory (TOT) and Market Timing T...
Climate conditions affect the macroeconomic and financial environment, which in turn affects sustainable agricultural development in South Africa. In this study, the short- and long-run relationships between agricultural performance, temperature, eco...
This paper examines the dynamic relationships between speculative activities, commodity returns, and macroeconomic conditions across five sectors compassing 29 commodities. Using weekly data spanning from January 2000 to July 2023, we construct compr...
This study provides a detailed investigation of the time–frequency and frequency-domain analysis of the interconnectedness of country-level macroeconomic variables. Hence, the wavelet techniques—vector wavelet and wavelet multiple—e...
The objective of this study is to examine the effect of macroeconomic variables on exchange-traded funds (ETFs) returns under different market conditions. The growing prominence of ETFs in emerging markets has over the years drawn much relevance in t...
This study assesses the dynamic relationship between macroeconomic factors and bank asset quality based on changes in the condition of stock market returns. A dynamic panel two-step system, the Generalized Method of Moments (system GMM) model, is emp...
The aim of this paper was to examine the relationship between changes in the US and China macroeconomic conditions and the excess returns of nine Asian-Pacific public real estate markets (Singapore, Indonesia, Malaysia, the Philippines, Thailand, Aus...
High-speed rail is a high-standard railway system, which allows trains to operate at high speed. The railway play a crucial role in connecting urban agglomerations, which represents the highest form of spatial organization in the mature stage of urba...
Unconventional monetary policy, which became routine through the global financial crisis and the COVID-19 pandemic, has sustained debate over the erosion of monetary purchasing power and over asset inflation. Because capital markets record only what...
Several studies have explored the linkage between non-performing loans and major macroeconomic indicators, using a wide variety of methodologies, sometimes with different results. This occurs, we argue, because these relationships are generally deriv...
Given the high resilience of the Central and Eastern Europe (CEE) banking sectors during the last financial crisis and their major role in the CEE region in financing the economy and supporting the high growth rates achieved there, our paper investig...
In economic applications, model averaging has found principal use in examining the validity of various theories related to observed heterogeneity in outcomes such as growth, development, and trade. Though often easy to articulate, these theories are...
Overconfidence (hubris or overestimation of one’s ability to perform) has been viewed in the finance literature as a character trait that is stable over time, e.g., assuming that if a manager is overconfident, he/she is overconfident all the ti...
Two arguments in the literature bear on how accounting information should be priced in emerging markets. The first holds that where enforcement of financial reporting is weak, investors favour book value over earnings because book value depends less...
This study investigated the relationship between economic uncertainty and gender inequality in Jordan from a macroeconomic perspective. Using the autoregressive distributed lag (ARDL) model, this study analyzes the short-run and long-run relationship...
Weekly macro-financial and financial market data, combined with machine learning methods, offer new possibilities for identifying latent economic states in real time, but the portfolio value of regime detection depends critically on how detected stat...
This paper aims to contribute to the existing literature in portfolio management and strategy by investigating the performance, diversification, and hedging benefits arising from integrating Sharia-compliant stocks into a conventional portfolio. Thus...
This study examines the modelling and forecasting of South African macroeconomic and financial time series using a comparative framework based on Vector Autoregressive (VAR), Vector Autoregressive Moving Average (VARMA), and GARCH-type models. Quarte...
Real estate investment decisions are shaped by a complex environment of macroeconomic, demographic, and structural factors, where traditional linear assessment methods often fail to capture nonlinear relationships influencing aggregate housing market...
This study examines the determinants of regulated electricity contract prices in Colombia during the period 2009–2021, with a particular focus on the role of electricity-market fundamentals and macroeconomic conditions. Although regulated contr...
Green bonds represent a significant financing instrument for climate mitigation and environmentally sustainable investments. Despite their growing importance, empirical evidence remains limited regarding the joint influence of firm-specific financial...
Macroeconomic volatility remains a major conundrum in SSA countries despite financial market liberalization reforms aimed at global financial market integration and unconstrained external capital flows to foster macroeconomic stability. Therefore, th...
Macroeconomic systems are increasingly characterized by fractal structures, entropy-generating processes, and chaotic dynamics that challenge the assumptions of traditional regression methods. The presence of self-similarity, fractal structure, and s...
This paper contributes to the literature by demonstrating that behavioral macroeconomic models better explain macroeconomic volatility in emerging economies compared to traditional rational expectations frameworks. We explore behavioral macroeconomic...
Using stepwise logistic regression models, the study aims to separately detect and explain the determinants of default probability for unaudited and audited small-to-medium enterprises (SMEs) under stressed conditions in Zimbabwe. For effectiveness p...
In order to stress test loan portfolios for the impacts of climate change, historical events need to be analyzed to create templates to stress test for future events. Using the 2012 Midwestern US drought as an example, this work creates a stress-test...
This study aims to explore the relationship between macroeconomic factors and the decision to file an anti-dumping (AD) initiation, focusing on the post-WTO period from 1995 to 2022 for both reporting and targeted countries. We analyze the 20 most fr...
Electricity tariffs in emerging economies are often influenced by macroeconomic volatility and regulatory design, affecting both affordability and system stability. Understanding these interactions is crucial for anticipating price fluctuations and e...
The stability of the financial cycle is paramount for the effective formulation and implementation of macroprudential policy in South Africa. The South African Reserve Bank (SARB) and the Prudential Authority strive to mitigate excessive fluctuations...
The stability of the economy of any country is primarily determined by the totality of macroeconomic indicators that describe the current economic state. This article provides a multi-dimensional analysis of the macroeconomic situation in Europe acco...
The increasingly rapid process of de-dollarization in the context of growing geopolitical fragmentation has significantly altered the monetary dynamics of the global economy, thereby posing important questions about economic resilience and sustainabl...
This study examines the influence of diversification on commercial bank performance, specifically considering the role of monetary policy and shifting macroeconomic conditions. PRISMA 2020-based systematic literature review was conducted using Scopus...
Rice is a staple food in most Asian countries, and food security is often viewed as having a rice supply to avoid a food crisis. The large number of people who have low incomes means there is a risk of household economic conditions being threatened w...
This paper investigates the systemic macroeconomic determinants of Pillar 2 Requirements (P2R) imposed by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM). While P2R is formally calibrated at the individual bank level thro...
Systematic risk plays a central role in company valuation, enterprise risk management, and sustainable investment. However, conventional approaches primarily rely on historical beta estimates and provide limited insight into the factors associated wi...
The International Financial Reporting Standard (IFRS) 9 relates to the recognition of an entity’s financial asset/liability in its financial statement, and includes an expected credit loss (ECL) framework for recognising impairment. The quantif...
Macroeconomic conditions are widely believed to influence the direction of equity markets, yet most forecasting models either ignore macroeconomic information or incorporate it through a small set of ad hoc predictors. We propose XAttnFusion, a macro...
This paper examines changes in the macroeconomic indicators of the member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following their accession to the agreement. This study aims to identify shifts in...
Macroeconomic forecasting has become increasingly challenging in environments characterized by structural breaks, nonlinear dynamics, and elevated economic uncertainty. Traditional econometric forecasting models frequently experience substantial pred...
This study applies machine learning methods to predict the Canadian yield curve using a comprehensive set of macroeconomic variables. Lagged values of the yield curve and a wide array of Canadian and international macroeconomic variables are utilized...
This paper investigates the frequency dynamics of financial and macroeconomic connectedness by measuring tail-risk and uncertainty for two emerging African economies, namely Morocco and Tunisia, over the quarterly period Q2-2010 to Q4-2024. We employ...
The stability of financial markets is influenced by the strength and transparency of companies listed on stock exchanges. This paper explores how financial, non-financial, and macroeconomic factors influence delisting likelihood among companies liste...
Vehicle sales constitute an important component of household consumption and a key transmission channel of macro-financial conditions in South Africa. This study investigates the macroeconomic determinants of vehicle sales by examining the roles of e...
This paper constructs and estimates a novel two-sector Dynamic Stochastic General Equilibrium (DSGE) model to analyze the macroeconomics of Kazakhstan’s dual-energy structure, where a large fossil fuel sector coexists with an emerging renewable...
Using time-series data from January 2006 to February 2021, this study analyzed the effect of macroeconomic shocks on the shipping and shipbuilding industries. The Granger causality test, recursive structural vector autoregressive models, impulse resp...
Following the development of a value of vaccination (VoV) framework for health technology assessment/cost-effectiveness analysis (HTA/CEA), and identification of three vaccination benefits for near-term inclusion in HTA/CEA, this final paper provides...
The price-to-rent (PtR) ratio is one of the most commonly used indicators to assess housing market conditions by policy makers and real estate practitioners. It is often employed as an economic barometer to detect whether a housing bubble exists and...
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