General Finance
Nowadays, the global booming of FinTech can be seen everywhere. FinTech has created innovative disruptions to traditional, long-established financial institutions (e.g., banks and insurance companies) in financial services markets. Despite…
We study the drivers of the Gilchrist and Zakraj\v{s}ek (2012) excess bond premium (EBP) through the lens of the news. The monthly attention the news pays to 180 topics (Bybee et al., 2024) captures up to 80% of the variation in the EBP,…
This study employs an event study methodology to investigate the market impact of the U.S. Securities and Exchange Commission's (SEC) classification of crypto assets as securities. It explores how SEC interventions influence asset returns…
In this study, we perform some analysis for the probability distributions in the space of frequency and time variables. However, in the domain of high frequencies, it behaves in such a way as the highly non-linear dynamics. The wavelet…
This paper examines the pivotal role central banks play in advancing sustainable finance, a crucial component in addressing global environmental and social challenges. As supervisors of financial stability and economic growth, central banks…
I explain the root of persistent failure of efforts to remove tax-induced distortions of economic incentives. It lies in FUNDAMENTAL IMPOSSIBILITY of objectively evaluating tax base. Distortions can be entirely avoided in the sector of…
The question of the volatility roughness is interpreted in the framework of a data-reconstructed fractional volatility model, where volatility is driven by fractional noise. Some examples are worked out and also, using Malliavin calculus…
Identifying client needs to provide optimal services is crucial in tourist destination management. The events held in tourist destinations may help to meet those needs and thus contribute to tourist satisfaction. As with product management,…
This paper examines the merger and acquisition (M&A) process between COFCO and Mengniu Dairy, exploring the motivations behind this strategic move and identifying its key aspects. By analyzing both the financial and non-financial…
Context: Over the last decade, the forestry sector has undergone substantial changes, evolving from a post-2008 financial crisis landscape to incorporating policies favoring sustainable and green alternatives, especially after the 2015…
The real estate sector is one of the key drivers of India's national economy, contributing about 7.3\% to the GDP. As the market evolves, more players enter, and government policies become more stringent, Indian real estate companies face…
The growth of the tech startup ecosystem in Latin America (LATAM) is driven by innovative entrepreneurs addressing market needs across various sectors. However, these startups encounter unique challenges and risks that require specific…
I study the dynamic, general equilibrium implications of climate-change-linked transition risk on macroeconomic outcomes and asset prices. Climate-change-linked expectations of fossil fuel restrictions can produce a ``run on fossil fuels''…
The Financial system has witnessed rapid technological changes. The rise of Bitcoin and other crypto assets based on Distributed Ledger Technology mark a fundamental change in the way people transact and transmit value over a decentralized…
The primary objective of this study was to examine the impact of the US sovereign credit rating downgrade on its equity market. Utilizing the event study methodology, a sample of three most capitalized listed companies -- Microsoft, Apple,…
One type of bond with the most implicit government guarantee is municipal investment bonds. In recent years, there have been an increasing number of downgrades in the credit ratings of municipal bonds, which has led some people to question…
The implicit government guarantee hampers the recognition and management of risks by all stakeholders in the bond market, and it has led to excessive debt for local governments or state-owned enterprises. To prevent the risk of local…
We examine how large language models (LLMs) interpret historical stock returns and compare their forecasts with estimates from a crowd-sourced platform for ranking stocks. While stock returns exhibit short-term reversals, LLM forecasts…
The purpose of the research was to build an index of informational asymmetry with market and firm proxies that reflect the analysts' perception of the level of informational asymmetry of companies. The proposed method consists of the…
``Self-Organised Criticality'' (SOC) is the mechanism by which complex systems spontaneously settle close to a *critical point*, at the edge between stability and chaos, and characterized by fat-tailed fluctuations and long-memory…