Articles

Has expansion of mobile phone and internet use spurred financial inclusion in the SAARC countries?

Exclusion from the mainstream financial world is a burden on the poor of many countries. The proliferation of new mobile and online financial services, such as e-banking, money transfers, and payment processin...

Authors: Sanjaya Kumar Lenka and Rajesh Barik

Can we have a general theory of financial innovation processes? A conceptual review

Since the financial crisis of 2008, the theory of financial innovation has been a focus at a time of re-evaluation and re-conceptualization. However, little has been done to evaluate the current state of resea...

Authors: Tamer Khraisha and Keren Arthur

Examination of the profitability of technical analysis based on moving average strategies in BRICS

In this paper, we investigated the profitability of technical analysis as applied to the stock markets of the BRICS member nations. In addition, we searched for evidence that technical analysis and fundamental...

Authors: Matheus José Silva de Souza, Danilo Guimarães Franco Ramos, Marina Garcia Pena, Vinicius Amorim Sobreiro and Herbert Kimura

Sustainable strategy for corporate governance based on the sentiment analysis of financial reports with CSR

Focusing only on shareholders’ financial return is not consistent with the concept of sustainable corporate governance. In contrast to financial performance, corporate social responsibility (CSR) is a non-fina...

Authors: Yuan Song, Hongwei Wang and Maoran Zhu

BM(book-to-market ratio) factor: medium-term momentum and long-term reversal

To explain medium-term momentum and long-term reversal, we use the difference between the optional model and the CAPM model to construct a winner-loser portfolio. According to the CAPM model’s zero explanatory...

Authors: Liu Wei-qi and Zhang Jingxing

Value investing or investing in illiquidity? The profitability of contrarian investment strategies, revisited

 We investigate whether the success of contrarian investment strategies can be attributed to differences in the relative illiquidity of stocks categorized as value investments versus those categorized as glamo...

Authors: Aron A. Gottesman, Gady Jacoby and Huijing Li

Editor’s Introduction

Authors: Gang Kou

Teaching programming skills to finance students: how to design and teach a great course

A motivated finance-major student should master at least one programming language. This is especially true for students from quantitative finance, business analytics, those attending a Master of Science in Fin...

Authors: Yuxing Yan

Editor’s introduction

Authors: J. Leon Zhao

Day-of-the-week returns and mood: an exterior template approach

Rule- and template-based pattern-recognition methods are alternative ways to identify various patterns in stock prices alongside more traditional econometric tools. In this study, we generate an exterior templ...

Authors: Shlomo Zilca

The evolution and cross-section of the day-of-the-week effect

We study the day-of-the-week effect across size deciles and in three 18-year subperiods. The results show a decline in the magnitude of the day-of-the-week effect, but the effect did not vanish. We find that t...

Authors: Shlomo Zilca

Optimal stopping investment in a logarithmic utility-based portfolio selection problem

In this paper, we study the right time for an investor to stop the investment over a given investment horizon so as to obtain as close to the highest possible wealth as possible, according to a Logarithmic uti...

Authors: Xun Li, Xianping Wu and Wenxin Zhou

Influence of meditation on estate planning decisions: evidence from Indian survey data

Intestate death can lead to the distribution of assets against the personal wishes of the deceased and is a problem in India, as 80% of Indians die without making a last will. Following the concepts of decisio...

Authors: Amarjit Gill, Harvinder S. Mand, John D. Obradovich and Neil Mathur

The impact of FinTech start-ups on incumbent retail banks’ share prices

This study aims to clarify the role of FinTech digital banking start-ups in the financial industry. We examine the impact of the funding of such start-ups on the stock returns of 47 incumbent US retail banks f...

Authors: Yinqiao Li, Renée Spigt and Laurens Swinkels

Financial sector development and economic growth: evidence from Cameroon

For decades, African economies have embarked on financial sector reforms. However, the empirical implications of these reforms have been divergent. This paper investigates the impact of financial development o...

Authors: Janice Tieguhong Puatwoe and Serge Mandiefe Piabuo

Performance evaluation of series and parallel strategies for financial time series forecasting

Improving financial time series forecasting is one of the most challenging and vital issues facing numerous financial analysts and decision makers. Given its direct impact on related decisions, various attempt...

Authors: Mehdi Khashei and Zahra Hajirahimi

Monetary and fiscal factors in nominal interest rate variations in Sri Lanka under a deregulated regime

This paper examines the role of monetary and fiscal factors in interest rate variations in Sri Lanka under its deregulated regime of interest rates. In addition the paper also examines the role of monetary fac...

Authors: Biswajit Maitra

Diversification, bank performance and risk: have Tunisian banks adopted the new business model?

The objective of this paper is threefold. First, we test the most important factors that determine the level of non-interest income for Tunisian banks. Second, we study the impact of non-interest income on ban...

Authors: Helmi Hamdi, Abdelaziz Hakimi and Khemais Zaghdoudi

Determinants of loan repayment among agricultural microcredit finance group members in Delta state, Nigeria

This study examined the determinants of loan repayment among microcredit finance group members in Delta State, Nigeria.

Authors: Solomon Enimu, Emmanuel O. Eyo and Eucharia A. Ajah

Derived signals for S & P CNX nifty index futures

The financial futures market in India is relatively new. The major advantage of derivatives as financial products is that their use minimizes the risks associated with securities. However, hedging effectivenes...

Authors: B. Prasanna Kumar

Financial innovation and economic growth in Bangladesh

This study provides evidence for the financial innovation in the financial system that resulted in the economic growth of Bangladesh from 1980-2016.

Authors: Md. Qamruzzaman and Wei Jianguo

Modeling and forecasting exchange rate volatility in Bangladesh using GARCH models: a comparison based on normal and Student’s t-error distribution

Modeling exchange rate volatility has remained crucially important because of its diverse implications. This study aimed to address the issue of error distribution assumption in modeling and forecasting exchan...

Authors: S. M. Abdullah, Salina Siddiqua, Muhammad Shahadat Hossain Siddiquee and Nazmul Hossain

Insurance market density and economic growth in Eurozone countries: the granger causality approach

This study examines the relationship between insurance market density (IMD) and economic growth.

Authors: Rudra P. Pradhan, Saurav Dash, Rana Pratap Maradana, Manju Jayakumar and Kunal Gaurav

Editor’s Introduction

Authors: Gang Kou

The volatility of returns from commodity futures: evidence from India

This paper examines the pattern of the volatility of the daily return of select commodity futures in India and explores the extent to which the select commodity futures satisfy the Samuelson hypothesis.

Authors: Isita Mukherjee and Bhaskar Goswami

Market efficiency of gold exchange-traded funds in India

Gold exchange-traded funds, since introduction, are primarily aimed at tracking the price of physical gold in the financial market. This, a category of exchange-traded funds, whose units represent physical gol...

Authors: Rupel Nargunam and N. Anuradha

Economic outlook of rice crops in Pakistan: a time series analysis (1970–2015)

The basic objective of this study was to examine the relationship between the rice output, its production area, water availability, and agricultural gross domestic product (GDP) of Pakistan. Annual time series...

Authors: Abdul Rehman, Luan Jingdong, Abbas Ali Chandio, Muhammad Shabbir and Imran Hussain

The transition from traditional banking to mobile internet finance: an organizational innovation perspective - a comparative study of Citibank and ICBC

The development of Financial Technology (FinTech) in areas such as mobile Internet, cloud computing, big data, search engines, and blockchain technology have significantly changed the financial industry. FinTe...

Authors: Zhuming Chen, Yushan Li, Yawen Wu and Junjun Luo

At what levels of financial development does information sharing matter?

The purpose of this study is to investigate how an increase in information-sharing bureaus affects financial access.

Authors: Simplice A. Asongu and Jacinta C. Nwachukwu

Financial innovation and its governance: Cases of two major innovations in the financial sector

The power of financial innovations to affect societies on global and intergenerational levels compels us to ask how we can ensure their responsible emergence in society. This requires an understanding of how i...

Authors: Keren Naa Abeka Arthur

Erratum to: Overview of business innovations and research opportunities in blockchain and introduction to the special issue

Authors: J. Leon Zhao, Shaokun Fan and Jiaqi Yan

Introduction to the special issue on Crowdfunding and FinTech

Authors: Yue Ma and De Liu

Erratum to: Analysis on the influence factors of Bitcoin’s price based on VEC model

Authors: Yechen Zhu, David Dickinson and Jianjun Li

Internet big data and capital markets: a literature review

Research in various academic disciplines has undergone tremendous changes in the era of big data. Everyone is talking about big data nowadays, but how exactly is it being applied in research on financial studies?

Authors: Minjian Ye and Guangzhong Li

Interdependence between the stock market and the bond market in one country: evidence from the subprime crisis and the European debt crisis

Once a global financial crisis breaks out, the interdependence between different financial markets suddenly increases and leads to a significant contagion.

Authors: Ke Cheng and Xiaoguang Yang

Baidu index and predictability of Chinese stock returns

A number of studies have investigated the predictability of Chinese stock returns with economic variables. Given the newly emerged dataset from the Internet, this paper investigates whether the Baidu Index can...

Authors: Dehua Shen, Yongjie Zhang, Xiong Xiong and Wei Zhang

Analysis on the influence factors of Bitcoin’s price based on VEC model

Bitcoin, the most innovate digital currency as of now, created since 2008, even through experienced its ups and downs, still keeps drawing attentions to all parts of society. It relies on peer-to-peer network,...

Authors: Yechen Zhu, David Dickinson and Jianjun Li

Dynamics of oil price shocks and stock market behavior in Pakistan: evidence from the 2007 financial crisis period

The aim of this study is to investigate the effect of the oil price and its volatility on the stock market of Pakistan before and after the 2007 financial crisis period.

Authors: Khalil Jebran, Shihua Chen, Gohar Saeed and Alam Zeb

Short-term and long-term Interconnectedness of stock returns in Western Europe and the global market

The present study examines the short term dynamics and long term equilibrium relationship among the stock markets of 17 countries in Western Europe as well as the world market, using time series techniques.

Authors: Ajaya Kumar Panda and Swagatika Nanda

A new proof-of-work mechanism for bitcoin

Bitcoin system, when more than 51% computing power is controlled by a single node, the block chain can be distorted maliciously. This is called 51% attack which is a well-known potential risk that could destro...

Authors: Ning Shi

Borrower’s default and self-disclosure of social media information in P2P lending

We examine the signaling effect of borrowers’ social media behavior, especially self-disclosure behavior, on the default probability of money borrowers on a peer-to-peer (P2P) lending site.

Authors: Ruyi Ge, Juan Feng and Bin Gu

Analysis and outlook of applications of blockchain technology to equity crowdfunding in China

Equity crowdfunding via the Internet is a new channel of raising money for startups. It features low barriers to entry, low cost, and high speed, and thus encourages innovation. In recent years, equity crowdfu...

Authors: Huasheng Zhu and Zach Zhizhong Zhou

Overview of business innovations and research opportunities in blockchain and introduction to the special issue

Blockchain has become a new frontier of venture capitals that has attracted the attention of banks, governments, and other business corporations. The recent blockchain related attempts included legal blockchai...

Authors: J. Leon Zhao, Shaokun Fan and Jiaqi Yan

Understanding cashless payments in India

This paper analyzes India’s gradual transition towards a cashless economy.

Authors: Bappaditya Mukhopadhyay

Blockchain-based sharing services: What blockchain technology can contribute to smart cities

The notion of smart city has grown popular over the past few years. It embraces several dimensions depending on the meaning of the word “smart” and benefits from innovative applications of new kinds of informa...

Authors: Jianjun Sun, Jiaqi Yan and Kem Z. K. Zhang

Are blockchains immune to all malicious attacks?

In recent years, blockchain technology has attracted considerable attention. It records cryptographic transactions in a public ledger that is difficult to alter and compromise because of the distributed consen...

Authors: Jennifer J. Xu

Blockchain application and outlook in the banking industry

Blockchain technology is a core, underlying technology with promising application prospects in the banking industry. On one hand, the banking industry in China is facing the impact of interest rate liberalizat...

Authors: Ye Guo and Chen Liang

Editor’s introduction

Authors: Gang Kou

Loan growth and bank solvency: evidence from the Pakistani banking sector

The dramatic loan growth and changes in the Pakistani banking system in mid-2000s have led to significant research attention on borrowers and lenders. This expansion and diversification in financial sector was...

Authors: Muhammad Kashif, Syed Faizan Iftikhar and Khurram Iftikhar

Early exercise premium method for pricing American options under the J-model

This study develops a new model called J-am for pricing American options and for determining the related early exercise boundary (EEB). This model is based on a closed-form solution J-formula for pricing European...

Authors: Yacin Jerbi