Articles
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Citation: Financial Innovation 2020 6:46
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The macroeconomic effects of COVID-19 in Montenegro: a Bayesian VARX approach
This study examines, diagnoses, and assesses appropriate macroeconomic policy responses of the Montenegrin Government to the outbreak of COVID-19. The model econometrically measures the macroeconomic costs usi...
Citation: Financial Innovation 2020 6:40 -
Discovering interlinkages between major cryptocurrencies using high-frequency data: new evidence from COVID-19 pandemic
Through the application of the VAR-AGARCH model to intra-day data for three cryptocurrencies (Bitcoin, Ethereum, and Litecoin), this study examines the return and volatility spillover between these cryptocurre...
Citation: Financial Innovation 2020 6:45 -
Comprehensive review of text-mining applications in finance
Text-mining technologies have substantially affected financial industries. As the data in every sector of finance have grown immensely, text mining has emerged as an important field of research in the domain o...
Citation: Financial Innovation 2020 6:39 -
The effect of individual factors on user behaviour and the moderating role of trust: an empirical investigation of consumers’ acceptance of electronic banking in the Kurdistan Region of Iraq
The popularity of self-service technologies, particularly in the banking industry, more precisely with electronic banking channel services, has undergone a major change as individuals' lifestyles develop. This...
Citation: Financial Innovation 2020 6:43 -
How to compare market efficiency? The Sharpe ratio based on the ARMA-GARCH forecast
This paper derives a new method for comparing the weak-form efficiency of markets. The author derives the formula of the Sharpe ratio from the ARMA-GARCH model and finds that the Sharpe ratio just depends on t...
Citation: Financial Innovation 2020 6:38 -
An empirical examination of investor sentiment and stock market volatility: evidence from India
Understanding the irrational sentiments of the market participants is necessary for making good investment decisions. Despite the recent academic effort to examine the role of investors’ sentiments in market d...
Citation: Financial Innovation 2020 6:34 -
Debt choice, growth opportunities and corporate investment: evidence from China
The study aims to investigate how relying on short-term debt may help Chinese listed firms to make efficient investment decisions and reduce overinvestment problem for low-growth firms. The study uses a large ...
Citation: Financial Innovation 2020 6:31 -
Cost-benefit analysis of trading strategies in the stock index futures market
With the introduction of many derivatives into the capital market, including stock index futures, the trading strategies in financial markets have been gradually enriched. However, there is still no theoretica...
Citation: Financial Innovation 2020 6:32 -
Apples, oranges and lemons: public sector debt statistics in the 21st century
In both academic research and policymaking, public sector debt and debt-to-GDP ratios are relied on for a multitude of important economic, political and socioeconomic decisions, especially as public sector bal...
Citation: Financial Innovation 2020 6:37 -
How does an individual’s default behavior on an online peer-to-peer lending platform influence an observer’s default intention?
Previous studies indicate that individuals’ default behaviors on online peer-to-peer (P2P) lending platforms greatly influence other borrowers’ default intentions. However, the mechanism of this impact is not ...
Citation: Financial Innovation 2020 6:36 -
Trading stocks following sharp movements in the USDX, GBP/USD, and USD/CNY
We hypothesized that sharp movement in the USDX, GBP/USD, and USD/CNY might result in stock market fluctuations owing to heightened investors’ sentiments. The subsequent performance of trading stocks right aft...
Citation: Financial Innovation 2020 6:35 -
Degree of financialization and energy efficiency in Sub-Saharan Africa: do institutions matter?
The United Nations Sustainable Development Goal 7 emphasizes the need for economies around the world to double their efforts in energy efficiency improvements. This is because improvements in energy efficiency...
Citation: Financial Innovation 2020 6:33 -
Decision making on financial investment in Turkey by using ARDL long-term coefficients and AHP
Mathematical modeling methods are frequently used for solving everyday problems. Decision making, one such method, can be used in every aspect of life for different scales such as micro (households), medium (c...
Citation: Financial Innovation 2020 6:30 -
Financial sector development and Investment in selected countries of the Economic Community of West African States: empirical evidence using heterogeneous panel data method
This study investigated the impact of financial sector development on domestic investment in selected countries of the Economic Community of West African States (ECOWAS) for the years 1985–2017. The study empl...
Citation: Financial Innovation 2020 6:29 -
Effect of financial constraints on the growth of family and nonfamily firms in Turkey
This study examined whether family-owned firms have advantages for accessing external financial sources for growth. Especially in developing countries with imperfect markets, firms can face difficulties access...
Citation: Financial Innovation 2020 6:28 -
Editor’s introduction
Citation: Financial Innovation 2020 6:27 -
Encoding candlesticks as images for pattern classification using convolutional neural networks
Candlestick charts display the high, low, opening, and closing prices in a specific period. Candlestick patterns emerge because human actions and reactions are patterned and continuously replicate. These patte...
Citation: Financial Innovation 2020 6:26 -
Portfolio optimization of credit risky bonds: a semi-Markov process approach
This article presents a semi-Markov process based approach to optimally select a portfolio consisting of credit risky bonds. The criteria to optimize the credit portfolio is based on l∞-norm risk measure and the ...
Citation: Financial Innovation 2020 6:25 -
Investigating liquidity constraints as a channel of contagion: a regime switching approach
The present study investigates the timing and repercussion of the subprime crisis of 2008–09 in a regime-switching model. The interdependence and co-movement of financial markets in different countries has bee...
Citation: Financial Innovation 2020 6:24 -
Testing the governance-performance relationship for the Tunisian banks: a GMM in system analysis
This study aims to contribute to settling the lack of consensus regarding the determinants of bank performance, not only by considering bank governance, but also by including factors such as CEO compensation a...
Citation: Financial Innovation 2020 6:23 -
Evaluating the exchange rate and commodity price nexus in Malaysia: evidence from the threshold cointegration approach
This paper examines the long- and short-run dynamics of asymmetric adjustment between the nominal exchange rate and commodity prices, namely oil, palm oil, rubber, and natural gas prices, in Malaysia using mon...
Citation: Financial Innovation 2020 6:22 -
Bitcoin pricing: impact of attractiveness variables
The research seeks to contribute to Bitcoin pricing analysis based on the dynamics between variables of attractiveness and the value of the digital currency. Using the error correction model, the relationship ...
Citation: Financial Innovation 2020 6:21 -
Editor’s introduction
Citation: Financial Innovation 2020 6:20 -
Correction to: Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?
After publication of this article [1], it is reported this article contained an error in the section ‘Risk-free return (rf)’
Citation: Financial Innovation 2020 6:19 -
On the volatility of daily stock returns of Total Nigeria Plc: evidence from GARCH models, value-at-risk and backtesting
This study investigates the volatility in daily stock returns for Total Nigeria Plc using nine variants of GARCH models: sGARCH, girGARCH, eGARCH, iGARCH, aGARCH, TGARCH, NGARCH, NAGARCH, and AVGARCH along wit...
Citation: Financial Innovation 2020 6:18 -
Portfolio selection: a fuzzy-ANP approach
This study developed specific criteria and a fuzzy analytic network process (FANP) to assess and select portfolios on the Tehran Stock Exchange (TSE). Although the portfolio selection problem has been widely i...
Citation: Financial Innovation 2020 6:17 -
Extreme learning with chemical reaction optimization for stock volatility prediction
Extreme learning machine (ELM) allows for fast learning and better generalization performance than conventional gradient-based learning. However, the possible inclusion of non-optimal weight and bias due to ra...
Citation: Financial Innovation 2020 6:16 -
Impact of petroleum and non-petroleum indices on financial development in Oman
This study analyzes the impact of petroleum and non-petroleum indices on the financial development of the Sultanate of Oman from 1978 to 2017. To this end, it uses the petroleum proxy of oil rents (% of gross ...
Citation: Financial Innovation 2020 6:15 -
Fighting African capital flight: trajectories, dynamics, and tendencies
This study provides a harmonization framework for common capital flight policies in Africa. It builds on evidence of persistent extreme poverty in the continent to assess how common measures can be adopted by ...
Citation: Financial Innovation 2020 6:14 -
Predicting changes in Bitcoin price using grey system theory
Bitcoin is currently the leading global provider of cryptocurrency. Cryptocurrency allows users to safely and anonymously use the Internet to perform digital currency transfers and storage. In recent years, th...
Citation: Financial Innovation 2020 6:13 -
Development of E-banking channels and market share in developing countries
There is fierce global competition within the banking industry. Therefore, banks endeavor to grow and strive to increase their market share. We analyzed the effect of developing innovative channels of presenti...
Citation: Financial Innovation 2020 6:12 -
Distributed ledger technology for securities clearing and settlement: benefits, risks, and regulatory implications
This article outlines the benefits and risks of the distributed ledger technology (DLT) for the clearing and settlement of exchange-traded and OTC securities, followed by a description of the technology’s pote...
Citation: Financial Innovation 2020 6:11 -
Nexus between foreign direct investment and economic growth in Bangladesh: an augmented autoregressive distributed lag bounds testing approach
The relationship between foreign direct investment (FDI) inflows and economic growth in host countries is a heavily debated issue. Although some studies have found evidence of the positive impact of FDI on eco...
Citation: Financial Innovation 2020 6:10 -
Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?
Through the Economic-Value-Added (EVA) valuation model, the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of ...
Citation: Financial Innovation 2020 6:9 -
Editor’s introduction
Citation: Financial Innovation 2020 6:8 -
Privacy-preserving analytics for the securitization market: a zero-knowledge distributed ledger technology application
A zero-knowledge proof or protocol is a cryptographic technique for verifying private data without revealing it in its clear form. In this paper, we evaluate the potential for zero-knowledge distributed ledger...
Citation: Financial Innovation 2020 6:7 -
Overall profit Malmquist productivity index under data uncertainty
The calculation of the overall profit Malmquist productivity index (MPI) requires precise and accurate information on the input, output, input-output prices of each decision making unit (DMU). However, in many...
Citation: Financial Innovation 2020 6:6 -
Effect of regional factor productivity on manufacturing sector: The case of Sino-Pak economic ties
Economic ties and trade blocs increase the flow of trade between participating countries and lead to different levels of economic and structural changes.
Citation: Financial Innovation 2020 6:5 -
Tail dependence in emerging ASEAN-6 equity markets: empirical evidence from quantitative approaches
This study contributes a rich set of quantitative methodologies including a non-parametric approach (Chi-plots and K-plots) as well as copulas (traditional and time-varying with Student’s t-copulas) to the exi...
Citation: Financial Innovation 2020 6:4 -
The relationship between energy consumption, economic growth and carbon dioxide emissions in Pakistan
Developing countries are facing the problem of environmental degradation. Environmental degradation is caused by the use of non-renewable energy consumptions for economic growth but the consequences of environ...
Citation: Financial Innovation 2020 6:1 -
General election effect on the network topology of Pakistan’s stock market: network-based study of a political event
To examine the interdependency and evolution of Pakistan’s stock market, we consider the cross-correlation coefficients of daily stock returns belonging to the blue chip Karachi stock exchange (KSE-100) index....
Citation: Financial Innovation 2020 6:2 -
The comparative African regional economics of globalization in financial allocation efficiency: the pre-crisis era revisited
This study assesses the role of globalization-fueled regionalization policies on the financial allocation efficiency of four economic and monetary regions in Africa from 1980 to 2008. Banking and financial sys...
Citation: Financial Innovation 2020 6:3 -
Editor’s introduction
Citation: Financial Innovation 2019 5:46 -
Impact of risk management strategies on the credit risk faced by commercial banks of Balochistan
This study aims to identify risk management strategies undertaken by the commercial banks of Balochistan, Pakistan, to mitigate or eliminate credit risk. The findings of the study are significant as commercial...
Citation: Financial Innovation 2019 5:44 -
Introduction to the special issue on FinTech
Citation: Financial Innovation 2019 5:45 -
Industry- and liquidity-based momentum in Australian equities
This study examined momentum profitability in Australia, providing further evidence for intermediate-term momentum profitability. Using data spanning different market states, we found that momentum was stronge...
Citation: Financial Innovation 2019 5:43 -
Evaluation of forecasting methods from selected stock market returns
Forecasting stock market returns is one of the most effective tools for risk management and portfolio diversification. There are several forecasting techniques in the literature for obtaining accurate forecast...
Citation: Financial Innovation 2019 5:40 -
Effect of family control on corporate dividend policy of firms in Pakistan
This study examines the impact of family control on the dividend policy of firms in Pakistan, covering the period from 2009 to 2016. It also investigates whether family control moderates the impact of firm-spe...
Citation: Financial Innovation 2019 5:42 -
The relative importance of competition to contagion: evidence from the digital currency market
How does the valuation change of an industry leader influence its competitors? Does it induce a competitive effect or a contagion effect? What are the driving forces of such influences? We attempted to answer ...
Citation: Financial Innovation 2019 5:41
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- ISSN: 2199-4730 (electronic)