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Copyright of Contemporary Accounting Research is the property of Canadian Academic Accounting Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

By studying the relationship between shadow banking activities of commercial banks in China and the pricing of deposits and loan interest rates, we find that shadow banking promotes the liberalization of commercial bank interest rate pricing. Further research finds commercial banks' shadow banking businesses improve their liquidity. Compared with state-owned banks, the development of shadow banking promotes the liberalization of the deposit and loan interest rate pricing of non-state-owned banks to a greater extent. Therefore, we believe China should support the development of shadow banking to promote the liberalization of interest rates and monetary policy transformation. [ABSTRACT FROM AUTHOR]

A growing literature seeks to identify the factors that influence bank liquidity creation. While some studies focus on macroeconomic factors, others focus on bank-specific factors. In this paper, we examine the relative importance of different types of factors in driving bank liquidity creation. Using a panel of US banks, we find that fluctuations in bank liquidity creation are mainly driven by macroeconomic factors. Our results hold for banks in different size groups. [ABSTRACT FROM AUTHOR]

We empirically examine whether feedback traders are active in the Bitcoin and the extent to which their presence is affected by a series of noise-related factors (sentiment; volume; liquidity) at three different frequencies (hourly; daily; weekly) for the April 2013–July 2019 period based on Bitstamp data. Our findings suggest that positive feedback trading grows stronger for higher (hourly; daily) frequencies, with its presence manifesting itself mainly during periods of high/improving sentiment and high/rising volume/liquidity. Additional tests reveal that the significance of hourly feedback trading is identified during hours corresponding to the trading hours of major European/North American markets. Overall, our results confirm extant literature evidence on the prevalence of noise trading in cryptocurrencies, while further showcasing that the factors motivating feedback trading in other asset classes (equities; ETFs; futures) exhibit similar effects over the presence of feedback traders in the cryptocurrency market. [ABSTRACT FROM AUTHOR]

We explore the impact of investor attention on idiosyncratic risk in the cryptocurrency markets. Taking the Google Trends Index as the measure of investor attention, we find that investor attention can significantly reduce cryptocurrencies' idiosyncratic risks by increasing the liquidity. We further study possible cross-sectional variations of the effect of investor attention on idiosyncratic risk. Evidence shows that the investor attention effect is more pronounced for smaller-cap and younger cryptocurrencies. Moreover, a relatively stable external market environment and rising market state are conducive to the further play of the attention effect. [ABSTRACT FROM AUTHOR]

This paper estimates the degree of financial constraints faced by Russian publicly traded companies using the two most common approaches in the literature. We find that both Russian company investment and cash holdings are sensitive to cash flows, suggesting that the average sample firm is financially constrained. State-owned companies appear less financially constrained. After 2014, when economic sanctions restricted access to foreign capital, Russian companies became more financially constrained and more dependent on accumulated cash reserves. Overall, our findings highlight the importance of financial constraints in the context of developing countries. [ABSTRACT FROM AUTHOR]

The introduction of regulated CME futures contracts on Bitcoin in 2017 raised an expectation that cryptocurrencies would become part of mainstream financial markets. This also heightened links between traditional markets and Bitcoin, implying that the cryptocurrency would be subject to systematic spillovers. This paper uses high‐frequency data to examine whether Bitcoin basis risk is linked to investor sentiment from established financial markets. Our findings indicate that extreme investor sentiment, as reflected by the tail risk in various volatility indices, including the VIX, consistently correlates with a negative Bitcoin basis, where Bitcoin futures prices are lower than spot prices. Fluctuations significantly influence this relationship in the trading volume of Bitcoin futures and are more pronounced during periods of substantial unexpected inflation and deflation. These results underline the complex dynamics between market sentiment and cryptocurrency pricing, offering insights with substantial implications for investors and policymakers. [ABSTRACT FROM AUTHOR]

The growth of FinTech has increasingly attracted the attention of financial industry players. The speed and complexity with which new financial technologies have spread around the world have created regulatory challenges for the United States and Canadian authorities. Unlike the United States, where there is regulatory fragmentation and a supervisory instrument with regulatory relief, Canada has a more integrated regulatory approach managed by regulatory sandbox principles. The aim of this article is to study and compare the impact of FinTech adoption on commercial banks over the 2018–2023 period in the United States and Canadian FinTech ecosystems. The results essentially show that FinTech has a positive impact on commercial banks' performance and financial growth, and a negative impact on liquidity and financial risk. Our results present several contributions and mainly show that: (1) In the presence of multiple entry channels for FinTech startups, the impact of FinTech on financial performance is higher in the United States than in Canada. (2) Because of its regulatory approach, Canada lags behind the United States in the adoption rate of financial technologies. (3) Balance of power in the financial sector induces commercial banks not to consider FinTech startups as threats but rather as partners that offer opportunities for expertise and reduced regulatory costs. Finally, FinTech can be disruptive and presents many challenges for regulators given the complexity and speed of innovation it promotes. [ABSTRACT FROM AUTHOR]

What caused the 1929 crash of the New York Stock Exchange? This paper quantitatively studies liquidity during the 1929 crash of the NYSE. I evidence that the crash represented a liquidity crisis due to the liquidation of brokers' margin loans. Applying recent estimators of effective spreads and liquidity conditions from contemporary finance literature suggests a four‐fold increase in spreads during the crash at the aggregate level. At the individual stock level, quoted bid‐ask spreads suggest that liquidity explains one‐fifth of the variance in daily stock returns during the crash. [ABSTRACT FROM AUTHOR]

High‐frequency trading (HFT) and algorithmic trading (AT) have attracted considerable attention from the academic and regulatory communities, often highlighted for their contributions to enhancing market liquidity. However, the distinctive market framework in China may alter the operational dynamics of intraday trading, indicating that traditional HFT/AT paradigms might not fully apply. This study investigates the evolution of market quality in China from an HFT/AT perspective, using publicly available high‐frequency data for six futures products traded on the Shanghai Futures Exchange and the Dalian Commodity Exchange. Our findings reveals improvements in contract continuity and liquidity diversification from a daily perspective. Furthermore, the intraday analysis—especially following the increased availability of more granular data to market participants—suggests the emergence of more sophisticated algorithmic traders who enhance liquidity provision and contribute to reduced slippage costs for investors and hedgers. [ABSTRACT FROM AUTHOR]

Liquidity is critical for a healthy and thriving blockchain ecosystem, enabling value exchange between participants. However, achieving unified liquidity across heterogeneous blockchain platforms remains challenging due to disparities in architecture, virtual machines, and asset management logic. These disparities force assets to be wrapped into other formats to ensure compatibility with underlying systems, thus fragmenting liquidity into multiple pools. This paper proposes LiquiSpell, a novel protocol that aims to unify liquidity across multiple parachains within the Polkadot ecosystem. By leveraging the cross-chain message passing (XCMP), LiquiSpell introduces the concept of a universal transaction that can be constructed to be compatible with any parachain, regardless of its underlying architecture or asset management pallet. This approach overcomes the obstacles posed by the diverse nature of parachains, enabling seamless asset sharing and enhancing cross-chain interoperability. The proposed solution mitigates liquidity fragmentation within the Polkadot ecosystem. It presents a framework that can be extended to other multichain environments outside Polkadot. Ultimately, LiquiSpell aims to foster a thriving ecosystem by facilitating the introduction of new assets and increasing overall liquidity, thereby driving innovation and adoption within the decentralized finance (DeFi) landscape. [ABSTRACT FROM AUTHOR]

This study aims to analyze the effect of profitability, sales growth, and liquidity on tax aggressiveness, with Environmental, Social, and Governance (ESG) as a moderating variable. The data used is secondary data from the financial statements of manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2021-2022 period. The results show that profitability, sales growth, and liquidity each have a significant negative effect on tax aggressiveness. Additionally, ESG was found not to moderate the effect of profitability and liquidity on tax aggressiveness, but it does moderate the negative effect of sales growth on tax aggressiveness. This research provides insights for companies regarding the importance of balancing tax compliance and social responsibility to reduce company risk and increase social legitimacy. [ABSTRACT FROM AUTHOR]

Purpose: The article aims to present the indebtedness and factors affecting it in the group of non-financial companies listed on the Warsaw Stock Exchange in light of the health market crisis (HMC) induced by the COVID-19 pandemic. Design/methodology/approach: Differences, correlations, the impact of variables on debt, and the stability of regression models were examined. Findings: No differences were found in debt in relation to assets and equity, but differences were identified in other areas of financial management related to capital structure theories. Research limitations/implications: The vaccine's introduction altered market dynamics. Future research should explore post-vaccine debt level trends and their alignment with value maximization or liquidity-driven risk minimization strategies. During the pandemic, risk reduction likely provided a comparative advantage over profit maximization, reducing capital costs without significantly harming value despite declining cash flow. This warrants further investigation. Practical implications: The study suggests adjusting debt management strategies according to economic conditions. Post-pandemic research should examine debt evolution, value maximization, and risk minimization, emphasizing stable performance indicators. Social implications: Stable debt levels enhance economic confidence among employees and consumers. Risk-averse corporate behavior during the pandemic likely preserved jobs. Corporations’ access to more debt may increase inequality, impacting job opportunities. Originality/value: The paper presents the application of capital structure theory by businesses to the health crisis. . The added value of the article is the inclusion of changes in the EPS level, which are related to value creation, and Altman's Z-Score, which shows the financial condition and solvency of the company in the light of changes in the market related to Covid-19. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Economic Administrative & Legal Sciences is the property of Arab Journal of Sciences & Research Publishing (AJSRP) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This reserach examines factors influencing the profitability of Fintech lending companies in Indonesia. A purposive sampling method was employed to select 45 companies annually. The data for this research are cross-sectional, comprising the years 2019, 2020, 2021, and 2022. The methods in this research are Principal Component Analysis (PCA) and multiple linear regression. Findings reveal that current ratio, cash ratio, working capital turnover, debt to assets ratio, short-term debt ratio, equity multiplier, total assets turnover, fixed assets turnover, tangible assets ratio, and effective tax rate significant determinants of profitability for Fintech lending companies in Indonesia. This reserach can help Fintech lending companies improve their profitability. [ABSTRACT FROM AUTHOR]

Investment fund managers have been trying to provide more attractiveness for investors by earning higher yields and generating liquidity. The investment rate of return of a mutual fund is obtained from the difference between the issuance and redemption of Net Asset Values (NAVs) per investment unit. However, the Exchange Traded Funds'(ETFs') yield should be calculated differently, and investors must consider the changes in market prices (Not only the NAVs), which are not usually announced through the Ads, so they disregard the investors. Investment fund managers believe that the attractiveness of the rate of return, even to a small extent, leads to over-welcoming of the investors and a faster growth of the funds' size. According to the information available in recent years, investors have shown more interest in fixed-income investment funds, and the growth of ETFs has been significant compared to the growth of total funds, so it can be assumed that investors are more interested in ETFs. Thus, in this research, we will identify factors affecting the development of ETFs, especially fixed-income ones. To fulfill our purpose, we examined all active fixed-income investment funds that are traded in the Tehran Stock Exchange and the Iran Farabourse from March 2021 to September 2023, including 25 ETFs. We analyzed our panel data through ordinary least squares. Analyzing the effective rate of returns of 25 Fixed Income ETFs, which have been active from March 2021 to September 2023, our results showed that ETFs development is significantly related to the fund size, daily price volatility, and liquidity. Despite our expectations, rate of return, fund age, and price adjustment do not have a significant effect on the development of investment funds. The result showed that a higher rate of return did not have a significant effect on the attractiveness and acceptance of investors, but the liquidity of investment units positively affects the development of fixed-income ETFs. We also found that the daily volatility of the final price inversely impacted the fund's size. This is consistent with investors' low risk-taking spirit in fixedincome funds and emphasizes their preference to avoid liquidity risk and price volatility risk. [ABSTRACT FROM AUTHOR]

Africa appears to be an appealing investment destination, with African stock markets offering foreign investors the gateway to tap into the continent's potential growth opportunities. Despite the significant growth and development of stock markets on the continent in recent decades, however, there remain some obstacles to overcome. This paper aims to examine the challenges faced by African stock markets which diminish their appeal to foreign investors and assess regional integration as a potential solution. Key takeaways: (1) African stock markets are often inadequately regulated and exhibit limited size, depth and liquidity, compounded by high currency volatility, prohibitive trading costs and macroeconomic and political instability, making them less attractive to foreign investors; (2) policy makers and regulators in developing countries should focus on fostering the development of vibrant and liquid public equity markets that are well regulated by creating a favourable market ecosystem through legislation, tax incentives and other measures to encourage listings; (3) for financial markets to operate effectively, they must exist within a comprehensive supportive framework encompassing legal, economic and political elements and coordinated monetary policies, potentially through currency zones; (4) the regional integration of stock exchanges can facilitate global integration, and some progress has been made in this regard. African stock markets remain weakly integrated, however, and economic integration initiatives are still hampered by low intra-African trade and inadequate infrastructure; (5) while the African Continental Free Trade Area (AfCFTA) lays a solid foundation for economic integration, African countries should allocate additional resources to implement the AfCFTA and ensure increased intra-Africa trade to assist in making its stock markets more attractive to foreign investors and potentially launching a continental exchange in the future. [ABSTRACT FROM AUTHOR]

Securitisation has allowed banks to move from an originate-to-hold to an originate-to-distribute model. While it is widely accepted that this helped banks to achieve higher profitability and diversification, it is also regarded as the main cause of the 2007-08 global financial crisis. The lack of transparency between the securities issued and the performance of the underlying loans led to extreme risk taking and amplified the impacts once the loans started to underperform. This paper explores asset tokenisation, which can bring similar benefits to securitisation while enabling more effective management of the risks due to the traceability and immutability of distributed ledger technology (DLT). The paper argues that tokenisation of assets has now progressed beyond the experimentation phase and is being adopted by major commercial banks, central banks and financial market infrastructures (FMI). In addition, it describes the regulatory tailwinds for market participants to get involved in deploying and using the technology that makes tokenisation possible. While tokens and securities are both claims on assets, tokenisation's additional capabilities of traceability and programmability enable the terms of a claim to be modified programmatically under specific circumstances, for example through a smart contract. A further positive attribute of tokenisation is that it can significantly improve and compress the workflow of existing and new securities, bringing considerable benefits from both operational and cost perspectives. The paper goes on to argue that generalised adoption of DLT along with harmonised standards, interoperability and integration for tokenisation feature among key requirements on which market participants and technology providers are actively working. Finally, the paper makes the point that cryptographically proven data also acts as a stepping-stone for high-quality artificial intelligence (AI) implementations, which can continue to expand productivity and profitability for regulated financial institutions. [ABSTRACT FROM AUTHOR]

Small Finance Banks (SFBs) are specialised banking institutions incorporated to serve the unbanked, small and underserved customers. Their primary motive is to improve financial access by providing access to essential financial services. This article examines the performance of ten SFBs in India over four years. The CAMELS model has been applied for performance analysis, which provides performance and ranking of various SFBs using the model’s six parameters: Capital adequacy, Asset quality, Management, Earning quality, Liquidity and Sensitivity. This study will help identify SFBs in financial distress, which will be helpful in timely action for their revival. Financial analysts and credit rating agencies can also use the comparative performance of these banks to frame their opinion or ratings. The common public, including customers and investors, can frame their short-term and long-term investment decisions based on the performance and ranking of these institutions. Furthermore, a proper assessment of these banks is needed as their good performance can ensure that formal credit availability reaches the grassroots level. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to measure the degree of volatility comovement between stock market liquidity and informational efficiency across Asia, Europe, North-South America, Africa, and the Pacific Ocean over three decades. In particular, the authors analyze the extent of the time-varying nexus between different aspects of stock market liquidity and multifractal scaling properties of the stock return series across various regions and diversified market conditions. This study further investigates several factors altering the degree of dynamic conditional correlations (DCCs) between the efficiency and liquidity of the domestic stock markets. Design/methodology/approach: The study measures five aspects of stock market liquidity – tightness, depth, breadth, immediacy, and adjusted immediacy. The authors evaluate the multifractal scaling properties of the stock return series to measure the level of stock market efficiency across the regions and diversified market conditions. The study uses the dynamic conditional correlation-multivariate generalized autoregressive conditional heteroscedasticity framework to quantify the degree of volatility comovement between liquidity and efficiency over the period. Findings: The study finds the presence of stronger volatility comovement between inefficiency and illiquidity due to the price impact characteristics of the stock markets irrespective of different regions and diversified market conditions. The extent of time-variation increased following the shock periods, indicating the significant role of the financial crisis in increasing the volatility comovement between inefficiency and illiquidity. The highest degree of time-varying correlation is observed in the developed stock markets of Northwestern and Northern Europe compared to the regional and emerging counterparts. On the other hand, weak DCCs are observed in the emerging stock markets of Europe. Originality/value: The output of the present study assists investors in identifying diversification opportunities across the regions. Additionally, the study has significant implications for market regulators, aiding in predicting future troughs and peaks. The prediction, in turn, helps formulate capital market development plans during dynamic economic situations. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to investigate the effects of IFRS convergence on market liquidity and to analyze the firm-level heterogeneity in liquidity effects based on reporting incentive, firm size, ownership structure and firm leverage. Design/methodology/approach: The empirical analysis is based on firm-fixed effect regression using several proxies of market liquidity as dependent variables. The sample consists of 337 firms listed on the National Stock Exchange (NSE) who shifted to IFRS from the financial year 2016–2017. Findings: The empirical findings indicate that IFRS convergence has contributed to the significant increase in market liquidity in a weaker enforcement country, i.e. India. Additionally, when the study performs the heterogeneity test of IFRS impact, the results indicate the presence of significant cross-sectional differences in such liquidity effects across firms. Thus, altogether the findings suggest that both accounting convergence and firm-level factors are likely to be the mechanism underlying the observed improvement in market liquidity. Originality/value: In the current literature, there is an ongoing debate about whether the observed post-IFRS effects are driven by the change in accounting standard per se or by other related factors. Therefore, by studying the liquidity effects of IFRS convergence in India, this study provides evidence regarding the sources of the documented IFRS effects. Moreover, the study indicates the significance of firm-level factors in determining the observed liquidity outcomes around IFRS adoption, which is unique to the literature. [ABSTRACT FROM AUTHOR]

This study investigates the impact of liquidity ratios, solvency ratios, and ESG scores on the operational performance of companies in ASEAN, and examines the moderating role of the CEO's education level. Data was collected from non-financial companies in ASEAN for the period 2018-2022 using the Refinitiv Eikon database and other public sources. A deductive to inductive approach and panel data regression analysis techniques were employed for data analysis. The findings reveal a significant positive effect of liquidity and ESG on operational performance, while solvency does not have a significant impact. Additionally, the study shows that the CEO's education level significantly moderates the relationship between Liqudity, Solvency, and ESG scores on operational performance. This research contributes to a better understanding of the factors influencing the operational performance of companies in ASEAN and its implications for decision-making and sustainable practices. It highlights the important role of the CEO's education level in this context and extends existing knowledge by broadening the scope of independent variables and confirming previous findings. [ABSTRACT FROM AUTHOR]

Purpose: This study analyzes how political-economic events have affected the Brazilian capital market over 13 years by evaluating the abnormal returns of the five most liquid stocks (Top-5). Originality/value: This research proceeds from previous studies by analyzing various political-economic events that impacted, to some extent, the prices of companies listed on the Brazilian Stock Exchange over 13 years. Considering both favorable and opposing evidence to the efficient market hypothesis (EMH), this study provides an original and robust test to evaluate market efficiency, considering various events and companies. Design/methodology/approach: We used the event study methodology to measure the impact of each event on stock prices by using the day before and after the event analyzed. We performed capital asset pricing model (CAPM) estimations with 110 observations before the event to assess abnormal returns. To assess the research hypotheses, we used the average abnormal return test around the event (Window – 1.1). Findings: We found that the five major companies in the Brazilian stock market were efficient in the EMH semi-strong form test despite 13 years of extreme events. Their returns did not change significantly after the events, differentiating themselves from studies that question market efficiency. Therefore, market participants should not expect abnormal returns in similar events. [ABSTRACT FROM AUTHOR]

Copyright of Hacettepe University Journal of Economics & Administrative Sciences / Hacettepe Üniversitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Hacettepe University, Faculty of Economic & Administrative Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

To achieve efficient dispersion of cement and other materials in concrete,polycarboxylate superplasticizer(VPCE) was prepared by using vinyl butyl polyoxyethylene,acrylic acid and other large monomers as the main materials,adding metal oxide additives,allyl sulfonic acid nano small molecule monomers,and H2O2 initiator. The preparation scheme of polycarboxylate super plasticizer was optimized from the aspects of acrylic acid content,initiator composition,reaction temperature,and types of small molecule monomers. Through experimental research,it was found that the reasonable dosages of monomers sodium allylsulfonate, acrylic acid,and vinyl butyl polyoxyethylene alcohol ether are 2.50 g,9.88 g,and 90.00 g,respectively. The optimal initiator system is H2O2/ZnO(1.50 g/0.01 g). The optimal reaction temperature is 20,and the optimal drop time for initiator is 45 minutes. During the experiment,the flowability of the cement slurry can reach the highest level of 283 mm. [ABSTRACT FROM AUTHOR]

This research aims to estimate and analyze the impact of internal company factors on dividend policy in manufacturing companies listed on the Indonesia Stock Exchange (BEI) in 2015-2019. The internal factors that determine dividend policy tested in this research are Current Ratio (CR), Debt-to-Equity Ratio (DER), Asset Growth (Growth), Collateralizable Assets (COL), and Return on Equity (ROE), while policy Dividends are proxied by the Dividend Payout Ratio (DPR. The population in this study is 188 manufacturing companies registered on the IDX for the 2015-2019 period. The sampling technique used is purposive sampling, which is based on the suitability of the sample characteristics with predetermined sample selection criteria in order to obtain The research sample is 24 companies. The type of data used in this research is secondary data obtained from the official website of the Indonesia Stock Exchange (BEI). The data analysis method uses descriptive analysis and panel data regression models. Debt-to-Equity Ratio (DER), Asset Growth (Growth) have no effect on the Dividend Payout Ratio (DPR). Meanwhile, the Collateralizable Assets (COL) and Return on Equity (ROE) ratios have an effect on the Dividend Payout Ratio (DPR). [ABSTRACT FROM AUTHOR]

This study aims to analyze the Implementation of Financial Ratios to Assess the Financial Performance of Banking Companies Listed on the IDX. The approach in this study is to use a quantitative approach, and based on its objectives, this type of research is causal, namely research that explains the effect of an independent variable on the dependent variable. Independent variables in this study include Capital Adequacy Ratio (CAR), Non Performing Financing (NPF), Net Interest Margin (NIM), Operating Expenses on Operating Income (BOPO), Finance to Deposit Ratio (FDR) and for the dependent variable in this study is Financial Performance projected by Return On Asset (ROA). The population of this study are banking companies listed on the Indonesia Stock Exchange which amounted to 44. The sample determination procedure uses a non-probability sampling method in the form of purposive sampling, which is a sampling technique with certain considerations. The considerations taken are banks that are included in the 6 banks with the largest profit achievements in 2018. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between liquidity, information asymmetry, political risk rating, government and regulatory quality rating for non-U.S. stocks in the energy industries listed on the New York Stock Exchange (NYSE). Our findings indicate that stocks from countries with higher government and regulatory quality and lower political risk tend to have narrower spreads, a smaller price impact of trades, and a higher market quality index. To explore the impact of political risk on liquidity and information asymmetry, we analyze political shocks resulting from the U.S.-China trade conflict on Chinese energy stocks. Our findings reveal that whenever the U.S.-China political tension escalates over trade policy, the market liquidity and information asymmetry for Chinese energy stocks worsen. This suggests that negative shocks have a detrimental impact on the liquidity of stocks from countries where political tension is escalated. [ABSTRACT FROM AUTHOR]

Copyright of Stable Economy Journal is the property of University of Sistan & Baluchestan and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Market freezes are an interesting and theoretically challenging phenomenon —they are observed empirically, but cannot occur in standard models. This paper develops a formal theory of recurrent freezes emphasizing liquidity and self‐fulfilling prophecies. While it is well understood how to get hot and cold spells, where prices and quantities fluctuate, we get asset market freezes and thaws where trade completely stops and starts. The simplest specification gets this using negative asset returns. Other specifications use information frictions or fixed costs. We also consider credit freezes, analyze the extent to which the decentralized nature of trade matters, and discuss policy implications. [ABSTRACT FROM AUTHOR]

Payables finance, also known as reverse factoring or supply chain finance, is a form of trade finance offered by a bank that provides a supplier with the option to receive a buyer's payables early while allowing the buyer to extend its payment due date. There has been an increasing adoption of payables finance by various industries in recent years. In "Optimal Cash Management with Payables Finance," X. Yan, L. Chen, and X. Ding characterize the supplier's optimal cash policy under the payables finance arrangement with a buyer and a bank. The authors show that it is the supplier's future cash flow uncertainty, together with the supplier's risk averseness, that drives the cash liquidity value of payables finance. Numerical results of applying the analysis to data sets obtained from a major U.S. chemical company suggest that adopting payables finance can generate considerable value for the company and its suppliers. Payables finance, also known as reverse factoring or supply chain finance, is a form of trade finance arrangement that provides a supplier with the option to receive a buyer's payables early while allowing the buyer to extend its payment due date. The recent adoption of the blockchain technology has the potential to make payables finance more efficient and secure. In this paper, we study the supplier's optimal cash policy under such a "frictionless" payables finance arrangement. Our work extends the classic cash flow management literature in four fronts: (1) we introduce the salient features of payables finance into the cash flow problem; (2) we allow cash flows to be temporally correlated; (3) we adopt a general risk-aversion utility framework for the problem; and (4) we consider a more realistic integrated cash balance model, that is, all interest gains and costs are allowed to accrue together with the cash balance in a single sum. We find the optimal cash policy possesses the "non-borrow-up-to" and "non-invest-down-to" features that differ from the classic (L, U) policy known in the literature. We further quantify the value of payables finance to the supplier and determine the equilibrium payment term extension for the buyer. We show that it is the cash liquidity enabled by payables finance to hedge against cash flow uncertainty that generates value to the supplier. To tackle the computational challenge of the problem, we derive easy-to-compute heuristic policies and system bounds. Numerical studies show that heuristic policies achieve near-optimal performance. Finally, we present results from applying our model to data sets obtained from a major U.S. chemical company. Supplemental Material: The computer code and data that supports the findings of this study are available within this article's supplemental material at https://doi.org/10.1287/opre.2022.0196. [ABSTRACT FROM AUTHOR]

This study attempts to evaluate the role of various industry-and firm-specific characteristics in determining profitability at the firm level in the Indian pharmaceutical industry. The study has utilized a balanced panel dataset of 72 listed pharmaceutical firms for the period from 1995-1996 to 2019-2020 and employed difference-GMM technique. Empirical results confirm that lagged profitability, market share, export intensity, productivity, and operating efficiency exercise a significant positive influence on firm profitability, whereas industrial concentration, imports of raw material intensity, advertising and marketing intensity, as well as leverage ratio exercise a significant negative impact. The analysis reveals that profitability in the pharmaceutical industry is driven primarily by firm-specific factors and that past profitability and market share together account for most of the variances in firm profitability. Other firm characteristics like export intensity, operating efficiency, productivity and leverage are also significant, but to a lesser extent. [ABSTRACT FROM AUTHOR]

We identify the population shares of poor hand-to-mouth households, wealthy hand-to-mouth households and non hand-to-mouth households in Belgium. We apply the methodology proposed by Kaplan & Violante (2014) and Kaplan et al., (2014) to the Belgian component of the Household Finance and Consumption Survey. We find that the fraction of hand-to-mouth households in Belgium is substantial and predominantly consists of wealthy hand-to-mouth households. We also compare the observable characteristics and marginal propensities to consume (MPCs) of the three household types. Belgian wealthy hand-to-mouth households have characteristics that resemble those of the non hand-to-mouth households, while their MPCs are often more similar to those of the poor hand-to-mouth households. This pleads for giving a unique place to each type of household when evaluating the effects of fiscal policy. [ABSTRACT FROM AUTHOR]

We study the capital market effects of information centralization by exploiting the staggered implementation of digital storage and access platforms for regulated financial information (Officially Appointed Mechanisms, or OAMs) in the European Union. We find that the implementation of OAMs results in significant improvements in capital market liquidity, consistent with the notion that OAMs lower investors' processing costs. The findings are more pronounced when processing costs are high to begin with, that is, when firms (1) are small and receive low business press coverage and (2) have high levels of retail ownership. We then identify a mechanism through which centralization facilitates capital market effects: information spillovers. First, we find that liquidity improvements are larger when OAMs have features that easily allow investors to search for peer firm information. Second, liquidity improvements are larger for firms with a high share of industry peers operating on the same OAM and for firms with a high share of small, low‐coverage peers on that OAM. Third, around the annual report release dates of peer firms, focal‐firm liquidity improves and focal‐peer stock return synchronicity increases. Overall, our evidence suggests that, even in a modern information age, information centralization improves capital market liquidity and facilitates the acquisition and use of peer firm information. [ABSTRACT FROM AUTHOR]

Purpose: In order to reduce the operation cost of mine filling, a study on cost reduction of filling admixture was carried out for a gold mine using an upward horizontal layered filling method. Method; The indoor material test of mine full tailings was carried out,and three high-strength filling additives X601,XN603,and 204 for mine tailings were developed,and the strength ratio test of the filling body was carried out. Result;1)The three high-strength filling additives developed for mine tailings could improve the fluidity of the filling slurry, adjust the rheology of the slurry,make the filling modified slurry maintain stability for a long time, prolong the time of anti-stratification and segregation,and greatly reduce the amount of bleeding, promoting dispersion, promoting flow and enhancing curing. 2)When the ratio of lime to sand was 1 : 6, additive X601 could increase the 3 d strength of the backfill by about 25%, the 7 d strength by about 30%, and the 28 d strength by about 20% ; The additive XN603 could increase the strength of 7 d by about 20%and the strength of 28 d by about 20%. Additive 204 could increase the 3 d strength of the filling body by about 25%, the 7 d strength by about 10%, and the 28 d strength by about 10%. Conclusion; Among the three additives developed, the X601 additive was the best additive, which could reduce the amount of cement added by 20% and provide technical support for low-cost filling in mines. [ABSTRACT FROM AUTHOR]

Activist investors in a firm often voluntarily release information about their governance intentions to the public. Voluntary disclosure theory suggests that an activist investor will disclose when she expects other investors to respond positively and support her in upcoming corporate control contests. We find that activists' disclosures are accompanied by positive abnormal returns, reductions in bid-ask spreads, and increases in future earnings relative to similar targets without voluntary activist disclosures. Disclosures by activists who demand a board seat (the most common demand) have the highest announcement returns, and disclosers also win proxy contests and directorships more frequently than non-disclosers. These findings suggest that the activist's beliefs about investor response in both pricing and voting are an important driver of her disclosure choice. [ABSTRACT FROM AUTHOR]

We develop a stylized model that generates the following empirical predictions: the less (more) accessible the underlying market is ex ante , the more its liquidity improves (deteriorates) when basket trading becomes available. We empirically test these predictions using corporate bonds before and after the introduction of exchange-traded funds. Consistent with the model's prediction, liquidity improvement is larger for highly arbitraged, low-volume, and high-yield bonds, and for 144A bonds to which retail investor access is prohibited by law. Our article leads to a more nuanced understanding of the impact of basket security introduction than previous research suggested. [ABSTRACT FROM AUTHOR]

We study the used car market to understand how public enforcement that intends to increase information reliability affects disclosure, pricing, and liquidity. In 1986, federal rules mandated the creation of odometer records, and states enforced the law in a staggered fashion. We find that used car asking-price sensitivity to mileage increases by 32.6%, and mileage disclosure in classified ads increases by 23.4%. The findings suggest that strengthened law enforcement increases odometer credibility and enhances market participants' use of that information. We also show significant improvement in market outcomes: a 9.7% increase in asking price and a 13.4% increase in transaction speed, as reflected in the reduction in repeated ads. The price effect arises irrespective of whether ads contain mileage disclosure, whereas the liquidity effect arises mainly through disclosure. Our study shows public enforcement can benefit the market by improving information credibility. This paper was accepted by Suraj Srinivasan, accounting. Funding: The authors are grateful for financial support from the Olin Business School, Washington University in St. Louis. Supplemental Material: The data and online appendix are available at https://doi.org/10.1287/mnsc.2021.03758 [ABSTRACT FROM AUTHOR]

In recent years, one of the challenges facing governments has always been the issue of financing the budget deficit. Since 1395, the sale of bonds has started to compensate for the budget deficit and these government bonds have also been sold to banks. The purpose of this study is to investigate the effect of selling government bonds to compensate the budget deficit on liquidity The data used in this research is seasonal and for the period 1372:Q2-1400:Q1 and the estimations were done using the system of simultaneous equations and in the framework of recursive models and by the ordinary least squares method .The results indicate that, According to the first equation, the sale of bonds to banks has a positive relationship with the government's debt to banks, in fact, the sale of bonds to banks has increased the government's debt to banks. In the second equation, it was found that the government's debt to the banks has a positive relationship with the banks' debt to the central bank, Therefore, it can be said that the sale of bonds to banks has increased the debt of banks to the central bank. Also based on liquidity equation, The positive relationship between government debt to banks and liquidity and the positive relationship between bank debt to the central bank and liquidity has been proven, Therefore, it can be said that the sale of bonds to banks has led to an increase in liquidity.Keywords: deficit financing, sale of bonds to the bank, liquidity, System of simultaneous equations and Recursive Models .

We investigate the effect of COVID-19 pandemic on firm performance using the quarterly financial data of firms from 89 countries and show that the pandemic has a detrimental impact on firm performance. The firms that held more long-term debt and account receivables on their balance sheet before the pandemic were relatively more affected amid the pandemic. The cash buffers can make firms more resilient to the COVID-19 crisis. The quality of a country's governance plays a vital role in mitigating the adverse impact of the pandemic on firm performance.

A developed and vibrant corporate bond market provides an important means of financial resources to corporate, in addition to bank financing. It brings transparency and prudence into financial system and helps in minimizing risks in financial system through diversification. The main objective of this study is to find out the various issues and hurdles faced by retail investors and come out with appropriate suggestions in this regard. A modest attempt has also been made to understand the present status of the Indian corporate bond market in reference to retail investors participation. The study reveals that, in spite of sincere efforts of policymakers, the participation of retail investors in Indian corporate bond market are negligible. It has also been observed that the important issues of retail investors are related to safety of principal, returns, liquidity and tax benefits. It is expected that the suggestions made in this paper, if implemented, will definitely helpful in attracting retail investors to Indian corporate bond market.

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Small finance banks (SFBs) are a special category of banks incepted by the Reserve Bank of India in 2015 to cater to the financial needs of the underserved population of the country with the aim of financial inclusion. They serve the priority sector and the unorganised sector of the country. This article analyses and evaluates the performance of these banks on the basis of various financial parameters such as capital adequacy, asset management, management quality, earning quality and liquidity derived from the CAMEL framework. Following a robust evaluation methodology, namely data envelopment analysis (DEA), a sample of all the SFBs operating in India to date is taken. As per the composite rating of CAMEL, results show that the majority of SFBs exhibit satisfactory performance. Utkarsh SFB Limited is ranked at the first position and is followed by Fincare SFB Limited on the second position. Jana SFB Limited stands at the last position amongst all the banks, preceded by ESAF SFB Limited. The results of DEA show average inefficiency among SFBs. The calculated efficiency scores of SFBs highlight that Capital SFB, Fincare SFB, Jana SFB, Shivalik SFB and Utkarsh SFB are the most efficient banks, with a technical efficiency score of 1. ESAF SFB has the lowest efficiency score. Scale inefficiency is the major reason for inefficiency. The study provides valuable insights to the authorities, managers and investors about the performance of these banks and gives them a future vision of the sustenance of these banks. [ABSTRACT FROM AUTHOR]

This study aims to examine and provide empirical evidence on the influence of liquidity, leverage, and firm size on tax aggressiveness. The population in this study consists of mining companies listed on the Indonesia Stock Exchange from 2020 to 2022. The sampling method used in this study is purposive sampling. Data collection methods include literature review and documentation. Descriptive statistical analysis and Structural Equation Modeling (SEM) based on components or variances, known as Partial Least Square (PLS), are used as methods to analyze the data. The software used in this study is SmartPLS. The results of this study indicate that liquidity does not affect tax aggressiveness, leverage does not affect tax aggressiveness, and firm size has a negative and significant effect on tax aggressiveness.

Purpose : This study aims to determine the financial performance of PT. Sentra Food Indonesia Tbk. Methodology : This type of research is qualitative research using secondary data in the form of financial statements (balance sheet and income statement) at the company PT. Sentra Food Indonesia Tbk for 2017-2021 which is listed on the IDX. The measuring instruments used are the Liquidity Ratio (current ratio and cash ratio) while the Profitability Ratio (ROE and ROA). Research Findings : The results of the Liquidity Ratio research measured using Current Ratio and Cash Ratio are said to be not good. Where the company's Current Ratio does not reach the industry standard of 200% because the average is 73.84. Meanwhile, the company's Cash Ratio is not in good condition because the Cash Ratio does not reach the industry standard of 50% because the average is 3.17 in 5 years, namely from 2017-2021. While the Profitability Ratio measured using Return On Equity and Return On Assets is said to be not good. This is because Return On Equity does not reach the industry standard of 40% because the average is 17.36. Meanwhile, Return On Assets is not in good condition because it does not reach the industry standard of 30% because the average is 6.66 in 5 years, namely from 2017-2021. Tujuan Penelitian : Penelitian ini bertujuan untuk mengetahui kinerja keuangan PT. Sentra Food Indonesia Tbk. Metodologi : Jenis penelitian ini merupakan penelitian kualitatif dengan menggunakan data sekunder berupa laporan keuangan (neraca dan laporan laba rugi) pada perusahaan PT. Sentra Food Indonesia Tbk tahun 2017-2021 yang terdafar di BEI. Alat ukur yang digunakan adalah Rasio Likuiditas (current ratio dan cash ratio) sedangkan Rasio Profitabilitas (ROE dan ROA). Temuan Penelitian : Hasil penelitian Rasio Likuiditas yang diukur dengan menggunakan Current Ratio dan Cash Ratio dikatakan tidak baik. Di mana Current Ratio perusahaan tidak mencapai standar industri yaitu 200% karena rata-ratanya sebesar 73,84. Sedangkan Cash Ratio perusahaan dalam keadaan tidak baik karena Cash Ratio tidak mencapai standar industri yaitu 50% karena rata-ratanya sebesar 3,17 dalam 5 tahun yaitu dari tahun 2017-2021. Sedangkan Rasio Profitabilitas yang diukur dengan menggunakan Return On Equity dan Return On Aset dikatakan tidak baik. Hal ini disebabkan karena Return On Equity tidak mencapai standar industri yaitu 40% karena rata-ratanya sebesar 17,36. Sedangkan Return On Aset dalam keadaan tidak baik karena tidak mencapai standar industri yaitu 30% karena rata-ratanya sebesar 6,66 dalam 5 tahun yaitu dari tahun 2017-2021.

Abstract This paper aims to investigate the impact of influential ESG factors on risk, focusing on debt risk and liquidity risk. The influence on a sample of companies listed on the New York Stock Exchange belonging to the NYSE index is analyzed over a 10-year period, 2012–2021. The quantitative framework covers a multitude of indicators regarding debt, liquidity, corporate governance, the environment, CEO characteristics, performance, and other variables, and the research methodology uses the method of least squares to highlight their impact, using regression models with fixed and random effects, both linear and nonlinear. By estimating regression models, the empirical results confirm the hypotheses found in the existing knowledge stage that debt risk and liquidity risk are significantly influenced by asset profitability, the CEO duality significantly influences debt, while CEO gender diversity has a negative influence on corporate risk, specifically debt and liquidity risk. Additionally, it is shown that the emergence of COVID-19 brings significant changes to company autonomy and their financial performance, the COVID-19 pandemic has negatively influenced corporate risk through restrictions, economic uncertainty, and the amplification of risks. These research results are crucial for practitioners by the necessity of integrating ESG criteria into the risk assessment process and decision-making. Furthermore, concerning policy decision-makers, they help promote sustainability and a responsible approach. Therefore, ESG factors can impact companies' financial performance and influence how they are perceived by investors. By understanding and correctly evaluating these ESG factors, one can identify and manage risks more efficiently, achieve better long-term returns, make appropriate decisions, and promote sustainability in the business environment.

The company is in a liquid state when the company is able to pay short-term debt. This study aims to determine the manufacturing sector companies listed on Bursa efek Indonesia with the effect of cash turnover, accounts receivable turnover and inventory turnover on liquidity. This research method uses quantitative methods with a sampling model of 5 years of financial statements and a population of manufacturing sector companies listed on Indonesian Stock Exchange. The analysis used is the classic assumption test, the coefficient of determination test, the multiple regression test, the t test and the F test. the results of the analysis show that cash turnover on liquidity is significantly negative, accounts receivable turnover on liquidity is not significant, inventory turnover on liquidity is not significant. While the results of cash turnover, receivables turnover and inventory turnover on liquidity are partially significant. Based on these results, only cash turnover is significant to liquidity, there is an opposite relationship due to negative results. So if cash turnover increases, liquidity decreases and vice versa.