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Unlike existing literature that primarily examines the quantity of share pledges, this study delves into the impact of controlling shareholders' share pledge pressure on firms' financial asset investment. Using manually collected pledge price data and focusing on Chinese listed firms from 2007 to 2018, we observe a positive correlation: the higher the controlling shareholders' share pledge pressure is, the higher the firm's financial investment will be. Our findings withstand various robustness tests. Channel tests reveal that share pledge pressure expedites financial asset investment by increasing operational and cash flow risks. Moreover, the impact of share pledge pressure on a firm's financial investment becomes more pronounced when the pledgee is a securities or asset management company, the pledge duration is longer, the controlling shareholder's pledge ratio is higher, or the firm faces a challenging business environment. This study offers valuable insights for accurately and directly measuring controlling shareholders' share pledge pressure and underscores the pivotal role of share pledging in firm investment decisions. [ABSTRACT FROM AUTHOR]

In the realm of financial transactions, the allocation of household assets often lacks proper guidance, resulting in suboptimal utilization and limited income for residents. This study aims to address this issue by introducing rational asset allocation strategies, improving efficiency, and increasing household income. Specifically, the study focuses on enhancing Deep Reinforcement Learning (DRIO algorithms, particularly the Deep Q-Network algorithm. The current network is optimized by employing a dual network structure, leading to improved performance. Moreover, the proposed model incorporates Grubbs' improved algorithm to effectively denoise stock data samples, enabling iterative training of diverse stock agents. the results demonstrate the following findings: (1) The application of the Grubbs' improved algorithm to the cumulative returns of different stocks significantly surpasses the results without noise reduction, (2) The Sharpe ratio of the stock agents using the Grubbs improvement algorithm is noticeably higher than that of the unimproved DRL algorithm. The Sharpe ratio of stock agents under the unimproved algorithm consistently remains below 1.0; (3) The maximum drawdown of the stock agents using the Grubbs' improved algorithm is significantly lower than that of the unimproved DRL algorithm. The unimproved algorithm exhibits relatively higher maximum drawdown rates. These findings indicate that Grubbs' improved algorithm possesses notable advantages in noise reduction and enhancing the cumulative returns of assets. [ABSTRACT FROM AUTHOR]

The objective of this paper is to assess the dynamic volatility connectedness between fossil energy, clean energy, and major assets i.e., Bonds, Bitcoin, Dollar index, Gold, and Standard and Poor's 500 from September 17, 2014 to October 11, 2022. The main motivation of the study relates to examining the dynamic volatility connectedness mentioned during periods of important events such as the recent coronavirus pandemic and the Russia–Ukraine conflict which has shown the vulnerability of economic and financial assets, energy commodities, and clean energy. The novel Dynamic Conditional Correlation-Generalized Autoregressive Conditional Heteroskedasticity (DCC-GARCH) approach is employed for the investigation of the sample period mentioned. Empirical analysis reveals that both the total and net volatility connectedness between assets is time-varying. The highest connectedness among the assets is observed with the onset of the coronavirus (COVID-19) pandemic, and it increases with some important international events, such as the Russia–Ukraine conflict, the referendum of Brexit, China–US trade war, and Brexit day. On average, the result shows that 32.8% of the volatility in one asset spills over to all other assets. The DCC-GARCH results also indicate that crude oil, bonds, and Bitcoin act as almost pure volatility transmitters, whereas the Dollar index, gold, and S&P500 act as volatility receivers. On the other hand, clean energy is found neutral to external shocks until the first quarter of 2020 and after that time, it starts to behave as a volatility transmitter. Based on the obtained results, we offer some specific policy implications that are beneficial to the US economy and other countries. Dynamic volatility connectedness between fossil energy, clean energy, and major assets (Bonds, Bitcoin, Dollar index, Gold, and Standard and Poor's 500) [ABSTRACT FROM AUTHOR]

This work aims at understanding the level of financial literacy in Portugal, identifying the determinants of financial literacy in the Portuguese population, taking as an example certain sociodemographic factors such as gender and age. The aim is to understand whether there is a high level of adherence to financial literacy programs and initiatives, as well as the impact of financial knowledge variables on the financial literacy of the Portuguese population. The methodology used was quantitative and based on a questionnaire survey. The sample consisted of 600 individuals, all over 18 years old. It was concluded that individuals in the 26 to 35 age group had the best knowledge and that this sample showed better knowledge of interest rates compared to inflation and risk. The exploratory factor analysis shows five factors that determine the financial literacy of the Portuguese population and the way they manage their finances, which are (1) the perception of their current financial situation; (2) planning and controlling personal finances; (3) the perception of risky financial assets; (4) the perception of risk-free financial assets; and (5) savings. This research contributes to expanding scientific understanding in the field of financial literacy and offering support to the review of financial education policies by formulators, aiming to develop tools that help improve the financial behavior of the Portuguese population. [ABSTRACT FROM AUTHOR]

Studies of health care expenditure often exclude explanatory variables measuring wealth, despite the intuitive importance and policy relevance. We use the Household, Income and Labour Dynamics in Australia Survey to assess impacts of income and wealth on health expenditure. We investigate four different dependent variables related to health expenditure and use three main methodological approaches. These approaches include a first difference model and introduction of a lagged dependent variable into a cross-sectional context. The key findings include that wealth tends to be more important than income in identifying variation in health expenditure. This applies for health variables which are not directly linked to means testing, such as spending on health practitioners and for being unable to afford required medical treatment. In contrast, the paper includes no evidence of different impacts of income and wealth on spending on medicines, prescriptions or pharmaceuticals. The results motivate two novel policy innovations. One is the introduction of an asset test for determining rebate eligibility for private health insurance. The second is greater focus on asset testing, rather than income tests, for a wide range of general welfare payments that can be used for health expenditure. Australia's world-leading use of means testing can provide a test case for many countries. [ABSTRACT FROM AUTHOR]

The current study tests experimentally whether decision makers' options pricing is biased by the magnitude of the option's underlying asset outcomes in what is called an anchor effect. We recruited 1,023 participants through Amazon's Mechanical Turk platform (MTurk) and assigned them randomly to eight groups that differed by type of asset and pricing position (buy or sell). Participants were asked to price a lottery, meaning, the option, whose outcomes are derived from an underlying lottery with a high, low or non-numerical possible outcome. The results indicate that the underlying asset's magnitude (low or high) creates an anchor that affects the option's pricing. However, the option's pricing is not affected by framing it as a derivative lottery. To the best of our knowledge, this is the first study that examines whether the underlying asset creates an anchor that affects an option's pricing. [ABSTRACT FROM AUTHOR]

Background: In China's post-epidemic era, the income of rural households has decreased, and the function of property preservation and appreciation is expected to weaken, which gives the financial market an increasingly prominent role in blocking the barrier of poverty caused by disease. Method: Based on CHARLS data, this paper empirically explores the relationship between financial assets and health expenditure and catastrophic health expenditure (representing the incidence of return to poverty due to illness) to provide evidence for the development of financial markets to help stop the return to poverty due to illness and consolidate the achievements of poverty alleviation. Results: The results show that the influence of financial assets on the incidence of catastrophic health expenditures is significant and has a threshold effect. At the same time, financial assets have a greater impact than housing on preventing the return to poverty due to illness. Therefore, moving to the financial market can be a viable option for rural households to stop the return to poverty due to illness in the future. Policy suggestion: The government should standardize the development of the financial market and scientifically allocate financial resources to ensure the stable preservation and appreciation of household financial investment. Rural family members should actively improve personal financial literacy and reasonable planning of family assets to achieve stable preservation and appreciation of family financial investment. [ABSTRACT FROM AUTHOR]

The global financial markets suffered unprecedented shocks, leading to significantly increased uncertainty in the markets due to various economic and financial recessions and geopolitical tensions, resulting in substantial fluctuations in market prices. Therefore, this paper aims to identify the response of the clean energy, conventional energy, and food markets to economic uncertainty and political tension while considering the influence of numerous crises and political conflicts. To achieve this, we employ the DCC-GARCH-based connectedness approach and the quantile-on-quantile model on monthly data spanning from May 2008 to June 2023. The results provide evidence of the sensitivity of dynamic volatility spillovers between financial assets to GEPU and GPR during major economic and financial crises and geopolitical events. Notably, this sensitivity increases significantly during the global financial crisis (GFC), the European debt crisis, Brexit, the US presidential election, the COVID-19 pandemic, and the Russian-Ukrainian war. However, the investigation of the tail dependence structure reveals that the relationship between uncertainties and total volatility connectedness across various market conditions appears to be asymmetric and heterogeneous. Our findings assist policymakers and green investors in designing the most effective policies to mitigate the impact of uncertainties on both conventional and green investments. This is achieved through insightful knowledge about the primary drivers of contagion among these indices, all while not compromising sustainability goals. [ABSTRACT FROM AUTHOR]

The transition of China's tangible real economy to an intangible economy, along with phenomena such as capital idling and shadow banking, has significantly altered the relationship between financial markets and actual enterprises. As leveraged capital flows into real enterprises, it is crucial to discern how much is allocated to operational endeavors versus financial market investments. Leveraging the logic of asset allocation and capital acquisition in real enterprises, we developed a model to discern the allocation of leveraged capital. Through descriptive analysis, we delineate the landscape of Chinese listed companies' utilization of leveraged capital for financial assets. Our findings reveal that the proportion of Chinese enterprises holding leveraged capital has steadily risen, surpassing 86.53%, with an increasing trend in leveraged enterprises utilizing capital for financial asset acquisition, growing from 35.02% to 79.12% annually. Among leveraged enterprises investing in financial assets, the portion of leveraged capital directed toward such investments escalates annually, from 20.44% to 46.37%. However, as leveraged capital increases, the ratio allocated to financial assets diminishes. Approximately 14.38% of all leveraged enterprises allocate more than 50% of their financial assets through leveraged capital, with the proportion of enterprises solely reliant on leveraged capital for financial asset purchases steadily increasing, reaching 23.35% in 2020, predominantly concentrated in the manufacturing sector. This research holds theoretical significance for understanding the dichotomy between the virtual and tangible applications of leveraged capital at the microlevel. It uncovers the logical mechanisms governing leveraged capital and disparate asset allocations, fostering opportunities for quantitative exploration of the interplay between finance and the tangible economy. Additionally, our insights provide valuable reference points for regulatory bodies seeking to fortify oversight over leveraged capital utilization. [ABSTRACT FROM AUTHOR]

Implementing accounting standard 68 (PSAK 68) adopted by IFRS 13 has brought changes in reflecting the market value previously explained by earnings per share and book value. This study investigates the relevance of fair value estimates as measured by the beta coefficient in firms in the financial industry. Specifically, the study focuses on whether the hierarchy of fair value financial liabilities and assets of the firms can affect the market value. This is quantitative research using archival methods. Sampling used a purposive sampling technique with a sample of 240 firm-years. The results showed that financial assets for level 2 (inputs other than quoted prices that were observable directly or indirectly) and level 3 (unobservable inputs generated by entities) positively had value relevance. All three hierarchy fair values of financial liabilities fair value negatively had value-relevance. These results indicate that investors pay higher financial assets for levels 2 and 3 than level 1. Meanwhile, the value relevance of financial assets and liabilities, as measured by R-squared, was relevant. This suggests that investors also trust that each hierarchy's fair value affects the market value. The findings of this study have significant implications for the advancement of the clean surplus theory. The theory posits that the company's market value can be explained by the fair value of financial assets using level 2 and level 3 as well as level 1, level 2, and level 3 financial liabilities.

Forecasting in the financial markets is vital for informed decision-making, risk management, efficient capital allocation, asset valuation, and economic stability. This study thoroughly examines forecasting techniques to predict the 30-day closing prices of APPLE in a select group of 100 prominent companies chosen based on their revenue profiles. list of 100 big Companies published by The Fortune Global 500. The evaluated forecasting methods encompass a broad spectrum of approaches, including Moving Average (MA), Exponential Smoothing, Autoregressive Integrated Moving Average (ARIMA), Simple Linear Regression, Multiple Regression, Decision Trees, Random Forests, Neural Networks, and Support Vector Regression (SVR). The information on the dataset was downloaded from Yahoo Finance, and all methods were evaluated in Python. The MAPE method is used to measure the accuracy of the examined methods. Based on the selected dataset, Our findings reveal that SVR, Simple Linear Regression, Neural Networks, and ARIMA consistently outperform other methods in accurately predicting the 30-day APPLE closing prices. In contrast, the Moving Average method exhibits subpar performance, primarily due to its inherent limitations in accommodating the intricate dynamics of financial data, such as trends, seasonality, and unexpected shocks. In conclusion, this comprehensive analysis enhances our understanding of forecasting techniques and paves the way for more informed and precise decision-making in the ever-evolving realm of financial markets.

Presently, legal circles, both among theorists and practitioners, are particularly concerned about the legalisation of cryptocurrencies and transactions with them according to the current legislation. For this reason, the purpose of this work was to study approaches and methods to legalisation of income derived from cryptocurrency speculation based on the provisions of the tax legislation of Ukraine. A theoretical analysis of the general concepts under study was conducted, which in turn formed the object of this study. The common and distinctive features of the researched concepts were identified, thus establishing the relationship and dependence between them. As for the practical aspects, the study revealed them in the analysis of particular regulations, namely, the specific features of their implementation. Positions and opinions of various scholars on it were compared, which allowed for a qualitative coverage of ways to legalise the income that citizens receive from cryptocurrency speculation. On the basis of the analyzed scientific publications, the most successful and suitable for implementation in Ukraine, the experience of other countries, in particular the USA and Canada, has been determined. It has been proven that the legalization of citizens’ incomes received from cryptocurrency transactions is a necessary process for the economic development of the state.The practical value of the study lies in the fact that it can be used both by scholars, in the context of the primary source for further study of this issue, and by lawyers whose activities are related to cryptocurrencies. The scientific value of this study was covered in the description of effective approaches to transactions with income generated by cryptocurrencies, which have not yet been studied to the required level

Measurement and forecasting of volatility and income correlation are achieved by non-parametric methods using high-frequency price data. Due to accurate calculations of conditional volatility and correlation forecasting, it is possible to correctly identify financial derivatives and make risk decisions and relative asset allocation decisions. This article systematises the methods for modelling the volatility of financial asset returns, considers the theoretical foundations of the generalised autoregressive conditional heteroscedasticity model, and predicts and analyses the volatility of US stock indices and stocks using high-frequency volatility estimates (realised volatility indicators). The stock indices studied are the Dow Jones Industrial Average (DJI), Standard and Poor’s 500 (SP500), and the Nasdaq Composite Index (NASDAQCOMP). Stocks analysed include stocks in Microsoft, Bank of America, and Coca-Cola. The results of the study support conclusions regarding the effectiveness of volatility estimators within two Bank of America volatility forecasting models, the superiority of the HAR-RV model for trading options in a specific market, and the best model for Microsoft. Thus, systematic analysis of news information is useful for predicting the volatility of returns on financial assets, but its effectiveness depends on the individual company. Future studies should explore the usefulness of the systematic analysis of news information in predicting the volatility of returns on financial assets in other markets and for other asset classes.

Copyright of ABHATH is the property of ABHATH 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.)

Copyright of Knowledge: International Journal is the property of Institute for Knowledge Management 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.)

Presently, legal circles, both among theorists and practitioners, are particularly concerned about the legalisation of cryptocurrencies and transactions with them according to the current legislation. For this reason, the purpose of this work was to study approaches and methods to legalisation of income derived from cryptocurrency speculation based on the provisions of the tax legislation of Ukraine. A theoretical analysis of the general concepts under study was conducted, which in turn formed the object of this study. The common and distinctive features of the researched concepts were identified, thus establishing the relationship and dependence between them. As for the practical aspects, the study revealed them in the analysis of particular regulations, namely, the specific features of their implementation. Positions and opinions of various scholars on it were compared, which allowed for a qualitative coverage of ways to legalise the income that citizens receive from cryptocurrency speculation. On the basis of the analyzed scientific publications, the most successful and suitable for implementation in Ukraine, the experience of other countries, in particular the USA and Canada, has been determined. It has been proven that the legalization of citizens' incomes received from cryptocurrency transactions is a necessary process for the economic development of the state. The practical value of the study lies in the fact that it can be used both by scholars, in the context of the primary source for further study of this issue, and by lawyers whose activities are related to cryptocurrencies. The scientific value of this study was covered in the description of effective approaches to transactions with income generated by cryptocurrencies, which have not yet been studied to the required level. [ABSTRACT FROM AUTHOR]

This study analyzes the performance of the Shanghai Composite Index, S&P 500 index, WTI oil price, and LBMA gold price when wars took place, especially the Russia-Ukraine conflict. We employ empirical methods to explore the stability, instantaneous shock, and short-term shock regarding the abovementioned financial assets. We first adopt the event study method to ascertain whether the cumulative abnormal returns of the selected assets are significant when wars break out. Then, we use the permutation test to examine the significance of price level changes. Results show that only the Shanghai Composite Index is relatively stable. Second, the difference-in-differences model indicates that the 3 unstable assets all suffered positive shocks in their price levels within several days after the Russia-Ukraine conflict broke out. The parallel trend test confirms the validity of establishing the difference-in-differences model. Third, regression discontinuity is designed to measure the impact in a longer event window, suggesting the robustness of conclusions of the difference-in-differences model and revealing an upward trend before the conflict and a downward trend after the conflict of the financial assets. The study suggests that investors consider adjustments to investment strategies and governments take precautions to diminish the risk of the outbreak of wars.

This study investigates the relationship between the level of financial knowledge and portfolio diversification in Vietnam, an emerging financial market in Asia. To achieve this objective, we conducted an online survey of 343 investors actively participating in Vietnam's financial markets in 2020. The survey's primary goal was to assess both basic and advanced knowledge levels among investors in the field of finance, as well as their foundational grasp of economics. To gauge the extent of portfolio diversification among these investors, we included questions pertaining to the number of stocks and financial assets comprising their portfolios. The results of ordinary least squares and Probit regressions reveal a significant correlation between investors' financial knowledge and the extent of their portfolio diversification in Vietnam. Notably, comprehension of concepts such as the time value of money within digital currencies, financial assets, and risk measurement emerges as a pivotal factor influencing portfolio diversification levels. However, there is no significant relationship found between knowledge of economics and portfolio diversification. Furthermore, investors' personal circumstances, including their job positions and income, can also exert an influence on the degree of portfolio diversification they undertake. These findings underscore the importance of enhancing investors' understanding of financial products, as doing so can bolster competitiveness and serve as an effective means of enhancing the efficiency of Vietnam's financial markets. In light of these results, investors and policymakers should consider implementing measures aimed at adapting to market requirements, thereby fostering sustainable development. [ABSTRACT FROM AUTHOR]

Further development and intensification of investment activity in the capital markets are among the main factors behind Ukraine's intensive economic growth. Increased volumes of transactions with financial assets and other liabilities in the capital markets in the economic cycle lead to a natural interest of different groups of investors in these markets, in particular, the money market, as well as the securities and derivatives markets. At present, the capital markets of Ukraine are underdeveloped and lag far behind other markets of leading countries, failing to fulfill their main function—investment. The purpose of this article is to substantiate the theoretical and methodological foundations of investment activity of various groups of capital market participants. It is determined that the main subjects of capital markets are investors—individuals and legal entities that manage investment resources and purchase financial instruments in the capital markets to receive income/profit from investment and/ or to acquire certain rights that they grant to owners of financial instruments in accordance with the law. Investors are divided into individual, institutional, and corporate investors. An important step towards studying different investors operating in the capital markets is their classification. Based on a synthesis of the work of Ukrainian and foreign researchers, the author summarizes their classification by the most important features, which are interpreted in various ways, affecting investment activity in the capital markets. Yield/profitability is necessary for attracting financial resources in the capital markets, providing consultations, and covering investment risks in the process of placing and circulating financial instruments. This function is realized by investment financial intermediaries, such as brokers, dealers, and investment banks. The real basis of any investment process is a consistently implemented investment cycle, which consists of stages. Each asset management entity is an integral part of investment processes that have their own goals and interests, without which investors lose their motivation to participate in investment activities, and therefore investment activity decreases at the macro level. Each stage of the asset management process of institutional investors is characterized by the performance of relevant works and operations carried out by various participants in capital markets, which are necessary to meet investment demand through the formation of investment proposals in such markets. [ABSTRACT FROM AUTHOR]

This article examines the basic principles of applying the technology of tokenization of financial assets, which is gaining popularity in the sectors of business analytics, fintech, e-commerce, and many others, with the aim of transforming capital markets. It considers the types of tokenization and their corresponding characteristics, reveals the algorithm for issuing a tokenized asset, and systematizes the positive and negative consequences of using tokenization in the process of circulation of financial assets in terms of individual subjects of the financial market. On this basis, it identifies restraining factors of the use of tokenization technology and the development of the tokenized financial market as a strategic direction of its development. [ABSTRACT FROM AUTHOR]

In this paper, we investigate whether investors can reap potential diversification or hedging benefits from holding green bonds in a portfolio containing a conventional financial asset during the COVID-19 pandemic. Using data from 6 November 2014 to 5 November 2020, we estimate corrected dynamic conditional correlation between between green bonds and four major asset classes: stocks, corporate bonds, commodities, and clean energy. We extend our analysis by using these correlations to examine hedging, optimal portfolio weights, and naïve strategies and evaluate their implications for investors by calculating hedging effectiveness and utility gain improvement. Results reveal that across the full sample, pre-COVID-19, and during-COVID-19 periods, optimal portfolio weights represent an ideal strategy to realize the greatest risk reduction and risk-adjusted return. Further, green bonds could add substantial diversification benefits for investors holding assets in clean energy, global stocks, and commodities. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Abant Social Sciences / Abant Sosyal Bilimler Dergisi is the property of Journal of Abant Social 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.)

The financial market of Ukraine is undergoing significant challenges due to martial law, but these difficult conditions also encourage radical changes and innovation in the sector. One of the new development vectors is digitization, which becomes a necessary tool for conducting operations and exchange of information in war. The use of digital technologies and electronic payment systems helps to ensure the safety, convenience and efficiency of financial transactions. Increasing the availability of financial services is another important area of development in the financial market during martial law. In order to facilitate the financial situation of people who are undergoing financial difficulties, it is important to provide access to various financial services for all segments of the population. The use of virtual communication technologies can reduce geographical and physical restrictions, giving people the opportunity to receive financial services in a convenient way for them. Despite all the challenges, there are factors that contribute to the functioning of the financial market in the conditions of martial law. Understanding the problems and needs of the market allows financial institutions to adapt to new conditions and look for effective solutions. An important role is given to the adaptation of the legislation to new realities and to promote innovations in the financial sector. In order to ensure the successful functioning of the financial market in war, it is necessary to create a favorable regulatory and regulatory framework that would support the introduction of the latest technologies and innovation. In addition, the creation of partnerships between different industries, such as the financial sector, technological companies and government bodies, is an important element of the development of the financial market. Joint work and knowledge exchange allow you to create innovative solutions and put them into practice. For example, creating specialized financial companies that combine financial and technological knowledge can contribute to the rapid development and implementation of new financial products and services. In the light of martial law in Ukraine, it is important to pay attention to the creation of financial systems from cyber attacks and abuse. Cybersecurity development and the use of modern encryption and identification technologies can help prevent financial crimes and maintain confidence in the financial system. The war in Ukraine has become a catalyst for changes in the financial sector. Digitalization, automation, increased availability of financial services and inclusivity are key vectors of development. Success factors include understanding the needs of the market, adaptation of legislation, innovation and creating favorable conditions for financial intermediaries. All these changes are aimed at improving the efficiency, safety and availability of financial services for the population during the war. [ABSTRACT FROM AUTHOR]

This study investigates the impact that increasing the frequency of interim reporting has on the amount of impairment losses on financial assets for a sample of listed banks. The difference-in-differences method is applied for a paired sample of 36 banks of EU-15, between 2009 and 2018. The results suggest the existence of a negative and significant association between the increase in the frequency of interim reporting and the amount of impairment losses on financial assets recognised in the profit or loss. This study is useful for regulators and supervisors, since its conclusions are relevant for the definition of the frequency of interim reporting, showing the consequences of its increase.

This research analysed the impact of globalisation on Nigeria's economic growth and sustainable development. Financial globalisation has paved the opportunity for corporations and governments to get access to competitive sources of foreign funds. Rather than depending on investors in the domestic financial markets corporate entities and governments can take advantage of international investors in the global financial markets for essential money. The research utilised time series data. Data pertaining to economic growth and development were analysed utilising pertinent statistical data analysis methodologies. According to the research completed, it can be stated that financial globalisation influences economic growth and sustainable development in Nigeria. Due to access to external sources of capital, the study concluded that stringent regulation and strong policies on the part of regulators are required to sustain the benefits of financial globalisation.

In recent years, numerous models with various amounts of variance have been developed to estimate and forecast important characteristics of time series data. While there are many studies on asymmetric volatility and accuracy testing of univariate Generalized Autoregressive Conditional Heteroscedasticity models, there are no parallel studies involving multiple financial assets and different heteroscedastic models and density functions. The objective of this study is to contrast the forecasting accuracy of univariate volatility models with Normal and Student-t distributions in forecasting the volatility of stock, gold futures, crude futures, exchange rate, and bond yield over a 10-year time span from January 2010 through December 2021 in Indian market. The results of exponential, threshold and asymmetric power models show that the volatility stock (–0.12047, 0.17433, 0.74020 for Nifty, and –0.1153, 0.1676, 0.7372 for Sensex), exchange rate (–0.0567, 0.0961,0.9004), crude oil futures (-0.0411, 0.0658, 0.2130), and bond yield (–0.0193, 0.0514 and –0.0663) react asymmetrically to good and bad news. In case of gold futures, an inverse asymmetric effect (0.0537, –0.01217, –0.1898) is discovered; positive news creates higher variance in gold futures than bad news. The Exponential model captures the asymmetric volatility effect in all asset classes better than any other asymmetric models. This opens the door for many studies in Indian financial market.

This paper explores how corporate financial portfolio influences distress risk. We define distress risk as a dummy variable determined by whether firms need external subsidies to repay the interest payable. Spanning our analysis with 3,698 listed firms in China between 2007 and 2019, our findings are twofold. First, financial portfolio is associated with less distress risk. Second, the impact is more pronounced for firms with higher levels of liquidity of financial portfolio. We provide evidence that corporate financial portfolio prevents distress risk by reducing financial expenses and by improving investment income. Our findings post a challenge to the existing view in China that financial portfolio would harm corporate operation. The implication is that companies could allocate more liquid financial assets than illiquid ones to mitigate forewarned risk. [ABSTRACT FROM AUTHOR]

Amid increasing concerns about the impact of climate change on financial asset pricing, this paper investigates how drought risk affects stock returns in the U.S. energy sector over a thirty-year period (1990–2019). To this end, we ranked energy companies based on the long-term trend of the Palmer drought severity index (PDSI) to compare stock performance between groups experiencing the most significant increases and decreases in drought risk. Our analysis indicates that firms located in drought-prone regions have lower stock returns than those in regions with decreasing drought risk, particularly since 2010. This finding is noteworthy, as the average PDSI trend gap between regions at high risk of drought and those at low risk has widened during this period. We further divide our sample of energy companies into two subsectors-fuel production and electric utility-and find that the stock prices of both subsectors have been negatively affected by drought risk since 2010. The study underscores the energy sector’s dependency on water availability, suggesting novel implications for policymakers and investors in assessing the financial impacts of drought risks in their climate-related decision-making.

Background: In China’s post-epidemic era, the income of rural households has decreased, and the function of property preservation and appreciation is expected to weaken, which gives the financial market an increasingly prominent role in blocking the barrier of poverty caused by disease. Method: Based on CHARLS data, this paper empirically explores the relationship between financial assets and health expenditure and catastrophic health expenditure (representing the incidence of return to poverty due to illness) to provide evidence for the development of financial markets to help stop the return to poverty due to illness and consolidate the achievements of poverty alleviation. Results: The results show that the influence of financial assets on the incidence of catastrophic health expenditures is significant and has a threshold effect. At the same time, financial assets have a greater impact than housing on preventing the return to poverty due to illness. Therefore, moving to the financial market can be a viable option for rural households to stop the return to poverty due to illness in the future. Policy suggestion: The government should standardize the development of the financial market and scientifically allocate financial resources to ensure the stable preservation and appreciation of household financial investment. Rural family members should actively improve personal financial literacy and reasonable planning of family assets to achieve stable preservation and appreciation of family financial investment.

The purpose of the study. To characterize the level and dynamics of the country’s economic development, its sovereignty and, accordingly, the adoption of effective management decisions, quantitative information is needed on economic assets, in particular financial ones, their presentation in national accounts, monetary statistics and indexes of the external sector.The aim of the paper is to systematize theoretical and practical developments on the definition and presentation of data on financial assets in modern statistics of Russia’s foreign economic relations, to identify areas for improving methods for assessing and analysis of financial assets, a system of indexes characterizing their presence, structure and dynamics.Materials and methods. In the paper, the authors considered the definitions, specifics, classifications and categories of financial assets and liabilities, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison and special analytical procedures based on official statistics from Rosstat, the Bank of Russia, the Ministry of Finance and international statistical organizations.Results. The paper identifies the main directions for the statisticalstudy of financial assets, based on current international standards, taking into account national practice. Topical issues of theory and practice of observations and presentation of data on financial assets in foreign economic statistics, application of definitions and classifications of international standards to Russian official statistical activities are considered. The features of the data presentation on financial assets in macrostatistics, in the system of indexes of statistics of foreign economic relations, are formulated. The authors conducted a study of the structure and dynamics of indexes of Russia’s foreign economic statistics that characterize the state and movement of financial assets and liabilities representing them.Conclusion. Statistical analysis of foreign economic transactions with financial assets allow us to identify not only the main trends in the development of these processes, but also makes it possible to analyze the relationship between the subsectors of the Financial corporations’ sector, between this sector and other sectors, as well as a comprehensive change in the volume and composition of stocks and flows of financial assets as a result of the exchange between residents and non-residents.The authors comprehensively reviewed the methodological framework for constructing the financial account of the Balance of payments, International investment position, including in the context of financial instruments. The Balance of payments and International investment position, through their system of statistical indexes, reflect international economic relations and represent an important tool for the study of financial assets. The groupings of items of the financial account of the Balance of payments are based not only on the categories of financial instruments, but also on the functional categories of investments and classifications of institutional sectors, which serve the purposes of a comprehensive reflection of financial assets in foreign economic relations. Thus, it is obvious that the main task of such a presentation is to reflect financial assets in terms of the type of instruments, as well as to analyze the role of a particular sector in the implementation of relevant transactions.In the International investment position, financial assets are also fully reflected in that part of them that is involved in economic transactions between residents and non-residents. Groups of financial assets and liabilities are given in a classification similar to that used in the Balance of payments: by functional purpose, by financial instruments, by institutional sectors, by maturity. Together with the financial account, account figures for other changes in financial assets and liabilities explain the total amount of changes: increases or decreases in the value of financial assets / liabilities, their occurrence or disposal, resulting from transactions, revaluation and other changes in volume.The issues of theory and practice of presenting indexes of financial assets in the considered sections of macrostatistics and their analysis are a relevant and promising direction for improving national statistical accounting, incl. due to the spread of remote work, the collection of information via the Internet, the emergence of a large number of new financial instruments and operations.The authors of the article have repeatedly referred to the problems of macroeconomic financial statistics in their studies, which gave them the opportunity to comprehensively consider the topical issues of representing financial assets in the statistics of foreign economic relations.

This article argues private expertise is a driving force behind the global expansion of rental housing financialization and, particularly, the making of build to rent (BTR) assets and markets. It develops this argument by investigating Australia's underexamined BTR market and global real estate service companies (RESCs) as ubiquitous yet unscrutinized intermediaries in this new financialization frontier. Its analysis heeds calls to attend to assetization, as the process of turning things into assets, deploying science and technology studies-inspired marketization approaches, which understand markets as sociotechnical assemblages, and their prior integration with critical political economy of financialization. This approach is enhanced by engaging with the techno-politics of market-making scholarship, which sensitizes assetization approaches to the politics of expertise. This conceptual move respecifies market devices (i.e., material and discursive assemblages of market making) as knowledge contingent (i.e., that require and assert expert knowledge) and provides conceptual terrain to explore the rule of private experts in assetization. Analysis of interviews, media, and industry reporting reveals how RESCs' epistemic, discursive, and technical efforts format the emergent market, making BTR assets thinkable, visible, calculable, and transactable. This article repositions rental housing financialization as a techno-political project led in nontrivial ways by private experts who act as financializing champions and as intermediaries connecting global finance and local sites, through advisory, valuation, brokerage, and lobbying. This contributes to understandings of the expanding global geographies of rental housing financialization and project ecologies behind urban production. Underscoring the power of private expertise to reconfigure housing markets recasts concerns surrounding market reliance as urban housing crisis salves. [ABSTRACT FROM AUTHOR]

Using the China Household Finance Survey Data, this article studies the effect of financial assets on happiness. The empirical results based on a series of regression models show that (1) household financial assets have a significant impact on individual's happiness; (2) the effect of different types of financial assets on happiness is heterogeneous and having certificates of deposit has a positive impact on happiness whilst holding stocks will significantly reduce individual's happiness; (3) the value of certificates of deposit has certainly improved happiness, whilst the value of holding stocks, funds, has no significant effect and (4) the relationship between the value of certificates of deposit and happiness varies with a household income level, but not risk attitude. [ABSTRACT FROM AUTHOR]

Green bonds are financial assets similar to classic debt securities used to finance sustainable investments. Given this, they are a long-term investment alternative that effectively contributes to the planet's future by preserving the environment and encouraging sustainable development. This research encompasses a rich dataset of equity and bond sectors, general indices, and the S&P Green Bond Index. We estimate the permutation entropy H s , an appropriate statistical complexity measure C s , and Fisher Information measure F s . Therefore, we employ these complexity measures to construct two 2D maps, the complexity-entropy causality plane ( H s × C s ) and the Shannon–Fisher causality plane ( H s × F s ). Also, we use the information theory quantifiers to rank these indices' efficiency analogous to the complexity hierarchy. From a mathematical point of view, the complexity-entropy causality plane (CECP) is a map that considers the global analysis, while the SFCP is a map that simultaneously feels the global and local analysis. Our findings reveal that both 2D maps indicated the most efficient (b_info_tech) and least efficient (b_energy) assets. There are peculiarities in the ranking performed considering the information theory quantifiers used to build each map due to the mathematical distinction that underlies the construction of each map. Moreover, we applied two clustering approaches (K -means and Hierarchical cluster) that categorically converged in the indication of four distinct groups, which allowed us to verify that, in an overview, equities present a unique dynamic when compared to bonds and the Green bond index. [ABSTRACT FROM AUTHOR]

Background: Socio-economic changes prompt companies to disclose their sustainable development activities in the reporting, showing that they balance three capitals—economic, environmental, and social. On the other hand, while formulating strategies and goals, they consider the company's widely understood environment, where its stakeholders are essential. As a result, the transparency and usefulness of the reported information are limited. Methods: The study employed financial statements' content analysis and a statistical method (rank Spearman correlation, Shapiro–Wilk test). The percentage of change in critical areas for reporting transparency on financial assets was analyzed, before and during the SARS-CoV-2 pandemic. Results: The research indicated that the identified critical reporting areas concerning financial assets showed a greater value change during the pandemic. Correlations between the accounting value of the company and the same critical reporting areas were significant. Conclusion: It has been shown that larger companies can use more accounting policy instruments; therefore, the reporting transparency on financial assets is potentially lower for these companies. The transparency of the surveyed corporate reports during the pandemic was lower. [ABSTRACT FROM AUTHOR]

The paper investigatesthe households’ sentiment concerning financial decision making based on the micro data from the third wave of the Household Finance and Consumption Survey (HFCS) held in Slovakia in 2017. The aim of the research is to examine the sentiment of Slovak households using HFCS micro data and its impact on household’s financial decision making. According to previous research, we assume that positive sentiment increases stock market participation. For the purpose of the research, we created a Sentiment index based on the survey data concerning economic expectations and life satisfaction, as well as Portfolio index based on the households’ assets structure. The empirical results indicate a positive and statistically significant influence of sentiment on households’ financial portfolios applying Logit and OLS estimates. [ABSTRACT FROM AUTHOR]