scholarly journals Socially Responsible Investments: An International Empirical Study Of Time-Varying Risk Premiums

2014 ◽  
Vol 30 (5) ◽  
pp. 1513 ◽  
Author(s):  
Hachmi Ben Ameur ◽  
Jerome W. Senanedsch
Keyword(s):  
International Perspective ◽  
Asia Pacific ◽  
Socially Responsible ◽  
Subprime Mortgage ◽  
Risk Premiums ◽  
Socially Responsible Investments ◽  
Dow Jones Industrial Average ◽  
Mortgage Crisis ◽  
The Usa ◽  
The Impact

This paper empirically analyses the performance of Socially Responsible Investments (SRI) by applying an asymmetric BEKK GARCH model which estimates conditional systematic risk and varying risk premiums. We evaluate the performance of SRI from an international perspective, comparing sustainable indexes with conventional indexes, and we apply our model to three regions: the USA, Europe, and Asia Pacific. We respectively compare the Dow Jones Sustainability United States Index, the Dow Jones Sustainability Europe Index, and the Dow Jones Sustainability Asia/Pacific Index with conventional indexes, namely the Dow Jones Industrial Average, the Dow Jones Europe Index, and the Dow Jones Asia/Pacific Index. Our model estimations are based on weekly data from January 2004 to November 2013. Our results show that sustainable indexes exhibit lower risk premiums than conventional ones. However each of the three regions studied has its own specificity in terms of investor behavior toward SRI, including the impact of the subprime mortgage crisis.

Are Green Fund Investors Really Socially Responsible?

2012 ◽  
Vol 15 (04) ◽  
pp. 1250023 ◽  
Author(s):  
Huimin Chung ◽  
Han-Hsing Lee ◽  
Pei-Chun Tsai
Keyword(s):  
Fund Flows ◽  
Socially Responsible ◽  
Subprime Mortgage ◽  
Fund Flow ◽  
The Social ◽  
Significant Difference ◽  
Mortgage Crisis ◽  
Prior Literature ◽  
Subprime Mortgage Crisis ◽  
The Impact

This paper investigates the performance, fund characteristics, fund flow of green fund and the impact of subprime mortgage crisis on fund flow volatility. In terms of fund performance, our results show that there is no consistently significant difference between performance of green funds and conventional funds. As for fund characteristics, green funds are more sensitive to market and size risks compared to conventional funds, while they are less sensitive to value and momentum factors than conventional funds. Consistent with prior literature, there exists an asymmetric phenomenon for green funds, that is, fund flows of green funds are significantly related to lagged positive return but not significantly associated with lagged negative returns in normal market conditions. During the subprime mortgage crisis, both mature green and mature conventional funds experienced fund outflows. However, volatility of green funds flows is much lower than their conventional counterparts. Our results suggest that green fund investors can derive utility from the social responsibility attribute, and they are really more socially responsible when making investment decisions.

THE ACTIVITIES OF THE USA AND CHINA IN THE REGIONS OF THE WORLD, AFFECTING THE REALIZATION OF RUSSIA'S INTERESTS. Part 1: country interests and activities

2021 ◽  
Vol 1 (10) ◽  
pp. 149-166
Author(s):  
Dmitry V. Gordienko ◽  
Keyword(s):  
United States ◽  
Russian Federation ◽  
The United States ◽  
Asia Pacific ◽  
The Arctic ◽  
The World ◽  
The Usa ◽  
The Russian Federation ◽  
The Military ◽  
The Impact

The paper examines the interests of Russia, the United States and China in the regions of the world and identifies the priorities of Russia's activities in Europe, Central Asia and the Caucasus, the Asia-Pacific region, the Arctic, Africa, the Middle East and Latin America, their comparative assessment with the interests of the United States and China. An approach to assessing the impact of possible consequences of the activities of the United States and China on the realization of Russia's interests is proposed. This makes it possible to identify the priorities of the policy of the Russian Federation in various regions of the world. The results of the analysis can be used to substantiate recommendations to the military-political leadership of our country. It is concluded that the discrepancy between the interests of the United States and China is important for the implementation of the current economic and military policy of the Russian Federation.

scholarly journals SUBPRIME MORTGAGE CRISIS IN THE UNITED STATES IN 2007–2008: CAUSES AND CONSEQUENCES (PART I)

Ekonomika ◽  
2015 ◽  
Vol 93 (4) ◽  
pp. 85-118 ◽  
Author(s):  
Vaidotas Pajarskas ◽  
Aldona Jočienė
Keyword(s):  
United States ◽  
Federal Reserve ◽  
The United States ◽  
Mortgage Market ◽  
Subprime Mortgage ◽  
Market Expansion ◽  
Mortgage Crisis ◽  
Subprime Mortgage Crisis ◽  
The Government ◽  
The Impact

The main purpose of this article is to determine which factors and how contributed to the subprime mortgage crisis in the United States in 2007–2008, what their causal links and effects on the markets and the whole economy were, and to assess what actions could have been taken by the Federal Reserve and the Government in order to mitigate or prevent the consequences of subprime mortgage crisis and housing bubble. In order to obtain the research results, the authors performed a qualitative analysis of the scientific literature on the course of events and their development that led to the subprime mortgage crisis, and focused on the insufficiently regulated home mortgage market expansion, the impact on the subprime mortgage crisis of financial innovations and financial engineering, poorly evaluated systemic risks and policy undertaken by both the U.S. Government and the Federal Reserve before and after the crisis. The quantitative research focused on two main parts: firstly, analysis of the dependence between the causes of subprime mortgage crisis and the consequences, using a statistical and regression analysis, and secondly, an alternative path the Government and the Federal Reserve could have taken in their policy actions and the results they could have produced. The authors believe that the results of the research could give useful guidelines to the central bankers and government officials on how to make long-term decisions that can help in preparing for the financial distress, mitigating the consequences when the crisis strikes, accelerating the recovery and even preventing the crisis it in the future. The second part of the qualitative research will appear in the next issue of the journal.

Research on Influence of the Balance Sheet Channel Effect on Enterprise Investment

2014 ◽  
Vol 998-999 ◽  
pp. 1610-1613
Author(s):  
Jing Jing Fu
Keyword(s):  
Balance Sheet ◽  
Subprime Mortgage ◽  
Coverage Ratio ◽  
Corporate Influence ◽  
Channel Effect ◽  
Balance Sheet Channel ◽  
Mortgage Crisis ◽  
Before And After ◽  
Channel Effects ◽  
The Impact

In this paper, we selected 98 listed companies as simples and by studying their investment behavior before and after the U.S. subprime mortgage crisis in 2008, we make an empirical analysis of the effect of the balance sheet channel on China's enterprises. Adopt changes in net assets due to changes in asset prices as a variable measure of the balance sheet channel effects, reflecting the impact of the mechanism of direct investment. The results show that: before the crisis, the balance sheet channel effect for low interest coverage ratio greater corporate influence; after the crisis, the impact of the mechanism for the enterprise becomes low interest coverage ratio is not significant, but the impact of high interest coverage ratio of enterprises is still significant, and the impact is greater than before.

The Impact of International Hot Money in International Commodity Future Markets during the Subprime Mortgage Crisis

2010 ◽  
Vol 171-172 ◽  
pp. 744-747
Author(s):  
Qing Ye ◽  
Li Yan Han
Keyword(s):  
Correlation Coefficients ◽  
Price Volatility ◽  
Return Rate ◽  
Subprime Mortgage ◽  
International Commodity ◽  
Mortgage Crisis ◽  
Subprime Mortgage Crisis ◽  
Commodity Future ◽  
The Impact ◽  
Hot Money

Behavior of traders including investors and speculators in commodity future markets are studied before and after the subprime mortgage crisis. We put our attention on quantity of traders hold positions instead of price volatility or capital return rate of commodity future markets. By standardize correlation coefficients of net positions we try to quantify the impact of speculative funds on behalf of international hot money in international commodity futures markets in the subprime mortgage crisis. Parametric and non-parametric tests are used in this paper. The empirical results reveal that investment directions of speculators do change in crisis and they connect more tightly with markets compared with investors for that their find more opportunities and higher return rate during the Subprime mortgage crisis.

scholarly journals The Impact of Subprime Mortgage Crisis on Islamic Banking and Islamic Stock Market

2012 ◽  
Vol 65 ◽  
pp. 668-673 ◽  
Author(s):  
Bakri Abdul Karim ◽  
Wong Siew Lee ◽  
Zulkefly Abdul Karim ◽  
Mohamad Jais
Keyword(s):  
Stock Market ◽  
Islamic Banking ◽  
Subprime Mortgage ◽  
Mortgage Crisis ◽  
Subprime Mortgage Crisis ◽  
The Impact

scholarly journals The Empirical Research on the Impact of Pro-Environmental Factors on the Financing Cost of Green Bond

2021 ◽  
Author(s):  
Chunlian Zhang ◽  
Ziming Liu ◽  
Yuqing Zeng ◽  
Ou Yang
Keyword(s):  
Environmental Factors ◽  
Environmental Performance ◽  
Third Party ◽  
Socially Responsible ◽  
Financing Cost ◽  
Green Finance ◽  
Tax Relief ◽  
Socially Responsible Investments ◽  
High Pollution ◽  
The Impact

Abstract Green bonds are an important part of green finance and a significant financing method for enterprises to make socially responsible investments. This thesis analyzes the impact of pro-environmental factors on the financing cost of green bonds by the data of green bonds issued from 2016 to 2020. The results show that the better the environmental performance of the issuer's region, the lower the financing cost of green bonds, and the third-party certification reduces the financing cost of green bonds. Further research shows that high pollution areas and high pollution industries enhance the punitive role of environmental pollution financing. Regional environmental performance mainly affects the financing cost of green bonds through tax suppression mechanism and credit penalty mechanism, while third-party certification affects the financing cost of green bonds through tax relief mechanism and financing channel mechanism. This paper provides empirical evidence and policy inspiration for reducing the financing cost of issuing green bonds and promoting the perfection of the green bond system.

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