Bank capital and lending: Evidence of nonlinearity from Indonesia

This paper studies the transmission of bank capital shocks to loan supply in Indonesia. Using bank data for the period 2001:Q1 to 2018:Q4, we estimate dynamic panel data models of bank lending. We find nonlinear effects of capital on loan growth. Specifically, the response of weakly capitalized banks to changes in their capital positions is larger than that of strongly capitalized banks. This non-linearity implies that not only the level of capital but also its distribution across banks in the system affects the transmission of shocks to aggregate lending. Likewise, the effects of bank recapitalization on loan growth depend on banks’ starting capital positions and the size and distribution of capital injections.     

Determinants of mobile broadband use in developing economies: Evidence from Sub-Saharan Africa

Broadband is seen as a vector of economic growth and social development. In the developing world, mobile technologies are widely adopted and mobile broadband is progressively rolled-out with high expectations on its impact on the countries’ development. We highlight what the determinants of mobile broadband use are in four Sub-Saharan countries. Using micro-level data coming from household surveys over 5 years, from 2013 to 2017, we show that SIM card ownership and being part of an online social community has a strong positive impact on mobile broadband use. We also highlight a positive correlation between digital inclusion and financial inclusion as mobile money users and bank account users are found to be more inclined to use mobile broadband. However, beyond apparent similarities, mobile broadband is used in different ways according to countries specificities. For instance, among the non-mobile owners in Nigeria, the unemployed are the most likely to use mobile broadband, most probably for job search practices, while it is rather used by students for information gathering in other countries. Finally we show that those excluded from mobile broadband use are the eldest, those with the lowest level of education, and women.     

农户土地转出的影响因素研究*——基于土地流转补贴政策效用的视角

[目的]基于安徽省蚌埠市的调研数据,实证研究土地流转补贴政策对土地转出的影响,分析土地流转补贴政策效用。[方法]文章根据国内外相关研究成果,结合调研地区的具体环境因素,提出研究假设,选取农户的家庭人口特征、社会经济特征和土地资源禀赋等变量,构建回归模型,运用SPSS统计软件分析农户土地转出的影响因素及土地流转补贴政策的效用。[结果]直接影响农户土地转出的因素包括非农就业、非农收入、农民离乡进城务工条件和土地资源禀赋等,农民获得的土地流转补贴占家庭总收入的比重非常小,对农户转出土地的意愿起不到显著促进作用。[结论]因此,促进土地有序流转必须把土地流转补贴等财政扶持资金转移到基本生产设施的建设上,改善农业生产经营条件,增强新型农业经营主体的土地转入积极性;通过创造非农就业机会,增加非农收入,完善农村社会保障服务体系,促进农民工市民化等措施,弱化农民对土地的依赖,从而增强农民转出土地的积极性。     

Does ethics improve stock market resilience in times of instability?

This paper compares the resilience of ethical (Islamic and socially responsible) indexes among five developed (US, UK, Japan, Canada, Australia) and three emerging markets (Brazil, India, South Africa) during the period following the 2008 subprime crisis. It relies on a multivariate CAPM-EGARCH model that accounts for sudden changes in volatility through the application of an iterated cumulative sums of squares (ICSS) algorithm on daily data over the sample period 2008–2014 to model time-varying volatility and ensure reliable estimates. The study confirms the lower systemic risk associated with Islamic indexes during the bearish period and reports that SRI, despite being more subject to systemic risk, offered higher alphas in highly integrated markets, while Islamic indexes performed better in less integrated ones. The evidence also reveals a very limited increase in the models’ predictability power from the integration of sudden changes in volatility into the EGARCH models during the full sample period. This limit is more marked during the bearish sub-period. Our findings have important implications for international investment and portfolio diversification perspectives in times of financial downturn.     

Cultural distance and cross-border bank linkages

This study investigates the effect of cultural distance on global bank linkages using country-pair data for the period 1990–2013. We followed Schwartz (2006) to measure cultural distance, and employed the number of bank pairs involved in cross-border syndicated lending from the source to target countries as a measure of bank linkages. We found that cultural distance has a negative association with bank linkages. This effect is stronger in countries featuring higher informational asymmetries, as represented by weaker institutions, higher uncertainty, or revolution shocks. Our results hold even when employing alternative measures of bank linkages and cultural distance, and when considering the potential endogeneity of cultural distance.     

Do offline and online go hand in hand? Cross-channel and synergy effects of direct mailing and display advertising

Despite the rise of digital, direct mailing as a marketing communication tool remains relevant and widely applied in practice. Nevertheless, research into the effectiveness of direct mailing in the online environment is scant. Key questions that remain entail how direct mails affect different online and offline consumer activity metrics throughout the purchase funnel and how they interact with digital marketing communication tools. The current paper, therefore, investigates these two questions by conducting two studies. First, we focus on the effect of direct mailing on zip-code level upper, middle, and lower funnel performance metrics over time by analyzing quasi-experimental data from a large European insurance firm. The results reveal that direct mailing significantly influences consumer activity metrics in the online channel (i.e., online search and clicking behavior), in support of cross-channel effects of direct mailing. Moreover, direct mailing is shown to be effective throughout the purchase funnel, both directly and indirectly, with a positive net sales effect. Second, we study the joint effect of direct mailing and display advertising by analyzing field experiment data from the same insurance firm. The results show positive synergy between direct mailing and display advertising. Therefore, despite the rise of digital, direct mailing still serves as an effective marketing tool, both by itself and in combination with digital marketing.     

数字普惠金融的创业效应与收入不平等:数字鸿沟还是数字红利？

数字普惠金融与实体经济之间的关系受到学界广泛关注,但其究竟是普惠的数字红利还是金融领域的数字鸿沟,这是数字普惠金融快速发展中亟需回答的重要理论与现实问题。文章通过匹配宏观统计数据和微观调查数据,实证研究了数字普惠金融的发展对收入不平等的影响,并从创业效应这一渠道进行了机制分析。研究发现：数字普惠金融的发展总体上改善了收入不平等状况,而数字普惠金融的创业效应是影响收入不平等的重要渠道之一。进一步的中介效应分析表明,数字普惠金融的创业效应对收入不平等的影响存在异质性：数字普惠金融通过促进生存型创业从而改善了收入不平等,而数字普惠金融对机会型创业的促进却在一定程度上扩大了收入不平等。文章的研究结论对于理解数字普惠金融发展的正外部性以及如何缓解收入不平等提供了新的视角。     

Internationalization through foreign listing: A review and future research agenda

This paper reviews and synthesizes literature on foreign listing from international business, management, and finance disciplines. A systematic review of 66 studies from 25 journals indicates fragmentation of the literature across the macro and firm-specific perspectives and a limited usage of current international business theories in research on foreign listing. We propose multiple developmental paths including use of institutional theory, especially institutional distance and institutional evolution to provide more comprehensive understanding of antecedents and contingent factors for foreign listing; supply-chain disaggregation of cross-border capital flow; integrate financial and strategic implications of foreign listing; and advancement of emerging market specific theories.     

Innovative Credit Guarantee Schemes with equity-for-guarantee swaps

Small and medium-sized enterprises (SMEs) faces much more severe financial constraints compared to large mature companies and it is more vulnerable to market imperfection. To alleviate SMEs’ financial constraints, Public Credit Guarantee Schemes (CGSs) have been introduced and widely used around the world. Having provided a thorough analysis of the effectiveness of the traditional CGSs, we introduce an innovative financing contract, referred to as equity-for-guarantee swap (EGS), with the aim of reducing SMEs’ financial constraints in a more effective way. We show that EGS effectively alleviates SMEs’ severe financial constraints as it transfers the information asymmetry between lenders and SMEs to that between insurers and SMEs We investigate how asset prices vary across time under the EGS contract and analyze insurers’ risk exposure, i.e. value-at-risk (VaR) and expected shortfall (ES), of participating in the EGS contract. Consistent with pecking order theory, SMEs tend to use debt financing first dispite the benefit of a boosted growth rate from private equity financing in our model.     

上市促进了企业创新吗?——来自创业板制造业企业的经验证据

本研究利用手工收集的2009-2013年在创业板市场申请上市的制造业企业样本以及企业创新专利变量,经过对成功上市企业与终止上市企业的样本匹配,运用双重差分模型考察了上市是否促进我国创业板制造业企业创新,研究结果表明,上市显著促进了企业专利创新。进一步地,我们探讨了上市促进企业创新的机制,结果发现,上市通过改善融资约束显著促进了企业创新,而上市没能通过影响代理问题作用于企业创新。该结果意味着直接金融发展有助于推动企业创新;资本市场的风险分担及融资机制能够降低企业融资约束、进而促进企业创新。这不仅为直接金融促进企业创新提供了新的证据,也为我国进一步发展与完善资本市场,进而促进经济转型、创新发展提供了新的政策启示。