Hasil untuk "Finance"

Francisco Gomes, M. Haliassos, T. Ramadorai

Pirjetta Waldén, M. Havukainen, Helena Kahiluoto

T. Beck, Asli Demirgüç-Kunt, R. Levine

R. Orús, Samuel Mugel, Enrique Lizaso

Abstract We discuss how quantum computation can be applied to financial problems, providing an overview of current approaches and potential prospects. We review quantum optimization algorithms, and expose how quantum annealers can be used to optimize portfolios, find arbitrage opportunities, and perform credit scoring. We also discuss deep-learning in finance, and suggestions to improve these methods through quantum machine learning. Finally, we consider quantum amplitude estimation, and how it can result in a quantum speed-up for Monte Carlo sampling. This has direct applications to many current financial methods, including pricing of derivatives and risk analysis. Perspectives are also discussed.

A. Demirguc-Kunt, V. Maksimovic

O. Williamson

Allen N. Berger, Gregory F. Udell

M. Nawaz, U. Seshadri, P. Kumar et al.

Green finance is inextricably linked to investment risk, particularly in emerging and developing economies (EMDE). This study uses the difference in differences (DID) method to evaluate the mean causal effects of a treatment on an outcome of the determinants of scaling up green financing and climate change mitigation in the N-11 countries from 2005 to 2019. After analyzing with a dummy for the treated countries, it was confirmed that the outcome covariates: rescon (renewable energy sources consumption), population, FDI, CO2, inflation, technical corporation grants, domestic credit to the private sector, and research and development are very significant in promoting green financing and climate change mitigation in the study countries. The probit regression results give a different outcome, as rescon, FID, CO2, Human Development Index (HDI), and investment in the energy sector by the private sector that will likely have an impact on the green financing and climate change mitigation of the study countries. Furthermore, after matching the analysis through the nearest neighbor matching, kernel matching, and radius matching, it produced mixed results for both the treated and the untreated countries. Either group experienced an improvement in green financing and climate change mitigation or a decrease. Overall, the DID showed no significant difference among the countries.

Muhammad Asif Khan, Hammad Riaz, Masood Ahmed et al.

Abstract Coupled with adopting the United Nations Sustainable Development Goals and the Paris Climate Agreement, the Asian Development Bank (ADB) role may not be overlooked. The ADB took substantial measures to ensure environmentally sustainable growth in Asia and the Pacific. They include climate change finance, that is a joint project of the ADB and the Global Environment Facility. One of its components is climate mitigation finance, which consists of the investment process that supplies funds to achieve environmental sustainability in the region. Considering the evolving role of green finance, this study quantifies green finance as “climate mitigation finance” and examines its impact on the ecological footprint across twenty-six economies in the Asian region. To do so, we use an ordinary least squares baseline model, followed by fixed-effects estimation. Our empirical findings show that green finance reduced the ecological footprints, and it appears environmentally friendly. From the Asian perspective, in particular, green finance delivers as anticipated. Moreover, the findings are robust to using alternative measures and estimation strategies, and they should motivate policymakers to continue investing in climate finance.

Sheng Chen, Hong Zhang

Ashraf Khan, John W. Goodell, M. Hassan et al.

Abstract As bibliometric approaches are increasingly a focus of literature reviews across different business disciplines, we apply a bibliometric approach to a review of bibliometric studies in finance, assessing 121 bibliometric studies. We identify four literature clusters: studies focusing on assessments of literature in trending topics; analysis of papers that employ emerging econometric techniques; studies grouped around particular fundamental topics such as market dynamics, behavioral finance, and corporate governance; and studies focused on retrospective celebration of single well-known finance journals. We identify which countries, institutions, and scholars have been being particularly influential. Results suggest that the field of economics has been more comfortable publishing bibliometric studies than finance. Results also identify the mainstream finance journals that are particularly leading in publishing bibliometric studies, with results showing that these journals have particularly high-growing scholarly impact. We conclude that bibliometric studies are an important vehicle for highlighting and motivating emerging scholarship.

B. Hambly, Renyuan Xu, Huining Yang

The rapid changes in the finance industry due to the increasing amount of data have revolutionized the techniques on data processing and data analysis and brought new theoretical and computational challenges. In contrast to classical stochastic control theory and other analytical approaches for solving financial decision‐making problems that heavily reply on model assumptions, new developments from reinforcement learning (RL) are able to make full use of the large amount of financial data with fewer model assumptions and to improve decisions in complex financial environments. This survey paper aims to review the recent developments and use of RL approaches in finance. We give an introduction to Markov decision processes, which is the setting for many of the commonly used RL approaches. Various algorithms are then introduced with a focus on value‐ and policy‐based methods that do not require any model assumptions. Connections are made with neural networks to extend the framework to encompass deep RL algorithms. We then discuss in detail the application of these RL algorithms in a variety of decision‐making problems in finance, including optimal execution, portfolio optimization, option pricing and hedging, market making, smart order routing, and robo‐advising. Our survey concludes by pointing out a few possible future directions for research.

Xi Chen, Zhigang Chen

Dealing with the relationship between environment and economic development is the core issue of China’s sustainable development. At present, China’s economic transformation is urgent, and green finance is being widely concerned. This paper measured the development level of China’s green finance from the perspective of green credit, green securities, green investment, and green insurance. Then, it used a spatial dynamic panel model to empirically test the mechanism of the impact of green finance on carbon emissions with panel data of 30 Chinese provinces from 2005 to 2018. The following can be seen from the results: (1) The development of green finance contributes to carbon emission reduction. (2) The spatial spillover effect of green finance is significant. Specifically, the development of green finance can not only reduce the carbon emissions of the local region but also inhibit that of adjacent areas. (3) The development of green finance indirectly leads to a decrease in carbon emissions by reducing financing constraints and boosting green technology innovation. In order to stimulate the carbon emission reduction effect of green finance to a greater extent, we should further support the development of green finance, reduce the financing constraints of energy-saving and environmental-protection enterprises, and encourage the research and development of green innovative technologies.

Yi Jin, Xiaoyan Gao, Min Wang

Abstract With the implementation of a series of policies related to the energy conservation and environmental protection (ECEP) industry, green finance has become a crucial approach to provide credits for the ECEP industry. Using data on Chinese-listed ECEP firms from 2010 to 2019, this work quantitatively identifies the financing efficiency of these firms and its determinants. The main results show that banks are still dominant in the Chinese financial market for providing credits, and firms listed on the second board show higher financing efficiency. The financing efficiency of firms located in the central and western regions improves significantly, especially after 2016, reflecting the interaction effect of green finance policies and economic policies supporting underdeveloped regions. Both country-level factors (e.g., formal institutions and financial supervision) and firm-level factors (e.g., firm size and debt ratio) have an impact on financing efficiency. These findings have important implications for policymakers who are carefully contemplating green finance policies to support ECEP firms through an effective financial market mechanism, which eventually helps to realize the transition of the energy sector.

E. Macchiavello, M. Siri

The Digital Finance/Fintech Action Plan and the Sustainable Finance Strategy both represent important pillars of the current EU policy agenda. Nonetheless, the two areas have been treated as separate for a long time, while they present certain common features and great potential when combined. In particular, Fintech appears able to respond to some shortcomings in the current sustainable finance framework (e. g. access to retail financing, ESG disclosure, verification and ratings, etc.). The relevance of the link between sustainability, finance and technology has also been evidenced by the COVID-19 pandemic crisis, which has urged all countries to re-think the models traditionally deployed and rely more on technology and sustainability. However, Fintech/digital finance still raises per se relevant technical and legal issues that need to be addressed to fulfil its promises and potential in the sustainable finance sector. The present paper aims at starting a debate about “Green Fintech” in order to effectively connect the two worlds and spur the research in such a new and promising area. Special attention will be also reserved to the recent proposal for a European Single Access Point for corporate financial and non-financial disclosure.

Ibrahim Daud, Dewi Nurjannah, Achmad Mohyi, T. Ambarwati et al.

The purpose of this study is to analyze the effect of digital finance, digital marketing and digital payment variables on finance performance. This study uses quantitative methods and data analysis techniques is performed based on Structural Equation Modeling using SmartPLS 3.0 software. The method of selecting the sample using the snowball sampling methods. Online questionnaires were sent to 190 SMEs respondents in the province of Banten Indonesia and evaluated the returned questionnaires. The results of data analysis show that the digital finance had a positive and significant effect on the finance performance, the digital payment had a positive and significant effect on the finance performance and the digital marketing had a positive and significant effect on the finance performance. The findings of this research can provide benefits for MSME actors in developing their business to improve business performance, by paying attention to aspects of MSME digitization and financial literacy of MSME entrepreneurs. Keep in mind, the important role of information technology in business activities requires entrepreneurs to improve their digital literacy.

Peterson K. Ozili

This paper reviews the existing research on green finance. It identifies the important themes in the green finance literature, particularly, the strategies to increase green financing; efforts to make green investment profitable; promoting green financing using technology and policy, the role of regulators and financial institutions in the green finance agenda, and the challenges of green financing. Several cross-country observations about the challenges of green finance and solutions to green finance issues are documented. The findings show that green finance has the potential to make a significant difference in the environment, society and for climate change mitigation, but many challenges abound such as the lack of awareness about green finance, inconsistent definitions of green finance, lack of policy coordination for green financing, inconsistent policies, and lack of profitable incentives to investors and financial institutions who are willing to invest in climate change mitigation.

H. Tao, Shan Zhuang, Rui Xue et al.

Environmental finance has gained considerable attention globally as an emerging interdisciplinary research area. This study uses bibliometric analysis to systematically review major studies on environmental finance-related areas published since the 1970s. Through a bibliometric analysis of 892 environmental finance-related articles sourced from the Web of Science database, we identified the main research streams and illustrated the trending research themes of environmental finance. We find that publications related to environmental finance have increased exponentially over the past decade. Current research streams include corporate and social responsibility (CSR), climate negotiations, natural gas price volatility, national policy, and cost comparisons. Further analysis of the recent five years of literature shows that emerging research topics include climate finance, sustainable finance, firm value, climate risk, and green bonds. Finally, we conclude with a future research agenda for environmental finance.

S. Rao, Ye Pan, Jianing He et al.

Lianying Yao, Xiaoli Yang

This paper summarizes the transmission chain of “digital finance-financing constraint-firm innovation” at the theoretical and practical levels, incorporates digital finance into the empirical analysis framework of firm innovation, selects the data of Chinese GEM(Growth Enterprise Market)-listed companies from 2011 to 2020, and matches the data of the digital inclusive finance index. The paper empirically examines the incentive effect and impact mechanism of digital finance on SME innovation through the two-way fixed-effects model and mediated-effects model by matching the data of China GEM-listed companies from 2011 to 2020 with the digital financial inclusion index data. The findings show that the digital development and promotion of digital finance play a significantly positive impact in helping SMEs innovate and stimulate innovation. The effect is realized by alleviating corporate financing constraints. Further, digital finance has different incentive effects on enterprises with varying rights of property nature, as well as on other regions.