Hasil untuk "Finance"

I. Karatzas, S. Shreve

S. Shreve

A. Shleifer

J. Tirole

J. Heaton, Nicholas G. Polson, J. Witte

Mingxiao Du, Qijun Chen, J. Xiao et al.

Blockchain, the underlying technology of digital currency, such as Bitcoin, has the characteristics of decentralization, stability, security, anonymity, and nontampering. Blockchain is being applied in an increasing number of fields. Supply chain finance is a financing model in which banks connect core enterprises with upstream and downstream enterprises to provide flexible financial products and services. In the traditional supply chain finance, the core enterprises with strong competitiveness and a large scale play an irreplaceable role in managing the supply chain information flow, logistics, and capital flow, which results in inequality and information asymmetry. Fraud in supply chain finance is also very serious. To solve the problems of the traditional supply chain finance, in this article, we build a new type of supply chain financial platform that uses blockchain technology to manage the whole process. This supply chain financial platform solves the problem of nontrust among the participants in the supply chain, improves the efficiency of the capital flow and information flow, reduces costs, and provides better financial services to the relevant parties in the supply chain. To protect users' privacy, we propose a new method of using homomorphic encryption in the blockchain to meet the needs of sensitive data privacy protection in supply chain financial scenarios.

Samuel A. Assefa

Financial services generate a huge volume of data that is extremely complex and varied. These datasets are often stored in silos within organisations for various reasons, including but not limited to regulatory requirements and business needs. As a result, data sharing within different lines of business as well as outside of the organisation (e.g. to the research community) is severely limited. It is therefore critical to investigate methods for synthesising financial datasets that follow the same properties of the real data while respecting the need for privacy of the parties involved. This introductory paper aims to highlight the growing need for effective synthetic data generation in the financial domain. We highlight three main areas of focus that are of particular importance while generating synthetic financial datasets: 1) Generating realistic synthetic datasets. 2) Measuring the similarities between real and generated datasets. 3) Ensuring the generative process satisfies any privacy constraints. Although these challenges are also present in other domains, the additional regulatory and privacy requirements within financial services present unique questions that are not asked elsewhere. Due to the size and influence of the financial services industry, answering these questions has the potential for a great and lasting impact. Finally, we aim to develop a shared vocabulary and context for generating synthetic financial data using two types of financial datasets as examples.

You Zhu, Li Zhou, Chi Xie et al.

Abstract In recent years, financial institutions (FIs) have tentatively utilized supply chain finance (SCF) as a means of solving the financing issues of small and medium-sized enterprises (SMEs). Thus, forecasting SMEs' credit risk in SCF has become one of the most critical issues in financing decision-making. Nevertheless, traditional credit risk forecasting models cannot meet the needs of such forecasting. Many researchers argue that machine learning (ML) approaches are good tools. Here we propose an enhanced hybrid ensemble ML approach called RS-MultiBoosting by incorporating two classic ensemble ML approaches, random subspace (RS) and MultiBoosting, to improve the accuracy of forecasting SMEs' credit risk. The experimental samples, originating from data on forty-six quoted SMEs and seven quoted core enterprises (CEs) in the Chinese securities market between 31 March 2014 and 31 December 2015, are collected to test the feasibility and effectiveness of the RS-MultiBoosting approach. The forecasting result shows that RS-MultiBoosting has good performance in dealing with a small sample size. From the SCF perspective, the results suggest that to enhance SMEs' financing ability, ‘traditional’ factors, such as the current and quick ratio of SMEs, remain critical. Other SCF-specific factors, for instance, the features of trade goods and the CE's profit margin, play a significant role.

Clarence Tolliver, Clarence Tolliver, Hidemichi Fujii et al.

Green innovation and green finance are two key components of sustainable development. In the most populous, fastest growing region in the world, Asian countries are pressed to maintain economic growth while addressing climate change and environmental externalities. Japan, South Korea

Harrison G. Hong, G. Karolyi, J. Scheinkman

Climate finance is the study of local and global financing of public and private investment that seeks to support mitigation of and adaptation to climate change. In 2017, the Review of Financial Studies launched a competition among scholars to develop research proposals on the topic with the goal of publishing this special volume. We describe the competition, how the nine projects featured in this volume came to be published, and frame their findings within what we view as a broader climate finance research program.

Sri Lanka, Eran Wickramaratne

(In ` crores) Actual 2017-2018 Budget 2018-2019 Revised 2018-2019 Budget 2019-2020 Revenue Capital Total Revenue Capital Total Revenue Capital Total Revenue Capital Total Gross 3477.31 6012.91 9490.22 4871.23 13458.23 18329.46 3177.5

R. Bhandary, K. Gallagher, Fang Zhang

ABSTRACT This paper empirically evaluates how policy to mobilize climate finance works in practice. It examines the performance of nine types of climate finance policies, namely target lending, green bond policy, loan guarantee programmes, weather indexed insurance, feed-in-tariffs, tax credits, national development banks, disclosure policies and national climate funds, through a literature review and case studies. Both successful and unsuccessful country cases are examined. Criteria are established to evaluate climate finance policy, factors which lead to effective climate finance policy in practice are identified, current knowledge gaps are clarified, and policy implications provided. Key Policy insights The effectiveness of climate finance policies depends on the criteria being used. Strengths and weaknesses exist for each of the climate finance policies. Feed-in tariffs, tax credits, loan guarantees, and national development banks are all effective at mobilizing private finance, but evidence to date is weak or thin on the effectiveness of national climate funds, targeted lending, disclosure, and green bonds. Significant data and research gaps exist regarding the empirical impacts of climate finance policies, especially their environmental and equity impacts. In selecting climate finance policies, a balance should be struck between mobilization effectiveness, economic efficiency, environmental integrity, and equity.

Jian Huang, J. Chai, Stella Cho

Deep learning has been widely applied in computer vision, natural language processing, and audio-visual recognition. The overwhelming success of deep learning as a data processing technique has sparked the interest of the research community. Given the proliferation of Fintech in recent years, the use of deep learning in finance and banking services has become prevalent. However, a detailed survey of the applications of deep learning in finance and banking is lacking in the existing literature. This study surveys and analyzes the literature on the application of deep learning models in the key finance and banking domains to provide a systematic evaluation of the model preprocessing, input data, and model evaluation. Finally, we discuss three aspects that could affect the outcomes of financial deep learning models. This study provides academics and practitioners with insight and direction on the state-of-the-art of the application of deep learning models in finance and banking.

Ross Brown, A. Rocha, M. Cowling

This commentary explores the manner in which the current COVID-19 crisis is affecting key sources of entrepreneurial finance in the United Kingdom. We posit that the unique relational nature of entrepreneurial finance may make it highly susceptible to such a shock owing to the need for face-to-face interaction between investors and entrepreneurs. The article explores this conjecture by scrutinising a real-time data source of equity investments. Our findings suggest that the volume of new equity transactions in the United Kingdom has declined markedly since the outbreak of the COVID-19 pandemic. It appears that seed finance is the main type of entrepreneurial finance most acutely affected by the crisis, which typically goes to the most nascent entrepreneurial start-ups facing the greatest obstacles obtaining finance. Policy makers can utilise these real-time data sources to help inform their strategic policy interventions to assist the firms most affected by crisis events.

Guangxi Zheng, Abu Bakkar Siddik, Mohammad Masukujjaman et al.

Despite the increasing popularity of green finance and sustainable investment in the field of Sustainable Development Goals (SDGs), very few studies have investigated the effect of green finance dimensions on the sustainable performance of banks. Therefore, this study attempts to examine the dimensions of green finance and their effects on the sustainability performance of financial institutions in developing economies such as Bangladesh. The study also depicts the level of green financing adoption among the banks and non-bank financial institutions in the country between 2015 and 2020. Considering the nature of the dataset, the structural equation modeling technique was employed in this study to fulfil the research objectives. Amongst banks and non-bank financial institutions, the study highlighted private commercial banks as being the highest contributor to green financing, accounting for 78.12% of the total green financing in Bangladesh. In addition, the empirical findings revealed that the dimensions of green finance are related to the economic, social, and environmental aspects of the SDGs. Furthermore, empirical findings indicated that the dimensions of green finance—social, economic, and environmental—have a strong positive effect on the sustainability performance of banks. The study also discovered that approximately 95% of bankers identify green financing as an essential element in the short- and long-term development of banking strategies in Bangladesh. Consequently, this study adds to the body of knowledge on green finance development and the sustainability performance of banks and financial institutions in emerging economies such as Bangladesh. Therefore, major managerial policy implications are discussed.

Jung Wan Lee

The paper seeks to explore the role of green finance in achieving sustainable development goals through the case of China, and address some issues of sustainable finance and environmental, social and governance concerns of green finance by introducing the episodes of green finance in China. This paper aims to provide some viewpoints about the following questions: 1) What are the latest trends in green finance? 2) What are the main challenges to the development of green finance? 3) What are policy recommendations for the development of green finance? 4) What are the roles of both the public and private sectors in promoting green finance? This paper identifies the mainstream to sustainable bonds, diversification of green finance, transition of corporates’ business models, transparency and disclosure, and harmonizing taxonomy and measurement of green finance for the emerging trends of green finance. As the results, this paper recommends some policy measures for the private sector such as greening the banking system, greening the bond market, and greening institutional investors. This paper also suggests some policy initiatives for the public sector such as developing policies and capacity, promoting market transparency and governance, and promoting private-public partnership for diversifying resources of green finance.

Itay Goldstein, Chester Spatt, Mao Ye

Big data is revolutionizing the finance industry and has the potential to significantly shape future research in finance. This special issue contains papers following the 2019 NBER-RFS Conference on Big Data. In this introduction to the special issue, we define the “big data” phenomenon as a combination of three features: large size, high dimension, and complex structure. Using the papers in the special issue, we discuss how new research builds on these features to push the frontier on fundamental questions across areas in finance—including corporate finance, market microstructure, and asset pricing. Finally, we offer some thoughts for future research directions.

Chuanjiang Yu, Nan Jia, Wenqi Li et al.

PurposeThis paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, in terms of heterogeneity analysis, it pays attention to the age heterogeneity of users that digital inclusive finance influencing rural residents' developmental consumption upgrade, which is related to the issue of intergenerational “digital gap”. Thirdly, the mechanism of digital inclusive finance in promoting rural consumption upgrade is to be investigated. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.Design/methodology/approachFrom the perspective of the micro-household, this study is conducted by using the instrumental variable (IV) method, with 2SLS model and IV-Tobit model, based on the matched city-level data of Digital Inclusive Financial Index (DIFI) with the Chinese Household Financial Survey (CHFS). “The relief degree of land surface” is an ideal instrumental variable of digital inclusive finance, for including regional altitude difference and terrain factors of regional area, has theoretical influence on the development of digital inclusive finance, and is not affected by other economic variables.FindingsThe conclusions show that the digital inclusive finance plays a significant role in promoting the rural households' developmental consumption, but has no significant effect on the rural households' survival-type consumption and hedonistic consumption. Furthermore, this paper examines the impact and mechanism of China's digital inclusive finance on rural consumption upgrade. First, the impact of the development of digital inclusive finance on the upgrading of rural household consumption structure is to be theoretically analyzed and empirically tested. Secondly, it is discovered that digital inclusive finance is age heterogeneous in promoting the upgrade of consumption structure of rural household, and its effect on the elderly is weaker than that on the young for the intergenerational “digital gap”. Thirdly, these conclusions reveal that the digital inclusive finance does affect the consumption of rural residents through three mechanisms: increasing income and wealth, easing liquidity constraints and facilitating payment methods. Finally, how to promote the role of digital inclusive finance in upgrading the structure of rural consumption to a developmental demand level will be showed.Originality/valueThe current research on the relationship between digital inclusive finance and rural consumption only stays at the level of total rural consumption and has not stressed the structural problems of rural consumption. Can digital inclusive finance promote the upgrade of rural consumption structure? To what level can digital inclusive finance promote the upgrading of rural consumption structure? Therefore, it is of great theoretical value to study the upgrading of rural consumption structure from the micro level. Can the current digital inclusive finance benefit the elderly and help break the vulnerability of the elderly to enjoy finance? In this regard, evidence of heterogeneity remains to be provided.

Yanchun Xia, Z. Qiao, Guanghua Xie

This paper studies the role of digital finance in shaping corporate resilience to the COVID-19 pandemic by analyzing the stock prices of Chinese listed firms. We find that firms located in regions with higher levels of digital finance experience fewer losses and recover more quickly from the COVID-19 pandemic. Further analysis shows that digital finance helps build corporate resilience by facilitating firms' access to external financing and reducing financing costs. We further document that the positive effects of digital finance on corporate resilience are more pronounced for small firms, non-state-owned enterprises, and low cash holding firms. Overall, these findings suggest that digital finance improves corporate resilience by mitigating financing frictions.

Stephanie Efua Frimpong, G. Agyapong, Daniel Agyapong

Abstract This paper expands on financial literacy, access to digital finance, and SME performance in the Central Region of Ghana. First, the study analysed SMEs’ digital platform knowledge and utilisation. It examined the relationship between financial literacy, access to digital finance, and SME performance. The paper discussed the mediating influence of access to digital finance on SMEs’ financial literacy and performance. The study employed the quantitative research approach. Using the purposive sampling technique, a total of 400 responses were gathered from SMEs in Cape Coast, Mankessim, Assin Fosu, Agona Swedru, and Kasoa. The study used self-administered questionnaires to collect data. SPSS was employed to evaluate descriptive statistics. Results show that SMEs in the study areas use Mobile Money more than any other digital platform. PLS-SEM was used to investigate the relationship between financial literacy, digital finance, and SME performance. It was found that financial literacy positively affects access to digital finance. Also, access to digital finance improved performance. Access to digital finance mediates the relationship between financial literacy and SME performance. Access to digital finance is as crucial as financial literacy for increasing performance. Therefore, using digital platforms to trade would boost business performance. Digital trading platform providers should improve advertising and make their systems user-friendly.