November 2025
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2 Reads
Ecological Economics
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Publications (229)
June 2025
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14 Reads
Economic Change and Restructuring
This study explores innovative spillover strategies between global renewable energy, Dow Jones, and Islamic stock indices during recent global crises. We applied the TVP-VAR approach and found that the total connectedness index for spillover effects between Islamic and global renewable energy stock indices was more than 50 percent across all subsamples. During the COVID-19 crisis, FTSE-Sharia and the MSCI Islamic world were significant risk spillover receivers. The Dow Jones Islamic developed market, Dow Jones Industrial, and renewable energy ICLN are significant spillover receivers during the Ukrainian war. Conversely, the renewable energy SMOG, NEX, and Dow Jones Islamic emerging markets are significant risk spillover transmitters in COVID-19. We suggest that investors choose renewable energy, such as SMOG and NEX, as important volatility transmitters to ensure portfolio diversification and protect themselves against crises. Furthermore, by advancing their allocations to indices such as the Global Dow Jones Islamic Market Index and MSCI Islamic World, which act as significant volatility spillover receivers during global shocks, Islamic investors can improve the stability of their portfolios. Our study provides an innovative and empirical analysis for investors and speculators to make informed decisions in these markets during times of shocks.
May 2025
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16 Reads
International Review of Economics & Finance
We investigate how protection of trade secrets affects firms’ access to external finance. In our paper, we use the US state court recognition of the Inevitable Disclosure Doctrine (hereafter IDD) to gain exogenous variation in employee mobility, which protects trade secrets and prevents knowledge spillover to competitors. We also employ a sample of all non-financial constituents of the S&P 500 between 2005 and 2020. Overall, we find that firms in states adopting the IDD reduce their use of short-term debt, whereas they increase their use of long-term debt compared to those in states rejecting the IDD. For short-term finance, our extended analyses demonstrate that firm age negatively moderates the relationship between adoption of IDD and access to external finance, while CEO age, CEO gender, and CEO-holding MBA positively moderate this relationship. For long-term finance, our extended analyses demonstrate that firm age, CEO gender, and CEO-holding MBA negatively moderate the relationship between adoption of IDD and access to external finance, whereas CEO age, as a moderator, does not affect this relationship. The findings of this paper have significant implications for corporate boards, given that state courts' adoption of IDD is a viable determinant of the components of external funding.
May 2025
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14 Reads
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1 Citation
Public Money & Management
May 2025
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10 Reads
European Financial Management
This paper investigates the dynamic transition of the Chinese stock market towards a just and sustainable future by examining the tail risk connectedness and frequency‐quantile dependence between a series of sustainability indices and Chinese stock market sectors. Employing the novel TVP‐VAR‐CAViaR connectedness method and the wavelet quantile correlation (WQC) method, we capture the evolving relationship between sustainability factors and market performance. Considering the significant, far‐reaching, and lasting effects of such uncertainties on the financial markets, our analysis provides essential guidance for investors and policymakers alike in navigating decisions and crafting regulations.
May 2025
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2 Reads
International Review of Economics & Finance
May 2025
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6 Reads
Research in International Business and Finance
April 2025
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2 Reads
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1 Citation
This paper aims to study the dynamic risk connection between the Climate Policy Uncertainty Index (CPU) of the United States and the grain commodity market. Our findings denote that (a) quantile spillover is stronger at extreme than median levels, underscoring the value of systematic risk spillovers in extreme market conditions. (b) Wavelet coherence analysis proposes that the structure of the CPU connection with the grain commodity market is heterogeneous at time–frequency scales. (c) Under conditions of market stability, CPU's capability to predict risks in the most segmented grain commodity markets was not as pronounced as in extreme market scenarios. (d) The spillovers between CPU and major grain commodities under diverse quantile states were significantly influenced by climate change. Results from this paper have practical implications for investors managing climate‐related risk exposures and will also assist policymakers in developing countries to develop a sensible policy package.
April 2025
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12 Reads
Journal of Contemporary Accounting & Economics
March 2025
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5 Reads
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2 Citations
This article proposed a novel hybrid framework, the WTC‐DCA‐Informer, for forecasting volatility in the Australian stock market. The findings indicated that (1) through a comprehensive comparison with various machine learning and deep learning models, the proposed WTC‐DCA‐Informer framework significantly outperformed traditional methods in terms of predictive performance. (2) Across different training set proportions, the WTC‐DCA‐Informer model demonstrated exceptional forecasting capabilities, achieving a coefficient of determination ( R ² ) as high as 0.9216 and a mean absolute percentage error (MAPE) as low as 13.6947%. (3) The model exhibited strong adaptability and robustness in responding to significant market fluctuations and structural changes before and after the outbreak of COVID‐19. This study offers a new perspective and tool for forecasting financial market volatility, with substantial theoretical and practical implications for enhancing the efficiency and stability of financial markets.
Citations (69)
... The essence of the green development philosophy is rooted in a people-centered approach, emphasizing resource conservation and environmental protection. It advocates for the harmonious and environmentally sound advancement of the socio-economic fabric, human collectivity, and ecology while highlighting the necessity of balancing economic growth with environmental preservation [17] . As a result, numerous scholars have engaged in comprehensive research from economic [18] , social [19] , and environmental [20] perspectives to substantiate the positive influence of AI on green development. ...
- Citing Article
May 2025
Public Money & Management
... Wavelet coherence maps show that each type of policy uncertainty affects China's stock market differently in timing and intensity (Zeng et al., 2025c). Carbon emissions policy uncertainty (CEPU) has the strongest and most persistent medium-term effect, green energy policy uncertainty (GEPU) is more active in the short term, and high-tech policy uncertainty (HTPU) shows a scattered influence across periods. ...
- Citing Article
March 2025
... The theoretical study on the topic of "greenwashing" in China started late, but the behavior of "greenwashing" accompanies the whole process of the emergence of climate and environmental problems, which not only impacts the construction of business ethics (Zhang et al.,2025; [16,17] , but also relates to the attainment of the goal of "dual-carbon" and the implementation of sustainable development strategy [18] . It not only affects the construction of business ethics, but also relates to the attainment of the "dual-carbon" goal and the implementation of the sustainable development strategy Zhang et al.,2024) [19,20] . Therefore, under the premise of adhering to the problem effect orientation, it is necessary to continue to deepen the research on the topic of "greenwash" in China to serve the national and regional high-quality development (Zou et al.,2024; [21,22] . ...
- Citing Article
February 2025
Research in International Business and Finance
... This evolution could lead to increased correlation between metaverse coins and traditional financial assets. Several factors contribute to this potential shift: Research by Ghosh et al (2025), suggests that the growing adoption of metaverse platforms in various sectors can lead to spillover effects in financial markets, affecting the dynamics of metaverse coins. The market capitalization of metaverse coins is projected to grow steadily, reflecting the increasing value and acceptance of these digital assets. ...
- Citing Article
- Full-text available
January 2025
Annals of Operations Research
... In order to obtain diverse and reliable results the researcher can attempt to bolster the empirical analysis by performing quantile cointegration analysis, causality-in-quantile analysis and quantile-on-quantile [59] regression analysis in future. Lastly this study focuses on the volatility of particular country's AI stocks and future study can focus on emerging economy such as Brazil, Russia, India, China, and South Africa etc. ...
- Citing Article
January 2025
Tourism Economics
... Furthermore, Ref. [54], analyzing China's green finance pilot zones, shows that green finance reforms substantially contribute to the low-carbon energy transition by facilitating project financing in clean energy sectors. Complementary to these findings, Ref. [55] demonstrates that sustainable credit policies reduce energy consumption intensity, reinforcing the link between financial tools and environmental efficiency. Lastly, Ref. [56] provides evidence that green finance, alongside economic growth and renewable resources, contributes significantly to pollution mitigation and sustainability. ...
- Citing Article
January 2025
Research in International Business and Finance
... Combination of AI-based stocks with green bonds, robotic stocks, and bitcoins helps in portfolio diversification, thereby letting the portfolio to self-transmit the risks [30]. These investor attention studies are being inspected with the help of news articles, Internet behaviour, Twitter information, and other social media and social media networks [31,32]. Few studies reveal the simultaneous impact on the trading stock volumes and volatility [33] and the investor's attention role in the stock market returns and finance [34]. ...
- Citing Article
December 2024
Research in International Business and Finance
... At the same time, green finance contributes to the sustainable development of cities by improving the level of urban artificial intelligence and energy efficiency, reducing carbon emissions, and enhancing economic resilience [28] [29]. Furthermore, Fang et al. refined the financial product research by introducing dual machine learning to investigate in depth the mechanism role of municipal investment bonds on China's economic resilience [30]. They discovered that these bonds can improve economic resilience by encouraging the construction of infrastructure. ...
- Citing Article
December 2024
Research in International Business and Finance
... The China Securities Regulatory Commission (CSRC) has also revised the "Code of Corporate Governance for Listed Companies" to incorporate new disclosure requirements related to environmental protection and social responsibility. In addition, mechanisms such as the carbon emissions trading system and mandatory environmental information disclosure are being continuously improved (Zeng et al. 2025). These institutional arrangements not only demonstrate China's policydriven approach to green transformation, but also provide a robust institutional foundation for our research. ...
- Citing Article
- Full-text available
December 2024
International Review of Financial Analysis
... "Alternative investments" have gained popularity in recent years and offer options beyond traditional stocks, bonds, and cash. "Alternative Investments" One of its Debt investing involves investing capital in the debt of an organization, government, or entity, with two types of debt investing: private and distressed (Alam et al., 2025;Barua et al., 2025;Golder et al., 2024;Golder & Barua, 2025). According to Matt Wilson, a portfolio manager at Oaktree Capital Management, investors in distressed debt seek for "a good company with a bad balance sheet," as stated in the Alternative Investments. ...
- Citing Article
- Full-text available
December 2024
