On the Short-Term Persistence of Mutual Fund Performance in Europe

Following recent financial, health, and geopolitical events, concerns are growing regarding the systemic risk of global energy companies. We assess the impact of environmental, social, and governance (ESG) performance on the systemic risk of leading energy firms. For 158 energy firms from 16 countries for 2010–2021, we evidence that while ESG shows positive association with default risk, squared values of ESG performance are negatively significant, consistent with an inverted U-shaped association. Moreover, better ESG disclosure and carbon performance also reduce default risk. We interpret our results as the beneficial impact of ESG on lowering default risk depends on the threshold level of ESG investment. Results, holding only for the post GFC period, for firms with more than one environmental controversy, and for countries with higher levels of education, are consistent with an evolving need for energy firms to employ genuine ESG commitment to establish reputational capital towards enhancing resiliency. 

Does ESG impact systemic risk? Evidencing an inverted U-shape relationship for major energy firms

Trade matters except to war neighbors: The international stock market reaction to 2022 Russia’s invasion of Ukraine

The effect of accounting fraud on future stock price crash risk

<div><table cellspacing="0" cellpadding="0" align="left"><tbody><tr><td align="left" valign="top"><p class="AbstractText">France has regulated the health system in great detail in some laws and regulations, but these regulations are insufficient to face the pandemic of Covid-19. This study aims to describe and analyze legal policies to protect health rights during the COVID-19 pandemic in France. It employs a normative legal research method with data sources such as the Declaration of human and citizen’s rights of 1789, the French Constitution of 1958, and laws and decisions of the French Constitutional Council. Since the Covid-19 pandemic erupted, French legislators have implemented adequate measures to prevent its spread.. The study results indicate that since the Covid-19 pandemic spread, French legislators have implemented adequate measures to prevent the spread of the virus through the appointment of the French Constitutional Council as the protector and guarantor of the fundamental rights of citizens through a system of judicial review. The control of proportionality in the system of judicial review is essential to strike a balance between the public interest of society and the rights of individuals to implement the adaptations necessary to protect public health, particularly during the Covid-19 pandemic.</p></td></tr></tbody></table></div>

/pdf/legal-policy-on-the-protection-of-the-right-to-health-during-1pmjvplh.pdf

Legal Policy on the Protection of the Right to Health During the Covid-19 Pandemic in France

Modern Pandemic Crises and Default Risk: A Worldwide Evidence

Modern health pandemic crises and stock price crash risk

ABSTRACT This paper examines the relationship between supplier concentration and R&D investment of Chinese firms using the sample of all A-share listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2015. Empirical results present the significant negative relationship between supplier concentration and firms’ R&D expenditure. Further analysis indicates that the weaker the firm’s market power, the stronger the negative impact of supplier concentration on the firm’s R&D investment. This paper enriches corporate R&D investments, supply chains, and market power literature. As developing countries deepen their participation in global supply chain networks and transform through technological upgrading, the findings of this paper have important practical implications for developing country firms to overcome R&D resistance and for policymakers to lead industrial development.

Supplier concentration, market power and R&D investment

Modern Health Pandemics Crises and Stock Price Crash Risk

The increase in corporate cash holdings, particularly in the U.S., has garnered significant attention from academia, the popular press, and policymakers. While most existing studies explain this trend using endogenous microeconomic measures, there is limited empirical evidence of what may have caused corporate cash holdings to decrease. From a macroeconomic perspective, this study provides the first examination of the effects of exogenous health epidemics and local institutional quality on corporate cash holdings, using a large and unique international dataset of 380,966 companies from 39 economies. The analysis reveals a decrease in corporate cash holdings during epidemics, particularly in countries with higher local institutional quality, as indicated by their financial regulatory and governance capacity. This study conducts a robustness test, and the findings underscore the importance of local institutional quality, particularly during epidemics. 

Epidemics, local institutional quality, and corporate cash holdings

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