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Entradas recentes
Is a Socially Responsible Investment Necessarily Efficient? Evidence from SRI Mutual Funds and Sin Stocks
2024 - Alves, Carlos F.; Barreira, João L.
Socially responsible investment (SRI) integrates environmental, social, and governance (ESG)
issues into decision-making and has grown significantly, attracting academic interest. Despite
mixed empirical findings, some literature intriguingly suggests SRI outperforms financially,
which contradicts theoretical expectations that restricted portfolios should underperform.
Applying Markowitz's Modern Portfolio Theory and Tobin's Separation Theorem to a sample of
259 SRI mutual funds and 159 sin stocks, we conclude that investing exclusively in SRI funds is
inefficient. However, while SRI may hinder financial performance, it should not be discouraged,
as many investors value the responsible use of their savings despite lower returns. This study
highlights the need to expand investment efficiency criteria beyond risk and return, aligning
more closely with investors' broader utility functions.
Bank’s Structured Bond Financing: Evidence from the European Market
2024 - Pinto, João; Santos, Mário Coutinho dos
We examine the factors that influence European banks’ choice of issuing structured finance
bond deals, in the form of securitization or covered bonds, vis-à-vis straight bond deals. Using
a data set of 10,457 deals closed between 2000 and 2017, we find that banks may have used
structured finance arrangements to manage credit risk and regulatory capital. Our results
support the asymmetric information hypothesis that banks suffering from adverse selection
problems choose structured finance over straight bond deals to overcome liquidity constrains
and obtain longer maturity funding. Finally, we show that the choice between structured
finance and straight bond finance affects not only banks’ capital ratios, but also their capital
adequacy ratios.
Determinants of Purchase Intentions of Motorbikes: An Empirical Study on Dhaka City
2024 - Jim, Mahafizur Rahman
The global economy is expanding in line with the revolution in technology and informatics. In
parallel, the global automotive industry has extended into every region of the world. Nowadays,
the usage behavior toward automotive vehicles is gathering significant attention in developing
countries where motorbikes hold the top position for their light weight, fuel efficiency, and low
cost in terms of adoption features compared to other automobiles. As it is one of the most
densely populated cities, the people of Dhaka hold different mindsets toward purchasing
motorbikes. This study attempts to unlock the mystery behind the purchase intention of Dhaka
city customers in relation to motorbikes. For that purpose, a literature review was carried out
and a conceptual framework was developed by adopting and modifying the Theory of Planned
Behavior (TPB). A quantitative research approach was undertaken, and 351 responses were
collected by using the snowball sampling method. Structural Equation Modeling (SEM) was
conducted by using SmartPLS 4. Through our analysis, only one predictor, service quality, was
found as the determinant factor behind the purchase intention of motorbikes. Based on the
findings, the author determined the implications for practitioners to better understand the
market and included some solutions. Lastly, limitations and future research possibilities were
discussed