Journal of Banking & Finance - Special Section on Financial Globalisation and Sustainable Finance

On May 29 to 31, 2013, ECCE and the University of Stellenbosch Business School (USB) hosted a conference on “Financial Globalisation and Sustainable Finance: Implications for Policy and Practice”. In its November 2014 issue, the Journal of Banking and Finance dedicates a special section to this conference under the guest editorship of Meshach Aziakpono, Rob Bauer and Stefanie Kleimeier.

At the time of the conference in May 2013, the long-term effects of the 2007/08 financial crisis were still felt in many economies worldwide and the effects of the crisis and the responses by managers, policy makers and regulators to the crisis are of focal importance. The papers in this special section have been selected from those presented at the conference and focus on three interconnected themes: (1) sustainable banking, i.e., the risk of financial institutions in relation to their governance; (2) crisis policies, i.e., the link between financial markets and central bank policies during crisis periods; and (3) financial globalisation, i.e., the effects that external finance constraints have on companies operating in national versus international banking markets.

Financial globalisation and sustainable finance: Implications for policy and practice
Meshach Aziakpono, Rob Bauer, Stefanie Kleimeier

Bank pay caps, bank risk, and macroprudential regulation
John Thanassoulis

Information asymmetry around operational risk announcements
Ahmed Barakat, Anna Chernobai, Mark Wahrenburg

Socially responsible funds and market crises
John Nofsinger, Abhishek Varma

Does bank ownership affect lending behavior? Evidence from the Euro area
Giovanni Ferri, Panu Kalmi, Eeva Kerola

Interest rate forecasts, state price densities and risk premium from Euribor options
Vesela Ivanova, Josep Maria Puigvert Gutiérrez

Does global liquidity drive commodity prices?
Joscha Beckmann, Ansgar Belke, Robert Czudaj

Openness and the finance-growth nexus
Helmut Herwartz, Yabibal M. Walle

Discretionary ratings and the pricing of subprime mortgage-backed securities
Stefano Lugo

Credit constraints and spillovers from foreign firms in China
Natasha Agarwal, Chris Milner, Alejandro Riaño

State ownership, soft-budget constraints, and cash holdings: Evidence from China’s privatized firms
William L. Megginson, Barkat Ullah, Zuobao Wei

Bank liquidity, stock market participation, and economic growth
Elena Mattana, Ettore Panetti