We re-conceptualize corporate debt default risk (EDF) as an emergent state variable of a coupled financial system and ask how capital-market opening reshapes its equilibrium. Extending the structural credit-risk framework with three interacting subsystem channels—external financing, investment efficiency, and informati...
This study analyzes the microstructural mechanisms through which the rapidly expanding single-stock leveraged ETFs in the Korean capital market impede the price discovery function and amplify endogenous volatility. Based on a dynamic simulation utilizing the actual market scales of large-cap semiconductor stocks, the r...
Interest rate liberalization pressures Chinese listed banks to expand non-interest in-come, yet prior research overlooks capital-market valuation responses. Using a bal-anced panel of 24 A-share banks (2015–2024, 240 observations) with two-way fixed-effects regressions, we find that non-interest income ratio (NIIR) sig...
This paper examines whether the Saudi Capital Market Authority's January 2026 abolition of the Qualified Foreign Investor (QFI) framework coincided with a measurable redistribution of trading activity across listed firms in Tadawul. Using official Saudi Exchange reports, we construct a near-population panel of 267 to 2...
Type of the article: Research ArticleAbstractThis study examines investor reactions to financial statement manipulation in the Vietnamese stock market using a large, unbalanced panel dataset of 11,418 firm-year observations over the 2016–2024 period. The sample comprises 1,398 non-financial companies listed on the HOSE...
Capital market liberalization provides foreign investors with greater access to direct investment in mainland China’s stock market. This study uses the expansion of the Shanghai–Hong Kong Stock Connect as a quasi-natural experiment. The sample consists of A-share listed companies on the Shanghai Stock Exchange from the...
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