Journal of Banking and Financial Economics

Latest articles

Potential and Actual FDI Spillovers in Global Value Chains

The Role of Foreign Investor Characteristics, Absorptive Capacity and Transmission Channels

Deborah Winkler



Using unique survey data on direct supplier-multinational linkages in Chile, Ghana, Kenya, Lesotho, Mozambique, Swaziland, and Vietnam, this paper fi rst evaluates how foreign investors differ from domestic producers in terms of their potential to generate positive spillovers for local suppliers. It finds that foreign firms outperform domestic producers on several indicators, but have fewer linkages with the local economy and offer less supplier assistance, resulting in offsetting effects on the spillover potential. The paper also studies the relationship between foreign investor characteristics and linkages with the local economy as well as assistance extended to local suppliers. It finds that foreign investor characteristics matter for both. Additionally, this paper examines the role of suppliers’ absorptive capacities in determining the intensity of their linkages with multinationals. The results indicate that several supplier characteristics matter, but these effects also depend on the length of the supplier relationship. Finally, the paper assesses whether assistance or requirements from the multinational influence spillovers on suppliers. The results confirm the existence of positive effects of assistance (including technical audits, joint product development, and technology licensing) on foreign
direct investment spillovers, while we find no evidence for demand effects.


JEL classification: F1, F2
Keywords: Foreign direct investment, vertical spillovers, linkages, global value chains, foreign firm characteristics, absorptive capacity, transmission channels, agri-business, apparel, mining.

DOI: 10.7172/2353-6845.jbfe.2018.2.1

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Good Practices in Empirical Corporate Finance and Accounting Research

Marek Gruszczyński



This paper presents the risks of quantitative research pertaining to corporate finance and accounting. These is followed by a survey-like catalogue of good practices in modelling. All considerations are rooted in financial microeconometrics, the field for examining both practical and theoretical questions of applying econometric techniques in corporate finance and accounting research based on the use of microdata (Gruszczyński 2018a). Two major parts of the paper include: (1) discussion of the typical drawbacks in applying regression-type models, like causality vs. correlation, selection of explanatory variables and endogeneity, and (2) list of good practices in microeconometric applications to corporate finance and accounting research, based on Faff (2017), Kennedy (2002), Adams (2017), Hyndman ( and author’s own experience. Catalogue of good practices in microeconometric applications to corporate finance and
accounting may serve as the checklist for students and researchers.


JEL classification: C50, C58, G30, M40
Keywords: financial microeconometrics; empirical corporate finance; applied accounting; good
practices in research.

DOI: 10.7172/2353-6845.jbfe.2018.2.2

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Sustainability and Equity Challenges to Pension Systems: The Case of Lebanon

Mariusz Jarmuzek, Najla Nakhle



Reform of Lebanon’s pension system is indispensable. The country already faces fiscal sustainability risks, which will be compounded in the future by significantly higher pension- related spending and liabilities, mainly reflecting adverse demographics. In addition to sustainability issues, the pension system also suffers from equity shortcomings – Lebanon is the only MENA country that does not offer social security for retirees in the private sector. While several reform proposals have been formulated since the early 2000s, none has been implemented to date. Costs mount with every year of delay, so action is required soon to address these challenges.


JEL classification: E62, H55, J11
Keywords: ageing, demographics, equity, pensions, pension reform, fiscal policy, sustainability

DOI: 10.7172/2353-6845.jbfe.2018.2.3

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JBFE No 1/2018

Journal of Banking and Financial Economics No 1 (9) 2018




Determinants of banks’ profitability and efficiency: Empirical evidence from a sample of Banking Systems

Mouna Rekik, Maha Kalai


EU banks after the crisis: sinners in the hands of angry markets

Antonio Sánchez Serrano


Animal Spirits and Risk in Financial Markets

Jukka Ilomäki


Macroprudential Policy Effectiveness: Lessons from Southeastern Europe

Jérôme Vandenbussche, Piyabha Kongsamut, Dilyana Dimova


Macroeconomic Stability in Resource-rich Countries: The Role of Fiscal Policy

Elva Bova, Paulo Medas, Tigran Poghosyan

JBFE No 2/2017

Journal of Banking and Financial Economics No 2 (8) 2017




Sovereign Debt Restructurings in Belize: Debt Sustainability and Financial Stability Aspects

Tamon Asonuma, Michael G. Papaioannou, Gerardo Peraza, Kristine Vitola, Takahiro Tsuda


Does persistence in idiosyncratic risk proxy return-reversals?

Harmindar B. Nath, Vasilis Sarafidis


Mauritius: The Drivers of Growth – Can the Past Be Extended?

Katsiaryna Svirydzenka, Martin Petrib


The European system of financial supervision – regulatory impact assessment

Mariusz Szpringer, Włodzimierz Szpringer


Assessing Countries’ Financial Inclusion Standing — A New Composite Index

André Mialou, Goran Amidzic, Alexander Massara


Bank prudential and bank stability– how far do they go

Gerti Shijaku

JBFE No 1/2017

Journal of Banking and Financial Economics No 1 (7) 2017




Determinants of Banks’ Net Interest Margins in Honduras

Koffie Nassar, Edder Martinez, Anabel Pineda


Inflation and Public Debt Reversals in the G7 Countries

Bernardin Akitoby, Ariel Binder, Takuji Komatsuzaki


Unstash the Cash! Corporate Governance Reform in Japan

Chie Aoyagi, Giovanni Ganelli


Global Thermoeconomics

Mario W. Cardullo, Manhong Mannie Liu


An Econometric Analysis for the Bid-Ask Spread in the Emerging Chilean Capital Market

David Cademartori-Rosso, Berta Silva-Palavecinos, Ricardo Campos-Espinoza, Hanns de la Fuente-Mella


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