Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence

Khoury, Rim El; Nasrallah, Nohade; Hussainey, Khaled; Assaf, Rima

doi:10.1111/jifm.12179

Cited by 65 publications

(8 citation statements)

References 82 publications

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“…Wind energy is a reliable and scalable source of renewable energy that is not subject to supply disruptions from geopolitical events [238]. The war has accelerated the development of new wind energy projects, and it is expected to play an even more significant role in the global energy mix in the future [239].…”

Section: Accelerated Transition To a Low-carbon Economymentioning

confidence: 99%

The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

Gajdzik,

Wolniak,

Nagaj

et al. 2024

Energies

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The global energy crisis, which began in 2021 due to the extraordinary economic recovery after the pandemic and intensified after Russia’s invasion of Ukraine in February 2022, has changed the conditions of energy management, paying more attention to energy efficiency. Natural gas prices have reached record levels and, consequently, so have electricity prices in some markets. Oil prices have reached their highest level since 2008. Higher energy prices have contributed to sharply increased inflation. Households are again becoming interested in buying coal as a source of heat. High energy and gas prices have pushed many families into poverty and forced some factories to cut production or even close. They have also slowed economic growth to the point where some countries are heading for a serious recession. Paradoxically, the negative effects of the energy crisis may accelerate the introduction of cleaner, sustainable, renewable energy such as wind and solar energy. The energy crisis is comparable to the oil crisis of the 1970s, when it contributed to significant advances in energy efficiency. The current crisis has highlighted the importance of investments in renewable energy resources and initiated the process of integrating regional markets, developing energy efficiency and promoting renewable energies. The aim of this article is to comprehensively explore the complex relationship between energy awareness, consumption patterns, and energy efficiency, with a focus on both individual consumers and industries, during the global energy crisis. This paper is based on a literature review, overarching policy documents, energy reports, and other secondary documents. The primary research method was the systematic literature review method, based on which the impact of the global energy crisis on energy efficiency was evaluated. This study emphasizes the diverse influences on energy awareness, ranging from economic factors to consumer preferences and environmental consciousness. The findings of the paper underscore the significant responsibility of industries in contributing to energy-saving efforts and the active role of consumers in the energy market. The responsibility of industries in contributing to energy efficiency is highlighted, with a call for a comprehensive approach that integrates energy-saving criteria into product development and corporate social responsibility.

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Section: Accelerated Transition To a Low-carbon Economymentioning

confidence: 99%

The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

Gajdzik,

Wolniak,

Nagaj

et al. 2024

Energies

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“…One focus of researchers in the cluster is financial product hedging and diversification potential, especially during crises. El Khoury et al (2023) conducted a comprehensive study to inform portfolio diversification and hedging risk management strategies for financial market players. Their assessment of the behavior of financial markets before and during the Russia-Ukraine war with a specific focus on spillover effects on fintech, ESG, MSCI sustainability index, gold, and renewable energy markets revealed a heterogeneous spillover.…”

Section: Trend Topics and Thematic Mapmentioning

confidence: 99%

Analyzing Trends in Green Financial Instrument Issuance for Climate Finance in Capital Markets

Maina,

Gyenge,

Fekete-Farkas

et al. 2024

JRFM

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Numerous stakeholders concur that tackling the climate change effect requires massive financial mobilization from the public and private sectors to reduce the climate financing gap. Capital markets are among the key players fostering this mobilization by issuing green financial instruments and facilitating capital flows to green investments. The study aimed to conduct a bibliometric analysis to fill a knowledge gap by evaluating the status and linkages in the literature on capital markets’ green financial instrument issuances. We utilized the Bibliometrix R package and VOS viewer to analyze 314 relevant publications from the Web of Science in 2017–2023 following the Sustainable Stock Exchanges’ green finance voluntary action plan. The analysis entailed mapping the scientific production trends, journal significance, author productivity, keyword linkages, emerging and trending topics, and collaborations within social structures. Further, the study assessed the applicability of Bradford’s, Zipf’s, and Lotka’s bibliometric laws. We highlight six conclusions based on the analysis, their relevance to various stakeholders, and future research directions. The findings are essential in enhancing the decision-making process of policymakers, corporations, responsible investors, and researchers interested in understanding the effectiveness and impact of green financial instruments.

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“…The accumulated body of knowledge on this topic is huge and rapidly expanding. We, therefore, pragmatically limit our coverage to the studies that address the interdependencies among the MENA region and GCC member countries and other financial markets; for studies that investigated spillovers among developed and emerging markets (other than those in the MENA and GCC region), the reader may refer to Boubaker and Jouini (2014), Boubaker et al (2016), and El Khoury et al (2023), among others. In addition, we review the studies that focused on the size effect in other advanced and emerging markets.…”

Section: Review Of Related Literaturementioning

confidence: 99%

The Dynamic Return and Volatility Spillovers among Size-Based Stock Portfolios in the Saudi Market and Their Portfolio Management Implications during Different Crises

Al-Nassar

2023

IJFS

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This study contributes to the ongoing debate on the size effect and size-based investment styles by investigating the return and volatility spillovers and time-varying conditional correlations among Saudi large-, mid-, and small-cap indices. To this end, we utilize the weekly returns on the MSCI Saudi large-, mid-, and small-cap indices over a long sample period, spanning several crises. The econometric approach that we use is a VAR-asymmetric BEKK-GARCH model which accounts for structural breaks. On the basis of the VAR-asymmetric BEKK-GARCH model estimation results, we calculate portfolio weights and hedge ratios, and discuss their risk management implications. The empirical results confirm the presence of unilateral return spillovers running from mid- to small-cap stocks, while multilateral volatility spillovers are documented, albeit substantially weakened when accounting for structural breaks. The time-varying conditional correlations display clear spikes around crises, which translate to higher hedge ratios, increasing the cost of hedging during turbulent times. The optimal portfolio weights suggest that investors generally overweight large caps in their portfolios during uncertain times to minimize risk without lowering expected returns. The main takeaway from our results is that passively confining fund managers to a particular size category regardless of the prevailing market conditions may lead to suboptimal performance.

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Spillover analysis across FinTech, ESG, and renewable energy indices before and during the Russia–Ukraine war: International evidence

Cited by 65 publications

References 82 publications

The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

The Influence of the Global Energy Crisis on Energy Efficiency: A Comprehensive Analysis

Analyzing Trends in Green Financial Instrument Issuance for Climate Finance in Capital Markets

The Dynamic Return and Volatility Spillovers among Size-Based Stock Portfolios in the Saudi Market and Their Portfolio Management Implications during Different Crises

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