We worked with two microlenders to test impacts of randomly assigned reminders for loan repayments in the "text messaging capital of the world". We do not find strong evidence that loss versus gain framing or messaging timing matter. Messages only robustly improve repayment when they include the...

After the 2008 financial crisis, macroeconomic positions and growth prospects weakened in the advanced economies; emerging market economies (EMEs) improved however. Offshore, local-currency bonds of EMEs became popular as result, with many EMEs exploiting the opportunity. India also launched its...

In this paper we estimate and interpret the factors that jointly determine bond returns of different maturities in the US, Germany and Japan. We analyze both currency-hedged as well as unhedged bond returns. For currency-hedged bond returns, we find that five factors explain 96.5% of the...

The primary goal of the paper is to determine the impact of new investment tools on the development of global markets. In this regard, environmental finance is a new and powerful means of stimulating economic growth in emerging financial markets. Environmental finance offer more than just access...

We investigate the added value of inflation-linked bonds in an investment portfolio. Recently, several studies questioned the added value of inflation-linked bonds based on empirical analyses on developed markets. We extend the cross-section of countries with a set of nine emerging markets and...

Sukuk issues by Japanese companies are still few. Aeon Credit Service Malaysia became the first Japanese company to issue sukuk in 2007, and Toyota Financial Services' Malaysian subsidiary, UMW Toyota Capital (UMWTC, now called Toyota Capital Malaysia) was next with an issuance in 2008. Both...

This article discusses the 2008 "clarification" of the Sukuk Standard of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The clarification was issued by the Shariah Committee of AAOIFI in response to a review of all outstanding sukuk at the time. The...

In the present paper we examine interactions among five benchmark ten year government bonds, namely those of the US, Germany, France, Italy and the Netherlands. Our aim is to illustrate empirically a network of interactions existing among the major bond markets of Europe and the US market taking...

We investigate the capital-protection property of inflation-linked bonds in an international context over the period 2012 to 2022. Inflation-linked bonds compensate domestic investors for loss of local purchasing power. Whether the bonds protect foreign investors effectively depends on the...