The North American Journal of Economics and Finance

1992 - 2026

Continuation of North American Review of Economics and Finance.

Current editor(s): Hamid Beladi

From Elsevier
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Volume 81, issue C, 2026

Extreme weather events as the main driver of electricity price volatility in Italy: A GARCH-MIDAS approach with machine learning-based variable selection

Marco Guerzoni, Luigi Riso and M. Grazia Zoia

Asymmetric spillovers of climate policy uncertainty on financial markets – Evidence from China

Qiang Liu, Ting Liu and Chen Xu

Volatility spillovers in forex markets and the role of quantitative easing

Syed Jawad Hussain Shahzad, Thi Hong Van Hoang, Massimiliano Caporin and Nader Naifar

Corporate cash value and ESG management: Panel data analyses of stock indices across countries

Kei-Ichiro Inaba

Systemically important commodity futures in China

Yang Chen, Mengxia Xu and Qing Liu

On completing the connectedness analysis—A bootstrap-based DCC-GARCH approach

Jingliang Huai, Cheung, Adrian (Wai Kong) and Bin Wang

The impact of green cryptocurrency and nongreen cryptocurrency on energy markets: Evidence from geopolitical risk and higher-order moment connectedness

Wan-Lin Yan, (Wai Kong) Cheung, Adrian and Jiawei Yuan

Dynamic q-dependent cross-correlation test for investment classification and its application on green finance

Turker Acikgoz

Stock market vulnerability to US monetary policy: Evidenced from quantile coherency analysis

Sangram Keshari Jena, Amine Lahiani, Ashutosh Dash and Sougata Ray

Cryptocurrencies and economic sanctions

José Almeida and Tiago Cruz Gonçalves

Spillover and return connectedness between uncertainties, digital assets, green bond, green and traditional energy markets: Evidence from quantile VAR

Rana Muhammad Nasir, Feng He, Mehrad Asadi and David Roubaud

Enhancing financial stability through prospective resilience: Insights from the EN-VAR-DY-PR framework in international stock market networks

Jiang-Cheng Li, Yi-Zhen Xu, Chen Tao and Guang-Yan Zhong

Investigating the impact of the Covid-19 pandemic on stock markets volatility in USA and Europe

Mohammed Chikhi and François Benhmad

International main precious metals futures price forecasting based on decomposition-combinatorial time series model

Zihan Zhang, Xiaojuan Dong, Haigang An, Hai Qi, Sufang An and Zhiliang Dong

Cybersecurity risk and firm growth: Empirical evidence based on text analysis

Gengxi Xu, Yugang Li, Shanshan Liu and Zhuhong Ye

Early warning systems for cryptocurrency markets: Predicting ‘zombie’ assets using machine learning

Barbara Będowska-Sójka, Piotr Wójcik and Daniel Traian Pele

Examining climate risk attention in stock markets: insights from quantile-on-quantile regression

Lili Zhao, Yutong Lin, Zhenhao Liu and Guozheng Yang

Dynamic interrelations and the potential of global industrial sectors to function as a refuge for the global transition towards a low-carbon economy

Murad A. Bein

Enhancing stock market predictions with multivariate signal decomposition and dynamic feature optimization

Xiaorui Xue, Shaofang Li, Xiaonan Wang and Tingting Ren

Financial and business cycles in the US: A non-parametric time–frequency investigation

Marco Gallegati

Does innovation-driven policy optimize urban energy consumption? Evidence from China’s innovation-driven city pilot policies

Yingnan Cong, Yufei Hou, Yuan Ji and Xiaojing Cai

Credit information sharing and corporate debt maturity structure: Evidence from a quasi-natural experiment in China

Zhiliang Zhu and Wuqi Song

Physical climate risk and banks’ credit risk: Worldwide evidence

Isabel Abinzano, Pilar Corredor and José Manuel Mansilla-Fernández

Asymmetric drivers of inflation: new evidence from machine learning and quantile method

Kingsley Imandojemu, Adetutu Omotola Habib, Omozele Lynda Showunmi and Loveth Oribhabor Agboola

Quantile-frequency dependence between U.S. sector stock indices and macro-financial indicators: A quantile coherence approach

Halilibrahim Gökgöz, Aamir Aijaz Syed, Catalin Gheorghe and Ahmed Jeribi

The spillover effect of customer extreme climate risk: Evidence from supplier trade credit

Zhen Huang and Tianyu Dou

Time-frequency quantile effect of global uncertainty on stock markets: evidence from wavelet decomposition

Jiayuan Yuan, Weineng Zhu, Zishan Huang and Huiming Zhu

Does climate policy uncertainty affect expected shortfall (and Value-at-Risk) in the Chinese sector? Evidence from the mixed-frequency dynamic semi-parametric approach

Kunliang Jiang, Pengfei Luo, Wenxiao Gan, Jiashan Song and Yuejing Wang

Dynamic Agency, financial hedging and optimal investment

Yehong Yang, Xun You and Yuqian Sun

Volume 80, issue C, 2025

Do oil price changes contain useful predictive information about the U.S. bear stock market?

Wei-Ming Lee and Shue-Jen Wu

The role of international and domestic investors in international market information spillover effects: Evidence from interconnected multilayer networks

Songsong Li, Hao Xu, Piet Sercu, Nan Xu and Yiwa Xu

Forecasting Value-at-Risk and Expected Shortfall using penalized quantile regressions with mixed-frequency data

Lu Li, Degao Li, Li Liu and Linjun Tang

Financial literacy, human capital and long-run economic growth

Alberto Bucci, Riccardo Calcagno, Simone Marsiglio and Tiago Sequeira

A runs test for stock-market prices with an unobserved trend

Nils Herger

Foreign exchange option pricing with a three-factor Heston model with regime switching and stochastic interest rate

Xin-Jiang He and Sha Lin

The neo-Fisherian effect in a new Keynesian model with real money balances

Daisuke Ida

Fiscal rules, inflation and monetary policy: International evidence

Gabriel Montes and João Dantas

Catastrophe risk with global climate change determines the price of catastrophe equity puts

Ming-Che Chuang, Hong-Chih Huang, Shih-Feng Huang and Shih-Kuei Lin

Understanding the connectedness between US traditional assets and green cryptocurrencies during crises

Nikolaos Kyriazis and Shaen Corbet

Spillover effects of clean energy risks and the impacts of economic policy uncertainty on the stability of the equity market: A dependence dynamics analysis

Ching-Chi Hsu and Wei-Che Tsai

Is energy risk scale Invariant? evidence from crude oil futures

Klaus Grobys

Superiority of ESG-oriented portfolios in Taiwan stock market: Quantile-on-quantile with GARCH approach

Hao-Wen Chang, Pei-Yu Chi and Chin-Ho Lin

Portfolio diversification amid economic uncertainty in Pakistan: empirical evidence from the quantile-on-quantile approach

Hassan Zada, Naveed Khan, Mobeen Ur Rehman, Xuan Vinh Vo and Wafa Ghardallou

Geopolitical risk, herd behavior, and cryptocurrency market

Phasin Wanidwaranan, Jutamas Wongkantarakorn and Chaiyuth Padungsaksawasdi

Real estate as an inflation hedge: new evidence from an international analysis

Jan Muckenhaupt, Martin Hoesli and Bing Zhu

Institutional opening of capital market and stock price Bubble: Evidence from China

Shaojun Zhang and Xuerui Ping

Geography of corporate networks and housing price spillovers: evidence from U.S. States

Jeongseop Song

Happiness and stock market participation

Huang Wenyan

Risky finance, riskier climate: when financial instability meets climate risks on the bridge of sustainability uncertainty

Brahim Gaies

Can volatility spread fully capture the put–call parity violation?

Shican Liu and Songping Zhu

Can extreme weather forecasts lead to a risk premium? Evidence of a non-linear response in U.S. natural gas futures

Manou Monteux, Maria Cristina Arcuri, Gino Gandolfi and Stefano Caselli

The diminishing marginal effect of the capital adequacy ratio on the control of bank risk-taking

Wenlong Miao, Yuxian Ma and Haoran Xu

Quantile on quantile connectedness between safe-haven assets and stock markets: a portfolio risk perspective

Walid Mensi, Mohamed Amine Nabli, Mouna Guesmi, Houssem Eddine Belghouthi and Sang Hoon Kang

Who A(m) I? exploring quantile frequency connectedness in emerging AI and IoT token markets

David Y. Aharon, Shoaib Ali and Muhammad Naveed

Customer satisfaction and vertical integration

Marina Murdock, Thanh Ngo and Nivine Richie

Dynamics of market power and stability in GCC banking: econometric analysis and policy implications

Idries Mohammad Wanas Al-Jarrah, Khalid Al-Abdulqader, Yazan Idries Al-Jarrah and Shawkat Hammoudeh

An analytical approximation for European options under a Heston-type model with regime switching

Wenting Chen and Xin-Jiang He

Enhanced index tracking: A relative downside risk approach

Ronghua Luo, Zeyu Huang and Yangyi Liu

Oil price shocks and green investments: Upside risks, hedging, and safe-haven properties

Nedal Al-Fayoumi, Bana Abuzayed, Elie Bouri and Nadia Arfaoui

Dynamic spillover analysis between FX and cryptocurrency markets across different market conditions: A quantile VAR approach

Young-Sung Kim, Dong-Jun Kim and Sun-Yong Choi

Price dynamics in artificial stock market with realistic order book mechanism

Uzay Çetin, Şükrü C. Demirtaş and Senem Çakmak Şahin

Cascading failure, financial network and systemic risk

Chuangxia Huang, Hualu Miao, Xiaoguang Yang, Jie Cao and Huirui Yang

Legal shifts and corporate strategy: The impact of China’s New Securities Law on earnings management

Yikai Zhao, Shutong Zhang and Xinyi Geng

Inflation shocks and the New Keynesian model: When should central banks fear inflation expectations?

Lucio Gobbi, Ronny Mazzocchi and Roberto Tamborini

Bitcoin’s fundamental value and speculative behavior: A new framework for price dynamics

Qiong Wu, Ge Guo, Xiaogang Li, Rajesh Singh and Ting Zhang

Geopolitical risk and financial stress

Giovanni De Luca, Belinda Laura Del Gaudio and Anna Pia Di Iorio

Cross-asset contagion and risk transmission in global financial networks

Baoxiu Wu and Qing Wang

Corporate investment amid trade policy uncertainty: Past lessons, future presidency

Vaibhav Keshav

Revisiting the hedging and safe haven roles of gold: Evidence from quantile-on-quantile approach

Feipeng Zhang, Yuhan Ma, Xu Liu and Xiaoying Zhou

Outperforming ESG stocks portfolio: A machine learning ranking model with catboots regressor

Vittorio Carlei, Donatella Furia, Alessandro Ceccarelli and Piera Cascioli

Can we put green bonds in a single basket?

Mobeen Ur Rehman, Neeraj Nautiyal, Rami Zeitun, Xuan Vinh Vo and Mamdouh Abdulaziz Saleh Al-Faryan

Productivity responses of high-tech firms to monetary policy

M. Jahangir Alam

Heterogeneous beliefs with information processing constraints and asset pricing in presence of non-tradable goods

Hailong Wang and Duni Hu

Unveiling the bright side of rice-farming culture in shaping innovation: Evidence from Chinese listed firms

Xiaoliang Zhang, Qilin Wang and Xin Wang

Tax credit rating changes and the cost of debt financing: Evidence from China

Yiying Wang and Dangdang Cui

Risk spillover and hedging effects between stock markets and cryptocurrency markets depending upon network analysis

Long Guo and Li-Xin Zhong