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The purpose of this paper is to empirically examine the impact of the bank-appointed directors on the agency costs of debt by using the idiosyncratic risk of stock returns as a measure of agency costs of debt.

We use multivariate panel regression, event study and finally, propensity score matching approaches to test our hypothesis. The robustness of the results is tested for possible endogeneity issues by employing instrumental variable two-stage least square (IV-2SLS) technique.

Consistent with the efficient monitoring hypothesis, we find a negative relationship between the presence of the bank-appointed director and the idiosyncratic volatility of stock returns among Indian firms. This implies that such firms take up less risky investment projects.

We contribute to the literature from two aspects. First, to the best of our knowledge, this is the first study that examines the monitoring efficiency of creditors' governance. Hitherto, such examinations are done from the shareholders' perspective. Second, we examine the role of the bank-appointed directors on the board of non-financial firms in an emerging world context and find, contrary to the existing evidence in the US context, active monitoring role played by such directors.

The governing role of bank-appointed directors (BADs) on the boards of non-financial firms has a potential to reduce information asymmetry between the firm and non-bank lenders. This should increase the confidence of other creditors in firm activities, thus performing the certification role. Therefore, the purpose of this paper is to empirically examine the certification role of BADs.

The authors test their hypotheses by using a panel of Indian non-financial firms. Our approach involves examining whether there is a significant difference in the number of different debt sources, the dispersion of debt among different debt sources, and leverage for BAD and Non_BAD Firms. The authors use univariate analysis and multivariate regression models to test the difference.

The authors find that firms with BADs on their board have (1) access to a higher number of different debt sources, (2) debt distributed evenly among different sources and (3) a higher debt ratio. Overall, our study provides supporting evidence for the certification role that BADs play on the boards of non-financial firms.

The authors contribute to the literature in two aspects. First, to the best of our knowledge, this is the only study that examines the effect of the governing role of banks on the lending decisions of non-bank lenders. Second, our study is associated with the growing body of the governance literature in the emerging markets context by examining the interaction of financial policies and governance in an institutional framework, which is very different from that of the developed world.

The present study examines the rationale behind the increased global presence of corporate green bonds as a green financing tool to facilitate sustainable practices and eco-friendly investing. The authors investigate the intriguing question of whether the companies that issue green bonds are valued more by investors or not, and further extend our analysis by exploring whether the green image of companies helps to minimize the value erosion during a crisis and enhance the resilience of the stocks?

To examine the association between environmental commitments and firm value, the authors use the COVID-19 crisis as an exogenous shock and create a perfect natural setting to eliminate the endogeneity bias from our estimations. Moreover, the authors use propensity score matching to choose a one-to-one match of green bond firms with a larger pool of brown bond firms and eliminate the “size effect” arising out of the disproportionate sample size of green and brown bond firms.

The results of the study indicate that green bond firms are valued more by investors compared to brown bonds firms. Hence, green bond issuance acts as a strong signal of a firm's environmental commitment and it is well recognized by the investors. One of the possible reasons for a higher value of green bond firms may be due to their ability to arrest value erosion during environmental shocks. The authors could not find any difference in the resilience of green and brown bond firms.

The study contributes to the growing literature in the area of impact investing, specifically on exponentially growing innovative instrument green bond. Our study integrates two areas of research, i.e. corporate finance and impact investing by examining the impact of green bond issuance on firm value and stock market returns. The results would help environmentally sensitive investors to devise their investment portfolios more efficiently.

Diversified trading networks have recently drawn a great deal of attention. In the process, the importance of diversity has perhaps been overemphasized. Using the trade in port wine from Portugal to Britain as an example, this essay attempts to show how a market once dominated by general, diversified traders was taken over by dedicated specialists whose success might almost be measured by the degree to which they rejected diversification to form a dedicated “commodity chain.” The essay suggests that this strategy was better able to handle matters of quality and the specialized knowledge that port wine required. The essay also highlights the question of power in such a chain. Endemic commodity-chain struggles are clearest in the vertical brand war that broke out in the nineteenth century, which, by concentrating power, marked the final stage in the transformation of the trade from network to vertical integration.

ANOTHER BUDGET WILL be unveiled by the Chancellor in July or October. And it will be so severe in its impact that the general election will be deferred until the spring of 1975.

Research in the domain of behavioral finance has proven that investors demonstrate irrational behavior while making investment decisions. In a similar domain, the primary objective of this research is to prioritize the behavioral biases that influence cryptocurrency investors' investment decisions in the Indian context.

A fuzzy analytic hierarchy process (F-AHP) was used to prioritize the behavioral factors impacting cryptocurrency investors' investment decisions. Overconfidence and optimism, anchoring, representativeness, information availability, herding, regret aversion, and loss aversion are among the primary biases evaluated in the present study.

The findings suggested that the two most important influential criteria were herding and regret aversion, with loss aversion and information availability being the least influential criteria. Opinions of family, friends, and colleagues about investment in cryptocurrency, the sale of cryptocurrencies that have increased in value, the avoidance of selling currencies that have decreased in value, the agony of holding losing cryptocurrencies for too long rather than selling winning cryptocurrencies too soon, and the purchase of cryptocurrencies that have fallen significantly from their all-time high are the most important sub-criteria.

This survey only covered active cryptocurrency participants. Additionally, the study was limited to individual crypto investors in one country, India, with a sample size of 467 participants. Although the sample size is appropriate, a larger sample size might reflect the more realistic scenario of the Indian crypto market.

The study is relevant to individual and institutional cryptocurrency investors, crypto portfolio managers, policymakers, researchers, market regulators, and society at large.

To the best of the authors' knowledge, no prior research has attempted to explain how the overall importance of various criteria and sub-criteria related to behavioral factors that influence the decision-making process of crypto retail investors can be assessed and how the priority of focus can be established, particularly in the Indian context.

There is mixed evidence regarding the efficacy of low-intensity integrated care interventions in reducing the use of emergency services and costs of care. The purpose of this paper is to examine the effects of a low-intensity intervention formulated for older adults and delivered in an urban medical center serving low-income individuals.

The intervention included an initial evaluation of stress, psychiatric symptomatology and health habits; potential referrals for lifestyle management and psychiatric treatment; and training for physicians about the impact of lifestyle change in older adults. Participants included older adults (at or above 50 years of age) seen as outpatients in an urban medical center serving a low-income community (n=945). Participants were entered into the intervention at any point during this two-year period. Mixed models analyses examined all visits for all enrolled individuals over a two-year period, comparing visits before the individual received the initial intervention evaluation to those received after this evaluation. Outcomes included total health care costs incurred, average cost per visit, and emergency department (ED) usage within the facility.

The intervention was associated with reduced likelihood of emergency department use and reduced costs per visit following the intervention. These effects were seen across all participants.

Limitations of the study include the lack of control group.

This program is easy to disseminate and could improve the quality of care and costs.

This study is among the few available to document a decrease in medical costs, as well as decreased ED utilization following a low-intensity integrated care intervention.

The purpose of this paper is to find the pressure and the knocking phenomena. To get the pressure values, the butterworth bandpass filter was used and the potential of knocking was found by using peak-to-peak pressure values and also the species concentration. Cooled exhaust gas recirculation was the method used to minimize the knocking occurrence in the engine. Moreover, the effect of premixed methanol and start of engine (SOI) on knocking were also determined.

This paper deals with the compression ignition engine to investigate the unfavorable knocking behavior. The tests were carried out with the 3D model of engine fueled with waste cooking oil blended with TiO2. A number of tests were taken to find the pressure variation and the species concentration at eight different locations in the computational model.

In doing the tests, the positive intended outcome was achieved. From results, it is clear that the SOI and premixed methanol mitigated the knocking process.

The species concentration and pressure in the form of filtered signal were proved to be the ideal methods for evaluating the knocking event in the engine.

Climate change is predicted to increase the vulnerability of urban populations to flood hazards. Against this backdrop, flood risk adaptation has become pertinent. However, in Ghana, current flood risk management practice is fostered by a reactive culture. There is limited research on how communities and government agencies are engaging with flood risk adaptation in improving resilience. Therefore, this paper aims to analyse the culture of communities and agencies through the cultural theory of risk (CTR), towards understanding the flood risk adaptation in Accra, Ghana. Culture is deciphered using the beliefs held by residents and public agency officials.

A qualitative methodology, underpinned by the constructivist paradigm, was adopted to understand factors that influence flood risk adaptation in informal settlements. Data was gathered using household and institutional interviews in Glefe, Accra, Ghana.

The results show that both disaster risk management institutions and community members are deeply concerned about current and future flood risk. However, their cultural beliefs concerning flood risk and adaptation are contradictory, broadly framed by fatalist, individualist and hierarchist beliefs. The contradictory emergent beliefs contribute to a clash of expectations and create uncertainty about how to respond to flood risk, impacting the implementation of required adaptation measures. Developing a collaborative flood risk management framework and a shared understanding of adaptation approaches may be a better alternative.

This paper advances understanding of how culture influences flood risk adaptation in developing country context.