Edited by Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

‘Duc Khuong Nguyen offers a multifaceted collection of research on emerging markets that is a must-read for scholars and investors alike. It is one of the most comprehensive books on emerging markets finance and will impress the readers with its fresh perspectives.’

• Contents:Preface xxviiiPART I FINANCIAL MARKETS, INSTITUTIONS AND MONEY1 Booms, bubbles, blow-outs: exploring patterns in China’s credit expansion 2Ron McIver, Lei Xu and Shiao-Lan Chou2 Mutual fund investing in the Chinese A-share market 32Yeguang Chi and Xiao Qiao3 Liquidity and ex-dividend behavior in emerging markets 51Daniel Dupuis4 Asset-based valuation: a modified discounted cash flow approach 70Rafael Yanushevsky, Daniel Yanushevsky and Camilla Yanushevsky5 Financial integration in Asia: some empirical evidence 83An Thi Thuy Duong and Clemens Kool6 Application of the neural F-Score in Latin American stock markets 104Lidia Loban, Cristina Ortiz and Luis Vicente7 Market-liquidity risk modeling and reinforcement machine learning algorithmsunder extreme market outlooks: applications to emerging markets 115Mazin A.M. Al Janabi8 The components of bid–ask spread on the Warsaw Stock Exchange 131Paweł Miłobędzki and Sabina NowakPART II BANKING PROFITABILITY, EFFICIENCY AND STABILITY9 Bank profitability in the euro area: the asymmetric effect of commonsupervision 153Ioanna Avgeri, Yiannis Dendramis and Helen Louri10 The journey of a thousand miles: a decade of the impact of foreignshareholders on the performance of Chinese commercial banks 176Constantin Gurdgiev and Li Jiaqi11 The determinants of commercial banks’ profitability in the South-EasternEurope region: a system GMM approach 200Francesco Guidi12 Determinants of commercial banks’ performance in Mozambique 218Antonio Samagaio, Pedro Verga Matos and Isidora Manjate13 Impact of information and communication technology on banking efficiency:the Vietnamese experience 238Thanh Ngo and Tu Le14 Competition, efficiency and stability in Islamic and conventional bankingsystems: an emerging market perspective 254Md. Nurul Kabir and Andrew C. Worthington15 Central bank independence, macroprudential policies and financial stability inthe Mauritian context 274Manisha Chuttoor, Dinesh Ramdhony and Boopen SeetanahPART III TOWARDS FINANCIAL RESILIENCE AND SUSTAINABILITY16 Sustainable investing in emerging markets 298Andreas Gruener17 ESG issues in emerging markets and the role of banks 321Thankom Arun, Claudia Girardone and Stefano Piser.18 Corporate social responsibility disclosure and cost efficiency of Islamicbanks: evidence from GCC countries 345Anas Mohammad Hussein Al-Jbour, Lei Xu, Damien Wallace andGuodong Yuan19 Credit risk management and practices in Islamic and conventional banks:an emerging market perspective 366Mahfod Aldoseri and Andrew C. Worthington20 Stakes and challenges in the development of impact investing in emergingmarkets: the case of Asia 378Emmanuelle Dubocage and Evelyne Rousselet21 Consumer financial spinning and market stress factors in emerging markets 394Olivier Mesly22 Analyst coverage of emerging market IPOs and legal environment 419Romain BoissinPART IV INNOVATIVE MODELS IN BANKING AND FINANCE23 The role of BigTech in emerging markets 433Silvio Andrae24 The digital revolution in financial services: new business models and talentchallenges 464Sylvie St-Onge, Michel Magnan and Catherine Vincent25 Ethics and trust on Fintech platforms from an emerging markets perspective 479Oliver Vasquez and Leire San-Jose26 Challenges and opportunities for crowdfunding in emerging markets: anethical perspective 492Johan Bouglet, Ghislaine Garmilis and Olivier Joffre27 Rationalizing the Takaful organizational form with institutional theory 506Maryam Alhalboni, Muhammed Shahid Ebrahim and Wahyu Jatmiko28 Artificial intelligence in an emerging portfolio manager: the case of Evovest 523Sylvie St-Onge, Catherine Vincent and Michel MagnanPART V EMERGING TRENDS29 Emerging green finance hubs in Asia: regulatory initiatives for ESG investingand green bond development by the Four Tigers 539Artie W. Ng30 Enhancing sustainability reporting and greening the finance system:institutionalization and practices in China’s banking sector 553Shidi Dong, Lei Xu and Ron McIver31 Cross-border banking in EMDEs: trends, scale, and policy implications 573Erik Feyen, Norbert Fiess, Ata Can Bertay and Igor Zuccardi Huertas32 The Swiss banking experience and lessons learned for emerging markets: theroles of digitalization and sustainability 597Carlo Raimondo and Patrick Coggi33 Financial development of CEE markets and the evolving role of foreign-ownedmultinational banks 619Victoria Geyfman34 Key rate pass-through to deposit rates: experience from the pandemic era 634Henry Penikas35 Inflation targeting and fiscal discipline in selected emerging economies 651Milojko Arsić, Zorica Mladenović and Aleksandra NojkovićPART VI NEW PERSPECTIVES36 The role of financial surveys for economic research and policy making inemerging markets 676Sof.a Gallardo and Carlos Madeira37 Emerging regions in the era of negative real interest rates: twenty years ofconvergence towards the US? 687Max Gillman38 The Indonesian banking sector during the COVID-19 pandemic 710Sahminan Sahminan39 Bank finance and alternative instruments in capital-intensive sectors: the caseof global shipping 731Theodore Syriopoulos40 The Russian financial sector: opportunities in an unstable environment andsanctions 763Vasily Tkachev, Vadim Grishchenko and Karl Summanen41 Conflict, contention and cooperation in China’s new model of financialintermediation monitoring 793W. Travis Selmier IIIndex 811

Edited by Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

‘Duc Khuong Nguyen offers a multifaceted collection of research on emerging markets that is a must-read for scholars and investors alike. It is one of the most comprehensive books on emerging markets finance and will impress the readers with its fresh perspectives.’

• Contents:Preface xxviiiPART I FINANCIAL MARKETS, INSTITUTIONS AND MONEY1 Booms, bubbles, blow-outs: exploring patterns in China’s credit expansion 2Ron McIver, Lei Xu and Shiao-Lan Chou2 Mutual fund investing in the Chinese A-share market 32Yeguang Chi and Xiao Qiao3 Liquidity and ex-dividend behavior in emerging markets 51Daniel Dupuis4 Asset-based valuation: a modified discounted cash flow approach 70Rafael Yanushevsky, Daniel Yanushevsky and Camilla Yanushevsky5 Financial integration in Asia: some empirical evidence 83An Thi Thuy Duong and Clemens Kool6 Application of the neural F-Score in Latin American stock markets 104Lidia Loban, Cristina Ortiz and Luis Vicente7 Market-liquidity risk modeling and reinforcement machine learning algorithmsunder extreme market outlooks: applications to emerging markets 115Mazin A.M. Al Janabi8 The components of bid–ask spread on the Warsaw Stock Exchange 131Paweł Miłobędzki and Sabina NowakPART II BANKING PROFITABILITY, EFFICIENCY AND STABILITY9 Bank profitability in the euro area: the asymmetric effect of commonsupervision 153Ioanna Avgeri, Yiannis Dendramis and Helen Louri10 The journey of a thousand miles: a decade of the impact of foreignshareholders on the performance of Chinese commercial banks 176Constantin Gurdgiev and Li Jiaqi11 The determinants of commercial banks’ profitability in the South-EasternEurope region: a system GMM approach 200Francesco Guidi12 Determinants of commercial banks’ performance in Mozambique 218Antonio Samagaio, Pedro Verga Matos and Isidora Manjate13 Impact of information and communication technology on banking efficiency:the Vietnamese experience 238Thanh Ngo and Tu Le14 Competition, efficiency and stability in Islamic and conventional bankingsystems: an emerging market perspective 254Md. Nurul Kabir and Andrew C. Worthington15 Central bank independence, macroprudential policies and financial stability inthe Mauritian context 274Manisha Chuttoor, Dinesh Ramdhony and Boopen SeetanahPART III TOWARDS FINANCIAL RESILIENCE AND SUSTAINABILITY16 Sustainable investing in emerging markets 298Andreas Gruener17 ESG issues in emerging markets and the role of banks 321Thankom Arun, Claudia Girardone and Stefano Piser.18 Corporate social responsibility disclosure and cost efficiency of Islamicbanks: evidence from GCC countries 345Anas Mohammad Hussein Al-Jbour, Lei Xu, Damien Wallace andGuodong Yuan19 Credit risk management and practices in Islamic and conventional banks:an emerging market perspective 366Mahfod Aldoseri and Andrew C. Worthington20 Stakes and challenges in the development of impact investing in emergingmarkets: the case of Asia 378Emmanuelle Dubocage and Evelyne Rousselet21 Consumer financial spinning and market stress factors in emerging markets 394Olivier Mesly22 Analyst coverage of emerging market IPOs and legal environment 419Romain BoissinPART IV INNOVATIVE MODELS IN BANKING AND FINANCE23 The role of BigTech in emerging markets 433Silvio Andrae24 The digital revolution in financial services: new business models and talentchallenges 464Sylvie St-Onge, Michel Magnan and Catherine Vincent25 Ethics and trust on Fintech platforms from an emerging markets perspective 479Oliver Vasquez and Leire San-Jose26 Challenges and opportunities for crowdfunding in emerging markets: anethical perspective 492Johan Bouglet, Ghislaine Garmilis and Olivier Joffre27 Rationalizing the Takaful organizational form with institutional theory 506Maryam Alhalboni, Muhammed Shahid Ebrahim and Wahyu Jatmiko28 Artificial intelligence in an emerging portfolio manager: the case of Evovest 523Sylvie St-Onge, Catherine Vincent and Michel MagnanPART V EMERGING TRENDS29 Emerging green finance hubs in Asia: regulatory initiatives for ESG investingand green bond development by the Four Tigers 539Artie W. Ng30 Enhancing sustainability reporting and greening the finance system:institutionalization and practices in China’s banking sector 553Shidi Dong, Lei Xu and Ron McIver31 Cross-border banking in EMDEs: trends, scale, and policy implications 573Erik Feyen, Norbert Fiess, Ata Can Bertay and Igor Zuccardi Huertas32 The Swiss banking experience and lessons learned for emerging markets: theroles of digitalization and sustainability 597Carlo Raimondo and Patrick Coggi33 Financial development of CEE markets and the evolving role of foreign-ownedmultinational banks 619Victoria Geyfman34 Key rate pass-through to deposit rates: experience from the pandemic era 634Henry Penikas35 Inflation targeting and fiscal discipline in selected emerging economies 651Milojko Arsić, Zorica Mladenović and Aleksandra NojkovićPART VI NEW PERSPECTIVES36 The role of financial surveys for economic research and policy making inemerging markets 676Sof.a Gallardo and Carlos Madeira37 Emerging regions in the era of negative real interest rates: twenty years ofconvergence towards the US? 687Max Gillman38 The Indonesian banking sector during the COVID-19 pandemic 710Sahminan Sahminan39 Bank finance and alternative instruments in capital-intensive sectors: the caseof global shipping 731Theodore Syriopoulos40 The Russian financial sector: opportunities in an unstable environment andsanctions 763Vasily Tkachev, Vadim Grishchenko and Karl Summanen41 Conflict, contention and cooperation in China’s new model of financialintermediation monitoring 793W. Travis Selmier IIIndex 811

Edited by Duc Khuong Nguyen, Professor of Finance, IPAG Business School, France

‘Duc Khuong Nguyen offers a multifaceted collection of research on emerging markets that is a must-read for scholars and investors alike. It is one of the most comprehensive books on emerging markets finance and will impress the readers with its fresh perspectives.’

• Contents:Preface xxviiiPART I FINANCIAL MARKETS, INSTITUTIONS AND MONEY1 Booms, bubbles, blow-outs: exploring patterns in China’s credit expansion 2Ron McIver, Lei Xu and Shiao-Lan Chou2 Mutual fund investing in the Chinese A-share market 32Yeguang Chi and Xiao Qiao3 Liquidity and ex-dividend behavior in emerging markets 51Daniel Dupuis4 Asset-based valuation: a modified discounted cash flow approach 70Rafael Yanushevsky, Daniel Yanushevsky and Camilla Yanushevsky5 Financial integration in Asia: some empirical evidence 83An Thi Thuy Duong and Clemens Kool6 Application of the neural F-Score in Latin American stock markets 104Lidia Loban, Cristina Ortiz and Luis Vicente7 Market-liquidity risk modeling and reinforcement machine learning algorithmsunder extreme market outlooks: applications to emerging markets 115Mazin A.M. Al Janabi8 The components of bid–ask spread on the Warsaw Stock Exchange 131Paweł Miłobędzki and Sabina NowakPART II BANKING PROFITABILITY, EFFICIENCY AND STABILITY9 Bank profitability in the euro area: the asymmetric effect of commonsupervision 153Ioanna Avgeri, Yiannis Dendramis and Helen Louri10 The journey of a thousand miles: a decade of the impact of foreignshareholders on the performance of Chinese commercial banks 176Constantin Gurdgiev and Li Jiaqi11 The determinants of commercial banks’ profitability in the South-EasternEurope region: a system GMM approach 200Francesco Guidi12 Determinants of commercial banks’ performance in Mozambique 218Antonio Samagaio, Pedro Verga Matos and Isidora Manjate13 Impact of information and communication technology on banking efficiency:the Vietnamese experience 238Thanh Ngo and Tu Le14 Competition, efficiency and stability in Islamic and conventional bankingsystems: an emerging market perspective 254Md. Nurul Kabir and Andrew C. Worthington15 Central bank independence, macroprudential policies and financial stability inthe Mauritian context 274Manisha Chuttoor, Dinesh Ramdhony and Boopen SeetanahPART III TOWARDS FINANCIAL RESILIENCE AND SUSTAINABILITY16 Sustainable investing in emerging markets 298Andreas Gruener17 ESG issues in emerging markets and the role of banks 321Thankom Arun, Claudia Girardone and Stefano Piser.18 Corporate social responsibility disclosure and cost efficiency of Islamicbanks: evidence from GCC countries 345Anas Mohammad Hussein Al-Jbour, Lei Xu, Damien Wallace andGuodong Yuan19 Credit risk management and practices in Islamic and conventional banks:an emerging market perspective 366Mahfod Aldoseri and Andrew C. Worthington20 Stakes and challenges in the development of impact investing in emergingmarkets: the case of Asia 378Emmanuelle Dubocage and Evelyne Rousselet21 Consumer financial spinning and market stress factors in emerging markets 394Olivier Mesly22 Analyst coverage of emerging market IPOs and legal environment 419Romain BoissinPART IV INNOVATIVE MODELS IN BANKING AND FINANCE23 The role of BigTech in emerging markets 433Silvio Andrae24 The digital revolution in financial services: new business models and talentchallenges 464Sylvie St-Onge, Michel Magnan and Catherine Vincent25 Ethics and trust on Fintech platforms from an emerging markets perspective 479Oliver Vasquez and Leire San-Jose26 Challenges and opportunities for crowdfunding in emerging markets: anethical perspective 492Johan Bouglet, Ghislaine Garmilis and Olivier Joffre27 Rationalizing the Takaful organizational form with institutional theory 506Maryam Alhalboni, Muhammed Shahid Ebrahim and Wahyu Jatmiko28 Artificial intelligence in an emerging portfolio manager: the case of Evovest 523Sylvie St-Onge, Catherine Vincent and Michel MagnanPART V EMERGING TRENDS29 Emerging green finance hubs in Asia: regulatory initiatives for ESG investingand green bond development by the Four Tigers 539Artie W. Ng30 Enhancing sustainability reporting and greening the finance system:institutionalization and practices in China’s banking sector 553Shidi Dong, Lei Xu and Ron McIver31 Cross-border banking in EMDEs: trends, scale, and policy implications 573Erik Feyen, Norbert Fiess, Ata Can Bertay and Igor Zuccardi Huertas32 The Swiss banking experience and lessons learned for emerging markets: theroles of digitalization and sustainability 597Carlo Raimondo and Patrick Coggi33 Financial development of CEE markets and the evolving role of foreign-ownedmultinational banks 619Victoria Geyfman34 Key rate pass-through to deposit rates: experience from the pandemic era 634Henry Penikas35 Inflation targeting and fiscal discipline in selected emerging economies 651Milojko Arsić, Zorica Mladenović and Aleksandra NojkovićPART VI NEW PERSPECTIVES36 The role of financial surveys for economic research and policy making inemerging markets 676Sof.a Gallardo and Carlos Madeira37 Emerging regions in the era of negative real interest rates: twenty years ofconvergence towards the US? 687Max Gillman38 The Indonesian banking sector during the COVID-19 pandemic 710Sahminan Sahminan39 Bank finance and alternative instruments in capital-intensive sectors: the caseof global shipping 731Theodore Syriopoulos40 The Russian financial sector: opportunities in an unstable environment andsanctions 763Vasily Tkachev, Vadim Grishchenko and Karl Summanen41 Conflict, contention and cooperation in China’s new model of financialintermediation monitoring 793W. Travis Selmier IIIndex 811