Forthcoming Articles

American Journal of Finance and Accounting

American Journal of Finance and Accounting (AJFA)

Forthcoming articles have been peer-reviewed and accepted for publication but are pending final changes, are not yet published and may not appear here in their final order of publication until they are assigned to issues. Therefore, the content conforms to our standards but the presentation (e.g. typesetting and proof-reading) is not necessarily up to the Inderscience standard. Additionally, titles, authors, abstracts and keywords may change before publication. Articles will not be published until the final proofs are validated by their authors.

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American J. of Finance and Accounting (2 papers in press)

Regular Issues

  • Quantifying financial risk management skill: a new measure and empirical validation   Order a copy of this article
    by Post Raj Pokharel  
    Abstract: I propose a novel measure of financial risk management skill (FRMS) that captures a five-level ability to improve firm outcomes by effectively managing internal firm-level operations and external systematic and environmental factors, along with biodiversity risk exposures. My measure is constructed by aggregating standardised residuals from five distinct performance models, each controlling for firm- and risk-specific attributes, resulting in a composite index that isolates the value-added component of managerial skill in risk-sensitive domains. I validate FRMS through a battery of tests: it loads significantly onto a single latent factor in confirmatory factor analysis, correlates strongly with established managerial ability scores, and predicts future firm performance proxied by ROA, Tobin’s Q, and returns. Robustness checks confirm the stability of FRMS across performance quantiles, economic cycles, and industry risk profiles. Additionally, I show that FRMS offers incremental explanatory power beyond traditional managerial ability and interacts meaningfully with it in driving performance.
    Keywords: FRMS; financial risk management skill; idiosyncratic risk; BETA; climate risk; biodiversity risk.
    DOI: 10.1504/AJFA.2026.10079021
     
  • The impact of economic policy uncertainty on stock market liquidity: does COVID-19 sentiment matter?   Order a copy of this article
    by Abhrajit Sarkar, Anwesha Sarkar 
    Abstract: This study examines the relationship between EPU and stock market liquidity in Brazil, India, and the US during COVID-19, considering aggregate and sectoral data. Using wavelet coherence with ILLIQ and HLS, results show the EPU-liquidity link is time-varying, frequency-dependent, and sensitive to pandemic sentiment shifts. In Brazil and India, illiquidity often preceded policy uncertainty, highlighting the vulnerability of emerging markets. The USA showed a bidirectional loop where uncertainty constrained liquidity. Sector analysis reveals diverse patterns: healthcare and consumer staples driven by policy uncertainty; technology and hospitality by liquidity; energy by bidirectional causality. Central banks should develop preemptive liquidity facilities, and the USA Federal Reserve should monitor EPU-liquidity to disrupt feedback. Regulators need sector-specific circuit breakers. Investors should tailor hedging, risk managers should use regime-switching models, corporate treasurers should hold sector-specific buffers, and traders should calibrate strategies by frequency.
    Keywords: economic policy uncertainty; COVID-19; wavelet coherence; Amihud illiquidity; SVI; search volume intensity; Brazil; India; United States.
    DOI: 10.1504/AJFA.2026.10079042
     

 

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