We examine the impact of geopolitical risk (GPR) on firm value, focusing on non-financial firms from 17 emerging market countries. The evidence presents that heightening GPR is associated with a reduction in firm value. The reason is that firms tend to reduce internal risk by holding more cash,...

This paper investigates whether Bitcoin acts as a diversifier, hedge or safe haven tool for investors in major developed and developing markets, as well as for commodities. This paper employs the GARCH Dynamic Conditional Correlation (DCC) model. The sample covers seven developed and six...

This paper examines the causal relationship between global stock market performance and Google search volume index (SVI) surrounding the disastrous event of the coronavirus (COVID-19) outbreak. Based on 6,106 stock index-day observations of 71 countries during the period from 1 January 2020 to...