Starting in 2022, the United States launched a new round of monetary policy tightening, adopting a dual-track strategy of sustained interest rate hikes and balance sheet reduction. These measures have generated significant spillover effects on China’s stock market. Against this backdrop, this paper employs an event study and regression analysis to investigate the short-term market response of Chinese A-share listed firms to U.S. monetary tightening shocks. The analysis captures firms’ overseas exposure from three dimensions—trade, investment, and financial channels. Empirical results reveal that trade exposure is positively associated with cumulative abnormal returns (CARs), while both investment and financial exposures exert significant negative effects. The paper further discusses the differentiated moderating mechanisms of managerial resource allocation capacity and VC background across the three types of overseas exposures. Heterogeneity analysis shows that the influence of overseas exposure on market performance varies by firms’ technological intensity. Firms with high investment exposure—particularly those involved in foreign ownership, cross-border M&A, and greenfield investment—perform worse under policy shocks.

ABSTRACT This article examines the dynamics of industrial restructuring in the contemporary automotive GVC based on the Marxian critique of political economy. To do so, it firstly sketches out the main tenets of the theoretical approach, which, in a nutshell, establish how the system-wide ‘laws of production and appropriation of value’ become mediated through a stratified qualitative differentiation of individual capitals (i.e. firms) and a concomitant quantitative hierarchy of profitability. Subsequently, it examines through those lenses the recent trajectory of the automotive GVC, which is shown to revolve around the changing relationship between automakers and so-called ‘mega suppliers’ resulting from the twofold process of, on the one hand, vertical disintegration by means of outsourcing of the manufacturing of parts and components and, on the other, the growing concentration and centralisation of capital among first-tier suppliers. On these grounds, the article finally moves to its second focal point and key contribution, namely: the discussion of a methodologically-informed framework for the construction of quantitative metrics of profitability, which are then used to provide an analysis of profitability differentials between automakers and suppliers based on data obtained from the balance sheets of firms.

ABSTRACT Using a database comprising US bank balance sheet variables and the list of failed banks as provided by the FDIC, we run various models to compute banks’ default probability in order to assess the impact of capital and liquidity on it. A companion website is available to execute the associated code on a https://github.com/Durand-LeQuang-Vialfont/banksdefaultGithub repository. We provide evidence that 1) capital is a stronger predictor of default than liquidity, 2) Basel III capital requirements should be set at a higher level. Having a look at the impact of the interaction between capital and liquidity on the probability of default, we indeed show that the influence of the former completely outweighs that of the latter. Concerning the impact of capital ratios on the probability of default, we provide evidence that increasing the former allows reducing the latter up to a certain point. More precisely, it seems that when the risk-weighted ratio is around 15 % and the simple leverage ratio around 10 % , the probability of default reaches it lowest value. These results therefore call for strengthening capital requirements while at the same time releasing the regulatory pressure put on liquidity, especially for small banks.

• Instrument-level simulator where agents are balance sheets. • Tracks dated cash flows with explicit means-of-payment constraints. • Payments succeed or fail based on liquidity, enabling default cascades. • Includes Treynor-style dealer pricing kernels for market intermediation. • Open-source Python with YAML scenarios and comprehensive documentation. Bilancio is an open-source Python framework for simulating monetary and financial systems at the instrument level. Unlike traditional approaches that represent money as aggregate stocks or equilibrium prices, Bilancio models agents as explicit balance sheets, tracks individual financial instruments with dated cash flows, enforces double-entry accounting, and treats payments and defaults as concrete events. The framework implements dealer and bank pricing kernels derived from market microstructure theory, enabling researchers to study phenomena where the timing of payments, the hierarchy of settlement media, and balance-sheet constraints jointly determine outcomes. Bilancio supports declarative YAML-based scenario configuration and programmatic Python APIs, with optional cloud execution and interactive visualization. All examples run locally without external dependencies.

The effects of homeownership on stock demand: A housing assignments quasi-experiment

ABSTRACT Global mergers and acquisitions (M&A) activity has significantly increased in recent decades, leading to a corresponding accumulation of goodwill in the balance sheets of the acquiring companies. This trend has raised concerns about potential overpayments and the formation of a goodwill bubble with social and economic risks. This study examines the impact of acquirer type (financial versus strategic) on overpayments in M&A transactions. Using a sample of 92 private equity (PE)-backed buyouts, matched with strategic acquisitions in the Spanish context, our findings reveal that PE-backed buyouts show significantly higher overpayment levels than their strategic counterparts. Testing potential drivers behind these results, we find significance in transaction volume, the substantial use of debt and credit market conditions. Our research contributes to the understanding of excess goodwill in M&A transactions, offering valuable insights for regulators and analysts in detecting initial signs of overpayment, thus helping to mitigate risks associated with goodwill bubbles.

IMPACT This article will be of value to senior and middle-level public sector accountants, auditors, standard setters, asset managers, and to managers in museums and cultural institutions who are involved in heritage asset reporting. Its contribution is to consolidate and systematize the fragmented academic literature on heritage accounting, showing how the debate has evolved over three decades and where significant issues remain. By mapping dominant themes, methods, geographical patterns, and contrasting views on recognition, definition, and measurement, the article helps practitioners understand the arguments for and against balance sheet recognition, the limits of monetary valuation, and the role of disclosure in conservation, maintenance, use, and cultural significance. The authors’ findings support informed reporting policies, stronger dialogue between accountants and heritage professionals, and balanced decisions on financial valuation, narrative disclosure, or combined approaches that better reflect public value.

ABSTRACT Post-war suburbanisation is a foundational element of the Australian urban experience but brought a balance sheet of social costs alongside material benefits. Most development authorities were slow to acknowledge the need for a more explicit social approach to urban questions until the 1970s, a decade of questioning conventional wisdom, promoting wider community participation, and greater awareness of the importance of place in planning outcomes. This paper explores this narrative in reconstructing the career and contributions of a relatively forgotten figure in the development of Australian planning. Caroline Kelly (1899–1989) pursued a remarkably varied life. Her three core careers: actress-entrepreneur, social anthropologist, and social planner were shaped throughout by her feminist outlook. Kelly’s third career for a succession of major planning bodies in Sydney saw her advising on social wellbeing and placemaking activities for relocated suburban populations and receiving communities as the social aspects of urban planning were first being considered as an integral part of the wider planning mission. In an era of great social change, her skills in communication and social research enabled her to appreciate and promote consideration of human issues in the planning process. Kelly’s was a resolute voice for qualitative inquiry, and for planners listening to, acknowledging, and addressing the needs of displaced communities, with particular concern for the isolation, loneliness and lack of social infrastructure suffered by women, children and teenagers in suburbia. A place-based perspective provides the interpretive structure to analyse Kelly’s activities from the 1940s to the 1980s. Caroline Kelly’s social research revealed that all residents in expanding urban environments were experiencing social displacement and disconnection. Kelly promoted better-informed planning and active place-making supports to encourage the reformation of individual social identity, thereby nurturing a stronger connection to place. As a social anthropologist, university lecturer and planning consultant, Kelly helped drive the emergence of social planning as a fundamental component of modern planning in Australia.

The ongoing full-scale invasion of Ukraine has fundamentally transformed the economic landscape, necessitating rapid adaptations in currency regulation and financial reporting. The evolution of the National Bank of Ukraine’s (NBU) policies – transitioning from a fixed exchange rate in 2022 to managed flexibility in 2024–2026 – has created significant challenges for accounting practitioners, requiring continuous adaptation of accounting policies and a high level of professional judgment in non-standard situations. This article addresses the critical need to refine the accounting and analytical support for foreign currency transactions, focusing on the recognition and measurement of exchange rate differences under extreme volatility and regulatory constraints. The study examines the classification of foreign currency liabilities into monetary and non-monetary items in accordance with NAS 21 and IAS 21, and defines the procedures for their remeasurement at the balance sheet date and the recognition of exchange differences in profit or loss. Special attention is paid to the regulatory framework governing foreign currency settlements under martial law, including NBU resolutions introducing restrictions on currency transfers, dividend repatriation, and settlements with non-residents. The article analyses the accounting implications of the one-time hryvnia devaluation in July 2022 and the subsequent transition to a managed flexibility regime, both of which generated substantial exchange losses for enterprises with significant foreign currency liabilities. The study identifies key practical challenges specific to wartime conditions: the accounting treatment of frozen obligations subject to NBU-imposed moratoria, force majeure circumstances confirmed by the Ukrainian Chamber of Commerce, loss of primary documents in temporarily occupied territories, and the classification of foreign aid as monetary or non-monetary liabilities. It is argued that the absence of dedicated methodological guidance for accounting under armed conflict conditions forces practitioners to rely solely on professional judgment, thereby increasing the risk of material misstatements in financial reporting. The article concludes that the development of specific regulatory recommendations by the Ministry of Finance of Ukraine, combined with the gradual convergence of NAS 21 with IAS 21, is essential for enhancing the reliability of financial statements and strengthening the economic security of Ukrainian enterprises in the context of post-war recovery and European integration.

Purpose The impact of international agri-food trade on food security and nutrition remains contested, and evidence on its implications for (micro)nutrient intake is still limited. This article explores how Morocco's agri-food production and trade patterns have shaped the nutritional availability over the past 3 decades. Design/methodology/approach Using FAO Food Balance Sheets and national food composition tables to estimate domestic supply, production, imports, and exports of 12 food groups and key nutrients (calories, proteins, fats, carbohydrates, vitamin A, iron and magnesium) from 1991 to 2021. Non-parametric trend tests and a Seemingly Unrelated Regression (SUR) framework, combined with an autoregressive specification, are used to assess structural changes and trade nutrition associations. Nutrient availability is benchmarked against FAO/WHO population-weighted requirements, while food group supply is evaluated relative to EAT–Lancet dietary recommendations. Findings Morocco largely meets national nutritional requirements, consistent with declines in undernourishment, stunting and anaemia. However, calories and fats now exceed recommended levels. Cereal imports have stabilized food supply but increased exposure to global shocks. Despite high vegetable exports, domestic availability remains below dietary recommendations, suggesting a trade-off between export growth and local nutritional adequacy. Research limitations/implications The data used reflect national-level supply and do not capture disparities in access across social groups. While nutrient composition values align with national data, the analysis cannot assess intra-household distribution or affordability. Originality/value The study provides a nutrient-level, country-specific analysis linking trade flows to dietary adequacy in a middle-income context.

We examine how monetary policy, macroprudential regulation, and household saving behavior interact to shape mortgage credit supply after the Global Financial Crisis. We develop a model in which household deposit flows determine bank funding conditions, whereas capital and liquidity requirements constrain portfolio allocations between reserves and mortgages. The framework highlights a distinct transmission channel: shifts in household saving patterns alter how prudential regulation and interest rate policy affect mortgage lending. Calibrated to pre- and postcrisis balance sheet data, the model shows that stronger deposit inflows mitigate the contractionary effects of tighter capital and liquidity requirements. Counterfactual exercises indicate that, absent the rise in household deposit demand, the postcrisis decline in leverage and mortgage lending would have been substantially larger. Empirically, we document that banks with stronger capital buffers do expand mortgage lending in response to deposit inflows. These results highlight household saving behavior as an important mechanism through which monetary and regulatory conditions are transmitted to housing markets.

• We document early and significant bank stock losses around SVB and SB failures. • Investor reactions to the SVB and SB shock are negative on average. • Market reactions vary according to the extent of common exposure. • Banks with common exposures to SVB and SB have more severe stock price losses. This paper examines stock market reactions to the Silicon Valley Bank (SVB) and Signature Bank (SB) failures in March 2023. Using an event study of U.S. bank holding companies, we document significant negative abnormal returns surrounding the failures, with losses emerging prior to the SVB closure and intensifying on the event dates. We further analyze cross-sectional heterogeneity in market reactions based on banks’ common exposures to SVB and SB. Banks with similar balance sheet characteristics—particularly large holdings of held-to-maturity and available-for-sale securities, sizable unrealized losses, concentrated lending portfolios, and high uninsured deposits—experienced significantly more adverse stock price responses. These findings are consistent with an indirect contagion channel in which investors react to common unfavorable signals rather than direct interbank linkages. Overall, the results inform ongoing policy debates regarding accounting measurement, disclosure, and banking sector stability during periods of systemic stress.

Bitcoin and the hospitality balance sheet: Allocation thresholds from Monte Carlo VaR analysis

The article examines the historical aspects of the development of the Islamic banking system, which is based on the rules of Sharia and Islamic ethics, as well as the legal framework that regulates the activities of Islamic financial institutions. The study explores the fundamental principles and conceptual categories that characterize the unique model of banking. Based on the analysis of operations inherent in Islamic banking, the main items of the formation of liabilities are determined, and the structure of the assets of the balance sheet is presented. Based on the study of the set of economic relations and connections between the participants of the credit and financial system within the framework of the Islamic model of banking, the factors that form Islamic banking are substantiated and the prospects for its application for the development of national economies of Arab countries are assessed.

India moves most of its goods by road, and diesel trucks, which entirely dominate freight, impose a significant cost burden across the supply chain. These operational costs do not remain inside a company's accounts but travel upward through the supply chain, ultimately appearing in the price of every packet of chips, every medicine, and every bag of rice that a consumer buys. This paper examines whether replacing diesel trucks with electric trucks could reduce freight costs and, by extension, lower the retail prices that ordinary Indian consumers pay. Through structured analysis of running costs and total ownership expenses over eight years, the study finds that electric trucks reduce transportation costs by 28 to 35 percent across different sectors. Sectors such as e-commerce, FMCG, agriculture, and pharmaceuticals gain the most from these savings. Critically, these freight savings demonstrate a meaningful pass-through effect rather than remaining locked inside business balance sheets with consumers benefiting through lower retail prices. Estimated retail price reductions range from approximately 0.9 percent for branded packaged goods to 4.2 to 6.3 percent for ecommerce deliveries with reductions of up to 8 to 12 percent in rural areas where transport costs constitute a larger share of final prices. The paper also examines environmental benefits, charging infrastructure requirements and relevant government schemes. Practical barriers including high upfront costs, limited financing, range constraints, and a shortage of trained technicians mean adoption currently remains slow. The paper concludes with recommendations for industry, government and fleet operators

ABSTRACT Using monthly data from 2008 to 2019, this paper employs a Global Vector Autoregression (GVAR) model to examine the impact of the ECB’s UMP 1 on six CEECs. 2 We analyze the spillover effects of balance sheet expansion and the LTRO 3 on liquidity and yield spreads. Spillover dynamics are assessed through the Global Impulse Response Function (GIRF). The liquidity spread is measured as the difference between the 3-month and o1-day interest rates, while the yield spread as the 10-year and 1-year government bond yields. Results indicate lower liquidity spreads in Romania and higher yield spreads in Bulgaria, the Czech Republic, and Romania.

The rudiments of a dark energy theory are providing that appears to have been developed in two complementary ways. On the one hand, this theory is based on physics and mathematics and, on the other hand, it is developed on the basis of available data. This correspondends to the discovery of the laws of planetary motion in elliptical planetary orbits by JOHANNES KEPLER in the past. He developed his laws from a large dataset. Later it was theoretically substantiated more thoroughly by ISAAK NEWTON. The focus is on deriving a formula for the equivalence of energy and time or equivalence of dark energy and the age of the universe. This derivation provides new theoretical insights and applications in theoreticsl terms and leads to the discovery of a new law of nature.The theoretical result is confronted with the numerical value calculated from the available data from the MAX PLANCK Institute for Radio Astronomy. Excellent matching of numerical values of dark energy resulting in three independent paths makes the approach plausible. THOMAS GÖRNITZ provides a theoretical basis for the equation of the equivalence of dark energy and the age of the universe. The empirical BALMER formula for the frequencies of the spectral lines in the arc spectrum of hydrogen was also theoretically justified by NIELS BOHR, who calculated the energy levels of the hydrogen atom and the fequencies of spectral lines.The derivation of a formula for calculation dark energy is described. Further formulas are deducted. The dark matter of the cosmos is calculated. A balance sheet is drawn up. Conclusions are drawn.

The article provides a comprehensive and in-depth study of the multifaceted aspects of accounting for virtual assets within the context of intensifying global digitalization and the specific financial risks associated with the martial law period in Ukraine. The current legal landscape is analyzed in detail, specifically focusing on the Law of Ukraine «On Virtual Assets», which currently remains in a "not yet in force" status, and the European Regulation on Markets in Crypto-Assets (MiCA), which establishes new harmonized regulatory standards for the crypto market. The study substantiates the methodological feasibility of applying IAS 38 «Intangible Assets» for the recognition of cryptocurrencies on the balance sheets of business entities as identifiable non-monetary resources without physical substance. The research proposes an original author's methodology for accounting entries regarding specific operations such as staking and periodic revaluation of digital units. The critical impact of high volatility of virtual assets on the key performance indicators of an enterprise’s financial position is determined. Furthermore, the study develops practical recommendations for improving the disclosure of information in the notes to financial statements to ensure strict regulatory compliance with International Financial Reporting Standards (IFRS). A significant part of the research is devoted to resolving legal and tax collisions. It is argued that the current tax vacuum, caused by the postponement of the specialized law, creates excessive fiscal pressure. The author proposes pathways for adapting tax legislation to the technical essence of blockchain technology, emphasizing the need to recognize «investment profit» (the difference between sale and acquisition costs) as the taxable base. The study concludes that only the synchronization of national accounting standards with the MiCA framework and the implementation of clear tax rules will create a transparent accounting environment, enhance institutional trust, and increase the investment attractiveness of the Ukrainian jurisdiction for global crypto-assets participants.

This paper investigates the financial health of five prominent Indian automobile manufacturers — Maruti Suzuki India Limited, Tata Motors Limited, Mahindra and Mahindra Limited, Bajaj Auto Limited, and Eicher Motors Limited — spanning the five-year window from 2020–21 through 2024–25. The methodology employs financial ratio analysis across four core dimensions: profitability, liquidity, long-term solvency, and capital efficiency. Primary data originates from audited annual reports and recognised financial databases. The findings indicate that Bajaj Auto and Eicher Motors consistently recorded the strongest returns on equity and the most stable profit margins, while Maruti Suzuki retained its commanding position in domestic passenger vehicle volumes. Tata Motors delivered the most dramatic financial reversal across the period, recovering from deep pandemic-induced losses to record sector-leading profits by 2023–24. Mahindra and Mahindra exhibited measured, consistent growth across all dimensions without taking on disproportionate balance sheet risk. A key conclusion is that no single firm dominates every financial dimension simultaneously — each entity exhibits a distinct performance profile shaped by its product mix, capital structure, and strategic choices. As the sector confronts accelerating EV adoption and tightening emission norms, the companies that combine financial resilience with technology investment will be best positioned for the next phase of growth.

This study aims to examine the integration of field findings based on UI green city metric indicators and green accounting approaches in the development of village sustainability reporting. This study was conducted in Karangpring village, Jember district, which is a case study village with abundant natural resources and strong local sustainability initiatives. A qualitative case study method was used, employing data collection techniques such as in-depth interviews, field observations, and document analysis. The results of the study show that Karangpring village has implemented various sustainable practices in terms of spatial planning, water management, mobility, waste management, energy, and village governance. However, these efforts have not been fully documented in a structured, accounting-based reporting system. By applying a green accounting approach, this study developed a green village financial report format consisting of a green balance sheet, an environment-based budget realization report, and notes to the green financial statements. This reporting format aims to improve transparency and accountability, as well as support evidence-based environmental policy formulation at the village level. This study contributes to the development of integrated and applicable village sustainability reporting, and opens up opportunities for regulation and digitization of environmental reporting at the local government level.