IDEAS home Printed from https://ideas.repec.org/a/eee/finsta/v78y2025ics1572308925000373.html
   My bibliography  Save this article

Geopolitical risk and corporate maturity mismatch

Author

Listed:
  • Wang, Man
  • Wang, Xueting

Abstract

This paper explores how geopolitical risk affects corporate maturity mismatch using a sample of Chinese listed corporations. We find that geopolitical risk significantly exacerbates corporate maturity mismatch. Specifically, GPR increases corporate long-term investment and short-term debt, while decreasing corporate short-term investment and long-term debt. Further, the impact of GPR is amplified by R&D investment, industry competitiveness, and financial constraint, but weakened by corporate credit quality. The results of the mechanism test suggest that geopolitical risk exacerbates corporate maturity mismatch by increasing corporate information asymmetry and default risk. Additionally, we find that the impact of GPR on corporate maturity mismatch exhibits industry heterogeneity, and the positive effect of geopolitical risk on corporate maturity mismatch is more significant for high-growth corporations, non-state-owned corporations, small corporations, multinational corporations, and capital-intensive corporations. Finally, based on the extended Fama-French models, we construct two firm-level GPR indicators and the results indicate that individual GPR exacerbates maturity mismatch. Our paper enriches the research on the factors affecting maturity mismatch and helps corporations better manage operational and uncertainty risks.

Suggested Citation

  • Wang, Man & Wang, Xueting, 2025. "Geopolitical risk and corporate maturity mismatch," Journal of Financial Stability, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:finsta:v:78:y:2025:i:c:s1572308925000373
    DOI: 10.1016/j.jfs.2025.101408
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1572308925000373
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jfs.2025.101408?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Dario Caldara & Matteo Iacoviello, 2022. "Measuring Geopolitical Risk," American Economic Review, American Economic Association, vol. 112(4), pages 1194-1225, April.
    2. Dung T. T. Tran & Hieu V. Phan, 2022. "Government economic policy uncertainty and corporate debt contracting," International Review of Finance, International Review of Finance Ltd., vol. 22(1), pages 169-199, March.
    3. Si, Deng-Kui & Wang, Meng & Ding, Hui, 2023. "Capital account liberalization and corporate maturity mismatch: The role of bank competition," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
    4. Zhang, Yaojie & He, Jiaxin & He, Mengxi & Li, Shaofang, 2023. "Geopolitical risk and stock market volatility: A global perspective," Finance Research Letters, Elsevier, vol. 53(C).
    5. Adra, Samer & Gao, Yang & Huang, Jin & Yuan, Jiayi, 2023. "Geopolitical risk and corporate payout policy," International Review of Financial Analysis, Elsevier, vol. 87(C).
    6. Allaya, Manel & Derouiche, Imen & Muessig, Anke, 2022. "Voluntary disclosure, ownership structure, and corporate debt maturity: A study of French listed firms," International Review of Financial Analysis, Elsevier, vol. 81(C).
    7. Bai Yunxia & Muqing Qiu, 2021. "Official Visit, Bank Credit and Maturity Mismatch: Evidence from Chinese Listed Firms," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(15), pages 4361-4379, December.
    8. Liguang Zhang & Wanyi Chen & Ning Hu, 2021. "Economic policy uncertainty and stock liquidity: evidence from China," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 18(1), pages 22-44, March.
    9. Guan, Jialin & Xu, Huijuan & Huo, Da & Hua, Yechun & Wang, Yunfeng, 2021. "Economic policy uncertainty and corporate innovation: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    10. Ben-Nasr, Hamdi & Boubaker, Sabri & Rouatbi, Wael, 2015. "Ownership structure, control contestability, and corporate debt maturity," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 265-285.
    11. Bolton, Patrick & Scharfstein, David S, 1990. "A Theory of Predation Based on Agency Problems in Financial Contracting," American Economic Review, American Economic Association, vol. 80(1), pages 93-106, March.
    12. Ma, Sichao & Peng, Yuchao & Wu, Wanting & Zhu, Feifei, 2022. "Bank liquidity hoarding and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
    13. Datta, Sudip & Doan, Trang & Iskandar-Datta, Mai, 2019. "Policy uncertainty and the maturity structure of corporate debt," Journal of Financial Stability, Elsevier, vol. 44(C).
    14. Wen, Xi & Li, Wanli & Shen, Zhixuan, 2024. "Local government debt and corporate asset-debt maturity mismatches: Evidence from China," China Economic Review, Elsevier, vol. 88(C).
    15. Heitor Almeida & Murillo Campello, 2007. "Financial Constraints, Asset Tangibility, and Corporate Investment," The Review of Financial Studies, Society for Financial Studies, vol. 20(5), pages 1429-1460, 2007 12.
    16. Flannery, Mark J, 1986. "Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
    17. Cai, Kailan & Fairchild, Richard & Guney, Yilmaz, 2008. "Debt maturity structure of Chinese companies," Pacific-Basin Finance Journal, Elsevier, vol. 16(3), pages 268-297, June.
    18. Favara, Giovanni & Gao, Janet & Giannetti, Mariassunta, 2021. "Uncertainty, access to debt, and firm precautionary behavior," Journal of Financial Economics, Elsevier, vol. 141(2), pages 436-453.
    19. Cui, Xin & Wang, Chunfeng & Liao, Jing & Fang, Zhenming & Cheng, Feiyang, 2021. "Economic policy uncertainty exposure and corporate innovation investment: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    20. Khraiche, Maroula & Boudreau, James W. & Chowdhury, Md Shahedur R., 2023. "Geopolitical risk and stock market development," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 88(C).
    21. Khoo, Joye & Cheung, Adrian (Wai Kong), 2021. "Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression," Global Finance Journal, Elsevier, vol. 47(C).
    22. Jarrad Harford & Sandy Klasa & William F. Maxwell, 2014. "Refinancing Risk and Cash Holdings," Journal of Finance, American Finance Association, vol. 69(3), pages 975-1012, June.
    23. Boone, Audra L. & Floros, Ioannis V. & Johnson, Shane A., 2016. "Redacting proprietary information at the initial public offering," Journal of Financial Economics, Elsevier, vol. 120(1), pages 102-123.
    24. René M. Stulz, 2000. "Financial Structure, Corporate Finance and Economic Growth," International Review of Finance, International Review of Finance Ltd., vol. 1(1), pages 11-38, March.
    25. Phan, Hieu V. & Nguyen, Nam H. & Nguyen, Hien T. & Hegde, Shantaram, 2019. "Policy uncertainty and firm cash holdings," Journal of Business Research, Elsevier, vol. 95(C), pages 71-82.
    26. Wang, Xueting & Wang, Man, 2024. "Geopolitical risk and corporate innovation: Evidence from risk preference and risk-taking capacity perspectives," Economics Letters, Elsevier, vol. 241(C).
    27. Zhou, Mengling & Huang, Zizhen & Jiang, Kangqi, 2024. "Environmental, social, and governance performance and corporate debt maturity in China," International Review of Financial Analysis, Elsevier, vol. 95(PA).
    28. Alam, Ahmed W. & Houston, Reza & Farjana, Ashupta, 2023. "Geopolitical risk and corporate investment: How do politically connected firms respond?," Finance Research Letters, Elsevier, vol. 53(C).
    29. Caprio, Gerard, Jr & Demirguc-Kunt, Asli, 1998. "The Role of Long-Term Finance: Theory and Evidence," The World Bank Research Observer, World Bank, vol. 13(2), pages 171-189, August.
    30. Frank, Murray Z. & Goyal, Vidhan K., 2003. "Testing the pecking order theory of capital structure," Journal of Financial Economics, Elsevier, vol. 67(2), pages 217-248, February.
    31. Yang, Jianlei & Yang, Chunpeng & Hu, Xiaoyi, 2021. "Economic policy uncertainty dispersion and excess returns: Evidence from China," Finance Research Letters, Elsevier, vol. 40(C).
    32. Pan, Zhiyuan & Huang, Xiao & Liu, Li & Huang, Juan, 2023. "Geopolitical uncertainty and crude oil volatility: Evidence from oil-importing and oil-exporting countries," Finance Research Letters, Elsevier, vol. 52(C).
    33. Charles J. Hadlock & Joshua R. Pierce, 2010. "New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index," The Review of Financial Studies, Society for Financial Studies, vol. 23(5), pages 1909-1940.
    34. Agoraki, Maria-Eleni K. & Wu, Haoran & Xu, Tongbin & Yang, Min, 2024. "Money never sleeps: Capital flows under global risk and uncertainty," Journal of International Money and Finance, Elsevier, vol. 141(C).
    35. Zhao, Lexin & Peng, Gang & Feng, Qianbin, 2024. "VAT rate cut and corporate maturity mismatch: Evidence from China's VAT rate reform," International Review of Financial Analysis, Elsevier, vol. 93(C).
    36. Otgontsetseg Erhemjamts & Kartik Raman & Husayn Shahrur, 2010. "Industry Structure and Corporate Debt Maturity," The Financial Review, Eastern Finance Association, vol. 45(3), pages 627-657, August.
    37. Morris, James R, 1976. "On Corporate Debt Maturity Strategies," Journal of Finance, American Finance Association, vol. 31(1), pages 29-37, March.
    38. Huang, Ronghong & Tan, Kelvin Jui Keng & Faff, Robert W., 2016. "CEO overconfidence and corporate debt maturity," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 93-110.
    39. Fan, Joseph P. H. & Titman, Sheridan & Twite, Garry, 2012. "An International Comparison of Capital Structure and Debt Maturity Choices," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 47(1), pages 23-56, February.
    40. Barclay, Michael J & Smith, Clifford W, Jr, 1995. "The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-631, June.
    41. Armstrong, Christopher S. & Guay, Wayne R. & Weber, Joseph P., 2010. "The role of information and financial reporting in corporate governance and debt contracting," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 179-234, December.
    42. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    43. Oliver Hart & John Moore, 1994. "A Theory of Debt Based on the Inalienability of Human Capital," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 109(4), pages 841-879.
    44. Han, Xun & Ma, Sichao & Peng, Yuchao & Xie, Xinyan, 2022. "Central bank communication, corporate maturity mismatch and innovation," International Review of Financial Analysis, Elsevier, vol. 84(C).
    45. repec:bla:jfinan:v:43:y:1988:i:1:p:1-19 is not listed on IDEAS
    46. Shane A. Johnson, 2003. "Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage," The Review of Financial Studies, Society for Financial Studies, vol. 16(1), pages 209-236.
    47. Waisman, Maya & Ye, Pengfei & Zhu, Yun, 2015. "The effect of political uncertainty on the cost of corporate debt," Journal of Financial Stability, Elsevier, vol. 16(C), pages 106-117.
    48. Rumokoy, Lawren J. & Omura, Akihiro & Roca, Eduardo, 2023. "Geopolitical risk and corporate investment in the metals and mining industry: Evidence from Australia," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    49. Matthias Kahl & Anil Shivdasani & Yihui Wang, 2015. "Short-Term Debt as Bridge Financing: Evidence from the Commercial Paper Market," Journal of Finance, American Finance Association, vol. 70(1), pages 211-255, February.
    50. Douglas W. Diamond, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(3), pages 709-737.
    51. Kanatas, George & Qi, Jianping, 2001. "Imperfect Competition, Agency, and Financing Decisions," The Journal of Business, University of Chicago Press, vol. 74(2), pages 307-338, April.
    52. An, Heng & Chen, Yanyan & Luo, Danglun & Zhang, Ting, 2016. "Political uncertainty and corporate investment: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 174-189.
    53. Li, WeiWei & Huang, Ruilei & Gan, Zhongxin & Jiang, Zhiyan, 2024. "Do state-affiliated corporate shareholders matter for asset-liability maturity mismatch?," Finance Research Letters, Elsevier, vol. 60(C).
    54. Mann, William, 2018. "Creditor rights and innovation: Evidence from patent collateral," Journal of Financial Economics, Elsevier, vol. 130(1), pages 25-47.
    55. Chesney, Marc & Reshetar, Ganna & Karaman, Mustafa, 2011. "The impact of terrorism on financial markets: An empirical study," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 253-267, February.
    56. Xu, Yongan & Wang, Jianqiong & Chen, Zhonglu & Liang, Chao, 2021. "Economic policy uncertainty and stock market returns: New evidence," The North American Journal of Economics and Finance, Elsevier, vol. 58(C).
    57. Cheng, Feiyang & Wang, Chunfeng & Cui, Xin & Wu, Ji & He, Feng, 2021. "Economic policy uncertainty exposure and stock price bubbles: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 78(C).
    58. Baur, Dirk G. & Smales, Lee A., 2020. "Hedging geopolitical risk with precious metals," Journal of Banking & Finance, Elsevier, vol. 117(C).
    59. Kirch, Guilherme & Terra, Paulo Renato Soares, 2012. "Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter?," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 980-993.
    60. Gilbert Kofi Adarkwah & Sinziana Dorobantu & Christopher Albert Sabel & Flladina Zilja, 2024. "Geopolitical volatility and subsidiary investments," Strategic Management Journal, Wiley Blackwell, vol. 45(11), pages 2275-2306, November.
    61. Bleakley, Hoyt & Cowan, Kevin, 2010. "Maturity mismatch and financial crises: Evidence from emerging market corporations," Journal of Development Economics, Elsevier, vol. 93(2), pages 189-205, November.
    62. MD ASIF UL ALAM & Erik Devos & Zifeng Feng, 2023. "Firm reaction to geopolitical crises: Evidence from the Russia‐Ukraine conflict," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(S1), pages 163-182, December.
    63. Nalin Kulatilaka & Enrico C. Perotti, 1998. "Strategic Growth Options," Management Science, INFORMS, vol. 44(8), pages 1021-1031, August.
    64. Harris, Milton & Raviv, Artur, 1990. "Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, vol. 45(2), pages 321-349, June.
    65. Wang, Yizhong & Wang, Ting & Chen, Lifang, 2021. "Maturity mismatches of Chinese listed firms," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    66. Yu, Jian & Fu, Jiasha, 2021. "Credit rationing, innovation, and productivity: Evidence from small- and medium-sized enterprises in China," Economic Modelling, Elsevier, vol. 97(C), pages 220-230.
    67. Wu, Julia Yonghua & Opare, Solomon & Bhuiyan, Md. Borhan Uddin & Habib, Ahsan, 2022. "Determinants and consequences of debt maturity structure: A systematic review of the international literature," International Review of Financial Analysis, Elsevier, vol. 84(C).
    68. Xin Cui & Shouyu Yao & Zhenming Fang & Hua Wang, 2021. "Economic policy uncertainty exposure and earnings management: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(3), pages 3937-3976, September.
    69. Milani, Sahar & Neumann, Rebecca, 2022. "R&D, patents, and financing constraints of the top global innovative firms," Journal of Economic Behavior & Organization, Elsevier, vol. 196(C), pages 546-567.
    70. Shen, Huayu & Liang, Yue & Li, Hanwen & Liu, Jie & Lu, Guangxi, 2021. "Does geopolitical risk promote mergers and acquisitions of listed companies in energy and electric power industries," Energy Economics, Elsevier, vol. 95(C).
    71. Custódio, Cláudia & Ferreira, Miguel A. & Laureano, Luís, 2013. "Why are US firms using more short-term debt?," Journal of Financial Economics, Elsevier, vol. 108(1), pages 182-212.
    72. Renjing Hu & Yanyang Yan & Daqing Gong, 2021. "Effects of Economic Policy Uncertainty on Manufacturing Structural Upgrading: Evidence from China," Discrete Dynamics in Nature and Society, Hindawi, vol. 2021, pages 1-8, August.
    73. Francis, Bill B. & Hasan, Iftekhar & Zhu, Yun, 2014. "Political uncertainty and bank loan contracting," Journal of Empirical Finance, Elsevier, vol. 29(C), pages 281-286.
    74. Huseyin Gulen & Mihai Ion, 2016. "Editor's Choice Policy Uncertainty and Corporate Investment," The Review of Financial Studies, Society for Financial Studies, vol. 29(3), pages 523-564.
    75. Wang, Xueting & Wang, Man & Wu, Haoran, 2024. "Geopolitical risk and corporate cash Holdings in China: Precautionary motive and agency problem perspectives," International Review of Financial Analysis, Elsevier, vol. 93(C).
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wu, Julia Yonghua & Opare, Solomon & Bhuiyan, Md. Borhan Uddin & Habib, Ahsan, 2022. "Determinants and consequences of debt maturity structure: A systematic review of the international literature," International Review of Financial Analysis, Elsevier, vol. 84(C).
    2. Hassan, M. Kabir & Karim, Md. Sydul & Kozlowski, Steven E., 2022. "Implications of public corruption for local firms: Evidence from corporate debt maturity," Journal of Financial Stability, Elsevier, vol. 58(C).
    3. Li, Jingxin & Ye, Yong & Li, Jingxuan, 2024. "Performance feedback and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 67(PB).
    4. Kangqi Jiang & Jie Zhang & Mengling Zhou & Zhongfei Chen, 2025. "ESG disagreement and corporate debt maturity: evidence from China," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 11(1), pages 1-39, December.
    5. Dung T. T. Tran & Hieu V. Phan, 2022. "Government economic policy uncertainty and corporate debt contracting," International Review of Finance, International Review of Finance Ltd., vol. 22(1), pages 169-199, March.
    6. Zhao, Lexin & Peng, Gang & Feng, Qianbin, 2024. "VAT rate cut and corporate maturity mismatch: Evidence from China's VAT rate reform," International Review of Financial Analysis, Elsevier, vol. 93(C).
    7. Orman, Cüneyt & Bülent, Köksal, 2015. "Structure of Debt Maturity across the Firm Type Spectrum," MPRA Paper 64860, University Library of Munich, Germany.
    8. Orman, Cüneyt & Köksal, Bülent, 2017. "Debt maturity across firm types: Evidence from a major developing economy," Emerging Markets Review, Elsevier, vol. 30(C), pages 169-199.
    9. Du, Yifei & Li, Wen & Tang, Xuesong, 2024. "Supply chain digitization and corporate maturity mismatch: Evidence from a quasi-natural experiment," Pacific-Basin Finance Journal, Elsevier, vol. 87(C).
    10. Huang, Ming & Wang, Xiaoxiao & Wang, Xuewu & Zhang, Qunzi, 2024. "Carbon risk and corporate maturity mismatch," Journal of International Money and Finance, Elsevier, vol. 149(C).
    11. Qianbin Feng & Lexin Zhao & Mingxue Xu, 2023. "Tax Incentives and Maturity Mismatch between Investment and Financing: Evidence from China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(4), pages 1-36, July.
    12. Ivan E. Brick & Rose C. Liao, 2017. "The joint determinants of cash holdings and debt maturity: the case for financial constraints," Review of Quantitative Finance and Accounting, Springer, vol. 48(3), pages 597-641, April.
    13. Ma, Sichao & Peng, Yuchao & Wu, Wanting & Zhu, Feifei, 2022. "Bank liquidity hoarding and corporate maturity mismatch: Evidence from China," Research in International Business and Finance, Elsevier, vol. 63(C).
    14. Anjala Kalsie & Aishwarya Nagpal, 2018. "The Determinants of Corporate Debt Maturity for NSE-Listed Corporates," FIIB Business Review, , vol. 7(1), pages 43-56, March.
    15. Adachi-Sato, Meg & Vithessonthi, Chaiporn, 2019. "Corporate debt maturity and future firm performance volatility," International Review of Economics & Finance, Elsevier, vol. 60(C), pages 216-237.
    16. Pan, Wei-Fong & Wang, Xinjie & Yang, Shanxiang, 2019. "Debt maturity, leverage, and political uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    17. Dang, Viet A. & Phan, Hieu V., 2016. "CEO inside debt and corporate debt maturity structure," Journal of Banking & Finance, Elsevier, vol. 70(C), pages 38-54.
    18. Khoo, Joye & Cheung, Adrian (Wai Kong), 2021. "Does geopolitical uncertainty affect corporate financing? Evidence from MIDAS regression," Global Finance Journal, Elsevier, vol. 47(C).
    19. Gao, Ning & Jiang, Wei & Jin, Jiaxu, 2023. "Disproportional control rights and debt maturity," International Review of Financial Analysis, Elsevier, vol. 85(C).
    20. Hu, Yan & Che, Dexin & Wu, Fei & Chang, Xi, 2023. "Corporate maturity mismatch and enterprise digital transformation: Evidence from China," Finance Research Letters, Elsevier, vol. 53(C).

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finsta:v:78:y:2025:i:c:s1572308925000373. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jfstabil .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.