IDEAS home Printed from https://ideas.repec.org/a/spr/ijsaem/v14y2023i6d10.1007_s13198-023-02123-8.html
   My bibliography  Save this article

A bibliographic overview of financial engineering in the emerging financial market

Author

Listed:
  • Jyoti Ranjan Jena

    (IBCS, Siksha “O” Anusandhan Deemed to Be University)

  • Saroj Kanta Biswal

    (IBCS, Siksha “O” Anusandhan Deemed to Be University)

  • Avinash K. Shrivastava

    (International Management Institute Kolkata)

  • Rashmi Ranjan Panigrahi

    (GITAM Deemed to Be University)

Abstract

Financial engineering is constantly changing and encountering new problems. Financial engineering helps us detect emerging trends and challenges, such as fintech’s effect on banking institutions or environmental change, and design novel solutions. Still, many areas remain open to exploring the contribution of FE research in finance. This study has adopted combined qualitative research approaches through bibliometric analysis. The research was conducted from 2007 to 2022. Study findings and conclusions are supported by an analysis of bibliographic coupling, co-occurrence & co-citation of 343 research publications taken from the Scopus database, and analysis was performed using software tools such as VOS-Viewer and Biblioshiny with R Studio. Based on the results of these analyses, the study was able to conclude the trends and characteristics of research on financial engineering in the financial market. The study identifies prominent authors, journals, and institutions using bibliometric analysis. The current study highlighted the most cited research articles and identified the seven most emerging thematic clusters. The originality extracted from research findings compels and motivates extensive research in FE in the future. The emerging areas and themes identified from the study, i.e., (1) FE and adoption of AI & IOT Applications for RM, (2) investment decision and business crisis, and (3) recent developments and mathematical application in risk analysis. The novelty of the study lies in its focus on financial engineering in emerging financial markets, the adoption of a bibliographic overview methodology, the integration and evaluation of previous research, the identification of trends and research gaps, and its value as a resource for researchers and practitioners. These aspects make it a unique and valuable contribution to the field of financial engineering.

Suggested Citation

  • Jyoti Ranjan Jena & Saroj Kanta Biswal & Avinash K. Shrivastava & Rashmi Ranjan Panigrahi, 2023. "A bibliographic overview of financial engineering in the emerging financial market," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 14(6), pages 2048-2065, December.
    • Handle: RePEc:spr:ijsaem:v:14:y:2023:i:6:d:10.1007_s13198-023-02123-8
    DOI: 10.1007/s13198-023-02123-8
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s13198-023-02123-8
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s13198-023-02123-8?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 search for a different version of it.

    References listed on IDEAS

    as
    1. Viviana Fernandez, 2011. "Spatial linkages in international financial markets," Quantitative Finance, Taylor & Francis Journals, vol. 11(2), pages 237-245.
    2. Abiola Kafidipe & Uwuigbe Uwalomwa & Olajide Dahunsi & Faith Ojone Okeme, 2021. "Corporate governance, risk management and financial performance of listed deposit money bank in Nigeria," Cogent Business & Management, Taylor & Francis Journals, vol. 8(1), pages 1888679-188, January.
    3. Donthu, Naveen & Kumar, Satish & Mukherjee, Debmalya & Pandey, Nitesh & Lim, Weng Marc, 2021. "How to conduct a bibliometric analysis: An overview and guidelines," Journal of Business Research, Elsevier, vol. 133(C), pages 285-296.
    4. David E. Fagnan & Jose Maria Fernandez & Andrew W. Lo & Roger M. Stein, 2013. "Can Financial Engineering Cure Cancer?," American Economic Review, American Economic Association, vol. 103(3), pages 406-411, May.
    5. Goodell, John W. & Kumar, Satish & Lim, Weng Marc & Pattnaik, Debidutta, 2021. "Artificial intelligence and machine learning in finance: Identifying foundations, themes, and research clusters from bibliometric analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    6. Elias Carayannis & Charalampos Papadopoulos, 2011. "The Innovation Diplomacy Concept and the Hellenic-American Innovation Bridge as a Special Case-in-Point," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 2(3), pages 257-326, September.
    7. Sheng,Andrew, 2009. "From Asian to Global Financial Crisis," Cambridge Books, Cambridge University Press, number 9780521134156, June.
    8. George Xianzhi Yuan & Huiqi Wang, 2019. "The general dynamic risk assessment for the enterprise by the hologram approach in financial technology," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 6(01), pages 1-48, March.
    9. Hattori, Takahiro & Ishida, Ryo, 2021. "Did the introduction of Bitcoin futures crash the Bitcoin market at the end of 2017?," The North American Journal of Economics and Finance, Elsevier, vol. 56(C).
    10. Sara Mehrab Daniali & Sergey Evgenievich Barykin & Irina Vasilievna Kapustina & Farzin Mohammadbeigi Khortabi & Sergey Mikhailovich Sergeev & Olga Vladimirovna Kalinina & Alexey Mikhaylov & Roman Veyn, 2021. "Predicting Volatility Index According to Technical Index and Economic Indicators on the Basis of Deep Learning Algorithm," Sustainability, MDPI, vol. 13(24), pages 1-14, December.
    11. Anup Kumar & Santosh Kumar Shrivastav & Avinash K. Shrivastava & Rashmi Ranjan Panigrahi & Abbas Mardani & Fausto Cavallaro, 2023. "Sustainable Supply Chain Management, Performance Measurement, and Management: A Review," Sustainability, MDPI, vol. 15(6), pages 1-25, March.
    12. Joerg Osterrieder & Julian Lorenz, 2017. "A Statistical Risk Assessment Of Bitcoin And Its Extreme Tail Behavior," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 12(01), pages 1-19, March.
    13. Paul De Grauwe & Yuemei Ji, 2019. "Making the Eurozone Sustainable by Financial Engineering or Political Union?," Journal of Common Market Studies, Wiley Blackwell, vol. 57(S1), pages 40-48, September.
    14. Calum G. Turvey & Joshua Woodard & Edith Liu, 2014. "Financial engineering for the farm problem," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 74(2), pages 271-286, July.
    15. Philip Ashton & Marc Doussard & Rachel Weber, 2012. "The Financial Engineering of Infrastructure Privatization," Journal of the American Planning Association, Taylor & Francis Journals, vol. 78(3), pages 300-312.
    16. Viktor Koval & Yuliia Prymush & Viktoriia Popova, 2017. "The Influence Of The Enterprise Life Cycle On The Efficiency Of Investment," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 3(5).
    17. Hyeongjun Kim & Hoon Cho & Doojin Ryu, 2020. "Corporate Default Predictions Using Machine Learning: Literature Review," Sustainability, MDPI, vol. 12(16), pages 1-11, August.
    18. Martin Leo & Suneel Sharma & K. Maddulety, 2019. "Machine Learning in Banking Risk Management: A Literature Review," Risks, MDPI, vol. 7(1), pages 1-22, March.
    19. Hirbod Assa, 2015. "A financial engineering approach to pricing agricultural insurances," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 75(1), pages 63-76, May.
    20. Jyoti Ranjan Jena & Rashmi Ranjan Panigrahi & Avinash K. Shrivastava, 2023. "A bibliometric analysis on financial engineering studies," International Journal of Financial Engineering (IJFE), World Scientific Publishing Co. Pte. Ltd., vol. 10(02), pages 1-32, June.
    21. Ercan Oztemel & Samet Gursev, 2020. "Literature review of Industry 4.0 and related technologies," Journal of Intelligent Manufacturing, Springer, vol. 31(1), pages 127-182, January.
    22. Abeer Al-Khoury & Sahraa Anwer Hussein & Muthana Abdulwhab & Zainab M. Aljuboori & Hossam Haddad & Mostafa A. Ali & Ibtihal A. Abed & Hakeem Hammood Flayyih, 2022. "Intellectual Capital History and Trends: A Bibliometric Analysis Using Scopus Database," Sustainability, MDPI, vol. 14(18), pages 1-22, September.
    23. Robert J. Kauffman & Yuzhou Hu & Dan Ma, 2015. "Will high-frequency trading practices transform the financial markets in the Asia Pacific Region?," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 1(1), pages 1-27, December.
    24. Emilio Abad-Segura & Mariana-Daniela González-Zamar & Eloy López-Meneses & Esteban Vázquez-Cano, 2020. "Financial Technology: Review of Trends, Approaches and Management," Mathematics, MDPI, vol. 8(6), pages 1-37, June.
    25. Tarmo Kalvet & Alf Vanags & Klaudijus Maniokas, 2012. "Financial engineering instruments: the way forward for cohesion policy support? Recent experience from the Baltic states," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 12(1), pages 5-22, July.
    26. Sheng,Andrew, 2009. "From Asian to Global Financial Crisis," Cambridge Books, Cambridge University Press, number 9780521118644, June.
    27. Dietmar Maringer & Tikesh Ramtohul, 2012. "Regime-switching recurrent reinforcement learning for investment decision making," Computational Management Science, Springer, vol. 9(1), pages 89-107, February.
    28. Hirbod Assa, 2015. "A financial engineering approach to pricing agricultural insurances," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 75(1), pages 63-76, May.
    29. Calum G. Turvey & Joshua Woodard & Edith Liu, 2014. "Financial engineering for the farm problem," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 74(2), pages 271-286, July.
    30. Khan, Muhammad Asif & Pattnaik, Debidutta & Ashraf, Rohail & Ali, Imtiaz & Kumar, Satish & Donthu, Naveen, 2021. "Value of special issues in the journal of business research: A bibliometric analysis," Journal of Business Research, Elsevier, vol. 125(C), pages 295-313.
    31. Dushnitsky, Gary & Lenox, Michael J., 2006. "When does corporate venture capital investment create firm value?," Journal of Business Venturing, Elsevier, vol. 21(6), pages 753-772, November.
    32. Mazin Al Janabi, 2013. "Optimal and coherent economic-capital structures: evidence from long and short-sales trading positions under illiquid market perspectives," Annals of Operations Research, Springer, vol. 205(1), pages 109-139, May.
    33. Rick Johnston & Reining Petacchi, 2017. "Regulatory Oversight of Financial Reporting: Securities and Exchange Commission Comment Letters," Contemporary Accounting Research, John Wiley & Sons, vol. 34(2), pages 1128-1155, June.
    34. Zhaoyang Wu & Shiyong Wang & Hong Yang & Xiaokui Zhao, 2021. "Construction of a Supply Chain Financial Logistics Supervision System Based on Internet of Things Technology," Mathematical Problems in Engineering, Hindawi, vol. 2021, pages 1-10, April.
    35. Jan Libich & Liam Lenten, 2022. "Hero or villain? The financial system in the 21st century," Journal of Economic Surveys, Wiley Blackwell, vol. 36(1), pages 3-40, February.
    36. H. Kent Baker & Satish Kumar & Debidutta Pattnaik, 2021. "Research constituents, intellectual structure, and collaboration pattern in the Journal of Forecasting: A bibliometric analysis," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(4), pages 577-602, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Maheshwari H & Anup K. Samantaray & Jyoti Ranjan Jena, 2023. "Unravelling Behavioural Biases in Individual and Institutional Investors Investment Decision- making: Intersection of Bibliometric and Systematic Literature Review," South Asian Journal of Business and Management Cases, , vol. 12(3), pages 275-299, December.

    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. Goodell, John W. & Kumar, Satish & Li, Xiao & Pattnaik, Debidutta & Sharma, Anuj, 2022. "Foundations and research clusters in investor attention: Evidence from bibliometric and topic modelling analysis," International Review of Economics & Finance, Elsevier, vol. 82(C), pages 511-529.
    2. Nader Karimi & Hirbod Assa & Erfan Salavati & Hojatollah Adibi, 2023. "Calibration of Storage Model by Multi-Stage Statistical and Machine Learning Methods," Computational Economics, Springer;Society for Computational Economics, vol. 62(4), pages 1437-1455, December.
    3. Pattnaik, Debidutta & Hassan, M. Kabir & Dsouza, Arun & Tiwari, Aviral & Devji, Shridev, 2023. "Ex-post facto analysis of cryptocurrency literature over a decade using bibliometric technique," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    4. Mukherjee, Debmalya & Kumar, Satish & Mukherjee, Deepraj & Goyal, Kirti, 2022. "Mapping five decades of international business and management research on India: A bibliometric analysis and future directions," Journal of Business Research, Elsevier, vol. 145(C), pages 864-891.
    5. Nader Karimi & Erfan Salavati & Hirbod Assa & Hojatollah Adibi, 2023. "Sensitivity Analysis of Optimal Commodity Decision Making with Neural Networks: A Case for COVID-19," Mathematics, MDPI, vol. 11(5), pages 1-15, February.
    6. Rashmi Ranjan Panigrahi & Avinash K. Shrivastava & P. K. Kapur, 2024. "Impact of inventory management practices on the operational performances of SMEs: review and future research directions," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 15(5), pages 1934-1955, May.
    7. Claudiu Cicea & Carmen Țurlea & Corina Marinescu & Nicolae Pintilie, 2022. "Organizational Culture: A Concept Captive between Determinants and Its Own Power of Influence," Sustainability, MDPI, vol. 14(4), pages 1-25, February.
    8. Ajit Singh, 2012. "Financial Globalization and Human Development," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 13(1), pages 135-151, February.
    9. Ashraf, Rohail & Khan, Muhammad Asif & Khuhro, Rafique Ahmed & Bhatti, Zeeshan Ahmed, 2022. "Knowledge creation dynamics of technological forecasting and social change special issues," Technological Forecasting and Social Change, Elsevier, vol. 180(C).
    10. Xiaoqing Maggie Fu & Yongjia Rebecca Lin & Philip Molyneux, 2015. "Bank Competition and Financial Stability in Asia Pacific," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Bank Competition, Efficiency and Liquidity Creation in Asia Pacific, chapter 3, pages 49-71, Palgrave Macmillan.
    11. Gundelach, Henrik & Nielsen, Bo Bernhard, 2023. "Subsidiary performance measurement in international business research: A systematic review and future directions," Journal of Business Research, Elsevier, vol. 169(C).
    12. Biswabhusan Pradhan & Manjeet Singh & Asit Mantry & Engy El-Kilany & Manju Shree Raman & Archana Bhatia, 2023. "Mapping the Research Trends on Dark Tourism: A Bibliometric Analysis and Visualization," Acta Universitatis Bohemiae Meridionalis, University of South Bohemia in Ceske Budejovice, Faculty of Economics, vol. 26(2), pages 1-17.
    13. Ren, Yi-Shuai & Ma, Chao-Qun & Chen, Xun-Qi & Lei, Yu-Tian & Wang, Yi-Ran, 2023. "Sustainable finance and blockchain: A systematic review and research agenda," Research in International Business and Finance, Elsevier, vol. 64(C).
    14. Horacio Ortiz, 2012. "Anthropology – of the Financial Crisis," Chapters, in: James G. Carrier (ed.), A Handbook of Economic Anthropology, Second Edition, chapter 35, Edward Elgar Publishing.
    15. Anup Kumar & Santosh Kumar Shrivastav & Avinash K. Shrivastava & Rashmi Ranjan Panigrahi & Abbas Mardani & Fausto Cavallaro, 2023. "Sustainable Supply Chain Management, Performance Measurement, and Management: A Review," Sustainability, MDPI, vol. 15(6), pages 1-25, March.
    16. Horobet, Alexandra & Boubaker, Sabri & Belascu, Lucian & Negreanu, Cristina Carmencita & Dinca, Zeno, 2024. "Technology-driven advancements: Mapping the landscape of algorithmic trading literature," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    17. Frederick Betz, 2013. "Macro and Micro-Economic Policies in Financial Crises: Argentina 2000 and South Korea 1998," Business and Management Research, Business and Management Research, Sciedu Press, vol. 2(4), pages 41-55, December.
    18. Andrew Sheng & Kian Teng Kwek & Cho Wai Cho, 2012. "Patterns Of Exchange Rates And Current Accounts: The East Asian Waltz," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 57(02), pages 1-34.
    19. Lingyu Zhong & Qianru Li & Rongwei Ren, 2024. "A bibliometric analysis and meta-analytic review of the impact of legitimacy on performance," Asia Pacific Journal of Management, Springer, vol. 41(4), pages 2179-2212, December.
    20. Satish Kumar & Dipasha Sharma & Sandeep Rao & Weng Marc Lim & Sachin Kumar Mangla, 2025. "Past, present, and future of sustainable finance: insights from big data analytics through machine learning of scholarly research," Annals of Operations Research, Springer, vol. 345(2), pages 1061-1104, February.

    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:spr:ijsaem:v:14:y:2023:i:6:d:10.1007_s13198-023-02123-8. 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    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.