{"id":1912,"date":"2026-03-19T13:00:57","date_gmt":"2026-03-19T11:00:57","guid":{"rendered":"https:\/\/sites.uwasa.fi\/mfjuva\/?page_id=1912"},"modified":"2026-04-21T18:47:10","modified_gmt":"2026-04-21T15:47:10","slug":"1912-2","status":"publish","type":"page","link":"https:\/\/sites.uwasa.fi\/mfjuva\/all-issues\/1912-2\/","title":{"rendered":""},"content":{"rendered":"

Is Hydrogen a diversi\ufb01er? Insights from Wavelet Quantile Correlation<\/a>
\nMultinational Finance Journal, 2026, vol. 30, no. 1\/2, pp. 1-24|\u00a0https:\/\/doi.org\/10.5281\/zenodo.19108100<\/a><\/p>\n

Georgios Angelopoulos<\/strong>,\u00a0Department of Accounting and Finance, University of West Attica, Athens and Bank of Greece, Greece<\/em><\/p>\n

Dimitrios Dimitriou<\/strong>,\u00a0Department of Accounting and Finance, University of West Attica, Athens, Greece<\/em><\/p>\n

Dimitris Kenourgios<\/strong>,\u00a0Department of Economics and UoA Center for Financial Studies, National and Kapodistrian University of Athens, Athens, Greece<\/em><\/p>\n

Alexandros Tsioutsios<\/strong>,\u00a0Department of Economics and UoA Center for Financial Studies, National and Kapodistrian University of Athens, Athens, Greece<\/em><\/p>\n

Abstract:
\nThis study explores the time and distribution-dependent co-movements between the Global X Hydrogen ETF (i.e., HYDR.O) and a range of traditional market assets, including metals (gold, aluminum, and steel), energy commodities (Brent crude oil and natural gas), and equity benchmarks (S&P 500 and Nasdaq 100). Using the Wavelet Quantile Correlation (WQC), we empirically investigate the dynamic dependence structure between HYDR.O and traditional assets in both the time and frequency domains. Our results reveal that HYDR.O exhibits weak or near-zero correlation (i.e., dependence) on fossil fuel-linked markets, especially natural gas and oil, across all quantiles and wavelet scales. This highlights the distinct behavior of clean energy assets, particularly in periods of market stress or extreme returns, such as Russo-Ukrainian War. In contrast, we observe moderate and stable positive correlation with major equity indices such as the S&P 500 and Nasdaq 100, suggesting that HYDR.O partially inherits the growth characteristics of broader stock markets. ETF\u2019s correlation with steel is weak, and its relationship with gold is stable but mild, highlighting further diversi\ufb01cation from industrial or defensive commodities. These \ufb01ndings highlight the unique diversi\ufb01cation role of hydrogen-focused ESG investments.<\/p>\n

Keywords: Wavelet Quantile Correlation, Hydrogen ETF, Green Investing, Commodity Markets, Time-Frequency Analysis, Portfolio Diversi\ufb01cation Theory<\/p>\n

Citation (Format 1)
\nAngelopoulos, Georgios, Dimitrios Dimitriou, Dimitris Kenourgios, and Alexandros Tsioutsios, 2026, Is Hydrogen a diversi\ufb01er? Insights from Wavelet Quantile Correlation, Multinational Finance Journal<\/em>, 30 (1\/2), 1-24.
\nCitation (Format 2)
\nAngelopoulos, G., Dimitriou, D., Kenourgios, D., Tsioutsios, A., 2026. Is Hydrogen a diversi\ufb01er? Insights from Wavelet Quantile Correlation. Multinational Finance Journal, 30 (1\/2), 1-24.<\/p>\n

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Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context<\/a>
\nMultinational Finance Journal, 2026, vol. 30, no. 1\/2, pp. 25\u201356|\u00a0https:\/\/doi.org\/10.5281\/zenodo.19574208<\/a><\/p>\n

Thuy Thanh Nguyen<\/strong>,\u00a0Academy of Finance, Hanoi, Vietnam<\/em><\/p>\n

Anh Thi Kieu Phi<\/strong>,\u00a0Academy of Finance, Hanoi, Vietnam<\/em><\/p>\n

Abstract:
\nThis study examines the effect of ownership structure on firm value in Vietnam, focusing on CEO ownership, chairman ownership, foreign ownership, and institutional ownership. Using an unbalanced panel of 280 non-financial listed firms with 1,965 firm-year observations from 2017 to 2024, the results show that chairman ownership and institutional ownership exert positive and statistically significant impacts on firm value. CEO ownership has a positive but economically modest effect. Foreign ownership displays an inverted U-shaped relationship with firm value, indicating that its benefits are strongest at low to moderate levels and decline beyond an optimal threshold. The study makes several contributions. First, it simultaneously evaluates four ownership components within a unified empirical framework, whereas prior research typically investigates them separately. Second, it adds to the literature by documenting a nonlinear effect of foreign ownership on firm value, an underexplored dimension in emerging markets. Overall, the findings offer relevant implications for policymakers, firms, and investors.<\/p>\n

Keywords: Ownership structure, CEO ownership, Chairman ownership, Foreign ownership, Institutional ownership, Firm value<\/p>\n

Citation (Format 1)
\nNguyen, Thuy Thanh, and Anh Thi Kieu Phi, 2026, Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context,\u00a0Multinational Finance Journal<\/em>, 30 (1\/2), 25\u201356.
\nCitation (Format 2)
\nNguyen, T. T., Phi, A. T. K., 2026. Do Ownership Types Matter for Firm Value? Empirical Evidence from An Emerging Market Context. Multinational Finance Journal, 30 (1\/2), 25\u201356.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is Hydrogen a diversi\ufb01er? Insights from Wavelet Quantile Correlation Multinational Finance Journal, 2026, vol. 30, no. 1\/2, pp. 1-24|\u00a0https:\/\/doi.org\/10.5281\/zenodo.19108100 Georgios Angelopoulos,\u00a0Department of Accounting and Finance, University of West Attica, Athens and Bank of Greece, Greece Dimitrios Dimitriou,\u00a0Department of Accounting and Finance, University of West Attica, Athens, Greece Dimitris Kenourgios,\u00a0Department of Economics and UoA Center for […]<\/p>\n","protected":false},"author":557,"featured_media":0,"parent":221,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-1912","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1912"}],"collection":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/comments?post=1912"}],"version-history":[{"count":9,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1912\/revisions"}],"predecessor-version":[{"id":2090,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/1912\/revisions\/2090"}],"up":[{"embeddable":true,"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/pages\/221"}],"wp:attachment":[{"href":"https:\/\/sites.uwasa.fi\/mfjuva\/wp-json\/wp\/v2\/media?parent=1912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}