It is my great pleasure to present Volume 10, Issue 1 of the Journal of Capital Markets Studies (JCMS). This year marks an important milestone as we celebrate the tenth anniversary of our journal.
As the founding editor of JCMS, I still vividly remember the discussions we had with the Turkish Capital Markets Association (TCMA) at the beginning of this journey. Our fundamental question was simple yet ambitious: How can we build a stronger bridge between academia and the real world of capital markets? Over the last decade, JCMS has sought to narrow this gap by creating a platform where rigorous academic research and practical insights from financial institutions can meet, interact and mutually enrich one another.
The development of capital markets increasingly requires evidence-based policymaking, innovative financial solutions and stronger collaboration between scholars and practitioners. We firmly believe that academia has a vital role to play in shaping the future of financial markets and contributing to the resilience, transparency and efficiency of capital market institutions. In this respect, the continued support and vision of the Turkish Capital Markets Association have been instrumental. As an Independent Board Member of TCMA over the last four terms, I have personally witnessed the Association's strong commitment not only to the development of capital market institutions but also to fostering academic engagement and knowledge creation within the field.
This milestone would not have been possible without the invaluable partnership of Emerald Publishing, whose professional support and global publishing expertise have significantly contributed to the international visibility and academic standing of the journal. I would like to express my sincere gratitude to both TCMA and Emerald for their continued trust, commitment and support throughout this ten-year journey.
I am also delighted to welcome two distinguished scholars as Associate Editors of the journal: Professor Koray Şimşek of Rollins College, USA and Dr Evrim Hacıoğlu Kazak of Yıldız Technical University, Türkiye. At the same time, we continue to strengthen and expand our Editorial and Advisory Boards with leading scholars and practitioners from around the world. I am confident that their contributions will further enhance the academic quality, global reach and impact of JCMS in the years ahead.
As we celebrate our tenth anniversary, we remain committed to our founding mission: to serve as a platform that brings together academic excellence and the practical needs of capital markets. We look forward to continuing this journey and contributing to the advancement of knowledge, policy and practice in capital markets for many years to come. We hope that the next decade will be one of even greater impact, broader international collaboration and deeper contributions to the development of global capital markets.
This issue of JCMS presents four timely contributions that address important developments in financial economics, sustainable finance and environmental sustainability. The first article, “Improving Investment Efficiency through Financial Reporting Quality in Emerging Markets” by Yilmaz and Nobanee (2026), examines how financial reporting quality influences investment efficiency across emerging economies. Using a broad sample of firms from fourteen emerging markets, the study shows that higher-quality financial reporting reduces information asymmetries and contributes to more efficient capital allocation and stronger corporate governance practices.
The second article, “Asymmetric Bidirectional Relationships Between Green Attention Index, Green and Conventional Bonds in a Regime-Switching Environment: Evidence from N-ARDL Approach” by Trichilli et al. (2026), explores the interaction between investor attention to environmental issues and bond market dynamics. The findings suggest that green bonds exhibit stronger safe-haven characteristics during periods of market stress and underline the growing importance of investor sentiment and sustainability considerations in portfolio management.
The third article, “Dynamic Quantile and Time–Frequency Connectedness in Global Markets and Commodities During Health and Geopolitical Crises” by El Aoun (2026), investigates the transmission of shocks across global financial markets, commodities and Bitcoin during major crises, including the COVID-19 pandemic and the Russia–Ukraine war. The study highlights how market interconnectedness intensifies during periods of uncertainty and provides important implications for diversification strategies and systemic risk management.
Finally, the article “Machine Learning Methods for Investigating the Nexus Between FDI and Environmental Degradation: Evidence from Sub-Saharan African Countries” by Tezcan (2026) applies machine learning techniques to examine the determinants of environmental degradation in Sub-Saharan Africa. The findings indicate that factors such as income levels, renewable energy consumption and urbanization play a more significant role than foreign direct investment, while also demonstrating the increasing relevance of advanced analytical methods in sustainability research.
Collectively, these studies reflect the increasingly interdisciplinary nature of capital market research and reinforce JCMS's mission of bridging academic research with practical developments in financial markets and policy discussions.
We hope you enjoy this issue of JCMS. Should you have any specific suggestions for future releases, please feel free to contact us. We value your input.
JCMS's website is available at: Link to the website
Best Regards,
Professor Guler Aras
Editor in Chief, Journal of Capital Markets Studies
About the editor-in-chief
Professor Guler Aras is an academic, civil society leader and researcher who leads key studies on finance, corporate governance, corporate sustainability and integrated reporting. She is Professor of Finance and Accounting at Yildiz Technical University in Istanbul, where she served as the Dean of the Faculty of Business and Dean of the Graduate School for many years. She spent a year as a visiting professor at the Georgetown University McDonough School of Business in Washington, DC. Founded by the Center for Finance Governance and Sustainability (CFGS), she is known as the ambassador of governance and sustainability. Professor Aras, who is a member of the Integrated Reporting and Connectivity Council -IRCC, the advisory body to the IFRS Foundation Trustees, the IASB and the ISSB, pioneered a global initiative with the Integrated Reporting Association Turkey (ERTA), of which she is the founding chair.
Professor Aras is the author of more than 25 international books. She contributed to more than 300 articles in international journals and conferences and carried out numerous granted international projects. She is also the founding Editor-in-Chief of the Journal of Capital Market Studies and Editor of Routledge's Finance, Governance and Sustainability Book Series. Professor Aras is the founder and board member of numerous national and international professional and academic organizations and a member of the Accountancy Europe Corporate Governance Task Force. She has spoken extensively at professional and academic conferences and has served as a consultant to several governmental and commercial organizations such as the Minister of Development, Minister of Finance, Undersecretary of Treasury and Minister of Labor and Social Security Employment in Turkey. She also serves as a board member of the Turkish Capital Markets Association. Professor Aras writes a newspaper column. She focuses on the education of the next generation of academics and business leaders who could promote sustainable solutions for societal and corporate challenges. She has been crowned one of the most inspirational women in Turkey for 2020.
