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Heterogeneous Market Reactions to Pandemic Announcements: Evidence from China 市场对疫情公告的不同反应:来自中国的证据
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-09-04 DOI: 10.1080/1540496x.2023.2172316
Qingfeng Cai, Dongxu Li, Shijie Wang
{"title":"Heterogeneous Market Reactions to Pandemic Announcements: Evidence from China","authors":"Qingfeng Cai, Dongxu Li, Shijie Wang","doi":"10.1080/1540496x.2023.2172316","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2172316","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"15 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81062841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
COVID-19 Pandemic, Corporate Investment and the Real Option Value 新冠肺炎疫情、企业投资与实物期权价值
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-09-04 DOI: 10.1080/1540496X.2023.2250907
Chao Yan, Ziyi Zhang, Yi Feng
{"title":"COVID-19 Pandemic, Corporate Investment and the Real Option Value","authors":"Chao Yan, Ziyi Zhang, Yi Feng","doi":"10.1080/1540496X.2023.2250907","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2250907","url":null,"abstract":"ABSTRACT The outbreak of COVID-19 has a huge negative impact on the firms’ business activities. This paper investigates the effects of COVID-19 pandemic on corporate investment and firm value from the real option perspective. Based on the real options-based model (ROM) proposed by Zhang (2000), we find that COVID-19 crisis accelerates low-profitability firms to reduce investment and exercise put options timely, thereby increasing the value of put options. This finding mainly exists in areas where the COVID-19 pandemic was worse and firms that did not receive government subsidies related to COVID-19. We also find that the value of put options is more pronounced for non-state-owned enterprises and firms with higher internal control quality. However, we do not find the change of growth option value of high-profitability firms during the COVID-19, which indicates that it is difficult for high-profitability firms to grasp the investment expansion opportunities under the pandemic. Our study sheds light on the applicability of ROM and the importance of real option in firm valuation under the major public emergencies.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"112 1","pages":"3842 - 3865"},"PeriodicalIF":4.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74832814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spatio-Temporal Patterns and Driving Factors of Green Development Level of Urban Agglomerations in the Yellow River Basin 黄河流域城市群绿色发展水平时空格局及驱动因素
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-09-04 DOI: 10.1080/1540496x.2023.2253979
Haijie Wang, Jingxue Zhang
{"title":"Spatio-Temporal Patterns and Driving Factors of Green Development Level of Urban Agglomerations in the Yellow River Basin","authors":"Haijie Wang, Jingxue Zhang","doi":"10.1080/1540496x.2023.2253979","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2253979","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"4 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82074867","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Digital Economy, Institutional Environment, and the Credit Risks of Commercial Banks 数字经济、制度环境与商业银行信用风险
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-29 DOI: 10.1080/1540496x.2023.2250903
Guanglin Sun, Ting Li, Jingyi Su, Dan Shi
{"title":"Digital Economy, Institutional Environment, and the Credit Risks of Commercial Banks","authors":"Guanglin Sun, Ting Li, Jingyi Su, Dan Shi","doi":"10.1080/1540496x.2023.2250903","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2250903","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"1 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77305236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Fintech’s Impact on Green Total Factor Productivity of High Carbon Enterprises 金融科技对高碳企业绿色全要素生产率的影响
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-29 DOI: 10.1080/1540496x.2023.2250902
Jian Liu, Xin Kang, W. Wang
{"title":"Fintech’s Impact on Green Total Factor Productivity of High Carbon Enterprises","authors":"Jian Liu, Xin Kang, W. Wang","doi":"10.1080/1540496x.2023.2250902","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2250902","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"1 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85667659","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Revealing the Default Risks in MSMEs Financial Leasing: Identification and Underlying Mechanism 中小微企业融资租赁违约风险揭示:识别与机制分析
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-29 DOI: 10.1080/1540496X.2023.2250904
Jun Ren, Shengxian Gao, Dongliang Pan
{"title":"Revealing the Default Risks in MSMEs Financial Leasing: Identification and Underlying Mechanism","authors":"Jun Ren, Shengxian Gao, Dongliang Pan","doi":"10.1080/1540496X.2023.2250904","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2250904","url":null,"abstract":"ABSTRACT We explored the default risk of small and medium-sized financial leasing businesses in China based on real transactions of a Chinese financial leasing company from 2018 to 2021. The results show that there is a negative relationship between the financing scale and the default risk of lessee companies. The management cost of financial leasing business moderates the relationship between the business scale and the risk of overdue default. In addition, the improvement of industry competition is expected to select financially sound MSMEs for lessees. These enterprises have demonstrated higher risk resistance in obtaining large-scale financial leasing services. We provide novel insights into the risk management of Chinese financial leasing companies and offer policy recommendations for regulation and development.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"384 1","pages":"3828 - 3841"},"PeriodicalIF":4.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81275437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Two Aspects of Digitalization Affecting Financial Asset Allocation: Evidence from China 数字化影响金融资产配置的两个方面:来自中国的证据
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-28 DOI: 10.1080/1540496x.2023.2244142
Chien‐Chiang Lee, Lijun Jiang, Huwei Wen
{"title":"Two Aspects of Digitalization Affecting Financial Asset Allocation: Evidence from China","authors":"Chien‐Chiang Lee, Lijun Jiang, Huwei Wen","doi":"10.1080/1540496x.2023.2244142","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2244142","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"120 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87858287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Human Capital and Firm Innovation: Evidence from China’s Higher Education Expansion in the Late 1990s 人力资本与企业创新:来自90年代末中国高等教育扩张的证据
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-28 DOI: 10.1080/1540496x.2023.2242568
Weng Yue
{"title":"Human Capital and Firm Innovation: Evidence from China’s Higher Education Expansion in the Late 1990s","authors":"Weng Yue","doi":"10.1080/1540496x.2023.2242568","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2242568","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"71 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80887153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Effect of Country Governance on Cross-Border Renewable Energy Investment and Climate Actions in Emerging Countries 国家治理对新兴国家跨境可再生能源投资和气候行动的影响
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-28 DOI: 10.1080/1540496X.2023.2247139
Moau Yong Toh, Ali Albada, S. Ng
{"title":"Effect of Country Governance on Cross-Border Renewable Energy Investment and Climate Actions in Emerging Countries","authors":"Moau Yong Toh, Ali Albada, S. Ng","doi":"10.1080/1540496X.2023.2247139","DOIUrl":"https://doi.org/10.1080/1540496X.2023.2247139","url":null,"abstract":"ABSTRACT This study investigates the effect of country governance on climate actions, specifically climate-change mitigation and adaptation, through cross-border renewable energy investment (CB-REI). Using data from 74 emerging countries from 2008 to 2019, we find that the control of corruption, regulatory quality, citizens’ voices and accountability are the key governance pillars that attract CB-REI, which enhances climate actions. Heterogeneity analyses reveal that the CB-REI channel effect is more evident in countries with higher governance quality and carbon emission levels. This study offers policy implications pertaining to governance-related obstacles for CB-REI in emerging countries and their transition toward low-emissions, climate-resilient pathways.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"85 1","pages":"3813 - 3827"},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83930771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Predicting Financial Distress Using a MIDAS Hazard Model: Evidence from Listed Companies in China 运用MIDAS风险模型预测财务危机:来自中国上市公司的证据
IF 4 3区 经济学
Emerging Markets Finance and Trade Pub Date : 2023-08-28 DOI: 10.1080/1540496x.2023.2244140
Xiangrong Li, Maojun Zhang, Jiangxia Nan, Qingyuan Yang
{"title":"Predicting Financial Distress Using a MIDAS Hazard Model: Evidence from Listed Companies in China","authors":"Xiangrong Li, Maojun Zhang, Jiangxia Nan, Qingyuan Yang","doi":"10.1080/1540496x.2023.2244140","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2244140","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"5 1","pages":""},"PeriodicalIF":4.0,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89552633","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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