Emerging Markets Finance and Trade最新文献

{"title":"E-Commerce and Preferential Credit to Enable Farmers’ Cooperative Financing","authors":"Le Zhang, Baogui Xin","doi":"10.1080/1540496x.2023.2270135","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2270135","url":null,"abstract":"","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"35 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134908037","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}

{"title":"Does China’s Existing Regional Knowledge Base Stimulate or Hinder Diversification into FinTech: The Role of Local ICTs Base","authors":"Lin Mu, Gonglin Yuan, Tianshan Yang","doi":"10.1080/1540496x.2023.2258259","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2258259","url":null,"abstract":"ABSTRACTThe strand research of regional branching identifies relatedness as a key driver of new specializations in a region. The purpose of the present paper is to extend the regional branching framework by investigating how a regional knowledge base of information and communication technologies (ICTs) and others (non-ICTs) influences the specialization of financial technology (FinTech) in China at the city level. Accordingly, the empirical analysis focuses on the relationship between relatedness and FinTech diversification using panel data spanning the period 2008–2021 covering 247 China’s cities. We obtain that the role of ICTs relatedness is positively relevant in explaining the emergence and development of new FinTech domains. However, non-ICT relatedness is a negative factor in the process of FinTech diversification, which we attribute to the fact that FinTech is less reliant on other knowledge base except ICT sectors. Additionally, the effects of ICTs relatedness are higher in peripheral cities compared to core cities in promoting FinTech diversification.KEYWORDS: FinTechtechnological relatednessICTsregional diversificationJEL: O33R11O31 Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingSupported by the National Social Science Youth Foundation of China [Grant No. 19CXW028] and Innovation Project of Guangxi Graduate Education [Grant No. YCBZ2020020].","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266140","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}

{"title":"Good (Bad) News and the Probability of Informed Trading: Evidence from Illegal Insider Trading","authors":"Shunyu Su, Yezhou Sha","doi":"10.1080/1540496x.2023.2266111","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266111","url":null,"abstract":"ABSTRACTWe present a closed-form solution connecting the probability of informed trading (PIN) to the overlooked parameter that signaling private information is good or bad. Estimating PIN using illegal insider trading data, we find it sensitive to the certainty of positive private information in addition to the existed explanations, offering a new explanation for PIN‘s limitations in prior literature.KEYWORDS: Probability of informed tradingliquidityinformation asymmetryinsider tradingJEL: G12G14 AcknowledgmentsWe thank the editor Paresh Narayan, a subject editor and two reviewers for their comments. We also thank Tao Bing and Nianling Wang from Capital University of Economics and Business, as well as Cheng Yan from the University of Essex, for helpful discussions. We are grateful to Jaideep Oberoi from SOAS, University of London for providing the code estimating PIN with Bayesian approach. We are also indebted to the FinTech Lab of the School of Finance at Capital University of Economics and Business for providing High-Performance Computing (HPC) resources for large dataset estimation. This research is funded by Capital University of Economics and Business (Grant ID: QNTD202301). All errors are our own responsibility.Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingThe work was supported by the Capital University of Economics and Business [QNTD202301].","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"61 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266423","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}

{"title":"How Do Short-Term Cross-Border Capital Flows Affect Bank Risk-Taking? Evidence from China","authors":"Rui Chen, Jinye Li","doi":"10.1080/1540496x.2023.2267739","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2267739","url":null,"abstract":"ABSTRACTThis study examines the impact of short-term cross-border capital flows on banks’ risk-taking using panel quarterly data from all 37 A-share listed commercial banks in China. We demonstrate that short-term cross-border capital flows increase both ex ante and ex post risk-taking by banks. The impact of short-term cross-border capital flows upon banks’ ex ante and ex post risk-taking is heterogeneous across different kinds of commercial banks and at different phases of the financial cycle. Besides, short-term cross-border capital flows exhibit a non-linear effect on banks’ ex ante risk-taking and ex post risk-taking with changes in capital account openness.KEYWORDS: Short-term cross-border capital flowsbank risk-takingfinancial cyclecapital account opennessChinese A-share listed commercial banksJEL: F32G01G21 AcknowledgmentsWe would like to thank the Editor-in-Chief and Subject Editor of the journal Emerging Markets Finance and Trade for their suggestions on the article, and the reviewers for the journal Emerging Markets Finance and Trade for their comments.Disclosure statementNo potential conflict of interest was reported by the authors.Additional informationFundingThis research was funded by the Humanities and Social Science Planning Fund of the Ministry of Education of China [No. 19YJA790040] and the Xinjiang Social Science Foundation Project [No. 19BJL028].","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266557","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}

{"title":"Heterogeneous Intermediary Asset Pricing in Iran’s Stock Market: Privately-Owned vs. State-Owned","authors":"Mohammad Hossein Dehghani, Monireh Ravanbakhsh","doi":"10.1080/1540496x.2023.2266113","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266113","url":null,"abstract":"ABSTRACTIn Iran’s stock market, this paper examines a new dimension of heterogeneity: ownership type, using an intermediary asset pricing model. When only state-owned intermediaries are considered, the price for exposure to capital ratio shocks is negative; thus, the group is not a marginal investor. Considering only privately-owned intermediaries has greater explanatory power than considering both types, and the price for capital risk is positive in both cases. We propose a new criterion to represent the sector with even greater explanatory power: a group of privately-owned intermediaries with positive capital risk prices when tested individually.KEYWORDS: Intermediary asset pricingheterogeneitycapital riskstate-owned vs. privately-owned intermediariesJEL: G12G23C33 AcknowledgmentsWe would like to thank the reviewers for their time and effort. We appreciate their valuable comments and suggestions that helped us improve the quality of this work.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1. Examples are the capital asset pricing model (Lintner Citation1965; Sharpe Citation1964), the consumption-based capital asset pricing model (Breeden Citation1979; Lucas Citation1978), and the multi-factor asset pricing models (Fama and French Citation1993, Citation2015).2. In the present study we use the data for the period 2011Q2–2021Q3, while in the previous study the last quarter was 2018Q4.3. According to He, Kelly, and Manela (Citation2017), the consumption of the intermediary sector, C, is a constant fraction, α, of its total wealth: Ct=αWtI. Given that the economy’s wealth is equal to the sum of the wealth of intermediaries and households: W=WI+WH, they show that the wealth of intermediaries is a fraction of the total wealth of the economy: WtI=θtWt. According to He, Kelly, and Manela (Citation2017), θ equals the capital ratio of the intermediary sector, η, in equilibrium.4. In fact, we use the growth rate of market portfolio excess return as a proxy for total wealth growth rate, dWtWt. Hence, βWi indicates the market factor’s risk exposure and PRW is its price. For more details, see Section 3.1.5. See Shanken and Zhou (Citation2007) for more details on EIV problem.6. There are N×(K+2) moment conditions and N×(1+K)+K parameters. Here N is the number of asset tests and K is the number of the risk factors.7. MAPE is calculated as 1NΣυiEt[Rtei]8. Specifically, υˆ′Cov(υˆ)−1υˆ∼χN−K2 where Cov(υˆ)=1T(Σisin−β(β′Σisin−1β)−1β′)(1+PR′Σf−1PR), Σisin is the variance-covariance matrix of the time series errors, and Σf is the variance-covariance matrix of risk factors. For more details, see Cochrane (Citation2005).9. Closed-end investment funds are known as investment companies in Iran.10. The list of intermediaries can be found in Appendix Table A2.11. The capital ratios are calculated using data from Mabna’s Rahavard Novin 3 database.12. The real period is 1390Q1–1400Q2 based on the Iranian calendar. It is relabeled acco","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"28 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266000","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}

{"title":"Macro-Prudential Policy and Bank Systemic Risk: Cross-Country Evidence Based on Emerging and Advanced Economies","authors":"Ye Zhou, Juejin Chen","doi":"10.1080/1540496x.2023.2266114","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266114","url":null,"abstract":"This study examines the effects of macro-prudential policy on bank systemic risk by using a cross-country panel data of 65 economies. We find that: (1) macro-prudential policy mitigates bank systemic risk by decreasing the individual risk of banks and systemic linkage between banks; (2) the effect is stronger for banks with larger sizes, wider geographical regions of operation, and more diversified business services; (3) the effect is stronger in countries with less-developed or less-open financial systems, more concentrated banking industries, and emerging economies; (4) the policy-risk relationship is stronger when credit is more crunched, monetary policy is looser, a financial crisis occurs, or after the subprime crisis.","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266007","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}

{"title":"Mergers and Acquisitions, Synergy, and Corporate Innovation: Evidence from China","authors":"Ping Zhang, Na Cao, Jieying Gao","doi":"10.1080/1540496x.2023.2266109","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266109","url":null,"abstract":"ABSTRACTMergers and acquisitions (M&As) and innovation as essential business development strategies have attracted much interest in the capital market. A difference-in-differences model employing Chinese listed firms indicates that M&As significantly enhance corporate innovation. The potential mechanisms lie in the fact that M&As generate synergy in finance, corporate governance, and information. Complementary evidence shows that the M&A effect on innovation is heterogeneous across payment methods and goodwill. We conclude that synergies obtained from combining and restructuring are important drivers of innovation capabilities.KEYWORDS: Mergers and acquisitionscorporate innovationsynergygoodwillJEL: G30G34O32 Disclosure StatementNo potential conflict of interest was reported by the author(s).Additional informationFundingThis work was supported by the Beijing Social Science Fund [No. 22JCC066].","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"29 7","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135266552","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}

{"title":"Personality Traits and Household Entrepreneurship: Evidence from China","authors":"Huan Zhou, Ying Ji","doi":"10.1080/1540496x.2023.2266116","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266116","url":null,"abstract":"ABSTRACTHousehold entrepreneurship can not only promote the sustainable development of the national economy, but also reduce unemployment. However, the urban-rural dual pattern leads to systematic differences in household entrepreneurship. This heterogeneity complicates the relationship between personality traits and household entrepreneurship. In order to study this complex relationship, this study empirically analyzed the influence of personality traits on entrepreneurial decisions and entrepreneurial returns of urban and rural households. Specifically, this study adopts the well-known “Big Five” personality classification criteria in the literature and constructs Probit, Tobit, and Heckman models based on the data of Chinese Family Panel Studies (CFPS) in 2016 and 2018. The results determine those factors beneficial for entrepreneurship, and the return of entrepreneurship depends upon the optimism, rigorousness, and preciseness of the householder. Additionally, the unrestricted intention of the household’s head is not conducive to entrepreneurship. The relevant departments should thoroughly acknowledge the influence of personality traits on the effectiveness of policies while making relevant policies involving household entrepreneurship.KEYWORDS: Personality traitsentrepreneurial decisionsentrepreneurial returnsJEL: G41D91D13 Disclosure statementThe authors declare no conflict of interest.Additional informationFundingThis work was supported by the [National Natural Science Foundation of China] under Grant [number 72171149, 72171123]; [Natural Science Research of the Academic School of Anhui Province] under Grant [number KJ2020A0712]; and [Annual Planning Project of Philosophy and Social Sciences of Henan Province] under Grant [number No.222102210117].","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135823999","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}

{"title":"How Does Industrial Upgrading Affect Urban Ecological Efficiency? New Evidence from China","authors":"Shuhai Niu, Kexin Zhang, Juan Zhang, Yanchao Feng","doi":"10.1080/1540496x.2023.2260544","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2260544","url":null,"abstract":"ABSTRACTThe upgrade of industrial structure is one type of momentum for improving urban ecological efficiency, and exploring the nexus between them can help implement the concept of green development. Using data from 284 cities in China between 2004 and 2019, this research employs a series of econometric models to examine how improving industrial structure contributes to the growth of urban ecological efficiency. The research results reveal that urban ecological efficiency can be significantly improved by industrial structure upgrade, while ecological efficiency is inhibited by low-quality GDP and financial development models and insignificantly decreased by industrial structure rationalization. In addition, industrial structure upgrading has failed to play a mediating role in promoting eco-efficiency through technological innovation and the reduction of pollutant emission intensity. Moreover, officials’ turnover plays a negative moderating influence on the role of industrial upgrading in increasing ecological efficiency, while environmental regulation plays the opposite role. This study further conducts triple heterogeneity tests including city size, resource endowment, and regional heterogeneity, which provide a feasible way for further implementation of relevant policies.KEYWORDS: Industrial upgradingurban ecological efficiencymoderating mechanismmediating mechanism AcknowledgementsWe would like to thank the editor professor Chun-Ping Chang and the other three anonymous reviewers for their constructive comments and suggestions.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1. In the test of city size, the division of city size in this paper is based on the population size of the city. According to whether the total urban population is more than 1 million, the city size is divided into two categories: large and small.2. In the resource endowment test, cities are divided into resource-based cities and non-resource-based cities according to the differences in resource endowments of each city. The division is based on the Notice of the State Council of China on the “National Sustainable Development Plan for Resource-Based Cities (2013–2020)” issued on November 12, 2013.3. In the geographical location test, this paper classifies cities according to four regions: east, middle, west and northeast. The prefecture-level cities under Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan belong to the eastern region The prefecture-level cities under Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan belong to the central region; the prefecture-level cities under Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang belong to the western region; The prefecture-level cities under Liaoning, Jilin and Heilongjiang belong to the Northeast region.Additional informationFundingThe work was supported by the National Social Science Fun","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135824977","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}

{"title":"High-Speed Rails, Labor Mobility and Within-Firm Pay Gap","authors":"Gaowen Kong, Lihua Liu, Dongmin Kong, Jian Zhang","doi":"10.1080/1540496x.2023.2266115","DOIUrl":"https://doi.org/10.1080/1540496x.2023.2266115","url":null,"abstract":"ABSTRACTThe intrafirm pay gap plays a significant role in firm outcomes and prior research focuses on examining its determinants based on firm characteristics and institutional factors, with limited understanding of how labor mobility, driven by improvements in transportation, affects the pay gap. This study utilizes the opening of high-speed rails (HSRs) as an exogenous shock of the improvement of transportation infrastructure and finds that HSRs substantially increase the within-firm pay gap, especially for firms located in small cities. Mechanism tests reveal that the widening pay gap can be attributed to the decreased employee’s wages, driven by the increased supply of low skilled labors. The effect is more pronounced in labor-intensive firms, and those with weaker employee bargaining power. Overall, we provide implications for regulators and management who are concerned about pay inequity.KEYWORDS: Within-firm pay gaphigh-speed railslabor mobilityChinaJEL: M41J31O18 AcknowledgmentsWe appreciate the constructive suggestions from Yezhou Sha. We also thank the seminar participants at the 16th Bulletin of Monetary Economics and Banking International Conference and Call for Papers.Disclosure StatementWe declare that we have no financial and personal relationship with other people or organizations that can inappropriately influence our work, there is no professional or other personal interest of any nature of kind in any product, service and/or company that could be construed as influencing the position presented in, or the review of, the manuscript entitled.Notes1. Source from: https://www.ilo.org/global/lang–en/index.htm.2. According to an AFL-CIO’s Executive Paywatch news, the average CEO pay at an S&P 500 Index company surged to an of 361 times more than American average rank-and-file workers in 2017.3. We have conducted extensive research and reading on the literature concerning high-speed rails and pay gap. Existing discussions on the impact of high-speed rails on income disparities mainly focus on its effects on the urban-rural income disparity (Yu and Pan Citation2019), regional income inequalities (Jiang and Kim Citation2016), and the wage gap between rural-urban migrants (Kong, Liu, and Yang Citation2021). However, we have found that there is currently no research exploring the effect of high-speed rails on within firm pay gap (pay inequity between the managers and the rank-and-file employees).4. Since 2004, the Ministry of Railways has strengthened its cooperation with local governments, however, by the end of 2008, local government and social investment only accounted for about 20% of the total investment scale of the contracted projects. Since the Ministry of Railways has promulgated route planning policies prior to local government financing, the layout of high-speed rail lines is less influenced by local governments, i.e., the effect of HSRs connection on the within firm pay gap is more exogenous. In addition, this study finds that ","PeriodicalId":11693,"journal":{"name":"Emerging Markets Finance and Trade","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135824000","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}