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Bank credit risk and sovereign debt exposure: Moral hazard or hedging? 银行信贷风险和主权债务风险：道德风险还是对冲？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-16 DOI: 10.1016/j.frl.2024.106454
Laura Baselga-Pascual , Lidia Loban , Emma-Riikka Myllymäki
{"title":"Bank credit risk and sovereign debt exposure: Moral hazard or hedging?","authors":"Laura Baselga-Pascual ,&nbsp;Lidia Loban ,&nbsp;Emma-Riikka Myllymäki","doi":"10.1016/j.frl.2024.106454","DOIUrl":"10.1016/j.frl.2024.106454","url":null,"abstract":"<div><div>This study investigates the relationship between credit risk and bank exposure to sovereign debt. Using an international dataset of commercial banks from 2002 to 2022, we apply various regressions and panel data models to address potential endogeneity issues. Our results reveal that banks with higher levels of impaired loans tend to hold more sovereign debt. Furthermore, we observe that this relationship is stronger in countries with high sovereign credit ratings. This suggests that banks, when confronted with elevated credit risk from impaired loans, may seek safety in sovereign debt as a seemingly secure investment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106454"},"PeriodicalIF":7.4,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Role of value signals in information asymmetry markets
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-16 DOI: 10.1016/j.frl.2024.106443
Da Ke , Xuan Li , Qing Zheng
{"title":"Role of value signals in information asymmetry markets","authors":"Da Ke ,&nbsp;Xuan Li ,&nbsp;Qing Zheng","doi":"10.1016/j.frl.2024.106443","DOIUrl":"10.1016/j.frl.2024.106443","url":null,"abstract":"<div><div>The second-hand car online auction market demonstrates how value signals influence bidders in information asymmetry markets. Appraised value and starting price serve as value signals, similar to list prices in traditional sales. To facilitate comparisons of items with varying appraised value, we replace starting price and final price with relative values based on appraised value. Our study described differences among different appraised value. The results indicate number of bidders positively influences relative starting price and total price increments while starting price positively moderates this influence, both varying across appraised value levels. Our research reduces market imbalance while revealing the relationship between appraised value and starting price in the second-hand car market.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106443"},"PeriodicalIF":7.4,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Industry-specific information disclosure regulation and corporate ESG performance: Evidence from China 特定行业的信息披露监管与企业的环境、社会和公司治理绩效：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-16 DOI: 10.1016/j.frl.2024.106483
Gaocai Chen , Mengqi Zou
{"title":"Industry-specific information disclosure regulation and corporate ESG performance: Evidence from China","authors":"Gaocai Chen ,&nbsp;Mengqi Zou","doi":"10.1016/j.frl.2024.106483","DOIUrl":"10.1016/j.frl.2024.106483","url":null,"abstract":"<div><div>Finding ways to promote environmental, social, and governance (ESG) development through effective capital market regulation is crucial. China has initiated industry-specific information disclosure regulation since 2013 to enhance market efficiency and drive economic transformation. Using data of listed firms from 2009 to 2020, this study employs a difference-in-differences model to investigate the influence and underlying mechanisms of industry-specific information disclosure regulation on corporate ESG performance. The findings indicate that industry-specific information disclosure regulation can promote corporate ESG performance by enhancing the comparability of accounting information, which fosters industry competition, facilitates external oversight, and reduces internal agency costs. Heterogeneity tests reveal that the influence is more pronounced in enterprises with higher industry fundamentals relevance, state-owned enterprises, and enterprises in regions with high market development. These findings broaden the scope of information disclosure regulation studies and offer tangible regulatory strategies for transitional economies to bolster ESG development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106483"},"PeriodicalIF":7.4,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
CEO inside debt holdings and climate risk concerns in corporate acquisition 企业收购中首席执行官的内部债务持有和气候风险问题
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106473
Yueying Su , Jialong Li , Zhicheng Li , Cathy Wu
{"title":"CEO inside debt holdings and climate risk concerns in corporate acquisition","authors":"Yueying Su ,&nbsp;Jialong Li ,&nbsp;Zhicheng Li ,&nbsp;Cathy Wu","doi":"10.1016/j.frl.2024.106473","DOIUrl":"10.1016/j.frl.2024.106473","url":null,"abstract":"<div><div>This study examines how CEO inside debt holdings motivate CEOs to incorporate climate risk in corporate acquisition decisions through deal selection and valuation. Using samples of intended and completed acquisitions executed by U.S. acquirers from 2006 to 2021, we find that when acquirers consider a target firm with a greater exposure to climate risk, acquirers with a higher level of CEO inside debt choose to discount their valuation for the target firm rather than drop the deal completely. These results suggest that CEO's debt-like compensation can be used to encourage CEOs to take climate risk concerns into their investment decisions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106473"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704398","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Mental health, subjective well-being, and household health investment 心理健康、主观幸福感和家庭健康投资
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106479
Xinjian Wang , Xuyang Jiao , Jiang Zhang , Ling Huang
{"title":"Mental health, subjective well-being, and household health investment","authors":"Xinjian Wang ,&nbsp;Xuyang Jiao ,&nbsp;Jiang Zhang ,&nbsp;Ling Huang","doi":"10.1016/j.frl.2024.106479","DOIUrl":"10.1016/j.frl.2024.106479","url":null,"abstract":"<div><div>Understanding how psychological factors influence health behaviors remains a critical gap in health economics research, particularly in rapidly developing economies like China. While studies have examined economic determinants of health investment, the role of mental well-being in shaping health expenditure decisions remains underexplored, especially across different income groups. Using the China Family Panel Studies 2020 dataset (n=8,843), we employ regression analyses with instrumental variables and heterogeneity tests to investigate how mental health affects household health investment patterns. Our findings reveal that better mental health significantly increases health-related expenditures, with stronger effects among lower-income households. Subjective well-being partially mediates this relationship, while socioeconomic factors, particularly education and household registration status, show varying impacts across income levels. These results suggest that psychological well-being plays a crucial role in health investment decisions, especially for resource-constrained households, highlighting the need for income-sensitive health promotion strategies in developing economies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106479"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Optimal financial inclusion for financial stability: Empirical insight from developing countries 促进金融稳定的最佳金融包容性：发展中国家的经验启示
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106467
Meriem Sebai, Omar Talbi, Hella Guerchi-Mehri
{"title":"Optimal financial inclusion for financial stability: Empirical insight from developing countries","authors":"Meriem Sebai,&nbsp;Omar Talbi,&nbsp;Hella Guerchi-Mehri","doi":"10.1016/j.frl.2024.106467","DOIUrl":"10.1016/j.frl.2024.106467","url":null,"abstract":"<div><div>This paper investigates the impact of financial inclusion on financial stability in 26 developing countries from 2004 to 2020. Using a panel smooth transition regression model, the results reveal a nonlinear relationship between financial inclusion and financial stability. Initially, financial inclusion enhances banking stability. However, beyond a certain point, increased financial inclusion gradually diminishes financial stability, exhibiting an inverted U-shaped relationship. These findings emphasize the importance of adopting a balanced financial inclusion strategy and an adaptive regulatory framework to mitigate potential risks to overall financial stability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106467"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation 家族企业与成功的股权众筹：可持续发展导向的调节作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106470
Paolo Capolupo , Angelo Natalicchio , Lorenzo Ardito , Antonio Messeni Petruzzelli , Manuela Cazzorla
{"title":"Family-governed businesses and successful equity crowdfunding: The moderating role of sustainability orientation","authors":"Paolo Capolupo ,&nbsp;Angelo Natalicchio ,&nbsp;Lorenzo Ardito ,&nbsp;Antonio Messeni Petruzzelli ,&nbsp;Manuela Cazzorla","doi":"10.1016/j.frl.2024.106470","DOIUrl":"10.1016/j.frl.2024.106470","url":null,"abstract":"<div><div>Crowdfunding has arisen as a prominent alternative to more traditional forms of financing, with equity crowdfunding (EC) becoming increasingly significant for its economic relevance and unique dynamics. While previous research has explored various factors contributing to EC campaign success, the role of firm governance, particularly family governance – i.e., the involvement in management and/or ownership of members of the same family - remains underexplored. Therefore, this study tackles this gap by examining the influence of family governance on EC success. Family-governed businesses, known for their long-term orientation and more conservative risk behavior, may inspire greater trust from investors, hence enhancing their campaign success. Additionally, the growing importance of business and campaign sustainability orientation in investors’ decision-making suggests it could further strengthen the positive relationship between family-governed businesses and EC success. Using data collected on 500 EC campaigns from leading Italian platforms, we find support for our hypotheses. This study contributes to the EC literature and family business research and has important implications for family-governed businesses seeking to optimize their EC campaigns.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106470"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660392","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Hedge accounting and firms’ future investment spending 对冲会计与企业未来的投资支出
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106477
Andreas Kreß , Brigitte Eierle , Sven Hartlieb , Francesco Mazzi
{"title":"Hedge accounting and firms’ future investment spending","authors":"Andreas Kreß ,&nbsp;Brigitte Eierle ,&nbsp;Sven Hartlieb ,&nbsp;Francesco Mazzi","doi":"10.1016/j.frl.2024.106477","DOIUrl":"10.1016/j.frl.2024.106477","url":null,"abstract":"<div><div>Finance theory suggests that effective hedging reduces cash flow volatility, enabling firms to invest in profitable projects they might otherwise avoid. We argue that this association holds only for derivatives designated for hedge accounting, which requires the fulfillment of strict effectiveness criteria. Our evidence shows that only designated derivatives are positively associated with future investments, indicating that hedge accounting serves as a helpful signaling device for stakeholders regarding the success of firms’ hedging programs. However, firms using complex hedging strategies seem unable to designate some of their successful derivatives due to the often-criticized strict criteria for hedge accounting.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106477"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142718602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of financial technology advancement on stock crash risk: An Analysis of the mediating effect of information transparency 金融科技进步对股灾风险的影响：信息透明度的中介效应分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106448
Qifeng Zou , Yanliang Zhang
{"title":"The impact of financial technology advancement on stock crash risk: An Analysis of the mediating effect of information transparency","authors":"Qifeng Zou ,&nbsp;Yanliang Zhang","doi":"10.1016/j.frl.2024.106448","DOIUrl":"10.1016/j.frl.2024.106448","url":null,"abstract":"<div><div>This paper meticulously examines the influence of financial technology (fintech) development on stock price crash risk. Utilizing a fixed-effects model, the analysis focuses on a comprehensive sample of China's A-share listed companies spanning the years 2012 to 2020. The findings reveal a significant insight: within China's capital markets, enhancements in regional fintech development act as a potent deterrent against the peril of corporate share price collapses. Notably, fintech exerts its influence on mitigating stock price crash risk by enhancing the degree of corporate information transparency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106448"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Helping hand or grabbing hand: The impact of land finance on the green economic development in China 帮手还是抓手？土地财政对中国绿色经济发展的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-15 DOI: 10.1016/j.frl.2024.106471
Yicheng Zhou , Boqiang Lin
{"title":"Helping hand or grabbing hand: The impact of land finance on the green economic development in China","authors":"Yicheng Zhou ,&nbsp;Boqiang Lin","doi":"10.1016/j.frl.2024.106471","DOIUrl":"10.1016/j.frl.2024.106471","url":null,"abstract":"<div><div>Using the panel data of 30 provinces in China from 2003 to 2019, this paper investigates the impact of land finance (LF) on green economic development (GED) and its spatial effects. It is found that LF significantly reduces GED in China, especially in the midwestern and before 2012. Moreover, the spatial effect analysis shows that LF not only inhibits GED in the local area, but also has a significant negative effect on GED in neighboring areas. In short, reducing land financial dependence is conducive to green development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106471"},"PeriodicalIF":7.4,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704463","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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