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Classifying the direction of Robinhood’s fractional share trades 罗宾汉分股交易方向的分类
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107675
Jesse L. Glaze
{"title":"Classifying the direction of Robinhood’s fractional share trades","authors":"Jesse L. Glaze","doi":"10.1016/j.frl.2025.107675","DOIUrl":"10.1016/j.frl.2025.107675","url":null,"abstract":"<div><div>I develop a novel method to sign Robinhood's fractional trades in the NYSE Daily Trade and Quote (TAQ) database. This method extends the findings of Bartlett et al. (2024) who identify Robinhood’s fractional trades in TAQ but do not sign the trades since they are executed at the National Best Bid and Offer (NBBO) midpoint. To sign the trades, I first match the fractional share trade to the corresponding whole-share trade originating from the same dollar-based order, then sign the corresponding whole-share trade using accepted retail order signing algorithms. To validate the trades’ signs, I document a significant increase in buy trades from Robinhood users immediately following stimulus check direct deposits in March 2021. This methodology significantly improves upon the state-of-the-art dataset on Robinhood user holdings which is no longer in service. The resulting data will be useful for researchers studying Robinhood or mobile investors, their actions, and their growing impacts on modern capital markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107675"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272423","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
The impact of green finance reform and innovation policies on green investors in China 中国绿色金融改革与创新政策对绿色投资者的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107709
Jinwei Wang , Xiaofan Li , Ting Zhang , Chonghe He , Liwen Zhu
{"title":"The impact of green finance reform and innovation policies on green investors in China","authors":"Jinwei Wang ,&nbsp;Xiaofan Li ,&nbsp;Ting Zhang ,&nbsp;Chonghe He ,&nbsp;Liwen Zhu","doi":"10.1016/j.frl.2025.107709","DOIUrl":"10.1016/j.frl.2025.107709","url":null,"abstract":"<div><div>This article examines the impact of green finance reform and innovation policies on green investors. Based on data of Chinese A-shares listed companies from 2010–2021, this study conducts empirical analyses using a multi-period difference-in-differences estimation strategy and uncovering the mechanisms by a two-step mediation effect model. The results demonstrate that China’s green finance reform and innovation policies significantly help enterprises attract green investors by promoting enterprises’ environmental performance and green technology innovation. And green finance reform and innovation policies have more significant effect in the samples of non-state-owned enterprises and enterprises in non-heavily polluted industries. Based on this, China's current policies should encourage increased investment in green innovation research and development, strengthen the demonstration role of non-state-owned enterprises, enhance the green innovation capabilities of the industry, and provide support for the sustainable development of enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107709"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144242489","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
Financial spillovers in SME clusters: How inter-firm credit drives collaborative innovation 中小企业集群的金融溢出效应：企业间信贷如何驱动协同创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107729
Boyu Zhao , Conglei Yu , Lingli Wang , Feng Zhao
{"title":"Financial spillovers in SME clusters: How inter-firm credit drives collaborative innovation","authors":"Boyu Zhao ,&nbsp;Conglei Yu ,&nbsp;Lingli Wang ,&nbsp;Feng Zhao","doi":"10.1016/j.frl.2025.107729","DOIUrl":"10.1016/j.frl.2025.107729","url":null,"abstract":"<div><div>This paper aims to reveal the financial spillovers in small and medium-sized enterprises (SMEs) clusters. Based on evidence from Chinese SMEs over the period of 2015 to 2024, this study shows that inter-firm credit significantly improves collaborative innovation performance. The relationship is more significant for firms in regions with less developed capital markets. Further analysis shows that revenue volatility and financial constraints are the core economic channels behind this link. Our conclusions remain robust after dealing with various sensitivity and endogeneity issues. Overall, this paper greatly enriches the financial literature on financial spillovers and innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107729"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330180","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
Optimization of human capital in management and integration with digital finance: Strategies for enhancing corporate competitiveness 优化人力资本管理与数字金融融合：提升企业竞争力的策略
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107712
Xiaoping Cui , Ke Sun , Tianrui Zhang
{"title":"Optimization of human capital in management and integration with digital finance: Strategies for enhancing corporate competitiveness","authors":"Xiaoping Cui ,&nbsp;Ke Sun ,&nbsp;Tianrui Zhang","doi":"10.1016/j.frl.2025.107712","DOIUrl":"10.1016/j.frl.2025.107712","url":null,"abstract":"<div><div>This study analyzes data from Chinese listed companies between 2011 and 2023, focusing on the impact of optimizing managerial human capital and integrating digital finance on enhancing corporate competitiveness. The findings reveal that optimizing managerial human capital (in terms of technical background and high educational attainment) significantly positively influences corporate competitiveness. Additionally, there is notable heterogeneity in the impact of technical background on competitiveness across regions with different economic development levels. Furthermore, the development of digital finance positively moderates the relationship between managerial human capital and corporate competitiveness, particularly strengthening the effect of technical background.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107712"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254162","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
Unmanaged ESG risks and corporate performance – The impact of management gaps 未管理的ESG风险与企业绩效——管理缺口的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107707
Dat Thanh Nguyen , Vuong Thao Tran , Dinh Hoang Bach Phan , Quang Thi Thieu Nguyen
{"title":"Unmanaged ESG risks and corporate performance – The impact of management gaps","authors":"Dat Thanh Nguyen ,&nbsp;Vuong Thao Tran ,&nbsp;Dinh Hoang Bach Phan ,&nbsp;Quang Thi Thieu Nguyen","doi":"10.1016/j.frl.2025.107707","DOIUrl":"10.1016/j.frl.2025.107707","url":null,"abstract":"<div><div>This study contributes to the Environmental, Social, and Governance (ESG) literature by providing a detailed analysis of ESG risks and their impact on corporate performance. While previous research has primarily relied on aggregate ESG measures, our approach focuses on the heterogeneity of ESG risks, particularly unmanaged risks and management gaps. Using data from 2,350 U.S. firms over the period 2018–2023, we find a statistically significant negative relationship between total ESG risk and firm performance. Notably, this negative impact is primarily driven by unmanaged ESG risks, with management gaps exerting an influence approximately eight times greater than that of unmanageable risks. The effect of unmanaged ESG risks is most pronounced in the first year, diminishing in subsequent years. Our findings remain robust even after controlling for endogeneity and conducting various robustness tests.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107707"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254163","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
How does peer firms' ESG performance affect carbon emission reductions ? 同行企业的ESG绩效如何影响碳减排？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107711
Pei Wang , Weixian Xue , Zhi Li
{"title":"How does peer firms' ESG performance affect carbon emission reductions ?","authors":"Pei Wang ,&nbsp;Weixian Xue ,&nbsp;Zhi Li","doi":"10.1016/j.frl.2025.107711","DOIUrl":"10.1016/j.frl.2025.107711","url":null,"abstract":"<div><div>This study analyzes the green spillover effects of peer firms' ESG performance on the carbon reduction actions of focal organizations from 2013 to 2023. Empirical data indicates that superior ESG practices among industry peers substantially improve the decarbonization efforts of focal enterprises, principally mediated by diminished financial restrictions and increased public attention. Competitive pressures and the pursuit of legitimacy compel focal firms to implement sustainable practices, especially when peers exhibit genuine ESG commitments. The findings highlight the pivotal influence of peer dynamics and institutional circumstances in expediting business climate shifts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107711"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144280335","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
Business cycles in Chile (2000–2023): analysing GDP and the components of aggregate demand 智利的商业周期（2000-2023）：分析GDP和总需求的组成部分
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107731
Cindy Gianella Tutiven-Desintonio
{"title":"Business cycles in Chile (2000–2023): analysing GDP and the components of aggregate demand","authors":"Cindy Gianella Tutiven-Desintonio","doi":"10.1016/j.frl.2025.107731","DOIUrl":"10.1016/j.frl.2025.107731","url":null,"abstract":"<div><div>This study presents a characterisation of GDP cycles and the components of aggregate demand in Chile in terms of their duration and amplitude. These cycles are analysed from both classical and growth perspectives. Turning points in the series are identified using the BBQ algorithm. Using quarterly data from January 2000 to December 2023, the empirical analysis identifies three complete classical cycles, four recessions, and two crises. During this period, government expenditure plays a prominent role in explaining the expansionary dynamics of the GDP cycle.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107731"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144242491","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
Cross-border e-commerce comprehensive pilot zones, tax expenditures, and firm innovation 跨境电子商务综合试验区、税收支出、企业创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107725
Yun Jiang, Yanru Zhang
{"title":"Cross-border e-commerce comprehensive pilot zones, tax expenditures, and firm innovation","authors":"Yun Jiang,&nbsp;Yanru Zhang","doi":"10.1016/j.frl.2025.107725","DOIUrl":"10.1016/j.frl.2025.107725","url":null,"abstract":"<div><div>Based on data from listed companies between 2012 and 2023, this study systematically evaluates the policy effects of Comprehensive Cross-Border E-Commerce Pilot Zones (CCBEPZs) on enterprise innovation using a multi-period difference-in-differences (DID) model. The findings reveal that the establishment of these zones significantly increases the number of enterprise patent applications. However, tax incentives exhibit a \"substitution effect\" on corporate innovation: government subsidies crowd out firms' independent R&amp;D investments, fostering policy dependence. This counterintuitive finding suggests that merely increasing tax incentives may not sustainably enhance firms' innovation momentum. Mediation effect analysis further indicates that CCBEPZs indirectly unlock innovation resources by reducing transaction costs for enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107725"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254133","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
How CEO power intensity drives the improvement of corporate green innovation performance: An in-depth analysis based on the mediating role of financing costs CEO权力强度如何驱动企业绿色创新绩效提升：基于融资成本中介作用的深度分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107734
Bo Yang, Xiqiao Du
{"title":"How CEO power intensity drives the improvement of corporate green innovation performance: An in-depth analysis based on the mediating role of financing costs","authors":"Bo Yang,&nbsp;Xiqiao Du","doi":"10.1016/j.frl.2025.107734","DOIUrl":"10.1016/j.frl.2025.107734","url":null,"abstract":"<div><div>This research examines the mechanism through which CEO power dynamics drive improvements in corporate green innovation (CGI) performance among Chinese listed firms during 2008–2023, with a focus on the mediating role of financing costs. Empirical results reveal a significant positive association between CEO power intensity and green innovation performance, which is particularly pronounced in eastern-region enterprises and small-to-medium sized enterprises (SMEs). Financing costs are found to play a critical mediating role in the relationship between CEO power and CGI performance. Further analysis shows that this mediating effect of financing costs is more salient in private enterprises compared to state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107734"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254166","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
Science and Technology Financial Policies and Enterprise Digital Technology Innovation 科技金融政策与企业数字技术创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107646
Xuefeng Shao , Kang Xi , Zijing Chen
{"title":"Science and Technology Financial Policies and Enterprise Digital Technology Innovation","authors":"Xuefeng Shao ,&nbsp;Kang Xi ,&nbsp;Zijing Chen","doi":"10.1016/j.frl.2025.107646","DOIUrl":"10.1016/j.frl.2025.107646","url":null,"abstract":"<div><div>As an important part of science and technology innovation, digital technology innovation profoundly impacts economic structure transformation and industrial upgrading. However, few systematic and in-depth analyses have been conducted regarding the specific mechanisms through which science and technology financial policies (STFP) impact digital technology innovation. This study uses panel data of Chinese listed companies from 2005 to 2023 and a difference-in-differences approach to assess the impact of STFP on enterprise digital technology innovation. The results show that STFP significantly promote enterprise digital technology innovation by increasing the share of patient capital. A heterogeneity analysis further reveals that the facilitating effect of STFP is more obvious for enterprises with lower financing constraints and higher degrees of financialization. This study’s results provide empirical support for applying STFP to promote enterprise digital technology innovation in China. These findings have great theoretical and practical significance for promoting financial innovation development in China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107646"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144205068","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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