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RMB equilibrium exchange rate and misalignment: Insights from the CN-NATREX Model 人民币均衡汇率与失衡：来自CN-NATREX模型的启示
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-30 DOI: 10.1016/j.frl.2025.107481
Wei Wei, Zefeng Tang
{"title":"RMB equilibrium exchange rate and misalignment: Insights from the CN-NATREX Model","authors":"Wei Wei,&nbsp;Zefeng Tang","doi":"10.1016/j.frl.2025.107481","DOIUrl":"10.1016/j.frl.2025.107481","url":null,"abstract":"<div><div>This study builds a RMB natural equilibrium exchange rate (CN-NATREX) model to evaluate the impact of intensifying international competition on the RMB’s NATREX and misalignment. Using China’s data, we confirm the model’s robustness, obtaining dynamics of equilibrium and competition. Results indicate that the RMB underwent an adjustment period from 2013 to 2014. Before this period, the RMB was undervalued; subsequently, it became significantly overvalued, with a misalignment forming a left-tailed inverted U. The findings strengthen the NATREX framework, offering an innovative approach for exchange rate policy amid complex global economic dynamics.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107481"},"PeriodicalIF":7.4,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143907558","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
Impact of market power on capital investment and labor-augmenting innovations 市场力量对资本投资和劳动力增强型创新的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-30 DOI: 10.1016/j.frl.2025.107438
Xinle Liu , Pengfei Luo , Yong Zhang
{"title":"Impact of market power on capital investment and labor-augmenting innovations","authors":"Xinle Liu ,&nbsp;Pengfei Luo ,&nbsp;Yong Zhang","doi":"10.1016/j.frl.2025.107438","DOIUrl":"10.1016/j.frl.2025.107438","url":null,"abstract":"<div><div>We develop a two-stage model of capital investment and labor-augmenting innovations, considering the implications of market power on investment decisions (investment size and timing) and welfare. Capital size decreases with market power, while labor-augmenting technological investment scale increases. An inverted U-shaped relationship exists between investment thresholds and market power, resulting from a trade-off between the scale and cost effects induced. Increased market power exacerbates underinvestment and labor distortions. Market power has an ambiguous impact, exacerbating the loss of social welfare.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107438"},"PeriodicalIF":7.4,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899121","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 to make R&D effective? Distance-to-frontier in manufacturing and R&D returns 如何使研发有效？制造业和研发回报的前沿距离
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-29 DOI: 10.1016/j.frl.2025.107494
Yiru Wang , Yanxiang Xie , Yang Liu
{"title":"How to make R&D effective? Distance-to-frontier in manufacturing and R&D returns","authors":"Yiru Wang ,&nbsp;Yanxiang Xie ,&nbsp;Yang Liu","doi":"10.1016/j.frl.2025.107494","DOIUrl":"10.1016/j.frl.2025.107494","url":null,"abstract":"<div><div>This paper constructs an R&amp;D return indicator (research quotient) and examines the impact of the distance-to-frontier in manufacturing on firms’ R&amp;D returns. We document that reducing the distance-to-frontier enhances R&amp;D return, exhibiting an increasing marginal effect. Structural analysis shows that both industry technological frontiers and cross-national technological frontiers improve R&amp;D returns, with the impact of cross-national technological frontiers being more significant. Reducing the distance-to-frontier enhances firms’ R&amp;D returns through investment-financing and supply-demand coordination mechanisms. Industry heterogeneity indicates that technology-intensive industries exhibit greater sensitivity to technological frontierization. Our paper provides new evidence on the factors trapping Chinese manufacturing firms in the “R&amp;D return puzzle.”</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107494"},"PeriodicalIF":7.4,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143906597","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 judicial specialization and corporate information interaction: Evidence from the establishment of financial courts in China 金融司法专业化与企业信息互动：来自中国金融法院设立的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-28 DOI: 10.1016/j.frl.2025.107483
Panpan Zheng, Zhen Li
{"title":"Financial judicial specialization and corporate information interaction: Evidence from the establishment of financial courts in China","authors":"Panpan Zheng,&nbsp;Zhen Li","doi":"10.1016/j.frl.2025.107483","DOIUrl":"10.1016/j.frl.2025.107483","url":null,"abstract":"<div><div>Using a quasi-natural experiment created by the establishment of financial courts in China, we employ a multi-time DID method to empirically examine the impact of financial judicial specialization (FJS) on the information interaction behavior of listed companies. Our findings reveal that FJS reduces the likelihood of listed companies responding to investor inquiries. Further analysis shows that although FJS improves the comprehensiveness of company responses, it also reduces their timeliness. Notably, the adverse effect of FJS on the probability of listed companies responding to investor inquiries is more pronounced in contexts with high litigation risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107483"},"PeriodicalIF":7.4,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143891188","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 corporate artificial intelligence on financial risk: Evidence from China 企业人工智能对财务风险的影响：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-28 DOI: 10.1016/j.frl.2025.107435
Wenhui Xin
{"title":"The impact of corporate artificial intelligence on financial risk: Evidence from China","authors":"Wenhui Xin","doi":"10.1016/j.frl.2025.107435","DOIUrl":"10.1016/j.frl.2025.107435","url":null,"abstract":"<div><div>In this study, we use data from Chinese A-share listed companies from 2010 to 2023 and construct an AI-related keyword index based on text analysis to empirically investigate the impact of AI on corporate financial risk. Our results show that artificial intelligence can significantly reduce corporate financial risk, mainly by alleviating corporate financing constraints and inefficient investment. Further heterogeneity analysis indicates that the effect of AI on reducing financial risk is more significant in non-state-owned enterprises, small-sized firms, and firms with low leverage.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107435"},"PeriodicalIF":7.4,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143891189","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 frictions, information constraints, and labor market inefficiencies: A macro-financial perspective 金融摩擦、信息约束和劳动力市场效率低下：宏观金融视角
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-26 DOI: 10.1016/j.frl.2025.107474
Ioannis Petrakis
{"title":"Financial frictions, information constraints, and labor market inefficiencies: A macro-financial perspective","authors":"Ioannis Petrakis","doi":"10.1016/j.frl.2025.107474","DOIUrl":"10.1016/j.frl.2025.107474","url":null,"abstract":"<div><div>This paper develops a continuous-time search-and-matching model that integrates two key labor market frictions—imperfect information and financial constraints—into the Diamond-Mortensen-Pissarides framework. By endogenizing these frictions, we offer a new explanation for persistent unemployment, asymmetric recoveries, and endogenous hysteresis. The model shows how informational distortions and liquidity constraints jointly suppress search effort and vacancy posting, leading to nonlinear dynamics and friction-induced thresholds, where temporary shocks have lasting effects. We derive closed-form expressions for job-finding rates, market tightness, and steady-state unemployment as functions of these frictions. Empirical extensions demonstrate how compounded constraints affect low-skilled workers, how frictions evolve with unemployment duration, and how macroeconomic shocks amplify scarring through feedback loops. Policy analysis suggests that targeting both worker- and firm-side frictions, through interventions like digital matching tools, liquidity support, hiring subsidies, and credit access, is essential for reducing unemployment persistence and recovery asymmetries. This approach provides a tractable framework for understanding labor market inefficiencies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107474"},"PeriodicalIF":7.4,"publicationDate":"2025-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143886971","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
Can environmental regulation inhibit enterprises` greenwashing? Evidence from implementing the New Environment Protection Law 环境监管能否抑制企业的“漂绿”行为？新环境保护法实施的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-25 DOI: 10.1016/j.frl.2025.107476
Yue Li , Zhongwen Deng
{"title":"Can environmental regulation inhibit enterprises` greenwashing? Evidence from implementing the New Environment Protection Law","authors":"Yue Li ,&nbsp;Zhongwen Deng","doi":"10.1016/j.frl.2025.107476","DOIUrl":"10.1016/j.frl.2025.107476","url":null,"abstract":"<div><div>This research examines, conceptually and empirically, the impact of environmental regulation on corporate greenwashing. This research utilizes the New Environmental Protection Law as a natural experiment to investigate the causal relationship between environmental legislation and corporate greenwashing actions from 2009 to 2023. The results suggest that implementing the new Environmental Protection Law can deter corporate greenwashing by promoting total factor productivity and improving internal management capabilities.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107476"},"PeriodicalIF":7.4,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899119","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
ESG performance and cross regional investment: Evidence from Chinese listed companies ESG绩效与跨区域投资：来自中国上市公司的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-25 DOI: 10.1016/j.frl.2025.107439
Xuefeng Wang , Man Tang , Lv Wenya , Lei Xu
{"title":"ESG performance and cross regional investment: Evidence from Chinese listed companies","authors":"Xuefeng Wang ,&nbsp;Man Tang ,&nbsp;Lv Wenya ,&nbsp;Lei Xu","doi":"10.1016/j.frl.2025.107439","DOIUrl":"10.1016/j.frl.2025.107439","url":null,"abstract":"<div><div>Based on Chinese listed companies data from 2010 to 2022, this article investigates the relationship between corporate ESG performance and cross regional capital flows. We find that better ESG performance significantly promotes companies to establish subsidiaries across regions, but this effect is mainly reflected in non-state-owned enterprises and investment enterprises within the province. Further analysis suggests that the main reason for enterprises to promote cross regional investment may be that better ESG performance increases investor trust and alleviates financing constraints for enterprises. The conclusion of this article is of great significance in promoting cross regional capital flows and facilitating the integration of factor markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107439"},"PeriodicalIF":7.4,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894562","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
Bitcoin-to-gold ratio and stock market returns 比特币与黄金的比率和股市回报
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-25 DOI: 10.1016/j.frl.2025.107456
Elie Bouri , Ender Demir
{"title":"Bitcoin-to-gold ratio and stock market returns","authors":"Elie Bouri ,&nbsp;Ender Demir","doi":"10.1016/j.frl.2025.107456","DOIUrl":"10.1016/j.frl.2025.107456","url":null,"abstract":"<div><div>Using linear and quantile regressions and daily data covering August 7, 2015, to December 30, 2024, we show that the ratio of Bitcoin-to-gold (BG) prices exerts a significantly positive effect on U.S. stock returns during the COVID-19 pandemic and post-pandemic periods, which holds when accounting for volatility, term spread, default spread, inflation, and liquidity. No significant impact is observed in pre-pandemic. To provide more economic explanations, we reveal that the significant impact of the BG ratio on stock returns during and post-pandemic stems from the channel of risk aversion (appetite). When Bitcoin is replaced with Ethereum, the results remain robust.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107456"},"PeriodicalIF":7.4,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916643","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
VAT credit refund policy and corporate risk-taking: Evidence from China 增值税退税政策与企业风险承担：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-25 DOI: 10.1016/j.frl.2025.107478
Qian Niu , Jin Yuan , Fengli Kang , Le Wen
{"title":"VAT credit refund policy and corporate risk-taking: Evidence from China","authors":"Qian Niu ,&nbsp;Jin Yuan ,&nbsp;Fengli Kang ,&nbsp;Le Wen","doi":"10.1016/j.frl.2025.107478","DOIUrl":"10.1016/j.frl.2025.107478","url":null,"abstract":"<div><div>Based on the data of A-share listed companies from 2013 to 2021, this paper investigates the impact of the value-added tax (VAT) credit refund policy on corporate risk-taking. The findings indicate that the VAT credit refund policy significantly enhances corporate risk-taking. Mechanism tests indicate that this policy promotes corporate risk-taking by alleviating financing constraints, improving innovation capabilities, and enhancing ESG performance. Furthermore, the effect of the VAT credit refund policy on corporate risk-taking is more pronounced for enterprises located in regions with better business environments, in eastern regions, and among non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107478"},"PeriodicalIF":7.4,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143886895","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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