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Coupling analysis of rural revitalization and talent development in disadvantaged counties in China 中国贫困县乡村振兴与人才发展的耦合分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-12 DOI: 10.1016/j.frl.2025.107566
Yahui Lv , Siqi Zhang , Hanyue Li , Shitong Wang
{"title":"Coupling analysis of rural revitalization and talent development in disadvantaged counties in China","authors":"Yahui Lv ,&nbsp;Siqi Zhang ,&nbsp;Hanyue Li ,&nbsp;Shitong Wang","doi":"10.1016/j.frl.2025.107566","DOIUrl":"10.1016/j.frl.2025.107566","url":null,"abstract":"<div><div>This study examines 44 relatively impoverished counties in Hebei Province, China, to develop evaluation systems for rural revitalization potential across five dimensions, namely, industry, ecology, culture, governance, livelihoods, and talent development. Among them, talent development is assessed across three dimensions, namely, quality, structure, and quantity. We employ an integrated weighting method combining the coefficient of variation and criteria importance through intercriteria correlation. A coupling coordination model is applied to analyze the synergies between these subsystems, revealing that 84% of counties are trapped in low-level coordination (coupling coordination degree &lt; 0.4), with only seven approaching the coordination threshold. Furthermore, 75% of the counties exhibit a lag in rural revitalization potential, with coordination levels significantly higher in the plains than in mountainous regions. Geographical distance threshold analysis reveals a 0.038 decline in coordination for long-distance groups (&gt;100 km) compared with short-distance groups (&lt;50 km), confirming the distance decay effect on spatial governance. Thus, we propose optimizing geospatial heterogeneity response mechanisms to overcome the low-level equilibrium trap.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107566"},"PeriodicalIF":7.4,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144099858","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
A note on ambiguity, network adoption and crypto pricing 关于模糊性、网络采用和加密定价的说明
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-12 DOI: 10.1016/j.frl.2025.107500
Zhuyi Shen , Shibo Wang , Jinqiang Yang , Siqi Zhao
{"title":"A note on ambiguity, network adoption and crypto pricing","authors":"Zhuyi Shen ,&nbsp;Shibo Wang ,&nbsp;Jinqiang Yang ,&nbsp;Siqi Zhao","doi":"10.1016/j.frl.2025.107500","DOIUrl":"10.1016/j.frl.2025.107500","url":null,"abstract":"<div><div>We develop a tractable dynamic asset pricing model for cryptocurrencies that addresses users’ concerns about model uncertainty. Our paper provides a closed-form solution to token pricing, yielding homothetic and homogeneous robust decisions. A key insight is that the rate of robust adoption may either increase or decrease relative to tokenless economy, depending on the trade-off between the token-appreciation effect and user ambiguity aversion. Compared with the numerical analysis in Shen et al. (2023), we tractably demonstrate the adverse impact of ambiguity on optimal token holdings and the token price through two primary mechanisms: users’ robust decisions and the user base.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107500"},"PeriodicalIF":7.4,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144083747","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
Climate change news sensitivity and expected stock returns: Evidence from China 气候变化新闻敏感性与股票预期收益：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-12 DOI: 10.1016/j.frl.2025.107497
Hengzhen Lu, Xinran Wang
{"title":"Climate change news sensitivity and expected stock returns: Evidence from China","authors":"Hengzhen Lu,&nbsp;Xinran Wang","doi":"10.1016/j.frl.2025.107497","DOIUrl":"10.1016/j.frl.2025.107497","url":null,"abstract":"<div><div>Investors are increasingly looking to diversify their exposure to climate-related risks as climate change becomes a major concern. In the Chinese A-share market, we use the climate change news index to calculate stock covariance. Empirical results show that stocks with a positive climate news beta yield significantly higher excess returns, indicating advantages in ESG performance and predictive power for companies’ future fundamentals. Institutional investors are increasingly interested in these companies due to their exceptional ability to hedge climate risks. Our work provides important insights into green practices and sustainable investment by highlighting the relationship between investor behavior and climate risk management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107497"},"PeriodicalIF":7.4,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935488","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
War discourse predicts stock market volatility: A century of evidence 战争话语预测股市波动：一个世纪的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-12 DOI: 10.1016/j.frl.2025.107567
Zhiping Zhou , Kai Wang
{"title":"War discourse predicts stock market volatility: A century of evidence","authors":"Zhiping Zhou ,&nbsp;Kai Wang","doi":"10.1016/j.frl.2025.107567","DOIUrl":"10.1016/j.frl.2025.107567","url":null,"abstract":"<div><div>This study investigates the impact of war-related risk on stock market volatility using a war discourse index. Drawing on a century of data, we show that the index significantly predicts U.S. stock market volatility up to 12 months ahead. This predictive power remains robust after accounting for macroeconomic conditions, market variables, and geopolitical risk. Furthermore, forecasts yield economically meaningful utility gains over benchmarks. Our findings offer investors practical tools for forecasting volatility and managing portfolios while equipping policymakers with evidence-based strategies for stabilizing markets. The results reinforce the importance of monitoring war-related risks in financial decision-making amid rising global tensions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107567"},"PeriodicalIF":7.4,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143948812","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 influence mechanism of controlling shareholders' equity pledges on corporate risk-taking 控股股东股权质押对企业风险承担的影响机制
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-11 DOI: 10.1016/j.frl.2025.107564
Qin Guo , Yuanping Zhao
{"title":"The influence mechanism of controlling shareholders' equity pledges on corporate risk-taking","authors":"Qin Guo ,&nbsp;Yuanping Zhao","doi":"10.1016/j.frl.2025.107564","DOIUrl":"10.1016/j.frl.2025.107564","url":null,"abstract":"<div><div>This paper employs China's A-share listed companies from 2012 to 2023 as the research sample to examine the impact of controlling shareholders' equity pledge behavior on corporate risk-taking. It also tests the moderating role of the threat of share withdrawal by non-controlling major shareholders. The findings reveal that controlling shareholders' equity pledges result in lower levels of corporate risk-taking. Further analysis indicates that the threat of withdrawal by non-controlling major shareholders mitigates the negative correlation between controlling shareholders' equity pledges and corporate risk-taking. Additionally, we discover that the quality of disclosure has a mediating effect in controlling shareholders' equity pledges, which reduces corporate risk-taking.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107564"},"PeriodicalIF":7.4,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071339","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 the application of artificial intelligence in criminal investigation reduce regional criminal offences? The moderating effect of digital financial development 人工智能在刑侦中的应用能否减少区域性刑事犯罪？数字金融发展的调节效应
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-11 DOI: 10.1016/j.frl.2025.107563
Xin Li , Zhihai Yu , Xiaoran Sarah Zhang
{"title":"Can the application of artificial intelligence in criminal investigation reduce regional criminal offences? The moderating effect of digital financial development","authors":"Xin Li ,&nbsp;Zhihai Yu ,&nbsp;Xiaoran Sarah Zhang","doi":"10.1016/j.frl.2025.107563","DOIUrl":"10.1016/j.frl.2025.107563","url":null,"abstract":"<div><div>This study examines the impact of artificial intelligence applications in criminal investigations on regional criminal offences, based on data from 31 provinces in China between 2011 and 2022. Empirical results indicate that the application of artificial intelligence in criminal investigations can significantly reduce regional criminal offences. Furthermore, digital financial development plays a moderating role in the relationship between the application of artificial intelligence in criminal investigations and regional criminal offences, with this moderating effect exhibiting heterogeneity across different regions. The influence of artificial intelligence applications in criminal investigations on regional criminal offences also shows heterogeneity in various regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107563"},"PeriodicalIF":7.4,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124847","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 green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity 绿色债券能否提高企业全要素生产率？宏观经济政策调整与所有制异质性的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-11 DOI: 10.1016/j.frl.2025.107562
Dian Ling, Xiaohong Li
{"title":"Can green bonds enhance enterprises’ total factor productivity? The impacts of macroeconomic policy adjustment and ownership heterogeneity","authors":"Dian Ling,&nbsp;Xiaohong Li","doi":"10.1016/j.frl.2025.107562","DOIUrl":"10.1016/j.frl.2025.107562","url":null,"abstract":"<div><div>Using a dataset of Chinese listed companies from 2009 to 2023, this study investigates the impact of green bonds on corporate total factor productivity (TFP). Furthermore, it examines the regulatory effects of macroeconomic policies and ownership heterogeneity. The findings are as follows: green bonds positively influence boosting enterprises’ TFP. Moreover, the uncertainty of economic policies moderates the relationship between green bonds and enterprise TFP. The impact of green bonds on TFP varies significantly between state-owned and private enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107562"},"PeriodicalIF":7.4,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071337","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 Effect of Chinese Real-time Air Pollution Monitoring on Corporate Social Responsibility: A Spatial Difference-in-difference Analysis 中国大气污染实时监测对企业社会责任的影响：空间差异分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-10 DOI: 10.1016/j.frl.2025.107480
Liang Ma , Mingjin Xia
{"title":"The Effect of Chinese Real-time Air Pollution Monitoring on Corporate Social Responsibility: A Spatial Difference-in-difference Analysis","authors":"Liang Ma ,&nbsp;Mingjin Xia","doi":"10.1016/j.frl.2025.107480","DOIUrl":"10.1016/j.frl.2025.107480","url":null,"abstract":"<div><div>This paper investigates the impacts of the Real-time Air Pollution Monitoring (RAPM) policy on Corporate Social Responsibility (CSR) at the city level using spatial difference-in-difference (SDID) models. Our findings reveal that while the RAPM policy does not significantly impact the average CSR scores in cities under RAPM, it leads to a significant decline in CSR scores for neighboring untreated cities. This suggests that firms in treated cities may respond to the policy by altering their supply chains or relocating manufacturing to areas without stringent environmental regulations, inadvertently fostering CSR deteriorating practices in cities without RAPM. These results highlight the spatial spillover effects of environmental policies and underscore the importance of considering potential unintended consequences beyond the immediate areas of implementation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107480"},"PeriodicalIF":7.4,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935497","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 population aging on Chinese residents’ consumption: Empirical analysis based on impact of digital inclusive finance 人口老龄化对中国居民消费的影响——基于数字普惠金融影响的实证分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-09 DOI: 10.1016/j.frl.2025.107490
Yuhe Chen, Kexin Zhang
{"title":"Impact of population aging on Chinese residents’ consumption: Empirical analysis based on impact of digital inclusive finance","authors":"Yuhe Chen,&nbsp;Kexin Zhang","doi":"10.1016/j.frl.2025.107490","DOIUrl":"10.1016/j.frl.2025.107490","url":null,"abstract":"<div><div>This study empirically examines the impact of the degree of population aging on consumption expenditure in China under the influence of digital financial inclusion. By using the panel data of 31 provinces in China for the period of 2003–2022, this study conducts empirical analysis by using a two-way fixed effects model of time and region. Results show that population aging exerts a significant negative effect on the consumption expenditure of residents in China, and the effect varies in different regions. However, the development of digital inclusive finance can weaken the negative effect of population aging on the consumption expenditure of residents in China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107490"},"PeriodicalIF":7.4,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143942544","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 sustainable cities construction on foreign divestment: Empirical evidence from low-carbon city pilot in China 可持续城市建设对外资撤资的影响——来自中国低碳城市试点的经验证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-09 DOI: 10.1016/j.frl.2025.107559
Qing-rui Yu, Yan-chen Cheng
{"title":"The impact of sustainable cities construction on foreign divestment: Empirical evidence from low-carbon city pilot in China","authors":"Qing-rui Yu,&nbsp;Yan-chen Cheng","doi":"10.1016/j.frl.2025.107559","DOIUrl":"10.1016/j.frl.2025.107559","url":null,"abstract":"<div><div>This article is focused on the causal effect of sustainable cities construction on foreign divestment in a quasi-natural experimental setting by leveraging the staggered pilots of low-carbon city in China. We analyse this problem by utilizing prefecture-level cities and Chinese A-share listed companies from 2004 to 2022. Our main result is that LCCP reduces foreign divestment. Notably, the effects are significant only in service-oriented and non-resource-based cities. We demonstrate that mechanisms such as promoting the digital transformation in cities and green technology innovation in enterprises can account for the effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107559"},"PeriodicalIF":7.4,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144069963","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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