发布求助
文献互助 智能选刊 最新文献

Finance Research Letters最新文献

筛选
英文 中文
Geopolitical risk and Taiwan’s government bond yields: Evidence from Nancy Pelosi’s visit
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-19 DOI: 10.1016/j.frl.2025.107174
Haoran Bai , Zhiwu Hong , Linlin Niu
{"title":"Geopolitical risk and Taiwan’s government bond yields: Evidence from Nancy Pelosi’s visit","authors":"Haoran Bai ,&nbsp;Zhiwu Hong ,&nbsp;Linlin Niu","doi":"10.1016/j.frl.2025.107174","DOIUrl":"10.1016/j.frl.2025.107174","url":null,"abstract":"<div><div>We investigate how geopolitical risk in the Taiwan region affects its government bond yields using a structural approach. Specifically, we examine bond yield performance during the escalation of US-China tensions following Nancy Pelosi’s visit to Taiwan in August 2022. The results show that Pelosi’s visit triggered a persistent increase in Taiwan’s bond yields and expected yields, with an initial decline in short-term risk premia, which became significantly positive after 11 months. These results imply that, as geopolitical risk intensifies, the market anticipates a rise in the cost of public debt amid declining market confidence in Taiwan’s benchmark assets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107174"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683963","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
Unlocking financing opportunities: The impact of the ELITE Program on SMEs’ Financing
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-19 DOI: 10.1016/j.frl.2025.107207
Pietro Fera , Antonio Meles , Nicola Moscariello , Luigi Raffaele Pellegrino , Giorgio Ricciardi
{"title":"Unlocking financing opportunities: The impact of the ELITE Program on SMEs’ Financing","authors":"Pietro Fera ,&nbsp;Antonio Meles ,&nbsp;Nicola Moscariello ,&nbsp;Luigi Raffaele Pellegrino ,&nbsp;Giorgio Ricciardi","doi":"10.1016/j.frl.2025.107207","DOIUrl":"10.1016/j.frl.2025.107207","url":null,"abstract":"<div><div>This paper investigates the impact of the ELITE program for SMEs on their ability to access external financing. Leveraging on unique dataset of Italian unlisted companies, we discovered that ELITE firms accessed funding more efficiently than matched controls, experiencing a rise in financial leverage, accompanied by a reduction in the cost of debt. When looking at debt structure, ELITE companies exhibit a restructuring towards longer maturities, with bank debt partially replaced by bond issuance, indicating an openness to market-based finance. Our analysis sheds light on the role of growth programs in mitigating the financing challenges faced by SMEs, offering important insights for academics and practitioners.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107207"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683171","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
Effects of equity incentives on corporate ESG performance–Multiperiod difference-in-differences method
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-19 DOI: 10.1016/j.frl.2025.107191
Hang Wang , Haiying Liu
{"title":"Effects of equity incentives on corporate ESG performance–Multiperiod difference-in-differences method","authors":"Hang Wang ,&nbsp;Haiying Liu","doi":"10.1016/j.frl.2025.107191","DOIUrl":"10.1016/j.frl.2025.107191","url":null,"abstract":"<div><div>This study evaluates the impact of corporate equity incentives on ESG performance using a difference-in-differences model with multiple time points, based on data from A-share listed companies spanning 2007–2022. The study finds that applying equity incentives improves enterprise ESG performance, primarily by improving corporate governance. Mechanism analyses show that equity incentives affect ESG performance by lowering agency costs and increasing research and development investment. This study demonstrates how equity incentive systems can help managers focus on ESG performance. It demonstrates the positive effects of market changes, which are critical to increasing corporate sustainability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107191"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683237","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
Does multi-scale GARCH information enhance volatility prediction?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-19 DOI: 10.1016/j.frl.2025.107196
Rentian Yu , Haotian Xiao , Yukun Zhu , Gongqiu Zhang
{"title":"Does multi-scale GARCH information enhance volatility prediction?","authors":"Rentian Yu ,&nbsp;Haotian Xiao ,&nbsp;Yukun Zhu ,&nbsp;Gongqiu Zhang","doi":"10.1016/j.frl.2025.107196","DOIUrl":"10.1016/j.frl.2025.107196","url":null,"abstract":"<div><div>The GARCH-LSTM model is widely used for volatility prediction. However, it fails to account for feature dependencies across different frequencies, and the lack of an attention mechanism limits its predictive accuracy. To address these issues, this paper introduces the GENSHIN framework, which integrates GARCH information with a multi-scale graph neural network to model volatility across multiple frequency bands with MixHop and multi-head attention mechanism. Empirical studies on the volatility of major Chinese stock indices demonstrate that GENSHIN outperforms other deep learning models, such as TimesNet and LSTM. These results highlight the effectiveness of multi-scale information in improving volatility forecasting.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107196"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683962","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
Firm-bank common ownership and earnings management: Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-19 DOI: 10.1016/j.frl.2025.107211
Yu Wang , Gaoya Song , Yiming Lu
{"title":"Firm-bank common ownership and earnings management: Evidence from China","authors":"Yu Wang ,&nbsp;Gaoya Song ,&nbsp;Yiming Lu","doi":"10.1016/j.frl.2025.107211","DOIUrl":"10.1016/j.frl.2025.107211","url":null,"abstract":"<div><div>Based on a unique dataset of the equity relations between Chinese listed companies and the banks that provide them with loans, this paper empirically examines the impact and mechanisms of firm-bank common ownership on corporate earnings management. We find that firm-bank common ownership significantly reduces corporate earnings management behavior. Next, we use instrumental variable regression, the PSM method, along with a series of supplementary analyses to validate the robustness of the results. In terms of the mechanism, we find that firm-bank common ownership significantly improves firms' loan accessibility, and thus suppresses the incentive for earnings management. Our research broadens existing studies on the impact of firm-bank common ownership and provides new insights into the determinants of corporate earnings management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107211"},"PeriodicalIF":7.4,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644850","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
Board gender diversity and organization capital
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107254
Chu-Bin Lin , Zhengyang Qi , Yi-Wen Chen , Yicheng Sun
{"title":"Board gender diversity and organization capital","authors":"Chu-Bin Lin ,&nbsp;Zhengyang Qi ,&nbsp;Yi-Wen Chen ,&nbsp;Yicheng Sun","doi":"10.1016/j.frl.2025.107254","DOIUrl":"10.1016/j.frl.2025.107254","url":null,"abstract":"<div><div>This study examines the effects of board gender diversity on firms’ investment in organization capital (OC), drawing on a comprehensive dataset of US public firms from 2000 to 2019. The main findings suggest that firms with greater board gender diversity tend to allocate more resources toward OC. Our results remain robust when employing an instrumental variable approach and propensity score matching with difference-in-differences analysis to address endogeneity concerns. Furthermore, we find that board gender diversity amplifies the positive effects of OC on firm value. Our investigation provides new evidence of the positive relationship between board gender diversity and firm value.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107254"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714639","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
Transmission effects of real estate risk on municipal bond spreads
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107245
Yan Ding , Changzheng Li , Sisi Ye
{"title":"Transmission effects of real estate risk on municipal bond spreads","authors":"Yan Ding ,&nbsp;Changzheng Li ,&nbsp;Sisi Ye","doi":"10.1016/j.frl.2025.107245","DOIUrl":"10.1016/j.frl.2025.107245","url":null,"abstract":"<div><div>Using data from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Interbank Dealers Association, and National Development and Reform Commission spanning 2014–2022 as well as the difference-in-difference technique, this study examines the transmission effect of real estate risk events on municipal bond spreads. Findings reveal that municipal investment bond spreads in risk-sensitive areas increase significantly after a real estate risk event. However, this impact is mitigated by strengthening the government's guarantee ability. Furthermore, this study highlights that real estate risk events have a greater impact on low-credit-rated municipal investment bonds than on high-credit-rated ones, with potential implications for financial market stability and government credit.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107245"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666319","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
Environmental responsibility governance: Local environmental legislation influence on corporate environmental investment decisions
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107250
Yuge Hu , Yifei Dong , Pradeep Paraman
{"title":"Environmental responsibility governance: Local environmental legislation influence on corporate environmental investment decisions","authors":"Yuge Hu ,&nbsp;Yifei Dong ,&nbsp;Pradeep Paraman","doi":"10.1016/j.frl.2025.107250","DOIUrl":"10.1016/j.frl.2025.107250","url":null,"abstract":"<div><div>This study examines the impact of local environmental legislation on corporate environmental investment, using data from Chinese A-share listed companies from 2011 to 2022. The findings reveal that stricter local environmental regulations significantly encourage firms to increase environmental investments. This effect is further amplified by environmental fines, which serve as a mediating mechanism. Additionally, the quality of internal corporate controls enhances the effectiveness of these regulations. A heterogeneity analysis shows that the positive influence of local environmental legislation on corporate environmental investment is more pronounced in state-owned enterprises and firms operating in economically developed regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107250"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683232","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
Digital finance, managerial ability, and corporate financing costs
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107235
Jiayue Xie , Shengnan Wang , Lu Chen , Yan Liu
{"title":"Digital finance, managerial ability, and corporate financing costs","authors":"Jiayue Xie ,&nbsp;Shengnan Wang ,&nbsp;Lu Chen ,&nbsp;Yan Liu","doi":"10.1016/j.frl.2025.107235","DOIUrl":"10.1016/j.frl.2025.107235","url":null,"abstract":"<div><div>This study uses data from the Chinese A-share market from 2012 to 2022 to examine the inherent relationship between corporate financing costs and digital finance. Findings reveal that digital finance greatly suppresses the costs of equity financing and debt financing. Improving managerial skills has a certain reinforcing effect on the aforementioned effects. The inhibitory effect of the depth of digital finance utilization on debt financing costs has not been fully realized.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107235"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684667","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
Opportunities for higher education for children, financial literacy and household capital
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107236
Junwei Ni , Yidan Gao
{"title":"Opportunities for higher education for children, financial literacy and household capital","authors":"Junwei Ni ,&nbsp;Yidan Gao","doi":"10.1016/j.frl.2025.107236","DOIUrl":"10.1016/j.frl.2025.107236","url":null,"abstract":"<div><div>Using data from the China Family Panel Studies, this paper examines the impact of family capital—comprising economic and cultural capital—on children's access to higher education. It also investigates the moderating role of financial literacy in this relationship and the differences between urban and rural areas. The findings indicate that both economic and cultural capital have significant positive effects on children's access to higher education, with financial literacy further strengthening this relationship. Moreover, the influence of family capital on higher education opportunities is greater for children with urban household registration than for those in rural areas. Given these findings, policymakers and families should recognize the importance of these factors and implement effective measures to promote educational equity and social mobility. Such measures may include increasing investment in rural education and enhancing families’ economic stability, cultural awareness, and financial literacy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107236"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683957","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信