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Who, republican or democrat CEOs, laughs last? Political cycles in the market for corporate directors 共和党和民主党首席执行官谁笑到最后？公司董事市场的政治周期
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-08 DOI: 10.1016/j.frl.2024.106428
Seong Jin Ahn , Changmin Lee
{"title":"Who, republican or democrat CEOs, laughs last? Political cycles in the market for corporate directors","authors":"Seong Jin Ahn ,&nbsp;Changmin Lee","doi":"10.1016/j.frl.2024.106428","DOIUrl":"10.1016/j.frl.2024.106428","url":null,"abstract":"<div><div>This paper examines the relationship between CEOs' political preferences and their post-retirement directorship opportunities, proposing that political donations may serve as signals of political influence or connections that impact career prospects in the market for corporate directors. Using data on political contributions from 1998 to 2016, we explore whether CEOs' political affiliations create a cyclical pattern in the professional labor market, favoring those aligned with the ruling party. Our analysis reveals that Republican partisan CEOs are more successful in securing directorships under Republican regimes (George Walker Bush, 2003∼2008), while the reverse holds under Democratic regimes (Barack Hussein Obama, Jr. 2009∼2014). These results remain robust after addressing potential endogeneity using presidential election outcomes as an instrumental variable.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106428"},"PeriodicalIF":7.4,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660472","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
Liquidity and cost advantage of green bonds 绿色债券的流动性和成本优势
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106433
Ming Yan , Xiangqian Li , Xing Zhao , Zhuoyi He
{"title":"Liquidity and cost advantage of green bonds","authors":"Ming Yan ,&nbsp;Xiangqian Li ,&nbsp;Xing Zhao ,&nbsp;Zhuoyi He","doi":"10.1016/j.frl.2024.106433","DOIUrl":"10.1016/j.frl.2024.106433","url":null,"abstract":"<div><div>The prevailing scholarly consensus suggests that green bonds benefit from a “green premium” by offering a financing cost advantage over conventional bonds. However, our empirical study reveals significant differences in liquidity between green and conventional bonds that could affect this cost advantage. We investigate the variations in liquidity levels between these bond types and explore how these disparities influence the advantage in financing costs associated with green bonds. The findings show that, due to their unique attributes, green bonds tend to have lower liquidity than conventional bonds; this results in higher liquidity costs, which counterbalance the cost benefits of the green premium. The liquidity disadvantage of green bonds thus weakens the overall financing cost advantage they might otherwise offer through the green premium.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106433"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704396","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
Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market 风险资本家是 IPO 的监督者还是哗众取宠者？来自新兴市场的新证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106430
Xiaojie Ye , Dan Yang , Jiaqin Zhong
{"title":"Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market","authors":"Xiaojie Ye ,&nbsp;Dan Yang ,&nbsp;Jiaqin Zhong","doi":"10.1016/j.frl.2024.106430","DOIUrl":"10.1016/j.frl.2024.106430","url":null,"abstract":"<div><div>This study investigates the role of venture capitalists (VCs) in initial public offerings (IPOs) in the Chinese Sci-Tech Innovation Board, where VCs are highly concentrated. We find that VC-backed firms are likelier to succeed in IPOs; however, they exhibit greater IPO underpricing and perform poorly post-IPO. Findings support the grandstanding model. We identify that VC-backed firms do not receive fewer IPO inquiries, and the young-VC group has greater effects on IPO underpricing and post-IPO performance. Further, we explore the well-known A-share Main Board situation but obtain different results.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106430"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660549","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 development of digital finance and the crime rate of theft 数字金融的发展与盗窃犯罪率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106422
Yuelin Yang
{"title":"The development of digital finance and the crime rate of theft","authors":"Yuelin Yang","doi":"10.1016/j.frl.2024.106422","DOIUrl":"10.1016/j.frl.2024.106422","url":null,"abstract":"<div><div>This study explores the impact of China's digital finance development on theft and crime rates, and analyzes the mediating role of unemployment rate in this relationship. Based on panel data from 285 prefecture level cities and 4 municipalities directly under the central government in China from 2015 to 2022, empirical results show that the development of digital finance significantly reduces theft and crime rates, and this effect is partially achieved by reducing unemployment rates. The study also found that in regions with higher levels of economic development, digital finance has a more significant inhibitory effect on theft crimes.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106422"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660466","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 shifted GARCH model with affine variance: Applications in pricing 具有仿方差的移位 GARCH 模型：定价应用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106371
Marcos Escobar-Anel , Yangyang Hou , Lars Stentoft
{"title":"The shifted GARCH model with affine variance: Applications in pricing","authors":"Marcos Escobar-Anel ,&nbsp;Yangyang Hou ,&nbsp;Lars Stentoft","doi":"10.1016/j.frl.2024.106371","DOIUrl":"10.1016/j.frl.2024.106371","url":null,"abstract":"<div><div>This paper introduces a modification to the affine GARCH model of Heston and Nandi (2000). The new model is designed to allow for a non-zero lower bound for the variance achieved by adding two parameters to the existing model. The affine structure of the moment-generating function is preserved at the level of variance, while an approximation is studied for log prices. The construction resembles the shifted continuous-time Heston (1993) model. Maximum likelihood estimation is performed on real data, and the model is shown to improve the fitting of the implied volatility surface, particularly for deep out-of-the-money options.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106371"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660657","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
Green technology innovation and corporate brand competitiveness: an analysis based on the role of environmental policy 绿色技术创新与企业品牌竞争力：基于环境政策作用的分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106421
Zhonghua Sun, Wei Wei
{"title":"Green technology innovation and corporate brand competitiveness: an analysis based on the role of environmental policy","authors":"Zhonghua Sun,&nbsp;Wei Wei","doi":"10.1016/j.frl.2024.106421","DOIUrl":"10.1016/j.frl.2024.106421","url":null,"abstract":"<div><div>In an increasingly competitive market environment, green innovation has become a crucial factor in enhancing a company's market position. This paper utilizes data from publicly listed companies from 2007 to 2021 to thoroughly examine how green technology innovation influences corporate brand competitiveness and investigates the role played by environmental policies. The study demonstrates that green technology innovation positively enhances corporate brand competitiveness, with environmental policies serving a proactive regulatory function. Moreover, the paper further reveals that the effects of green technology innovation on brand competitiveness vary according to industry sector, equity nature, and company size.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106421"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660469","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 environment optimization and corporate sustainable innovation: Evidence from China 商业环境优化与企业可持续创新：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106441
Zhanyong Liang , Kangquan Qiu , Jiakun Zhuang , Qingyang Zhang
{"title":"Business environment optimization and corporate sustainable innovation: Evidence from China","authors":"Zhanyong Liang ,&nbsp;Kangquan Qiu ,&nbsp;Jiakun Zhuang ,&nbsp;Qingyang Zhang","doi":"10.1016/j.frl.2024.106441","DOIUrl":"10.1016/j.frl.2024.106441","url":null,"abstract":"<div><div>Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106441"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660655","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 orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms 环境导向、区域创新和股权众筹活动的结果：来自意大利两个平台的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-07 DOI: 10.1016/j.frl.2024.106402
Kevin Pirazzi Maffiola , Viviana D'Angelo , Francesca Capo , Elena Scali
{"title":"Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms","authors":"Kevin Pirazzi Maffiola ,&nbsp;Viviana D'Angelo ,&nbsp;Francesca Capo ,&nbsp;Elena Scali","doi":"10.1016/j.frl.2024.106402","DOIUrl":"10.1016/j.frl.2024.106402","url":null,"abstract":"<div><div>The purpose of this paper is to examine how the crowdfunding campaigns success and long-term corporate failure are affected by the campaigns and firms’ environmental orientation, as well as by the regional innovation level. This study reveals that environmental orientations (of both campaigns and firms) are linked with higher campaign success, while only firm environmental orientation is linked with a lower probability of long-term corporate failure. Additionally, we find that regional levels of innovation are negatively linked with the probability of campaign success.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106402"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660573","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 bank FinTech on green credit allocation: Evidence from China 银行金融科技对绿色信贷分配的影响：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-06 DOI: 10.1016/j.frl.2024.106424
Yumiao Deng , Mengmeng Fang , Sichao Ma , Fanzhi Wang , Wanting Wu
{"title":"The impact of bank FinTech on green credit allocation: Evidence from China","authors":"Yumiao Deng ,&nbsp;Mengmeng Fang ,&nbsp;Sichao Ma ,&nbsp;Fanzhi Wang ,&nbsp;Wanting Wu","doi":"10.1016/j.frl.2024.106424","DOIUrl":"10.1016/j.frl.2024.106424","url":null,"abstract":"<div><div>This paper investigates the impact of bank FinTech on green credit allocation, using a sample of listed firms in China from 2014 to 2020. We construct a bank FinTech index through textual analysis and find that: (1) Banks with more advanced FinTech significantly allocate more green credit to eco-friendly firms. (2) FinTech primarily empowers banks in green credit allocation by expanding business channels, improving information processing efficiency, and strengthening risk management capabilities. (3) Advanced FinTech banks offer more credit to clean firms in traditional energy sectors and favor firms in high-energy-supply regions over high-energy-consumption ones. (4) There exists a quadratic relationship between bank FinTech and credit allocation to heavily polluting firms, characterized by an initial decrease followed by an increase.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106424"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660550","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
Higher education investment, human capital, and high-quality economic development 高等教育投资、人力资本和高质量经济发展
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-06 DOI: 10.1016/j.frl.2024.106419
Lianfeng Ma , Yufei Gan , Ping Huang
{"title":"Higher education investment, human capital, and high-quality economic development","authors":"Lianfeng Ma ,&nbsp;Yufei Gan ,&nbsp;Ping Huang","doi":"10.1016/j.frl.2024.106419","DOIUrl":"10.1016/j.frl.2024.106419","url":null,"abstract":"<div><div>While extensive research has examined economic growth in China, the complex relationship between knowledge-based inputs and comprehensive development remains poorly understood, particularly at the provincial level. Previous studies have largely focused on traditional economic indicators, overlooking how education investment and human capital collectively shape multidimensional development outcomes across China's diverse regions. To address this gap, we construct a novel development index incorporating innovation, sustainability, and social progress metrics, analyzing panel data from 31 Chinese provinces (2000–2020) through two-way fixed effects models with instrumental variables. Our findings reveal that higher education investment significantly enhances comprehensive development, with this effect amplified in regions with greater human capital accumulation. Notably, regional heterogeneity analysis demonstrates stronger investment effectiveness in eastern provinces compared to central regions, while western provinces show no significant relationship. These results underscore the importance of regionally differentiated approaches to educational investment and human capital development, offering valuable insights for policymakers seeking to promote balanced growth across China's economically diverse landscape.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106419"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704526","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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