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Administrative centers and firms location decisions 行政中心和企业选址决策
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-11 DOI: 10.1016/j.frl.2025.107722
Chuanyu Zhao , Zhongquan Liu
{"title":"Administrative centers and firms location decisions","authors":"Chuanyu Zhao ,&nbsp;Zhongquan Liu","doi":"10.1016/j.frl.2025.107722","DOIUrl":"10.1016/j.frl.2025.107722","url":null,"abstract":"<div><div>This paper analyzes the location choices of heterogeneous firms using industrial enterprise data from 1998 to 2007, along with map information. The findings suggest that firms with higher initial efficiency are more likely to choose locations near administrative centers in order to capture greater profits, while firms with lower initial efficiency tend to choose more distant areas to minimize costs. The location choice behavior of firms offering a potential explanation for the economic disparity within China's administrative regions and the formation of spatial economic patterns at the administrative level.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107722"},"PeriodicalIF":7.4,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144297686","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 the sequence of decentralization influences corporate innovation: Evidence from China 分权顺序如何影响企业创新：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-10 DOI: 10.1016/j.frl.2025.107698
Yawei Liu , Qianwen Su , Zhaoguo Zhang
{"title":"How the sequence of decentralization influences corporate innovation: Evidence from China","authors":"Yawei Liu ,&nbsp;Qianwen Su ,&nbsp;Zhaoguo Zhang","doi":"10.1016/j.frl.2025.107698","DOIUrl":"10.1016/j.frl.2025.107698","url":null,"abstract":"<div><div>This study examines how decentralization sequences under China’s “Province-Managing-County” reform affect corporate innovation. Using a multi-period difference-in-differences (DID) approach and firm-level data from 1998 to 2013, we find that fiscal-before-administrative (FBA) sequencing enhances innovation quality, while administrative-before-fiscal (ABF) and simultaneous administrative-fiscal (BAF) reforms inhibit it. These effects differ by firm ownership and regional fiscal pressure. Mechanism tests confirm that ABF raises taxes, tightens financing, and increases redundant employment, while FBA alleviates these distortions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107698"},"PeriodicalIF":7.4,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144291558","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 European tango between market risk and credit risk: A non-linear approach 市场风险与信用风险之间的欧洲探戈：非线性方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-10 DOI: 10.1016/j.frl.2025.107744
Dora Almeida , Paulo Ferreira , Andreia Dionísio
{"title":"The European tango between market risk and credit risk: A non-linear approach","authors":"Dora Almeida ,&nbsp;Paulo Ferreira ,&nbsp;Andreia Dionísio","doi":"10.1016/j.frl.2025.107744","DOIUrl":"10.1016/j.frl.2025.107744","url":null,"abstract":"<div><div>Financial markets are closely connected, with credit and market risks dynamically influencing each other, particularly during extreme events. While their interdependence is well-documented in the literature, the direction and intensity of information flow remain uncertain. Using transfer entropy on European credit and stock volatility indices, we quantify this flow and its dynamics during the most recent extreme events. Our findings reveal a shifting dominance, with the credit market leading during extreme uncertainty, challenging the conventional view of risk market leadership. These patterns underscore the need to monitor the credit market as a potential early warning sign of financial instability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107744"},"PeriodicalIF":7.4,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272420","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 simple model for government intervention in China’s stock market 这是政府干预中国股市的简单模型
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-10 DOI: 10.1016/j.frl.2025.107643
Zhong-Qiang Zhou , Ping Huang , Chee-Wooi Hooy
{"title":"A simple model for government intervention in China’s stock market","authors":"Zhong-Qiang Zhou ,&nbsp;Ping Huang ,&nbsp;Chee-Wooi Hooy","doi":"10.1016/j.frl.2025.107643","DOIUrl":"10.1016/j.frl.2025.107643","url":null,"abstract":"<div><div>This paper develops a simplified heterogeneous agent model to analyze the Chinese government’s stock market intervention strategy, emphasizing governmental trading behavior. We characterize the government as an exogenous agent interacting with fundamentalists and chartists, enabling us to examine intervention effects on market sentiment and price dynamics. Utilizing daily CSI 300 index data from 2015 to 2022, the model captures dynamic shifts in investor composition and quantifies the government’s role in curbing excess volatility. Our results indicate that government intervention, implemented via a simple linear feedback rule, effectively reduces significant price deviations and aligns market valuations more closely with fundamentals. This study contributes to the literature by proposing an intuitive framework that estimates critical parameters of government intervention, thus providing novel insights into its implications for financial market stability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107643"},"PeriodicalIF":7.4,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272422","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
Portfolio optimization using a covariance structure based on dynamic time warping 基于动态时间规整的协方差结构的投资组合优化
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-10 DOI: 10.1016/j.frl.2025.107642
Seokjune Lee , Jaehong Jeong
{"title":"Portfolio optimization using a covariance structure based on dynamic time warping","authors":"Seokjune Lee ,&nbsp;Jaehong Jeong","doi":"10.1016/j.frl.2025.107642","DOIUrl":"10.1016/j.frl.2025.107642","url":null,"abstract":"<div><div>Traditional covariance structures fail to capture non-linear relationships between assets and are distorted by time lags. We propose a covariance structure using the Dynamic Time Warping (DTW) algorithm for portfolio optimization. Two methods are presented: Transformed DTW, which transforms the DTW distance, and Covariance DTW, which uses a spatial covariance function to parametrically estimate the covariance. Using data from the U.S. stock market, we examine our approach to the Maximum Diversification, Equally Weighted Risk Contribution, and Hierarchical Risk Parity portfolios. The empirical analysis shows improved performance over traditional covariance structures, with lower weight changes during rebalancing.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107642"},"PeriodicalIF":7.4,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144280332","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
Costly external finance and corporate investment: The role of marketable securities 昂贵的外部融资和公司投资：有价证券的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-09 DOI: 10.1016/j.frl.2025.107751
Bektemir Ysmailov
{"title":"Costly external finance and corporate investment: The role of marketable securities","authors":"Bektemir Ysmailov","doi":"10.1016/j.frl.2025.107751","DOIUrl":"10.1016/j.frl.2025.107751","url":null,"abstract":"<div><div>This paper demonstrates that the precautionary role of cash depends critically on its composition. We show that, following the onset of the global financial crisis, firms with similar total cash reserves experience significantly different investment declines based on the proportion held in marketable securities. Consistent with theory, these results are driven by firms with a greater reliance on external capital. We conduct several tests to address potential endogeneity concerns. We conclude that firms with seemingly adequate precautionary savings in aggregate may still be highly exposed to shocks if their cash holdings are heavily invested in marketable securities.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107751"},"PeriodicalIF":7.4,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263135","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 invisible corporate tax reduction: Evidence from new industrialization 无形的企业减税：来自新型工业化的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-08 DOI: 10.1016/j.frl.2025.107750
Meiying Huang , Yimeng Yuan , Yi Zhang , Yongjian Huang
{"title":"The invisible corporate tax reduction: Evidence from new industrialization","authors":"Meiying Huang ,&nbsp;Yimeng Yuan ,&nbsp;Yi Zhang ,&nbsp;Yongjian Huang","doi":"10.1016/j.frl.2025.107750","DOIUrl":"10.1016/j.frl.2025.107750","url":null,"abstract":"<div><div>This study examines the impact of new industrialization on corporate tax burdens. Based on data of Chinese listed firms from 2008 to 2022, we find that new industrialization significantly reduces firms’ tax burdens by enhancing information transparency and improving supply chain efficiency. The effect is more pronounced among state-owned enterprises, firms with lower financial constraints, and those operating in high-tech, heavy-polluting, and capital-intensive industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107750"},"PeriodicalIF":7.4,"publicationDate":"2025-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263134","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 3D printing technology promote OFDI? Evidence from Chinese listed companies 3D打印技术促进了对外直接投资吗？来自中国上市公司的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-07 DOI: 10.1016/j.frl.2025.107742
Shiyu Feng, Yining Ni, Yeqing Ma
{"title":"Does 3D printing technology promote OFDI? Evidence from Chinese listed companies","authors":"Shiyu Feng,&nbsp;Yining Ni,&nbsp;Yeqing Ma","doi":"10.1016/j.frl.2025.107742","DOIUrl":"10.1016/j.frl.2025.107742","url":null,"abstract":"<div><div>This paper employs a difference-in-differences (DID) model to examine the effect of 3D printing technology on outward foreign direct investment (OFDI) using data from the China Customs Trade Database and records of publicly listed Chinese firms (2000–2016). We find that 3D printing adoption significantly increases firms’ OFDI primarily through the channel of product personalization, evidenced by three dimensions: a stable customer base, higher product demand overlap, and lower investment risks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107742"},"PeriodicalIF":7.4,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263132","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
Do mortgage lenders offload climate-exposed loans to government-sponsored enterprises? 抵押贷款机构是否将与气候变化有关的贷款转移给政府支持的企业？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-07 DOI: 10.1016/j.frl.2025.107749
Eszter Baranyai
{"title":"Do mortgage lenders offload climate-exposed loans to government-sponsored enterprises?","authors":"Eszter Baranyai","doi":"10.1016/j.frl.2025.107749","DOIUrl":"10.1016/j.frl.2025.107749","url":null,"abstract":"<div><div>We investigate whether US residential mortgage lenders respond to climate change projections by offloading climate-exposed loans to government-sponsored enterprises (GSEs) which largely overlook global warming risks in their framework. Using difference-in-differences estimators we find that both banks and independent mortgage companies sold a higher proportion of loans to GSEs in areas most exposed to climate risks – based on our climate change indicator encompassing risks of extreme heat, drought and flood. This trend has been evident since 2013 but intensified after 2016, when granular climate projections became publicly available. In highly exposed areas only, GSE securitisation rates are inversely related to flood insurance coverage, suggesting one may act as a substitute for the other. While increased awareness of climate risks is a favourable development, the potential transfer of risk to the public sector and possible cross-subsidisation – where lower-risk areas bear costs for higher-risk regions – warrant policy attention.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107749"},"PeriodicalIF":7.4,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144291554","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
Policy inconsistency and regional innovation dynamics in China: Evidence from textual analysis 政策不一致与中国区域创新动态：来自文本分析的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-07 DOI: 10.1016/j.frl.2025.107748
Yutong Sun , Tong Fang , Libo Yin , Ying Li
{"title":"Policy inconsistency and regional innovation dynamics in China: Evidence from textual analysis","authors":"Yutong Sun ,&nbsp;Tong Fang ,&nbsp;Libo Yin ,&nbsp;Ying Li","doi":"10.1016/j.frl.2025.107748","DOIUrl":"10.1016/j.frl.2025.107748","url":null,"abstract":"<div><div>We construct a new measure of city-level policy inconsistency using textual analysis and examine its impact on regional innovation in China. The results indicate that policy inconsistency significantly reduces regional total patent applications and regional corporate applications, but is positively related to industry-university-research collaborative patent applications. Mechanisms analyses indicate that policy inconsistency exacerbates both regional resource allocation distortion and corporate risk aversion, thereby hindering regional total and corporate innovation activities. Research investment and funding for higher education institutions are not sensitive to policy inconsistency, and higher education institutions serve as a “safe haven” for corporations.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107748"},"PeriodicalIF":7.4,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144297685","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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