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Does the impact of credit rating downgrade on bond returns vary by region: Empirical evidence from China 信用评级下调对债券收益的影响是否因地区而异？中国的经验证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-28 DOI: 10.1016/j.frl.2024.106365
Junhui Shan , Guanhua Liu , Lin Zhang
{"title":"Does the impact of credit rating downgrade on bond returns vary by region: Empirical evidence from China","authors":"Junhui Shan ,&nbsp;Guanhua Liu ,&nbsp;Lin Zhang","doi":"10.1016/j.frl.2024.106365","DOIUrl":"10.1016/j.frl.2024.106365","url":null,"abstract":"<div><div>Utilizing trading data from corporate and enterprise bonds that experienced credit rating downgrades between 2012 and 2022, this study employs event study methodology and regression analysis to examine the regional differences in the impact of credit rating downgrades on bond pricing and the mechanisms behind these effects. The study found that, during the window period when the bond credit rating is downgraded, there is a significant difference in the cumulative abnormal return of bonds between the eastern and non-eastern regions. Heterogeneity analysis indicates that bonds with higher credit ratings and those issued by non-state-owned enterprises are more significantly affected by credit rating downgrades. This study provides empirical evidence of regional disparities in the impact of credit rating downgrades, and proposes a theoretical mechanism whereby differences in the degree of marketization influence these effects through varying expectations of government implicit guarantees. The findings offer a theoretical foundation for optimizing decision-making by participants in the Chinese bond market.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106365"},"PeriodicalIF":7.4,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554934","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
Who really cares? Climate change exposure and auditor conservatism: Evidence from China 谁真正关心？气候变化风险与审计保守主义：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-28 DOI: 10.1016/j.frl.2024.106332
Chao Yang , Di Song
{"title":"Who really cares? Climate change exposure and auditor conservatism: Evidence from China","authors":"Chao Yang ,&nbsp;Di Song","doi":"10.1016/j.frl.2024.106332","DOIUrl":"10.1016/j.frl.2024.106332","url":null,"abstract":"<div><div>This study examines the association between climate change exposure and auditor conservatism, indicating that firms with high climate change exposure demonstrate a higher level of auditor conservatism. The mechanism analysis reveals that climate change exposure reinforces auditor conservatism partly through the combined effects of earnings management and investor sentiment. Multiple robustness checks confirm the validity of main results. Given the growing interest in climate change and its associated risks in both practice and research, as well as the expected increasing significance of these risks, our findings are timely to a broad audience, including investors, regulators, auditors, managers, and scholars.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106332"},"PeriodicalIF":7.4,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554937","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
Debt maturity and the marginal value of cash holdings 债务期限和现金持有量的边际价值
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-28 DOI: 10.1016/j.frl.2024.106352
Hail Jung , Sanghak Choi
{"title":"Debt maturity and the marginal value of cash holdings","authors":"Hail Jung ,&nbsp;Sanghak Choi","doi":"10.1016/j.frl.2024.106352","DOIUrl":"10.1016/j.frl.2024.106352","url":null,"abstract":"<div><div>This study investigates the impact of debt maturity on the marginal value of cash holdings. It posits that short-term debt acts as a crucial governance mechanism by reducing agency conflicts and aligning managerial actions with shareholder interests. Using a sample of U.S. public firms, the results indicate that firms with higher proportions of short-term debt have a greater marginal value of cash, reflecting more efficient resource allocation and reduced managerial opportunism. The necessity for frequent capital market interactions associated with short-term debt mitigates agency conflicts. Additionally, the study explores three potential mechanisms: financial constraints, managerial moral hazard, and information asymmetry.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106352"},"PeriodicalIF":7.4,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572671","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
Hedging downside risk in agricultural commodities: A novel nonparametric kernel method 对冲农产品下跌风险：一种新颖的非参数核方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-28 DOI: 10.1016/j.frl.2024.106340
Qi Jiang , Yawen Fan
{"title":"Hedging downside risk in agricultural commodities: A novel nonparametric kernel method","authors":"Qi Jiang ,&nbsp;Yawen Fan","doi":"10.1016/j.frl.2024.106340","DOIUrl":"10.1016/j.frl.2024.106340","url":null,"abstract":"<div><div>Using a nonparametric kernel method, this paper develops a weighted conditional value-at-risk hedge model to hedge downside risks in agricultural commodities. The model exhibits convexity, ensuring the acquisition of its global optimal solution. Simulations show that the nonparametric kernel method enhances the accuracy of the weighted conditional value-at-risk and hedge ratio determination, outperforming traditional estimation methods. Using major agricultural commodities, empirical evidence shows the superiority of the proposed model in reducing downside risks, compared to the minimum variance, minimum value-at-risk, and minimum conditional value-at-risk hedge models.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106340"},"PeriodicalIF":7.4,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572670","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
Social proximity to capital and mortgage lending 社会接近资本和抵押贷款
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-26 DOI: 10.1016/j.frl.2024.106333
Jennifer Zhang
{"title":"Social proximity to capital and mortgage lending","authors":"Jennifer Zhang","doi":"10.1016/j.frl.2024.106333","DOIUrl":"10.1016/j.frl.2024.106333","url":null,"abstract":"<div><div>This study investigates the impact of social proximity to capital on the U.S. mortgage markets. The results show that mortgage loans in counties with stronger social connectedness to capital are associated with significantly larger loan amounts and lower interest rates. The endogeneity concern is mitigated by employing a propensity score matched sample. Channel analysis reveals that the potential mechanisms operate through borrowers’ higher income and improved credit conditions. The cross-sectional analyses indicate that first-time homebuyers in counties with closer social proximity to capital secure larger loans and lower rates, whereas minorities in these areas face adverse outcomes.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106333"},"PeriodicalIF":7.4,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554938","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 relationship between ESG ratings and digital technological innovation in manufacturing: Insights via dual machine learning models 制造业 ESG 评级与数字技术创新之间的关系：双重机器学习模型的启示
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-26 DOI: 10.1016/j.frl.2024.106362
Bai Yang , Jingfeng Huang , Yinzhong Chen
{"title":"The relationship between ESG ratings and digital technological innovation in manufacturing: Insights via dual machine learning models","authors":"Bai Yang ,&nbsp;Jingfeng Huang ,&nbsp;Yinzhong Chen","doi":"10.1016/j.frl.2024.106362","DOIUrl":"10.1016/j.frl.2024.106362","url":null,"abstract":"<div><div>In the era of the current scientific and technological revolution and industrial transformation, digital technology innovation serves as a critical driver for the high-quality development of manufacturing enterprises. The dual attributes of ESG (Environmental, Social, and Governance) ratings, encompassing \"internal governance\" and \"external support,\" play a pivotal role in propelling digital technology innovation within these enterprises. This study utilizes a dual machine learning approach to empirically investigate the influence of ESG ratings on the digital technology innovation of manufacturing enterprises and explores the underlying mechanisms. Findings indicate that ESG ratings significantly boost digital technology innovation by alleviating financial market constraints, enhancing customer stability in the product market, elevating human resource levels, and increasing innovation awareness and efficiency. These improvements occur through the mechanisms of \"external support\" and \"internal governance.\" Moreover, the study reveals that ESG ratings substantially enhance digital technology innovation in state-owned and high-tech manufacturing enterprises, in contrast to their limited impact on non-state-owned and non-high-tech counterparts. Conclusively, the paper proposes policy recommendations focused on heightening enterprise and societal awareness of ESG importance, intensifying supervision and enforcement, and refining the ESG rating system.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106362"},"PeriodicalIF":7.4,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660470","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
Exploring digital green convergence for firm competitiveness 探索数字绿色融合，提高企业竞争力
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-26 DOI: 10.1016/j.frl.2024.106363
Yanyun Zhang , Shujing Yue , Xiaobing Lai
{"title":"Exploring digital green convergence for firm competitiveness","authors":"Yanyun Zhang ,&nbsp;Shujing Yue ,&nbsp;Xiaobing Lai","doi":"10.1016/j.frl.2024.106363","DOIUrl":"10.1016/j.frl.2024.106363","url":null,"abstract":"<div><div>Promoting digital green convergence is critical toward high-quality development. Sampling with 17,814 digital green patents of listed firms in China from 2009 to 2021, we find that digital green convergence significantly improves firm competitiveness. The dependability and relevance of our findings are further confirmed by several robustness tests. Our mechanism analysis shows that digital green convergence enhances firm competitiveness by reducing agency costs and increasing Environmental, Social, and Governance (ESG) performance. This paper provides theoretical and practical implications for uncovering the value of digital green convergence to improve firm competitiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106363"},"PeriodicalIF":7.4,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572678","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
Supply chain network centrality and corporate greenwashing behavior 供应链网络中心性与企业 "洗绿 "行为
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-25 DOI: 10.1016/j.frl.2024.106357
Kunkun Xue , Xiaoxiao Chen , Peipei Sun , Yongqing Li
{"title":"Supply chain network centrality and corporate greenwashing behavior","authors":"Kunkun Xue ,&nbsp;Xiaoxiao Chen ,&nbsp;Peipei Sun ,&nbsp;Yongqing Li","doi":"10.1016/j.frl.2024.106357","DOIUrl":"10.1016/j.frl.2024.106357","url":null,"abstract":"<div><div>This paper examines the impact of supply chain network centrality on corporate greenwashing behavior. Using data from Chinese listed companies, we find that supply chain network centrality suppresses corporate greenwashing behavior, and the impact mechanism is that supply chain network centrality alleviates corporate financing constraints and inhibits managerial myopia. We also find that relationship between supply chain network centrality and corporate greenwashing behavior is more significant among corporations in heavily polluting industries, weaker industry competition, and higher transaction costs. This paper extends the governance factors of corporate greenwashing behavior to the level of supply chain network relationships.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106357"},"PeriodicalIF":7.4,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554935","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
Digital finance’s impact on household portfolio diversity: Evidence from Chinese households 数字金融对家庭投资组合多样性的影响：来自中国家庭的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-25 DOI: 10.1016/j.frl.2024.106347
Jingxuan Dong
{"title":"Digital finance’s impact on household portfolio diversity: Evidence from Chinese households","authors":"Jingxuan Dong","doi":"10.1016/j.frl.2024.106347","DOIUrl":"10.1016/j.frl.2024.106347","url":null,"abstract":"<div><div>Herein, we investigate the connection between digital finance and household portfolio diversity using data from the China Household Finance Survey, conducted in 2017 and 2019. Results indicate that digital finance enhances portfolio diversification, particularly among households with urban registration, higher education and higher income levels. The mechanism analysis reveals that digital finance boosts a household’s portfolio diversification by enhancing financial literacy and easing liquidity constraints. Our findings underscore the importance of promoting digital finance and financial innovation by government agencies, which can improve a household’s investment income and well-being.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106347"},"PeriodicalIF":7.4,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554931","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 tone of earnings communication conferences and trade credit financing of listed companies 上市公司财报沟通会基调与贸易信贷融资
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106354
Shen Luo, Yuanhui Li
{"title":"The tone of earnings communication conferences and trade credit financing of listed companies","authors":"Shen Luo,&nbsp;Yuanhui Li","doi":"10.1016/j.frl.2024.106354","DOIUrl":"10.1016/j.frl.2024.106354","url":null,"abstract":"<div><div>Earnings communication conference serves as a key channel for information disclosure in China, providing incremental information to the capital market. Using data from Chinese A-share listed firms from 2007 to 2021, this research reveals that management's tone at the earnings communication conference significantly promotes trade credit financing. Mechanism tests suggest that management's tone facilitates trade credit financing by enhancing information transparency. Further analyses demonstrate that the aforementioned effect is more pronounced for firms facing higher market competition and supplier concentration while lower level of attention from analysts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106354"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572674","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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