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Configurable arbitrage and slippage in automated market making systems 自动做市系统中的可配置套利和滑点
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-06 DOI: 10.1016/j.frl.2025.107615
Scott Condie
{"title":"Configurable arbitrage and slippage in automated market making systems","authors":"Scott Condie","doi":"10.1016/j.frl.2025.107615","DOIUrl":"10.1016/j.frl.2025.107615","url":null,"abstract":"<div><div>This paper studies the constant elasticity pricing function, a generalization of the typical constant product pricing function used in automated market making exchanges like Uniswap. This generalization allows for oracle-based, arbitrage-free pricing, as well as configurable liquidity. Each of these possibilities come with trade-offs that are discussed, including the competitive environments in which this increased flexibility is desirable.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107615"},"PeriodicalIF":7.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263136","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 policy uncertainty and executives' opportunistic stock selling 气候政策的不确定性和高管投机抛售股票
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-06 DOI: 10.1016/j.frl.2025.107706
Haibo Sun , Xiaoman Xu , Zhonglu Liu
{"title":"Climate policy uncertainty and executives' opportunistic stock selling","authors":"Haibo Sun ,&nbsp;Xiaoman Xu ,&nbsp;Zhonglu Liu","doi":"10.1016/j.frl.2025.107706","DOIUrl":"10.1016/j.frl.2025.107706","url":null,"abstract":"<div><div>This study empirically tests how climate policy uncertainty influences opportunistic stock selling by executives, using data from Chinese A-share listed companies between 2007 and 2022. The results indicate that climate policy uncertainty increases the incidences of executives' opportunistic stock-selling behavior, with increases in both the number and value of stocks being sold. The mechanism analysis reveals that important influencing channels include corporate default rates, level of corporate risk-taking, and information disclosure quality.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107706"},"PeriodicalIF":7.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144242368","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
Excess liquidity and risk: How economic policy uncertainty shapes corporate decisions post-crisis? 流动性过剩与风险：经济政策的不确定性如何影响危机后的企业决策？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-06 DOI: 10.1016/j.frl.2025.107739
Thanh Cong Nguyen , Thai Vu Hong Nguyen , Christophe Schinckus , Thanh Tuan Chu
{"title":"Excess liquidity and risk: How economic policy uncertainty shapes corporate decisions post-crisis?","authors":"Thanh Cong Nguyen ,&nbsp;Thai Vu Hong Nguyen ,&nbsp;Christophe Schinckus ,&nbsp;Thanh Tuan Chu","doi":"10.1016/j.frl.2025.107739","DOIUrl":"10.1016/j.frl.2025.107739","url":null,"abstract":"<div><div>This study explores the relationship between excess liquidity and corporate risk-taking, with a focus on how economic policy uncertainty (EPU) moderates this dynamic. Using an SGMM estimator and an unbalanced panel dataset from 33 countries spanning 2000 to 2019, the findings reveal that excess liquidity significantly increases corporate risk-taking through the mechanisms of managerial discretion and overconfidence. However, heightened EPU weakens this positive effect, encouraging more cautious decision-making. The study further highlights that enterprises in countries profoundly impacted by the Global Financial Crisis exhibit heightened prudence under high uncertainty. By incorporating EPU as a critical moderating factor, this research provides novel insights into the interplay between liquidity, uncertainty, and corporate risk behavior, offering a fresh perspective on post-crisis financial dynamics and risk management in the business sector.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107739"},"PeriodicalIF":7.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254172","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 artificial intelligence assist banks in improving city entrepreneurship? 人工智能能帮助银行提升城市创业能力吗？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-06 DOI: 10.1016/j.frl.2025.107721
Daoping Wang , Yaxi Liang , Xinyan Shen
{"title":"Can artificial intelligence assist banks in improving city entrepreneurship?","authors":"Daoping Wang ,&nbsp;Yaxi Liang ,&nbsp;Xinyan Shen","doi":"10.1016/j.frl.2025.107721","DOIUrl":"10.1016/j.frl.2025.107721","url":null,"abstract":"<div><div>This study explores how bank-based artificial intelligence (AI) promotes city-level entrepreneurship through enhanced credit availability. Using AI-related keywords from bank annual reports and branch distribution data, we develop a city-level bank AI index. Empirical results indicate a positive association between bank AI adoption and entrepreneurship, especially in northern China, large cities, and cities characterized by strong human capital, advanced industrial structures, high gross domestic product per capita, and substantial government intervention. Robustness and endogeneity tests confirm this relationship. Mechanism analysis further reveals that AI-driven credit expansion by banks facilitates city entrepreneurial activity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107721"},"PeriodicalIF":7.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272421","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
An empirical investigation into how executives' overseas backgrounds and corporate financialization influence human capital structure adjustment 高管海外背景与企业金融化对人力资本结构调整影响的实证研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-06 DOI: 10.1016/j.frl.2025.107673
Bo Zhao , QiaoSong Jing
{"title":"An empirical investigation into how executives' overseas backgrounds and corporate financialization influence human capital structure adjustment","authors":"Bo Zhao ,&nbsp;QiaoSong Jing","doi":"10.1016/j.frl.2025.107673","DOIUrl":"10.1016/j.frl.2025.107673","url":null,"abstract":"<div><div>This study utilizes data from Chinese listed companies from 2008 to 2023 as a sample to thoroughly examine the impact of executive overseas background and corporate financialization on the adjustment of human capital structure. The research indicates that corporate financialization facilitates the optimization and adjustment of human capital structure. The overseas background of executives plays a moderating role in the relationship between corporate financialization and human capital structure adjustment, and this moderating effect exhibits heterogeneity between high-tech and non-high-tech enterprises. Market competitiveness acts as a mediating factor between corporate financialization and human capital structure adjustment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107673"},"PeriodicalIF":7.4,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144231329","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 does CEO power affect the supply chain costs sharing? CEO权力如何影响供应链成本分担？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-05 DOI: 10.1016/j.frl.2025.107690
Yongbo Xu , Yan Li , Na Tang
{"title":"How does CEO power affect the supply chain costs sharing?","authors":"Yongbo Xu ,&nbsp;Yan Li ,&nbsp;Na Tang","doi":"10.1016/j.frl.2025.107690","DOIUrl":"10.1016/j.frl.2025.107690","url":null,"abstract":"<div><div>The collaborative governance function is essential for the sustainable development of firms. This study analyzes the interaction between CEO power and supply chain cost sharing from 2011 to 2023. The findings indicate that higher CEO power can improve supply chain cost sharing. The positive effects are achieved by improving supply chain resilience and social responsibility. The findings offer critical insights for board governance design, demonstrating how calibrated CEO empowerment can transform adversarial buyer-supplier relationships into value-cocreating partnerships during global disruptions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107690"},"PeriodicalIF":7.4,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254164","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 transformation and earnings management via subsidiaries 数字化转型和子公司盈余管理
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107733
Xueman Xiang , Biao Yi
{"title":"Digital transformation and earnings management via subsidiaries","authors":"Xueman Xiang ,&nbsp;Biao Yi","doi":"10.1016/j.frl.2025.107733","DOIUrl":"10.1016/j.frl.2025.107733","url":null,"abstract":"<div><div>This study examines how corporate digital transformation (DT) affects earnings management via nonwholly-owned subsidiaries (EMNWS). The findings indicate that DT increases EMNWS by intensifying managerial pressure to meet performance targets and reducing the cost of implementing EMNWS. This effect is more pronounced when EMNWS yields higher net profits, in nonstate-owned enterprises, under weak local regulatory environments, and during economic upturns. Moreover, firms avoid accrual-based, real earnings management, and classification shifting in favor of EMNWS. These results reveal a previously underexplored downside of DT: its role in enabling EMNWS.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107733"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254134","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 economy, industrial structure advancement and human capital accumulation 数字经济、产业结构升级与人力资本积累
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107727
Bo Shao, Hongqi Wang
{"title":"Digital economy, industrial structure advancement and human capital accumulation","authors":"Bo Shao,&nbsp;Hongqi Wang","doi":"10.1016/j.frl.2025.107727","DOIUrl":"10.1016/j.frl.2025.107727","url":null,"abstract":"<div><div>Based on panel data from 297 prefecture-level cities in China from 2013 to 2023, this paper empirically examines the mechanism by which the digital economy influences human capital accumulation. The study finds that the digital economy significantly promotes the level of human capital accumulation. The mediating effect model reveals that the digital economy facilitates human capital accumulation by driving the upgrading of the industrial structure. Heterogeneity analysis indicates that the promotional effect of the digital economy on human capital accumulation in western China is significantly stronger than that in eastern and central regions. This research provides empirical evidence for the role of the digital economy in empowering human capital accumulation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107727"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254140","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
Effects of the shift in the offshore debt issuance regime on the performance of M&A firms 离岸债券发行制度的转变对并购公司绩效的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107732
Dongjun Zhu
{"title":"Effects of the shift in the offshore debt issuance regime on the performance of M&A firms","authors":"Dongjun Zhu","doi":"10.1016/j.frl.2025.107732","DOIUrl":"10.1016/j.frl.2025.107732","url":null,"abstract":"<div><div>This study investigates the impact of changes in the foreign bond issuance system on the performance of Chinese cross-border M&amp;A firms from 2001 to 2019. We find that these changes reduce both operational performance and completion rates of M&amp;A deals. Additional analysis shows that the changes lower firm performance by alleviating financing constraints, with baseline results varying based on firm size and host country income.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107732"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144242494","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
Equity ETFs, corporate governance and stock price crash risk 股票etf、公司治理和股价崩盘风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-04 DOI: 10.1016/j.frl.2025.107726
Qi Wang , Sipeng Wang
{"title":"Equity ETFs, corporate governance and stock price crash risk","authors":"Qi Wang ,&nbsp;Sipeng Wang","doi":"10.1016/j.frl.2025.107726","DOIUrl":"10.1016/j.frl.2025.107726","url":null,"abstract":"<div><div>This paper systematically explores the influence mechanism and boundary conditions of ETF shareholding ratios on stock price crash risk using a sample of non-financial listed companies in China's A-share market from 2013 to 2023. Empirical results show a significant positive correlation between ETF shareholding ratios and stock price crash risk. High-quality internal controls amplify ETF algorithm-driven homogenized expectations by enhancing information transparency. Under negative shocks, this triggers liquidity spirals and agency problems, magnifying crash risks. Analyst coverage, however, plays a negative moderating role by significantly mitigating the risk impact of ETF position changes.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"83 ","pages":"Article 107726"},"PeriodicalIF":7.4,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254139","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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