Global Finance Journal最新文献

Share pledging by controlling shareholders and firm investment efficiency: Evidence from China 控股股东股权质押与企业投资效率：来自中国的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-18 DOI: 10.1016/j.gfj.2025.101228

Yuanqi Zhou , Ya Zhang , Zhenghua Shuai , Yu-en Lin

{"title":"Share pledging by controlling shareholders and firm investment efficiency: Evidence from China","authors":"Yuanqi Zhou , Ya Zhang , Zhenghua Shuai , Yu-en Lin","doi":"10.1016/j.gfj.2025.101228","DOIUrl":"10.1016/j.gfj.2025.101228","url":null,"abstract":"<div><div>Share pledging is not strictly regulated in emerging markets, making it into a mechanism for controlling shareholders to cash out financing. Using data from Chinese listed companies (2008–2020), this study examines the relationship between controlling shareholder share pledging and corporate investment efficiency by incorporating the reinvestment behavior of pledged funds into an analytical framework. Results reveal a significant negative correlation between share pledging and investment efficiency by reducing information transparency, weakening corporate social responsibility(CSR), and damaging the effectiveness of internal control. However, pledged fund inflow can alleviate financing constraints and function as a reservoir to improve investment efficiency. When pledged funds flow into the enterprise, the <em>reservoir effect</em> becomes dominant, particularly in firms experiencing underinvestment issues. In this scenario, share pledges alleviate financing constraints, improve corporate investment efficiency. In contrast, when pledged funds flow out of the enterprise, weakened corporate governance from equity pledges triggers the tunneling effect, which exacerbates agency conflicts and reduces investment efficiency. Further analysis reveals that the <em>tunneling effect</em> is weaker for companies with high audit quality, strong media attention, and check-and-balance ownership. These findings, which remain robust after a series of tests including instrumental variable method(IV), propensity score matching(PSM), and alternative variable measurements, contribute to understanding share pledges' actual impact and mechanisms on firm-level resource allocation, yielding significant theoretical and practical insights for improving corporate governance and regulatory systems in emerging markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101228"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840171","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 cash flow underwriting work? Evidence from the U.S. insurance markets 现金流承保是否有效？来自美国保险市场的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-02 DOI: 10.1016/j.gfj.2025.101232

Shi-jie Jiang , Lehang Zeng , Mei-Chih Wang

{"title":"Does cash flow underwriting work? Evidence from the U.S. insurance markets","authors":"Shi-jie Jiang , Lehang Zeng , Mei-Chih Wang","doi":"10.1016/j.gfj.2025.101232","DOIUrl":"10.1016/j.gfj.2025.101232","url":null,"abstract":"<div><div>This research delves into the cash flow underwriting in the U.S. property-casualty insurance market, a strategic approach in which insurance companies trade off underwriting profits in hopes of higher investment returns. Spanning from 1954 to 2023, this study utilizes nonlinear autoregressive distributed lag (NARDL) and multiple threshold NARDL (MTNARDL) models to uncover how interest rate fluctuations affect underwriting profits and investment income ratios. We discovered compelling differences: while the short-tail line aligns with rational market behavior, the long-tail line reacts significantly, echoing the nature of cash flow underwriting. At the aggregate industry level, the dominance of cash flow underwriting in the long run is primarily driven by these long-tail business lines, which account for a substantial share of underwriting exposure. Furthermore, a pattern of long-run asymmetric adjustment is also observed between investment income ratios and interest rates, indicating that while underwriting profits decline with rising interest rates, investment income can offset these losses to a certain extent. Through asymmetric causality tests, we further illustrate how positive and negative interest rate shocks uniquely influence profitability across various business lines. This study not only bridges conflicting theories of rational markets and strategic underwriting but also equips industry stakeholders with critical insights to navigate the complex rhythms of the insurance market.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101232"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023063","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

Time-limited monopolies: Firms' financial characteristics and innovation concentration 限时垄断：企业财务特征与创新集中度

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-26 DOI: 10.1016/j.gfj.2026.101240

James Driver

引用次数: 0

Impact of shadow banking of nonfinancial firms on equity mispricing 非金融企业影子银行对股票错误定价的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-17 DOI: 10.1016/j.gfj.2026.101236

Junming Zhuang , Tianyu Zhang , Jingshi He

引用次数: 0

Climate risk and asset-liability maturity mismatches 气候风险与资产负债期限错配

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-11-27 DOI: 10.1016/j.gfj.2025.101223

WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang

引用次数: 0

Zero-cost employee stock ownership incentive and corporate innovation 零成本员工持股激励与企业创新

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-01-15 DOI: 10.1016/j.gfj.2026.101235

Zimo Tao , Yi Zhang , Yongjian Huang

引用次数: 0

The impact of financial uncertainty on the price dynamics of global bond funds 金融不确定性对全球债券基金价格动态的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-13 DOI: 10.1016/j.gfj.2025.101227

Zhuhua Jiang , Oguzhan Ozcelebi , Zheng Lü , Rim El Khoury , Seong-Min Yoon

{"title":"The impact of financial uncertainty on the price dynamics of global bond funds","authors":"Zhuhua Jiang , Oguzhan Ozcelebi , Zheng Lü , Rim El Khoury , Seong-Min Yoon","doi":"10.1016/j.gfj.2025.101227","DOIUrl":"10.1016/j.gfj.2025.101227","url":null,"abstract":"<div><div>This study examines how financial uncertainty shocks shape global bond funds’ return and volatility dynamics focusing on four key indicators: equity market volatility (VIX), bond market volatility (MOVE), central bank digital currency uncertainty (CBDCU) and geopolitical risk (GPR). Using weekly data from 2015 to 2024 across four major global bond funds (BNDX, TPINX, MGBIX and FGBFX), we employ a multi-method empirical framework that integrates TVP-SV-VAR, BEKK-multivariate generalised autoregressive conditional heteroscedasticity (MGARCH), CCC-MGARCH and wavelet quantile regression to capture time variation, volatility spillovers and distributional effects. The findings reveal heterogeneous and asymmetric responses to uncertainty shocks wherein MOVE and GPR exert persistent volatility effects, VIX generates short-term flight-to-safety flows and CBDCU introduces asymmetric risks through safe-haven dynamics and disintermediation. Fund behaviour is highly conditional—BNDX demonstrates temporary safe-haven behaviour under digital monetary shocks, MGBIX provides long-term diversification benefits, FGBFX serves as a conditional safe haven and TPINX disproportionately transmits shocks due to its emerging market (EM)/high-yield exposure. These results challenge the perception of global bond funds as uniformly defensive assets and underscore the importance of aligning fund selection with uncertainty source and investment horizon. Beyond investment insights, this study has relevant policy implications, indicating how CBDCU can be incorporated into regulatory stress tests, EM-focused funds require closer macro-prudential monitoring and policymakers should adapt liquidity and duration risk frameworks to evolving sources of systemic uncertainty.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101227"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145790499","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 rare disaster concern index: RIX 罕见灾害关注指数：RIX

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-12-02 DOI: 10.1016/j.gfj.2025.101226

Weihan Li , Jin E. Zhang , Xinfeng Ruan , Pakorn Aschakulporn

引用次数: 0

Measuring climate attention from investor queries: How textual signals drive green innovation 从投资者询问中衡量气候关注：文本信号如何推动绿色创新

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2025-11-28 DOI: 10.1016/j.gfj.2025.101224

Cheng Zhang , Menghan Li , Zhuoer Yang , Cheng Liu

{"title":"Measuring climate attention from investor queries: How textual signals drive green innovation","authors":"Cheng Zhang , Menghan Li , Zhuoer Yang , Cheng Liu","doi":"10.1016/j.gfj.2025.101224","DOIUrl":"10.1016/j.gfj.2025.101224","url":null,"abstract":"<div><div>This study examines how retail investors' climate attention influences corporate green innovation using data from Chinese A-share listed firms from 2013 to 2023. We construct a novel measure of climate attention referencing investor interaction platforms and a climate-related dictionary, which captures firm-level retail investors' climate attention more precisely than existing search-based measures. Empirical results reveal that strong climate attention from investors considerably enhances the quantity and quality of corporate green innovation. The mechanism analysis reveals that this effect operates by boosting managerial awareness, media focus, and analyst coverage of climate-related issues. Notably, we further demonstrate that CEOs' green experience constitutes a key boundary condition. When CEOs lack such experience, investor attention has a more prominent influence on motivating green innovation. These findings demonstrate that retail investors are a unique monitoring force and they underscore the importance of managerial backgrounds in shaping firms' responses to climate change.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"69 ","pages":"Article 101224"},"PeriodicalIF":5.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145685473","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

Kinship and social ties between CEOs and board members: Costs to firm value ceo和董事会成员之间的亲属关系和社会关系：企业价值的成本

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2026-06-01 Epub Date: 2026-02-05 DOI: 10.1016/j.gfj.2026.101241

Jaeyoung Yang, Seung Hun Han, Moonseok Choi

引用次数: 0