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Influential risk spreaders and systemic risk in Chinese financial networks 中国金融网络中具有影响力的风险传播者和系统性风险
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-18 DOI: 10.1016/j.ememar.2024.101138
Ming-Yuan Yang , Zhen-Guo Wu , Xin Wu , Sai-Ping Li
{"title":"Influential risk spreaders and systemic risk in Chinese financial networks","authors":"Ming-Yuan Yang ,&nbsp;Zhen-Guo Wu ,&nbsp;Xin Wu ,&nbsp;Sai-Ping Li","doi":"10.1016/j.ememar.2024.101138","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101138","url":null,"abstract":"<div><p>A novel approach of gravity strength centrality (GSC) model is proposed to identify the influential risk spreaders in Chinese financial networks. We also measure the systemic risk contribution of financial institutions via <span><math><mi>Δ</mi><mi>CoVaR</mi></math></span> and detect the relationship between the risk spreading ability and the systemic risk contribution of financial institutions. Our findings show that (i) the novel GSC model has the best performance on identifying influential risk spreaders, (ii) financial institutions with larger risk spreading ability contribute more to the systemic risk, (iii) the COVID-19 pandemic has significantly enhanced the contribution of influential risk spreaders to the systemic risk.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101138"},"PeriodicalIF":4.8,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140632463","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
Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market 文化印记与赌博偏好：来自中国股市个人投资者交易的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-18 DOI: 10.1016/j.ememar.2024.101136
Jing Hao , Ziqiao Wang , Xiaotao Zhang , Feng He , Xuehong Chen
{"title":"Culture imprint and gambling preference: Evidence from individual investors' trading in the Chinese stock market","authors":"Jing Hao ,&nbsp;Ziqiao Wang ,&nbsp;Xiaotao Zhang ,&nbsp;Feng He ,&nbsp;Xuehong Chen","doi":"10.1016/j.ememar.2024.101136","DOIUrl":"10.1016/j.ememar.2024.101136","url":null,"abstract":"<div><p>Using the stock transaction records of individual investors from a large brokerage firm in China, we explore the impact of Confucian culture on the gambling preferences of individual investors. After a series of tests, we find a significant negative relationship between Confucianism and the lottery-type stock preference of individual investors, indicating that Confucian culture inhibits gambling preferences in stock investment. This effect is more pronounced for female investors, middle-aged investors and investors in regions with higher gambling sentiment. Investor risk preference mediates the relationship between Confucian culture and lottery-type stock preference.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101136"},"PeriodicalIF":4.8,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140781453","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
Making differences work: Financial fraud detection based on multi-subject perceptions 让差异发挥作用：基于多主体感知的金融欺诈检测
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-16 DOI: 10.1016/j.ememar.2024.101134
Guowen Li , Shuai Wang , Yuyao Feng
{"title":"Making differences work: Financial fraud detection based on multi-subject perceptions","authors":"Guowen Li ,&nbsp;Shuai Wang ,&nbsp;Yuyao Feng","doi":"10.1016/j.ememar.2024.101134","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101134","url":null,"abstract":"<div><p>This study examines whether internal and external perceptions and perception differences can significantly improve the effectiveness of financial fraud detection. Specifically, we construct and validate management and media perceptions using various state-of-the-art methods. The empirical research is based on data from 2017–2021 from the Chinese market. The results reveal that the enhancement effect is more significant when considering multi-subject perceptions. A cross-sectional analysis and application of real scenarios further support the conclusions. The predictive direction and implications of perception indicators are fully discussed. The results imply that the media can perceive firms' potentially fraudulent behaviour and play a regulatory role.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101134"},"PeriodicalIF":4.8,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140620960","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 technological progress affect provincial financial resilience? Evidence at the provincial level in China 技术进步如何影响省级财政的抗风险能力？中国省级层面的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-15 DOI: 10.1016/j.ememar.2024.101137
Dandan Xu, Yuting Liu
{"title":"How does technological progress affect provincial financial resilience? Evidence at the provincial level in China","authors":"Dandan Xu,&nbsp;Yuting Liu","doi":"10.1016/j.ememar.2024.101137","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101137","url":null,"abstract":"<div><p>The ever-changing global economy and sudden global public health events have posed challenges to financial resilience worldwide. As its important role in maintaining domestic economic stability, safeguarding national security, and enhancing international status, financial resilience has long been widely studied. However, few studies have empirically explored how technological progress affects financial resilience. Based on data from 30 provinces in China, this study adopts a panel two-way fixed effect model to identify the impact of technological progress on financial resilience and the underlying mechanisms. Results show that technological progress can significantly enhance financial resilience, and this impact is stronger in provinces with large population size, high employment proportion in the tertiary sector, high social consumption capacity, and provinces located in Central China. Further, technological progress have a positive impact on financial resilience through increased asset liquidity and government intervention.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101137"},"PeriodicalIF":4.8,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140558889","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
Learning by doing or catering: Firm-specific experience and analyst forecast accuracy 在实践中学习还是迎合：特定公司的经验与分析师预测的准确性
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-09 DOI: 10.1016/j.ememar.2024.101133
Xu Ji , Shanhui Wu , Yan Dong , Xiaoqi Yang
{"title":"Learning by doing or catering: Firm-specific experience and analyst forecast accuracy","authors":"Xu Ji ,&nbsp;Shanhui Wu ,&nbsp;Yan Dong ,&nbsp;Xiaoqi Yang","doi":"10.1016/j.ememar.2024.101133","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101133","url":null,"abstract":"<div><p>This article explores catering behavior among security analysts by examining how firm-specific experience impacts forecast accuracy. Using analyst forecasts on listed companies in China from 2014 to 2018, we find that firm-specific experience significantly reduces analyst forecast accuracy, which indicates the existence of catering behavior. Heterogeneity analysis reveals that catering behavior primarily exists for analysts employed by large brokerage firms or who issue forecasts for large companies. Further analysis shows that catering behavior is more prevalent when analysts make forecasts for SOEs. These findings suggest multi-faced implications of firm-specific experience and call for better regulations on refraining analysts' catering behavior.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101133"},"PeriodicalIF":4.8,"publicationDate":"2024-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140543679","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
Regulators' work experience at local companies and SOEs' investment efficiency: Evidence from provincial SASAC leaders 监管者在地方企业的工作经历与国有企业的投资效率：来自省国资委领导的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-05 DOI: 10.1016/j.ememar.2024.101132
Bingyu Xiao , Guangming Gong , Liang Xiao
{"title":"Regulators' work experience at local companies and SOEs' investment efficiency: Evidence from provincial SASAC leaders","authors":"Bingyu Xiao ,&nbsp;Guangming Gong ,&nbsp;Liang Xiao","doi":"10.1016/j.ememar.2024.101132","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101132","url":null,"abstract":"<div><p>Using a sample of Chinese local listed state-owned enterprises (SOEs) from 2008 to 2020, we find that provincial State-owned Assets Supervision and Administration Commission (SASAC) leaders' work experience at local companies significantly improves local SOEs' investment efficiency. This effect is stronger for local SOEs with shorter pyramidal layers and those in regions with weak institutional environments. Moreover, mechanism tests show that provincial SASAC leaders' work experience at local companies improves local SOEs' investment efficiency by decreasing agency costs and weakening policy burdens. Overall, our study highlights the important role of regulators' characteristics in determining the investment efficiency of SOEs.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101132"},"PeriodicalIF":4.8,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140536844","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 capital and cost of debt: Evidence from Chinese CEO network centrality 社会资本与债务成本：来自中国首席执行官网络中心性的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-04-05 DOI: 10.1016/j.ememar.2024.101131
Yiping Chen , Yuan George Shan , Jimin Wang , Xinxin Yang , Junru Zhang
{"title":"Social capital and cost of debt: Evidence from Chinese CEO network centrality","authors":"Yiping Chen ,&nbsp;Yuan George Shan ,&nbsp;Jimin Wang ,&nbsp;Xinxin Yang ,&nbsp;Junru Zhang","doi":"10.1016/j.ememar.2024.101131","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101131","url":null,"abstract":"<div><p>Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality, mediate the impact of CEO social capital on cost of debt.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101131"},"PeriodicalIF":4.8,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000268/pdfft?md5=d28bc0c3dfafe1c0806decd781af1b85&pid=1-s2.0-S1566014124000268-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140539796","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
CEOs' hometown connections and corporate risk-taking: Evidence from China 首席执行官的家乡关系与企业风险承担：来自中国的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-03-24 DOI: 10.1016/j.ememar.2024.101129
Fanjie Fu , Jing Fang , Fan Zhang , Shujie Yao , Jinghua Ou
{"title":"CEOs' hometown connections and corporate risk-taking: Evidence from China","authors":"Fanjie Fu ,&nbsp;Jing Fang ,&nbsp;Fan Zhang ,&nbsp;Shujie Yao ,&nbsp;Jinghua Ou","doi":"10.1016/j.ememar.2024.101129","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101129","url":null,"abstract":"<div><p>Using hand-collected data on CEOs' hometown connections in Chinese A-share listed companies from 2009 to 2020, we find that such connections with suppliers are negatively associated with corporate risk-taking, reflected by the risk-taking behavior of CEOs with personal preference and self-interest. It is also found that the negative relationship between CEO hometown connections and corporate risk-taking is more pronounced for firms with greater economic policy uncertainty, firms in a period of tight monetary policy, firms with fewer analysts following, and firms with local CEOs, male CEOs, or CEOs without holding shares.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101129"},"PeriodicalIF":4.8,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140296881","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
International reserves, currency depreciation and public debt: New evidence of buffer effects in Africa 国际储备、货币贬值和公共债务：非洲缓冲效应的新证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-03-23 DOI: 10.1016/j.ememar.2024.101130
Issiaka Coulibaly , Blaise Gnimassoun , Hamza Mighri , Jamel Saadaoui
{"title":"International reserves, currency depreciation and public debt: New evidence of buffer effects in Africa","authors":"Issiaka Coulibaly ,&nbsp;Blaise Gnimassoun ,&nbsp;Hamza Mighri ,&nbsp;Jamel Saadaoui","doi":"10.1016/j.ememar.2024.101130","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101130","url":null,"abstract":"<div><p>The paper adds to the literature on the issue of public debt in African economies, by investigating the role foreign exchange reserves play in improving the level of indebtedness and as buffer of the negative effect of exchange rate depreciation while considering the exchange rate policy. Our results show a direct link between the level of foreign currency reserves and that of external debt in Africa. Particularly, we demonstrate that higher foreign currency reserves tend to decrease the public debt stock to GDP. This effect is even more significant when countries go through high exchange rate depreciation episodes (10% or higher). This impact, however, is not homogenous among country groups, as only countries with a floating exchange regime tend to benefit from this buffer effect compared to anchored regimes. In a time where most African economies face severe exchange rate depreciation episodes following the U.S. monetary tightening policy, central bankers and policy makers need to consider a plethora of policy issues including interventions in the FX market to mitigate depreciations and maintain a sustainable public debt stock.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101130"},"PeriodicalIF":4.8,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140296880","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
In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk 在启蒙的光芒中非神论宗教对公司违约风险的影响
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-03-18 DOI: 10.1016/j.ememar.2024.101128
Yuruo Feng , Wei Hao , Jiali Fang , Udomsak Wongchoti
{"title":"In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk","authors":"Yuruo Feng ,&nbsp;Wei Hao ,&nbsp;Jiali Fang ,&nbsp;Udomsak Wongchoti","doi":"10.1016/j.ememar.2024.101128","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101128","url":null,"abstract":"<div><p>We investigate whether religious site density around a firm's headquarters is related to corporate default risk in China. We find that public firms surrounded by a higher number of Buddhist and Taoist temples are associated with lower default risk. In contrast to the widely documented impact of Western religiosity on corporate behavior, our mechanism tests indicate that lower default risk related to religious site density is primarily driven by better corporate governance and not by a surge in corporate conservatism. Finally, we find that this default risk lowering effect is more pronounced when firms also possess greater political resources.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101128"},"PeriodicalIF":4.8,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000232/pdfft?md5=121a2cd44dfe950b5b39310b766b4145&pid=1-s2.0-S1566014124000232-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140187213","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
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