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Digital divide and household portfolio investment efficiency: Evidence from China 数字鸿沟与家庭组合投资效率：来自中国的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-23 DOI: 10.1016/j.ememar.2025.101407
Shijun Chai , Yang Chen , King Yoong Lim
{"title":"Digital divide and household portfolio investment efficiency: Evidence from China","authors":"Shijun Chai ,&nbsp;Yang Chen ,&nbsp;King Yoong Lim","doi":"10.1016/j.ememar.2025.101407","DOIUrl":"10.1016/j.ememar.2025.101407","url":null,"abstract":"<div><div>This study examines the impact of the digital divide (DD) on household portfolio investment efficiency in China, both before and after the COVID-19 pandemic, using a combination of technology foresight (TF) analysis and standard econometric analysis based on integrated Chinese household level data that combines the pre-pandemic (2019) and post-pandemic (2021) waves. The former is a novel technique that we propose, which demonstrates how, amidst an uncertain economic shock but with temporarily non-availability of data, a combination of conditional expectation based evaluation and scenario analyses can inform potential changes in the relationship between DD and portfolio investment efficiency. The foresight analysis based results are indeed, verified by actual post-pandemic household-level data based econometric evidence. Specifically, we hypothesized: (1) DD constraints portfolio investment efficiency via greater transaction costs, higher information asymmetry and sub-optimal asset allocation; and (2) the pandemic has amplified these adverse effects. Both techniques found consistent results that DD significantly hinders efficient asset allocation, confirming the usefulness of our TF framework in effectively anticipating post-pandemic investment patterns. These findings underscore the critical role of digital inclusion in financial decision-making and highlight the utility of using ex-ante information-based TF framework in analyzing micro-level financial behavior in response to future shocks.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101407"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145614816","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
Media coverage and goodwill impairment 媒体报道和商誉减值
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-10-22 DOI: 10.1016/j.ememar.2025.101395
Hongwen Han , Rui Hu , Jiali Jenna Tang , Qing Fu
{"title":"Media coverage and goodwill impairment","authors":"Hongwen Han ,&nbsp;Rui Hu ,&nbsp;Jiali Jenna Tang ,&nbsp;Qing Fu","doi":"10.1016/j.ememar.2025.101395","DOIUrl":"10.1016/j.ememar.2025.101395","url":null,"abstract":"<div><div>This study examines how media coverage influences goodwill impairment reporting in China. We find that higher media scrutiny reduces abnormal goodwill impairment by constraining opportunistic reporting decisions through information, reputation, and regulatory sanction mechanisms. Both policy and market-oriented media coverage contribute to this reduction. Media coverage significantly inhibits firms from avoiding impairment rather than overstating it. Results suggest a substitution effect between media coverage and other corporate governance mechanisms, such as auditors and institutional investors. Our main findings hold after addressing endogeneity issues. Overall, our findings support that media scrutiny plays a monitoring role in curbing opportunistic goodwill impairment reporting.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101395"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145365668","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
Fiscal rules and sovereign default 财政规则和主权违约
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-10-13 DOI: 10.1016/j.ememar.2025.101380
Laura Alfaro , Fabio Kanczuk
{"title":"Fiscal rules and sovereign default","authors":"Laura Alfaro ,&nbsp;Fabio Kanczuk","doi":"10.1016/j.ememar.2025.101380","DOIUrl":"10.1016/j.ememar.2025.101380","url":null,"abstract":"<div><div>Debt sustainability concerns in emerging markets (EMEs) highlight the critical need for effective fiscal rules, particularly in an era of financial fragmentation. This paper examines fiscal rules using a sovereign debt model incorporating present-biased government behavior, a key driver of excessive debt in EMEs. Welfare analysis underscores the effectiveness of simple debt ceilings in mitigating default risks and enhancing financial stability.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101380"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145334499","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
Treasury bond pricing via no arbitrage arguments and machine learning: Evidence from China 通过无套利论证和机器学习进行国债定价：来自中国的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-11 DOI: 10.1016/j.ememar.2025.101402
Liangliang Zhang , Ruyan Tian , Weiping Zhang , Qing Yang , Tingting Ye
{"title":"Treasury bond pricing via no arbitrage arguments and machine learning: Evidence from China","authors":"Liangliang Zhang ,&nbsp;Ruyan Tian ,&nbsp;Weiping Zhang ,&nbsp;Qing Yang ,&nbsp;Tingting Ye","doi":"10.1016/j.ememar.2025.101402","DOIUrl":"10.1016/j.ememar.2025.101402","url":null,"abstract":"<div><div>This paper proposes a general framework that combines theoretical and empirical asset pricing research and applies the framework to formulate a novel bond return (price or yield curve) prediction methodology, integrating the classical and structural asset pricing theory with recent machine learning factor asset pricing models. The method is mathematically and theoretically rigorous, arbitrage-free, if no arbitrage pricing model is applied, and in the meantime enjoys the flexibility offered by the empirical asset pricing framework, i.e., a potentially rich factor structure, accurate function approximations and the ability to capture both cross-sectional and time-series asset price variation via machine learning regression. Real market backtesting studies show that our predictions are accurate, in the sense that the formulated equally weighted treasury bond portfolios in China exchange-based markets bear significant positive returns and outperforms major methods in the literature.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101402"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568870","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
Cloning success or falling into a trap: The role of a founder CEO in the corporate comeback again 克隆成功还是落入陷阱：创始人CEO在企业复兴中的角色
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-05 DOI: 10.1016/j.ememar.2025.101399
Chin-Jung Luan , Chengli Tien
{"title":"Cloning success or falling into a trap: The role of a founder CEO in the corporate comeback again","authors":"Chin-Jung Luan ,&nbsp;Chengli Tien","doi":"10.1016/j.ememar.2025.101399","DOIUrl":"10.1016/j.ememar.2025.101399","url":null,"abstract":"<div><div>We aim to examine the relationships among founder CEOs, turnaround strategies, prior turnaround success, and subsequent turnaround performance. Specifically, we investigate whether the presence of a founder CEO influences a firm's turnaround strategies and performance and whether prior successful turnaround experience can be replicated in subsequent recovery efforts. A sample of 117 publicly listed firms across various industries in Taiwan was collected, and data were obtained from the Taiwan Economic Journal to test the proposed hypotheses. The findings suggest that founder CEOs are less inclined to pursue market-based turnaround strategies, which may be less effective in facilitating successful corporate recovery during subsequent turnaround efforts. Additionally, a firm's prior turnaround success may be positively related to its subsequent turnaround performance under certain conditions. In other words, although prior success can facilitate future performance, overreliance on it may create potential drawbacks. Furthermore, prior turnaround experience appears to moderate the relationship between market-based turnaround strategies and subsequent turnaround performance under specific contextual conditions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101399"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145520597","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
Bridging the gender credit gap in low-income countries: The impact of digital financial inclusion 弥合低收入国家的性别信贷差距：数字普惠金融的影响
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-10-19 DOI: 10.1016/j.ememar.2025.101389
Wycliffe Oluoch, Abdul Latif Alhassan
{"title":"Bridging the gender credit gap in low-income countries: The impact of digital financial inclusion","authors":"Wycliffe Oluoch,&nbsp;Abdul Latif Alhassan","doi":"10.1016/j.ememar.2025.101389","DOIUrl":"10.1016/j.ememar.2025.101389","url":null,"abstract":"<div><div>Drawing on multiple waves of Kenya's FinAccess surveys, this study reveals a growing gender gap in demand for and access to credit from digital channels in Kenya. Women are less likely to apply for digital loans, and those who apply face disproportionately lower approval rates. In contrast, there is no significant gender gap in either demand or access to traditional bank loans. These findings are robust across various contexts (rural vs. urban households, rich vs. poor counties). We conclude that digital finance does not bridge the gender credit gap in Kenya; instead, it is widening it. The barriers may include algorithmic credit screening models that inadvertently perpetuate societal bias against women. Consequently, emphasis should be placed on inclusive policies that enhance access to digital devices and mandate audits of lending algorithms to identify and address embedded gender biases.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101389"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145365667","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
Cutting corners, cutting dividends: Evidence from reverse mergers in China 偷工减料，削减红利：来自中国反向并购的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-19 DOI: 10.1016/j.ememar.2025.101403
He Gao , Junwei Lu , Laifeng Yang , Zijian Cheng , Zhangxin (Frank) Liu
{"title":"Cutting corners, cutting dividends: Evidence from reverse mergers in China","authors":"He Gao ,&nbsp;Junwei Lu ,&nbsp;Laifeng Yang ,&nbsp;Zijian Cheng ,&nbsp;Zhangxin (Frank) Liu","doi":"10.1016/j.ememar.2025.101403","DOIUrl":"10.1016/j.ememar.2025.101403","url":null,"abstract":"<div><div>We examine how listing strategies shape dividend policies in China. Firms listed via reverse mergers (RMs) exhibit significantly lower probability and levels of cash dividend payments than those listed through initial public offerings (IPOs). Mechanism tests attribute this low-dividend tendency of RM firms to higher financing constraints, more severe agency problems, stronger performance pressure, and weaker market attention. Heterogeneity analysis shows that state ownership, intense industry competition, robust legal environments, and the participation of mature investors can mitigate these effects. Further analysis reveals that RM firms are also less likely to use stock dividends or share repurchases, though the gap with IPO firms narrows over time. Economic consequence tests indicate that dividend payouts by newly listed firms increase the cost of equity capital, with the negative signalling effect particularly pronounced for RM firms. Our findings offer fresh insights into the “dividend puzzle” in emerging markets undergoing institutional transition.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101403"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145568871","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 impact of health status on household portfolio efficiency: Insights from medical insurance 健康状况对家庭投资组合效率的影响：来自医疗保险的见解
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-23 DOI: 10.1016/j.ememar.2025.101405
Jingxuan Dong , Qiang Li , Adrian (Wai Kong) Cheung
{"title":"The impact of health status on household portfolio efficiency: Insights from medical insurance","authors":"Jingxuan Dong ,&nbsp;Qiang Li ,&nbsp;Adrian (Wai Kong) Cheung","doi":"10.1016/j.ememar.2025.101405","DOIUrl":"10.1016/j.ememar.2025.101405","url":null,"abstract":"<div><div>This paper explores how health status influences household portfolio efficiency using pooled cross-sectional data from the 2021 and 2023 waves of the China Household Finance Survey (CHFS). Findings show that healthier households are more likely to engage in risky financial markets, leading to improved portfolio efficiency. Our findings also suggest that the positive impact of good health on investment portfolios is more pronounced among urban households and those with higher educational attainment. Mechanism analysis indicates that good health can increase household portfolio efficiency through enhancing risk tolerance and alleviating liquidity constraints. Moreover, medical insurance plays a critical role in moderating the relationship between health status and household portfolio efficiency.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101405"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145614709","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
Family firms and tax avoidance preferences: Evidence from India 家族企业与避税偏好：来自印度的证据
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-11-27 DOI: 10.1016/j.ememar.2025.101410
T.K. Ajmal , Ankit Singhal , Vinod Kumar , Nader Atawnah
{"title":"Family firms and tax avoidance preferences: Evidence from India","authors":"T.K. Ajmal ,&nbsp;Ankit Singhal ,&nbsp;Vinod Kumar ,&nbsp;Nader Atawnah","doi":"10.1016/j.ememar.2025.101410","DOIUrl":"10.1016/j.ememar.2025.101410","url":null,"abstract":"<div><div>Recent research on the tax avoidance preferences of family firms has yielded mixed results. We address this by examining tax avoidance behaviour in the Indian market, a unique setting characterised by concentrated family ownership and comparatively weak investor protections. Our findings show that family firms engage in less tax avoidance than non-family firms, particularly when descendant family members serve as chairpersons or CEOs. We further identify a U-shaped association between family ownership and tax avoidance: moderate family ownership reduces avoidance through alignment effects, whereas very high ownership fosters entrenchment and greater avoidance. Subsample analyses reveal that the negative association between family ownership and tax avoidance holds only under low competition and limited market growth. In highly competitive and high-growth environments, external pressures outweigh family-specific concerns. Overall, our findings enrich the understanding of family firms' tax behaviour in emerging markets and offer important implications for governance, investor protection, and tax policy.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101410"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145614712","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 brief note from the sponsoring editors 赞助编辑的简短说明
IF 4.6 2区 经济学
Emerging Markets Review Pub Date : 2026-01-01 Epub Date: 2025-10-10 DOI: 10.1016/j.ememar.2025.101381
Rose Liao
{"title":"A brief note from the sponsoring editors","authors":"Rose Liao","doi":"10.1016/j.ememar.2025.101381","DOIUrl":"10.1016/j.ememar.2025.101381","url":null,"abstract":"","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"70 ","pages":"Article 101381"},"PeriodicalIF":4.6,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145736300","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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