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How does FinTech affect power consumption intensity in China? 金融科技如何影响中国的电力消费强度？
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-05-22 DOI: 10.1016/j.qref.2025.102017
Xiaohui Chen , Hongwei Zhang , Xiang Cheng
{"title":"How does FinTech affect power consumption intensity in China?","authors":"Xiaohui Chen ,&nbsp;Hongwei Zhang ,&nbsp;Xiang Cheng","doi":"10.1016/j.qref.2025.102017","DOIUrl":"10.1016/j.qref.2025.102017","url":null,"abstract":"<div><div>Promoting the decarbonization of the economy and society is an integral component of achieving high-quality development. While the rapid advancement of financial technology (FinTech) has played a crucial role in shaping the economic and social development model, its impact on decarbonization has received limited attention in previous studies. To address this gap, this study establishes a partial theoretical equilibrium analysis framework and computes provincial FinTech development indices for Chinese provinces spanning from 2008 to 2022. Subsequently, we empirically examine the impact of FinTech on power consumption intensity. This study observes that FinTech possesses the capacity to diminish power consumption intensity, with this intensity progressively declining as FinTech advancements occur. Notably, FinTech’s impact on loan growth serves as a pivotal intermediary in reducing power consumption intensity. By fostering a risk-friendly environment for banks, FinTech stimulates increased loan growth, thereby alleviating the financial strain on electricity providers and subsequently reducing power usage intensity. This study not only contributes to practical applications but also enriches our understanding of the intricate interplay between FinTech and power consumption, shedding light on the potential for decarbonization within the economy and society.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102017"},"PeriodicalIF":2.9,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 do non-normal parametric VaR models perform in risk-minimizing portfolios? 非正态参数VaR模型在风险最小化投资组合中的表现如何？
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-05-20 DOI: 10.1016/j.qref.2025.102016
Dejan Živkov , Sanja Lončar , Jasmina Đurašković , Suzana Balaban
{"title":"How do non-normal parametric VaR models perform in risk-minimizing portfolios?","authors":"Dejan Živkov ,&nbsp;Sanja Lončar ,&nbsp;Jasmina Đurašković ,&nbsp;Suzana Balaban","doi":"10.1016/j.qref.2025.102016","DOIUrl":"10.1016/j.qref.2025.102016","url":null,"abstract":"<div><div>This study minimizes the extreme risk of the NASDAQ index by optimizing two six-asset portfolios with developed and emerging Asian stock indices in the pre-crisis and crisis periods. The existing papers in this area usually use the normal VaR model to estimate extreme risk. In the parametric VaR estimation, we try to improve the analysis by using three non-normal distribution functions – logistic, hyper-secant and Laplace, while the normal VaR is a benchmark. CVaR is also used to evaluate its performance relative to heavier-tailed non-normal VaR models. Different VaR models do not affect the multivariate portfolio structure, but the downside risk measures differ. Applying the Kupiec test and visual inspection of probability density functions, it is determined that two fatter tail functions – logistic and hyper-secant, best fit the realized returns in both portfolios and subsamples. From the aspect of hedge effectiveness, the portfolio with emerging Asian indices better mitigates extreme risk because emerging markets are less integrated. In the optimal portfolios, in most cases, NASDAQ is the only asset in the portfolio due to the highest Sharpe ratio in both pre-crisis and crisis periods. The paper points out the need to find the best VaR model because the effectiveness of hedging and the reliability of results depend on it.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102016"},"PeriodicalIF":2.9,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Taxation and corporate investment efficiency in common prosperity 税收和企业投资效益共同繁荣
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-05-15 DOI: 10.1016/j.qref.2025.102013
Chenguang Fan, Seongho Bae, Yu Liu
{"title":"Taxation and corporate investment efficiency in common prosperity","authors":"Chenguang Fan,&nbsp;Seongho Bae,&nbsp;Yu Liu","doi":"10.1016/j.qref.2025.102013","DOIUrl":"10.1016/j.qref.2025.102013","url":null,"abstract":"<div><div>We explore the impact of corporate tax redistribution on investment efficiency in the context of the common prosperity policy. Utilizing data from Chinese public companies (2011–2022), we empirically examine whether corporate tax redistribution significantly impacts investment efficiency, particularly underinvestment. We find that corporate tax redistribution affects investment efficiency through two channels: reducing corporate cash flow and lowering investment returns. This relationship is stronger in non-state-owned enterprises. It is also pronounced in firms with changes in share capital structure, CEO duality, directors and supervisors who do not hold positions in shareholder units, and the same beneficial owner who does not control multiple listed firms. The study offers new perspectives on the influence of corporate tax redistribution on investment decisions under the common prosperity strategy.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102013"},"PeriodicalIF":2.9,"publicationDate":"2025-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167837","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Board gender diversity and CEO compensation: Strengthening governance and pay-performance sensitivity 董事会性别多元化与CEO薪酬：强化治理和薪酬绩效敏感性
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-05-08 DOI: 10.1016/j.qref.2025.102009
Chandra S. Mishra
{"title":"Board gender diversity and CEO compensation: Strengthening governance and pay-performance sensitivity","authors":"Chandra S. Mishra","doi":"10.1016/j.qref.2025.102009","DOIUrl":"10.1016/j.qref.2025.102009","url":null,"abstract":"<div><div>This study examines the relationship between female directorship and CEO compensation, focusing on pay-performance sensitivity, total compensation, and equity-based pay. We address endogeneity issues, CEO compensation persistence, and unobserved heterogeneity using a multi-level fixed effects estimator, dynamic panel models, system GMM, cross-lagged structural panel models, and instrumental variables models. Our findings indicate that female directorship is positively associated with CEO pay-performance sensitivity and equity-based compensation but negatively associated with total CEO compensation. This suggests that female directors emphasize performance-based incentives over fixed pay, reinforcing a stronger alignment between CEO pay and shareholder value. Further, CEO power and managerial ability significantly moderate this relationship. When the CEO is the board chairman, female directorship is positively associated with total and equity compensation. Similarly, higher managerial ability strengthens the relation between female directorship and equity-based pay while weakening its negative association with total compensation. Our findings contribute to corporate governance, agency theory, and resource dependence theory by demonstrating that board gender diversity enhances monitoring effectiveness and alters executive compensation structures to improve firm accountability and performance alignment. These insights are important for board composition policies, gender diversity mandates, and executive pay design.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102009"},"PeriodicalIF":2.9,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Cross-border mergers and acquisitions: The interplay of cultural differences and prior M&A activity 跨国并购：文化差异与先前并购活动的相互作用
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-05-05 DOI: 10.1016/j.qref.2025.102008
Fatos Radoniqi, Roger White
{"title":"Cross-border mergers and acquisitions: The interplay of cultural differences and prior M&A activity","authors":"Fatos Radoniqi,&nbsp;Roger White","doi":"10.1016/j.qref.2025.102008","DOIUrl":"10.1016/j.qref.2025.102008","url":null,"abstract":"<div><div>We examine the extent to which cross-border mergers and acquisitions (M&amp;A) are affected by national cultural differences (i.e., cultural distance) and prior M&amp;A activity. Our empirical specification follows the standard gravity framework. Estimating a series of Tobit models using bilateral data that represent 9389 mergers involving firms in 30 countries over three periods (1995–1998, 2005–2008, and 2017–2020), we find a negative but declining influence of cultural distance on cross-border M&amp;A activity. We also find merger activity involving firms in a particular country pair is positively related to subsequent M&amp;A activity and that this experience counteracts the hindering influence of cultural differences, which becomes insignificant after approximately ten prior mergers. Our findings are robust to sample composition, choice of periods examined, model specification, estimation technique, and alternative measurements of both cultural distance and prior M&amp;A activity.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102008"},"PeriodicalIF":2.9,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Asset association and dynamic risk contagion under climate policy uncertainty 气候政策不确定性下的资产关联与动态风险传染
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-04-24 DOI: 10.1016/j.qref.2025.101994
Xiaoyuan Zhang , Hang You , Ze Zhang , Wangchun Wu
{"title":"Asset association and dynamic risk contagion under climate policy uncertainty","authors":"Xiaoyuan Zhang ,&nbsp;Hang You ,&nbsp;Ze Zhang ,&nbsp;Wangchun Wu","doi":"10.1016/j.qref.2025.101994","DOIUrl":"10.1016/j.qref.2025.101994","url":null,"abstract":"<div><div>In the context of climate policy uncertainty, we introduce a novel discrete-time nonlinear dynamic risk contagion model. This model captures the dynamics of credit risk as it propagates among firms via a multi-path contagion mechanism, spreading risks along diverse pathways between interconnected nodes. Utilizing the Single-Index Model, the LASSO techniques, and the CoVaR method, we map out the industrial chain network and develop systemic risk indicators for firms within this network. Using these indicators, we empirically analyze the impact of climate policy uncertainty on systemic risk. Our theoretical findings underscore the presence of a steady state in networks under climate policy uncertainty. We derive the analytical expressions for the steady state in complete networks. Empirical evidence reveals that climate policy uncertainty significantly amplifies systemic risk in the industrial chain, with upstream firms contributing more to systemic risk and downstream firms experiencing greater risk exposure.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 101994"},"PeriodicalIF":2.9,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Sentiment-return relation and stock price synchronicity: Firm-level versus market-level sentiment 情绪回报关系与股价同步性：公司层面与市场层面的情绪
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-04-20 DOI: 10.1016/j.qref.2025.102007
Karam Kim , Jonathan A. Batten , Doojin Ryu
{"title":"Sentiment-return relation and stock price synchronicity: Firm-level versus market-level sentiment","authors":"Karam Kim ,&nbsp;Jonathan A. Batten ,&nbsp;Doojin Ryu","doi":"10.1016/j.qref.2025.102007","DOIUrl":"10.1016/j.qref.2025.102007","url":null,"abstract":"<div><div>This study examines how investor sentiment affects stock returns under different levels of stock price synchronicity. Firm-level (market-level) sentiment has a stronger impact on low- (high-) synchronicity stocks. While firm-level sentiment effects remain stable over time, market-level sentiment effects intensify across all stocks during the pandemic. Uninformed investors consistently rely more on firm-level sentiment when trading low-synchronicity stocks but shift to market-level sentiment when deciding on their participation during the pandemic. These results remain robust after controlling firm size and calendar effects, and applying an alternative market-level sentiment measure.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102007"},"PeriodicalIF":2.9,"publicationDate":"2025-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143907766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 the introduction of US spot Bitcoin ETFs affect spot returns and volatility of major cryptocurrencies? 美国现货比特币etf的推出是否会影响主要加密货币的现货回报和波动性？
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-04-15 DOI: 10.1016/j.qref.2025.102006
Babalos Vassilios , Elie Bouri , Rangan Gupta
{"title":"Does the introduction of US spot Bitcoin ETFs affect spot returns and volatility of major cryptocurrencies?","authors":"Babalos Vassilios ,&nbsp;Elie Bouri ,&nbsp;Rangan Gupta","doi":"10.1016/j.qref.2025.102006","DOIUrl":"10.1016/j.qref.2025.102006","url":null,"abstract":"<div><div>This paper provides the first empirical evidence of whether the introduction of US spot Bitcoin ETFs affected the returns and volatility of major cryptocurrencies. Using data from December 18, 2017 to March 15, 2024, we apply an event-study methodology within a GARCH-based framework. Our results reveal a significant effect of the introduction of spot Bitcoin ETFs on cryptocurrency returns and volatility. The analysis shows a positive impact for Bitcoin, Ethereum, and Litecoin spot price returns around the event date. The volatility of Bitcoin and Ripple spot markets decreased following the introduction of spot Bitcoin ETFs, which supports the stabilization hypothesis for these two cases. We also examine the volatility spillovers using a wavelet coherence approach, and reveal significant volatility spillovers from Grayscale Bitcoin ETF to Bitcoin futures and to a lesser extend to the Bitcoin spot market. Our findings enhance the limited understanding of the price discovery and functioning of the cryptocurrency markets, which could be useful for investors, regulators, and policymakers.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102006"},"PeriodicalIF":2.9,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 anatomy of fiscal dynamics in a model with financial frictions 在一个有金融摩擦的模型中对财政动态的剖析
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-04-11 DOI: 10.1016/j.qref.2025.102003
Yoonseok Choi
{"title":"The anatomy of fiscal dynamics in a model with financial frictions","authors":"Yoonseok Choi","doi":"10.1016/j.qref.2025.102003","DOIUrl":"10.1016/j.qref.2025.102003","url":null,"abstract":"<div><div>This paper studies the role of financial frictions in generating different model dynamics in response to fiscal policy. I build financial-friction edifices on a canonical business-cycle model to quantitatively assess dynamics of macroeconomic aggregates and fiscal variables following various fiscal shocks. Models that are fit to U.S. data reveal that the presence of financial frictions is the linchpin of delivering markedly different outcomes. The model with financial frictions yields higher output multipliers and better fiscal health than the model without financial frictions for most fiscal instruments. Welfare analyses also show that welfare gains in the model with financial frictions are larger than the frictionless model. Various counterfactual analyses suggest that different financial frictions produce substantially different results. These analyses highlight the importance of accounting for financial frictions to better understand the impact of fiscal policy.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102003"},"PeriodicalIF":2.9,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143816287","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Nurturing nature: The role of green finance in reviving urban biodiversity 培育自然：绿色金融在恢复城市生物多样性中的作用
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-04-10 DOI: 10.1016/j.qref.2025.102005
Zhiyuan Gao , Ying Zhao , Lianqing Li , Yu Hao
{"title":"Nurturing nature: The role of green finance in reviving urban biodiversity","authors":"Zhiyuan Gao ,&nbsp;Ying Zhao ,&nbsp;Lianqing Li ,&nbsp;Yu Hao","doi":"10.1016/j.qref.2025.102005","DOIUrl":"10.1016/j.qref.2025.102005","url":null,"abstract":"<div><div>China's green finance (GF) policies have been progressively implemented and strengthened, positioning GF as a pivotal catalyst for biodiversity enhancement. This study employs the GF Innovation and Reform Zones as a quasi-experimental setting to examine the influence and underlying mechanisms of GF on biodiversity, utilizing data from 278 Chinese cities. The findings indicate that GF markedly improves urban biodiversity. Heterogeneity analysis reveals that GF positively impacts biodiversity in western cities, cities with advanced economic development, resource-centric cities, and small to medium-sized urban centers. Mechanism tests identify ecological value realization and climate change as key pathways through which GF augments biodiversity levels. Given the intricate nature and pressing need for biodiversity conservation, this study offers a theoretical framework for leveraging GF in biodiversity preservation efforts.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102005"},"PeriodicalIF":2.9,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143839145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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