Quarterly Review of Economics and Finance最新文献

{"title":"Housing purchase restriction and corporate employment: Evidence from China","authors":"Jinlei Li ,&nbsp;Yuanbiao Huang","doi":"10.1016/j.qref.2025.102059","DOIUrl":"10.1016/j.qref.2025.102059","url":null,"abstract":"<div><div>This study explores how the housing purchase restriction (HPR) in China affects corporate employment. Using a staggered difference-in-differences approach, we present strong evidence that the policy has positive effects on corporate employment. The effect is more significant among firms with lower financing constraint and higher labor intensity, and firms in cities with better credit availability and more abundant labor supply. Mechanism tests reveal that the HPR policy reduces real estate investment and increases productive investments. Furthermore, we discuss the effects of this policy on firms’ employment structure and city-level employment.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102059"},"PeriodicalIF":3.1,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145221124","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}

{"title":"Clear or confusing? How financial report readability and tone are associated with dividend payouts in Indian corporations","authors":"Rudra P. Pradhan ,&nbsp;S.M.R.K. Samarakoon ,&nbsp;B.A.C.H. Wijesinghe ,&nbsp;Rana P. Maradana","doi":"10.1016/j.qref.2025.102057","DOIUrl":"10.1016/j.qref.2025.102057","url":null,"abstract":"<div><div>This study investigates the association between the readability and tonal quality of annual reports, and corporate dividend payout policies in the Indian context, using a comprehensive dataset from 2012 to 2022. Applying detailed analysis and sophisticated statistical models, including Tobit and METobit regression techniques, to 10,085 firm-year observations, we ensured the robustness and reliability of the findings. The results reveal a significant association between the readability of corporate annual reports and corporate payouts. Specifically, firms whose annual reports are characterized by low readability tend to pay out smaller dividends. Moreover, if the narrative tone in annual reports leans towards negativity, litigiousness, uncertainty, or weak modal case, there is a significant negative association with the size and frequency of dividend payouts. The results underscore that the presence or absence of clear, comprehensible financial reporting with a positive tone is aligned with firms’ corporate payout policies. The findings add to the expanding body of research on the textual characteristics of financial disclosure and their corresponding economic consequences, confirming the necessity for transparent and readable financial reporting. The findings of this study hold implications for investors, corporate managers, and policymakers, who need to understand the strategic importance of clarity and tone in financial communications.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102057"},"PeriodicalIF":3.1,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159118","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}

{"title":"Price of greenness: Classifications and green bond premiums","authors":"David Dekker ,&nbsp;Chih-Yueh Huang ,&nbsp;Dimitrios Christopoulos","doi":"10.1016/j.qref.2025.102054","DOIUrl":"10.1016/j.qref.2025.102054","url":null,"abstract":"<div><div>Financial markets allow a premium to green bond issuers (a.k.a. greenium), which incentivises the transition to green projects. This premium also absorbs costs associated with green bond certification, necessary to prevent greenwashing, and aimed at reducing investors’ uncertainty. Several taxonomies have been created to classify bonds to that end. A question is to what extend are such classifications an effective means as traditional credit ratings serve a similar, more generic purpose? And what is the possible effect on market efficiency of these classifications? An observed variance in green bond premiums across different bond classes would also suggest that charges for the certification of green bonds should vary. Difference in greeniums reveal differences in the way the markets assess distinctive classes of green bonds. Especially, when bond classifications change, or taxonomies are ambiguous this could lead to adverse selection or invite greenwashing. Here we compare 858 pairs of matched green and non-green bonds and use a mixed effects model to estimate how bonds’ greenium differ over credit ratings and ‘Use of Proceeds’ categories. Results show that lower-rated bonds reach higher levels of green premiums, controlling for categorical random effects. Similar effects are found for ‘Use of Proceeds’ classes. However, compared to either of the two other classifications a cross-classification model provides significant improvement, demonstrating the added value of green bond taxonomies for investors. This solves a paradox in the literature that found that high score ESG bonds, but also low credit rated bonds receive a higher premium. The other implication is that market inefficiencies may occur due to segmentation since it is common practice for certification costs to be flat and independent from greenium levels. Counterintuitively, creating a green taxonomy could lead to more uncertainty and adverse selection for “true” green project financing, which would delay the green transition and the desired shift to a low-carbon economy. An implied remedy is to implement differentiated verification charges for green bonds across bond credit ratings.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102054"},"PeriodicalIF":3.1,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159117","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}

{"title":"Monetary policy, financial development and money laundering: International evidence","authors":"Nguyen-Quynh-Nhu Ngo ,&nbsp;Ngoc-Yen-Nhi Vuong ,&nbsp;M. Kabir Hassan ,&nbsp;Mabruk Billah","doi":"10.1016/j.qref.2025.102051","DOIUrl":"10.1016/j.qref.2025.102051","url":null,"abstract":"<div><div>The role of monetary policy in combating money laundering is underexplored. This study examines how central bank monetary instruments, financial development, and governance influence anti-money laundering (AML) effectiveness across 126 countries (2012–2022). Using macroeconomic theories, we analyze financial institutions’ trade-offs between AML compliance and profit-driven behaviors, such as exploiting high deposit rates. Key findings indicate: (1) broad money supply weakens AML effectiveness, especially post-2015 due to FinTech growth; (2) deposit rates, amplified by financial development, increase money laundering risks; (3) strong control of corruption enhances AML, particularly in less developed financial systems. These results, derived from OLS with robust standard errors and two-step system GMM, highlight the need to integrate AML objectives into monetary and financial policies through targeted measures, including interest rate monitoring, AI-driven transaction tracking, FATF cooperation, and governance reforms.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102051"},"PeriodicalIF":3.1,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159119","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}

{"title":"Forecasting realized volatility using news flow","authors":"Marcelo Fernandes ,&nbsp;Murilo Pereira","doi":"10.1016/j.qref.2025.102040","DOIUrl":"10.1016/j.qref.2025.102040","url":null,"abstract":"<div><div>Economic news contain valuable information to predict future movements in financial market prices. We explore the relative importance of news flow to forecast realized volatility in the Brazilian stock market. We build news-based uncertainty indicators from articles of major newspapers in Brazil. We then incorporate these indicators into volatility models that already account for persistence, leverage effects, jumps, and market microstructure noise. We find that adding news-based indicators significantly improves the forecasting ability of volatility models, especially for the most liquid stocks and, perhaps surprisingly, for longer horizons. Because news cycles are more persistent than negative returns and jumps, they contribute more than the latter in forecasting realized volatility up to four weeks ahead.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102040"},"PeriodicalIF":3.1,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145107532","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}

{"title":"From algorithms to invention: AI’s impact on corporate innovation output and efficiency","authors":"Langang Feng ,&nbsp;Jin Hu ,&nbsp;Minmin Huang ,&nbsp;Muhammad Irfan ,&nbsp;Mingjun Hu","doi":"10.1016/j.qref.2025.102042","DOIUrl":"10.1016/j.qref.2025.102042","url":null,"abstract":"<div><div>This paper explores how artificial intelligence (AI) drives corporate innovation. Using a procurement‑based AI adoption index, patent records, and supply‑chain data from 4004 A-share firms over 2011–2023, we find that greater AI adoption significantly increases the output and efficiency of firms' innovation. We propose a dual‑channel model in which AI enhances knowledge creation and reuse (knowledge orchestration) and transforms data into actionable environmental assets (data assetization). Heterogeneity analysis reveals that large incumbents and growth‑stage firms leverage AI most effectively for innovation outputs and efficiency. Further analysis shows that AI-driven innovation is amplified in firms with executives who have information technology backgrounds, and that highly innovative firms diversify their supply chain to reduce resource risk. Our results demonstrate AI’s potential to advance corporate innovation. We conclude with policy recommendations for municipal planners and corporate strategists to enhance firms’ competitive advantage and promote the development of AI.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102042"},"PeriodicalIF":3.1,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145027800","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}

{"title":"Optimal taxation, minimum wage constraint in a model of capital-skill complementarity","authors":"Yunmin Chen ,&nbsp;Dongmeng Ren","doi":"10.1016/j.qref.2025.102036","DOIUrl":"10.1016/j.qref.2025.102036","url":null,"abstract":"<div><div>We propose a competitive equilibrium model incorporating taxation and minimum wage constraints in the presence of capital-skill complementarity. The paper mainly addresses how exogenous minimum wage constraints (MWC) impact the optimal progressivity of labor income tax and optimal capital income tax rate. We find the following two results for a steady-state optimal taxes with a binding MWC in an economy with risk averse agents: (i) The capital tax rate is positive, (ii) The labor tax schedule is less progressive in the presence of the MWC than in its absence.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102036"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932136","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}

{"title":"The impact of biodiversity regulation on audit pricing − A quasi-natural experiment based on the Green Shield Program","authors":"Jinlong Zhang ,&nbsp;Wei Zhang ,&nbsp;Jiyue E","doi":"10.1016/j.qref.2025.102038","DOIUrl":"10.1016/j.qref.2025.102038","url":null,"abstract":"<div><div>We examine regulatory risks under biodiversity conservation policy and use a difference-in-differences (DID) model to assess the Green Shield Program's (GSP) impact on enterprise audit pricing. We find that biodiversity regulations increase audit pricing for nature reserve enterprises, with policy effects strengthening over time. Mechanism tests confirm risk disclosure and contagion channels explain this trend. Further analysis excludes \"economic correlation collusion\" and \"firewall risk isolation\" as drivers of risk premiums, indicating auditors appropriately compensate for biodiversity regulatory risks. Additionally, GSP boosts the total factor productivity and green total factor productivity of enterprises in nature reserves, supporting the Porter hypothesis. We provide insights into achieving the Porter effect through regulation and offer guidance for implementing the Kunming-Montreal Global Biodiversity Framework.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102038"},"PeriodicalIF":3.1,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144917470","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}

{"title":"Competition, ratings shopping, and yield spread: Evidence from China’s enterprise bond market","authors":"Shaoyu Li ,&nbsp;Henry Hongren Huang ,&nbsp;Jeff J. Oxman","doi":"10.1016/j.qref.2025.102039","DOIUrl":"10.1016/j.qref.2025.102039","url":null,"abstract":"<div><div>Booming markets are a time of high risk and high returns, including the risk of misrepresenting the quality of an investment. China’s debt market is recently experiencing a booming period, and thus this paper presents empirical evidence of ratings shopping in the enterprise bond market. The evidence herein shows that some firms obtain higher credit ratings than they should, resulting in a lower cost of debt financing. We also find that investors become aware of this after multiple financing rounds and punish all clients of those ratings firms that inflate ratings, resulting in a so-called lemon market for the bonds of certain firms.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102039"},"PeriodicalIF":3.1,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144917471","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}

{"title":"Will connectedness between urban areas foster cooperation?——The impact of urban agglomerations on open innovation","authors":"Xinzhu Wang ,&nbsp;Mengmeng Pan","doi":"10.1016/j.qref.2025.102037","DOIUrl":"10.1016/j.qref.2025.102037","url":null,"abstract":"<div><div>Enhancing collaboration among enterprises is crucial for fostering and achieving creative progress across the region and within the industry. Distributing resources and risks is an efficient approach to leverage external benefits that can offset a firm’s inherent deficiencies. This study investigates the impact of urban agglomerations on fostering open innovation among firms traded on China’s A-share markets from 2010 to 2021. Our findings reveal that urban agglomerations decrease the quantity of open innovation but enhance its quality. Mechanism analysis indicates that urban agglomerations improve the quality of open innovation by dismantling transportation barriers; however, urban agglomerations reduce open innovation quantity by promoting industrial concentration. This relationship between urban agglomerations and open innovation is pronounced in large firms. Our study also show that urban agglomerations cannot offset managerial myopia. For firms with limited information disclosure, urban agglomerations exert a positive influence on the quality of open innovation.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102037"},"PeriodicalIF":3.1,"publicationDate":"2025-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144887113","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}