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Will connectedness between urban areas foster cooperation?——The impact of urban agglomerations on open innovation 城市互联互通是否会促进合作？——城市群对开放式创新的影响
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-08-09 DOI: 10.1016/j.qref.2025.102037
Xinzhu Wang , Mengmeng Pan
{"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":"2025-09-01","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}
引用次数: 0
The dynamics of fiscal policy: Insights from China's macroeconomic indicators 财政政策的动态：来自中国宏观经济指标的洞察
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-06 DOI: 10.1016/j.qref.2025.102025
Yang Jiao , Gemma Renart , Laura Serra
{"title":"The dynamics of fiscal policy: Insights from China's macroeconomic indicators","authors":"Yang Jiao ,&nbsp;Gemma Renart ,&nbsp;Laura Serra","doi":"10.1016/j.qref.2025.102025","DOIUrl":"10.1016/j.qref.2025.102025","url":null,"abstract":"<div><div>This paper examines the impact of China’s fiscal policy on macroeconomic performance during the 2008–2009 global financial crisis, focusing on whether government spending affected output and inflation dynamics. Using monthly data from 2001 to 2010, we apply a vector autoregression (VAR) framework with Johansen cointegration and impulse response analysis to evaluate the short- and long-term relationships between fiscal expenditure, GDP, the Consumer Price Index (CPI), and the Producer Price Index (PPI). The findings indicate that fiscal policy had a limited effect on short-term GDP growth but significantly influenced inflation, with government spending acting as a stabilizing tool for both consumer and producer prices. These results highlight the role of fiscal instruments in price stabilization when monetary policy is constrained. The study offers relevant policy insights for emerging economies seeking to maintain macroeconomic stability during global shocks through inflation-sensitive fiscal strategies.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102025"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263327","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
Predicting abnormal capital flow episodes with machine learning methods 用机器学习方法预测异常资本流动事件
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-24 DOI: 10.1016/j.qref.2025.102026
Bo Wang , Ruolan Yan , Yang Chen
{"title":"Predicting abnormal capital flow episodes with machine learning methods","authors":"Bo Wang ,&nbsp;Ruolan Yan ,&nbsp;Yang Chen","doi":"10.1016/j.qref.2025.102026","DOIUrl":"10.1016/j.qref.2025.102026","url":null,"abstract":"<div><div>In recent years, public health emergencies and geopolitical conflicts have constantly triggered volatility in the global economy and financial markets. Such frequent shocks have led to abnormal capital flow episodes, which can destabilize financial systems and foreign exchange markets, and sometimes these episodes are precursors to financial crises. Therefore, we develop an early warning model for abnormal capital flow episodes with a forecast horizon set two quarters in advance, employing two traditional linear regression models and nine machine learning algorithms. We also utilize two ensemble technologies, voting and stacking, to enhance out-of-sample predictive accuracy. This provides monetary authorities across nations with a practical early warning model that allows manual control over the forecast horizon and delivers robust predictive performance on out-of-sample observations, enabling timely interventions and preventative measures against risks associated with volatile capital flows. Furthermore, causal analysis using Shapley value decomposition and Shapley regression reveal drivers and mechanisms of abnormal capital flow episodes that differ from those identified by traditional linear models. For instance, the Shapley-based interpretation uncovers complex nonlinear relationships and highlights previously overlooked variables, such as domestic liability dollarization, as crucial predictors of sudden stops and capital flight. The Shapley-based interpretation reveals that the relative importance of predictors shifts after the 2008 Global Financial Crisis: features such as DLD become far more influential in the post-GFC period, reflecting a transition in investor behavior from profit-seeking to risk-averse. This insight deepens our understanding of the complex dynamics influencing international capital movements and enhances risk management tools in an interconnected world.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102026"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549258","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
Political connections of executives and directors: Relevant facts to understand the impact of politicians on firm valuation 高管和董事的政治关系：了解政治家对公司估值影响的相关事实
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-06-24 DOI: 10.1016/j.qref.2025.102029
Andrés Fernando Mejía-Amaya , Carlos Pombo
{"title":"Political connections of executives and directors: Relevant facts to understand the impact of politicians on firm valuation","authors":"Andrés Fernando Mejía-Amaya ,&nbsp;Carlos Pombo","doi":"10.1016/j.qref.2025.102029","DOIUrl":"10.1016/j.qref.2025.102029","url":null,"abstract":"<div><div>This paper examines the effect of political connections on firm valuation across large, listed corporations in emerging markets in the Americas. The study analyzes the impact of a higher number of politically connected individuals, their role as officers or directors, and the impact of tenure on firm market value. Our estimations show the positive impact of being a politically connected firm. Moreover, the strongly positive impact of politically connected directors is different from the weaker effect of politically connected officers. The intensity of politically connected directors positively impacts on firm valuation. There is a moderating role of tenure, that implies the positive beginning impact of politically connected directors on firm value decreases over time.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102029"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144535017","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
Discrimination and subjective player ratings: Evidence from China 歧视和主观玩家评级：来自中国的证据
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-08-05 DOI: 10.1016/j.qref.2025.102033
Shuoyu Chen , Clay Collins , Ivy Collins
{"title":"Discrimination and subjective player ratings: Evidence from China","authors":"Shuoyu Chen ,&nbsp;Clay Collins ,&nbsp;Ivy Collins","doi":"10.1016/j.qref.2025.102033","DOIUrl":"10.1016/j.qref.2025.102033","url":null,"abstract":"<div><div>This paper provides an empirical examination of how fans perceive and evaluate athlete performances. Using NBA games during the 2022–23 season, this paper employs a unique dataset from the Chinese app Hupu, which allows users to grade the performances of players for each game. We model, controlling for player characteristics and performance, if ratings respond to game outcomes or a player’s racial characteristics. We use the Classification Algorithm for Skin Color (CASCo) to measure the effect of skin tone on player ratings. We find that controlling for performance, players on winning (losing) teams are rated more positively (negatively), with roughly symmetric effects caused by upsets. Consistently, players with darker skin tones are rated more positively than lighter skin players. The effect appears consistent through a variety of robustness checks.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102033"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144781672","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
Readability of asset securitization reporting and bank holding company’s credit risk 资产证券化报告可读性与银行控股公司信用风险
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-07-13 DOI: 10.1016/j.qref.2025.102031
Tsung-Kang Chen , Yijie Tseng , Yun Hao
{"title":"Readability of asset securitization reporting and bank holding company’s credit risk","authors":"Tsung-Kang Chen ,&nbsp;Yijie Tseng ,&nbsp;Yun Hao","doi":"10.1016/j.qref.2025.102031","DOIUrl":"10.1016/j.qref.2025.102031","url":null,"abstract":"<div><div>This study explores whether and how the readability of asset securitization reports of a bank holding company (BHC) affects its credit risk. The findings show that asset securitization reporting readability is negatively associated with BHC credit risk, with information processing costs serving as the primary mediator of this association. This result indicates that asset securitization reporting has communicative value for outside creditors. Moreover, the adoption of Statement of Financial Accounting Standard (SFAS) No. 166/167 (2009) strengthens this association. This effect arises because SFAS No. 166/167 introduces valuation and consolidation amendments, prompting bondholders to become especially cautious when interpreting disclosures with low readability. Additionally, the study suggests that the scale of contractual total retained interests (i.e., on-balance sheet securitized assets) weakens this association, particularly for retained interests from consumer loans. The results remain robust after addressing endogeneity using instrumental variable regression and a difference-in-difference model and adding control variables related to asset securitization, BHC characteristics, and alternative readability measures.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102031"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703148","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 impact of biodiversity regulation on audit pricing − A quasi-natural experiment based on the Green Shield Program 生物多样性监管对审计定价的影响——基于绿盾计划的准自然实验
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-08-26 DOI: 10.1016/j.qref.2025.102038
Jinlong Zhang , Wei Zhang , Jiyue E
{"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":"2025-09-01","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}
引用次数: 0
Competition, ratings shopping, and yield spread: Evidence from China’s enterprise bond market 竞争、评级购买和收益率差：来自中国企业债券市场的证据
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-08-25 DOI: 10.1016/j.qref.2025.102039
Shaoyu Li , Henry Hongren Huang , Jeff J. Oxman
{"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":"2025-09-01","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}
引用次数: 0
Does Fintech improve green innovation efficiency in China? Insight from R&D activities, green finance, and government environmental awareness 金融科技是否提高了中国的绿色创新效率？来自研发活动、绿色金融和政府环保意识的见解
IF 3.1 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-09-01 Epub Date: 2025-07-29 DOI: 10.1016/j.qref.2025.102035
Chang-Sheng Liao
{"title":"Does Fintech improve green innovation efficiency in China? Insight from R&D activities, green finance, and government environmental awareness","authors":"Chang-Sheng Liao","doi":"10.1016/j.qref.2025.102035","DOIUrl":"10.1016/j.qref.2025.102035","url":null,"abstract":"<div><div>This study examines the complex relationship between Fintech and green innovation efficiency (GIE) in China from the perspective of research and development (R&amp;D) activities, using a threshold variable model to analyze data from 2010 to 2020. The findings show that the positive effect of Fintech on GIE only developed under certain conditions. Fintech and GIE have a nonlinear dynamic relationship within the R&amp;D activities threshold model, suggesting that R&amp;D activities have an optimal range and excessive R&amp;D investment can cause disutility. The simultaneously generated inhibitory effect may offset the promotional effect of R&amp;D investment on green efficiency through Fintech. Furthermore, government environmental awareness positively influences the relationship between Fintech and GIE and assists industries in conveniently obtaining funds to invest in green projects under a government-led Fintech policy orientation. This paper offers new insight into the relationship between Fintech and GIE, along with an analysis of the effects of Fintech on GIE depending on different conditions, such as R&amp;D activities, green finance, and government environmental awareness.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"103 ","pages":"Article 102035"},"PeriodicalIF":3.1,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144826840","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
Time-variation in the persistence of carbon price uncertainty: The role of carbon policy uncertainty 碳价格不确定性持续的时间变化：碳政策不确定性的作用
IF 2.9 3区 经济学
Quarterly Review of Economics and Finance Pub Date : 2025-06-01 Epub Date: 2025-04-09 DOI: 10.1016/j.qref.2025.102004
Oguzhan Cepni , Luis A. Gil-Alana , Rangan Gupta , Onur Polat
{"title":"Time-variation in the persistence of carbon price uncertainty: The role of carbon policy uncertainty","authors":"Oguzhan Cepni ,&nbsp;Luis A. Gil-Alana ,&nbsp;Rangan Gupta ,&nbsp;Onur Polat","doi":"10.1016/j.qref.2025.102004","DOIUrl":"10.1016/j.qref.2025.102004","url":null,"abstract":"<div><div>We estimate models of fractional integration to determine the degree of persistence for two recently developed metrics of carbon price uncertainty: the Carbon VIX and Carbon Implied Volatility (CIV) covering the period of the 1st week of September 2013 to the 4th week of December 2022. First, we find the two metrics to be highly persistent but depicting mean-reversion with long-memory. Second, time-varying (recursive) estimation revealed that the underlying persistence is on a downward trend. Third, we show that the recent reduction in persistence of carbon price uncertainties is a result of declining carbon policy uncertainty — a metric we develop using aggregate information on squared surprises of carbon futures price of various maturities. Given that carbon price uncertainty has been shown to negatively affect decarbonization investments, our findings have important implications for the European Union Emissions Trading System (EU-ETS).</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"102 ","pages":"Article 102004"},"PeriodicalIF":2.9,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143835052","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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