Pacific-Basin Finance Journal最新文献

Cross-section return dispersion and flow-performance sensitivity: Evidence from Chinese mutual fund 横截面收益分散与流动绩效敏感性：来自中国共同基金的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-25 DOI: 10.1016/j.pacfin.2025.102786

Junhui Shan , Rui Xiang , Li Liu , Chaoyi Zhang , Ping Zhang

{"title":"Cross-section return dispersion and flow-performance sensitivity: Evidence from Chinese mutual fund","authors":"Junhui Shan , Rui Xiang , Li Liu , Chaoyi Zhang , Ping Zhang","doi":"10.1016/j.pacfin.2025.102786","DOIUrl":"10.1016/j.pacfin.2025.102786","url":null,"abstract":"<div><div>For actively managed equity mutual funds, cross-sectional return dispersion is inevitable. Cross-sectional return dispersion makes it more challenging for investors to assess managerial skills accurately. This study examines the impact of cross-sectional return dispersion on flow-performance sensitivity (FPS) with actively managed equity mutual funds from 2006 to 2020. Our findings reveal a significant negative impact of cross-section return dispersion on FPS, suggesting that unskilled managers may disguise their lack of skill more easily in the high-dispersion period. Furthermore, we also provide evidence that the traditional convex relationship between fund flows and performance cannot fully explain the influence of return dispersion. After controlling for flow-performance convexity, we find that the impact of dispersion on the FPS is greater in well-performing funds than in poor-performing ones. Star funds are more sensitive to dispersion compared to dog funds, which is consistent with the findings in flow-performance convexity. Moreover, the negative impact of dispersion on performance evaluation is more pronounced in bear markets or extreme market conditions, highly competitive funds, large-cap funds, actively managed funds, and individual investors. These findings enhance our understanding of how return dispersion shapes investor behavior and fund performance evaluation in actively managed mutual funds.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102786"},"PeriodicalIF":4.8,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882935","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

Analyzing the impact of sustainable performance on working capital management: Evidence from emerging markets 分析可持续绩效对营运资本管理的影响：来自新兴市场的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-25 DOI: 10.1016/j.pacfin.2025.102791

Shobhana Dewangan, M. Kannadhasan

{"title":"Analyzing the impact of sustainable performance on working capital management: Evidence from emerging markets","authors":"Shobhana Dewangan, M. Kannadhasan","doi":"10.1016/j.pacfin.2025.102791","DOIUrl":"10.1016/j.pacfin.2025.102791","url":null,"abstract":"<div><div>This study examines the relationship between sustainable performance and working capital management in emerging markets. Using cash conversion cycle (CCC) as a measure for working capital management, we find that firms with better ESG performance have lower cash conversion cycles (CCC). Additionally, we examine the impact of ESG on individual components of CCC (account receivables, inventory, and account payables) and find a negative relationship. Furthermore, we also investigate how each dimension of ESG, i.e., Environmental, Social, and Governance, affects each component of CCC separately. Our finding shows that environmental (E) and social (S) dimensions negatively affect each component of CCC, whereas the governance (G) dimension only affects inventory days. This shows that consistent with signalling and stakeholder theories, firms' stakeholders prioritise environmental and social dimensions over the governance dimension of ESG. We further document that the negative relationship between ESG and CCC is due to decreased financial constraints and the probability of default. Apart from this, we also performed various robustness tests and found consistent results. Overall, the study emphasises that allocating resources towards sustainability initiatives has the potential to enhance the efficiency of managing working capital.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102791"},"PeriodicalIF":4.8,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882934","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

Financial regulation and innovation dynamics: The China banking wealth management case 金融监管与创新动态：中国银行业财富管理案例

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-20 DOI: 10.1016/j.pacfin.2025.102781

Hui An , Hanyu Rao , Ruihui Xu , Huaxi Zhang

引用次数: 0

The impact of technology finance pilot policies on the quality of urban entrepreneurship in China 科技金融试点政策对中国城市创业质量的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-18 DOI: 10.1016/j.pacfin.2025.102785

Yongshan Du , Shuhao Liang , Zihao Ma , Zailin Xu

{"title":"The impact of technology finance pilot policies on the quality of urban entrepreneurship in China","authors":"Yongshan Du , Shuhao Liang , Zihao Ma , Zailin Xu","doi":"10.1016/j.pacfin.2025.102785","DOIUrl":"10.1016/j.pacfin.2025.102785","url":null,"abstract":"<div><div>To accelerate the rapid development of financial markets and achieve independent control over core technological advancements, the Chinese government has introduced numerous policies supporting the integrated development of technology and finance. The effectiveness of these policies has garnered significant attention from both the government and technology enterprises. Based on panel data from 279 prefecture-level cities in China from 2000 to 2021, this study leverages the pilot policy of “Promoting the Integration of Technology and Finance” as a quasi-natural experiment and employs a Synthetic Control Difference-in-Differences (SCM-DID) model to empirically analyze the impact of technology finance policies on the quality of entrepreneurship in pilot cities. The findings reveal that technology finance policies significantly enhance urban entrepreneurial quality, and this conclusion remains robust after a series of robustness tests. Additionally, the effects of these policies exhibit regional heterogeneity across four dimensions: geographical location, Administrative divisions, education level and urban clusters. Mechanism analysis further indicates that technology finance policies indirectly promote urban entrepreneurial quality by influencing fiscal investment in science and technology as well as talent-driven innovation and entrepreneurship. Based on these findings, this paper proposes targeted policy recommendations. The conclusions provide a new analytical perspective for driving urban entrepreneurial quality while also offering theoretical support and decision-making references for further improving the technology finance policy framework.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102785"},"PeriodicalIF":4.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864118","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

Cascades of financial distortions in production network 生产网络中金融扭曲的级联效应

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-18 DOI: 10.1016/j.pacfin.2025.102776

Zhechong Luo , Xiaoming Wang , Shangyao Zhou

{"title":"Cascades of financial distortions in production network","authors":"Zhechong Luo , Xiaoming Wang , Shangyao Zhou","doi":"10.1016/j.pacfin.2025.102776","DOIUrl":"10.1016/j.pacfin.2025.102776","url":null,"abstract":"<div><div>Sectoral financial distortions feature the structure of complex production network where distant sectors along a production chain can exhibit strong comovements. We construct a model of a CES production network with borrowing constraints to capture the cascading phenomena, and dissect the contagion and cascade of financial distortions with comparative statics under general equilibrium. We show that idiosyncratic financial distortions propagate through prices to downstream sectors, and further trigger changes in financial distortions, finally lead to a circular process with higher-order contagion and cascading. With U.S. data of sectoral credit spreads and production linkages, the patterns predicted by our model are empirically validated. Simulation with the calibrated model shows the existence of significant heterogeneity in the sectoral profile of financial spillovers, where the spillovers in <em>Chemicals</em> and <em>F.I.R.E.</em> sectors are more than those below their medians. Counterfactual simulations reveal that the macroeconomic importance of sectors needs substantial revision when financial cascade is taken into account.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102776"},"PeriodicalIF":4.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143858810","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 investor attention on mispricing of dual-listed shares: Evidence from Chinese A-share and H-share markets 投资者关注对两地上市股票错误定价的影响：来自中国a股和h股市场的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102784

Wei-Ling Huang , I-Hsuan Ethan Chiang , Ming-Hung Wu

{"title":"The impact of investor attention on mispricing of dual-listed shares: Evidence from Chinese A-share and H-share markets","authors":"Wei-Ling Huang , I-Hsuan Ethan Chiang , Ming-Hung Wu","doi":"10.1016/j.pacfin.2025.102784","DOIUrl":"10.1016/j.pacfin.2025.102784","url":null,"abstract":"<div><div>This study examines the relation between investor attention and the A-H share price premium in Mainland China stock markets (which list A shares) and Hong Kong stock markets (which list H shares of the same company) using the Baidu search index (BSI) as a proxy for retail investor attention. Our findings indicate that a one-standard-deviation increase in the abnormal BSI (ABSI) corresponds to a significant increase of 1.90 % in the next-day premium between A-H share prices. This finding suggests that increased attention from retail investors causes overpricing, resulting in higher A-H share price premiums. Notably, we observe that mobile searches have a stronger effect on price premiums than do personal computer (PC) searches. A one-standard-deviation increase in the PC-based ABSI leads to a 1.30 % increase, whereas the mobile-based ABSI results in a 1.86 % increase in the A-H share price premium. Additionally, ABSI-driven mispricing lasts 60 trading days until prices converge. Moreover, we find that greater institutional investor ownership reduces ABSI-driven mispricing. Finally, the influence of investor attention on the A-H share price premium diminishes following the implementation of the 2014 Shanghai/Hong Kong Stock Connect Policy, which allows global investors to invest in both the Shanghai and Hong Kong markets. We contribute to the literature by highlighting novel factors affecting the A-H share price premium, including the influence of investor attention, device use, and institutional investor activity.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102784"},"PeriodicalIF":4.8,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882933","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 the quality of institutions influence the cash conversion cycle of firms? 机构的质量如何影响公司的现金转换周期？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102783

Chong-Chuo Chang , San-San Kyi , Ya-Wen Chen

引用次数: 0

Firm aging and internal capital markets 公司老龄化和内部资本市场

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102760

Tatsuo Ushijima

引用次数: 0

Herd to repurchase 羊群回购

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-16 DOI: 10.1016/j.pacfin.2025.102782

Dongxu Li , Ruiyang Zou

引用次数: 0

Digital transformation and export duration: Implications for firm financial performance 数字化转型和出口持续时间：对公司财务绩效的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-15 DOI: 10.1016/j.pacfin.2025.102780

Xiaohui Xu , Xiaoshi Chen , Jun Yang , Qiuzhen Li

引用次数: 0