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Dark side of analyst coverage? The case of cash holding adjustment toward the optimal level
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-28 DOI: 10.1016/j.pacfin.2025.102762
Su-Young Choi , Hyungjin Cho
{"title":"Dark side of analyst coverage? The case of cash holding adjustment toward the optimal level","authors":"Su-Young Choi ,&nbsp;Hyungjin Cho","doi":"10.1016/j.pacfin.2025.102762","DOIUrl":"10.1016/j.pacfin.2025.102762","url":null,"abstract":"<div><div>We examine the association between analyst coverage and the speed at which firms adjust their cash holdings toward the optimal level. We find that firms exhibit a slower adjustment speed toward the optimal level of cash holdings when covered by analysts, and when more analysts cover them. This finding is stronger when analysts cover firms which are smaller, audited by non-big accounting firms, without institutional investors, younger, and not affiliated with conglomerates, suggesting that firms under greater pressure from analysts are more likely to alter their cash holding policy based on analyst coverage. We also find that the finding is more pronounced when analyst forecasts are less accurate and more optimistic. Additional tests show that analyst coverage is positively associated with investment and payouts to shareholders even if firms have smaller cash holdings than the optimal level.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102762"},"PeriodicalIF":4.8,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143737824","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 rescue effect of local government financing vehicles on real estate enterprises in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-25 DOI: 10.1016/j.pacfin.2025.102744
Wei Kong , Susan Sunila Sharma , Xin-Xin Zhao , Yao-Bo Shi
{"title":"The rescue effect of local government financing vehicles on real estate enterprises in China","authors":"Wei Kong ,&nbsp;Susan Sunila Sharma ,&nbsp;Xin-Xin Zhao ,&nbsp;Yao-Bo Shi","doi":"10.1016/j.pacfin.2025.102744","DOIUrl":"10.1016/j.pacfin.2025.102744","url":null,"abstract":"<div><div>In recent years, the Chinese real estate market has undergone significant changes and challenges, leading the entire industry into a downturn cycle and facing multiple difficulties. Based on this, this study takes 32 prefecture-level and above cities in China as the research objects to study the rescue effect of LGFVs' land-underpinning behavior on the difficulties of real estate enterprises. The study finds: First, the real estate downward cycle has intensified land acquisition by LGFVs; Second, the land-underpinning behavior of LGFVs exerts a rescue effect on the difficulties of real estate enterprises; Third, the land-underpinning behavior of LGFVs through two methods to rescue real estate enterprises: strengthening cooperation with real estate enterprises and reducing land price fluctuations.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102744"},"PeriodicalIF":4.8,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143706393","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
Digital inclusive finance harvest: Cultivating creditworthiness for small agricultural businesses
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-24 DOI: 10.1016/j.pacfin.2025.102731
Chen Zhang , Yanjun Li
{"title":"Digital inclusive finance harvest: Cultivating creditworthiness for small agricultural businesses","authors":"Chen Zhang ,&nbsp;Yanjun Li","doi":"10.1016/j.pacfin.2025.102731","DOIUrl":"10.1016/j.pacfin.2025.102731","url":null,"abstract":"<div><div>Digital inclusive finance (DIF) is progressively reshaping traditional banking through innovative technology to address global challenges. The wide range of digital products and services provided by DIF empowers enterprises, enhancing profitability and local competitiveness. This study systematically investigates the impact of DIF on firm creditworthiness, measured by red- or blacklisting in the National Enterprise Credit Information Publicity System. Using firm-level panel data from small and micro agricultural enterprises, we find that higher county-level DIF indices significantly reduce the likelihood of blacklisting while increasing red-listing. The most influential factors are credit investigations and online investment trends. Notably, firms that had previously faced unfavorable loan conditions due to factors like ownership, size, or industry benefited the most from DIF.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102731"},"PeriodicalIF":4.8,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Impact of venture capital on innovation in key & core technology firms
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-24 DOI: 10.1016/j.pacfin.2025.102756
Song Wang , Chuang Ma , Mei Yu , Xin Guo
{"title":"Impact of venture capital on innovation in key & core technology firms","authors":"Song Wang ,&nbsp;Chuang Ma ,&nbsp;Mei Yu ,&nbsp;Xin Guo","doi":"10.1016/j.pacfin.2025.102756","DOIUrl":"10.1016/j.pacfin.2025.102756","url":null,"abstract":"<div><div>Innovation holds a core position in development and serves as a pivotal force for driving China's economic transformation towards high-quality development. We select firms listed on the Shanghai Stock Exchange Science and Technology Innovation Board (SSE STAR Market) from 2019 to 2024 to investigate the impact of venture capital (VC) involvement on corporate innovation and analyze its mechanisms. The results indicate that earlier investment and higher shareholding by venture capital in STAR Market firms have significant effects on their innovation. Meanwhile, early-stage VC investment and shareholding have different effects on the innovation capabilities of STAR Market firms. Mechanism analysis reveals that venture capital promotes corporate innovation more significantly in firms facing higher industry competition and stronger financing constraints. Further heterogeneity analysis of STAR Market firms adhering to different listing standards shows that earlier investment and shareholding have a more pronounced promoting effect on firms listed under the second set of standards.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102756"},"PeriodicalIF":4.8,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725709","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
Digital empowered business environment and enterprise innovation: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-23 DOI: 10.1016/j.pacfin.2025.102755
Na Li , Xianhua Zhang
{"title":"Digital empowered business environment and enterprise innovation: Evidence from China","authors":"Na Li ,&nbsp;Xianhua Zhang","doi":"10.1016/j.pacfin.2025.102755","DOIUrl":"10.1016/j.pacfin.2025.102755","url":null,"abstract":"<div><div>This research examines how digital development affects corporate innovation in Chinese listed firms from 2010 to 2023, focusing on marketization, rule of law, and internationalization, under the theoretical framework of institutional theory. Using Poisson, fixed-effects, and difference-in-differences models, the study confirms that a digitally empowered business environment can enhance enterprise innovation. However, heterogeneity analysis reveals a “double-edged sword” effect, where this environment may hinder innovation in super cities and technologically advanced regions, highlighting the “digital paradox”. The study offers recommendations for developing countries to improve their business environments and foster innovation through digital governance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102755"},"PeriodicalIF":4.8,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725710","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 role of FinTech in shaping urban innovation: A study of financial markets from the perspective of the patent renewal model
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-20 DOI: 10.1016/j.pacfin.2025.102750
Siyuan Xuan , Jun Hu , Jinghua Yin , Yang Li , Jie Peng
{"title":"The role of FinTech in shaping urban innovation: A study of financial markets from the perspective of the patent renewal model","authors":"Siyuan Xuan ,&nbsp;Jun Hu ,&nbsp;Jinghua Yin ,&nbsp;Yang Li ,&nbsp;Jie Peng","doi":"10.1016/j.pacfin.2025.102750","DOIUrl":"10.1016/j.pacfin.2025.102750","url":null,"abstract":"<div><div>This study explores the impact of FinTech on urban innovation through the lens of financial markets. We utilize a comprehensive FinTech index, derived from Baidu search data, and analyze the innovation capacity of Chinese cities using a patent renewal model. This model accounts for the varying value of patents over time, providing a nuanced understanding of innovation dynamics. Our findings show that FinTech plays a significant role in urban innovation, primarily by integrating into financial markets. We find that FinTech enhances market efficiency, stimulates investment in innovative ventures, and promotes financial inclusivity, creating a favorable environment for technological and entrepreneurial growth in urban areas. The effects are more pronounced in cities with well-developed financial infrastructure, large populations, low reliance on natural resources, and robust coastal economies. Additionally, we emphasize the vital role of intellectual property protection in strengthening the link between FinTech and urban innovation. Furthermore, we highlight FinTech's contribution to green urban development and its support for the real economy. These findings underscore the crucial role of FinTech, as viewed through the lens of financial markets, in driving urban innovation. The results carry significant implications for policy and practice aimed at fostering innovation-driven urban economies in the digital age.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102750"},"PeriodicalIF":4.8,"publicationDate":"2025-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725708","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
Which investor corrects mispricing around earnings announcements?
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-18 DOI: 10.1016/j.pacfin.2025.102745
Jihoon Goh , Byounghyun Jeon
{"title":"Which investor corrects mispricing around earnings announcements?","authors":"Jihoon Goh ,&nbsp;Byounghyun Jeon","doi":"10.1016/j.pacfin.2025.102745","DOIUrl":"10.1016/j.pacfin.2025.102745","url":null,"abstract":"<div><div>Using daily investor group-level trading data, we investigate whose trades align with anomalies and contribute to the correction of mispricing around earnings announcements. Around earnings announcements, institutions sell overpriced stocks four times more than they do on non-earnings days. Although retail investors purchase overpriced stocks on non-earnings days, such a tendency disappears around the earnings announcements. The overpricing of stocks in the short leg of anomalies is resolved around earnings announcement only if these stocks were sold by institutions, highlighting institutions' role in revealing mispricing. The institutional trades to correct overpricing are stronger when stocks are easier to sell short. On the contrary, during the short selling ban period, there is no evidence that institutions sell overpriced stocks around earnings announcements, reaffirming the role of short selling constraints in hindering mispricing correction.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102745"},"PeriodicalIF":4.8,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686637","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
Double edged coverage? The impact of the analyst coverage network on stock price volatility
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-17 DOI: 10.1016/j.pacfin.2025.102753
Lixiang Wang, Zhiyi Fang, Jia Wen, Qi Zhou
{"title":"Double edged coverage? The impact of the analyst coverage network on stock price volatility","authors":"Lixiang Wang,&nbsp;Zhiyi Fang,&nbsp;Jia Wen,&nbsp;Qi Zhou","doi":"10.1016/j.pacfin.2025.102753","DOIUrl":"10.1016/j.pacfin.2025.102753","url":null,"abstract":"<div><div>Given that investors exhibit greater sensitivity to bad price volatility compared to positive volatility, this paper investigates how securities analysts asymmetrically influence both volatility types. By constructing an analyst coverage network, we find that brokerage analysts enhance good volatility through effective stock identification but exacerbate bad volatility due to their structural hole advantage. In contrast, clique analysts exhibit herding effects that mitigate bad volatility while reducing their stock identification ability, diminishing good volatility. Additionally, star analysts show similar mechanisms. For firms with poor information transparency, brokerage analysts rely more on trading volume for stock identification, which strengthens good volatility but also amplifies losses. This paper extends the research on analyst coverage and also provides practical implications for analyst behavior regulation in the capital market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102753"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686675","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
Optimization-based spectral end-to-end deep reinforcement learning for equity portfolio management
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-17 DOI: 10.1016/j.pacfin.2025.102746
Pengrui Yu , Siya Liu , Chengneng Jin , Runsheng Gu , Xiaomin Gong
{"title":"Optimization-based spectral end-to-end deep reinforcement learning for equity portfolio management","authors":"Pengrui Yu ,&nbsp;Siya Liu ,&nbsp;Chengneng Jin ,&nbsp;Runsheng Gu ,&nbsp;Xiaomin Gong","doi":"10.1016/j.pacfin.2025.102746","DOIUrl":"10.1016/j.pacfin.2025.102746","url":null,"abstract":"<div><div>We propose a novel approach to equity portfolio optimization that combines spectral analysis and classical equity portfolio optimization theory with deep reinforcement learning in an end-to-end framework. We introduce the End-to-end Frequency Online Deep Deterministic Policy Gradient (EFO-DDPG) algorithm, which leverages discrete Fourier transform to decompose asset return sequences into frequency components. Unlike traditional methods that treat high-frequency components as noise, EFO-DDPG learns to adjust the influence of different frequency components dynamically. Moreover, the algorithm embeds a mean–variance portfolio optimization problem within a deep learning network, enhancing interpretability compared to black-box approaches. The framework models the investment problem as a Partially Observable Markov Decision Process (POMDP), using a state processing block with transformer encoders to capture complex relationships in the market data. By integrating spectral analysis, portfolio optimization theory, and online deep reinforcement learning, EFO-DDPG aims to adapt to non-stationary financial markets and generate superior investment strategies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102746"},"PeriodicalIF":4.8,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686636","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
Intelligent manufacturing and post-pandemic growth: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-15 DOI: 10.1016/j.pacfin.2025.102752
Yuchen Wang , Jianjun Yin , Wenlian Gao
{"title":"Intelligent manufacturing and post-pandemic growth: Evidence from China","authors":"Yuchen Wang ,&nbsp;Jianjun Yin ,&nbsp;Wenlian Gao","doi":"10.1016/j.pacfin.2025.102752","DOIUrl":"10.1016/j.pacfin.2025.102752","url":null,"abstract":"<div><div>This study explores the influence of intelligent manufacturing on the growth potential of enterprises in the post-pandemic era, specifically within the context of the COVID-19 pandemic in China. Our analysis indicates that enterprises equipped with advanced intelligent manufacturing capabilities exhibit enhanced growth capacity once pandemic restrictions are lifted. This positive correlation is largely attributed to their capacity for innovation as well as effective utilization of government subsidies. Notably, the beneficial effects of intelligent manufacturing are most pronounced among smaller, non-state-owned enterprises, as well as those with substantial cash reserves. These findings offer a fresh perspective on enterprise resilience and growth in the aftermath of a public health crisis, highlighting the critical role of intelligent manufacturing in facilitating economic recovery and shaping the future trajectory of businesses.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102752"},"PeriodicalIF":4.8,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686677","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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