Pacific-Basin Finance Journal最新文献

High-speed railway connection and the inter-regional investment of listed companies 高铁对接与上市公司跨区域投资

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-30 DOI: 10.1016/j.pacfin.2026.103192

Yanbing Wen , An Hu , Yueji Xin

引用次数: 0

Does financial infrastructure upgrading improve firm product market performance? Evidence from the construction of China's unified commercial paper market 金融基础设施升级是否改善了企业产品的市场表现？证据来自中国统一商业票据市场的建设

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-15 DOI: 10.1016/j.pacfin.2026.103180

Lu Li , Xuena Liu , Dongdong Li

{"title":"Does financial infrastructure upgrading improve firm product market performance? Evidence from the construction of China's unified commercial paper market","authors":"Lu Li , Xuena Liu , Dongdong Li","doi":"10.1016/j.pacfin.2026.103180","DOIUrl":"10.1016/j.pacfin.2026.103180","url":null,"abstract":"<div><div>A sound financial infrastructure is the core institutional safeguard for the financial market to effectively serve the real economy. Using the establishment of the Shanghai Commercial Paper Exchange (SHCPE) in 2016 as a quasi-natural experiment, this paper investigates whether and how the modernization of market plumbing improves firm product market performance. We find that the establishment of the SHCPE significantly enhances the product market performance of firms with higher bill dependence, reflected in a substantial increase in their industry-adjusted sales growth rate. Mechanism analysis reveals a strategic response framework encompassing three distinct channels: (1) a differentiation strategy driven by technological innovation; (2) a cost leadership strategy facilitated by capacity expansion and cost optimization; and (3) a relational strategy strengthened by supply chain bonding. Heterogeneity analysis further shows that these effects are more pronounced for firms with severe financing constraints, high customer concentration, and in competitive industries. This paper not only enriches the literature on the real effects of financial infrastructure but also provides micro-level evidence on how centralized and digitalized clearing systems empower corporate competitiveness, offering valuable insights for global financial modernization.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103180"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147707011","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

Wealth transfers and propping behavior in Chinese rights issues 中国配股中的财富转移与支撑行为

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-24 DOI: 10.1016/j.pacfin.2026.103184

Zhenglong Li , Chin-Chong Lee

{"title":"Wealth transfers and propping behavior in Chinese rights issues","authors":"Zhenglong Li , Chin-Chong Lee","doi":"10.1016/j.pacfin.2026.103184","DOIUrl":"10.1016/j.pacfin.2026.103184","url":null,"abstract":"<div><div>Compared to relying solely on price discounts, the wealth transfers can better capture the interplay between price discounts, offer size, and participation rates in rights issues. This paper investigates the underlying determinants of wealth transfers and post-issue stock performance within the Chinese rights issue market. We document that although the high pre-issue ROE threshold imposed by the CSRC could screen out financially distressed firms, these issuers subsequently suffer from severe medium-term underperformance. Furthermore, we reveal that non-tradable shares significantly exacerbate wealth transfers, whereas the split-share structure reform effectively mitigates the magnitude of wealth transfers. We find that rights issues with lower wealth transfers tend to exhibit better post-issue stock performance. Crucially, we document that controlling and major shareholders in concentrated ownership firms drive higher participation rates compared to their counterparts in dispersed ownership firms, and issuers with higher participation rates tend to exhibit better post-issue stock performance, which is consistent with the existence of propping. These findings yield novel insights into the behavioral responses of shareholders under rigid financing thresholds and external macro shocks.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103184"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797590","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

Liquidity creation and cost efficiency of banks in emerging markets under Basel III regime: Evidence of bidirectionality 巴塞尔协议III下新兴市场银行的流动性创造和成本效率：双向性的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-26 DOI: 10.1016/j.pacfin.2026.103186

Geetanjali Verma , Smita Kashiramka

{"title":"Liquidity creation and cost efficiency of banks in emerging markets under Basel III regime: Evidence of bidirectionality","authors":"Geetanjali Verma , Smita Kashiramka","doi":"10.1016/j.pacfin.2026.103186","DOIUrl":"10.1016/j.pacfin.2026.103186","url":null,"abstract":"<div><div>The study attempts to investigate the interrelationship between liquidity creation (LC) and cost efficiency of banks in the Basel III era. It employs a simultaneous equations model (SEM) and a two-step system generalized method of moments (GMM) estimation procedure to deal with the dynamic nature of variables and reverse causality. The sample includes 838 commercial banks in emerging markets between 2013 and 2022. The cost efficiency of banks is derived using an input-focused data envelopment analysis (DEA) framework. The findings indicate a positive bidirectional relationship between LC and cost efficiency. Additionally, the results showcase a positive bidirectional relationship between asset-side LC, off-balance sheet (OBS)-side LC, and cost efficiency, highlighting that higher cost efficiency boosts asset-side and OBS-side LC. Contrarily, it reduces liquidity created on the liability-side (but only by a lesser amount), leading to an overall increase in total LC. The results also suggest that a rise in asset-side and OBS-side LC increases cost efficiency, while liability-side LC has no impact. The study extends the analysis by examining the bidirectional relationship between Basel III liquidity requirements, liquidity hoarding, and cost efficiency. It also offers a fresh viewpoint on the impact of the Covid-19 pandemic on the cost efficiency of banks.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103186"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797591","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

Patent pledgeability and cross-region capital flows: Evidence from firms' trans-regional Investment in China 专利质押性与跨地区资本流动：来自中国企业跨地区投资的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-30 DOI: 10.1016/j.pacfin.2026.103193

Kai Wang , Yixuan Wei , Shuwan Zeng

引用次数: 0

Does family engagement influence loan diversification and tax behavior in banks? Evidence from the Taiwanese market 家庭参与是否影响银行的贷款多元化和税收行为？来自台湾市场的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-06 DOI: 10.1016/j.pacfin.2026.103175

Min-Hung Tsay , Li-Han Chang , Hsuan-Ling Chang , Tzu-Hao Hsu

引用次数: 0

Non-largest shareholders acting in concert and stock price synchronicity 非最大股东一致行动和股价同步

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-26 DOI: 10.1016/j.pacfin.2026.103188

Miao Li , Xiaoqing Yan , Jin Tian , Nongwen Li

{"title":"Non-largest shareholders acting in concert and stock price synchronicity","authors":"Miao Li , Xiaoqing Yan , Jin Tian , Nongwen Li","doi":"10.1016/j.pacfin.2026.103188","DOIUrl":"10.1016/j.pacfin.2026.103188","url":null,"abstract":"<div><div>This paper examines the impact and underlying mechanisms of non-largest shareholders acting in concert on stock price synchronicity. We find that: (1) Non-largest shareholders acting in concert significantly attenuate stock price synchronicity. (2) Mechanism tests reveal that this concerted action reduces synchronicity primarily by enhancing firm-level information quality and accelerating its market-level incorporation. (3) Heterogeneity analyses indicate that this mitigating effect is more pronounced when the two types of agency problems are more severe and when investor demand for information is higher. (4) By focusing on the strengthening of director appointments and proposal vetoes, we further demonstrate that “acting in concert” facilitates the transition of non-controlling large shareholders from “latent monitors” to “substantive check-and-balance forces”; furthermore, the number of such concerted groups, aggregate shareholding, and identity heterogeneity also reduce synchronicity. (5) Economic consequences tests demonstrate that such lower stock price synchronicity helps enhance firm value. This study confirms the positive governance role of non-largest shareholders acting in concert, providing valuable insights for listed companies to balance shareholder power and enhance the quality of information disclosure.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103188"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797588","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

From Information to Liquidity: How Industry-Level Transparency Shapes Corporate Cash Holdings 从信息到流动性：行业透明度如何塑造企业现金持有量

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-25 DOI: 10.1016/j.pacfin.2026.103187

Ru (Tina) Gao , Jixin Huang , Chaochun Huang , Xi Rao

{"title":"From Information to Liquidity: How Industry-Level Transparency Shapes Corporate Cash Holdings","authors":"Ru (Tina) Gao , Jixin Huang , Chaochun Huang , Xi Rao","doi":"10.1016/j.pacfin.2026.103187","DOIUrl":"10.1016/j.pacfin.2026.103187","url":null,"abstract":"<div><div>In this study, we exploit the staggered introduction of industry-specific information disclosure (IID) guidelines in China as a quasi-natural experiment to examine how an exogenous improvement in industry-level transparency and comparability affects corporate cash holdings. Using a sample of A-share firms listed on the Shenzhen and Shanghai Stock Exchanges from 2009 to 2019 and a difference-in-differences design, we find that IID guidelines lead to a significant increase in corporate cash holdings. Mechanism analyses suggest that this effect operates primarily through an agency channel: improved disclosure strengthens external monitoring and reduces agency-related costs, allowing firms to retain more internal funds. Cross-sectional analyses further show that the cash-increasing effect is more pronounced among private firms, non-loss firms, smaller firms, and firms with more concentrated ownership structures. Additional analyses indicate that the increase in cash holdings is accompanied by a higher market marginal value of cash. Overall, our findings provide novel evidence that industry-level disclosure regulations, via improving information transparency and comparability, have real consequences for firms' liquidity management and capital allocation in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103187"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797699","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 digitalization and financial stability: Evidence from Chinese cities 金融数字化与金融稳定：来自中国城市的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-06 DOI: 10.1016/j.pacfin.2026.103173

Jie Zhou , Lei Wang , Bochen Li , Zidan Luo

{"title":"Financial digitalization and financial stability: Evidence from Chinese cities","authors":"Jie Zhou , Lei Wang , Bochen Li , Zidan Luo","doi":"10.1016/j.pacfin.2026.103173","DOIUrl":"10.1016/j.pacfin.2026.103173","url":null,"abstract":"<div><div>We examine the evolution of financial digitalization in China in recent years and assess its influence on the stability and adaptability of regional financial systems in response to capital flow shocks. Using data from 128 Chinese cities spanning 2010 to 2022, we construct a dynamic indicator that captures both the intensity and duration of market responses through a time-varying parameter vector auto regression (TVP-VAR) framework. To estimate the causal effect of financial digitalization, we employ a double machine learning approach that flexibly controls for high-dimensional confounding factors and mitigates bias from complex, nonlinear selection into financial digitalization adoption. We find that while episodes of extreme capital flow volatility generate sizable stress, the overall capacity of local financial systems to absorb and recover from shocks has improved over time. Financial digitalization plays a significant role in enhancing this capacity, particularly in economically advanced regions. These results provide novel evidence that digital financial services can improve the shock-absorption and recovery capacity of local financial systems, with direct implications for policies aimed at safeguarding financial stability under external stress.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103173"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147703015","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

Scaled factor portfolio 比例因子投资组合

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-03-25 DOI: 10.1016/j.pacfin.2026.103161

Fuwei Jiang , Kunpeng Li , Wei Ning , Hao Xue

引用次数: 0