Pacific-Basin Finance Journal最新文献_第10页

The spillover effect of dishonesty across markets: PEP fund reallocation and bond rating 市场不诚实的溢出效应：PEP基金再配置与债券评级

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-02 DOI: 10.1016/j.pacfin.2025.102865

Yong Huang , Yifang Lu , Yinghui Chen , Kong Meng

{"title":"The spillover effect of dishonesty across markets: PEP fund reallocation and bond rating","authors":"Yong Huang , Yifang Lu , Yinghui Chen , Kong Meng","doi":"10.1016/j.pacfin.2025.102865","DOIUrl":"10.1016/j.pacfin.2025.102865","url":null,"abstract":"<div><div>Firms altering the utilization of equity capital raised through private equity placements (PEPs) may be viewed as either lacking good faith or adapting to changing business conditions. We investigate how the debt market interprets the implications of these changes. Linking data on the change of PEP funds utilization with the bond rating of listed firms in China, we find that changes in PEP funds utilization lead to a significantly lower rating of bonds issued subsequently. The finding is robust to alternative sample selection schemes, alternative model specifications, and various endogeneity-mitigating approaches. The negative impact of changing the uses of PEP funds on bond rating is more pronounced for firms that are non-state-owned enterprises, younger, and more likely to default, for bonds with longer maturity and those traded in the market with more retail investors, issued after the regulatory limitation on the pledgeability lowly-rated bonds, issued by firms located in provinces with a worse reputation for dishonesty or legal protection for investors. Further analysis suggests that the change also widens the credit spread. Overall, our results provide empirical evidence that debt market participants price the dishonest behavior of issuers, even though the behaviors occur in another market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102865"},"PeriodicalIF":4.8,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144570283","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 accountability to transparency: The role of collective litigation in enhancing corporate information disclosure 从问责到透明：集体诉讼在加强公司信息披露中的作用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-02 DOI: 10.1016/j.pacfin.2025.102864

Wangbo Gao , Zicheng Zhang , Pinglin He , Xuewu Wang

{"title":"From accountability to transparency: The role of collective litigation in enhancing corporate information disclosure","authors":"Wangbo Gao , Zicheng Zhang , Pinglin He , Xuewu Wang","doi":"10.1016/j.pacfin.2025.102864","DOIUrl":"10.1016/j.pacfin.2025.102864","url":null,"abstract":"<div><div>Using a difference-in-differences (DiD) design and a sample of Chinese A-share listed firms from 2017 to 2023, we examine whether the introduction of a collective litigation system improves corporate information disclosure. Exploiting the staggered implementation of the system and validating the parallel trends assumption, we find that collective litigation significantly enhances disclosure quality. These findings are robust to alternative specifications and placebo tests. Mechanism analyses suggest that the effect is achieved primarily through a deterrence channel and enhanced external governance. Importantly, the effectiveness of the litigation regime is amplified when supported by a strong legal environment and complementary regulatory guidance. However, risk-shifting behavior by firms weakens this effect. Improvements in disclosure quality are also associated with broader market outcomes, including changes in audit pricing, investor response, and perceived default risk. Collectively, our results highlight the role of legal enforcement in shaping disclosure practices in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102864"},"PeriodicalIF":4.8,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563865","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

Managerial ownership pays off: Controlling shareholders' share pledging and corporate innovation quality in China 管理层持股有回报：中国控股股东股权质押与企业创新质量

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-01 DOI: 10.1016/j.pacfin.2025.102856

Bei Liu , Yuan Wang , Lufei Yang , Huabin Bian

引用次数: 0

Corporate social responsibility disclosure quality and the agency problem: Evidence from a mandatory disclosure setting 企业社会责任披露质量与代理问题：来自强制性披露背景的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-01 DOI: 10.1016/j.pacfin.2025.102858

Rajiv Nair , Mohammad Muttakin , Arifur Khan , Nava Subramaniam , V.S. Somanath

{"title":"Corporate social responsibility disclosure quality and the agency problem: Evidence from a mandatory disclosure setting","authors":"Rajiv Nair , Mohammad Muttakin , Arifur Khan , Nava Subramaniam , V.S. Somanath","doi":"10.1016/j.pacfin.2025.102858","DOIUrl":"10.1016/j.pacfin.2025.102858","url":null,"abstract":"<div><div>This study investigates how corporate social responsibility (CSR) disclosures affect agency costs in India, an emerging economy. The Indian Companies Act of 2013, which mandates CSR disclosures, provides a unique context for this analysis. The research examines how mandatory CSR disclosure regime influences firm characteristics, such as operating profit and sales revenue. It also explores the role of CSR disclosures in reducing agency costs under both voluntary and mandatory regimes. The findings indicate that higher quality CSR disclosures are related to lower agency costs, with this effect being more pronounced under the mandatory disclosure regime. Additionally, firms that spend more on CSR tend to provide better quality disclosures under mandatory requirements compared to voluntary ones. Superior CSR disclosure quality also enhances operational metrics, especially sales revenue and operating performance, under the mandatory disclosure regime. The study contributes valuable insights to the ongoing CSR disclosure debate, shedding light on both mandatory and voluntary disclosure regimes, and offers a novel agency-focused perspective on the influence of CSR disclosures on firm operations through signaling mechanisms.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102858"},"PeriodicalIF":4.8,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563862","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

CVaR-based risk parity model with machine learning 基于cvar的风险奇偶模型与机器学习

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-24 DOI: 10.1016/j.pacfin.2025.102857

Jiliang Sheng , Lanxi Chen , Huan Chen , Yunbi An

引用次数: 0

Economic uncertainty and innovation capability: Corruption as a barrier to innovation output 经济不确定性与创新能力：腐败作为创新产出的障碍

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-24 DOI: 10.1016/j.pacfin.2025.102855

Yunpeng Sun , Yaman Omer Erzurumlu , Giray Gozgor

引用次数: 0

Price formation around historical highs in retail-dominated stock markets: Evidence from Taiwan 零售主导的股市在历史高点附近形成价格：来自台湾的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-23 DOI: 10.1016/j.pacfin.2025.102853

ShaoChen Lee, Robin K. Chou

{"title":"Price formation around historical highs in retail-dominated stock markets: Evidence from Taiwan","authors":"ShaoChen Lee, Robin K. Chou","doi":"10.1016/j.pacfin.2025.102853","DOIUrl":"10.1016/j.pacfin.2025.102853","url":null,"abstract":"<div><div>How does market structure affect price formation around psychological barriers? While the research has found negative returns when stocks approach historical highs in institutional-dominated markets, the effect of such price patterns in retail-dominated markets remains unexplored. We use data from Taiwan's stock market in which individual investors account for 74 % of the trading volume to examine how their composition and the market structure influence return patterns around historically high prices. We find that when stocks exceed historical highs, they trigger a shift from overreaction to underreaction. This shift yields positive returns. This effect is particularly pronounced for small-cap stocks with larger retail ownership in which investors' level of sophistication plays a crucial role in price formation around psychological barriers. The effect varies systematically with trading volume and manifests a strong seasonality, with returns concentrated between November and April. Our findings show how the market structure affects the relationship between historical highs and future returns. This finding extends our theoretical understanding of price formation and provides practical insights for investment strategies in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102853"},"PeriodicalIF":4.8,"publicationDate":"2025-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563863","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

Power of decomposition in volatility forecasting for Bitcoins 比特币波动率预测中的分解能力

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-22 DOI: 10.1016/j.pacfin.2025.102839

Prakash Raj, Koushik Bera, N. Selvaraju

引用次数: 0

The liquidity effect of media coverage: International evidence1 媒体报道的流动性效应：国际证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-19 DOI: 10.1016/j.pacfin.2025.102852

Thi Hong Hanh Huynh, Tung Lam Dang

引用次数: 0

Can digital finance foster green innovation in short-term debt for long-term investment firms? 数字金融能否促进长期投资公司短期债务的绿色创新？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-18 DOI: 10.1016/j.pacfin.2025.102849

Long Tang , Yanbing Wen , Yan Jiang

{"title":"Can digital finance foster green innovation in short-term debt for long-term investment firms?","authors":"Long Tang , Yanbing Wen , Yan Jiang","doi":"10.1016/j.pacfin.2025.102849","DOIUrl":"10.1016/j.pacfin.2025.102849","url":null,"abstract":"<div><div>Green innovation plays a crucial role in driving socio-economic green transformation and facilitating high-quality development. However, achieving this objective necessitates substantial long-term capital investment. Currently, many Chinese enterprises face the challenge of relying on short-term debt for long-term investment (SDFLI), which severely limits their capacity to enhance green innovation. Consequently, there is an urgent need to reform the enterprise financing system. This study utilizes data from listed companies in China and the digital finance index to examine the impact and mechanism of rapidly developing digital finance in recent years on the green innovation of enterprises engaged in SDFLI. The findings indicate that SDFLI will significantly impede the green innovation capacity of enterprises. Conversely, the advancement of digital finance enhances the green innovation capacity of such enterprises engaged in SDFLI through reducing corporate credit rents, promoting supply chain finance development, improving accessibility to financial services, alleviating financing constraints, upgrading human capital structure, and increasing investment in research and development. Notably, this impact varies depending on enterprise ownership, size, life cycle stage, and regional variations in environmental regulatory intensity. Further research reveals that digital finance significantly increases the proportion of credit borrowings in the debt structure of SDFLI enterprises. Hence, it is crucial for regions to fully leverage digital finance to empower enterprise development. By enhancing capital allocation efficiency and catering to diverse financial needs, regions can deepen the concept of green development, raise awareness of social environmental protection and supervision, and continuously promote green innovation. This integration of green innovation and sustainable development will provide robust support for the green transformation and high-quality development of the social economy.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102849"},"PeriodicalIF":4.8,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144481807","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