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Deleveraging backed by fiscal support: The monetary–fiscal policy mix during the deleveraging campaign in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-31 DOI: 10.1016/j.pacfin.2024.102659
Jiapin Deng
{"title":"Deleveraging backed by fiscal support: The monetary–fiscal policy mix during the deleveraging campaign in China","authors":"Jiapin Deng","doi":"10.1016/j.pacfin.2024.102659","DOIUrl":"10.1016/j.pacfin.2024.102659","url":null,"abstract":"<div><div>This paper documents China's deleveraging campaign backed by fiscal support during 2015–2018. Employing a continuous difference-in-differences approach, I find that the Chinese government provided more subsidies for firms that were more exposed to the deleveraging shock, which suggests that a monetary–fiscal policy mix was used to realize the soft landing of the deleveraging policy. Further evidence shows that the effect of deleveraging on government subsidies is more pronounced among firms with more severe financial constraints and among firms located in cities with local political leaders having greater short-term promotion pressure. The empirical findings highlight the role of government subsidies as an auxiliary fiscal tool in reducing the short-run economic fluctuation, implying a helping hand from the government out of political incentives. However, the low efficiency in using government subsidies, as a dark side of government intervention, should also receive considerable attention of policy-makers.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102659"},"PeriodicalIF":4.8,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151938","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
Can fourth industrial revolution assets provide diversification benefits for traditional sectoral stocks? Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-31 DOI: 10.1016/j.pacfin.2024.102662
Xianfang Su , Yachao Zhao
{"title":"Can fourth industrial revolution assets provide diversification benefits for traditional sectoral stocks? Evidence from China","authors":"Xianfang Su ,&nbsp;Yachao Zhao","doi":"10.1016/j.pacfin.2024.102662","DOIUrl":"10.1016/j.pacfin.2024.102662","url":null,"abstract":"<div><div>This study examines the connectedness between the Fourth Industrial Revolution assets and traditional sectoral stocks in China to determine whether there exist diversification benefits. This is conducted from a systemic perspective using the quantile time-frequency connectedness approach. The results demonstrate that, in the short term, financial technology stocks, artificial intelligence stocks, and quantum communication stocks can barely provide diversification benefits for traditional sectoral stocks, especially under extreme market scenarios. However, in the long term, the Fourth Industrial Revolution assets can provide diversification benefits for all traditional stocks under normal, bearish, and bullish market scenarios. Furthermore, the COVID-19 pandemic and the Russia-Ukraine conflict would significantly intensify the connectedness and thus reduce the diversification benefits provided by the Fourth Industrial Revolution assets. Finally, the minimum connectedness portfolio analysis indicates that financial technology stocks provide the largest hedge effectiveness in all cases. These findings have important implications for investors and policymakers.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102662"},"PeriodicalIF":4.8,"publicationDate":"2024-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151912","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 real effect of shadow banking regulation on corporate innovation: Evidence from conduit business
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-30 DOI: 10.1016/j.pacfin.2024.102656
Siyi He , Qinglu Jin , Sirui Wu
{"title":"The real effect of shadow banking regulation on corporate innovation: Evidence from conduit business","authors":"Siyi He ,&nbsp;Qinglu Jin ,&nbsp;Sirui Wu","doi":"10.1016/j.pacfin.2024.102656","DOIUrl":"10.1016/j.pacfin.2024.102656","url":null,"abstract":"<div><div>As a crucial component of China's shadow banking system, conduit business is the practice whereby banks channel capital to borrowers through non-bank entities' asset management products (AMPs). Exploiting China's 2017 regulation that prohibited conduit business and adopting a difference-in-differences design, we show that strengthened regulation on shadow banking curbs both innovation inputs and outputs. The decrease in innovation inputs and outputs is mainly concentrated in expensed R&amp;D and non-invention patents, suggesting that firms tactically adjust innovative activities. Further analyses show that such effects are more pronounced for firms that are already facing severe financial constraints and those with restricted access to market-led and government-led capital. Additionally, the strengthened regulation on shadow banking also reduces R&amp;D expenditures for new projects and patents that do not comply with industrial policies to reduce failure risks. This study adds to the literature on shadow banking by offering its real effect on corporate innovation and provides implications regarding shadow banking regulation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102656"},"PeriodicalIF":4.8,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151931","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
Climate change risk and real estate prices—Micro evidence from coastal cities in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-30 DOI: 10.1016/j.pacfin.2024.102658
Xiaowei Huang , Ge Cheng , Man Zhang
{"title":"Climate change risk and real estate prices—Micro evidence from coastal cities in China","authors":"Xiaowei Huang ,&nbsp;Ge Cheng ,&nbsp;Man Zhang","doi":"10.1016/j.pacfin.2024.102658","DOIUrl":"10.1016/j.pacfin.2024.102658","url":null,"abstract":"<div><div>Sea level rise (SLR) has increased in magnitude and certainty, exposing coastal real estate assets to increasing climate risk. We develop a theoretical framework to explore the mechanism of transmission of SLR to real estate prices. We use manually collected data from micro-level second-hand housing transactions from HomeLink Real Estate Brokerage Co., Ltd. in seven cities in Guangzhou province, China, to empirically examine the impact of SLR on real estate prices. We find that SLR negatively affects real estate prices. This negative relationship differs depending on seasons, economic growth, and geographic location. The negative impact of SLR on real estate prices is primarily reflected by investors' attention to climate and sea levels. Our study contributes to the literature on the effect of SLR on real estate prices and provides insights into optimal climate change policies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102658"},"PeriodicalIF":4.8,"publicationDate":"2024-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151929","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 managerial perception of uncertainty affect corporate investment during the COVID-19 pandemic: A text mining approach
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-29 DOI: 10.1016/j.pacfin.2024.102655
Ying Chen, Yosuke Kimura, Kotaro Inoue
{"title":"How does managerial perception of uncertainty affect corporate investment during the COVID-19 pandemic: A text mining approach","authors":"Ying Chen,&nbsp;Yosuke Kimura,&nbsp;Kotaro Inoue","doi":"10.1016/j.pacfin.2024.102655","DOIUrl":"10.1016/j.pacfin.2024.102655","url":null,"abstract":"<div><div>We propose a three-phase framework for developing sentence-level measures of uncertainty based on Japanese annual reports using the Bidirectional Encoder Representations from Transformers (BERT) model. This approach successfully distinguishes the uncertainty caused by the COVID-19 pandemic (COVIDU) from economic policy uncertainty (EPU). Furthermore, we control for firm-level business expectations (first moment effect) and examine the impact of managerial uncertainty perception (second moment effect) on corporate investment. We obtain the following two key results: First, our uncertainty perception measures strongly correlate with the proxy variable of dispersion in managerial sales forecasts, which is a frequently used measure of uncertainty. Second, corporate investment is strongly and robustly negatively related to higher uncertainty perception, with a 1-standard-deviation increase in sentences associated with uncertainty leading to a 3.57 % reduction in capital expenditure. We demonstrate the robustness of our results to the endogeneity problem by using instrumental variables.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102655"},"PeriodicalIF":4.8,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151932","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
Pricing family leadership: Evidence from audit fees
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-28 DOI: 10.1016/j.pacfin.2024.102657
Fuxiu Jiang , Mingqi Pei , Yiqian Cai , Xiaojia Zheng
{"title":"Pricing family leadership: Evidence from audit fees","authors":"Fuxiu Jiang ,&nbsp;Mingqi Pei ,&nbsp;Yiqian Cai ,&nbsp;Xiaojia Zheng","doi":"10.1016/j.pacfin.2024.102657","DOIUrl":"10.1016/j.pacfin.2024.102657","url":null,"abstract":"<div><div>This paper examines whether the controlling family holding the chairmanship affects audit pricing. Using a sample of Chinese A-share listed family firms from 2008 to 2019, we find that the presence of family chairs is associated with an audit fee discount. A path analysis shows that firms with family chairs are subject to less insider expropriation through related-party transactions and higher quality of financial information disclosures, with consequent lower audit risk and thus lower audit fees. Additionally, the audit fee reduction effect of family chairs is driven primarily by internally promoted family chairs and founder family chairs, who have strong incentives and power to build the image and reputation of controlling families. We also find that this effect is more pronounced when controlling families are more concerned about their reputation and when firms are located in regions with weaker institutional environments. Finally, we exclude the alternative explanation that the lower audit fees are due to family chairs' proactively selecting low-quality auditors.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102657"},"PeriodicalIF":4.8,"publicationDate":"2024-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151935","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
Does ESG rating policy reduce corporate risk-taking? Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-25 DOI: 10.1016/j.pacfin.2024.102654
Shilei Wu , Fu-You Zhou , Deng-Kui Si , Jiawei Hao
{"title":"Does ESG rating policy reduce corporate risk-taking? Evidence from China","authors":"Shilei Wu ,&nbsp;Fu-You Zhou ,&nbsp;Deng-Kui Si ,&nbsp;Jiawei Hao","doi":"10.1016/j.pacfin.2024.102654","DOIUrl":"10.1016/j.pacfin.2024.102654","url":null,"abstract":"<div><div>This paper investigates the impact of environmental, social, and governance (ESG) ratings on corporate risk-taking using non-financial listed firms from 2010 to 2020 in China. We find a significantly negative correlation between ESG ratings and corporate risk-taking, indicating that higher ESG ratings are associated with reduced corporate risk-taking behavior. The result remains held to address endogeneity concerns and various robustness checks. We identify the channels of reducing information asymmetry, enhancing investment efficiency, and improving trade credit through which ESG rating inhibits corporate risk-taking. Further analysis shows that the negative impact of ESG ratings on corporate risk-taking is more pronounced for firms with lower audit quality, voluntary ESG disclosures, and lower institutional ownership. This paper provides a novel theoretical view of the relationship between ESG ratings and corporate risk-taking.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102654"},"PeriodicalIF":4.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151940","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 literacy and household financial behavior in Singapore
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-23 DOI: 10.1016/j.pacfin.2024.102651
Joelle H. Fong
{"title":"Financial literacy and household financial behavior in Singapore","authors":"Joelle H. Fong","doi":"10.1016/j.pacfin.2024.102651","DOIUrl":"10.1016/j.pacfin.2024.102651","url":null,"abstract":"<div><div>Ordinary consumers make a variety of various financial decisions over their life course, and this has become more challenging over time given the proliferation of financially complex products in the retail marketplace. Using a representative survey in Singapore, we show that that financial literacy explains a wide range of savings, investment, and borrowing decisions among households. Financially savvy individuals are more likely to allocate their savings to assets such as stocks, retirement annuities, and life insurance, and additionally, demonstrate greater propensity to own at least two financially complex products. There is also suggestive evidence that Singaporeans are using debt instruments in an informed manner: while financially literate respondents have more debt, they are also far more likely to repay their debt on time. We provide empirical evidence that these relationships are causal. Accordingly, boosting financial literacy can help strengthen household balance sheets on both the asset and liability sides.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102651"},"PeriodicalIF":4.8,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151936","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
Do political preferences shape retail investors' decisions? Evidence from the Taiwan stock market
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-22 DOI: 10.1016/j.pacfin.2024.102649
Weng Ian Hoi , Chi-Yu Chen , Pei-Shih Weng
{"title":"Do political preferences shape retail investors' decisions? Evidence from the Taiwan stock market","authors":"Weng Ian Hoi ,&nbsp;Chi-Yu Chen ,&nbsp;Pei-Shih Weng","doi":"10.1016/j.pacfin.2024.102649","DOIUrl":"10.1016/j.pacfin.2024.102649","url":null,"abstract":"<div><div>This study investigates the impact of political preferences on retail investors' trading decisions in Taiwan, focusing on China concept stocks.<span><span><sup>1</sup></span></span> Utilizing detailed stock transaction data from the Taiwan Stock Exchange and electoral statistics, we examine how voting patterns in different regions correlate with local investors' trading behaviors. Our analysis reveals that investors in areas with stronger support for China-friendly coalition (known as the “pan-blue” coalition) exhibit a higher propensity to trade China concept stocks, especially around election periods. This tendency is particularly pronounced in regions transitioning from leaders aligned with the “pan-green” coalition (generally considered more China-critical) to those aligned with the pan-blue coalition. Importantly, we find that these politically influenced investment decisions often lead to suboptimal short-term trading performance, suggesting that such choices may be driven more by sentiment than rational analysis. These findings are robust to alternative specifications of political preferences and remain consistent after accounting for the uneven distribution of brokerage branches across regions. The study contributes to the behavioral finance literature by extending the research on political preferences and investment behaviors to an Asian context with complex geopolitical considerations. It demonstrates that political attitudes influence not just broad market participation but also specific stock selections tied to political ideologies, underscoring the importance of analyzing financial investment decisions through social dimensions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102649"},"PeriodicalIF":4.8,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151939","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
Does board demographic diversity constrain related party transactions? Evidence from India
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-22 DOI: 10.1016/j.pacfin.2024.102653
Satya Prakash Mani, Shashank Bansal
{"title":"Does board demographic diversity constrain related party transactions? Evidence from India","authors":"Satya Prakash Mani,&nbsp;Shashank Bansal","doi":"10.1016/j.pacfin.2024.102653","DOIUrl":"10.1016/j.pacfin.2024.102653","url":null,"abstract":"<div><div>This study examines the effects of board demographic diversity on expropriative and propping related party transactions (RPT) of Indian listed firms. We find a significantly negative relation between the board demographic diversity and expropriative RPT, indicating the monitoring role of board diversity in mitigating expropriative RPT. This effect is dominant among firms with weaker shareholder activism and lower institutional ownership, highlighting that board diversity mitigates expropriative RPT where there are higher agency problems. The effect is also prominent in the absence of family directors on the board and lower founder ownership, indicating that board diversity mitigates expropriative RPT when there is less influence of founders on the board. In contrast, we find a significantly negative relation between board diversity and propping RPT for firms with family directors on the board and higher founder ownership, indicating that board diversity mitigates propping RPT where there is higher founder influence in the firm. The effect is also prominent for firms with lower institutional investors and lower leverage, indicating that board diversity mitigates propping RPT when there are weak external governance mechanisms. Our finding has important implications for regulators.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102653"},"PeriodicalIF":4.8,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143153010","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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