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

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

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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 , Qinglu Jin , 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&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&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

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, Yosuke Kimura, 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

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

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

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 , Chi-Yu Chen , 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, 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

Robot adoption and corporate pollution emissions: Evidence from China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-12-20 DOI: 10.1016/j.pacfin.2024.102647

Rui Xu , Hao Zhang , Minghui Han , Leo Yang Yang

引用次数: 0