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Lexical diversity, soft information skills and hedge fund performance: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-19 DOI: 10.1016/j.pacfin.2024.102635
Yuqian He , Lu Li , Yihang Li , Yuehong Liang , Yating Ye
{"title":"Lexical diversity, soft information skills and hedge fund performance: Evidence from China","authors":"Yuqian He ,&nbsp;Lu Li ,&nbsp;Yihang Li ,&nbsp;Yuehong Liang ,&nbsp;Yating Ye","doi":"10.1016/j.pacfin.2024.102635","DOIUrl":"10.1016/j.pacfin.2024.102635","url":null,"abstract":"<div><div>This paper investigates the impact of hedge fund managers' lexical diversity on fund performance in China. Using a novel dataset of public statements from Chinese hedge fund managers, we measure lexical diversity to assess how language skills reflect cognitive abilities and influence fund outcomes. The analysis demonstrates that higher lexical diversity is positively associated with fund returns and alpha, but also with increased risk. We further show that the risk exposures involve greater sensitivity to specific factors like momentum, commodity markets, interest rates, and credit spreads, coupled with more active and distinctive trading behaviors, such as higher turnover and a focus on non-benchmark stocks. Additionally, investors appear to recognize these implications, as funds managed by lexically diverse individuals attract significantly greater inflows. The study provides new insights into the role of language and cognitive skills in financial markets, highlighting the importance of soft information in shaping hedge fund performance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102635"},"PeriodicalIF":4.8,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152397","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
Structural monetary policy, corporate behavior, and pay gap: Evidence from SMEs in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-18 DOI: 10.1016/j.pacfin.2024.102643
Wanshan Wu , Lumin Jin , Chang-Chih Chen , Jianchun Fang , Cheng Yan
{"title":"Structural monetary policy, corporate behavior, and pay gap: Evidence from SMEs in China","authors":"Wanshan Wu ,&nbsp;Lumin Jin ,&nbsp;Chang-Chih Chen ,&nbsp;Jianchun Fang ,&nbsp;Cheng Yan","doi":"10.1016/j.pacfin.2024.102643","DOIUrl":"10.1016/j.pacfin.2024.102643","url":null,"abstract":"<div><div>Based on the implementation of a series of structural monetary policies for small and micro enterprises (SMEs), this study examines the impact of these policies on the pay gap between SMEs and large enterprises (including medium-sized enterprises) and their generation mechanisms. The study finds policy implementation can enable SMEs to achieve higher employee salary growth. In addition, SMEs tend to increase current output, reserve future inventories, and prefer liquidity needs has suppressed the growth of relative wages. On the contrary, SMEs with expanded financial investment, increased R&amp;D investment, increased long-term borrowing and higher retained earnings have increased relative wages.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102643"},"PeriodicalIF":4.8,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152394","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
Cybersecurity governance and corporate market value: Perspectives from investor trust and supply chain trust
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-18 DOI: 10.1016/j.pacfin.2024.102646
Weijie Tan , Binhua Guo , Qiantao Zhang
{"title":"Cybersecurity governance and corporate market value: Perspectives from investor trust and supply chain trust","authors":"Weijie Tan ,&nbsp;Binhua Guo ,&nbsp;Qiantao Zhang","doi":"10.1016/j.pacfin.2024.102646","DOIUrl":"10.1016/j.pacfin.2024.102646","url":null,"abstract":"<div><div>In the digital era, data security and governance have become essential pillars for corporate ESG (Environmental, Social, and Governance) development and for maintaining social stability. This paper employs machine learning-based textual analysis to map cybersecurity governance in Chinese firms and government digital economy regulatory indicators. From the perspectives of investor trust and supply chain trust, and incorporating legitimacy theory, we empirically examine the relationship between cybersecurity governance, government digital economy regulation, and corporate market value. The study finds that cybersecurity governance significantly enhances corporate market value, primarily through a reputation-building mechanism that strengthens both investor trust and supply chain trust. Heterogeneity analysis shows that the market reputation effect of cybersecurity governance is more pronounced in firms with non-short-sighted management, stronger protection of trade secrets, higher media attention on ESG, and in high-tech industries. Furthermore, government digital economy regulation can further amplify the positive impact of corporate cybersecurity governance on market value, with the most significant effects observed in areas such as rights protection, data sharing, and security safeguards. The findings of this paper provide important practical insights for firms in emerging economies to address cybersecurity risks, stabilize supply chains, and enhance investor cooperation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102646"},"PeriodicalIF":4.8,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151907","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
Regional financial risk and firms' access to trade credit: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-18 DOI: 10.1016/j.pacfin.2024.102642
Luqing Shi , Zhujia Yin , Yun Zhang , Linjia Song , Xin Yang
{"title":"Regional financial risk and firms' access to trade credit: Evidence from China","authors":"Luqing Shi ,&nbsp;Zhujia Yin ,&nbsp;Yun Zhang ,&nbsp;Linjia Song ,&nbsp;Xin Yang","doi":"10.1016/j.pacfin.2024.102642","DOIUrl":"10.1016/j.pacfin.2024.102642","url":null,"abstract":"<div><div>Regional financial risk, as a representative form of tangible financial risk, introduces heightened uncertainty into the external economic environment of firms. Different from previous studies on aggregate financial risk conditions, this paper focuses on the impact of regional financial risk on firms' access to trade credit. We find a robust negative relationship between regional financial risk and trade credit. Moreover, channel tests reveal that this relationship is achieved through increased cash holdings, reduced investment demand, and being in financial distress. Cross-sectional tests show that this effect is moderated for firms with high market power and high-tech attributes, as well as those located in regions with high levels of marketization processes, social trust, and bank loans. Further analysis indicates that the effect of regional financial risk on trade credit varies significantly across China's four economic regions. This paper contributes to the literature on the determinants of firms' access to trade credit and the empirical literature on China's geographically segmented financial markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102642"},"PeriodicalIF":4.8,"publicationDate":"2024-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151908","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 headlines to IPO: How AI-related media coverage of companies and leadership influences IPO durations
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-17 DOI: 10.1016/j.pacfin.2024.102639
Zhiwei He , Wei Liu , Xuefeng Shao , Yahui Xu
{"title":"From headlines to IPO: How AI-related media coverage of companies and leadership influences IPO durations","authors":"Zhiwei He ,&nbsp;Wei Liu ,&nbsp;Xuefeng Shao ,&nbsp;Yahui Xu","doi":"10.1016/j.pacfin.2024.102639","DOIUrl":"10.1016/j.pacfin.2024.102639","url":null,"abstract":"<div><div>Complex media environments often intertwine multiple focal actors in media reports and different characteristics of media coverage. Credibility differences among various media sub-markets further exacerbate this complexity. Previous studies have limited understanding of the interactions between different focal subjects or media characteristics. This study focuses on the niche media market of official media coverage on corporate artificial intelligence (AI)-related activities to explore the impact of official media evaluations on the duration of corporate initial public offering (IPO) processes and the nonlinear moderating role of leadership media exposure on this impact. We examined the IPO review activities of 735 Chinese firms under the under the registration-based IPO system from 2019 to 2022, with a specific focus on media sentiment analysis through supervised machine learning techniques. Our findings are largely support our hypotheses: positive evaluations by official media of corporate AI activities are associated with shorter IPO process durations, with moderate leadership media exposure being most effective in expediting the process. Additionally, although official media can filter out firms with strong AI capabilities, these firms tend to exhibit poorer profitability after their IPOs. This study establishes connections between the relatively fragmented literature on different focal subjects and media characteristics.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102639"},"PeriodicalIF":4.8,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152393","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
What's in a name? Uncovering a link between intermediation margins of Islamic banks and the reputation of Shariah Supervisory Boards
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-16 DOI: 10.1016/j.pacfin.2024.102641
Wajahat Azmi , M. Kabir Hassan , Lutfi Abdul Razak , Mohsin Ali
{"title":"What's in a name? Uncovering a link between intermediation margins of Islamic banks and the reputation of Shariah Supervisory Boards","authors":"Wajahat Azmi ,&nbsp;M. Kabir Hassan ,&nbsp;Lutfi Abdul Razak ,&nbsp;Mohsin Ali","doi":"10.1016/j.pacfin.2024.102641","DOIUrl":"10.1016/j.pacfin.2024.102641","url":null,"abstract":"<div><div>Using hand-collected information of Shariah scholars in 114 Islamic banks from 17 countries between 2012 and 2019, we investigate the link between the reputation of Shariah Supervisory Boards (SSBs) and intermediation margins. Consistent with the resource-based view and signalling theory, we find a positive association between reputable SSBs and higher intermediation margins after controlling for several bank-level and macroeconomic variables. These findings are robust across a variety of different estimation methods as well as alternative measures of bank performance. This implies that the inclusion of reputed scholars is a source of competitive advantage for Islamic banks. However, this advantage can only be realized if the percentage of reputed scholars is more than 25 % of the total board. Finally, we find that deposits and financing are the key channels through which reputation translates into higher intermediation margins.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102641"},"PeriodicalIF":4.8,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152395","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
Broadband policy and bank loans
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-16 DOI: 10.1016/j.pacfin.2024.102630
Donghui Li , Yuan Li , Chun Yuan
{"title":"Broadband policy and bank loans","authors":"Donghui Li ,&nbsp;Yuan Li ,&nbsp;Chun Yuan","doi":"10.1016/j.pacfin.2024.102630","DOIUrl":"10.1016/j.pacfin.2024.102630","url":null,"abstract":"<div><div>Using a unique loan-level dataset from a nationwide state-owned commercial bank in China, we find that loan pricing of borrowing firms decreases significantly following a staggered implementation of Broadband China by reducing the costs of information gathering and transmission for banks as well as increasing the firm business environment. This effect is more pronounced when borrowing firms are smaller, followed by fewer analysts, or located in regions with low degrees of marketization and education. We also find that broadband policy increases the loan size. We conduct various robustness tests to consider endogeneity issues, following which our main conclusions remain valid.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102630"},"PeriodicalIF":4.8,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152388","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
Stablecoin depegging risk prediction
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-16 DOI: 10.1016/j.pacfin.2024.102640
Yi-Hsi Lee , Yu-Fen Chiu , Ming-Hua Hsieh
{"title":"Stablecoin depegging risk prediction","authors":"Yi-Hsi Lee ,&nbsp;Yu-Fen Chiu ,&nbsp;Ming-Hua Hsieh","doi":"10.1016/j.pacfin.2024.102640","DOIUrl":"10.1016/j.pacfin.2024.102640","url":null,"abstract":"<div><div>This study aims to identify and analyze key factors contributing to depegging risks in stablecoins, consolidating insights from the literature into four critical categories: trading price and volume, market information, sentiment, and volatility. Utilizing these insights, we develop predictive models using three machine learning algorithms—logistic regression, random forest, and XGBoost—to accurately and timely predict stablecoin depegging events. Our primary subjects are the top four stablecoins by daily trading volume: USDT, USDC, BUSD, and DAI. Diverging from previous studies that employed static depegging thresholds, we adopt a dynamic threshold adjusted for trading volume. Additionally, this study is the first to incorporate sentiment indicators from news sources alongside traditional on-chain price and volume data. Covering the empirical period from January 1, 2022, to December 31, 2023.</div><div>Our findings confirm that significant fluctuations in mainstream cryptocurrencies (BTC and ETH) indeed influence stablecoin depegging. While past literature's instability measures provide early warning effects, the sentiment indicators surprisingly did not show significant early warning effects for our research subjects. The models developed enable crypto asset investors to predict the risk of stablecoin depegging promptly, facilitating informed investment decisions and reducing investment risks.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102640"},"PeriodicalIF":4.8,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151906","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
Government-led resource allocation and firm productivity: Evidence from a quasi-natural experiment
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-16 DOI: 10.1016/j.pacfin.2024.102638
Guifeng Shi, Huijun Li
{"title":"Government-led resource allocation and firm productivity: Evidence from a quasi-natural experiment","authors":"Guifeng Shi,&nbsp;Huijun Li","doi":"10.1016/j.pacfin.2024.102638","DOIUrl":"10.1016/j.pacfin.2024.102638","url":null,"abstract":"<div><div>We examine the effect of a government-led reform on firm productivity. This reform aimed to establish a comprehensive evaluation system to guide the allocation of resources. Using a stacked difference-in-differences estimate, we document the following results. First, the reform improves firm productivity by 1.8 %. Second, the effect of the reform is more pronounced among smaller firms and firms operating in less competitive industries. Third, the reform enhances the efficiency of resource allocation and utilization. Our study informs policymakers about the effectiveness of government participation in resource allocation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102638"},"PeriodicalIF":4.8,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152396","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
Potential information leakage and implications on discretionary liquidity traders
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-12-13 DOI: 10.1016/j.pacfin.2024.102631
Hong Liu , Ying Jiang , Deqing Zhou , Wenjie Wang , Yu Wang
{"title":"Potential information leakage and implications on discretionary liquidity traders","authors":"Hong Liu ,&nbsp;Ying Jiang ,&nbsp;Deqing Zhou ,&nbsp;Wenjie Wang ,&nbsp;Yu Wang","doi":"10.1016/j.pacfin.2024.102631","DOIUrl":"10.1016/j.pacfin.2024.102631","url":null,"abstract":"<div><div>A two-period framework has been constructed to examine the effects of potential information leakage on both the information and financial markets, where an informed agent is subject to post-disclosure requirements. As the probability of leakage increases, the informed agent becomes more compelled to exploit the information earlier, thereby making the early price more informative. However, the final price becomes less informative as the acquisition of information is discouraged. Discretionary liquidity traders would prefer the later period over the early one, and their discretion over timing demands further discourages the precision of information.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102631"},"PeriodicalIF":4.8,"publicationDate":"2024-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152392","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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