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

Bank financing diversification, market structure, and stability in a dual-banking system 双重银行体系中的银行融资多样化、市场结构和稳定性

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-17 DOI: 10.1016/j.pacfin.2024.102461

{"title":"Bank financing diversification, market structure, and stability in a dual-banking system","authors":"","doi":"10.1016/j.pacfin.2024.102461","DOIUrl":"10.1016/j.pacfin.2024.102461","url":null,"abstract":"<div><p>This paper examines the effects of bank financing diversification and market concentration on bank stability in Malaysia. Our study is unique as it investigates these effects within a banking industry that has undergone major restructuring due to the introduction and rapid penetration of a new banking type, Islamic banking. Despite its recent history, Islamic banking, having benefited from strong government support, has grown to command more than a third of the market share. The extensive realignment caused by such industry disruption makes the study of such effects on banking stability highly relevant and interesting. The study investigates 24 conventional and 18 Islamic banks in Malaysia from 2003 to 2019. Our results reveal differences in the above dynamics between the two bank types. Increasing diversification up to a moderate level enhances the stability of conventional banks, but only in less-concentrated markets. Very high diversification levels, however, impair their stability. For Islamic banks, stability seems unresponsive to financing diversification. Furthermore, while market concentration negatively affects the stability of conventional banks, Islamic banks appear to benefit from market concentration. These findings withstand our robustness tests using alternative measures of the key variables. Further examination suggests that these dynamics may have a temporal dimension. Our findings imply that a policy based on a single regulatory framework emphasizing increased diversification and competition across the industry may not be appropriate for all banks. Conventional and Islamic banks may require different regulatory treatment.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0927538X24002129/pdfft?md5=1aede8ccb0c6c53ab0bd575edec15c3c&pid=1-s2.0-S0927538X24002129-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141783370","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

Impact of post-IPO investments on the long-term financial market performance of Japanese IPOs: A preregistered report IPO 后投资对日本 IPO 长期金融市场表现的影响：预注册报告

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-17 DOI: 10.1016/j.pacfin.2024.102463

引用次数: 0

Spot check on corporate disclosure quality: Insights from policy learning 企业信息披露质量抽查：政策学习的启示

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-17 DOI: 10.1016/j.pacfin.2024.102459

{"title":"Spot check on corporate disclosure quality: Insights from policy learning","authors":"","doi":"10.1016/j.pacfin.2024.102459","DOIUrl":"10.1016/j.pacfin.2024.102459","url":null,"abstract":"<div><p>The China Securities Regulatory Commission (CSRC) carried out a Spot Check on corporate disclosure quality by random inspection of 5% of listed firms every year since 2016. This paper uses the policy learning method to <em>evaluate and optimize</em> the spot-check policy. Firstly, we employ <em>double machine learning</em> to evaluate the <em>individual</em> treatment effect of the policy. The results demonstrate that the treatment effects of the policy exhibit significant heterogeneity and do not significantly improve the overall corporate disclosure quality of listed firms. This may be because the proportion of firms that need to be randomly inspected is larger than 5% which is specified by the CSRC. Moreover, the limitations of random sampling hinder its ability to precisely identify the firms necessitating inspection, thereby reducing the efficiency of the inspection. Secondly, we apply the <em>policy tree</em> algorithm to optimize the spot-check policy. The improved policy can achieve a significant positive treatment effect, which is far greater than the treatment effect of the current random inspection. Finally, we evaluated the spillover effects of random inspections and determined that the existing random inspection policy does not exert a noteworthy deterrence influence on the peer firms of those inspected. Further optimization of the policy uncovered that the ineffectiveness of random inspections as a deterrent is primarily attributed to a low inspection rate. Specifically, an average inspection rate of at least 28% is required to achieve a substantial deterrent impact on the peer firms of the inspected entities.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141850268","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

Understanding the local government debt in China 了解中国的地方政府债务

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-15 DOI: 10.1016/j.pacfin.2024.102456

{"title":"Understanding the local government debt in China","authors":"","doi":"10.1016/j.pacfin.2024.102456","DOIUrl":"10.1016/j.pacfin.2024.102456","url":null,"abstract":"<div><p>The alarmingly high level of local government debt (LGD) in China threatens the financial stability, fiscal system, and sustainability of China's economic success. This study provides a comprehensive and in-depth understanding of the evolution and causes of LGD expansion by investigating institutional details, developing conceptual frameworks through economic and institutional lenses, and conducting empirical analyses. Under the economic framework, we find that the demand-side (issuing LGD to fill the widening fiscal deficits) driver explains little about the rapid expansion of LGD in China except in the Northeastern region, while the supply-side driver (banks' and the public's asset needs) and investments in real estate and local employment are positively associated with LGD. Under the institutional framework, rent-seeking behaviors (capitalizing on executive power and institutional frictions), instead of resolving institutional frictions (connecting agents of different political and economic natures to achieve state goals through market mechanisms) is a significant determinant of LGD. These findings suggest that anti-corruption and system design (or supervision and incentives) in addressing the boundary between local government officials and businesses is critical for financial stability and economic sustainability in China.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141711025","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 effect of cybersecurity legislation on firm cost behavior: Evidence from China 网络安全立法对企业成本行为的影响：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-15 DOI: 10.1016/j.pacfin.2024.102460

引用次数: 0

Forecasting Chinese stock market volatility with high-frequency intraday and current return information 利用高频日内和当期回报信息预测中国股市波动性

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-14 DOI: 10.1016/j.pacfin.2024.102458

{"title":"Forecasting Chinese stock market volatility with high-frequency intraday and current return information","authors":"","doi":"10.1016/j.pacfin.2024.102458","DOIUrl":"10.1016/j.pacfin.2024.102458","url":null,"abstract":"<div><p>In this paper, we propose the Real-Time Realized GARCH model incorporating the high-frequency intraday information and current return information simultaneously to model and forecast the Chinese stock market volatility. An empirical application to the Shanghai Stock Exchange Composite Index (SSEC) and Shenzhen Stock Exchange Component Index (SZSEC) of China shows that the model outperforms the GARCH model, the Real-Time GARCH model and the Realized GARCH model in terms of both empirical return fit and out-of-sample volatility forecast. Moreover, robustness analysis demonstrates that the superior out-of-sample predictive power of the Real-Time Realized GARCH model is robust to alternative out-of-sample forecast windows, alternative realized measure as well as alternative forecast horizons. Finally, we show that for a risk-averse investor, incorporating the high-frequency intraday information and current return information into a volatility-timing strategy yields substantial economic benefits. Our empirical findings highlight the value of incorporating both the high-frequency intraday information and current return information for forecasting the Chinese stock market volatility.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141713192","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

Understanding researchers' perceptions and experiences in finance research replication studies: A pre-registered report 了解研究人员在金融研究复制研究中的看法和经验：太平洋盆地金融期刊》案例研究

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-14 DOI: 10.1016/j.pacfin.2024.102454

引用次数: 0

Clan culture and corporate cash holdings: Are private companies supported by informal institutions? 宗族文化与公司现金持有量：私营公司是否得到非正式机构的支持？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-11 DOI: 10.1016/j.pacfin.2024.102452

{"title":"Clan culture and corporate cash holdings: Are private companies supported by informal institutions?","authors":"","doi":"10.1016/j.pacfin.2024.102452","DOIUrl":"10.1016/j.pacfin.2024.102452","url":null,"abstract":"<div><p>In this paper, we empirically examine whether clan culture in China, an extant informal institution established 2000 years ago, affects corporate cash holdings. We use city-level pedigree density as a proxy for clan culture and find that private firms deeply entrenched in clan culture are less likely to hold cash. Our results hold after a series of robustness tests, including instrumental variable regression, alternative measures, and controlling for other influencing factors. Mechanism tests demonstrate that in places with strong clan culture, the cash holdings of private firms are less sensitive to the volatility of operating cash flow, and those non-state-owned enterprises are more likely to obtain alternative financing sources and less likely to carry out high-risk activities. Cross-sectional analyses show that the negative relationship between clan culture and corporate cash holdings is more prominent for firms located in areas with lower marketization or worse economic development. Furthermore, under the shock of the COVID-19 pandemic, firms with strong clan culture enjoy faster growth in trade credit rather than in interest-bearing liabilities. Overall, our findings provide evidence for the existence of sociocultural determinants of corporate cash holding decisions, as they demonstrate that clan culture secures corporate operations and thus reduces the precautionary motives for holding cash.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141714302","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

Collateral reuse as a direct funding mechanism in repo markets 作为回购市场直接融资机制的抵押品再利用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-10 DOI: 10.1016/j.pacfin.2024.102449

引用次数: 0

Public data accessibility and corporate maturity mismatch: Evidence from China 公共数据可获取性与企业成熟度错配：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-10 DOI: 10.1016/j.pacfin.2024.102455

Dongdong Li , Mingxia Gui , Rui Ma , Yiwen Feng

{"title":"Public data accessibility and corporate maturity mismatch: Evidence from China","authors":"Dongdong Li , Mingxia Gui , Rui Ma , Yiwen Feng","doi":"10.1016/j.pacfin.2024.102455","DOIUrl":"https://doi.org/10.1016/j.pacfin.2024.102455","url":null,"abstract":"<div><p>As the importance of public data to the real economy continues to be recognized, this study explores public data accessibility as a determinant of corporate maturity mismatch between investment and financing. Exploiting the staggered establishment of public data open platforms (PDOPs) across different cities in China, we observe a significant reduction in local firms' maturity mismatch following the establishment of PDOPs. The results remain robust even after conducting a battery of robustness tests, including placebo tests, matching analysis, as well as controlling for the influence of other major concurrent reforms and utilizing alternative measures for corporate maturity mismatch. Mechanism analysis indicates that the establishment of PDOPs contributes to an increase in the scale of long-term loans and an extension of the debt maturity structure. This suggests that enhanced public data accessibility effectively strengthens banks' information discernment capabilities. Cross-sectional analysis indicates that the effects are more pronounced in samples of private enterprises, companies with high levels of earnings management, fewer analysts covering, lower collateral values, and a higher proportion of local subsidiaries. Additionally, the economic consequence analysis reveals that the establishment of PDOPs ultimately helps to reduce corporate default risk. Finally, this study finds no evidence of potential spatial spillover effects from the establishment of PDOPs. This study offers a new perspective on understanding changes in corporate maturity mismatch, providing significant policy implications for preventing and mitigating financial risks.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141606470","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