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International evidence on the cost of public debt issued by private versus public firms
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-10 DOI: 10.1016/j.pacfin.2025.102797
Lewis Liu , Peter Clarkson
{"title":"International evidence on the cost of public debt issued by private versus public firms","authors":"Lewis Liu ,&nbsp;Peter Clarkson","doi":"10.1016/j.pacfin.2025.102797","DOIUrl":"10.1016/j.pacfin.2025.102797","url":null,"abstract":"<div><div>In this study, we revisit the relation between ownership type (public versus private) and the cost of public debt. Based on the literature, we seek insights into the conditions under which private firms should expect to pay a premium and when, alternatively, they might expect to enjoy a cost benefit on issues of public debt relative to public firms. Using an international sample of 630,959 traded bond issues from 2001 to 2017, we initially confirm a higher cost of public debt for the private U.S. firms in our sample. Following, we alternatively confirm a lower cost of public debt for the private non-U.S. firms. Finally, we confirm that, for non-U.S. issuers, the benefit is reduced in jurisdictions with stronger institutional and regulatory frames. Additional tests (alternative econometric approaches, alternative partitions, and firms undertaking an IPO) provide further support.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102797"},"PeriodicalIF":4.8,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943579","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
Care or fear? The link between D&O liability insurance and CSR engagement: Evidence from China 关心还是害怕？董事责任保险与企业社会责任参与的关系：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-09 DOI: 10.1016/j.pacfin.2025.102805
Xin Huang , Ji (George) Wu , Hengyu Bai , Hanze Yu , Jing Li
{"title":"Care or fear? The link between D&O liability insurance and CSR engagement: Evidence from China","authors":"Xin Huang ,&nbsp;Ji (George) Wu ,&nbsp;Hengyu Bai ,&nbsp;Hanze Yu ,&nbsp;Jing Li","doi":"10.1016/j.pacfin.2025.102805","DOIUrl":"10.1016/j.pacfin.2025.102805","url":null,"abstract":"<div><div>We examine the relationship between firms' purchasing of Directors' and Officers' (D&amp;O) liability insurance and corporate social responsibility (CSR) engagement in China from 2009 to 2019. We find that firms with D&amp;O insurance exhibit significantly higher engagement in CSR activities. The main finding remains significant when we employ 2SLS and PSM-DiD approaches to address potential endogeneity concerns. The mechanism tests reveal that the main finding is driven by the reduction of financial constraints facilitated by D&amp;O insurance, although this positive effect can be weakened by the overinvestment restrictions associated with D&amp;O insurance. Finally, the positive effect of purchasing D&amp;O insurance on firms' CSR engagement is more pronounced for firms with high risk-taking behaviours, high levels of digital innovation, non-SOEs, and firms located in highly developed regions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102805"},"PeriodicalIF":4.8,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935716","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
Economic policy uncertainty and herding behavior in venture capital market: Evidence from China 经济政策不确定性与风险投资市场的羊群行为：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-06 DOI: 10.1016/j.pacfin.2025.102803
Yicong Sun, Hui Fu
{"title":"Economic policy uncertainty and herding behavior in venture capital market: Evidence from China","authors":"Yicong Sun,&nbsp;Hui Fu","doi":"10.1016/j.pacfin.2025.102803","DOIUrl":"10.1016/j.pacfin.2025.102803","url":null,"abstract":"<div><div>This paper investigates the impact of economic policy uncertainty (EPU) on herding behavior in China's venture capital market from 2002 to 2021. The study finds a significant negative relationship between EPU and herding behavior, indicating that venture capitalists are more likely to make independent judgments when EPU rises. Mechanism analysis reveals that under high EPU, investors become more specialized and favor stable mid‑to‑late‑stage projects, which in turn dampens market‑wide herding behavior. Further heterogeneity analysis shows that foreign-backed venture capital firms exhibit a more pronounced reduction in herding behavior, while government-backed institutions respond more weakly. In addition, experienced investors and early‑stage investors exhibit stronger reductions in herding when EPU rises. This study enriches the understanding of venture capital behavior under uncertainty and offers new empirical evidence to inform policymakers assessing how shifts in macroeconomic expectations influence the allocation of innovation capital.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102803"},"PeriodicalIF":4.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143946529","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
Digital innovation and supply chain risk: A large language model-based analysis 数字创新和供应链风险：基于大型语言模型的分析
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.pacfin.2025.102799
Siyu Fan , Dongmin Kong , Yifei Wu , Honghai Yu
{"title":"Digital innovation and supply chain risk: A large language model-based analysis","authors":"Siyu Fan ,&nbsp;Dongmin Kong ,&nbsp;Yifei Wu ,&nbsp;Honghai Yu","doi":"10.1016/j.pacfin.2025.102799","DOIUrl":"10.1016/j.pacfin.2025.102799","url":null,"abstract":"<div><div>We construct a firm-level supply chain risk measure using a novel approach based on large language models (LLMs) and explore whether digital innovation impacts this risk. Our findings reveal that firms with higher levels of digital innovation exhibit significantly lower supply chain risk exposure. These results are robust and remain significant after controlling for endogeneity issues. Moreover, the mitigating effect of digital innovation is particularly pronounced in firms with greater geographical supply chain distances, higher operational complexity, extensive overseas operations, short-term relationships with partners, and those in the manufacturing sector. We further demonstrate that digital innovation enhances information sharing and improves operational efficiency, serving as potential mechanisms for supply chain risk reduction. Overall, our results emphasize the significant role of digital innovation in enhancing supply chain resilience and contribute to the expanding literature on applying LLMs in finance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102799"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935715","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
Unveiling the veil: Identifying potential shell firms using machine learning approaches 揭开面纱：使用机器学习方法识别潜在的空壳公司
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.pacfin.2025.102798
Zijian Cheng , Tianze Li , Zhangxin (Frank) Liu
{"title":"Unveiling the veil: Identifying potential shell firms using machine learning approaches","authors":"Zijian Cheng ,&nbsp;Tianze Li ,&nbsp;Zhangxin (Frank) Liu","doi":"10.1016/j.pacfin.2025.102798","DOIUrl":"10.1016/j.pacfin.2025.102798","url":null,"abstract":"<div><div>China's approval-based initial public offering (IPO) system has fostered a shadow market of undisclosed potential shell firms, which play a crucial role in enabling reverse mergers (RMs) that bypass IPO regulatory scrutiny. Using machine learning (ML) techniques and firm-level data from 2011 to 2021, we identify these hidden shell firms and examine their characteristics. We find that shell firms are typically overvalued and exhibit weaker sensitivity to market-wide movements. Compared with traditional logistic models, the ML model demonstrates superior predictive and explanatory power in distinguishing shell firms from regular firms. Benefit–cost analyses further show that investors, auditors, and regulators can derive meaningful benefits from the model while incurring minimal costs. We contribute to the literature by applying ML to uncover hidden shell firms and by highlighting market inefficiencies arising from IPO entry restrictions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102798"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935714","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
Betting against the New: Early short selling post-IPO 做空新股：ipo后早期卖空
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.pacfin.2025.102796
Dongyoup Lee , Shu-Feng Wang
{"title":"Betting against the New: Early short selling post-IPO","authors":"Dongyoup Lee ,&nbsp;Shu-Feng Wang","doi":"10.1016/j.pacfin.2025.102796","DOIUrl":"10.1016/j.pacfin.2025.102796","url":null,"abstract":"<div><div>Short sellers consistently seek opportunities to profit by betting against overvalued stocks, and newly issued firms often exhibit overreaction due to IPO underpricing. This article investigates the initial short selling activities for IPO stocks in the Korean stock market, differentiated by investor types at the account level, and examines the profitability of these transactions. Contrary to common perceptions, short selling activities are not constrained immediately following an IPO, with the majority undertaken for speculative purposes. We find a positive relationship between the time to the first short sale and the first-day return, with regression analyses indicating that higher initial returns associated with IPO underpricing may prompt earlier participation by short sellers. While foreign investors remain the primary participants in short selling new firms, individual investors tend to profit from a select number of IPO stocks for which they possess relevant information. Our findings suggest that imposing a short selling ban, such as the one enacted during the COVID-19 pandemic, may inadvertently exacerbate stock market overreactions, potentially resulting in overvaluation by restricting the market's ability to correct inflated prices through short selling mechanisms.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102796"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143928827","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 distance matter? Geographic proximity to EPBs and corporate environmental investment: Evidence from China 距离重要吗？地理邻近环境保护局与企业环境投资：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-05 DOI: 10.1016/j.pacfin.2025.102792
Xiaotong Yang , Yuan Zhang , Bing Zhu , Liding Shen
{"title":"Does distance matter? Geographic proximity to EPBs and corporate environmental investment: Evidence from China","authors":"Xiaotong Yang ,&nbsp;Yuan Zhang ,&nbsp;Bing Zhu ,&nbsp;Liding Shen","doi":"10.1016/j.pacfin.2025.102792","DOIUrl":"10.1016/j.pacfin.2025.102792","url":null,"abstract":"<div><div>This study investigates the impact of geographic proximity to Environmental Protection Bureaus (EPBs) on corporate environmental investments by firms in heavily polluting industries. Using a sample of Chinese A-share listed companies in heavily polluting industries from 2000 to 2020, we find that geographic proximity to EPBs is positively associated with corporate environmental investment. Specifically, firms located closer to EPBs tend to invest more in environmental protection. This relationship remains robust even after addressing potential endogeneity concerns and holds consistently across alternative measures of regulatory distance and various city classifications. Mechanism analysis reveals that the increased environmental investment induced by geographic proximity to EPBs occurs through the strengthened local government environmental enforcement. Further analysis indicates that the negative impact of greater geographic distance on environmental investment is more pronounced for firms operating in opaque information environments and those facing higher transportation costs. Additionally, cross-sectional tests show that this negative effect is more pronounced when EPBs face greater environmental protection pressures and when firms are state-owned enterprises (SOEs) or face fewer financial constraints. Overall, our study identifies geographic proximity to EPBs as a critical factor influencing corporate environmental investment.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102792"},"PeriodicalIF":4.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143928825","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
Shift in corporate financing strategies: The impact of targeted poverty alleviation on trade credit 企业融资策略的转变：精准扶贫对贸易信贷的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-04 DOI: 10.1016/j.pacfin.2025.102795
Jing Zhou , Ying Yang , Fang Zhang , Lili Jiu
{"title":"Shift in corporate financing strategies: The impact of targeted poverty alleviation on trade credit","authors":"Jing Zhou ,&nbsp;Ying Yang ,&nbsp;Fang Zhang ,&nbsp;Lili Jiu","doi":"10.1016/j.pacfin.2025.102795","DOIUrl":"10.1016/j.pacfin.2025.102795","url":null,"abstract":"<div><div>This study examines the impact of corporate targeted poverty alleviation (TPA) initiatives on trade credit financing. We find that firms engaging in TPA activities experience a significant reduction in their reliance on trade credit. This effect is more pronounced for firms with higher operational risk, those located in regions with lower financial development, and those participating in TPA through industrial development projects. Mechanism analysis reveals that TPA participation enhances firms' access to bank loans and lowers financing cost, thereby reducing their dependence on trade credit. Our study contributes to the literature by demonstrating how government-initiated corporate social engagement shapes firms' financing strategies. It also provides practical insights for policymakers and firms, highlighting the government role in addressing the challenges in trade credit markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102795"},"PeriodicalIF":4.8,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143928826","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 do dividends signal when they are highly volatile? 当股息高度波动时，它是如何发出信号的？
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-04 DOI: 10.1016/j.pacfin.2025.102794
Liubing Cheng , Yanyan Chen , Feng Liu
{"title":"How do dividends signal when they are highly volatile?","authors":"Liubing Cheng ,&nbsp;Yanyan Chen ,&nbsp;Feng Liu","doi":"10.1016/j.pacfin.2025.102794","DOIUrl":"10.1016/j.pacfin.2025.102794","url":null,"abstract":"<div><div>This study investigates the signaling role of dividends in China, a market characterized by high dividend volatility. We show that dividend changes, especially increases, primarily signal short-term earnings information. Dividend changes generate only short-term market reactions, with no significant long-term price drift. Notably, the regulation from the China Securities Regulatory Commission diminishes the efficiency of dividend signaling. The information conveyed by dividend changes aligns with that from two other channels: Management Discussion and Analysis (MD&amp;A) tone and investor platform inquiries. Companies strategically adjust the combination of dividends and MD&amp;A tone based on future earnings to convey information. Collectively, these findings suggest that the efficiency of dividend signaling in the Chinese market is limited.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102794"},"PeriodicalIF":4.8,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143918505","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 risk management innovation in global commodity futures markets: A macroeconomic attention perspective 全球商品期货市场的金融风险管理创新：宏观经济关注视角
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-05-04 DOI: 10.1016/j.pacfin.2025.102800
Xinjie Lu , Feng Ma , Qiang Guo , Tianyang Wang
{"title":"Financial risk management innovation in global commodity futures markets: A macroeconomic attention perspective","authors":"Xinjie Lu ,&nbsp;Feng Ma ,&nbsp;Qiang Guo ,&nbsp;Tianyang Wang","doi":"10.1016/j.pacfin.2025.102800","DOIUrl":"10.1016/j.pacfin.2025.102800","url":null,"abstract":"<div><div>Financial risk management innovation is of vital importance in the commodity futures markets due to it has gone a rollercoaster ride with twists and turns in recent years. This study aims to comprehensively explore the risk management innovation in global commodity futures markets by applying some novel macroeconomic indices. More specifically, we examine the predictive information of eight macroeconomic attention indices constructed by Fisher et al. (2022) for nineteen commodity price indices using a new series of hybrid models integrating with random forest and dimensionality reduction models. Empirical results show that macroeconomic attention indices can efficiently provide predictive information for commodity futures market volatility. Additionally, we discovered that combining random forest and SPCA models can obtain a relatively better performance for the global commodity futures markets, even during the COVID-19 pandemic period. This study offers a new research perspective on the relationship between global commodity futures markets and the macroeconomic attention index, providing financial risk management innovation significance for research and practices.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102800"},"PeriodicalIF":4.8,"publicationDate":"2025-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143932031","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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