Pacific-Basin Finance Journal最新文献_第2页

Mandatory corporate ESG disclosure and default risk – Evidence from China 强制性企业环境、社会和治理信息披露与违约风险--来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.pacfin.2024.102578

Wei-an Li , Hanyu Du , Feng He

引用次数: 0

Asymmetric connectedness in the Chinese stock sectors: Overnight and daytime return spillovers 中国股票行业的非对称关联性：隔夜和白天的回报溢出效应

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.pacfin.2024.102585

Xianghui Yuan , Jun Long , Xiang Li , Chencheng Zhao

引用次数: 0

Does experience matter? An examination of individual Auditor's experience on executive implicit corruption 经验重要吗？对审计师个人在行政人员隐性腐败问题上的经验进行研究

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.pacfin.2024.102584

Jie Wang , Hanxiu Cheng , Ke Qiao

{"title":"Does experience matter? An examination of individual Auditor's experience on executive implicit corruption","authors":"Jie Wang , Hanxiu Cheng , Ke Qiao","doi":"10.1016/j.pacfin.2024.102584","DOIUrl":"10.1016/j.pacfin.2024.102584","url":null,"abstract":"<div><div>Executive corruption stands as a pervasive issue in the capital market, posing a substantial threat to the healthy and steady growth of companies. Using data from Chinese listed companies from 2007 to 2019, this study comprehensively investigates the correlation between individual auditor's experience and executive implicit corruption, delving deeper into the functions of both internal and external corporate governance frameworks. The results indicate that individual auditor's industry-specific and client-specific expertise play a critical role in mitigating executive implicit corruption. Further analysis suggests that as national anti-corruption efforts intensify and media scrutiny increases, the significance of auditor experience in combating executive corruption becomes even more evident. Additionally, in state-owned enterprises and companies with high transparency, the experience of individual auditors exerts a stronger influence in mitigating executive corruption, emphasizing its increased importance in a governance environment marked by transparency and standardization. This study not only guides practical corporate governance efforts but also provides substantial theoretical support for shaping relevant policies and regulatory interventions, highlighting the unique and substantial contributions of auditor individual characteristics to corporate governance and transparency.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102584"},"PeriodicalIF":4.8,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703280","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

Risk premium principal components for the Chinese stock market 中国股市的风险溢价主成分

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-16 DOI: 10.1016/j.pacfin.2024.102579

Jie Mao, Jingjing Shao, Weiguan Wang

引用次数: 0

Investing in relative market positions in interconnected financial markets: A strategy for international portfolio diversification 投资于相互关联的金融市场中的相对市场地位：国际投资组合多样化战略

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-15 DOI: 10.1016/j.pacfin.2024.102588

Hongbo He , Yiqing Chen , Jinghua Ou , Shujie Yao

{"title":"Investing in relative market positions in interconnected financial markets: A strategy for international portfolio diversification","authors":"Hongbo He , Yiqing Chen , Jinghua Ou , Shujie Yao","doi":"10.1016/j.pacfin.2024.102588","DOIUrl":"10.1016/j.pacfin.2024.102588","url":null,"abstract":"<div><div>International investors face challenges in properly diversifying their portfolios risk due to the increasingly interconnected nature of financial markets. Using the Tail-Event Driven Network (TENET) model, this study proposes two new indices, relative dominance and relative importance, to measure the relative market position of a stock market in the global stock market network. This study further proposes a dominance-importance-oriented (<span><math><mi>DIO</mi></math></span>) strategy to diversify portfolio risk in interconnected stock markets using data from the stock markets of 35 economies. The empirical findings show that stock markets in developed countries generally have higher relative dominance and lower relative importance, whereas those in developing and emerging countries have the opposite pattern. Moreover, financial liberalization is an important determinant of stock markets' relative positions in the global market network, although its impact varies with the economic development of their domicile countries. Furthermore, the <span><math><mi>DIO</mi></math></span> strategy offers a feasible and effective method for international portfolio diversification by jointly considering relative dominance and importance, verifying that portfolio diversification in terms of relative market position is beneficial.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102588"},"PeriodicalIF":4.8,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142703285","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

Foreign business exposure, policy uncertainty, and investment allocation decisions of Chinese multinational corporations 中国跨国公司的海外业务风险、政策不确定性和投资分配决策

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-15 DOI: 10.1016/j.pacfin.2024.102586

Xiaoxue Hu , Dongxu Li

引用次数: 0

Does benchmark-driven investment amplify the impact of the global financial cycle on emerging markets? 基准驱动型投资是否会放大全球金融周期对新兴市场的影响？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-15 DOI: 10.1016/j.pacfin.2024.102589

Yang Chen, Yun Feng, Qing Liu, Zhipeng Zhang

引用次数: 0

Organization capital and stock price crash risk 组织资本和股价暴跌风险

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-15 DOI: 10.1016/j.pacfin.2024.102587

Leqin Chen , Adrian C.H. Lei , Chen Song

{"title":"Organization capital and stock price crash risk","authors":"Leqin Chen , Adrian C.H. Lei , Chen Song","doi":"10.1016/j.pacfin.2024.102587","DOIUrl":"10.1016/j.pacfin.2024.102587","url":null,"abstract":"<div><div>This study explores the relationship between organization capital and stock price crash risk. Using a sample of publicly traded firms in China between 2010 and 2022, we find that firms with a high level of organization capital have higher future stock price crash risk. This positive relationship is more prominent for firms with low financing constraints, high profit retention ratios, and high levels of risk-taking behavior than for other firms. We also examine the potential mechanisms that moderate this positive relationship. Our results indicate that the positive association is less apparent among non-state-owned enterprises, firms in intensely religious environments, firms in which management holds shares, and firms with strong monitoring vigilance. Further analysis reveals that firms can reduce this positive association by increasing the frequency with which independent directors meet and increasing the diversity of the backgrounds of independent directors. Our findings are robust to various robustness tests, such as the instrumental variable approach, entropy balancing analysis, and alternative measures of organization capital and stock price crash risk.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102587"},"PeriodicalIF":4.8,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702209","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

Restrictive bond covenants: Evidence from family firms in China 限制性债券契约：来自中国家族企业的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-14 DOI: 10.1016/j.pacfin.2024.102581

Xueying Zhang , Chao Feng , Thomas Walker , Sergey Barabanov

{"title":"Restrictive bond covenants: Evidence from family firms in China","authors":"Xueying Zhang , Chao Feng , Thomas Walker , Sergey Barabanov","doi":"10.1016/j.pacfin.2024.102581","DOIUrl":"10.1016/j.pacfin.2024.102581","url":null,"abstract":"<div><div>Researchers and regulatory authorities are paying growing attention to the protection of creditors' interests against potential infringement by major shareholders in the Chinese bond market. In particular, family firms have come under increased scrutiny given the typically large, concentrated ownership position of the controlling family members. While family firms have been well-examined in most Western countries, there is little research to date on family firms in China – a research gap that is concerning given the growing importance of China's debt markets on a global stage and the recent bankruptcy wave surrounding Chinese bond issues. This study aims to close this gap by examining the impact of family control on the number of restrictive covenants in corporate bond contracts issued by Chinese companies. Based on a sample of over 1100 bonds issued between 2009 and 2021, we find that corporate bonds issued by Chinese family firms contain a larger number of restrictive covenants than those issued by non-family firms – a result that is in contrast with previous findings for the United States. Furthermore, the impact of family control on the number of restrictive covenants is more pronounced in bonds issued by companies with higher social capital control, lower investment efficiency, and higher financing constraints. A mechanism analysis reveals that relative to non-family firms, the shareholders and managers of family companies are more prone to collusion and exhibit a higher degree of separation of rights; this increases the risk to creditors' financial interests and raises their requirement for restrictive covenants. Finally, we present evidence to suggest that improving the level of internal governance and external supervision of firms can help to reduce the impact of family control on the number of restrictive covenants.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"89 ","pages":"Article 102581"},"PeriodicalIF":4.8,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142702736","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

Spillover effects of MSCI inclusion announcement: Evidence and implications from China MSCI 纳入公告的溢出效应：来自中国的证据和影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-11-13 DOI: 10.1016/j.pacfin.2024.102582

Zhihua Wei , Deqian Wu , Aimin Zeng , Bo Li

引用次数: 0