Pacific-Basin Finance Journal最新文献_第2页

Mixed-ownership reform and AI adoption in state-owned enterprises: A pre-registered report 国企混合所有制改革与人工智能应用：一份预注册报告

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-29 DOI: 10.1016/j.pacfin.2025.102954

Ziteng Han, Lingxi Chen, Teng Zhong

引用次数: 0

The impact of excessive financial investment on corporate risk 金融过度投资对企业风险的影响

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-29 DOI: 10.1016/j.pacfin.2025.102955

Haonan Zhang , Qinghua Zhang , Jian Chen

{"title":"The impact of excessive financial investment on corporate risk","authors":"Haonan Zhang , Qinghua Zhang , Jian Chen","doi":"10.1016/j.pacfin.2025.102955","DOIUrl":"10.1016/j.pacfin.2025.102955","url":null,"abstract":"<div><div>This study examines the rising trend of financialization among Chinese non-financial corporations, emphasizing its implications for the real economy and sustainable development. Using data from publicly listed companies on China's A-share market from 2009 to 2023, the research investigates how excessive financial investment behaviors affect corporate risk. The study conducts an extensive empirical analysis using data from the Chinese A-share market. It employs fixed-effects models and instrumental variable methods to establish a causal relationship between financial investment activities and corporate risk. The results demonstrate that excessive financial investment significantly increases corporate risk. Specifically, investments in trading financial assets and real estate primarily drive this heightened risk. Such investments divert corporate attention from core activities by reducing research and development expenditures and creating financial mismatches. However, effective corporate governance can partially offset these negative impacts of financialization. This study contributes uniquely to existing literature on financial investments by non-financial firms. It goes beyond traditional metrics such as total investment scale or profit share, instead distinguishing between moderate and excessive financial investments. Furthermore, this study specifies the role of corporate governance as a critical boundary condition, which provides new evidence for understanding the relationship between financialization and the stability of the real economy and offers significant insights for corporate risk management and relevant policy-making.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102955"},"PeriodicalIF":5.3,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145266856","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

Insider trading patterns during the COVID period COVID期间的内幕交易模式

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-29 DOI: 10.1016/j.pacfin.2025.102957

George J. Jiang , Xiaoli Ma , Yun Ma

引用次数: 0

Does cultural diversity affect trade credit provision? 文化多样性是否影响贸易信贷供应？

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-26 DOI: 10.1016/j.pacfin.2025.102952

Liang Ma, Yuetang Wang, Yuan Yuan

引用次数: 0

Cavalry or locust? Foreign ownership heterogeneity and bank lending cyclicality 骑兵还是蝗虫？外资所有权异质性与银行贷款周期性

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-25 DOI: 10.1016/j.pacfin.2025.102950

Xiaohui Yuan

{"title":"Cavalry or locust? Foreign ownership heterogeneity and bank lending cyclicality","authors":"Xiaohui Yuan","doi":"10.1016/j.pacfin.2025.102950","DOIUrl":"10.1016/j.pacfin.2025.102950","url":null,"abstract":"<div><div>Lowering the cyclicality of bank lending has become a significant regulatory goal due to its undesirable effects on the economy and financial stability. As foreign bank presence increases, particularly in emerging markets, existing studies have examined the lending cyclicality of foreign-controlled banks. However, the impact of minor foreign ownership in domestic banks remains largely unexplored. This paper explores whether and how major and minor foreign ownership influences the cyclicality of banks' lending behaviors, using a global bank-level dataset of 7027 banks from 2002 to 2021. This study finds that both major and minor foreign ownership increase the procyclicality of bank lending. Interestingly, banks with major foreign ownership exhibit stronger procyclical lending behaviors with lower deposit funding and loan quality, while those with minor foreign ownership do so under lower liquidity. Further analysis suggests improvements in institutional quality, bank competition, and responses to global crises can mitigate these effects. This paper sheds new light on foreign ownership and bank lending cyclicality, offering implications for bank ownership, financial openness and stability, and macroprudential policy design, particularly for emerging markets where foreign bank presence is growing rapidly.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102950"},"PeriodicalIF":5.3,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145227311","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 AI reduces pollutant emissions: The dual mechanisms of productivity enhancement and financing constraint alleviation 人工智能如何减少污染物排放：提高生产率和缓解融资约束的双重机制

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-24 DOI: 10.1016/j.pacfin.2025.102951

Ping Jiang , Yunxiao Ma

{"title":"How AI reduces pollutant emissions: The dual mechanisms of productivity enhancement and financing constraint alleviation","authors":"Ping Jiang , Yunxiao Ma","doi":"10.1016/j.pacfin.2025.102951","DOIUrl":"10.1016/j.pacfin.2025.102951","url":null,"abstract":"<div><div>Artificial intelligence (AI) technology is an indispensable driving force in promoting the green transformation of enterprises and high-quality development. Based on China's A-share listed companies, this study establishes firm-level AI technology indicators constructed from annual reports via semantic extraction based on GLM-4 large language model to empirically examine the impact of AI on corporate pollution behavior and its mechanism. The research findings indicate that AI technology can effectively reduce the intensity of corporate pollutant emissions. And this conclusion is robust to various tests. Mechanistically, AI improves the TFP of firms and alleviates financing constraints, which helps firms achieve the emission reduction target. Heterogeneity analysis further shows that the emission-reduction effects of AI are much more significant in non-state-owned enterprises, non-heavy-polluting industries, and in firms in sectors with lower competitive intensity. The study findings provide useful references for using AI technology to promote corporate environmental governance and green transformation, and also provide important references for policymakers to formulate differentiated policies according to the characteristics of various enterprises and industries.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102951"},"PeriodicalIF":5.3,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145227307","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

Unlocking the true price impact: Intraday liquidity and expected return in China’s stock market 释放真正的价格影响：中国股市的盘中流动性和预期回报

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-23 DOI: 10.1016/j.pacfin.2025.102939

Hang Cheng , Yongdong Shi , Tong Zhang

{"title":"Unlocking the true price impact: Intraday liquidity and expected return in China’s stock market","authors":"Hang Cheng , Yongdong Shi , Tong Zhang","doi":"10.1016/j.pacfin.2025.102939","DOIUrl":"10.1016/j.pacfin.2025.102939","url":null,"abstract":"<div><div>We propose a new framework for pricing illiquidity risk in China’s stock market. Grounded in market microstructure and behavioral finance theory, our time-weighted intraday Amihud (<span><math><mrow><mi>T</mi><mi>I</mi><mi>A</mi><mi>M</mi></mrow></math></span>) measure isolates true trading-driven price impact and empirically outperforms traditional daily proxies. A rigorous dissection of the <span><math><mrow><mi>T</mi><mi>I</mi><mi>A</mi><mi>M</mi></mrow></math></span> premium reveals that its characteristics of long-horizon persistence and strong countercyclicality are consistent with compensation for systematic risk, not transient mispricing. We distill this premium into a size-neutral Intraday Illiquidity Factor (<span><math><mrow><mi>I</mi><mi>M</mi><mi>L</mi></mrow></math></span>) that earns a significant alpha against established asset pricing models. We demonstrate that our friction-based illiquidity factor provides a powerful, risk-based explanation for a substantial portion of the size and sentiment anomalies, reframing them as manifestations of a more fundamental, structural risk. Our findings establish intraday illiquidity as a distinct dimension of priced risk, crucial for understanding the asset pricing dynamics of emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102939"},"PeriodicalIF":5.3,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158853","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 convenient transportation add value to acquisition targets? Evidence from Chinese M&As 便利的交通能为收购目标增加价值吗？来自中国并购的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-22 DOI: 10.1016/j.pacfin.2025.102944

Qingyu Qi , Konari Uchida , Yuyang Zhang

{"title":"Does convenient transportation add value to acquisition targets? Evidence from Chinese M&As","authors":"Qingyu Qi , Konari Uchida , Yuyang Zhang","doi":"10.1016/j.pacfin.2025.102944","DOIUrl":"10.1016/j.pacfin.2025.102944","url":null,"abstract":"<div><div>Using transportation centrality measures, we examine how the air travel convenience of the bidder and target cities, and their direct connections influence the acquisition bid price. We find that target firms located in cities with greater transportation convenience receive higher bid prices. Propensity score matching and instrumental variable regressions using the infrastructure investments in the city as an instrumental variable also show that bid prices rise with the connectivity of target firms' cities. Additionally, the completion rate of deals is positively associated with the target city's transportation convenience. Although prior studies suggest that direct air connections between bidder and target cities reduce information asymmetry and facilitate acquisitions, we find no significant effect of direct flights or bidder connectivity once the transportation centrality of the target's city is taken into account. Our results highlight the target city's transportation network as a crucial infrastructure that enhances the value the bidder can add to the target company. Despite the high bid prices, acquirers do not receive negative stock price reactions when targeting firms in well-connected cities.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102944"},"PeriodicalIF":5.3,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145227308","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

Multi-factor portfolio optimization: A combined random Forest–AdaBoost model with cost-sensitive learning1 多因素投资组合优化：具有成本敏感学习的随机Forest-AdaBoost组合模型

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-20 DOI: 10.1016/j.pacfin.2025.102946

Haixiang Yao , Chunzhuo Wan

{"title":"Multi-factor portfolio optimization: A combined random Forest–AdaBoost model with cost-sensitive learning1","authors":"Haixiang Yao , Chunzhuo Wan","doi":"10.1016/j.pacfin.2025.102946","DOIUrl":"10.1016/j.pacfin.2025.102946","url":null,"abstract":"<div><div>This paper proposes a machine learning-driven multi-factor investment strategy, denoted as DE-CS-RFA, which integrates the Random Forest-AdaBoost (RFA) ensemble learning model, Cost-Sensitive (CS) learning, and the Differential Evolution algorithm (DE). The model utilizes 110 heterogeneous predictive features as input characteristics, eliminating redundant features via Kendall correlation analysis to enhance computational efficiency while comprehensively capturing market information. Subsequently, the Rank-Sum Ratio comprehensive evaluation method is employed to construct the initial investment universe and to develop an investment strategy based on the model's predicted data. Empirical results demonstrate that RFA outperforms other mainstream machine learning models on multiple evaluation metrics. Moreover, the simulation trading results indicate that the DE-CS-RFA model can effectively capture the market complexity and individual investor differences, enhancing the applicability and effectiveness of the investment strategy. Interpretability analysis further reveals the key factors influencing the stock price trends in the A-share market. Finally, robustness tests confirm that the DE-CS-RFA model can adapt to diverse financial market characteristics, holding potential to promote the widespread application of multi-factor investment strategies in the A-share market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102946"},"PeriodicalIF":5.3,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119421","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

Internationalization: The impact of commodity futures market expansion on market quality 国际化：商品期货市场扩张对市场质量的影响

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-09-20 DOI: 10.1016/j.pacfin.2025.102934

Vivek Rajvanshi , Gouri Sankar Sahoo , Avijit Bansal

引用次数: 0