发布求助
文献互助 智能选刊 最新文献

Pacific-Basin Finance Journal最新文献

筛选
英文 中文
Metric-based technical indicators for yield forecasting 用于产量预测的基于度量的技术指标
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-15 DOI: 10.1016/j.pacfin.2026.103169
Insu Choi , Soyeong Lim , Seoyeon Kim , Yeona Choi , Subin Han , Woo Chang Kim
{"title":"Metric-based technical indicators for yield forecasting","authors":"Insu Choi ,&nbsp;Soyeong Lim ,&nbsp;Seoyeon Kim ,&nbsp;Yeona Choi ,&nbsp;Subin Han ,&nbsp;Woo Chang Kim","doi":"10.1016/j.pacfin.2026.103169","DOIUrl":"10.1016/j.pacfin.2026.103169","url":null,"abstract":"<div><div>This study investigates the efficacy of distance metrics as bivariate technical indicators for enhancing machine learning-based financial return forecasting. Using a dataset of 14 commodities, metals, and equity index exchange-traded funds spanning 2010 to 2022, we compute 10 distance metrics — including Normalized Information Distance, Canberra distance, Euclidean distance, and cosine distance — between all asset pairs within rolling windows of 20, 60, 120, and 240 trading days. These distance-based features are integrated into five machine learning models (CatBoost, Decision Tree, LightGBM, Support Vector Regression, and XGBoost) and evaluated against a linear regression benchmark across 840,000 experimental configurations. Our results demonstrate that distance-based features reduce both the mean absolute error and the root mean squared error relative to models trained on the original dataset alone, with normalized information distance exhibiting the most consistent improvements across targets and temporal configurations (<span><math><mrow><mi>p</mi><mo>&lt;</mo><mo>.</mo><mn>01</mn></mrow></math></span> in the majority of comparisons). Feature importance analysis using Shapley Additive Explanations and permutation importance reveals economically interpretable cross-asset dependencies, such as the linkage between crude oil and natural gas and the interconnectedness within the metals complex. These findings contribute to a practical and data-efficient framework for multivariate feature generation in financial forecasting.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103169"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147707010","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
Geopolitical risk and global capital flows: Evidence from developed and emerging markets 地缘政治风险与全球资本流动：来自发达市场和新兴市场的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-22 DOI: 10.1016/j.pacfin.2026.103182
Hao-Chang Yang , Gen-Fu Feng , Xia Chen
{"title":"Geopolitical risk and global capital flows: Evidence from developed and emerging markets","authors":"Hao-Chang Yang ,&nbsp;Gen-Fu Feng ,&nbsp;Xia Chen","doi":"10.1016/j.pacfin.2026.103182","DOIUrl":"10.1016/j.pacfin.2026.103182","url":null,"abstract":"<div><div>This study uses unbalanced panel data from 43 developed and emerging market economies from 1985 to 2021 to examine the different effects of geopolitical risks on cross border capital flows. The findings reveal the following: First, developed economies are largely insulated from geopolitical shocks and exhibit a statistically significant risk aversion effect only in the low tail of the capital flow distribution, primarily preventing severe capital outflows during turbulent periods. Second, emerging and developing economies experience sharp declines in FDI and significant increases in FPI when geopolitical risks rise, reflecting speculative hot money seeking risk premiums rather than fundamentals driven capital. Third, a structural break analysis reveals that the 2008 financial crisis shifted global capital logics, causing mature economies to lose their immunity to FDI withdrawals while emerging markets increasingly attract FDI through supply chain restructuring. Fourth, heterogeneity analysis shows that higher FinTech penetration in emerging markets unexpectedly increases the negative effect of geopolitical risks on FDI by lowering withdrawal costs, whereas capital account restrictions mitigate these declines. These findings underscore how geopolitical fragmentation reshapes the composition of global finance, suppressing productive capital and fueling speculative volatility.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103182"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797574","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
Self-media information disclosure and closing price manipulation: Evidence from high-frequency data 自媒体信息披露与收盘价操纵：来自高频数据的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 DOI: 10.1016/j.pacfin.2026.103165
Yongjian Huang , Zhitong Wan , Yi Zhang , Weiyan Gao
{"title":"Self-media information disclosure and closing price manipulation: Evidence from high-frequency data","authors":"Yongjian Huang ,&nbsp;Zhitong Wan ,&nbsp;Yi Zhang ,&nbsp;Weiyan Gao","doi":"10.1016/j.pacfin.2026.103165","DOIUrl":"10.1016/j.pacfin.2026.103165","url":null,"abstract":"<div><div>Using daily Weibo data obtained through crawler technologies and high-frequency data on stock market in China from 2015 to 2021, this study investigates the relationship between self-media information disclosure and closing price manipulation. We find that self-media information disclosure promotes closing price manipulation, a conclusion that withstands various robustness and endogeneity tests. Heterogeneity test shows that the enhancement effect is mitigated by female chairman and higher shareholding ratio of board or executive, while the effect is enhanced by past manipulation. Mechanism analysis indicates that corporate self-media disclosures increase closing price manipulation by reducing stock liquidity and exacerbating information asymmetry. Further analysis also confirms that the reason behind the mechanism is the increase in insider trading. Our findings highlight the importance of considering the potential for enterprises to manipulate information via self-media when assessing stocks' future prospects and value.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103165"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147601275","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 arrears repayment and access to trade credit: Evidence from China 政府欠款偿还与贸易信贷获取：来自中国的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-16 DOI: 10.1016/j.pacfin.2026.103178
Shouyu Yao , Qi Wang , Jia Li , Qiuzuo Hu
{"title":"Government arrears repayment and access to trade credit: Evidence from China","authors":"Shouyu Yao ,&nbsp;Qi Wang ,&nbsp;Jia Li ,&nbsp;Qiuzuo Hu","doi":"10.1016/j.pacfin.2026.103178","DOIUrl":"10.1016/j.pacfin.2026.103178","url":null,"abstract":"<div><div>This study examines how the government arrears repayment policy—an institutional arrangement that accelerates local governments' payments to private contractors—affects private firms' trade credit availability from upstream suppliers. The results of the Difference-in-Differences (DID) test, conducted using a novel dataset constructed from private enterprises' annual reports and the Qichacha platform, indicate that the policy exerts a significant positive effect on firms' trade credit access from their upstream suppliers. This positive impact is more pronounced for firms exhibiting weaker profitability, tighter financing constraints, and lower supplier concentration, as well as for firms operating in regions with intensified fiscal pressure, less favorable business environments, and lower social trust. Mechanism analysis shows that the policy strengthens firms' bargaining power, reduces business risk, and improves firm reputation, thereby facilitating obtaining trade credit from their suppliers. Additionally, with enhanced availability of trade credit, firms reduce reliance on bank loans, particularly short-term loans. Finally, our results also indicate that the policy strengthens relationships between firms and their supply chain collaborators, increasing transaction frequency and enhancing capital fluidity in the supply chain. Overall, our study highlights how institutional safeguards play a crucial role in stabilizing credit chains and, more broadly, strengthening supply chain relationships.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103178"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797573","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
Effectiveness of board gender diversity rules when the glass ceiling is a constraint 当玻璃天花板是一种约束时，董事会性别多样性规则的有效性
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-15 DOI: 10.1016/j.pacfin.2026.103179
Jeong-Taek Kim , Woo-Jong Lee , Hee-Yeon Sunwoo , Seunghee Yang
{"title":"Effectiveness of board gender diversity rules when the glass ceiling is a constraint","authors":"Jeong-Taek Kim ,&nbsp;Woo-Jong Lee ,&nbsp;Hee-Yeon Sunwoo ,&nbsp;Seunghee Yang","doi":"10.1016/j.pacfin.2026.103179","DOIUrl":"10.1016/j.pacfin.2026.103179","url":null,"abstract":"<div><div>Prior research provides mixed evidence on whether board gender diversity (BGD) rules create value. Leveraging the adoption of the BGD rule in Korea, we investigate whether and to what extent the rule's effectiveness is constrained by the limited supply of qualified female candidates. Using a difference-in-differences approach, we find no value effect of the BGD rule. However, the value effect varies depending on the type and timing of board changes. Firm value declines when firms replace, rather than supplement, incumbent directors, or when they comply closer to the regulatory deadline. A detailed analysis of individual directors shows that incoming female directors are, on average, younger, less experienced, and more likely to have non-business backgrounds compared to the departing directors. This suggests a potential decline in board competency. Our findings suggest that the limited pool of qualified female candidates (i.e., the <em>glass ceiling</em>) hampers the effective implementation of the BGD rule.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103179"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797575","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
For better and for worse: The dual effect of marital ownership on firm value 好与坏：婚姻所有权对企业价值的双重影响
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-14 DOI: 10.1016/j.pacfin.2026.103177
Guowei Lai, Qixing Huang, Baozeng Ren
{"title":"For better and for worse: The dual effect of marital ownership on firm value","authors":"Guowei Lai,&nbsp;Qixing Huang,&nbsp;Baozeng Ren","doi":"10.1016/j.pacfin.2026.103177","DOIUrl":"10.1016/j.pacfin.2026.103177","url":null,"abstract":"<div><div>This study examines the impact of marital ownership on firm value among Chinese listed family firms from 2008 to 2021. We find that family firms owned by married couples generally exhibit significantly lower firm value. However, using the 2019 COVID-19 pandemic as an exogenous shock, our analysis reveals that firms with joint marital ownership experienced a smaller decline in value during the crisis period. This suggests that spousal co-ownership may enhance a family firm's resilience to external shocks. Studying the mechanisms behind these results, we find that marital ownership reinforces nepotism and leads to the exclusion of external capital, thereby fostering an insular governance structure.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103177"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147707008","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
Latent cultural forces: Communist heritage and stock price crash risk in China 潜在的文化力量：共产主义遗产和中国股市崩盘风险
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-15 DOI: 10.1016/j.pacfin.2026.103176
Youliang Yan , Qingyi Feng , Lin Hu , Ying Jin
{"title":"Latent cultural forces: Communist heritage and stock price crash risk in China","authors":"Youliang Yan ,&nbsp;Qingyi Feng ,&nbsp;Lin Hu ,&nbsp;Ying Jin","doi":"10.1016/j.pacfin.2026.103176","DOIUrl":"10.1016/j.pacfin.2026.103176","url":null,"abstract":"<div><div>This study investigates whether and how Partisan culture, namely Communist heritage, affects corporate stock price crash risk in China's capital market. Based on the data of A-share listed companies from 2012 to 2023, we find that Communist culture is negatively associated with corporate stock price crash risk. Mechanism tests indicate that as a recessive power, Communist culture is conducive to improving information disclosure transparency, strengthening altruistic orientation, tightening disciplinary compliance, and thus mitigates corporate stock price crash risk. Moreover, this effect of Communist culture is more pronounced for firms located in regions with immature legal system, lower openness levels, and those with weaker political connections. Our findings contribute to the literature on stock price crash risk, and provides innovative insights into how Partisan culture shapes capital market outcomes in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103176"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147707009","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
“Limited learning”: The effect of price limits on managerial learning “有限学习”：价格限制对管理学习的影响
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-03-26 DOI: 10.1016/j.pacfin.2026.103163
Lun Li , Zhenyang Shi
{"title":"“Limited learning”: The effect of price limits on managerial learning","authors":"Lun Li ,&nbsp;Zhenyang Shi","doi":"10.1016/j.pacfin.2026.103163","DOIUrl":"10.1016/j.pacfin.2026.103163","url":null,"abstract":"<div><div>This paper examines the impact of price limits, a unique feature of market microstructure in the Chinese stock market, on managerial learning from stock prices. We find that price limits hinder the efficiency of managerial learning by reducing the informativeness of stock prices. To address endogeneity concerns and establish causal inference, we exploit a quasi-natural experiment based on the 2020 reform of price limit rules on the ChiNext board, which relaxes daily price fluctuation constraints. We find that this reform significantly increases firms' investment sensitivity to stock prices, suggesting that managers can extract valuable information from market prices better when trading restrictions are loosened. Further analysis indicates that the negative effect of price limits is more pronounced in firms with management shareholding, low-ability management, and less over-confident management. We also find that the price limits hinder firms' investment efficiency. Overall, our findings shed light on the economic consequences of price limit regulation and provide empirical evidence to inform ongoing policy discussions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103163"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147601273","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
Bankruptcy court reform and spillover effects on trade credit provision: evidence from China 破产法院改革及其对贸易信贷提供的溢出效应：来自中国的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-24 DOI: 10.1016/j.pacfin.2026.103185
Huixian Zhao , Shasha Liu , Lan Yi
{"title":"Bankruptcy court reform and spillover effects on trade credit provision: evidence from China","authors":"Huixian Zhao ,&nbsp;Shasha Liu ,&nbsp;Lan Yi","doi":"10.1016/j.pacfin.2026.103185","DOIUrl":"10.1016/j.pacfin.2026.103185","url":null,"abstract":"<div><div>This paper employs the establishment of specialized bankruptcy courts in China as a quasi-natural experiment to examine its impact on trade credit provision. Results show that the establishment of bankruptcy courts significantly increases trade credit provision by local firms, through alleviating financing constraints and intensifying market competition. Cross-sectional analyses indicate that the effect is more pronounced in regions with weaker legal enforcement and fewer financial institutions, and among firms with greater bankruptcy risk, higher information asymmetry, or lower relationship-specific investments. In addition, bankruptcy courts are particularly effective in promoting trade credit provision among firms with a larger local customer base. Finally, this paper also finds that the establishment of bankruptcy courts leads to increased market competition, which in turn encouraged local firms to expand their customer base beyond local market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103185"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797701","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 AI growth in emerging economies: The role of cross-border venture capital 解锁新兴经济体的人工智能增长：跨境风险资本的作用
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-27 DOI: 10.1016/j.pacfin.2026.103189
Hua-Tang Yin , Kai Tang
{"title":"Unlocking AI growth in emerging economies: The role of cross-border venture capital","authors":"Hua-Tang Yin ,&nbsp;Kai Tang","doi":"10.1016/j.pacfin.2026.103189","DOIUrl":"10.1016/j.pacfin.2026.103189","url":null,"abstract":"<div><div>AI-investment growth remains constrained by technical complexity and information incompleteness. Leveraging the complementarities of AI venture capital (VC) across broader scopes proves crucial for the AI industry's expansions. We design a state-dependent local projection strategy to investigate the dynamic interplay between cross-border and domestic AI VC in emerging economies, based on a panel dataset spanning 2015–2025. While emerging economies' AI VC is vulnerable to frequent exogenous shocks, it exhibits a symbiotic relationship with cross-border AI VC over the long run. They reinforce and complement each other, but the dynamic impact of cross-border AI VC on domestic AI VC is more pronounced than the reverse in the short and medium run. Improved AI governance, enhanced AI-training dataset accessibility, and relaxed FDI restrictions in fabricated metal industries push the dynamic path of the response difference between non-China emerging economies and China toward zero. Moreover, the response paths triggered by positive and negative changes of cross-border AI VC exhibit asymmetry. Accordingly, we provide policy implications to foster growth in AI VC for emerging economies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103189"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147797698","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书