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Impact of financial regulation on labor income share: Evidence from China 金融监管对劳动收入份额的影响：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-18 DOI: 10.1016/j.pacfin.2024.102538
Quan Li , Kaiyan Zhan , Hexin Jiang , Tianshu Li , Yuan Zhang
{"title":"Impact of financial regulation on labor income share: Evidence from China","authors":"Quan Li ,&nbsp;Kaiyan Zhan ,&nbsp;Hexin Jiang ,&nbsp;Tianshu Li ,&nbsp;Yuan Zhang","doi":"10.1016/j.pacfin.2024.102538","DOIUrl":"10.1016/j.pacfin.2024.102538","url":null,"abstract":"<div><div>Following the implementation of China's new asset management regulations as an exogenous event, this paper explores the changes in corporate labor income share brought about by the financial regulation. Through a series tests, we demonstrate that financial regulation has a positive impact on China's corporate labor income share. We find the ‘de-financialization’ effect associated with China's new asset management regulations has lowered the cost of corporate financing and improved the human capital structure, which act as transmission mechanisms of our result. On the cross section, the positive impact of financial regulation on corporate labor income share is particularly pronounced for Chinese State-Owned Enterprises (SOEs), and firms which are led by executives with a background in finance, and firms which have excessive capital investment or weak capital-labor interchangeability. In addition, this enhancement effect is affected by the degree of firms' principal agency and the importance they place on innovative. In summary, our study shed light on how government financial policy sharps corporate behavior in emerging market country, thus expanding and supplementing the existing literature. The result is of great significance to attempt to formulate financial regulatory policy and promote common prosperity in China.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142327966","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
Taking matters into their own hands: How Investors' stock preferences affect mutual fund flows in China 自己的事情自己做投资者的股票偏好如何影响中国的共同基金流动
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-17 DOI: 10.1016/j.pacfin.2024.102537
Shi Li, Rongsha Fu, Meng Li
{"title":"Taking matters into their own hands: How Investors' stock preferences affect mutual fund flows in China","authors":"Shi Li,&nbsp;Rongsha Fu,&nbsp;Meng Li","doi":"10.1016/j.pacfin.2024.102537","DOIUrl":"10.1016/j.pacfin.2024.102537","url":null,"abstract":"<div><div>We examine the impact of investors' stock preferences in mutual funds' portfolios on fund flows in China. Our results indicate that mutual funds with an investment style consistent with individual investors' stock preferences have higher fund flow. We find that it affects only individual investors' fund flow, not institutional investors' fund flow. This impact is greater during periods of low economic policy uncertainty or high investor sentiment. Moreover, this impact is reduced with larger fund size or longer fund age. The reasonable explanation is that investors infer fund managers' skills by analyzing the stocks in the fund's portfolio. This explanation is further validated by the results using index funds as the control group. Our findings challenge the assumption that mutual fund investors fully delegate decisions to professionals. Further analysis reveals there is no significant correlation between these preferences and future returns. Our findings contribute to the study of mutual fund investor behavior from a fresh perspective.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142312590","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
Out-of-sample equity premium predictability: An EMD-denoising based model 样本外股票溢价可预测性：基于 EMD 去噪模型
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-17 DOI: 10.1016/j.pacfin.2024.102536
Haohua Li , Yuhe Mei , Xianfeng Hao , Zhuo Chen
{"title":"Out-of-sample equity premium predictability: An EMD-denoising based model","authors":"Haohua Li ,&nbsp;Yuhe Mei ,&nbsp;Xianfeng Hao ,&nbsp;Zhuo Chen","doi":"10.1016/j.pacfin.2024.102536","DOIUrl":"10.1016/j.pacfin.2024.102536","url":null,"abstract":"<div><div>The poor out-of-sample forecasting performance of the stock returns of various predictors has been widely confirmed in the literature, which casts doubt on the reliability of stock-return predictability. However, the reliability of return predictability is closely related to the noise contained in the data. In this study, we design a new method to address the noise in the framework of empirical mode decomposition. The EMD method provides an efficient return decomposition, and based on which we selectively remove high-frequency components that are more likely to be contaminated by outliers. Our new model delivers statistically and economically significant out-of-sample gains relative to the historical average. The predictive ability mainly originates from the business-cycle risk and survives a series of robustness tests.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142322472","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 Elite-Educated CEOs Choose the M&A Payment Method? Evidence from Taiwan 受过精英教育的首席执行官如何选择并购支付方式？来自台湾的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-17 DOI: 10.1016/j.pacfin.2024.102535
Dun-Yao Ke , Xuan-Qi Su
{"title":"How Do Elite-Educated CEOs Choose the M&A Payment Method? Evidence from Taiwan","authors":"Dun-Yao Ke ,&nbsp;Xuan-Qi Su","doi":"10.1016/j.pacfin.2024.102535","DOIUrl":"10.1016/j.pacfin.2024.102535","url":null,"abstract":"<div><div>This paper examines the influence of CEOs with elite educations on the selection of payment methods in mergers and acquisitions (M&amp;A). Analyzing a unique hand-collected dataset of M&amp;A announcements involving Taiwanese acquirers during 2007–2020, we find that acquirers led by elite-educated CEOs are more likely to opt for cash financing in M&amp;A transactions, a preference that persists even after conducting robustness tests and addressing endogeneity bias. Elite-educated CEOs with a Ph.D. or Master's degree in management- or finance-related disciplines are further found to exhibit a marked preference for cash payments, particularly when their firms face greater financial constraints. These observations can be attributed to potentially lower costs of external funding and might also reflect a perception among these CEOs that their firms are undervalued, as posited by both the financing proficiency hypothesis and the overconfidence trait hypothesis. By dissecting distinct implications of these two hypotheses for M&amp;A valuation, we finally examine and show that acquirers led by elite-educated CEOs, particularly those choosing cash for M&amp;A financing, experience superior post-M&amp;A stock returns and operational performance. Our conclusion thus suggests that the financial acumen derived from elite education, rather than overconfidence, predominantly influences M&amp;A payment methods and favorably impacts subsequent valuation outcomes. Overall, this study represents a pioneering effort to shed light on the often-overlooked role of top executives' elite educational backgrounds in strategic decision-making within the context of M&amp;A.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142312591","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
Multilayer network analysis of idiosyncratic volatility connectedness: Evidence from China 特异性波动关联性的多层网络分析：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-14 DOI: 10.1016/j.pacfin.2024.102533
Xuewei Zhou , Zisheng Ouyang , Min Lu , Zhongzhe Ouyang
{"title":"Multilayer network analysis of idiosyncratic volatility connectedness: Evidence from China","authors":"Xuewei Zhou ,&nbsp;Zisheng Ouyang ,&nbsp;Min Lu ,&nbsp;Zhongzhe Ouyang","doi":"10.1016/j.pacfin.2024.102533","DOIUrl":"10.1016/j.pacfin.2024.102533","url":null,"abstract":"<div><p>This paper proposes multilayer networks, including lagged, contemporaneous, and long-run networks, to examine the idiosyncratic connectedness among Chinese financial institutions. We explore the topology of multilayer networks through static and dynamic analysis to capture the information transmission mechanism of idiosyncratic risks. Moreover, we investigate the drivers influencing idiosyncratic connectedness across financial institutions. We find that idiosyncratic risk contagion among financial institutions is stronger in the long-run network. At the same time, we note that the three networks contain different connection structures, which means that the information transmission mechanism of idiosyncratic risks is heterogeneous in multilayer networks. In addition, when the financial system is under stress, we observe that the contemporaneous effect of idiosyncratic connectedness rises rapidly. Institutional level analysis shows that diversified financial institutions play active roles in the lagged network, securities institutions are transmitters of contemporaneous information spillovers, and banking institutions are the main drivers of the long-run network. Finally, our study shows that size is the main factor driving idiosyncratic risk spillovers among financial institutions.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142240969","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
Aversion to the use of foreign exchange hedging in state-owned enterprises: Evidence from China 国有企业对使用外汇套期保值的反感：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-13 DOI: 10.1016/j.pacfin.2024.102523
Xin Wang , Xiaobei Hao , Yue Sun
{"title":"Aversion to the use of foreign exchange hedging in state-owned enterprises: Evidence from China","authors":"Xin Wang ,&nbsp;Xiaobei Hao ,&nbsp;Yue Sun","doi":"10.1016/j.pacfin.2024.102523","DOIUrl":"10.1016/j.pacfin.2024.102523","url":null,"abstract":"<div><p>Using a sample of state-owned enterprises (SOEs) listed in China from 2006 to 2017, we examine the impact of state ownership on foreign exchange (forex) hedging. We find that SOEs engage in forex hedging both less frequently and to a lesser extent than non-SOEs. These results are robust to a series of additional tests, such as difference-in-differences analyses, instrumental variable tests, and alternative explanation tests. The effect is particularly pronounced for SOEs with weaker internal controls, fewer professional auditors, and less marketization. We further find that the use of currency derivatives by SOEs hinders the promotion of managers. Furthermore, the prevalence of subjective performance evaluation in SOEs, as opposed to objective performance measures, affects managers' decisions regarding hedging, as evidenced by negative promotion–performance sensitivity when using financial derivatives. Overall, our study sheds light on the aversion of SOEs to forex hedging, providing insight into the conservative decision-making tendencies of SOE managers under political governance.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142229150","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
Conditional volatility targeting strategy considering jump effects: Evidence from sustainable ESG equity index 考虑跳跃效应的条件波动率目标策略：可持续 ESG 股票指数的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-10 DOI: 10.1016/j.pacfin.2024.102525
Jr-Wei Huang , Sharon S. Yang , Hung-Wen Cheng
{"title":"Conditional volatility targeting strategy considering jump effects: Evidence from sustainable ESG equity index","authors":"Jr-Wei Huang ,&nbsp;Sharon S. Yang ,&nbsp;Hung-Wen Cheng","doi":"10.1016/j.pacfin.2024.102525","DOIUrl":"10.1016/j.pacfin.2024.102525","url":null,"abstract":"<div><p>This paper considers the sustainable ESG equity index in the proposed conditional volatility targeting strategy. The research first detects jump risk using a jump test and then extends Bongaerts et al. (2020) by addressing jump risk and employing different volatility models to project volatilities under the conditional volatility targeting strategy. To capture consideration of the fact that index return dynamics, we propose an ARMA-GARCH jump model that can capture the characteristics of jump persistence, autocorrelation, and volatility clustering according to the return of the sustainable equity index. Our numerical analyses reveal that the portfolio allocation using a sustainable equity index to predict volatility, combined with a conditional volatility target strategy, can achieve higher performance. Furthermore, the proposed ARMA-GARCH jump model can enhance the performance with conditional volatility targeting strategy.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142240968","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
Do creditors punish weak banks? Evidence from Indian urban cooperative banks’ failure 债权人会惩罚弱小银行吗？印度城市合作银行倒闭的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-10 DOI: 10.1016/j.pacfin.2024.102517
Sakshi Narula , Manish K. Singh
{"title":"Do creditors punish weak banks? Evidence from Indian urban cooperative banks’ failure","authors":"Sakshi Narula ,&nbsp;Manish K. Singh","doi":"10.1016/j.pacfin.2024.102517","DOIUrl":"10.1016/j.pacfin.2024.102517","url":null,"abstract":"<div><div>This study empirically assesses two critical hypotheses related to market discipline: (i) Do depositors penalize underperforming banks by withdrawing their deposits? and (ii) Do well-informed peer banks reduce lending to weak banks? Based on the annual standalone balance sheet data of urban cooperative banks in India from 1990 to 2020, our findings suggest that: (i) the behaviour of savings and current depositors is not significantly affected by the bank risk; (ii) the risk-taking behaviour of the banks significantly influences term deposits; and (iii) other informed peer banks and financial institutions do respond to the riskiness of peer banks. Additionally, our research revealed a positive association between the size of assets and the deposit growth rate, indicating that depositors are responsive to the influence of the “too-big-to-fail” phenomenon. Moreover, depositors are sensitive to banks’ non-interest expenditures. Banks with higher non-interest expenditures pay a higher interest rate to retain depositors, thus suggesting the presence of weak market discipline.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423906","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 impact of COVID-19 on global investor attention COVID-19 对全球投资者关注度的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-07 DOI: 10.1016/j.pacfin.2024.102522
Zih-Ying Lin, Jia-Wen Lu
{"title":"The impact of COVID-19 on global investor attention","authors":"Zih-Ying Lin,&nbsp;Jia-Wen Lu","doi":"10.1016/j.pacfin.2024.102522","DOIUrl":"10.1016/j.pacfin.2024.102522","url":null,"abstract":"<div><p>This research explores the effect of COVID-19 on global investor attention using data from G7 and G20 countries. We take the numbers of COVID-19 new confirmed cases and deaths to measure the level of COVID-19. The empirical findings show that COVID-19 new cases and deaths significantly positively correlate to (abnormal) investor attention, especially for G7 countries, but we only see a significantly positive correlation in a few G20 countries. We further consider the effect of COVID-19 variants and vaccination rate on such a correlation and present that its effect on global investor attention is more pronounced during the Alpha variant and Delta variant waves. Finally, we provide evidence when vaccination rates are higher that the positive COVID-19 and global investor attention nexus weakens.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142173744","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 experiences and cash holding behaviors: Case of Japan 破产经验与现金持有行为：日本案例
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-07 DOI: 10.1016/j.pacfin.2024.102519
Po-Lin Chen
{"title":"Bankruptcy experiences and cash holding behaviors: Case of Japan","authors":"Po-Lin Chen","doi":"10.1016/j.pacfin.2024.102519","DOIUrl":"10.1016/j.pacfin.2024.102519","url":null,"abstract":"<div><p>Using data on Japanese listed firms, we find that companies are more likely to take risks when one or more of their directors experience corporate bankruptcy at another firm when serving concurrently as a director. Consequently, these companies reduce their cash reserves by issuing less equity. This tendency to take greater risk is concentrated in firms that are in a more favorable financial condition or where the interlocked bankruptcy firm has been through less costly bankruptcy. Our findings suggest that past experiences significantly shape individual preferences for taking risk, even if these experiences occur during their professional careers. Further, the effects of bankruptcy experiences on Japanese directors, who are usually considered risk averse, exhibit shifts in risk taking like that found in the US.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0927538X24002713/pdfft?md5=954dc2d5391293c20272bbacaf002733&pid=1-s2.0-S0927538X24002713-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142163462","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
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