Pacific-Basin Finance Journal最新文献_第4页

Comparing financial returns: National development banks vs commercial banks 比较金融回报：国家开发银行与商业银行

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-03 DOI: 10.1016/j.pacfin.2026.103171

Yang Zou , Jiajun Xu , Ugo Panizza

{"title":"Comparing financial returns: National development banks vs commercial banks","authors":"Yang Zou , Jiajun Xu , Ugo Panizza","doi":"10.1016/j.pacfin.2026.103171","DOIUrl":"10.1016/j.pacfin.2026.103171","url":null,"abstract":"<div><div>Despite the potential of national development banks (NDBs) to address market failures, concerns remain that they may engage in unfair competition with commercial banks by offering favorable financing terms to commercially viable—and possibly politically connected—firms. We manually collect data on the financial returns of a large sample of NDBs worldwide to test whether NDBs engage in unfair competition with commercial banks resulting in excessively high financial returns, whether NDBs finance development projects resulting in modestly lower financial returns than those commercial banks, or whether they instead suffer from undue political intervention leading to much lower or even negative returns. We examine return on assets, return on equity, and net interest margins, controlling for bank characteristics, macroeconomic conditions, and extensive fixed effects. We find that NDBs consistently earn lower financial returns than commercial banks, including state-owned, private, and foreign-owned institutions, with the largest gap observed in net interest margins. These patterns are robust to alternative specifications, formal tests for omitted variable bias, and different sample constructions. Further evidence shows that NDB profitability declines during election years and with greater state ownership, suggesting heightened exposure to political interference. In summary, the empirical evidence challenges the conventional perception that NDBs engage in unfair competition with commercial banks which would end up with superior profitability. Our study makes the policy recommendation that it is important for NDBs to build the firewall against potential undue political interference to ensure their financial viability.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103171"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147703125","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

FinTech and bank systemic risk: Evidence from China and the role of macro-prudential policy 金融科技与银行系统性风险：来自中国的证据和宏观审慎政策的作用

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-04-01 Epub Date: 2026-04-03 DOI: 10.1016/j.pacfin.2026.103174

Qingbo Zhao , Lingling Zhao , Yun Shen , Xiaoguang Yao

{"title":"FinTech and bank systemic risk: Evidence from China and the role of macro-prudential policy","authors":"Qingbo Zhao , Lingling Zhao , Yun Shen , Xiaoguang Yao","doi":"10.1016/j.pacfin.2026.103174","DOIUrl":"10.1016/j.pacfin.2026.103174","url":null,"abstract":"<div><div>This paper examines how banks' adoption of financial technology (FinTech) affects systemic risk in China. Using a textual FinTech index and market-based measures of systemic importance and systemic vulnerability (ΔCoVaR and Exposure-ΔCoVaR) for Chinese listed banks from 2008 to 2024, we show that market-driven FinTech development is positively associated with higher systemic risk, reflected in both greater systemic importance and heightened vulnerability to system-wide distress. This pattern is consistent with mechanisms related to increased interconnectedness, accelerated risk transmission, and greater operational complexity. Macro-prudential policy mitigates this effect, with a stronger moderating role during periods of monetary easing, consistent with complementarities in China's dual-pillar framework. The impact of FinTech is heterogeneous: non-state-owned, smaller, and less systemically important banks experience larger increases in systemic importance, whereas large state-owned banks exhibit greater increases in systemic vulnerability. Policy-based DID evidence further indicates that regulator-led FinTech regimes are associated with lower systemic vulnerability without increasing systemic importance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"98 ","pages":"Article 103174"},"PeriodicalIF":5.3,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147703126","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

Managerial academic experience and institutional investors' bidding behavior in IPO pricing 管理学术经验与机构投资者在IPO定价中的竞价行为

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.2026.103181

Huiqiang Wang , Qiankun Gu , Xiaohui Zhao , Xinjian Shao

引用次数: 0

Short selling and the probability of informed trading: Insights from interlocking directorate networks 卖空和知情交易的可能性：来自连锁董事网络的见解

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-14 DOI: 10.1016/j.pacfin.2026.103091

Yanan Li , Yunhui Shi , Yezhou Sha

引用次数: 0

PBFJ editorial responsible science, research balance, and the problem of bandwagons pbj编辑负责任的科学，研究平衡，以及从众问题

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-01 DOI: 10.1016/j.pacfin.2026.103096

Robert W. Faff

引用次数: 0

Judicial specialization and SME capital efficiency: The role of financial courts reform 司法专业化与中小企业资本效率：金融法院改革的作用

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.pacfin.2026.103073

Yapeng Zhao , Yuyan Tan , Xuelei Hou

{"title":"Judicial specialization and SME capital efficiency: The role of financial courts reform","authors":"Yapeng Zhao , Yuyan Tan , Xuelei Hou","doi":"10.1016/j.pacfin.2026.103073","DOIUrl":"10.1016/j.pacfin.2026.103073","url":null,"abstract":"<div><div>This study examines the impact of the establishment of financial courts in China on the capital return rate of small and medium-sized enterprises (SMEs), focusing on the underlying mechanisms driving this effect. The findings reveal that financial courts significantly enhance SMEs' capital return rate by approximately 21.2%, primarily through two channels: first, by optimizing credit resource allocation, reducing the crowding-out effect of Local Government Financing Vehicles (LGFVs) on SMEs' credit, and second, by improving the business environment, reducing transaction costs, and increasing market confidence through more efficient financial dispute resolution. The heterogeneity analysis demonstrates that non-state-owned, low-collateral, and capital-intensive SMEs experience more substantial improvements in capital returns following the introduction of financial courts. This paper provides empirical evidence supporting China's financial judicial reform and offers critical insights for the optimization of global financial systems, highlighting the vital role of judicial specialization in enhancing the financing environment and capital efficiency for SMEs.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103073"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146057584","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

Vertical cross-shareholding and dynamic capital structure adjustment 纵向交叉持股和动态资本结构调整

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-21 DOI: 10.1016/j.pacfin.2026.103117

Cheng Liu , Siyuan Dong , Xinyi Gao

{"title":"Vertical cross-shareholding and dynamic capital structure adjustment","authors":"Cheng Liu , Siyuan Dong , Xinyi Gao","doi":"10.1016/j.pacfin.2026.103117","DOIUrl":"10.1016/j.pacfin.2026.103117","url":null,"abstract":"<div><div>As a new governance mechanism, vertical cross-shareholding (VCS) can promote information sharing and coordination between upstream and downstream firms in the supply chain. In this study, we investigate the impact of VCS on the dynamic adjustment of corporate capital structure. Based on the data of Chinese A-share listed firms from 2010 to 2022, we find that VCS can accelerate the adjustment of corporate capital structure, especially for under-leveraged firms, while the effect of VCS on the adjustment of capital structure is relatively weak for over-leveraged firms. The mechanism analysis shows that VCS can accelerate the adjustment of corporate capital structure through the following three channels: supply chain information sharing, optimization of corporate governance structure and synergic utilization of financial resources. Moreover, the effect of VCS is stronger in state-owned enterprises, in regions with stronger regulatory environment and for firms with higher relational embeddedness. An additional analysis shows that VCS can help reduce the deviation of target capital structure for firms with extreme leverage ratio, either too high or too low, which also shows that VCS has a corrective effect on the capital structure. This study provides evidence for the strategic significance of VCS in improving the flexibility of corporate capital structure and reducing financial risks in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103117"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147399931","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

Forecast disagreement about firm-level profitability and uncertainty 对公司盈利能力和不确定性的预测分歧

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-04 DOI: 10.1016/j.pacfin.2026.103092

Seohyun Lee

引用次数: 0

ESG ratings and stock price crash risk: Role of herding behavior and network media attention ESG评级与股价崩盘风险：羊群行为和网络媒体关注的作用

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.pacfin.2026.103114

Xinle Tong , Xinyue Lyu , Jingyu Jin , Huabin Bian

引用次数: 0

Can artificial intelligence enhance corporate resilience? Empirical evidence from China's A-share listed firms 人工智能能增强企业的应变能力吗？来自中国a股上市公司的经验证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-12 DOI: 10.1016/j.pacfin.2026.103112

Xiaojing Chen , Wen Liu , Geng Chen , Xujian Wang , Yun Zhang

{"title":"Can artificial intelligence enhance corporate resilience? Empirical evidence from China's A-share listed firms","authors":"Xiaojing Chen , Wen Liu , Geng Chen , Xujian Wang , Yun Zhang","doi":"10.1016/j.pacfin.2026.103112","DOIUrl":"10.1016/j.pacfin.2026.103112","url":null,"abstract":"<div><div>As the core technology driving a new round of scientific and industrial transformation, artificial intelligence (AI) plays a pivotal role in China's strategy for advancing high-quality development, particularly in how it integrates with micro-level enterprises. Using data from Chinese A-share listed firms from 2010 to 2023, this paper examines the impact of AI on corporate resilience at the firm level. Corporate resilience is measured across four dimensions: innovation capacity, resistance capacity, recovery capacity, and financing stability. We further explore the mechanisms through which AI affects resilience. The findings reveal that AI significantly enhances corporate resilience, this conclusion remains robust after a series of alternative measurements, high-dimensional fixed-effects models, and endogeneity checks. Mechanism analysis shows that improving resource allocation efficiency, strengthening risk management, and fostering continuous innovation are three primary channels through which AI contributes to resilience. Heterogeneity analysis indicates that the positive effect of AI is more pronounced among labor-intensive firms, non-internationalized firms, firms facing higher environmental uncertainty, and industries characterized by intense competition as well as greater financing constraints. Therefore, guiding the strategic direction of AI and promoting its localized application can play a crucial role in enhancing corporate resilience.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103112"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147400360","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