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Financial regulation and innovation dynamics: The China banking wealth management case 金融监管与创新动态：中国银行业财富管理案例
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-20 DOI: 10.1016/j.pacfin.2025.102781
Hui An , Hanyu Rao , Ruihui Xu , Huaxi Zhang
{"title":"Financial regulation and innovation dynamics: The China banking wealth management case","authors":"Hui An ,&nbsp;Hanyu Rao ,&nbsp;Ruihui Xu ,&nbsp;Huaxi Zhang","doi":"10.1016/j.pacfin.2025.102781","DOIUrl":"10.1016/j.pacfin.2025.102781","url":null,"abstract":"<div><div>This study presents an in-depth analysis of China's Wealth Management Products, a prime example demonstrating the intricate game between financial regulation and innovation. Adopting a novel theoretical framework, this research dissects both static and evolutionary aspects through an empirical lens, utilizing data spanning from 2004 to 2019. The findings reveal that the stability of strategic approaches is significantly shaped by the interplay of innovation and regulatory outcomes. Instances of positive innovation payoff result in a balanced state, characterized by simultaneous bank innovation and effective regulation. Conversely, a negative innovation payoff tends to initiate recurring cycles of innovation and subsequent regulation. A key observation from the empirical analysis highlights the relatively passive stance of Chinese regulators in this dynamic.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102781"},"PeriodicalIF":4.8,"publicationDate":"2025-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868771","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 technology finance pilot policies on the quality of urban entrepreneurship in China 科技金融试点政策对中国城市创业质量的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-18 DOI: 10.1016/j.pacfin.2025.102785
Yongshan Du , Shuhao Liang , Zihao Ma , Zailin Xu
{"title":"The impact of technology finance pilot policies on the quality of urban entrepreneurship in China","authors":"Yongshan Du ,&nbsp;Shuhao Liang ,&nbsp;Zihao Ma ,&nbsp;Zailin Xu","doi":"10.1016/j.pacfin.2025.102785","DOIUrl":"10.1016/j.pacfin.2025.102785","url":null,"abstract":"<div><div>To accelerate the rapid development of financial markets and achieve independent control over core technological advancements, the Chinese government has introduced numerous policies supporting the integrated development of technology and finance. The effectiveness of these policies has garnered significant attention from both the government and technology enterprises. Based on panel data from 279 prefecture-level cities in China from 2000 to 2021, this study leverages the pilot policy of “Promoting the Integration of Technology and Finance” as a quasi-natural experiment and employs a Synthetic Control Difference-in-Differences (SCM-DID) model to empirically analyze the impact of technology finance policies on the quality of entrepreneurship in pilot cities. The findings reveal that technology finance policies significantly enhance urban entrepreneurial quality, and this conclusion remains robust after a series of robustness tests. Additionally, the effects of these policies exhibit regional heterogeneity across four dimensions: geographical location, Administrative divisions, education level and urban clusters. Mechanism analysis further indicates that technology finance policies indirectly promote urban entrepreneurial quality by influencing fiscal investment in science and technology as well as talent-driven innovation and entrepreneurship. Based on these findings, this paper proposes targeted policy recommendations. The conclusions provide a new analytical perspective for driving urban entrepreneurial quality while also offering theoretical support and decision-making references for further improving the technology finance policy framework.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102785"},"PeriodicalIF":4.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143864118","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
Cascades of financial distortions in production network 生产网络中金融扭曲的级联效应
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-18 DOI: 10.1016/j.pacfin.2025.102776
Zhechong Luo , Xiaoming Wang , Shangyao Zhou
{"title":"Cascades of financial distortions in production network","authors":"Zhechong Luo ,&nbsp;Xiaoming Wang ,&nbsp;Shangyao Zhou","doi":"10.1016/j.pacfin.2025.102776","DOIUrl":"10.1016/j.pacfin.2025.102776","url":null,"abstract":"<div><div>Sectoral financial distortions feature the structure of complex production network where distant sectors along a production chain can exhibit strong comovements. We construct a model of a CES production network with borrowing constraints to capture the cascading phenomena, and dissect the contagion and cascade of financial distortions with comparative statics under general equilibrium. We show that idiosyncratic financial distortions propagate through prices to downstream sectors, and further trigger changes in financial distortions, finally lead to a circular process with higher-order contagion and cascading. With U.S. data of sectoral credit spreads and production linkages, the patterns predicted by our model are empirically validated. Simulation with the calibrated model shows the existence of significant heterogeneity in the sectoral profile of financial spillovers, where the spillovers in <em>Chemicals</em> and <em>F.I.R.E.</em> sectors are more than those below their medians. Counterfactual simulations reveal that the macroeconomic importance of sectors needs substantial revision when financial cascade is taken into account.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102776"},"PeriodicalIF":4.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143858810","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 investor attention on mispricing of dual-listed shares: Evidence from Chinese A-share and H-share markets 投资者关注对两地上市股票错误定价的影响：来自中国a股和h股市场的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102784
Wei-Ling Huang , I-Hsuan Ethan Chiang , Ming-Hung Wu
{"title":"The impact of investor attention on mispricing of dual-listed shares: Evidence from Chinese A-share and H-share markets","authors":"Wei-Ling Huang ,&nbsp;I-Hsuan Ethan Chiang ,&nbsp;Ming-Hung Wu","doi":"10.1016/j.pacfin.2025.102784","DOIUrl":"10.1016/j.pacfin.2025.102784","url":null,"abstract":"<div><div>This study examines the relation between investor attention and the A-H share price premium in Mainland China stock markets (which list A shares) and Hong Kong stock markets (which list H shares of the same company) using the Baidu search index (BSI) as a proxy for retail investor attention. Our findings indicate that a one-standard-deviation increase in the abnormal BSI (ABSI) corresponds to a significant increase of 1.90 % in the next-day premium between A-H share prices. This finding suggests that increased attention from retail investors causes overpricing, resulting in higher A-H share price premiums. Notably, we observe that mobile searches have a stronger effect on price premiums than do personal computer (PC) searches. A one-standard-deviation increase in the PC-based ABSI leads to a 1.30 % increase, whereas the mobile-based ABSI results in a 1.86 % increase in the A-H share price premium. Additionally, ABSI-driven mispricing lasts 60 trading days until prices converge. Moreover, we find that greater institutional investor ownership reduces ABSI-driven mispricing. Finally, the influence of investor attention on the A-H share price premium diminishes following the implementation of the 2014 Shanghai/Hong Kong Stock Connect Policy, which allows global investors to invest in both the Shanghai and Hong Kong markets. We contribute to the literature by highlighting novel factors affecting the A-H share price premium, including the influence of investor attention, device use, and institutional investor activity.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102784"},"PeriodicalIF":4.8,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143882933","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 does the quality of institutions influence the cash conversion cycle of firms? 机构的质量如何影响公司的现金转换周期？
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102783
Chong-Chuo Chang , San-San Kyi , Ya-Wen Chen
{"title":"How does the quality of institutions influence the cash conversion cycle of firms?","authors":"Chong-Chuo Chang ,&nbsp;San-San Kyi ,&nbsp;Ya-Wen Chen","doi":"10.1016/j.pacfin.2025.102783","DOIUrl":"10.1016/j.pacfin.2025.102783","url":null,"abstract":"<div><div>The cash conversion cycle (CCC) is widely used as a proxy for measuring a firm's liquidity position, with a shorter CCC being desirable for efficient working capital management. While many studies explore the impact of firms' internal factors on CCC, few discuss the role of external factors such as the quality of a country's institutions. Institutional quality can be defined as a set of working rules that play a key role in the long-term growth potential of an economy. This study aims to discover the relationship between institutional quality and CCC at a firm level. The empirical findings prove that firms in economies with good institutional quality tend to maintain shorter CCC, thereby achieving more effective working capital management.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102783"},"PeriodicalIF":4.8,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868772","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
Firm aging and internal capital markets 公司老龄化和内部资本市场
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-17 DOI: 10.1016/j.pacfin.2025.102760
Tatsuo Ushijima
{"title":"Firm aging and internal capital markets","authors":"Tatsuo Ushijima","doi":"10.1016/j.pacfin.2025.102760","DOIUrl":"10.1016/j.pacfin.2025.102760","url":null,"abstract":"<div><div>Internal capital markets (ICMs) can induce diversified firms to misallocate capital across divisions, thereby causing overinvestment in unpromising opportunities at the expense of more promising ones. This study highlights the role of age-based organizational rigidity in generating this phenomenon. Our analysis of Japanese firms reveals a robust inverse association between allocative efficiency and firm age. This relationship is particularly salient when a firm has assets decreasing its flexibility and when the incongruence of divisional interests in capital allocation is large. Moreover, this effect is not attributable to interfirm differences in external capital access, agency costs, or organizational members' traits. These results suggest that age-based rigidity plays a central role in lowering older firms' allocative efficiency. We also find that despite this adverse effect of aging on capital allocation, diversification mitigates the decline in growth opportunities for older firms.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102760"},"PeriodicalIF":4.8,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868770","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
Herd to repurchase 羊群回购
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-16 DOI: 10.1016/j.pacfin.2025.102782
Dongxu Li , Ruiyang Zou
{"title":"Herd to repurchase","authors":"Dongxu Li ,&nbsp;Ruiyang Zou","doi":"10.1016/j.pacfin.2025.102782","DOIUrl":"10.1016/j.pacfin.2025.102782","url":null,"abstract":"<div><div>We study herding behavior in stock repurchasing using complete repurchase records from Chinese stock markets for the period 2005 to 2021. The data suggest that only repurchase decisions aiming to boost the stock price, among other purposes, significantly increase peer firms' tendency to follow. Such herding behavior does not correlate with firms' fundamentals. Instead, herding intensity reduces firms' abnormal returns from repurchasing, and firms' tendency to herd weakens after observing abnormal returns from repurchasing drop, consistent with firms taking the early-mover advantage to maximize abnormal returns. These results provide a novel explanation for oscillations in repurchase frequency and have critical policy implications. Regulators supervising emerging stock markets should scrutinize motivations for repurchases to ensure that listed firms do not abuse repurchase announcements to game the market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102782"},"PeriodicalIF":4.8,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143858808","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
Digital transformation and export duration: Implications for firm financial performance 数字化转型和出口持续时间：对公司财务绩效的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-15 DOI: 10.1016/j.pacfin.2025.102780
Xiaohui Xu , Xiaoshi Chen , Jun Yang , Qiuzhen Li
{"title":"Digital transformation and export duration: Implications for firm financial performance","authors":"Xiaohui Xu ,&nbsp;Xiaoshi Chen ,&nbsp;Jun Yang ,&nbsp;Qiuzhen Li","doi":"10.1016/j.pacfin.2025.102780","DOIUrl":"10.1016/j.pacfin.2025.102780","url":null,"abstract":"<div><div>This study explores the financial implications of digital transformation by examining its effect on export duration among Chinese listed firms. Drawing on heterogeneous firm trade theory, we argue that digital transformation enhances productivity and demand responsiveness, allowing firms to sustain longer export relationships and strengthen financial outcomes. Using firm-level panel data from A-share listed companies in China spanning 2007–2016, we employ a complementary log-log (clog-log) survival model to estimate the effect of digital transformation on export duration. The results indicate that digital transformation significantly extends export spells, particularly for large firms, technology-intensive industries, and firms in competitive markets. Further analysis reveals that prolonged export duration is positively associated with firm profitability, revenue growth, and financial stability. These findings underscore the strategic financial value of digital investments in enhancing export resilience and long-term performance in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102780"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838758","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
Administrative monopoly regulation and the cost of debt financing: Evidence from China 行政垄断规制与债务融资成本：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-14 DOI: 10.1016/j.pacfin.2025.102777
Shuxun Cai , Xiaoran Ni
{"title":"Administrative monopoly regulation and the cost of debt financing: Evidence from China","authors":"Shuxun Cai ,&nbsp;Xiaoran Ni","doi":"10.1016/j.pacfin.2025.102777","DOIUrl":"10.1016/j.pacfin.2025.102777","url":null,"abstract":"<div><div>Traditional antitrust research has primarily focused on the market-based monopoly, while less attention given to those formed by administrative power. This study explores how the Fair Competition Review System (FCRS) in China, designed to curb administrative monopoly, influences corporate debt financing costs. We find that administrative monopoly regulation reduces the cost of debt financing. Enhanced accounting information quality and lower corporate default risk are two possible channels. The main effect is more pronounced among private firms, small-sized and medium-sized firms, and firms in regions with lower degree of financial marketization. The FCRS also aids in addressing the issue of “zombie firms”, mitigating their crowding-out effect on the debt financing of normal firms. Moreover, the cost of debt financing decreases more when the review measures include both stringent self-inspection and external supervision. These findings underscore the importance of administrative monopoly regulation and contribute to the advancement of antitrust endeavors in the Asia-Pacific region.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102777"},"PeriodicalIF":4.8,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143858809","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
MFA RPC news sentiment and stock returns MFA RPC新闻情绪和股票回报
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-04-12 DOI: 10.1016/j.pacfin.2025.102779
Cheng Zhang, Bin Gao, Xiangrong Xu, Mimi Qin
{"title":"MFA RPC news sentiment and stock returns","authors":"Cheng Zhang,&nbsp;Bin Gao,&nbsp;Xiangrong Xu,&nbsp;Mimi Qin","doi":"10.1016/j.pacfin.2025.102779","DOIUrl":"10.1016/j.pacfin.2025.102779","url":null,"abstract":"<div><div>Sentiment embedded in the news from the regular press conference of the Chinese Ministry of Foreign Affairs (MFA RPC News Sentiment) can predict stock returns. MFA RPC is the primary channel through which China elaborates its policies and positions in the international political field. Adopting CNN and the dictionary method, we construct the photo-based and text-based sentiment indices to measure MFA RPC News Sentiment based on the daily sample between August 21, 2018 and July 21, 2023. By examining the predictability of MFA RPC News Sentiment on daily stock returns and using panel data regression, we find that MFA RPC News Sentiment significantly predicts the stock returns of listed companies. A significant heterogeneity exists in companies grouped by their features: technology intensity, financing constraint, industry concentration, and overseas income. MFA RPC News Sentiment embedded in photos and texts act as substitutes for each other. Domestic market investor sentiment and international news attitudes towards China positively regulate the mechanisms of MFA RPC News Sentiment in predicting stock returns.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102779"},"PeriodicalIF":4.8,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143829413","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
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