Pacific-Basin Finance Journal最新文献_第5页

Cross-market attention for futures forecasting and ETF performance enhancement 跨市场关注期货预测和ETF业绩提升

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-01-28 DOI: 10.1016/j.pacfin.2026.103080

Min-Rui Choo , Wei-Che Tsai , Hsiu-Chuan Lee , Chung-Jen Yang

{"title":"Cross-market attention for futures forecasting and ETF performance enhancement","authors":"Min-Rui Choo , Wei-Che Tsai , Hsiu-Chuan Lee , Chung-Jen Yang","doi":"10.1016/j.pacfin.2026.103080","DOIUrl":"10.1016/j.pacfin.2026.103080","url":null,"abstract":"<div><div>This study investigates whether U.S. investor attention can predict Taiwan's stock index futures returns and enhance exchange-traded fund (ETF) investment performance. Investor attention measures are constructed from 52-week high and low prices, and forecasting models are developed by integrating the elastic net (<span><math><mi>ENet</mi></math></span>) with factor-based dimensionality reduction techniques to improve out-of-sample predictive accuracy. The empirical results show that the U.S. investor attention variables individually exhibit significant predictive power for Taiwan's stock index futures returns. Moreover, <span><math><mi>ENet</mi></math></span> combined with factor-based dimensionality reduction models provide the most robust forecasting gains, outperforming not only the buy-and-hold and historical average benchmarks, but also models based solely on individual predictors and conventional dimensionality reduction approaches. Finally, the findings show that investors holding Taiwan-focused ETFs can enhance portfolio performance by dynamically adjusting their index futures positions in response to model-generated signals.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103080"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146190928","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

CEO hometown identity and cash hoarding CEO家乡身份和现金囤积

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.pacfin.2026.103098

Chen Song

引用次数: 0

Abnormal analyst coverage and the cross-section of stock returns: Evidence from China 异常分析师覆盖与股票收益的横截面：来自中国的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-09 DOI: 10.1016/j.pacfin.2026.103109

Dongxu Li , Xiaorong Zheng , Junzhe Zhang

{"title":"Abnormal analyst coverage and the cross-section of stock returns: Evidence from China","authors":"Dongxu Li , Xiaorong Zheng , Junzhe Zhang","doi":"10.1016/j.pacfin.2026.103109","DOIUrl":"10.1016/j.pacfin.2026.103109","url":null,"abstract":"<div><div>Information intermediaries are crucial to market efficiency. Yet their incentives can distort the information they provide. We test if analyst coverage is a more credible signal than forecast in predicting stock returns. We study China's A-share stock markets where analyst forecasts are often overly optimistic. We show that abnormal coverage is a powerful and robust predictor of future stock returns. A long-short portfolio generates a significant three-factor alpha of 1.36% per month from 2005 to 2021. This signal anticipates future fundamental improvements in profitability and earnings, supporting an information discovery hypothesis. The signal is concentrated among experienced, non-star analysts. Star analyst coverage, in contrast, holds no predictive power. This resolves a puzzle in the literature, suggesting star status in China may reflect sales ability more than research skill, with incentives aligned more with business generation than information discovery. Our results show how institutional incentives shape signal credibility, contributing to theories of information economics and asset pricing.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103109"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147399929","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 blockchain initiatives on shareholder value: An opportunity-motivation-ability framework 区块链计划对股东价值的影响：一个机会-激励-能力框架

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-06 DOI: 10.1016/j.pacfin.2026.103097

Liukai Wang , Tingting Li , Yali Zhang , Jiqiong Liu

引用次数: 0

Does CSR compensate for global institutional voids? Corporate insider trading as a test of transaction ethics 企业社会责任是否弥补了全球制度空白？企业内幕交易是对交易伦理的检验

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.2026.103104

Sophie Carran , Allan Hodgson , Shahrokh M. Saudagaran , Zhengling Xiong

引用次数: 0

Institutional investors' debt-related attention and the cost of debt: Evidence from site visit Q&As 机构投资者的债务相关关注与债务成本：来自实地考察问答的证据

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-02-16 DOI: 10.1016/j.pacfin.2026.103116

Kaijuan Gao , Shiying Deng , Xinyu Zhu , Kam C. Chan

引用次数: 0

Order spoofing, price impact, and market quality 订单欺骗、价格影响和市场质量

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.pacfin.2026.103077

Jianqiang Chen , Pei-Fang Hsieh , J. Jimmy Yang

引用次数: 0

Institutional innovation and interfirm finance: The impact of smart city pilots on trade credit 制度创新与企业间金融：智慧城市试点对贸易信贷的影响

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-01-28 DOI: 10.1016/j.pacfin.2026.103082

Ouyang Li , Yefeng Zhang , Zijian Shen , Jingyi Wang

{"title":"Institutional innovation and interfirm finance: The impact of smart city pilots on trade credit","authors":"Ouyang Li , Yefeng Zhang , Zijian Shen , Jingyi Wang","doi":"10.1016/j.pacfin.2026.103082","DOIUrl":"10.1016/j.pacfin.2026.103082","url":null,"abstract":"<div><div>This paper examines the impact of China's Smart City Pilot (SCP) program on firms' access to trade credit. Using a multi-period difference-in-differences design and a dataset on Chinese A-share listed firms from 2008 to 2019, we find that SCP implementation significantly increases firms' trade credit financing. Mechanism analyses suggest that this effect operates through two channels: improved information environments that mitigate supplier–buyer information asymmetry, and human capital upgrading that enhances firms' operational efficiency and repayment capacity. The effect is stronger in cities with more advanced digital infrastructure and among firms with lower internal digitalization, consistent with external digital improvements substituting for firm-level weaknesses. Moreover, the effect is concentrated in non-state-owned enterprises, which face tighter financial constraints and greater reliance on supplier credit. Our findings highlight the role of institutional innovations in shaping interfirm financing and reveal a novel channel through which smart city initiatives affect corporate financial decisions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103082"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146190850","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

Cross-border data flow regulation and multinational enterprise financing constraints: A pre-registered report 跨境数据流监管与跨国企业融资约束：一份预注册报告

IF 5.3 2区经济学

Pacific-Basin Finance Journal Pub Date : 2026-03-01 Epub Date: 2026-01-28 DOI: 10.1016/j.pacfin.2026.103083

Shixin Li , Boyu Liu , Ziran Qu , Dan Zhu

引用次数: 0

Financialization, market structure and total factor productivity of manufacturing enterprises 金融化、市场结构与制造业企业全要素生产率

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.2026.103079

Long Miao , Qianya Wen , Wei Li

{"title":"Financialization, market structure and total factor productivity of manufacturing enterprises","authors":"Long Miao , Qianya Wen , Wei Li","doi":"10.1016/j.pacfin.2026.103079","DOIUrl":"10.1016/j.pacfin.2026.103079","url":null,"abstract":"<div><div>With the continuous development of China's financial markets, an increasing number of manufacturing enterprises have engaged in financial activities, attracting widespread attention to their economic consequences. Using panel data from 1763 A-share listed manufacturing firms in China from 2007 to 2020, this study employs a fixed-effects regression model to analyze the relationship between corporate financialization, market structure, and total factor productivity (TFP). The results reveal a significant inverted U-shaped relationship between corporate financialization and TFP. Specifically, when the degree of financialization remains below 11.1%, a higher degree of financialization contributes positively to TFP growth; However, when corporate financialization exceeds this threshold, it impedes TFP growth. Mechanism tests suggest that financialization affects TFP through the transition of market structures from parallel to non-parallel dominant sectors, ultimately leading to the observed inverted U-shaped impact. Further analysis uses the implementation of real estate purchase restrictions in 46 cities as a quasi-natural experiment of financial “virtualization to reality”. Employing a difference-in-differences methodology combined with counterfactual analysis, the empirical results demonstrate that supply-side structural reforms and the reallocation of financial resources are mutually complementary in improving the efficiency of financial services for the real economy. Furthermore, the exit of “zombie firms” substantially enhances the efficiency of financial services within the real economy. This study offers valuable implications for guiding manufacturing enterprises to refocus on their core operations, optimizing economic structures, and advancing supply-side structural reforms.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"97 ","pages":"Article 103079"},"PeriodicalIF":5.3,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146191040","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