Pacific-Basin Finance Journal最新文献_第5页

Impacts of pandemic shocks on China's financial options volatility: Evidence from COVID-19 crisis 大流行冲击对中国金融期权波动的影响：来自COVID-19危机的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-09 DOI: 10.1016/j.pacfin.2025.102774

Jingjing Meng , Qilin Qin , Mei Yu

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引用次数: 0

Digital finance and corporate credit rent-seeking: The role of financing constraints and bank competition 数字金融与企业信用寻租：融资约束与银行竞争的作用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-09 DOI: 10.1016/j.pacfin.2025.102778

Wenjing Xiong , Wenhua Liu , Fenghua Wen

引用次数: 0

Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies 通过共享分析师报道的跨行业知识溢出：来自绿色技术的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-06 DOI: 10.1016/j.pacfin.2025.102771

Yali He , Tianqi Jiang , Yuanlu Suo , Zhao Wang

引用次数: 0

Controlling shareholders, venture capital and expropriation in private placements 控股股东、风险资本和私募中的征用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-06 DOI: 10.1016/j.pacfin.2025.102775

Jiangtao Bai , He Song , Shan Wan , Mingxuan Zhang

引用次数: 0

Economic policy uncertainty and litigation risk: Evidence from China 经济政策的不确定性与诉讼风险：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-05 DOI: 10.1016/j.pacfin.2025.102773

Bingye Zhang , Yiwen Zhao , Meng Yang , Tingzhu Liu

{"title":"Economic policy uncertainty and litigation risk: Evidence from China","authors":"Bingye Zhang , Yiwen Zhao , Meng Yang , Tingzhu Liu","doi":"10.1016/j.pacfin.2025.102773","DOIUrl":"10.1016/j.pacfin.2025.102773","url":null,"abstract":"<div><div>With the continuous promotion of legal system construction, the enforcement requirements for China's capital market have become stricter. Therefore, the risk of litigation faced by listed companies is gradually increasing. This study uses a sample of Chinese A-share listed companies from 2010 to 2021 to empirically test the impact and mechanism of economic policy uncertainty on corporate litigation risk. Research shows that economic policy uncertainty significantly increases litigation risk. This conclusion holds true after a series of robustness and endogeneity tests. Mechanism analysis shows that the paths through which economic policy uncertainty affects litigation risk are corporate fraud, internal control levels, and corporate transparency. Furthermore, this effect is more significant for firms located in regions with strong legal systems and those with weak external governance, aggressive strategies, and CEOs with less social capital. This study provides new empirical evidence for the negative impact of economic policy uncertainty on enterprises and new references for regulating the governance behaviour of listed companies and promoting the stable operation of the capital market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102773"},"PeriodicalIF":4.8,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821565","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

Risk contagion network and characteristic measurement among international financial markets 国际金融市场的风险传染网络和特征测量

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-04 DOI: 10.1016/j.pacfin.2025.102766

Binxia Chen , Yuanying Jiang , Donghai Zhou

{"title":"Risk contagion network and characteristic measurement among international financial markets","authors":"Binxia Chen , Yuanying Jiang , Donghai Zhou","doi":"10.1016/j.pacfin.2025.102766","DOIUrl":"10.1016/j.pacfin.2025.102766","url":null,"abstract":"<div><div>To establish an effective system for managing systemic financial risk, it is critical to understand and prevent contagion between cross-country financial assets. We provide an in-depth analysis of international linkages across markets (stock, bond and foreign exchange), analyzing the dynamics of the linkages in terms of three key levels, namely, returns, volatility and tail risk correlations, as well as an event-based research methodology. For the first time, we propose a multidimensional framework for analyzing the stability of financial networks, based on the consideration of an individual market, asset diversity, and national financial systems. The results show that European market in particular highlights the “too connected to fail” phenomenon, which is consistent at the level of returns, volatility and tail correlations. Crisis events or extreme adverse conditions increase the correlation between global financial markets, increasing the intensity and efficiency of contagion between and within developed and emerging markets. The comprehensive impact of the Italian financial market increased particularly during these periods, especially in terms of its linkages with the core European economies. Meanwhile, the results of the simulated attacks show that the financial systems of countries in Europe and the Americas, such as the UK, France, and Germany, are critical to the stability of the network, especially their stock and bond markets. In particular, the stock market is the most critical to financial stability. Stock markets, especially in Mexico and South Africa, is the key link between emerging and developed markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102766"},"PeriodicalIF":4.8,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821566","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 and mechanism of venture capital on the innovation performance of sci-tech enterprises: Evidence from chinese star market 风险投资对科技企业创新绩效的影响及机制：来自中国明星市场的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-04 DOI: 10.1016/j.pacfin.2025.102767

Xiuzhen Li , He Song , Yingfei Zheng

{"title":"The impact and mechanism of venture capital on the innovation performance of sci-tech enterprises: Evidence from chinese star market","authors":"Xiuzhen Li , He Song , Yingfei Zheng","doi":"10.1016/j.pacfin.2025.102767","DOIUrl":"10.1016/j.pacfin.2025.102767","url":null,"abstract":"<div><div>China's capital market has achieved prominent scale and depth, however, it still confronts huge challenges in sci-tech industry. In this context, China strives to conduct both fundamental and applied research, with an emphasis on science and technology innovation, to address the bottlenecks. Using data from China's STAR market from 2019 to 2023, this study focuses on the influence and mechanism of venture capital (VC) on innovation performance. We find that venture capital improves the innovation performance of sci-tech enterprises through two mechanisms: improving risk-bearing and mitigating financing constraints. Additionally, our further analysis indicates that VC's influence is particularly pronounced in enterprises with higher VC shareholding ratios, directors appointed by VC, VC syndication-backed enterprises, and enterprises in the eastern region. Our findings are robust after controlling sample selection bias or other endogeneity issues. Previous empirical analysis has demonstrated the significant role of VC in improving innovation performance in developed countries. This paper reconfirms this effect in sci-tech industries in the largest developing country, China. Moreover, our analysis reveals that the mechanism differs greatly from the case in developed countries, which enhances our standing of VC dynamics.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102767"},"PeriodicalIF":4.8,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143825500","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 nexus of peer-to-peer lending and monetary policy transmission: Evidence from the People's Republic of China 点对点借贷与货币政策传导的关系：来自中华人民共和国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-03 DOI: 10.1016/j.pacfin.2025.102770

Nuobu Renzhi , John Beirne

引用次数: 0

Share pledge lending, monetary policy, and shadow banking nexus 股票质押贷款、货币政策与影子银行的关系

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-04-03 DOI: 10.1016/j.pacfin.2025.102772

Cheng Yan , Yujun Lian , Xiangxiang Xu , Chang-Chih Chen

引用次数: 0

Measuring systemic risk in China: A new hybrid approach incorporating ensemble learning and risk spillover networks 中国系统性风险评估：综合学习和风险溢出网络的新混合方法

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-03-31 DOI: 10.1016/j.pacfin.2025.102764

Da Huo , Yongdong Shi , Chao Wang , Lihan Wang , Weize Xing , Mo Yang , Jingjing Zhao

引用次数: 0