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How does artificial intelligence shock affect labor income distribution? Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-29 DOI: 10.1016/j.pacfin.2025.102691
Xiamin Fan, Yuhui Wu, Yucheng Zhou, Shinong Wu
{"title":"How does artificial intelligence shock affect labor income distribution? Evidence from China","authors":"Xiamin Fan,&nbsp;Yuhui Wu,&nbsp;Yucheng Zhou,&nbsp;Shinong Wu","doi":"10.1016/j.pacfin.2025.102691","DOIUrl":"10.1016/j.pacfin.2025.102691","url":null,"abstract":"<div><div>Based on the neoclassical growth model and labor-management negotiation framework, we theoretically investigate the impact and mechanism of artificial intelligence (AI) shocks on the labor income share of firms. We then take China's “New-generation Artificial Intelligence Pilot Zone Policy” (AI pilot zone policy) as an exogenous shock and analyze micro-level corporate data. Employing a staggered difference-in-differences model, we find that the AI pilot zone policy significantly increases the labor income share in firms, primarily through the skill demand and skill premium effects. Our results withstand various robustness tests. Furthermore, we observe that the AI pilot zone policy has a more pronounced impact on the labor income share in firms characterized by high labor rigidity, low wage premiums, non-labor-intensive industries, and high-tech sectors.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102691"},"PeriodicalIF":4.8,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143152674","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
Syndicate partner composition of governmental venture capital firms: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-27 DOI: 10.1016/j.pacfin.2025.102689
Guoqing Ge , Jian Xue , Qian Zhang
{"title":"Syndicate partner composition of governmental venture capital firms: Evidence from China","authors":"Guoqing Ge ,&nbsp;Jian Xue ,&nbsp;Qian Zhang","doi":"10.1016/j.pacfin.2025.102689","DOIUrl":"10.1016/j.pacfin.2025.102689","url":null,"abstract":"<div><div>This paper examines the syndicate partner composition of governmental venture capital firms (GVCs), focusing on whether GVCs are more likely to partner with other GVCs or private venture capital firms (PVCs), the mechanisms driving this composition, and the impact of partner composition on GVC investment performance. Based on data from China, we find that GVCs disproportionately partner with other GVCs when initiating an investment. Mechanism analysis shows that relational ties and aligned investment preferences are important reasons for GVCs' tendency to have other GVCs as partners. However, GVC-led syndicate investments with more GVC partners perform worse than those with more PVC partners. These results remain consistent across a series of robustness tests. Our research contributes to the burgeoning literature on GVCs and VC syndicate partner selection, and has important policy implications for venture capital industries around the world.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102689"},"PeriodicalIF":4.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151949","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
Foreign institutional investor herding and ESG ratings
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-27 DOI: 10.1016/j.pacfin.2025.102692
Hao Fang , J. Jimmy Yang
{"title":"Foreign institutional investor herding and ESG ratings","authors":"Hao Fang ,&nbsp;J. Jimmy Yang","doi":"10.1016/j.pacfin.2025.102692","DOIUrl":"10.1016/j.pacfin.2025.102692","url":null,"abstract":"<div><div>This study examines whether foreign institutional investors (FIIs) herd to buy and sell stocks based on ESG ratings. The results show that FIIs are more likely to herd to buy stocks of firms with higher ESG ratings. We analyze the stock performance following buy herding of FIIs and find that, in the subsequent one month, firms with better ESG ratings experience higher returns and lower return volatility than those with poor ESG ratings. In addition, we find that firms with better ESG ratings that attract FII buy herding exhibit persistence in return performance. Thus, portfolios that long FII buy herding stocks with high ESG ratings and short FII sell herding with low ESG ratings can generate significant and more persistent subsequent returns.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102692"},"PeriodicalIF":4.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151951","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 investors' site visits affect the price of bond issues?
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-27 DOI: 10.1016/j.pacfin.2025.102685
Haoyang Li , Yanqi Sun , Wei Cai , Jingwei Chen
{"title":"Do investors' site visits affect the price of bond issues?","authors":"Haoyang Li ,&nbsp;Yanqi Sun ,&nbsp;Wei Cai ,&nbsp;Jingwei Chen","doi":"10.1016/j.pacfin.2025.102685","DOIUrl":"10.1016/j.pacfin.2025.102685","url":null,"abstract":"<div><div>Taking the bonds issued by A-share listed companies on the Shenzhen Security Exchange from 2014 to 2020 as a sample, this paper explores how investors' site visits to listed companies affect the price of bond issues. We find that when more investors site visits a particular listed company, the bond spread for that company is lower. This phenomenon is more pronounced in firms that supply less information. Securities companies, mutual funds, and trust companies gain more information from site visits than banks or insurance companies. Further research shows that investors make decisions more rationally and evaluate companies' investment efficiency or financial constraints more accurately after site visits, which can reduce additional financing costs caused by information investors may have otherwise received from intermediaries with poor reputations. The results show that investors' site visits to listed companies can provide effective information for bond investors and reduce their information risk. Therefore, site visits are important to improving firms' information disclosure in the bond market and helping investors make more-rational decisions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102685"},"PeriodicalIF":4.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372181","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
Russo-Ukrainian geopolitical tensions: An empirical analysis of corporate investment in Europe
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-24 DOI: 10.1016/j.pacfin.2025.102690
Shan Jin , Khanh Hoang , Christopher Gan , Quang Thi Thieu Nguyen , Dao Le Trang Anh
{"title":"Russo-Ukrainian geopolitical tensions: An empirical analysis of corporate investment in Europe","authors":"Shan Jin ,&nbsp;Khanh Hoang ,&nbsp;Christopher Gan ,&nbsp;Quang Thi Thieu Nguyen ,&nbsp;Dao Le Trang Anh","doi":"10.1016/j.pacfin.2025.102690","DOIUrl":"10.1016/j.pacfin.2025.102690","url":null,"abstract":"<div><div>We propose a new measure of firm-level exposure to the Russo-Ukrainian geopolitical tensions that considers both developments in regional geopolitics and firm-specific political risk regarding defense and security. Using a sample of European firms from seventeen European countries during 2002–2021, we find that firm-level exposure to the Russo-Ukrainian geopolitical tensions hinders capital expenditure in European firms, while having no significant impact on working capital management practices. The findings remain robust to the inclusion of geographical distance to Russia, different variable measurement choices, model specifications, and endogeneity tests. Interestingly, the impact seems less pronounced in firms with more intangible intensity, suggesting the role of intangible assets in corporate resilience during crisis.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102690"},"PeriodicalIF":4.8,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151923","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
What is the best composite liquidity proxy for explaining stock returns? Evidence from the Chinese stock market
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-24 DOI: 10.1016/j.pacfin.2025.102686
Bo Yu , Liang Dong , Zhenjiang Qin , Keith S.K. Lam
{"title":"What is the best composite liquidity proxy for explaining stock returns? Evidence from the Chinese stock market","authors":"Bo Yu ,&nbsp;Liang Dong ,&nbsp;Zhenjiang Qin ,&nbsp;Keith S.K. Lam","doi":"10.1016/j.pacfin.2025.102686","DOIUrl":"10.1016/j.pacfin.2025.102686","url":null,"abstract":"<div><div>Accurate measurement of multidimensional liquidity is crucial for effective asset pricing and risk management. We construct 126 multidimensional composite liquidity proxies by using different combinations of individual single-dimensional liquidity proxies and different proxy combining methods. We propose an approach to select the optimal composite liquidity proxy, with both characteristic-level horseraces and systematic-factor-level comparisons among the competing composite proxies. Our results suggest that the Asymptotic Principal Component (APC) method is the suitable combining method, and the <em>Amihud</em>-<em>HL</em>-<em>FHT</em> proxy is the optimal multidimensional liquidity proxy for explaining stock returns in the Chinese stock market. These results remain robust when compared with nested composite proxies, adjusting the significance thresholds, extending the sample period, and using alternative comparison measures.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102686"},"PeriodicalIF":4.8,"publicationDate":"2025-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429089","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
Low risk, high return: Improving option writing performance with put-call ratios in Taiwan
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-23 DOI: 10.1016/j.pacfin.2025.102687
Chien-Ling Lo , Wen-Rang Liu
{"title":"Low risk, high return: Improving option writing performance with put-call ratios in Taiwan","authors":"Chien-Ling Lo ,&nbsp;Wen-Rang Liu","doi":"10.1016/j.pacfin.2025.102687","DOIUrl":"10.1016/j.pacfin.2025.102687","url":null,"abstract":"<div><div>This study employs the put-call ratio (PCR) to enhance option writing performance. Unlike the conventional buy-write strategy, we fully invest in the market during high PCR periods and sell options to generate income only when the PCR is low, greatly reducing trade frequency. Utilizing index options in Taiwan, which stands out as one of the few global markets developing tradable products for covered call strategies, and where retail investors play a predominant role, our approach yields higher returns with lower risk compared to the market index and outperforms VIX-based conditional strategies. The findings remain robust across institutional investors' positions, various PCR definitions, and alternative writing strategies such as put-write, covered combo, or delta-hedged portfolios.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102687"},"PeriodicalIF":4.8,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151950","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
Religion vs. ethics: Tail dependence between Sukuk, green bond, Islamic Fintech, and fourth industrial revolution assets
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-22 DOI: 10.1016/j.pacfin.2025.102683
Mustafa Raza Rabbani , M. Kabir Hassan , Syed Mabruk Billah , Muneer Shaik , Zairihan Abdul Halim
{"title":"Religion vs. ethics: Tail dependence between Sukuk, green bond, Islamic Fintech, and fourth industrial revolution assets","authors":"Mustafa Raza Rabbani ,&nbsp;M. Kabir Hassan ,&nbsp;Syed Mabruk Billah ,&nbsp;Muneer Shaik ,&nbsp;Zairihan Abdul Halim","doi":"10.1016/j.pacfin.2025.102683","DOIUrl":"10.1016/j.pacfin.2025.102683","url":null,"abstract":"<div><div>The study investigates the tail reliance of Sukuk, green bonds, and seven other conventional and Islamic Fintech assets (fourth industrial revolution assets) using the daily pricing data for various financial instruments from 20th December 2019 to 24th March 2024. Using the quantile-on-quantile method of Sim and Zhou (2015), to investigate the tail dependency among the returns of various markets and Sukuk (GB), and the quantile cross-spectral (coherency) model of Baruník and Kley (2019), to evaluate the dependence relationship between the returns of various markets and Sukuk. The study's findings indicate that the interdependence of Sukuk and green bonds with other Fourth Industrial Revolution assets act differently in bullish, bearish, and normal market circumstances and across short, medium, and long-term time horizons. The study is significant because it demonstrates the strong safe-haven qualities of green bonds (ethical) and Sukuk (religious). It contends that including green bonds in a portfolio will provide important diversification benefits, especially during uncertain times.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102683"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151948","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
High-frequency liquidity in the Chinese stock market: Measurements, patterns, and determinants
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-22 DOI: 10.1016/j.pacfin.2025.102681
Chaoyi Zhao , Yufan Chen , Lintong Wu , Yuehao Dai , Ermo Chen , Lan Wu , Ruixun Zhang
{"title":"High-frequency liquidity in the Chinese stock market: Measurements, patterns, and determinants","authors":"Chaoyi Zhao ,&nbsp;Yufan Chen ,&nbsp;Lintong Wu ,&nbsp;Yuehao Dai ,&nbsp;Ermo Chen ,&nbsp;Lan Wu ,&nbsp;Ruixun Zhang","doi":"10.1016/j.pacfin.2025.102681","DOIUrl":"10.1016/j.pacfin.2025.102681","url":null,"abstract":"<div><div>We explore a broad range of high-frequency liquidity measures for the Chinese stock market, based on a comprehensive tick-level dataset for stocks on the Shenzhen Stock Exchange (SZSE) with approximately 46.64 billion events in 2019–2021. We integrate the raw event-level data into a granular and continuous limit order book for each stock for the three years. We summarize their liquidity levels and key distributional properties. Hypothesis tests show that order interarrival times follow Weibull—not exponential—distributions, implying that Poisson flow is not an appropriate model for order flow in the Chinese stock market. We analyze the intraday and cross-sectional patterns of liquidity, and find novel intraday periodicities in liquidity at whole-minute frequencies such as 1-minute, 5-minute, and 10-minute. Finally, we propose the <em>aggressive–passive imbalance</em> (API), analogous to the order flow imbalance of Cont, Kukanov, and Stoikov (2014), and develop an order-based model of the change in bid–ask spread that sheds light on the universal mechanism of spread formation with respect to order flows. To the best of our knowledge, this is by far the most comprehensive study of market liquidity for the Chinese stock market in the literature.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102681"},"PeriodicalIF":4.8,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151922","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
Common institutional ownership and corporate trade credit
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-01-21 DOI: 10.1016/j.pacfin.2025.102684
Jie Wang , Liang Chen , Wanli Li
{"title":"Common institutional ownership and corporate trade credit","authors":"Jie Wang ,&nbsp;Liang Chen ,&nbsp;Wanli Li","doi":"10.1016/j.pacfin.2025.102684","DOIUrl":"10.1016/j.pacfin.2025.102684","url":null,"abstract":"<div><div>Using a dataset of Chinese listed firms from 2010 to 2022, this study demonstrates that common institutional ownership significantly facilitates the use of trade credit. The mechanism analysis reveals that common institutional ownership strengthens firms' market positions and mitigates information asymmetry. The effect is more pronounced in non-state-owned enterprises and in regions with lower levels of marketization. Additionally, corporate governance structures, such as the presence of a single controlling shareholder and CEO duality, significantly amplify the impact of common institutional ownership on trade credit. These findings contribute to the literature on trade credit determinants by shedding light on the broader implications of common institutional ownership for corporate stakeholders and governance dynamics.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102684"},"PeriodicalIF":4.8,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143151921","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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