Pacific-Basin Finance Journal最新文献_第9页

Exceed your duty: The substitution effect of minority investor governance on institutional site visits 超越责任：中小投资者治理对机构实地考察的替代效应

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-09 DOI: 10.1016/j.pacfin.2025.102872

Ke Liao , Yi Si , Xinyu Zhu

{"title":"Exceed your duty: The substitution effect of minority investor governance on institutional site visits","authors":"Ke Liao , Yi Si , Xinyu Zhu","doi":"10.1016/j.pacfin.2025.102872","DOIUrl":"10.1016/j.pacfin.2025.102872","url":null,"abstract":"<div><div>Using the staggered entry of the China Securities Investor Service Center (ISC) as a minority shareholder across listed firms as a natural experiment, this study investigates the substitution effect of minority investor governance on corporate site visits conducted by financial analysts and institutional investors. We find that ISC's entry as a minority shareholder significantly reduces the frequency of institutional site visits to firms. This result is robust to sensitivity tests including parallel trend analysis, placebo tests, and alternative samples. We further show that the baseline effect is more pronounced when firms operate in higher degree of marketization and social trust institution, as well as when firms have better corporate governance and information environment. Finally, we document the baseline effect has bright-side effects on the information disclosure and transmission, including lower stock price synchronicity, better information disclosure quality, lower discretionary accrual, and less likelihood of financial restatement. Overall, our evidence suggests that the ISC’s minority investor governance effectively substitutes for site visit-based monitoring, driven by improved corporate transparency, rather than institutional investors free-riding on ISC’s role.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102872"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654513","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

Navigating competitive pressures: The impact of banking competition on corporate short-term borrowing for long-term investment 驾驭竞争压力：银行业竞争对企业短期借贷进行长期投资的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-09 DOI: 10.1016/j.pacfin.2025.102871

Shaokang Xu

{"title":"Navigating competitive pressures: The impact of banking competition on corporate short-term borrowing for long-term investment","authors":"Shaokang Xu","doi":"10.1016/j.pacfin.2025.102871","DOIUrl":"10.1016/j.pacfin.2025.102871","url":null,"abstract":"<div><div>This study investigates how banking competition affects corporate debt maturity decisions, particularly focusing on the phenomenon of short-term borrowing for long-term investments (STBLI) in the context of China's evolving banking sector. The rapid expansion of banking competition, driven by the increasing number of bank branches and increased financial access, has alleviated firms' reliance on short-term borrowing by extending loan tenure and reducing financing costs. Using a dataset of 31,583 nonfinancial listed companies from 2008 to 2022, the study employs geographical modeling to quantify banking competition and assess its impact on firms' financing strategies. The results show that increased competition, measured by the number of bank branches, significantly reduces the STBLI, particularly in areas with higher banking competition intensity. The study further explores the mechanisms through which banking competition alleviates financing constraints, lowers borrowing costs, and extends debt maturities, thereby mitigating the risks associated with STBLI. The findings highlight the heterogeneous effects of banking competition across different firm types, regional contexts, and bank characteristics, offering valuable insights into how banking competition influences corporate financing decisions. Additionally, the study demonstrates that intensified banking competition leads to improved long-term corporate performance by reducing the adverse effects of the STBLI.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102871"},"PeriodicalIF":4.8,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144597592","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 dark side of investor protection: The case of innovation 投资者保护的阴暗面：以创新为例

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-09 DOI: 10.1016/j.pacfin.2025.102870

Huiqin Duan, Yang Li, Liuchuang Li

引用次数: 0

The unintended cost of financial regulation in China: The impact of the new regulation on asset management on private firms' credit spreads 中国金融监管的意外成本：资产管理新规对民营企业信贷利差的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102860

Chuang Lu , Tingyu Zhao , Yuhao Niu

{"title":"The unintended cost of financial regulation in China: The impact of the new regulation on asset management on private firms' credit spreads","authors":"Chuang Lu , Tingyu Zhao , Yuhao Niu","doi":"10.1016/j.pacfin.2025.102860","DOIUrl":"10.1016/j.pacfin.2025.102860","url":null,"abstract":"<div><div>Over the past two decades, shadow banking has expanded rapidly in many countries and governments have begun to take measures to deal with the financial risks shadow banking may create. Using the New Regulation on Asset Management (NRAM) policy introduced in China, we explore the unintended impact of financial regulation on the bond credit spreads between private firms and state-owned enterprises (SOEs). We find that after NRAM was introduced, the bond credit spreads between private firms and SOEs rose by 54 basis points, on average. Mechanism tests show that NRAM widens the bond credit spreads between private firms and SOEs by tightening bank credit resources and reducing firms' access to shadow bank financing. Heterogeneity analyses reveal the bond credit spreads between private firms and SOEs is larger in regions where informal financing was more developed before NRAM, and can be mitigated in regions where the formal financing environment is more friendly. We show the bond credit spreads between private firms and SOEs is higher for bonds without put option, smaller firms and firms with higher information asymmetry. We further find private firms have higher probability to provide guarantee after NRAM. Our findings provide empirical evidence on the impact of financial regulation on bond pricing and have some policy implications on establishing a reasonable financial regulatory system in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102860"},"PeriodicalIF":4.8,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580173","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

To break or not to break: price discovery in morning and afternoon call auctions 打破或不打破：价格发现在上午和下午的电话拍卖

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102867

Tanakorn Likitapiwat , Chi Chih Huang (David) , Sirimon Treepongkaruna , Christine X. Jiang

引用次数: 0

Nonlinear effects of shadow banking on banks' systemic risk 影子银行对银行系统性风险的非线性影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102869

Min Huang , Hai Jiang , Shaohua Zhang

{"title":"Nonlinear effects of shadow banking on banks' systemic risk","authors":"Min Huang , Hai Jiang , Shaohua Zhang","doi":"10.1016/j.pacfin.2025.102869","DOIUrl":"10.1016/j.pacfin.2025.102869","url":null,"abstract":"<div><div>By employing a Panel Smooth Transition Regression (PSTR) model, we investigate the nonlinear effects of shadow banking on systemic risk for Chinese listed banks, and explore the transmission mechanisms. Our findings indicate that: (1) banks involved in shadow banking can not only increase bank-specific tail risk but also enhance systemic linkage, thereby contributing to an increase in systemic risk. (2) Shadow banking exhibits nonlinear dynamic effects on banks' systemic risk, contingent upon capital and liquidity. Specifically, shadow banking is positively related with bank-specific tail risk and systemic risk in the “low-capital” and “low-liquidity” regimes, while positively associated with systemic linkage of banks in the “high-capital” and “high-liquidity” regimes. (3) The nonlinear effects of shadow banking on systemic risk of government-linked banks differ from those of non-government-linked banks. (4) The nonlinear effects of shadow banking on banks' systemic risk can be affected by monetary policy. These findings provide valuable guidance for enhancing the monitoring of shadow banking and implementing differentiated macro- and micro- prudential regulation as well as monetary policy.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102869"},"PeriodicalIF":4.8,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623516","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 influence of stock market liberalization on labor investment decisions: Evidence from China 股票市场自由化对劳动力投资决策的影响：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102859

Hanying Li, Shiguang Ma, Xiaofei Pan

{"title":"The influence of stock market liberalization on labor investment decisions: Evidence from China","authors":"Hanying Li, Shiguang Ma, Xiaofei Pan","doi":"10.1016/j.pacfin.2025.102859","DOIUrl":"10.1016/j.pacfin.2025.102859","url":null,"abstract":"<div><div>We investigate the impact of stock market liberalization on firms' labor investment decisions. Exploiting the Mainland-Hong Kong Stock Connect program as an exogenous shock and employing a staggered difference-in-differences approach with a sample of 1938 Chinese listed firms from 2010 to 2020, we find that stock market liberalization enhances labor investment efficiency by correcting both under-investment and over-investment in labors. This main effect remains robust after addressing endogeneity concerns, using alternative samples and different proxies for labor investment efficiency, and the consideration of non-labor investments. Improved stock liquidity and a more transparent information environment, which strengthen market participants' external monitoring, are the two key channels driving these improvements. Cross-sectional analyses indicate that the effect is stronger for non-state-owned enterprises (non-SOEs). Taking a broad view of labor investments, we find that stock market liberalization also fosters more employee-friendly practices through better wages and welfare. Overall, this study underscores the significant role of nationwide financial reform in shaping firms' labor investment decisions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102859"},"PeriodicalIF":4.8,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580174","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 air pollution influences corporate credit spreads: A pre-registered report 空气污染如何影响企业信用利差：一份预先登记的报告

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102868

Yunbiao Ma , Jingcong Shao , Beibei Shi

引用次数: 0

Gender of loan officers and loan performance: A pre-registered report 贷款人员的性别与贷款业绩：一份预先登记的报告

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-07-04 DOI: 10.1016/j.pacfin.2025.102862

Mingwei Chen , Kangyi Xu , Di Gong , Hongyu Guo

引用次数: 0

The effect of mutual fund herding on stock mispricing 共同基金羊群效应对股票错定价的影响