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Acknowledgement 鸣谢
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-13 DOI: 10.1111/ajfs.12498
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12498","DOIUrl":"https://doi.org/10.1111/ajfs.12498","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"531"},"PeriodicalIF":1.8,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142435262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does Bold Forecast After Job Change Improve Forecast Accuracy? Evidence From Korean Sell‐Side Analysts 工作变动后大胆预测是否能提高预测准确性？来自韩国卖方分析师的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-09-03 DOI: 10.1111/ajfs.12495
Sohee Park
{"title":"Does Bold Forecast After Job Change Improve Forecast Accuracy? Evidence From Korean Sell‐Side Analysts","authors":"Sohee Park","doi":"10.1111/ajfs.12495","DOIUrl":"https://doi.org/10.1111/ajfs.12495","url":null,"abstract":"This paper investigates how incentives generated by intrafirm tournaments affect the informativeness of bold forecasts issued by sell‐side analysts who have recently switched employers. Prior literature suggests that bold forecasts may lose accuracy when they are influenced by tournament‐induced incentives. Extending this literature, I find that bold forecasts from transitioning analysts tend to result in decreased forecast accuracy. This negative effect is mitigated when analysts are less concerned about their disadvantages in the new intrafirm tournament—specifically, when they are more experienced, more competent, or have moved to more prosperous brokerage houses. These findings suggest that bold forecasts by transitioning analysts are partly influenced by intrafirm tournament‐induced risk‐taking, which can deteriorate performance quality.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"36 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142204045","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 Audit Efforts Reduce Stock Price Crash Risk? The Role of Corporate Governance 审计工作能降低股价暴跌风险吗？公司治理的作用
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-08-28 DOI: 10.1111/ajfs.12494
Sang Hyuk Lee, Nam Chul Jung
{"title":"Do Audit Efforts Reduce Stock Price Crash Risk? The Role of Corporate Governance","authors":"Sang Hyuk Lee, Nam Chul Jung","doi":"10.1111/ajfs.12494","DOIUrl":"https://doi.org/10.1111/ajfs.12494","url":null,"abstract":"This study investigates the Korean audit market, revealing that increased audit efforts correlate with reduced stock price crash risk, suggesting audits bridge the information gap between managers and investors, deterring negative news hoarding. The study also finds that this relationship is stronger in firms with more external directors, institutional investor presence, and financial analyst oversight, highlighting the importance of robust corporate governance. The research implies that in emerging markets, comprehensive audits and strong governance are crucial to protect investors from the adverse effects of stock price crashes.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"6 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142204062","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Canadian Bank Capital and Liquidity Creation* 加拿大银行资本和流动性创造*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-08-18 DOI: 10.1111/ajfs.12493
Madhu Garg, Lawrence Kryzanowski, Jie Zhang
{"title":"Canadian Bank Capital and Liquidity Creation*","authors":"Madhu Garg,&nbsp;Lawrence Kryzanowski,&nbsp;Jie Zhang","doi":"10.1111/ajfs.12493","DOIUrl":"10.1111/ajfs.12493","url":null,"abstract":"<p>We find a significantly positive relationship between the Tier 1 capital ratio and on-balance-sheet liquidity creation for Canadian Big Six banks, implying that large banks in Canada can take risk due to risk absorption by using capital to fund illiquid assets. Our results are robust to the 2018 initiation of a domestic stability buffer (DSB) of total risk-weighted assets for Pillar 2 risks, core deposits financing, non-deposit funding restrictions, and bank mergers and acquisitions. The positive relation (regulatory capital ratio with liquidity creation) becomes significantly negative during the 2007–9 Global Financial Crisis and COVID-19 pandemic.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"626-663"},"PeriodicalIF":1.8,"publicationDate":"2024-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12493","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142204061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Alternative Alpha Seeking Strategy with EVA Long‐Short: Evidence from the Korean Stock Market* 利用 EVA 多空策略寻求阿尔法的另类策略：韩国股票市场的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-08-14 DOI: 10.1111/ajfs.12492
Hyoung‐Goo Kang, Hyunyul Lee, Byungsuk Han
{"title":"Alternative Alpha Seeking Strategy with EVA Long‐Short: Evidence from the Korean Stock Market*","authors":"Hyoung‐Goo Kang, Hyunyul Lee, Byungsuk Han","doi":"10.1111/ajfs.12492","DOIUrl":"https://doi.org/10.1111/ajfs.12492","url":null,"abstract":"Economic value added (EVA) is a useful concept for creating investment strategies for fund managers and scholars. This paper analyzes an alpha‐seeking strategy with EVA. We use a long‐short portfolio with high EVA and low EVA stocks. Using the normalized EVA, we construct a portfolio from the first to the fifth quintile and test the effectiveness of the strategy with the Carhart four‐factor model. We find the following: (1) The portfolios with high EVA stocks outperform those with low ones; (2) EVA‐based long‐short portfolio generates 6.5% return per annum. This paper provides an empirical basis for launching a new equity fund with EVA in Korea. This strategy suggestion could also be extended to introduce new EVA investment strategies in other global markets.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"93 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142204063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Acknowledgement 鸣谢
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-08-06 DOI: 10.1111/ajfs.12490
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12490","DOIUrl":"10.1111/ajfs.12490","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 4","pages":"415"},"PeriodicalIF":1.8,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141938523","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does Digital Transformation Alleviate Stock Price Delays: Evidence from China* 数字化转型能否缓解股价延迟？来自中国的证据*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-07-23 DOI: 10.1111/ajfs.12489
Panpan Feng, Jiangwu Pang, Seongil Jeon
{"title":"Does Digital Transformation Alleviate Stock Price Delays: Evidence from China*","authors":"Panpan Feng,&nbsp;Jiangwu Pang,&nbsp;Seongil Jeon","doi":"10.1111/ajfs.12489","DOIUrl":"10.1111/ajfs.12489","url":null,"abstract":"<p>This study uses data from Chinese A-share listed firms from 2009 to 2021 to explore how enterprise digital transformation affects stock price delays. We find that implementing enterprise digital transformation significantly alleviates stock price delays. The mechanism analysis shows that enterprise digital transformation significantly alleviates stock price delays in enterprises with high information transparency and robust internal control. Heterogeneity analysis indicates that digital transformation's alleviating effect on stock price delays is stronger for non-SOEs and enterprises with high industry competition. This study provides valuable insights into alleviating stock price delays, thus enhancing capital market pricing efficiency.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"532-554"},"PeriodicalIF":1.8,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12489","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141811850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Geopolitical Risk Matter for Cross-Industry Risk Contagion: The Roles of Real Linkage and Information Channels* 地缘政治风险对跨行业风险传染是否重要？真实联系和信息渠道的作用*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-07-15 DOI: 10.1111/ajfs.12488
Yuanyue Deng, Ying Wu
{"title":"Does Geopolitical Risk Matter for Cross-Industry Risk Contagion: The Roles of Real Linkage and Information Channels*","authors":"Yuanyue Deng,&nbsp;Ying Wu","doi":"10.1111/ajfs.12488","DOIUrl":"10.1111/ajfs.12488","url":null,"abstract":"<p>Using data from 34 Chinese industries from January 2007 to February 2024, we examine risk spillover in the economic system and the channels through which geopolitical risk (GPR) influences contagion effects. Risk spillover measurements are calculated for both the short and long term by combining variational mode decomposition with the variance decomposition of vector autoregression. Our findings provide evidence of significant and time-varying spillovers among industries over time. The results on densities and assortativity coefficients indicate the presence of structural changes in the risk network during geopolitical crises. Furthermore, we find that the real linkage (input–output nexus) is an important determinant of long-term spillovers during periods of high GPR, and the information channel (market sentiment) is associated with risk contagion caused by GPR in both the short and long term. Overall, this paper offers valuable insights to prevent and mitigate the negative consequences triggered by geopolitical events on the stability of the economic system.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"555-595"},"PeriodicalIF":1.8,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141646133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Corporate Bond Market Reaction to the Mandatory ESG Disclosure Act: Is Sustainium Sustainable?* 公司债券市场对《强制性环境、社会和公司治理信息披露法》的反应：可持续性是否可持续？
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-07-12 DOI: 10.1111/ajfs.12484
Jung Hwa Lee, Daewoung Choi, Hoyong Choi, Seung Hun Han
{"title":"Corporate Bond Market Reaction to the Mandatory ESG Disclosure Act: Is Sustainium Sustainable?*","authors":"Jung Hwa Lee,&nbsp;Daewoung Choi,&nbsp;Hoyong Choi,&nbsp;Seung Hun Han","doi":"10.1111/ajfs.12484","DOIUrl":"10.1111/ajfs.12484","url":null,"abstract":"<p>We investigate the primary and secondary market reactions of US corporate bonds to the mandatory Environmental, Social, and Governance (ESG) Disclosure Act of 2021 (hereafter, the ESG Disclosure Act). We compare ESG bonds with non-ESG bonds through a yield spread analysis for the primary market and a bond event study for the secondary market, assessing the impact on a sustainable premium (“sustainium”) following the enactment. Sustainium disappears from the primary market after the ESG Disclosure Act. Abnormal corporate bond returns in the secondary market are negative, and the impact on the sustainium is not economically different from zero. We also find that long-term corporate bonds are more vulnerable to the ESG Disclosure Act. These findings indicate that investors should assess ESG bonds according to long-term horizons if the sustainium is expected to persist.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 5","pages":"596-625"},"PeriodicalIF":1.8,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141609882","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 Restricted Stock, Incentives, and Corporate Innovations* 首席执行官限制性股票、激励机制和公司创新*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2024-07-01 DOI: 10.1111/ajfs.12486
Yi Boli, Jong-Min Oh
{"title":"CEO Restricted Stock, Incentives, and Corporate Innovations*","authors":"Yi Boli,&nbsp;Jong-Min Oh","doi":"10.1111/ajfs.12486","DOIUrl":"10.1111/ajfs.12486","url":null,"abstract":"<p>We study the relation between CEO restricted stock, CEO incentives, and firm innovation. We first show that restricted stock is negatively associated with R&amp;D investment. We also show that CEO restricted stock is positively related to the number of patents granted and citations received. However, further investigation shows that CEO restricted stock has a positive relation with firm exploitation but a negative relation with firm exploration and breakthrough innovation. The results suggest that restricted stock appears to incentivize CEOs to make efficient R&amp;D investments and produce more innovative outputs in general, but only through exploitation rather than exploration and breakthrough innovations.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"53 4","pages":"504-525"},"PeriodicalIF":1.8,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12486","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141503735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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