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Government Credit Support and Post-Policy Spillovers in Bank Lending: Evidence from Korea During COVID-19* 政府信贷支持和银行贷款的政策后溢出效应：来自新冠肺炎期间韩国的证据*
IF 1.4 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-08-25 Epub Date: 2026-06-01 DOI: 10.1111/ajfs.70050
Munbak Choe, Joon Chae
{"title":"Government Credit Support and Post-Policy Spillovers in Bank Lending: Evidence from Korea During COVID-19*","authors":"Munbak Choe,&nbsp;Joon Chae","doi":"10.1111/ajfs.70050","DOIUrl":"https://doi.org/10.1111/ajfs.70050","url":null,"abstract":"<p>This paper examines whether Korea's COVID-19 credit support programs generated spillover effects on bank lending to riskier firms. While banks extended relatively more credit to riskier eligible SMEs during the policy period (2020), lending to riskier non-eligible firms also increased in the post-policy period (2021–2022), indicating a spillover beyond directly targeted firms. This post-policy increase is concentrated among banks with limited regulatory capital headroom and high exposure to policy-eligible lending. The evidence is strongest for <i>Z-score</i> and <i>Leverage</i> and is supported by pre-policy trend tests, firm fixed effects, and additional post-policy interactions of firm characteristics.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 4","pages":"477-502"},"PeriodicalIF":1.4,"publicationDate":"2026-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148811150","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
Haircut Rigidity, Default Risk, and Bankruptcy Resolution in the Korean Repurchase Agreement Market* 韩国回购协议市场的剪值刚性、违约风险与破产清算*
IF 1.4 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-08-25 Epub Date: 2026-07-09 DOI: 10.1111/ajfs.70055
Min Soo Yu, Inkee Jang
{"title":"Haircut Rigidity, Default Risk, and Bankruptcy Resolution in the Korean Repurchase Agreement Market*","authors":"Min Soo Yu,&nbsp;Inkee Jang","doi":"10.1111/ajfs.70055","DOIUrl":"https://doi.org/10.1111/ajfs.70055","url":null,"abstract":"<p>We study repurchase agreement contracting in the Korean market, where the post-2020 minimum-margin framework and associated market practice make haircut adjustment relatively constrained. We develop a two-period model with strategic default, costly information acquisition, and an effective lower bound on haircut adjustment. The model yields three regimes that differ in whether debt remains information insensitive. Haircut rigidity does not eliminate risk; it reallocates risk adjustment toward repo rates, funding quantities, and, when information acquisition is cheap, screening. Extending the model to central clearing, we show that a weaker collateral constraint may be welfare-improving if a central counterparty reduces effective default exposure through novation, multilateral netting, centralized margining, and default-management arrangements. This policy implication is conditional on exposure reduction being large relative to implementation and participation costs.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 4","pages":"503-530"},"PeriodicalIF":1.4,"publicationDate":"2026-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148811202","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
Can the Establishment of Bankruptcy Courts Improve Firm Investment Efficiency? Evidence from China 破产法院的设立能否提高企业投资效率？来自中国的证据
IF 1.4 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-08-25 Epub Date: 2026-03-02 DOI: 10.1111/ajfs.70040
Xiangjun Fan, Yuetang Wang, Yuan Yuan
{"title":"Can the Establishment of Bankruptcy Courts Improve Firm Investment Efficiency? Evidence from China","authors":"Xiangjun Fan,&nbsp;Yuetang Wang,&nbsp;Yuan Yuan","doi":"10.1111/ajfs.70040","DOIUrl":"https://doi.org/10.1111/ajfs.70040","url":null,"abstract":"<p>This paper examines the impact of the establishment of bankruptcy courts on firms' investment efficiency in China. The results show that the establishment of bankruptcy courts significantly enhances the investment efficiency of local firms. We identify the trust effect and the deterrence effect as the key mechanisms through which bankruptcy courts improve investment efficiency. The impact is particularly pronounced in firms located in better legal environments, among privately owned firms, and within firms characterized by lower internal control quality. These findings provide novel evidence on the economic consequences of judicial reform.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 4","pages":"452-476"},"PeriodicalIF":1.4,"publicationDate":"2026-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148811181","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
Credit Market Frictions and Bankruptcy Law Design—Implications for Korea* 信贷市场摩擦与破产法设计——对韩国的启示*
IF 1.4 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-08-25 Epub Date: 2026-03-25 DOI: 10.1111/ajfs.70043
David Schoenherr
{"title":"Credit Market Frictions and Bankruptcy Law Design—Implications for Korea*","authors":"David Schoenherr","doi":"10.1111/ajfs.70043","DOIUrl":"https://doi.org/10.1111/ajfs.70043","url":null,"abstract":"<p>Bankruptcy law design has important implications for financial markets and economic growth. As bankruptcy law design interacts with local economic and political conditions, it is important to consider these factors when designing optimal bankruptcy law. This paper first describes major credit market frictions and how they interact with bankruptcy law design. After introducing important aspects of the Korean bankruptcy system, the paper discusses how economic, political, and cultural factors in Korea interact with bankruptcy law design. Based on this analysis, the paper derives implications for optimal bankruptcy design in Korea.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 4","pages":"426-451"},"PeriodicalIF":1.4,"publicationDate":"2026-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70043","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148811341","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
Negative ESG Premiums: Preference-Driven or Risk-Driven?* 负ESG溢价：偏好驱动还是风险驱动？＊
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-06-05 Epub Date: 2026-02-19 DOI: 10.1111/ajfs.70032
Na Liu, Yun Han, Fang Zhang, Wen Hua Sun
{"title":"Negative ESG Premiums: Preference-Driven or Risk-Driven?*","authors":"Na Liu,&nbsp;Yun Han,&nbsp;Fang Zhang,&nbsp;Wen Hua Sun","doi":"10.1111/ajfs.70032","DOIUrl":"https://doi.org/10.1111/ajfs.70032","url":null,"abstract":"<p>We use the implied cost of capital as a proxy for future expected returns and investigate the existence of an environmental, social, and governance (ESG) premium in China's A-share market. Our results show that high ESG stocks yield lower expected returns than low ESG stocks, with risk compensation being the primary driver of this negative ESG premium. Furthermore, we provide an explanation from a risk compensation mechanism of why ESG investment continues to grow despite the presence of a negative ESG premium.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 3","pages":"313-344"},"PeriodicalIF":1.5,"publicationDate":"2026-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148174824","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 Independent Directors' Participation Matter in Interactive Information Exchange? Evidence from Earnings Communication Conferences in China* 独立董事参与互动信息交流是否重要？来自中国盈余沟通会议的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-06-05 Epub Date: 2026-01-07 DOI: 10.1111/ajfs.70033
Jingxin Li, Yong Ye
{"title":"Does Independent Directors' Participation Matter in Interactive Information Exchange? Evidence from Earnings Communication Conferences in China*","authors":"Jingxin Li,&nbsp;Yong Ye","doi":"10.1111/ajfs.70033","DOIUrl":"https://doi.org/10.1111/ajfs.70033","url":null,"abstract":"<p>The study examines how independent directors’ (IDs’) participation in earnings communication conferences (ECCs) influences the quality of investor-management interactions. Using question-and-answer transcripts from Chinese ECCs, we construct a multidimensional measure of interaction quality that incorporates semantic relevance (via Sentence-BERT embeddings), response readability, and information content. We find that IDs' participation significantly enhances interaction quality. Mechanism analyses suggest that this effect operates through diligence signaling, real-time oversight, and reputational incentives. The enhancement is more pronounced when IDs are female, younger, have longer tenure, or hold fewer concurrent directorships. Moreover, the marginal benefit is greater when multiple IDs attend the ECC. Finally, we show that IDs' participation amplifies the positive capital market reaction to high-quality interactions. These findings highlight the critical role of IDs in promoting effective interactive information exchange.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 3","pages":"345-381"},"PeriodicalIF":1.5,"publicationDate":"2026-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148174552","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
Volatility and Corporate Bond Pricing in China* 波动率与中国公司债券定价*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-06-05 Epub Date: 2026-01-19 DOI: 10.1111/ajfs.70034
Na Song, Guanying Wang, Yuchen Fan
{"title":"Volatility and Corporate Bond Pricing in China*","authors":"Na Song,&nbsp;Guanying Wang,&nbsp;Yuchen Fan","doi":"10.1111/ajfs.70034","DOIUrl":"https://doi.org/10.1111/ajfs.70034","url":null,"abstract":"<p>This paper investigates the impact of volatility on expected corporate bond returns in China by using transactional data from 2010 to 2022. Portfolio analysis and Fama-MacBeth regression show that volatility has a negative impact on expected corporate bond returns. After controlling for credit rating, maturity, liquidity, stock volatility and risk exposures, the volatility effect remains significant. By incorporating a new volatility factor and the bond market factor into the term-default two-factor bond pricing model of Fama and French (<i>Journal of Financial Economics</i>, 1993, 33, 3), we construct a new four-factor pricing model of corporate bonds. The proposed model captures the premium of volatility risk well and makes a significant marginal contribution to explaining the excess returns of corporate bonds. In addition, we find that volatility has a predictive effect on the default of corporate bonds.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 3","pages":"282-312"},"PeriodicalIF":1.5,"publicationDate":"2026-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148174825","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
English Earnings Conference Calls and Foreign Investors in the Korean Stock Market* 英文业绩电话会议与韩国股市的外国投资者*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-06-05 Epub Date: 2026-02-26 DOI: 10.1111/ajfs.70039
Ryoonhee Kim, Kyung Hee Park
{"title":"English Earnings Conference Calls and Foreign Investors in the Korean Stock Market*","authors":"Ryoonhee Kim,&nbsp;Kyung Hee Park","doi":"10.1111/ajfs.70039","DOIUrl":"https://doi.org/10.1111/ajfs.70039","url":null,"abstract":"<p>Based on a sample of Korean public firms in the period 2002–2022, we document that foreign ownership and trading volumes increase in subsequent quarters when firms provide earnings calls in English. Stock price synchronicity also increases in subsequent quarters. We re-examine the effect of English language earnings calls using a sample including only those firms providing English language earnings calls and a matching sample, and find a similar effect. We show that cumulative abnormal returns around call releases are higher when the Questions and Answers sections of the calls exhibit more positive sentiment. Our final analysis reveals that the positive effect of call sentiment is more pronounced within firms with higher foreign ownership.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 3","pages":"382-420"},"PeriodicalIF":1.5,"publicationDate":"2026-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70039","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148174842","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
The Effects of Stock Price Crashes on Accounting Conservatism* 股价暴跌对会计稳健性的影响*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-04-12 Epub Date: 2025-12-15 DOI: 10.1111/ajfs.70029
Jia-Qi Yu, Kung-Cheng Ho, Qianglong Zhou, Yan Gu
{"title":"The Effects of Stock Price Crashes on Accounting Conservatism*","authors":"Jia-Qi Yu,&nbsp;Kung-Cheng Ho,&nbsp;Qianglong Zhou,&nbsp;Yan Gu","doi":"10.1111/ajfs.70029","DOIUrl":"https://doi.org/10.1111/ajfs.70029","url":null,"abstract":"<p>Few studies have examined the causes of stock price crashes and their economic consequences. This study, using Chinese listed firms as a sample, investigates the impact of stock price crashes on accounting conservatism. The results show that accounting conservatism significantly increases after a stock price crash, with a more pronounced effect in firms with higher levels of external oversight. Our findings support both signaling and resource-dependence theory: after a crash, managers increase accounting conservatism to send a stronger positive signal, rebuild stakeholder confidence, and thereby mitigate the adverse valuation effects of the crash.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 2","pages":"244-276"},"PeriodicalIF":1.5,"publicationDate":"2026-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686103","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
Organizational Culture and Financial Performance: A Machine Learning Approach* 组织文化与财务绩效：机器学习方法*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-04-12 Epub Date: 2025-12-07 DOI: 10.1111/ajfs.70027
Hanjun Lee, Junho Park
{"title":"Organizational Culture and Financial Performance: A Machine Learning Approach*","authors":"Hanjun Lee,&nbsp;Junho Park","doi":"10.1111/ajfs.70027","DOIUrl":"https://doi.org/10.1111/ajfs.70027","url":null,"abstract":"<p>This study explores the relationship between organizational culture and firm performance by applying a machine learning-based text analysis to a large corpus of employee reviews. Inspired by an intuitive framework of Myers-Briggs Type Indicator personality dimensions, we propose a novel representation of organizational culture using Korean employee narratives from JobPlanet. Using doc2vec, we derive eight continuous culture scores and investigate their associations with firm valuation metrics. The findings suggest that specific culture dimensions, such as extroversion and judging, are significantly related to firm value. Robustness checks using alternative embeddings confirm that the results are not model-specific. We contribute to the growing literature on culture by providing scalable, language-aware methods for quantifying organizational traits in emerging markets.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 2","pages":"116-154"},"PeriodicalIF":1.5,"publicationDate":"2026-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70027","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686835","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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