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The Power of Collaboration: How Collaboration Depth Shapes Forecast Performance in Analyst Teams 协作的力量：协作深度如何影响分析师团队的预测绩效
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-22 DOI: 10.1111/ajfs.70014
Ruixuan Zhang, Yiyun Ge, Shu Lin
{"title":"The Power of Collaboration: How Collaboration Depth Shapes Forecast Performance in Analyst Teams","authors":"Ruixuan Zhang,&nbsp;Yiyun Ge,&nbsp;Shu Lin","doi":"10.1111/ajfs.70014","DOIUrl":"https://doi.org/10.1111/ajfs.70014","url":null,"abstract":"<p>This paper investigates how collaboration depth influences forecast performance in analyst teams. Based on Chinese A-share market data from 2007 to 2022, we find that teams with deeper collaboration experience produce more accurate and timely forecasts. Cross-sectional analyses indicate that the effect on forecast accuracy becomes more significant when the lead analyst has more firm-specific experience, there is greater gender diversity in the analyst teams, and when the firm has high information opacity. For timeliness, the effect is stronger in teams with high education diversity and in firms with highly volatile revenues, but weaker in teams with more star analysts. Furthermore, the positive effect of collaboration depth on forecast accuracy is more significant in brokerage firms with stronger collaboration cultures. However, deeper collaboration among analyst teams is also associated with increased herding behavior. These findings have practical implications for brokers and analysts.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"402-432"},"PeriodicalIF":1.5,"publicationDate":"2025-07-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888495","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 Investment in the Absence of Peer Firms' Disaggregated Cost Information* 缺乏同行企业分类成本信息的企业投资研究*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-14 DOI: 10.1111/ajfs.70013
Seunghee Yang, Hyungjin Cho, Sehee Kim, Woo-Jong Lee
{"title":"Corporate Investment in the Absence of Peer Firms' Disaggregated Cost Information*","authors":"Seunghee Yang,&nbsp;Hyungjin Cho,&nbsp;Sehee Kim,&nbsp;Woo-Jong Lee","doi":"10.1111/ajfs.70013","DOIUrl":"https://doi.org/10.1111/ajfs.70013","url":null,"abstract":"<p>This study investigates how the availability of proprietary cost information influences corporate investment. By leveraging the regulatory cessation of disaggregated cost reporting in Korea, we document a decline in investment-<i>q</i> sensitivity after peers stop disclosing the detailed cost information, suggesting significant externalities arising from peers' proprietary information contained in cost reports. This finding is robust to alternative measures and estimation methods. We echo the importance of disaggregated cost information in product market competition and managerial learning from peer disclosure.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"433-462"},"PeriodicalIF":1.5,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888198","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
Window Dressing, Fund Performance, and Fund Flows: Insights into Taiwan's Equity Mutual Funds* 粉饰帐面、基金业绩与资金流动：台湾股票型共同基金之研究*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-07-11 DOI: 10.1111/ajfs.70012
Pi-Hsia Hung
{"title":"Window Dressing, Fund Performance, and Fund Flows: Insights into Taiwan's Equity Mutual Funds*","authors":"Pi-Hsia Hung","doi":"10.1111/ajfs.70012","DOIUrl":"https://doi.org/10.1111/ajfs.70012","url":null,"abstract":"<p>This research examines the relationships among window dressing, fund performance, and fund flows in Taiwan's equity fund industry. The empirical findings reveal several important insights. Equity fund managers are actively involved in window dressing, with underperforming managers being more prone to such practices. These managers demonstrate a stronger preference for increasing their holdings of winner stocks more than avoiding loser stocks. Additionally, funds with a higher portfolio concentration and turnover rates are more likely to engage in window dressing activities compared to other funds. The study also highlights the adverse effects of window dressing on performance and fund flows. Window dressing negatively impacts both short- and long-term fund performances. Furthermore, window dressing fails to attract short-term fund inflows and instead exacerbates the decline in long-term outflows. This comprehensive analysis highlights the implications of window dressing on fund performance and investor behavior, shedding light on its prevalence and consequences within Taiwan's equity fund industry.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"498-530"},"PeriodicalIF":1.5,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888305","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
Directors' and Officers' Liability Insurance, Liquidity Risk, and Stock Returns: Evidence from Taiwan's Stock Market 董事责任保险、流动性风险与股票收益：来自台湾股票市场的证据
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-20 DOI: 10.1111/ajfs.70005
Chih-Yuan Cheng, Yun-Lan Tseng
{"title":"Directors' and Officers' Liability Insurance, Liquidity Risk, and Stock Returns: Evidence from Taiwan's Stock Market","authors":"Chih-Yuan Cheng,&nbsp;Yun-Lan Tseng","doi":"10.1111/ajfs.70005","DOIUrl":"https://doi.org/10.1111/ajfs.70005","url":null,"abstract":"<p>This study reveals a notable anomaly in Taiwan's stock market, where stocks with substantial directors' and officers' (D&amp;O) insurance coverage tend to yield higher expected returns, partly due to their exposure to liquidity risk. First, firms purchasing extensive D&amp;O insurance coverage experience increased stock illiquidity, which is influenced by the inadequate quality of information disclosure. This observation supports the moral hazard-based information opacity hypothesis. Second, we introduce an illiquidity-based mimicking factor and show that portfolios with higher (lower) D&amp;O insurance coverage display positive (negative) loadings on this factor, underscoring the importance of liquidity risk in asset pricing. Third, this market-wide illiquidity mimicking factor explains approximately one-third of the observed premium associated with variations in D&amp;O insurance coverage across certain model specifications. This research challenges the behavioral mispricing hypothesis by highlighting the liquidity-driven covariance risk linked to the D&amp;O insurance anomaly, thereby providing fresh insights into asset pricing dynamics in emerging markets.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"365-395"},"PeriodicalIF":1.8,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144493010","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
Ex-Officers on the Board: Military Experience and Corporate Ethics 前董事会成员：军事经验和企业道德
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-13 DOI: 10.1111/ajfs.70008
Hyun-Dong Kim, Taeyeon Kim, Ji Yeol Jimmy Oh, Kwangwoo Park
{"title":"Ex-Officers on the Board: Military Experience and Corporate Ethics","authors":"Hyun-Dong Kim,&nbsp;Taeyeon Kim,&nbsp;Ji Yeol Jimmy Oh,&nbsp;Kwangwoo Park","doi":"10.1111/ajfs.70008","DOIUrl":"https://doi.org/10.1111/ajfs.70008","url":null,"abstract":"<p>We examine whether board directors with previous experience as military officers improve corporate ethics. Using information about Korean board directors, we show that firms with ex-military-officer (EMO) CEOs and inside directors are substantially less likely to commit fraud, highlighting the importance of exposure to military values as former officers while serving as corporate executives. The positive impact of EMO directors' presence on corporate ethics is particularly prominent among Korean business group (chaebol) firms that are otherwise prone to fraudulent behaviors without their presence. Our results suggest that firms with board members of heightened personal integrity from their military officer experience have a higher standard in corporate ethics.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"340-364"},"PeriodicalIF":1.8,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70008","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492581","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
Relaxation of Antitrust Regulations and Shareholder Returns: Evidence from the Korean Market* 反垄断规制放宽与股东回报：来自韩国市场的证据*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-10 DOI: 10.1111/ajfs.70010
Hye Seok Kim, Chung Young Chung, Hong Kee Sul, Farzan Yahya
{"title":"Relaxation of Antitrust Regulations and Shareholder Returns: Evidence from the Korean Market*","authors":"Hye Seok Kim,&nbsp;Chung Young Chung,&nbsp;Hong Kee Sul,&nbsp;Farzan Yahya","doi":"10.1111/ajfs.70010","DOIUrl":"https://doi.org/10.1111/ajfs.70010","url":null,"abstract":"<p>This study examines the effects of the 2007 antitrust regulations on the value of acquiring firms engaged in mergers and acquisitions (M&amp;A) in Korea. By employing a difference-in-differences model and analyzing 5-day cumulative average abnormal returns (CAR), the study reveals that horizontal acquisitions lead to increased shareholder returns. However, there is no indication that market power or cost efficiency are contributing factors. For <i>chaebol</i> firms, M&amp;A significantly decreases firm value, likely due to tunneling. Subsample analyses suggest that managerial entrenchment causes this decline, while non-<i>chaebol</i> firms show no empirical support for the market power or cost efficiency hypotheses.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"276-308"},"PeriodicalIF":1.8,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492850","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 Industry-specific Disclosure Regulation Affect Accounting Estimation Intensity?* 行业披露制度对会计估计强度的影响？＊
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-06-10 DOI: 10.1111/ajfs.70009
Wang Shengnian, Hou Danyang, Liu Ying
{"title":"Does Industry-specific Disclosure Regulation Affect Accounting Estimation Intensity?*","authors":"Wang Shengnian,&nbsp;Hou Danyang,&nbsp;Liu Ying","doi":"10.1111/ajfs.70009","DOIUrl":"https://doi.org/10.1111/ajfs.70009","url":null,"abstract":"<p>This study uses China's stock exchange disclosure guidelines in a quasi-natural experiment to build a difference-in-differences model, examining how industry-specific disclosure regulation affect accounting estimation intensity. The results show these regulations reduce intensity due to better information comparability and stricter auditor oversight. The effect is stronger for firms with weak governance, in less competitive industries, or far from regulators. Tests also find such regulation lowers capital costs. The findings have implications for refining regulatory frameworks and capital market reforms in developing economies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 4","pages":"463-497"},"PeriodicalIF":1.5,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888201","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
Friendly Juridical Representative Directors and Managerial Investment Decisions—Yes, the Derivatives Hedging Matter* 友好的法人代表董事和管理投资决策——是的，衍生品对冲问题*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-05-26 DOI: 10.1111/ajfs.70006
Pei-Yu Weng, Ching-Lung Chen, Yu-Shen Lin
{"title":"Friendly Juridical Representative Directors and Managerial Investment Decisions—Yes, the Derivatives Hedging Matter*","authors":"Pei-Yu Weng,&nbsp;Ching-Lung Chen,&nbsp;Yu-Shen Lin","doi":"10.1111/ajfs.70006","DOIUrl":"https://doi.org/10.1111/ajfs.70006","url":null,"abstract":"<p>Under Article 27 of Taiwan's Company Act, juridical entities can designate representatives to act as directors of firms in which they invest. This institutional feature has raised concerns regarding the effectiveness with which such representative directors (particularly the friendly representative directors, FDIRs) can monitor and/or advise on firm operations. This study first examines whether FDIRs are associated with investee overinvestment. Prior studies have found that financial derivatives are important tools for risk management, reducing cost of capital and preventing underinvestment. This study extends these works and further examines whether the relationship between FDIRs and overinvestment is moderated by the use of hedging derivatives. Empirical results show that the proportion of FDIRs is negatively associated to firm overinvestment, suggesting that FDIRs improve the monitoring and/or advising functions of firm investment activities. A further test reveals that this negative relationship is pronounced for firms that are not engaged in derivative hedging activities. This implies that FDIRs are likely to incorporate managerial hedging programs into their monitoring and/or advising functions when examining firm investment decisions, thereby restraining overinvestment in firms that are not engaged in derivative hedging. Collectively, this study provides evidence that, in emerging markets like Taiwan, FDIRs tend to inhibit overinvestment, and this behavior is actually moderated by firm hedging derivatives activity.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 3","pages":"309-339"},"PeriodicalIF":1.8,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144492613","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
Stock Market Reactions to Supply Chain Disruptions and Recovery from the 2022 Shanghai Lockdown* 股市对供应链中断的反应和2022年上海封锁后的复苏*
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-04-11 DOI: 10.1111/ajfs.70003
Kyunghee Song, Yun Shin Lee, Moon Su Koo
{"title":"Stock Market Reactions to Supply Chain Disruptions and Recovery from the 2022 Shanghai Lockdown*","authors":"Kyunghee Song,&nbsp;Yun Shin Lee,&nbsp;Moon Su Koo","doi":"10.1111/ajfs.70003","DOIUrl":"https://doi.org/10.1111/ajfs.70003","url":null,"abstract":"<p>This paper investigates the effects of the 2022 Shanghai lockdown and its subsequent lifting on global supply chains during the COVID-19 pandemic. We first identify four focal firms—Tesla, Volkswagen, SAIC Motors, and General Motors—most frequently cited in the news articles as experiencing supply chain disruptions due to the lockdown. Using an event study methodology, we estimate abnormal stock returns for these focal firms and their tier-1 global suppliers following the lockdown and its lifting announcements. We find significant and systematic stock market reactions for the suppliers of the focal firms, whereas the focal firms themselves do not exhibit statistically significant stock reactions. Specifically, suppliers experienced significantly negative abnormal returns during the lockdown, with the opposite effect observed upon the lifting of the lockdown. Furthermore, supplier characteristics such as capital expenditure and inventory turnover significantly influenced cumulative abnormal returns during the lockdown, while leverage and R&amp;D intensity affected returns during the lifting event. Compared to the suppliers of benchmark firms, those of the focal firms experienced significantly more negative cumulative abnormal returns in the lockdown case, while no significant difference was observed between them in the lifting case.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"152-187"},"PeriodicalIF":1.8,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852999","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
Concentrate or Diversify? Economic Policy Uncertainty and Supplier-Base Concentration 集中还是分散？经济政策不确定性与供应商集中度
IF 1.8 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-03-24 DOI: 10.1111/ajfs.70002
Ran Duan, Chengda Liu
{"title":"Concentrate or Diversify? Economic Policy Uncertainty and Supplier-Base Concentration","authors":"Ran Duan,&nbsp;Chengda Liu","doi":"10.1111/ajfs.70002","DOIUrl":"https://doi.org/10.1111/ajfs.70002","url":null,"abstract":"<p>Risks of abrupt changes in economic policies not only affect many segments of firms' operations, but also compromise the stability of the supply chain. Based on the data from listed companies in China between 2001 and 2020, this paper examines how firms stabilize their supply chain structure amidst growing economic policy uncertainty. Our findings reveal that, in response to increasing policy uncertainties, companies tend to stabilize supply chains by diversifying their supplier base. This impact is more prominent when firms face greater supply risks and a higher degree of market uncertainty. In addition, we discuss the timeliness and structural changes of firms' supplier-base in detail. Our results remain consistent across various endogeneity tests, providing empirical evidence for how economic policy uncertainty shapes firms' supply chain decisions. Policymakers can enhance understanding of firms' supply chain adjustment strategies in the face of rising policy uncertainty.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"116-151"},"PeriodicalIF":1.8,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852931","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
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