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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
The Dual Impact of Low-Carbon City Pilots: Financing Constraints, Eco-Innovation, and Corporate Performance in China* 中国低碳城市试点的双重影响：融资约束、生态创新与企业绩效*
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.70024
Longsheng Wu, Guanqiuyue Chen, Johnny F. I. Lam
{"title":"The Dual Impact of Low-Carbon City Pilots: Financing Constraints, Eco-Innovation, and Corporate Performance in China*","authors":"Longsheng Wu,&nbsp;Guanqiuyue Chen,&nbsp;Johnny F. I. Lam","doi":"10.1111/ajfs.70024","DOIUrl":"https://doi.org/10.1111/ajfs.70024","url":null,"abstract":"<p>Using China's three waves of low-carbon pilot cities (2010, 2012, 2017) as a quasi-natural experiment, we employ a multi-period difference-in-differences on A-shares firms (2008–2020) to assess environmental regulation's effects on market and sustainability performance. The pilots significantly improve both, with dynamic effects. In terms of mechanisms, the policy boosts research and development and eco-innovation, thereby supporting the Porter hypothesis; however, it simultaneously tightens financing constraints, which dampens market performance but not long-term sustainability. Regarding heterogeneity, state-owned enterprises outperform in sustainability while lagging in market performance, and higher market concentration amplifies market gains yet suppresses sustainability; conversely, institutional investors strengthen long-term orientation and significantly enhance sustainability performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 2","pages":"210-243"},"PeriodicalIF":1.5,"publicationDate":"2026-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686105","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
The Use of Euphemisms in Non-site Visits in China* 中国非实地考察中委婉语的使用*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-04-12 Epub Date: 2025-11-21 DOI: 10.1111/ajfs.70026
Songlian Tang, Kaihui Shu, Fei Su
{"title":"The Use of Euphemisms in Non-site Visits in China*","authors":"Songlian Tang,&nbsp;Kaihui Shu,&nbsp;Fei Su","doi":"10.1111/ajfs.70026","DOIUrl":"https://doi.org/10.1111/ajfs.70026","url":null,"abstract":"<p>Using a large sample of transcripts of corporate site visits (CSV) to Chinese public listed firms from 2012 to 2021, we examine whether the management uses more euphemisms when hosting non-site visits, which obfuscates the information integration of analysts. Our results suggest that managers tend to use euphemisms more frequently when hosting non-site visits and when they become more pessimistic, suggesting that managers may strategically muddle their message to investors and obfuscate the extent of bad news. Furthermore, more euphemism usage by managers in non-site visits distorts analysts' information integration and leads to greater analyst forecast dispersions. Our study adds to the literature on the impact of online corporate communication on analysts' information acquisition and, therefore, provides important implications on information disclosure obligations and information obstacles in emerging markets.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 2","pages":"155-209"},"PeriodicalIF":1.5,"publicationDate":"2026-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686374","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
Special Issue on External Financing in Private and Public Markets in the Asia-Pacific Region 《亚太地区私人和公共市场外部融资专题》
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2026-02-20 DOI: 10.1111/ajfs.70037
Jay R. Ritter
{"title":"Special Issue on External Financing in Private and Public Markets in the Asia-Pacific Region","authors":"Jay R. Ritter","doi":"10.1111/ajfs.70037","DOIUrl":"https://doi.org/10.1111/ajfs.70037","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 1","pages":"5-6"},"PeriodicalIF":1.5,"publicationDate":"2026-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147300034","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
Underpricing of Private Bonds Under Rule 144A* 根据规则144A*低估私人债券的定价
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-12-19 DOI: 10.1111/ajfs.70028
Junho Oh
{"title":"Underpricing of Private Bonds Under Rule 144A*","authors":"Junho Oh","doi":"10.1111/ajfs.70028","DOIUrl":"https://doi.org/10.1111/ajfs.70028","url":null,"abstract":"<p>I examine the underpricing of private bonds from U.S. issuers under Rule 144A and its relation to information asymmetry. The evidence shows that informationally opaque issuers prefer private placements, offering higher initial returns to attract informed investors and avoiding the elevated default premium they would face in public markets. On average, private bonds deliver 0.54% higher initial excess returns than public bonds. While underpricing is positively related to information asymmetry for public bonds, the relationship is weak for private bonds, as informed investors are less sensitive to dispersed market information. The underpricing of private bonds is stronger for an issuer's first private offering, but the higher returns do not persist beyond the first trading day. Overall, private bond issuance reflects firm incentives to target informed institutional investors in the bond market.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"55 1","pages":"60-109"},"PeriodicalIF":1.5,"publicationDate":"2025-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147320841","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
Rethinking Green Finance 重新思考绿色金融
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-12-17 DOI: 10.1111/ajfs.70030
Dong Lou, Mingxin Xu, Jun Yuan
{"title":"Rethinking Green Finance","authors":"Dong Lou,&nbsp;Mingxin Xu,&nbsp;Jun Yuan","doi":"10.1111/ajfs.70030","DOIUrl":"https://doi.org/10.1111/ajfs.70030","url":null,"abstract":"<p>This paper reviews the economic foundations of green finance and how it works in practice. Public policy is essential for addressing climate externalities, but its impact is often limited by policy swings and the difficulty of coordinating across countries. These gaps have raised expectations for private investors, yet common channels such as divestment and engagement face structural hurdles: heterogenous investor preferences, fiduciary constraints, and weak links between ESG metrics and real economic outcomes. Recent research finds that sustainable investing tends to shift portfolios more than it cuts emissions. Transition-focused tools, including sustainability-linked bonds, show more promise. Overall, we argue that green finance is most effective as a complement to public policy and technological innovation, not a substitute for them.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 6","pages":"704-717"},"PeriodicalIF":1.5,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145848067","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
The Impact of a Fund Network on Fund Managers' Disposition Effect: Evidence from China* 基金网络对基金经理配置效应的影响：来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-11-25 DOI: 10.1111/ajfs.70025
Wen Li, Xin Liao, Na Yang
{"title":"The Impact of a Fund Network on Fund Managers' Disposition Effect: Evidence from China*","authors":"Wen Li,&nbsp;Xin Liao,&nbsp;Na Yang","doi":"10.1111/ajfs.70025","DOIUrl":"https://doi.org/10.1111/ajfs.70025","url":null,"abstract":"<p>This study examines whether and how fund networks influence the disposition effect of fund managers. We use quarterly data from Chinese open-ended equity funds for the period from 2013 to 2024. First, we demonstrate a negative relationship between fund networks and fund managers' disposition effects, indicating that the higher the centrality of the fund network, the lower the disposition effect of fund managers. Second, fund managers' stock-picking and market-timing abilities play a U-shaped moderating role in the relationship between network centrality and the disposition effect. Finally, higher fund performance ranking, industry concentration, and economic policy uncertainty weaken the negative impact of fund networks on the disposition effect of fund managers. This study provides better insights into how fund networks affect fund managers' dispositions.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 6","pages":"792-826"},"PeriodicalIF":1.5,"publicationDate":"2025-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145843008","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
When Nature Strikes: Banking Stability, Carbon Pricing, and Proactive Climate Risk Management 《当自然灾害袭来：银行稳定性、碳定价和积极的气候风险管理》
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-10-31 DOI: 10.1111/ajfs.70021
Deokjong Jeong, Sunyoung Park
{"title":"When Nature Strikes: Banking Stability, Carbon Pricing, and Proactive Climate Risk Management","authors":"Deokjong Jeong,&nbsp;Sunyoung Park","doi":"10.1111/ajfs.70021","DOIUrl":"https://doi.org/10.1111/ajfs.70021","url":null,"abstract":"<p>This study examines the impacts of physical climate risks on banking stability using a global panel dataset (2005–2023). We analyze natural disasters, climate vulnerability and readiness, carbon pricing policies, and macroeconomic conditions using fixed-effects regression models. Our findings provide mixed evidence on the relationship between natural disasters and banking stability. Natural disasters typically increase nonperforming loans (NPLs), reduce liquidity, and lower capital adequacy, though effects vary substantially by context. Climate vulnerability significantly exacerbates liquidity pressures and equity reductions but also generates unexpected short-term stabilizing effects, possibly due to regulatory interventions. Climate readiness demonstrates selective effectiveness, moderating profitability volatility and enhancing liquidity and capital stability in certain contexts. Carbon pricing policies initially induce transitional challenges but yield substantial long-term stability benefits by incentivizing banks to shift toward sustainable asset portfolios. Macroeconomic conditions, notably GDP per capita and government debt levels, further moderate banks' resilience to climate shocks, revealing complex interactions that simultaneously amplify and mitigate banking vulnerabilities. These findings provide policy-relevant evidence, highlighting the necessity for tailored frameworks and context-specific risk management strategies that effectively balance transitional economic impacts with long-term financial resilience objectives.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 5","pages":"634-698"},"PeriodicalIF":1.5,"publicationDate":"2025-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145436464","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
Banks and Climate Risks 银行与气候风险
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2025-10-29 DOI: 10.1111/ajfs.70023
Allen N. Berger, Stephen A. Karolyi, Hugh Hoikwang Kim
{"title":"Banks and Climate Risks","authors":"Allen N. Berger,&nbsp;Stephen A. Karolyi,&nbsp;Hugh Hoikwang Kim","doi":"10.1111/ajfs.70023","DOIUrl":"https://doi.org/10.1111/ajfs.70023","url":null,"abstract":"<p>Banks sit at the center of climate risk dynamics, as virtually all firms and households exposed to climate risks interact with banks through credit, deposits, and other financial services. We develop a framework for how climate risks map onto banks' credit, market, liquidity, and operational risks, and how bank risk management choices in turn shape real economic and climate outcomes. We highlight banks' dual role as absorbers and transmitters of climate risks: prudent management can enhance resilience, while credit rationing or mispricing may amplify vulnerabilities and inequality. By synthesizing recent literature and regulatory approaches, we underscore that climate-related financial risks are central to the banking sector and identify open questions for research and policy.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 5","pages":"537-569"},"PeriodicalIF":1.5,"publicationDate":"2025-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145436503","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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