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Bundled guidance types and changes in expected volatility 捆绑指导类型和预期波动的变化
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-10 DOI: 10.1016/j.frl.2026.109632
Thaddeus Neururer, George Papadakis
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引用次数: 0
Supply chain digitalization and disruption risk: The roles of resilience and financing constraints 供应链数字化与中断风险:弹性和融资约束的作用
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-07 DOI: 10.1016/j.frl.2026.109623
Jinfei Zhang
This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.
本研究探讨策略性供应链数位化(SCDigital)是否以及如何减轻制造企业的中断风险。本文利用2013-2023年23005家中国a股制造业企业年度观察数据,构建了一个包含供应链弹性和融资约束的有调节中介模型。结果表明,SCDigital显著降低了中断风险,恢复力是关键的中介机制,而融资约束削弱了这一效应。异质性分析表明,数字化对资本密集型企业的风险缓解作用最强,表明行业特征会影响数字化转型的价值。研究结果强调了数字化转型在提高企业运营稳定性方面的重要性,并为提高财务灵活性以支持数字化复原力提供了政策见解。
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引用次数: 0
China–US relations and overseas capital allocation of chinese firms 中美关系与中国企业海外资本配置
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-07 DOI: 10.1016/j.frl.2026.109621
Haochen Chai , Yunjing Wang
Amid prolonged tensions in China–United States (US) relations and escalating geopolitical risks, enterprises’ internationalization decisions and global capital allocation face new uncertainties. This study takes Shanghai and Shenzhen A-share listed companies from 2007 to 2024 as the research sample to empirically examine the impact of China–US tensions on Chinese enterprises’ overseas capital allocation and its underlying mechanism. Baseline regression results indicate that intensified China–US tensions are significantly associated with increasing enterprises’ overseas capital allocation, and this conclusion remains robust following various robustness tests. Mechanism analysis reveals that China–US tensions exacerbate enterprises’ technological blockade pressure, prompting them to acquire technological resources and enhance supply chain security through overseas investments. We construct a technological blockade exposure index based on text mining of listed companies’ annual reports. Heterogeneity analysis demonstrates that this effect is more pronounced for nonstate-owned enterprises and those with senior executives that have overseas experience. This study validates the intrinsic transmission mechanism through which geopolitical shocks affect enterprises’ overseas capital allocation, enriching the relevant literature on the relationship between geopolitical risks and corporate internationalization behavior.
在中美关系持续紧张和地缘政治风险不断升级的背景下,企业的国际化决策和全球资本配置面临新的不确定性。本研究以2007 - 2024年沪深两市a股上市公司为研究样本,实证检验中美关系紧张对中国企业海外资本配置的影响及其深层机制。基线回归结果表明,中美紧张局势加剧与企业海外资本配置增加显著相关,经过各种稳健性检验,这一结论仍然具有稳健性。机制分析表明,中美关系紧张加剧了企业的技术封锁压力,促使企业通过海外投资获取技术资源,增强供应链安全。本文基于对上市公司年报的文本挖掘,构建了技术封锁暴露指数。异质性分析表明,这种效应在非国有企业和拥有海外经验高管的企业中更为明显。本研究验证了地缘政治冲击影响企业海外资本配置的内在传导机制,丰富了地缘政治风险与企业国际化行为关系的相关文献。
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引用次数: 0
Digital trade, legal environment, and corporate financing constraints: Evidence from China 数字贸易、法律环境和企业融资约束:来自中国的证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-07 DOI: 10.1016/j.frl.2026.109622
Siyu Zhou , Yunyi Gao
This study empirically examines the impact of digital trade on corporate financing constraints and its operational boundaries, using cross-border listed companies on China's A-share market from 2015 to 2024 as the sample. The findings reveal: firstly, digital trade significantly alleviates financing constraints for cross-border enterprises; secondly, a favourable legal environment amplifies this alleviating effect; furthermore, this mitigating impact is more pronounced among non-state-owned enterprises and firms in highly competitive industries. This research provides micro-level evidence for understanding the economic consequences of digital trade and offers insights for optimising institutional environments to empower corporate digital transformation.
本研究以2015 - 2024年中国a股市场跨境上市公司为样本,实证检验了数字贸易对企业融资约束及其运营边界的影响。研究发现:第一,数字贸易显著缓解了跨境企业的融资约束;其次,良好的法律环境会放大这种缓解效果;此外,这种缓解影响在非国有企业和竞争激烈行业的公司中更为明显。本研究为理解数字贸易的经济后果提供了微观层面的证据,并为优化制度环境以促进企业数字化转型提供了见解。
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引用次数: 0
Retraction notice to “Trading volume and the predictability of return and volatility in the cryptocurrency market” [Finance Research Letters 29 (2019) 340-346] 对“加密货币市场的交易量及回报和波动性的可预测性”的撤回通知[金融研究通讯29 (2019)340-346]
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109484
Elie Bouri, Chi Keung Marco Lau, Brian Lucey, David Roubaud
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引用次数: 0
When deregulation wins: Cross-sectional evidence from the 2024 Trump election 放松管制何时获胜:来自2024年特朗普大选的横截面证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109597
Alan Kwan , Cagri Berk Onuk , Ekaterina Volkova
We examine how regulatory fragmentation – the division of oversight among multiple agencies – shapes market reactions to Donald Trump’s 2024 election and the launch of the Department of Government Efficiency (DOGE). The surprise victory and DOGE’s mandate to consolidate or eliminate agencies created an unprecedented deregulatory shock targeting the structure, rather than the scale, of federal oversight. Firms operating in industries that depend on inter-agency coordination, such as utilities, finance, and technology, experienced the largest gains. The results show that fragmentation itself – not regulatory quantity – drives cross-sectional return differences: when policy momentum favors consolidation, investors reprice the value of administrative complexity.
我们研究了监管碎片化(多个机构之间的监管分工)如何影响市场对唐纳德·特朗普2024年大选和政府效率部(DOGE)成立的反应。这一意外的胜利和DOGE合并或取消机构的授权创造了前所未有的放松监管冲击,目标是联邦监管的结构,而不是规模。在公用事业、金融和技术等依赖机构间协调的行业中运营的公司收益最大。结果表明,分散本身——而不是监管数量——驱动了横断面回报差异:当政策势头有利于整合时,投资者会重新定价管理复杂性的价值。
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引用次数: 0
Retraction notice to “Datestamping the Bitcoin and Ethereum Bubbles” [Finance Research Letters 26 (2018) 81-88] 关于“戳穿比特币和以太坊泡沫”的撤稿通知[金融研究快报26 (2018)81-88]
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109483
Shaen Corbet, Brian Lucey, Larisa Yarovaya
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引用次数: 0
Physical settlement, liquidity, and price discovery in single stock futures; Evidence from Panel Vector Error Correction Model 单股期货的实物结算、流动性和价格发现来自面板矢量误差修正模型的证据
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-06 DOI: 10.1016/j.frl.2026.109603
Sangram Keshari Jena, Amine Lahiani
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引用次数: 0
Facilitating or crowding out? The role of local government debt in green bond issuance 促进还是排挤?地方政府债务在绿色债券发行中的作用
IF 10.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-05 DOI: 10.1016/j.frl.2026.109605
Sidra Zia, Lin Song, Radwan Alkebsee, Adeeb Alhebri
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引用次数: 0
Can commercial paper exchange promote corporate green innovation? Quasi-natural experimental evidence from China 商业票据交易所能否促进企业绿色创新?来自中国的准自然实验证据
IF 6.9 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2026-02-05 DOI: 10.1016/j.frl.2026.109617
Peide Lai, Shuaiqi Xu
The Shanghai Commercial Paper Exchange (SHCPE) provides a platform for enterprises to utilize commercial papers in supporting green innovation. Using a sample of manufacturing companies listed on China’s A-share market, this study demonstrates that the establishment of SHCPE enhances corporate green innovation, whether segmented by patent type or knowledge dimension. The underlying mechanisms include mitigating financing constraints, enhancing environmental information transparency, and increasing R&D investment. Heterogeneity analysis indicates that SHCPE significantly affects firms that are state-owned, subject to high environmental and market pressure, and located in financially underdeveloped regions. This study provides empirical evidence and policy insights for developing countries seeking to enhance commercial paper market infrastructure and promote sustainable development.
上海商业票据交易所(SHCPE)为企业利用商业票据支持绿色创新提供了平台。本文以中国a股制造业上市公司为样本,通过对专利类型和知识维度的细分,研究表明SHCPE的建立促进了企业绿色创新。其基本机制包括缓解融资约束、提高环境信息透明度和增加研发投资。异质性分析表明,金融欠发达地区的国有企业、环境压力大、市场压力大的国有企业对SHCPE影响显著。本研究为寻求加强商业票据市场基础设施和促进可持续发展的发展中国家提供了经验证据和政策见解。
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引用次数: 0
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