Pub Date : 2024-11-07DOI: 10.1016/j.frl.2024.106430
Xiaojie Ye , Dan Yang , Jiaqin Zhong
This study investigates the role of venture capitalists (VCs) in initial public offerings (IPOs) in the Chinese Sci-Tech Innovation Board, where VCs are highly concentrated. We find that VC-backed firms are likelier to succeed in IPOs; however, they exhibit greater IPO underpricing and perform poorly post-IPO. Findings support the grandstanding model. We identify that VC-backed firms do not receive fewer IPO inquiries, and the young-VC group has greater effects on IPO underpricing and post-IPO performance. Further, we explore the well-known A-share Main Board situation but obtain different results.
本研究探讨了风险投资（VC）在风险投资高度集中的中国科技创新板首次公开发行（IPO）中的作用。我们发现，风险投资支持的企业更有可能在首次公开募股中取得成功；然而，它们表现出更大的首次公开募股定价不足，并且在首次公开募股后表现不佳。研究结果支持哗众取宠模型。我们发现，风险投资支持的公司收到的首次公开募股询价并没有减少，而年轻的风险投资群体对首次公开募股定价偏低和上市后表现的影响更大。此外，我们还探讨了众所周知的 A 股主板情况，但得到了不同的结果。
{"title":"Are venture capitalists monitors or claptrap players in IPOs? New evidence from an emerging market","authors":"Xiaojie Ye , Dan Yang , Jiaqin Zhong","doi":"10.1016/j.frl.2024.106430","DOIUrl":"10.1016/j.frl.2024.106430","url":null,"abstract":"<div><div>This study investigates the role of venture capitalists (VCs) in initial public offerings (IPOs) in the Chinese Sci-Tech Innovation Board, where VCs are highly concentrated. We find that VC-backed firms are likelier to succeed in IPOs; however, they exhibit greater IPO underpricing and perform poorly post-IPO. Findings support the grandstanding model. We identify that VC-backed firms do not receive fewer IPO inquiries, and the young-VC group has greater effects on IPO underpricing and post-IPO performance. Further, we explore the well-known A-share Main Board situation but obtain different results.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106430"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-07DOI: 10.1016/j.frl.2024.106422
Yuelin Yang
This study explores the impact of China's digital finance development on theft and crime rates, and analyzes the mediating role of unemployment rate in this relationship. Based on panel data from 285 prefecture level cities and 4 municipalities directly under the central government in China from 2015 to 2022, empirical results show that the development of digital finance significantly reduces theft and crime rates, and this effect is partially achieved by reducing unemployment rates. The study also found that in regions with higher levels of economic development, digital finance has a more significant inhibitory effect on theft crimes.
{"title":"The development of digital finance and the crime rate of theft","authors":"Yuelin Yang","doi":"10.1016/j.frl.2024.106422","DOIUrl":"10.1016/j.frl.2024.106422","url":null,"abstract":"<div><div>This study explores the impact of China's digital finance development on theft and crime rates, and analyzes the mediating role of unemployment rate in this relationship. Based on panel data from 285 prefecture level cities and 4 municipalities directly under the central government in China from 2015 to 2022, empirical results show that the development of digital finance significantly reduces theft and crime rates, and this effect is partially achieved by reducing unemployment rates. The study also found that in regions with higher levels of economic development, digital finance has a more significant inhibitory effect on theft crimes.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106422"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-07DOI: 10.1016/j.frl.2024.106371
Marcos Escobar-Anel , Yangyang Hou , Lars Stentoft
This paper introduces a modification to the affine GARCH model of Heston and Nandi (2000). The new model is designed to allow for a non-zero lower bound for the variance achieved by adding two parameters to the existing model. The affine structure of the moment-generating function is preserved at the level of variance, while an approximation is studied for log prices. The construction resembles the shifted continuous-time Heston (1993) model. Maximum likelihood estimation is performed on real data, and the model is shown to improve the fitting of the implied volatility surface, particularly for deep out-of-the-money options.
{"title":"The shifted GARCH model with affine variance: Applications in pricing","authors":"Marcos Escobar-Anel , Yangyang Hou , Lars Stentoft","doi":"10.1016/j.frl.2024.106371","DOIUrl":"10.1016/j.frl.2024.106371","url":null,"abstract":"<div><div>This paper introduces a modification to the affine GARCH model of Heston and Nandi (2000). The new model is designed to allow for a non-zero lower bound for the variance achieved by adding two parameters to the existing model. The affine structure of the moment-generating function is preserved at the level of variance, while an approximation is studied for log prices. The construction resembles the shifted continuous-time Heston (1993) model. Maximum likelihood estimation is performed on real data, and the model is shown to improve the fitting of the implied volatility surface, particularly for deep out-of-the-money options.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106371"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-07DOI: 10.1016/j.frl.2024.106421
Zhonghua Sun, Wei Wei
In an increasingly competitive market environment, green innovation has become a crucial factor in enhancing a company's market position. This paper utilizes data from publicly listed companies from 2007 to 2021 to thoroughly examine how green technology innovation influences corporate brand competitiveness and investigates the role played by environmental policies. The study demonstrates that green technology innovation positively enhances corporate brand competitiveness, with environmental policies serving a proactive regulatory function. Moreover, the paper further reveals that the effects of green technology innovation on brand competitiveness vary according to industry sector, equity nature, and company size.
{"title":"Green technology innovation and corporate brand competitiveness: an analysis based on the role of environmental policy","authors":"Zhonghua Sun, Wei Wei","doi":"10.1016/j.frl.2024.106421","DOIUrl":"10.1016/j.frl.2024.106421","url":null,"abstract":"<div><div>In an increasingly competitive market environment, green innovation has become a crucial factor in enhancing a company's market position. This paper utilizes data from publicly listed companies from 2007 to 2021 to thoroughly examine how green technology innovation influences corporate brand competitiveness and investigates the role played by environmental policies. The study demonstrates that green technology innovation positively enhances corporate brand competitiveness, with environmental policies serving a proactive regulatory function. Moreover, the paper further reveals that the effects of green technology innovation on brand competitiveness vary according to industry sector, equity nature, and company size.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106421"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660469","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.
基于对 2013 年至 2021 年中国 A 股上市公司样本的分析，我们发现优化城市商业环境能显著促进企业的可持续创新。经过一系列稳健性检验后，这一结论保持不变。机理分析表明，商业环境优化通过降低不确定性感知、缓解财务约束和吸引创新人才来改善企业的可持续创新。异质性分析进一步表明，这种效应在非国有企业、大型企业和高科技企业中更为明显。本文丰富了对企业可持续创新影响因素和商业环境优化的经济影响的研究。
{"title":"Business environment optimization and corporate sustainable innovation: Evidence from China","authors":"Zhanyong Liang , Kangquan Qiu , Jiakun Zhuang , Qingyang Zhang","doi":"10.1016/j.frl.2024.106441","DOIUrl":"10.1016/j.frl.2024.106441","url":null,"abstract":"<div><div>Based on our analysis of samples of Chinese A-share listed companies from 2013 to 2021, we find that optimizing the urban business environment significantly promotes corporate sustainable innovation. This finding remains unchanged after a series of robustness tests. The mechanism analysis shows that business environment optimization improves corporate sustainable innovation by reducing perception of uncertainty, alleviating financial constraints and attracting innovative talent. The heterogeneity analysis further demonstrates that the effect is more pronounced in non-state-owned, large and high-tech companies. This article enriches the research on the influencing factors of corporate sustainable innovation and the economic impacts of business environment optimization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106441"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660655","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-07DOI: 10.1016/j.frl.2024.106402
Kevin Pirazzi Maffiola , Viviana D'Angelo , Francesca Capo , Elena Scali
The purpose of this paper is to examine how the crowdfunding campaigns success and long-term corporate failure are affected by the campaigns and firms’ environmental orientation, as well as by the regional innovation level. This study reveals that environmental orientations (of both campaigns and firms) are linked with higher campaign success, while only firm environmental orientation is linked with a lower probability of long-term corporate failure. Additionally, we find that regional levels of innovation are negatively linked with the probability of campaign success.
{"title":"Environmental orientation, regional innovation, and equity crowdfunding campaigns’ outcomes: Evidence from two Italian platforms","authors":"Kevin Pirazzi Maffiola , Viviana D'Angelo , Francesca Capo , Elena Scali","doi":"10.1016/j.frl.2024.106402","DOIUrl":"10.1016/j.frl.2024.106402","url":null,"abstract":"<div><div>The purpose of this paper is to examine how the crowdfunding campaigns success and long-term corporate failure are affected by the campaigns and firms’ environmental orientation, as well as by the regional innovation level. This study reveals that environmental orientations (of both campaigns and firms) are linked with higher campaign success, while only firm environmental orientation is linked with a lower probability of long-term corporate failure. Additionally, we find that regional levels of innovation are negatively linked with the probability of campaign success.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106402"},"PeriodicalIF":7.4,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-06DOI: 10.1016/j.frl.2024.106424
Yumiao Deng , Mengmeng Fang , Sichao Ma , Fanzhi Wang , Wanting Wu
This paper investigates the impact of bank FinTech on green credit allocation, using a sample of listed firms in China from 2014 to 2020. We construct a bank FinTech index through textual analysis and find that: (1) Banks with more advanced FinTech significantly allocate more green credit to eco-friendly firms. (2) FinTech primarily empowers banks in green credit allocation by expanding business channels, improving information processing efficiency, and strengthening risk management capabilities. (3) Advanced FinTech banks offer more credit to clean firms in traditional energy sectors and favor firms in high-energy-supply regions over high-energy-consumption ones. (4) There exists a quadratic relationship between bank FinTech and credit allocation to heavily polluting firms, characterized by an initial decrease followed by an increase.
{"title":"The impact of bank FinTech on green credit allocation: Evidence from China","authors":"Yumiao Deng , Mengmeng Fang , Sichao Ma , Fanzhi Wang , Wanting Wu","doi":"10.1016/j.frl.2024.106424","DOIUrl":"10.1016/j.frl.2024.106424","url":null,"abstract":"<div><div>This paper investigates the impact of bank FinTech on green credit allocation, using a sample of listed firms in China from 2014 to 2020. We construct a bank FinTech index through textual analysis and find that: (1) Banks with more advanced FinTech significantly allocate more green credit to eco-friendly firms. (2) FinTech primarily empowers banks in green credit allocation by expanding business channels, improving information processing efficiency, and strengthening risk management capabilities. (3) Advanced FinTech banks offer more credit to clean firms in traditional energy sectors and favor firms in high-energy-supply regions over high-energy-consumption ones. (4) There exists a quadratic relationship between bank FinTech and credit allocation to heavily polluting firms, characterized by an initial decrease followed by an increase.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106424"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-06DOI: 10.1016/j.frl.2024.106434
Thanh Nam Vu
This paper analyzes stock returns' sensitivity to the newly introduced sustainability concerns index based on media indicators from LSEG MarketPsych for the US market from 2010 to 2023. While the results demonstrate that better ESG performance mitigates equities' sensitivity to sustainability concerns in society, the effects are mainly driven by firms' governance rather than environmental or social performance. This study underscores the vital role of good governance and management among ESG criteria for firms in promoting the stability of stock returns to changes in public concerns regarding sustainability issues.
{"title":"ESG performance and sustainability concerns exposure","authors":"Thanh Nam Vu","doi":"10.1016/j.frl.2024.106434","DOIUrl":"10.1016/j.frl.2024.106434","url":null,"abstract":"<div><div>This paper analyzes stock returns' sensitivity to the newly introduced sustainability concerns index based on media indicators from LSEG MarketPsych for the US market from 2010 to 2023. While the results demonstrate that better ESG performance mitigates equities' sensitivity to sustainability concerns in society, the effects are mainly driven by firms' governance rather than environmental or social performance. This study underscores the vital role of good governance and management among ESG criteria for firms in promoting the stability of stock returns to changes in public concerns regarding sustainability issues.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106434"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660553","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-06DOI: 10.1016/j.frl.2024.106427
Xinya Wang , Huixiao Guo , Youwei Li , Shupei Huang
This study demonstrates extreme heatwaves have a positive impact on economic resilience in China at the provincial level, utilizing high spatial resolution temperature data. This effect may be attributed to heightened climate policy uncertainty and shifts in public climate perception. Furthermore, our findings reveal that these effects are particularly pronounced in the eastern regions of China and in provinces with large economic scales but relatively small agriculture output values.
{"title":"Beyond threats: Extreme heatwaves and economic resilience in China","authors":"Xinya Wang , Huixiao Guo , Youwei Li , Shupei Huang","doi":"10.1016/j.frl.2024.106427","DOIUrl":"10.1016/j.frl.2024.106427","url":null,"abstract":"<div><div>This study demonstrates extreme heatwaves have a positive impact on economic resilience in China at the provincial level, utilizing high spatial resolution temperature data. This effect may be attributed to heightened climate policy uncertainty and shifts in public climate perception. Furthermore, our findings reveal that these effects are particularly pronounced in the eastern regions of China and in provinces with large economic scales but relatively small agriculture output values.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106427"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-06DOI: 10.1016/j.frl.2024.106414
Yulin Li, Xiaohui Liu, Jean Canil, Chee Seng Cheong
This study examines the impact of biodiversity risk exposure on firm efficiency. Analyzing 23,750 firm-year observations from 2001 to 2020, we identify a significant negative relationship between biodiversity risk and firm efficiency. Our research indicates that increased external financing needs and higher capital costs, driven by biodiversity risk, are key channels contributing to reduced firm efficiency. Firms with higher biodiversity risk exposure demonstrate lower efficiency, especially those with greater idiosyncratic volatility. These findings highlight the economic costs and operational challenges posed by biodiversity risk, offering new insights into its direct impact on firm efficiency.
{"title":"Biodiversity risk and firm efficiency","authors":"Yulin Li, Xiaohui Liu, Jean Canil, Chee Seng Cheong","doi":"10.1016/j.frl.2024.106414","DOIUrl":"10.1016/j.frl.2024.106414","url":null,"abstract":"<div><div>This study examines the impact of biodiversity risk exposure on firm efficiency. Analyzing 23,750 firm-year observations from 2001 to 2020, we identify a significant negative relationship between biodiversity risk and firm efficiency. Our research indicates that increased external financing needs and higher capital costs, driven by biodiversity risk, are key channels contributing to reduced firm efficiency. Firms with higher biodiversity risk exposure demonstrate lower efficiency, especially those with greater idiosyncratic volatility. These findings highlight the economic costs and operational challenges posed by biodiversity risk, offering new insights into its direct impact on firm efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106414"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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