International Review of Economics & Finance最新文献_第4页

Pre-Announced Revenue Targets in Uniform-Price Auctions: Evidence from Seasoned Equity Offerings 统一价格拍卖中预先宣布的收入目标：来自经验丰富的股票发行的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.iref.2026.104919

Shenghao Gao , Peyman Khezr , Armin Pourkhanali

This paper examines the implications of pre-announced revenue targets in uniform-price auctions used for seasoned equity offerings (SEOs). In this setting, issuers commit ex ante to a target revenue, a reserve price, and a maximum share quantity. Using a common-value framework, we show that under truthful bidding, the optimal issuer strategy is to set the share quantity such that the product of the reserve price and the share quantity equals the revenue target. This design induces more truthful bidding relative to standard uniform-price auctions without revenue commitments. We test these predictions using comprehensive data from China’s SEO market. First, we analyze how variations in issuer strategies affect SEO discounts and find that outcomes are most favorable when issuers follow the identified optimal strategy. Second, we evaluate auction performance by constructing a benchmark based on truthful bidding. The results indicate that this modified auction mechanism achieves prices only 0.028 below the truthful benchmark, with revenue less than 3% lower than the case with truthful bids. These findings highlight the potential effectiveness of uniform-price auctions with revenue targets in financial markets.

本文考察了用于经验丰富的股票发行（seo）的统一价格拍卖中预先宣布的收入目标的含义。在这种情况下，发行者事先承诺目标收入、保留价格和最大股份数量。利用共同价值框架，我们证明了在真实投标条件下，最优发行人策略是将股份数量设置为底价与股份数量的乘积等于收益目标。与没有收入承诺的标准统一价格拍卖相比，这种设计诱导了更真实的竞价。我们使用来自中国SEO市场的综合数据来检验这些预测。首先，我们分析了发行人策略的变化如何影响SEO折扣，并发现当发行人遵循确定的最优策略时，结果是最有利的。其次，我们通过构建基于真实竞价的基准来评估拍卖绩效。结果表明，改进后的拍卖机制实现的价格仅比真实基准低0.028，收益比真实出价情况低不到3%。这些发现强调了在金融市场上，有收入目标的统一价格拍卖的潜在有效性。

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引用次数: 0

Financial distress and corporate ESG greenwashing 财务困境和企业ESG洗绿

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.iref.2026.104938

Ruiqian Li, Chang Che, Tong Huang

Understanding the drivers of greenwashing is crucial for promoting genuine sustainability practices. This study uses data from A-share listed companies between 2009 and 2022, applying resource dependence theory to examine whether and how financial distress affect environmental, social, and governance (ESG) greenwashing. Our findings indicate that financial distress prompts companies to engage in ESG greenwashing. Mechanism analysis shows that financial distress encourages companies to adopt ESG greenwashing by reducing green innovation and harming corporate reputation. Heterogeneity analysis shows that this promoting effect is stronger in companies with high customer concentration, significant media pressure, and intense industry competition. Additionally, ESG greenwashing induced by financial distress leads to a range of economic consequences, including reduced debt financing scale, misallocation of government environmental subsidies, and decreased analyst earnings forecast accuracy. This study enhances the literature on ESG greenwashing drivers by providing fresh perspectives on how financial distress influences corporate sustainability practices.

了解“漂绿”的驱动因素对于促进真正的可持续发展实践至关重要。本研究使用2009年至2022年a股上市公司的数据，运用资源依赖理论考察财务困境是否以及如何影响环境、社会和治理（ESG）“漂绿”。我们的研究结果表明，财务困境促使企业参与ESG“漂绿”。机制分析表明，财务困境通过减少绿色创新和损害企业声誉，促使企业采取ESG洗绿行为。异质性分析表明，在客户集中度高、媒体压力大、行业竞争激烈的企业中，这种促进作用更强。此外，财务困境导致的ESG“洗绿”会导致一系列经济后果，包括债务融资规模缩小、政府环境补贴分配不当以及分析师收益预测准确性下降。本研究通过提供财务困境如何影响企业可持续发展实践的新视角，增强了关于ESG“漂绿”驱动因素的文献。

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引用次数: 0

Exploring the cost of home bias in international equity investment 探讨国际股权投资中的本土偏见成本

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-07 DOI: 10.1016/j.iref.2026.104895

Anil V. Mishra , Sajid Anwar

This paper examines the cost of home bias across 37 countries, employing various methodologies, including deadweight costs and implicit costs on international equity investment. Utilizing the DECO-MGARCH model, the average implicit cost of home bias on international equity investment for stock holdings ranges from 0.43 % per annum (France) to 7.15 % per annum (Türkiye), indicating a decrease compared to prior research findings. The average implicit cost of home bias in international equity investment for the sample countries is lower when considering human capital. The implicit costs of international equity markets are notably higher for emerging markets compared to developed ones. These implicit costs are found to be associated with factors such as information asymmetries, financial development, and institutional structures.

本文采用多种方法考察了37个国家的本土偏见成本，包括国际股权投资的无谓成本和隐性成本。利用DECO-MGARCH模型，持有股票的国际股权投资的平均隐含成本从每年0.43%（法国）到每年7.15%（法国）不等，与之前的研究结果相比有所下降。在考虑人力资本的情况下，样本国家在国际股权投资中本土偏见的平均隐性成本较低。新兴市场在国际股市的隐性成本明显高于发达市场。这些隐性成本与信息不对称、金融发展和制度结构等因素有关。

引用次数: 0

Who gets scammed? The roles of financial literacy, digital financial security, and overconfidence in Europe 谁被骗了？金融知识、数字金融安全和过度自信在欧洲的作用

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-13 DOI: 10.1016/j.iref.2026.104913

Juan Rafael Ruiz

This study investigates the relationship between financial literacy, digital financial security, and the likelihood of falling victim to financial fraud in Europe. Using data from the 2023 OECD/INFE International Adult Financial Literacy Survey, we analyze the prevalence of fraud and its association with financial knowledge, digital skills, and psychological factors such as overconfidence across ten European countries. We focus on three common types of fraud: Ponzi schemes, phishing attacks, and unauthorized credit card use. Our results indicate that while traditional financial literacy does not have a significant protective effect against fraud, digital financial security is strongly associated with reduced victimization in Ponzi and phishing schemes. Additionally, individuals exhibiting overconfidence are significantly more likely to fall victim to scams. Sociodemographic analysis shows that men report higher victimization rates. Contrary to popular belief, older adults are less likely to be victims of fraud, which may reflect lower online exposure, greater caution, or underreporting.

本研究调查了欧洲金融素养、数字金融安全以及成为金融欺诈受害者的可能性之间的关系。利用2023年OECD/INFE国际成人金融素养调查的数据，我们分析了10个欧洲国家的欺诈盛行程度及其与金融知识、数字技能和过度自信等心理因素的关系。我们重点关注三种常见的欺诈类型：庞氏骗局、网络钓鱼攻击和未经授权的信用卡使用。我们的研究结果表明，虽然传统的金融知识对欺诈没有显著的保护作用，但数字金融安全与减少庞氏骗局和网络钓鱼骗局的受害者密切相关。此外，表现出过度自信的人更有可能成为骗局的受害者。社会人口统计分析表明，男性报告的受害率更高。与普遍的看法相反，老年人不太可能成为欺诈的受害者，这可能反映了较少的网络曝光，更谨慎，或少报。

引用次数: 0

The mystery of the sluggish upgrade of Japan's trade structure: An explanatory perspective on the deepening of digital trade rules 日本贸易结构升级迟缓之谜：数字贸易规则深化的解释视角

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-01 DOI: 10.1016/j.iref.2026.104983

Zengjie Kuang , Jiawei Yu , Qi Gao , Lixing Guo

The rapid development of global digital trade rules is reshaping the international division of labor and the structural evolution of global trade. Based on panel data covering Japan's trade with 77 partner countries from 2005 to 2023, this study empirically investigates the impact of digital trade rule deepening on Japan's export structure. The results indicate that within the “American template” framework dominated by developed economies, the deepening of digital trade rules significantly constrains the upgrading of Japan's export structure in high-tech manufacturing, particularly in digital services. Mechanism analysis reveals a dual effect: while digital technologies lower traditional trade costs through simplified customs procedures, binding provisions on data governance and privacy protection increase compliance and technological adaptation costs, thereby inhibiting structural optimization. Furthermore, institutional distance amplifies this inhibitory effect. When Japan's institutional gap with its trading partners is larger, the adverse effects of privacy and cooperation clauses become more pronounced. The study suggests that Japan should promote regional rule innovation, advance digital provisions better aligned with regional realities under frameworks such as the CPTPP and RCEP, and strengthen the optimization of trade structure and long-term competitiveness.

全球数字贸易规则的快速发展正在重塑国际分工格局和全球贸易结构演变。本文基于2005 - 2023年日本与77个贸易伙伴国的面板数据，实证考察了数字贸易规则深化对日本出口结构的影响。结果表明，在发达经济体主导的“美国模板”框架下，数字贸易规则的深化显著制约了日本高技术制造业出口结构的升级，尤其是数字服务业出口结构的升级。机制分析揭示了双重效应：数字技术通过简化海关手续降低传统贸易成本的同时，对数据治理和隐私保护的约束性规定增加了合规和技术适应成本，从而抑制了结构优化。此外，制度距离放大了这种抑制效应。当日本与贸易伙伴的制度差距越大时，隐私条款和合作条款的不利影响就越明显。研究建议，日本应推动区域规则创新，在CPTPP和RCEP等框架下推进更符合区域实际的数字条款，加强贸易结构优化和长期竞争力提升。

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引用次数: 0

Mapping municipal debt risks: A spatiotemporal analysis of China's prefecture-level cities 市政债务风险映射：中国地级市的时空分析

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2025-12-19 DOI: 10.1016/j.iref.2025.104849

Ling Wei , Dariusz Cichoń , Bing Zeng , Laszlo Vasa , Irum Shahzadi

Addressing the risks associated with local government debt is crucial for economic development and fiscal security. This paper analyzes the spatiotemporal distribution of municipal government debt risks using panel data from 271 prefecture-level cities in China from 2015 to 2021, employing Exploratory Spatial Data Analysis (ESDA) and the Spatial Durbin Model. The prime objective of this research is to analyze the spatiotemporal distribution of municipal government debt in different regions of China, including the central, western, eastern regions. Key findings include: (1) Local government debt risk exhibits a fluctuating upward trend characterized by significant regional, administrative, and debt-type disparities. (2) Risk levels in central and western regions have increased, while major urban agglomerations have maintained medium or lower risk levels. (3) Local government debt risk demonstrates significant global spatial correlation, with low-low (LL) agglomerations evolving from multi-centered to dual-centered distributions. (4) Notably, a 1 % increase in neighboring debt risk leads to a 0.2467 % rise in local debt risk. (5) Fiscal pressure, urbanization rates, and economic scale are primary drivers of local government debt risk, whereas industrial structure, land transfer income, and financial development serve to mitigate it. These findings underscore the intra-regional and inter-regional heterogeneity and geographical differences, providing valuable insights for managing municipal government debt risk.

化解地方政府债务风险对经济发展和财政安全至关重要。本文利用2015 - 2021年中国271个地级市的面板数据，运用探索性空间数据分析（ESDA）和空间Durbin模型，分析了地方政府债务风险的时空分布。本研究的主要目的是分析中国不同地区（包括中部、西部和东部地区）地方政府债务的时空分布。主要发现包括：(1)地方政府债务风险呈波动上升趋势，区域差异、行政差异和债务类型差异显著。②中西部地区的风险等级有所上升，主要城市群的风险等级维持在中低水平；③地方政府债务风险呈现显著的全球空间相关性，低-低（LL）集聚从多中心向双中心演化。(4)值得注意的是，相邻债务风险每增加1%，地方债务风险就会增加0.2467%。(5)财政压力、城镇化率和经济规模是地方政府债务风险的主要驱动因素，产业结构、土地出让收入和金融发展是地方政府债务风险的缓解因素。这些发现突出了区域内和区域间的异质性和地域差异，为管理地方政府债务风险提供了有价值的见解。

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引用次数: 0

How does artificial intelligence affect firms' green total factor productivity: Evidence from Chinese listed companies 人工智能如何影响企业绿色全要素生产率：来自中国上市公司的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.iref.2026.104981

Ying Ke , Jiajun Luo

In the context of the rapid advancement of artificial intelligence (AI), the internal mechanisms through which AI applications affect green productivity within firms remain inadequately understood. This study empirically investigates the relationship between AI application levels and green total factor productivity (GTFP) among Chinese listed firms from 2007 to 2023, yielding the following conclusions. (1) A significant inverted U-shaped relationship exists between the level of AI application and firms' GTFP, which remains robust after a series of stringent tests. (2) Mediation analysis reveals that AI applications exert an inverted U-shaped influence on GTFP by initially enhancing, then subsequently suppressing the degree of green transformation of strategy management and the efficiency of green technology R&D. (3) Regarding moderation effects, both the regional higher education level and a firm's corporate governance quality attenuate the inverted U-shaped relationship, leading to a flattening of the curve. (4) Heterogeneity analysis indicates that the inverted U-shaped relationship is more pronounced in firms facing low environmental regulation, low emissions, and high financing constraints. The flattening effect of corporate governance is more substantial in firms with low environmental regulation, low emissions, and low financing constraints. In contrast, regional higher education exerts a more significant moderating role in firms subject to high environmental regulation, with low emissions and low financing constraints. This paper contributes to understanding how the intra-firm application of AI influences the development of green productivity through strategic change and technological innovation, and provides a novel perspective for reconciling their divergent macro-level impact mechanisms.

在人工智能（AI）快速发展的背景下，人工智能应用影响企业绿色生产力的内部机制仍未得到充分理解。本文对2007 - 2023年中国上市公司人工智能应用水平与绿色全要素生产率（GTFP）的关系进行了实证研究，得出以下结论：(1)人工智能应用水平与企业GTFP之间存在显著的倒u型关系，经过一系列严格的检验，这种关系仍然稳健。(2)中介分析表明，人工智能应用对GTFP的影响呈“倒u”型，先增强后抑制战略管理绿色转型程度和绿色技术研发效率。(3)在调节效应方面，区域高等教育水平和公司治理质量减弱了倒u型关系，导致曲线趋于平缓。(4)异质性分析表明，在低环境监管、低排放、高融资约束的企业中，这种倒u型关系更为明显。在低环境规制、低排放、低融资约束的企业中，公司治理的扁平化效应更为显著。区域高等教育对低排放、低融资约束的高环境规制企业的调节作用更为显著。本文有助于理解企业内部人工智能应用如何通过战略变革和技术创新影响绿色生产力的发展，并为协调它们不同的宏观影响机制提供了新的视角。

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引用次数: 0

The effect of auditor characteristics on the quality of segment disclosures of diversified firms 审计师特征对多元化公司分部信息披露质量的影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-02 DOI: 10.1016/j.iref.2026.104984

Sarah Elkelani, Feras M. Salama, Abed Al-Nasser Abdallah, Kimberly Gleason, Eid M. Alotaibi

Segment reporting provides valuable information for investors but is subject to substantial managerial discretion, making its quality uncertain. Although audit quality is generally expected to constrain misreporting, it is not obvious whether auditors meaningfully affect segment disclosures, given the discretion afforded by ASC 280 and auditors' limited authority over segment definitions. This study investigates whether auditor characteristics such as firm size, industry specialization, and tenure, influence segment disclosure quality. Our results reveal that disclosure quality improves with auditor size and specialization. Tenure shows evidence consistent with nonlinearity: disclosure quality is higher in shorter engagements (less than five years) and is weaker in longer engagements in some specifications. Additional analyses show that auditor-driven improvements mitigate earnings management linked to diversification and increase the excess value of diversification. These findings suggest that the auditor's role in segment reporting is neither mechanical nor guaranteed, but instead contingent on expertise and independence, offering new insights into how audit quality constrains discretion in one of the most opaque areas of financial reporting.

分部报告为投资者提供了有价值的信息，但其质量受制于管理层的裁量权，因此不确定。尽管审计质量通常被期望约束误报，但鉴于《会计准则第280号》赋予的自由裁量权和审计师对部门定义的有限权力，审计师是否有意地影响部门披露并不明显。本研究探讨了审计师的特征（如公司规模、行业专业化和任期）是否会影响部门信息披露质量。我们的研究结果表明，披露质量随着审计师规模和专业化程度的提高而提高。任期显示出与非线性一致的证据：在某些规范中，较短的业务（少于5年）披露质量较高，较长的业务披露质量较弱。其他分析表明，审计师驱动的改进减轻了与多元化相关的盈余管理，并增加了多元化的超额价值。这些发现表明，审计师在分部报告中的作用既不是机械的，也不是保证的，而是取决于专业知识和独立性，这为审计质量如何限制财务报告中最不透明领域之一的自由裁量权提供了新的见解。

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引用次数: 0

A new perspective on gold as a risk hedge: Long-term impacts of bilateral political tensions between the U.S. and China 黄金作为风险对冲工具的新视角：中美双边政治紧张局势的长期影响

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-16 DOI: 10.1016/j.iref.2026.104918

Shun Li , Yang Liu

Based on the GARCH-MIDAS model, this study systematically examines the impact of U.S.-China geopolitical tensions on the volatility of the spot gold market. By introducing a monthly U.S.-China tension index (UCT), we quantify the explanatory power of bilateral geopolitical friction on long-term volatility in the gold market. Empirical results indicate that the gold market exhibits significant volatility clustering, and the UCT significantly amplifies long-term volatility. This reflects the fact that rising geopolitical tensions trigger risk-averse behavior in the market, driving capital reallocation toward safe-haven assets, such as gold. After incorporating monthly realized volatility (RV) as a control variable, the UCT remains statistically significant, further validating its independent information-additive value. Out-of-sample forecasting results indicate that the two-factor model, including UCT and RV, outperforms the single-factor model in volatility forecasting, with stronger predictive capability and greater stability. This study validates the need to incorporate the gold market into a systemic risk monitoring and early warning system centered on geopolitical risk. It proposes it as an important reference indicator for macroprudential regulation.

基于GARCH-MIDAS模型，本研究系统考察了中美地缘政治紧张局势对现货黄金市场波动的影响。通过引入月度美中紧张指数（UCT），我们量化了双边地缘政治摩擦对黄金市场长期波动的解释力。实证结果表明，黄金市场表现出显著的波动聚类，UCT显著放大了长期波动。这反映出一个事实，即地缘政治紧张局势加剧引发了市场的避险行为，推动资本重新配置，流向黄金等避险资产。在将月实现波动率（RV）作为控制变量后，UCT仍然具有统计显著性，进一步验证了其独立的信息附加价值。样本外预测结果表明，包括UCT和RV在内的双因素模型在波动性预测方面优于单因素模型，预测能力更强，稳定性更强。本研究验证了将黄金市场纳入以地缘政治风险为中心的系统性风险监测和预警系统的必要性。提出将其作为宏观审慎监管的重要参考指标。

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引用次数: 0

Climate policies, energy shocks and spillovers between green and brown stock price indices 气候政策、能源冲击以及绿色和棕色股票价格指数之间的溢出效应

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance

Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.iref.2025.104883

Marina Albanese , Guglielmo Maria Caporale , Ida Colella , Nicola Spagnolo

This paper examines the effects of climate policies and energy shocks on mean and volatility spillovers between green and brown stock price indices in five countries (Canada, India, Japan, the UK and the US). More specifically, bivariate GARCH-BEKK models including dummy variables controlling for these shocks are estimated using weekly series with start dates ranging from March 13, 2009 to August 24, 2012 (depending on data availability for the green index) and an end date of December 29, 2023. Significant dynamic linkages between green and brown indices are found when climate policy and oil shocks are considered jointly. Some common patterns emerge, such as shifts in spillover dynamics between green and brown assets, but also country-specific effects of the climate policy shocks which reflect differences in regulatory frameworks and policies. By contrast, energy shocks tend to have a more uniform impact. Further, the interaction between climate policy and energy shocks weakens cross-market linkages, enhancing portfolio diversification opportunities for green investors. The conditional correlation analysis confirms this finding, suggesting that green stocks can be used as an effective hedge. These results highlight the benefits of incorporating green assets into diversified portfolios, particularly in financial centers where, in recent years, they have offered higher returns and lower volatility.

本文研究了气候政策和能源冲击对五个国家（加拿大、印度、日本、英国和美国）绿色和棕色股票价格指数平均和波动溢出效应的影响。更具体地说，双变量GARCH-BEKK模型包括控制这些冲击的虚拟变量，使用每周序列进行估计，开始日期为2009年3月13日至2012年8月24日（取决于绿色指数的数据可用性），结束日期为2023年12月29日。当气候政策和石油冲击共同考虑时，发现绿色指数和棕色指数之间存在显著的动态联系。出现了一些共同的模式，例如绿色资产和棕色资产之间溢出动态的变化，以及气候政策冲击对具体国家的影响，这反映了监管框架和政策的差异。相比之下，能源冲击往往有更均匀的影响。此外，气候政策和能源冲击之间的相互作用削弱了跨市场联系，增加了绿色投资者投资组合多样化的机会。条件相关分析证实了这一发现，表明绿色股票可以作为有效的对冲。这些结果突出了将绿色资产纳入多元化投资组合的好处，特别是在金融中心，近年来，它们提供了更高的回报和更低的波动性。

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引用次数: 0