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Can long-term institutional owners improve market efficiency in parsing complex legal disputes? 长期机构所有者能否在解析复杂法律纠纷时提高市场效率?
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103690
Paul Borochin , Xiaoqiong Wang , Siqi Wei
Long-horizon institutional investors can help mitigate information asymmetries around securities class action (SCA) lawsuits. We find that the machine readability of SCA complaint filings can predict the outcome and duration of class actions. Long-term institutional investor ownership leads to a more positive post-SCA announcement price reaction and increases the volatility ratio of prices as a measure of price informativeness. Furthermore, there is a significant interaction effect between long-term institutional ownership and SCA complexity on price informativeness consistent with a superior information processing ability about complex corporate events affecting portfolio firms.
长线机构投资者有助于缓解围绕证券集体诉讼(SCA)的信息不对称问题。我们发现,SCA 投诉文件的机器可读性可以预测集体诉讼的结果和持续时间。长期机构投资者所有权会导致证券集体诉讼公告后的价格反应更加积极,并提高价格的波动率,以此衡量价格的信息性。此外,长期机构投资者所有权和 SCA 复杂性对价格信息性有明显的交互影响,这与影响投资组合公司的复杂公司事件的卓越信息处理能力相一致。
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引用次数: 0
Digital divide, social security, and relative poverty in Chinese households 中国家庭的数字鸿沟、社会保障和相对贫困
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103716
Tong Wu
Digital inequality has emerged as a critical socioeconomic challenge in the era of rapid technological advancement, particularly in developing economies transitioning from absolute to relative poverty reduction. While extensive research has explored various dimensions of the digital divide, limited attention has been paid to its causal relationship with relative poverty and the potential mitigating role of social protection systems. This knowledge gap is particularly significant in China, where despite remarkable progress in poverty alleviation, the interplay between digital exclusion, social security, and relative poverty remains understudied. Herein, we employ a multi-method approach combining instrumental variable analysis, propensity score matching, and quantile regression using the China Family Panel studies 2020 data to examine these relationships. Our findings reveal that the digital divide significantly increases the likelihood of relative poverty, with a one standard deviation increase in digital exclusion associated with a 5.3 percentage point higher probability of experiencing relative poverty. Notably, social security coverage moderates this relationship, reducing the marginal effect of digital exclusion by 0.65 percentage points for each additional social protection program. These results advance our understanding of technological inequality by demonstrating how institutional factors can mediate the relationship between digital exclusion and economic outcomes, while highlighting the need for integrated policy approaches that combine digital inclusion initiatives with enhanced social protection measures to address emerging forms of poverty in increasingly digitalized societies.
在技术飞速发展的时代,数字不平等已成为一项严峻的社会经济挑战,尤其是在从绝对减贫向相对减贫过渡的发展中经济体。虽然已有大量研究探讨了数字鸿沟的各个方面,但对数字鸿沟与相对贫困的因果关系以及社会保护体系的潜在缓解作用的关注却十分有限。在中国,尽管扶贫工作取得了显著进展,但数字排斥、社会保障和相对贫困之间的相互影响仍未得到充分研究。在此,我们采用工具变量分析、倾向得分匹配和量值回归等多种方法,利用 2020 年中国家庭面板研究数据来研究这些关系。我们的研究结果表明,数字鸿沟会显著增加相对贫困的可能性,数字排斥每增加一个标准差,相对贫困的可能性就会增加 5.3 个百分点。值得注意的是,社会保障覆盖率调节了这种关系,每增加一个社会保障项目,数字排斥的边际效应就会降低 0.65 个百分点。这些结果通过展示制度因素如何调节数字排斥与经济结果之间的关系,推进了我们对技术不平等的理解,同时强调了综合政策方法的必要性,即把数字包容倡议与强化的社会保护措施结合起来,以应对日益数字化的社会中新出现的贫困形式。
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引用次数: 0
Achieving carbon neutrality in emerging markets: The dual impact of energy transition investments on economic growth and carbon emissions 在新兴市场实现碳中和:能源转型投资对经济增长和碳排放的双重影响
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103709
Zakaria Boulanouar , Lobna Essid , Anis Omri
This study investigates the effectiveness of energy transition investments (ETIs) in achieving net-zero emissions. Specifically, it revaluates the environmental Kuznets curve (EKC) by analysing whether ETIs can simultaneously stimulate economic activity and reduce carbon emissions (CE) using the Autoregressive Distributed Lag (ARDL) model. The analysis focuses on a sample of emerging countries. In contrast to previous research, the study expands the EKC model by incorporating the ETIs variable, which encompasses a broader and more comprehensive range of investments that contribute to climate change mitigation, beyond just renewable energy. Additionally, the study employs total factor productivity (TFP) as a measure of economic activity, instead of GDP, considering the efficiency of technology, energy, and other resources. Key findings indicate that the TFP coefficient is higher in the short term compared to the long-term supporting the validity of the EKC hypothesis. This suggest that emerging countries have reached a TFP level of that helps reduce their CE, aiding climate change adaptation and mitigation. The study also reveals a negative effect of ETIs on CE and shows that an increase in TFP significantly enhances ETIs, suggesting that higher TFP levels attract more investment in energy transitions. These findings provide insights for policymakers on the impact of ETIs on CE and aid in formulating effective policies to achieve net-zero emissions.
本研究探讨了能源转型投资(ETIs)在实现净零排放方面的有效性。具体来说,它利用自回归分布滞后(ARDL)模型分析了能源转型投资是否能同时刺激经济活动和减少碳排放(CE),从而重新评估了环境库兹涅茨曲线(EKC)。分析以新兴国家为样本。与以往的研究不同,本研究通过纳入 ETI 变量扩展了 EKC 模型,ETI 变量包含了更广泛、更全面的有助于减缓气候变化的投资,而不仅仅是可再生能源。此外,考虑到技术、能源和其他资源的效率,研究采用全要素生产率(TFP)来衡量经济活动,而不是国内生产总值(GDP)。主要研究结果表明,短期与长期相比,全要素生产率系数更高,支持了 EKC 假设的有效性。这表明,新兴国家的全要素生产率水平已达到有助于降低其消费总值的水平,从而有助于适应和减缓气候变化。研究还揭示了 ETI 对 CE 的负面影响,并表明全要素生产率的提高会显著增强 ETI,这表明较高的全要素生产率水平会吸引更多的能源转型投资。这些研究结果为政策制定者提供了关于 ETI 对 CE 影响的见解,有助于制定有效的政策以实现净零排放。
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引用次数: 0
Time-varying effects of macro shocks on cross-border capital flows in China's bond market 宏观冲击对中国债券市场跨境资本流动的时变效应
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103720
Xiao Dong , Mingzhe Yu
As the most innovative initiative for the liberalization of Chinese bond market, the Bond Connect program greatly promotes the participation of cross-border capitals. In this paper, by analyzing the changes in the number of foreign investors entering the market, the volume of bond trading and the total amount of bond holdings, we find that the Bond Connect has become the dominant platform for foreign investors to participate in the Chinese bond market. Besides, using a TVP-VAR model based on a set of monthly time-series data from July 2017 to September 2023, we identify the dynamic impacts of four macroeconomic shocks: bond market forces, economic growth forces, monetary policy shocks, and economic policy uncertainty, on net capital inflows into the Chinese bond market. The results indicate that all these macroeconomic forces significantly affect capital inflows, with bond market forces exerting the greatest impact. Moreover, the direction, magnitude, and trends of each macro factor's impact on net capital inflows exhibit distinct characteristics.
作为中国债券市场开放的创新举措,"债券通 "极大地促进了跨境资本的参与。本文通过分析境外投资者入市数量、债券交易量和债券持有总量的变化,发现 "债券通 "已成为境外投资者参与中国债券市场的主要平台。此外,利用基于2017年7月至2023年9月的一组月度时间序列数据的TVP-VAR模型,我们识别了债券市场力量、经济增长力量、货币政策冲击和经济政策不确定性这四种宏观经济冲击对中国债券市场资本净流入的动态影响。结果表明,所有这些宏观经济因素都会对资本流入产生显著影响,其中债券市场因素的影响最大。此外,各宏观因素对资本净流入的影响方向、程度和趋势都表现出明显的特征。
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引用次数: 0
Overreaction and underreaction to new information and the directional forecast of exchange rates 对新信息的过度反应和反应不足以及汇率的方向性预测
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103676
Andrei Semenov
Overreaction and underreaction to new information may cause, respectively, sequences and reversals in exchange rate returns. Empirical evidence is that the sign of the difference between the probabilities of a sequence and a reversal predicts the sign of the next day exchange rate return out-of-sample better than the random walk without drift model. Since the effect of overreaction of exchange rates to unexpected news dies out over longer time spans, the directional predictability becomes weaker for the weekly exchange rates. The trading strategy exploiting the directional predictability of the exchange rates generates tangible profits compared to the non-trading and buy-and-hold strategies.
对新信息的过度反应和反应不足可能分别导致汇率收益率的序列和反转。经验证据表明,与无漂移随机漫步模型相比,序列和反转概率之差的符号能更好地预测样本外次日汇率收益率的符号。由于汇率对意外消息过度反应的影响会随着时间跨度的延长而消失,因此周汇率的方向预测性会变弱。与非交易策略和买入并持有策略相比,利用汇率的方向可预测性的交易策略能产生实际利润。
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引用次数: 0
The impact of institutional commitments on corporate risk-taking: Evidence from the United Nations Principles for responsible investment 制度承诺对企业承担风险的影响:联合国负责任投资原则的证据
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103715
Rongxin Chen , Yuhao Chen
Taking the institutions that signed the United Nations (UN) Principles of Responsible Investment (PRI) from 2012 to 2021 as a sample, we study whether the risk-taking of investment targets will be affected when the institutions sign the PRI. The findings demonstrate that when an institution subscribes to the PRI, it significantly decreases its investment target's degree of risk-taking. After a series of stability tests, such as surrogate variables and propensity score matching method, the main regression results in this paper remain consistent. It has been suggested through mechanism analysis that signing the PRI increases both investment efficiency and information disclosure quality thereby minimizing enterprise risk-taking behavior. Further research shows that the state-owned nature of institutions and higher media attention can reduce the risk-taking of enterprises. This paper provides a new explanatory dimension through which enterprises can reduce their level of risk-taking and offers a theoretical foundation for further expanding the impact of the PRI.
我们以 2012 年至 2021 年签署《联合国负责任投资原则》(PRI)的机构为样本,研究机构签署 PRI 是否会影响投资目标的风险承担程度。研究结果表明,当机构签署《责任投资原则》时,会显著降低其投资对象的风险承担程度。经过代用变量和倾向得分匹配法等一系列稳定性检验后,本文的主要回归结果保持一致。通过机理分析,本文认为签署 PRI 既提高了投资效率,又提高了信息披露质量,从而最大限度地减少了企业的风险承担行为。进一步的研究表明,机构的国有性质和较高的媒体关注度可以降低企业的风险承担行为。本文为企业降低风险承担水平提供了一个新的解释维度,并为进一步扩大 PRI 的影响提供了理论基础。
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引用次数: 0
Digital economy and environmental pollution in the manufacturing sector: Emission reduction effects and mechanisms 数字经济与制造业的环境污染:减排效果与机制
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103737
Jing Tao , Xiaoqing Xie , Rongsheng Peng , Na Bei
Digital empowerment in the manufacturing industry serves as a pivotal strategy for China to mitigate pollutant emissions and achieve sustainable production. Utilizing industry panel data from 2001 to 2014, this study employs a two-way fixed effect model and a mediation effect model to empirically examine the impact of the digital economy on reducing emissions in China's manufacturing sector. It investigates the underlying mechanisms, providing novel evidence at the industry level for the relationship between the digital economy and environmental pollution reduction. The findings reveal that: (1) Enhancing digital investment significantly curtails pollution emissions in China's manufacturing industry, with variations in effectiveness depending on the knowledge intensity of specific subsectors. (2) Technological innovation and the rationalization of industrial structure are critical mechanisms by which the digital economy facilitates emission reductions in the manufacturing sector.
制造业的数字赋能是中国减少污染物排放、实现可持续生产的关键战略。本研究利用 2001 年至 2014 年的行业面板数据,采用双向固定效应模型和中介效应模型,实证检验了数字经济对中国制造业减排的影响。研究探讨了数字经济与环境污染减排之间的内在机制,为数字经济与环境污染减排之间的关系提供了行业层面的新证据。研究结果表明(1) 加强数字投资可显著减少中国制造业的污染排放,其效果因具体子行业的知识密集度而异。(2)技术创新和产业结构合理化是数字经济促进制造业减排的关键机制。
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引用次数: 0
Revisiting the determinants of cryptocurrency excess return: Does scarcity matter? 重新审视加密货币超额收益的决定因素:稀缺性重要吗?
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103733
Mai Bui , Huy Pham , Binh Nguyen Thanh , Aviral Kumar Tiwari
Cryptocurrencies have emerged as a new financial asset class, and the literature in this area is increasing rapidly. This study examines the determinants and proposes a new approach to capture the scarcity effect of proof-of-work cryptocurrency return. We find that the scarcity effect is one of the major determinants of excess return. Besides the scarcity effect, our results indicate that market risk premium, momentum effect, size effect, investor attention, and mining costs effect are significant determinants of proof-of-work cryptocurrency excess return. In addition, we compare the effectiveness of three mimicking portfolios: size effect, momentum effect, and scarcity effect to their background factors. The findings show that compared to their background factors, size effect and scarcity effect mimicking portfolios have better-explaining power.
加密货币已成为一种新的金融资产类别,这方面的文献也在迅速增加。本研究探讨了决定因素,并提出了一种新方法来捕捉工作量证明加密货币回报的稀缺性效应。我们发现,稀缺性效应是超额收益的主要决定因素之一。除了稀缺性效应,我们的研究结果表明,市场风险溢价、动量效应、规模效应、投资者关注度和挖矿成本效应也是工作证明加密货币超额收益的重要决定因素。此外,我们还比较了规模效应、动量效应和稀缺性效应这三种模仿投资组合与其背景因素的有效性。研究结果表明,与背景因素相比,规模效应和稀缺性效应模仿组合具有更好的解释力。
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引用次数: 0
Corporate carbon emission governance: The mediating role of financial leverage 企业碳排放治理:财务杠杆的中介作用
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-11-01 DOI: 10.1016/j.iref.2024.103734
Guangyu Guo , Ouwen Lin , Yan Li , Jiyang Ruan
This study examines the impact of board composition and CEO behavior on corporate carbon management across 2012–2021. Based on agency theory and resource dependence theory, this study establishes panel quantile regression and mediation effect models to analyze the impact of corporate governance composition and financial leverage on corporate carbon emissions. The findings reveal that diverse boards reduce carbon emissions, highlighting the value of inclusive decision-making. Additionally, the relationship between board size and emissions follows a U-shaped curve, suggesting an optimal size for efficient decision-making; overconfident CEOs tend to increase emissions due to their optimistic risk assessments; and financial leverage further moderates the impact of board size on emissions. This study demonstrates the importance of environmentally responsible leadership and offers insights into how board composition and CEO attributes shape corporate environmental strategies.
本研究探讨了 2012-2021 年间董事会构成和 CEO 行为对企业碳管理的影响。基于代理理论和资源依赖理论,本研究建立了面板量化回归和中介效应模型,分析公司治理构成和财务杠杆对企业碳排放的影响。研究结果表明,多元化的董事会能减少碳排放,凸显了包容性决策的价值。此外,董事会规模与碳排放量之间的关系呈 U 型曲线,表明最佳规模有利于高效决策;过于自信的首席执行官往往会因为其乐观的风险评估而增加碳排放量;财务杠杆进一步调节了董事会规模对碳排放量的影响。这项研究表明了对环境负责的领导力的重要性,并就董事会的组成和首席执行官的特质如何影响企业环境战略提供了见解。
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引用次数: 0
Air pollution and the digital transformation 空气污染与数字化转型
IF 4.8 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-10-22 DOI: 10.1016/j.iref.2024.103700
Xian Chen , Yang Liu , Fenghua Wen
This paper examines whether air pollution increases the digital transformation of companies. Using observations of 18,101 firm-years from China over 2014–2021, we find a positive relation between air pollution and firms’ digital transformation. Our findings are robust to a battery of endogeneity tests and robustness tests. Moreover, the impact of air pollution on digital transformation is more responsive to companies that are labor-intensive, generate lower profits per capita, and pay less per capita. Additional analysis shows that digital transformation to combat air pollution can increase total factor productivity in companies. In general, we emphasize that companies mitigate the negative impact of air pollution on the productivity of their workforce and labour costs through digital transformation.
本文探讨了空气污染是否会加剧企业的数字化转型。通过对中国 2014-2021 年间 18101 个企业年的观测,我们发现空气污染与企业数字化转型之间存在正相关关系。通过一系列内生性检验和稳健性检验,我们的研究结果是稳健的。此外,空气污染对数字化转型的影响对劳动密集型、人均利润较低、人均薪酬较低的企业反应更明显。其他分析表明,为治理空气污染而进行的数字化转型可以提高企业的全要素生产率。总体而言,我们强调企业通过数字化转型来减轻空气污染对劳动力生产率和劳动力成本的负面影响。
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引用次数: 0
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International Review of Economics & Finance
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