Global Finance Journal最新文献

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Does cash flow underwriting work? Evidence from the U.S. insurance markets 现金流承保是否有效？来自美国保险市场的证据

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2026-01-02 DOI: 10.1016/j.gfj.2025.101232

Shi-jie Jiang , Lehang Zeng , Mei-Chih Wang

This research delves into the cash flow underwriting in the U.S. property-casualty insurance market, a strategic approach in which insurance companies trade off underwriting profits in hopes of higher investment returns. Spanning from 1954 to 2023, this study utilizes nonlinear autoregressive distributed lag (NARDL) and multiple threshold NARDL (MTNARDL) models to uncover how interest rate fluctuations affect underwriting profits and investment income ratios. We discovered compelling differences: while the short-tail line aligns with rational market behavior, the long-tail line reacts significantly, echoing the nature of cash flow underwriting. At the aggregate industry level, the dominance of cash flow underwriting in the long run is primarily driven by these long-tail business lines, which account for a substantial share of underwriting exposure. Furthermore, a pattern of long-run asymmetric adjustment is also observed between investment income ratios and interest rates, indicating that while underwriting profits decline with rising interest rates, investment income can offset these losses to a certain extent. Through asymmetric causality tests, we further illustrate how positive and negative interest rate shocks uniquely influence profitability across various business lines. This study not only bridges conflicting theories of rational markets and strategic underwriting but also equips industry stakeholders with critical insights to navigate the complex rhythms of the insurance market.

本研究深入研究了美国财产险市场的现金流承保，这是保险公司为了获得更高的投资回报而权衡承保利润的一种战略方法。从1954年到2023年，本研究利用非线性自回归分布滞后（NARDL）和多阈值NARDL （MTNARDL）模型来揭示利率波动对承保利润和投资收益比率的影响。我们发现了令人信服的差异：短尾线与理性的市场行为一致，而长尾线反应明显，与现金流承保的本质相呼应。在整个行业层面，长期来看，现金流承销的主导地位主要是由这些长尾业务线驱动的，它们占承销风险敞口的很大份额。此外，投资收益比率与利率之间也存在长期的不对称调整模式，这表明尽管承保利润随着利率的上升而下降，但投资收益可以在一定程度上抵消这些损失。通过非对称因果检验，我们进一步说明了正负利率冲击如何独特地影响各个业务线的盈利能力。这项研究不仅将理性市场和战略承保的理论冲突联系起来，而且还为行业利益相关者提供了关键的见解，以驾驭保险市场的复杂节奏。

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引用次数: 0

Share pledging by controlling shareholders and firm investment efficiency: Evidence from China 控股股东股权质押与企业投资效率：来自中国的证据

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2025-12-18 DOI: 10.1016/j.gfj.2025.101228

Yuanqi Zhou , Ya Zhang , Zhenghua Shuai , Yu-en Lin

Share pledging is not strictly regulated in emerging markets, making it into a mechanism for controlling shareholders to cash out financing. Using data from Chinese listed companies (2008–2020), this study examines the relationship between controlling shareholder share pledging and corporate investment efficiency by incorporating the reinvestment behavior of pledged funds into an analytical framework. Results reveal a significant negative correlation between share pledging and investment efficiency by reducing information transparency, weakening corporate social responsibility(CSR), and damaging the effectiveness of internal control. However, pledged fund inflow can alleviate financing constraints and function as a reservoir to improve investment efficiency. When pledged funds flow into the enterprise, the reservoir effect becomes dominant, particularly in firms experiencing underinvestment issues. In this scenario, share pledges alleviate financing constraints, improve corporate investment efficiency. In contrast, when pledged funds flow out of the enterprise, weakened corporate governance from equity pledges triggers the tunneling effect, which exacerbates agency conflicts and reduces investment efficiency. Further analysis reveals that the tunneling effect is weaker for companies with high audit quality, strong media attention, and check-and-balance ownership. These findings, which remain robust after a series of tests including instrumental variable method(IV), propensity score matching(PSM), and alternative variable measurements, contribute to understanding share pledges' actual impact and mechanisms on firm-level resource allocation, yielding significant theoretical and practical insights for improving corporate governance and regulatory systems in emerging markets.

在新兴市场，股权质押并未受到严格监管，这使其成为控股股东套现融资的一种机制。本文利用2008-2020年中国上市公司的数据，将质押资金的再投资行为纳入分析框架，考察了控股股东股权质押与公司投资效率之间的关系。结果表明，股权质押与投资效率之间存在显著的负相关关系，降低了信息透明度，削弱了企业社会责任，损害了内部控制的有效性。而质押资金流入可以缓解融资约束，起到蓄水池的作用，提高投资效率。当质押资金流入企业时，蓄水池效应就占主导地位，特别是在遇到投资不足问题的公司。在这种情况下，股权质押缓解了融资约束，提高了企业投资效率。而当质押资金流出企业时，股权质押导致的公司治理弱化引发了隧道效应，加剧了代理冲突，降低了投资效率。进一步分析发现，对于审计质量高、媒体关注度强、所有权制衡的公司，隧道效应较弱。这些发现在经过工具变量法（IV）、倾向得分匹配（PSM）和替代变量测量等一系列测试后仍然稳健，有助于理解股权质押对公司层面资源配置的实际影响和机制，为改善新兴市场的公司治理和监管体系提供重要的理论和实践见解。

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引用次数: 0

Time-limited monopolies: Firms' financial characteristics and innovation concentration 限时垄断：企业财务特征与创新集中度

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2026-01-26 DOI: 10.1016/j.gfj.2026.101240

James Driver

I develop novel innovation classification systems using firms' patent portfolio text and CPC codes to study market concentrations/monopoly power. My annual text network explains firms' financial characteristics better than most existing systems among public, patenting firms, and offers additional explanatory power for private, patenting firms. I attribute increases in explanatory power to my network's ability to update classifications at an annual frequency. Upon evaluating measures of industry concentration for sales and R&D, my network confirms increases in sales concentration and reveals an increase in R&D concentration that is unobserved when categorizing firms via four-digit NAICS or three-digit SIC codes.

我开发了新的创新分类系统，使用公司的专利组合文本和CPC代码来研究市场集中度/垄断力。我的年度文本网络比大多数公共专利公司的现有系统更好地解释了公司的财务特征，并为私人专利公司提供了额外的解释力。我把解释力的提高归功于我的网络每年更新分类的能力。在评估销售和研发的行业集中度措施后，我的网络证实了销售集中度的增加，并揭示了通过四位数NAICS或三位数SIC代码对公司进行分类时未观察到的研发集中度的增加。

引用次数: 0

Impact of shadow banking of nonfinancial firms on equity mispricing 非金融企业影子银行对股票错误定价的影响

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2026-01-17 DOI: 10.1016/j.gfj.2026.101236

Junming Zhuang , Tianyu Zhang , Jingshi He

Nonfinancial firms have increasingly engaged in shadow banking activities. Using data from Chinese A-share nonfinancial firms, we empirically examine how such activities affect equity mispricing. The results indicate that shadow banking by nonfinancial firms is positively associated with equity mispricing. This finding still holds when we address potential endogeneity problems and use alternative proxies. This relationship is less pronounced among firms with higher levels of digitalization, stronger corporate governance, more market development business environments, and state-ownership structure, suggesting that information asymmetry, agency problems, and regulatory uncertainty are key underlying mechanisms. Further analysis shows that increased shadow banking activity raises stock price volatility, heightens crash risk, and increases the cost of equity, with these effects operating in part through equity mispricing. Our study extends the literature on equity mispricing and highlights the consequences of nonfinancial firms' engagement in shadow banking activities in the capital market.

非金融企业越来越多地参与影子银行活动。利用中国a股非金融公司的数据，我们实证研究了此类活动如何影响股票错误定价。结果表明，非金融企业的影子银行业务与股票错误定价呈正相关。当我们解决潜在的内生性问题并使用替代代理时，这一发现仍然成立。这一关系在数字化水平较高、公司治理水平较高、商业环境市场化程度较高和国有企业结构较高的企业中不太明显，这表明信息不对称、代理问题和监管不确定性是关键的潜在机制。进一步的分析表明，影子银行活动的增加增加了股价波动，增加了崩盘风险，并增加了股权成本，这些影响在一定程度上是通过股票错误定价产生的。我们的研究扩展了关于股票错误定价的文献，并强调了非金融公司参与资本市场影子银行活动的后果。

引用次数: 0

Climate risk and asset-liability maturity mismatches 气候风险与资产负债期限错配

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2025-11-27 DOI: 10.1016/j.gfj.2025.101223

WeiWei Li , Prasad Padmanabhan , Chia-Hsing Huang

This paper aims to investigate how climate change risks affect firms’ financing and investment decisions. Using annual data from Chinese firms listed on the Shanghai and Shenzhen Stock Exchanges from 2007 to 2021, this study finds a statistically significant positive relationship between firm-level climate risk and asset-liability maturity mismatches, even after multiple robustness tests. Climate risks heighten mismatches by tightening financial constraints, worsening information asymmetry between insiders and outsiders, and increasing environmental, social, and governance-related investments. The effect is stronger among firms with weak banking relationships, no political connections, fewer institutional investors, smaller size, nonstate ownership, heavy pollution output, and higher proportions of female managers. Results further show that transition (policy) risks—rather than physical risks—drive the increase in mismatches. Finally, the 2015 Paris Climate Agreement appears to have weakened this linkage.

本文旨在探讨气候变化风险如何影响企业的融资和投资决策。利用2007年至2021年在上海和深圳证券交易所上市的中国公司的年度数据，本研究发现，即使经过多次稳健性检验，公司层面的气候风险与资产负债期限错配之间存在统计学上显著的正相关关系。气候风险加剧了金融约束，加剧了内部和外部之间的信息不对称，增加了与环境、社会和治理相关的投资，从而加剧了错配。在银行关系薄弱、没有政治联系、机构投资者较少、规模较小、非国有所有制、污染严重、女性经理比例较高的企业中，这种影响更强。结果进一步表明，过渡（政策）风险——而不是物理风险——导致了错配的增加。最后，2015年的《巴黎气候协定》似乎削弱了这种联系。

引用次数: 0

Zero-cost employee stock ownership incentive and corporate innovation 零成本员工持股激励与企业创新

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2026-01-15 DOI: 10.1016/j.gfj.2026.101235

Zimo Tao , Yi Zhang , Yongjian Huang

This study explores the effect of zero-cost employee stock ownership plans (zero-cost ESOPs) on corporate innovation. Based on staggered Difference-in-Differences (DID) method, the empirical results demonstrate that zero-cost ESOPs significantly promote corporate innovation, and the result is validated by a series of robustness and endogeneity tests. Mechanism analysis reveals that zero-cost ESOPs enhance corporate innovation by improving the human capital structure through attracting more highly educated and technically skilled employees, which widens the salary gap. Furthermore, the positive effect is more pronounced for firms with lower average salaries, industry competition, and executive shareholding. Most importantly, compared with traditional ESOPs, zero-cost ESOPs exhibit a stronger positive influence on corporate innovation, particularly in fostering independent innovation rather than collaborative innovation with external firms.

本研究探讨零成本员工持股计划（零成本ESOPs）对企业创新的影响。基于交错差分法（交错差分法）的实证结果表明，零成本员工持股计划显著促进了企业创新，并通过一系列鲁棒性和内质性检验对结果进行了验证。机制分析表明，零成本员工持股计划通过吸引更多高学历和技术熟练的员工来改善人力资本结构，从而促进企业创新，从而扩大薪酬差距。此外，对于平均工资、行业竞争和高管持股比例较低的公司，积极效应更为明显。最重要的是，与传统的员工持股计划相比，零成本员工持股计划对企业创新表现出更强的积极影响，特别是在促进自主创新而不是与外部企业协同创新方面。

引用次数: 0

The rare disaster concern index: RIX 罕见灾害关注指数：RIX

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2025-12-02 DOI: 10.1016/j.gfj.2025.101226

Weihan Li , Jin E. Zhang , Xinfeng Ruan , Pakorn Aschakulporn

This study aims to deepen the understanding of the Rare Disaster Concern Index (

R I X

) by redefining its concept, developing its exact model within the Gram–Charlier density, and constructing its time series to enhance its theoretical foundation and numerical application in capturing extreme market risks. Through comparative analysis with conventional indices across various term structures, we uncover the capability of the

R I X

in reflecting higher-order risks in financial markets. Our findings demonstrate the heightened sensitivity of the

R I X

to extreme market movements, especially within the left lower range, emphasizing its importance in strategic risk management and investment decision-making.

本研究旨在通过重新定义罕见灾害关注指数（RIX）的概念，建立其在Gram-Charlier密度内的精确模型，构建其时间序列来加深对其的理解，以增强其在捕捉极端市场风险方面的理论基础和数值应用。通过与不同期限结构的传统指数的比较分析，我们揭示了RIX在反映金融市场高阶风险方面的能力。我们的研究结果表明，RIX对极端市场波动的高度敏感性，特别是在左下角范围内，强调其在战略风险管理和投资决策中的重要性。

引用次数: 0

The impact of financial uncertainty on the price dynamics of global bond funds 金融不确定性对全球债券基金价格动态的影响

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2025-12-13 DOI: 10.1016/j.gfj.2025.101227

Zhuhua Jiang , Oguzhan Ozcelebi , Zheng Lü , Rim El Khoury , Seong-Min Yoon

This study examines how financial uncertainty shocks shape global bond funds’ return and volatility dynamics focusing on four key indicators: equity market volatility (VIX), bond market volatility (MOVE), central bank digital currency uncertainty (CBDCU) and geopolitical risk (GPR). Using weekly data from 2015 to 2024 across four major global bond funds (BNDX, TPINX, MGBIX and FGBFX), we employ a multi-method empirical framework that integrates TVP-SV-VAR, BEKK-multivariate generalised autoregressive conditional heteroscedasticity (MGARCH), CCC-MGARCH and wavelet quantile regression to capture time variation, volatility spillovers and distributional effects. The findings reveal heterogeneous and asymmetric responses to uncertainty shocks wherein MOVE and GPR exert persistent volatility effects, VIX generates short-term flight-to-safety flows and CBDCU introduces asymmetric risks through safe-haven dynamics and disintermediation. Fund behaviour is highly conditional—BNDX demonstrates temporary safe-haven behaviour under digital monetary shocks, MGBIX provides long-term diversification benefits, FGBFX serves as a conditional safe haven and TPINX disproportionately transmits shocks due to its emerging market (EM)/high-yield exposure. These results challenge the perception of global bond funds as uniformly defensive assets and underscore the importance of aligning fund selection with uncertainty source and investment horizon. Beyond investment insights, this study has relevant policy implications, indicating how CBDCU can be incorporated into regulatory stress tests, EM-focused funds require closer macro-prudential monitoring and policymakers should adapt liquidity and duration risk frameworks to evolving sources of systemic uncertainty.

本研究考察了金融不确定性冲击如何影响全球债券基金的回报和波动动态，重点关注四个关键指标：股票市场波动率（VIX）、债券市场波动率（MOVE）、央行数字货币不确定性（CBDCU）和地缘政治风险（GPR）。利用2015年至2024年全球四大债券基金（BNDX、TPINX、MGBIX和FGBFX）的每周数据，我们采用了一个多方法实证框架，该框架整合了TVP-SV-VAR、bekk -多元广义自回归条件异方差（MGARCH）、cc -MGARCH和小波分位数回归，以捕捉时间变化、波动溢出和分布效应。研究结果揭示了对不确定性冲击的异质和不对称反应，其中MOVE和GPR发挥持续波动效应，VIX产生短期避险资金，CBDCU通过避险动态和脱中介引入不对称风险。基金行为是高度有条件的——bndx在数字货币冲击下表现出暂时的避险行为，MGBIX提供长期多元化收益，FGBFX作为有条件的避险天堂，TPINX由于其新兴市场(EM)/高收益敞口而不成比例地传递冲击。这些结果挑战了全球债券基金作为统一防御资产的看法，并强调了将基金选择与不确定性来源和投资范围相一致的重要性。除了投资见解之外，本研究还具有相关的政策含义，表明CBDCU如何纳入监管压力测试，新兴市场基金需要更密切的宏观审慎监测，政策制定者应根据不断变化的系统性不确定性来源调整流动性和持续时间风险框架。

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引用次数: 0

Measuring climate attention from investor queries: How textual signals drive green innovation 从投资者询问中衡量气候关注：文本信号如何推动绿色创新

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2025-11-28 DOI: 10.1016/j.gfj.2025.101224

Cheng Zhang , Menghan Li , Zhuoer Yang , Cheng Liu

This study examines how retail investors' climate attention influences corporate green innovation using data from Chinese A-share listed firms from 2013 to 2023. We construct a novel measure of climate attention referencing investor interaction platforms and a climate-related dictionary, which captures firm-level retail investors' climate attention more precisely than existing search-based measures. Empirical results reveal that strong climate attention from investors considerably enhances the quantity and quality of corporate green innovation. The mechanism analysis reveals that this effect operates by boosting managerial awareness, media focus, and analyst coverage of climate-related issues. Notably, we further demonstrate that CEOs' green experience constitutes a key boundary condition. When CEOs lack such experience, investor attention has a more prominent influence on motivating green innovation. These findings demonstrate that retail investors are a unique monitoring force and they underscore the importance of managerial backgrounds in shaping firms' responses to climate change.

本文利用2013 - 2023年中国a股上市公司的数据，考察了散户投资者的气候关注对企业绿色创新的影响。我们参考投资者互动平台和气候相关词典构建了一个新的气候关注度量，它比现有的基于搜索的度量更准确地捕获公司层面散户投资者的气候关注。实证结果表明，投资者强烈的气候关注显著提高了企业绿色创新的数量和质量。机制分析表明，这种效应通过提高管理意识、媒体关注和分析师对气候相关问题的报道来发挥作用。值得注意的是，我们进一步证明了ceo的绿色经验构成了一个关键的边界条件。当ceo缺乏此类经验时，投资者关注对激励绿色创新的影响更为突出。这些发现表明，散户投资者是一种独特的监督力量，它们强调了管理背景在塑造公司应对气候变化方面的重要性。

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引用次数: 0

Kinship and social ties between CEOs and board members: Costs to firm value ceo和董事会成员之间的亲属关系和社会关系：企业价值的成本

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2026-06-01 Epub Date: 2026-02-05 DOI: 10.1016/j.gfj.2026.101241

Jaeyoung Yang, Seung Hun Han, Moonseok Choi

This study examines how kinship and social ties between CEOs and board members affect firm value. Surname sharing is leveraged as a proxy for kinship ties within the unique Confucian context of Korea. Utilizing a dataset of publicly listed Korean firms from 2011 to 2022, this study finds that CEO-board surname sharing has a negative relationship with firm value. This adverse effect is more pronounced when CEO power is higher. Stronger kinship ties appear to harm firm value through four channels: 1) Investment inefficiency, 2) Compensation inefficiency, 3) Reduced reporting quality, and 4) Deteriorated operating performance. These kinship ties are strengthened when offline meetings between clan associations take place. Moreover, boards comprising older members primarily drive the negative relationship with firm value, implying that time attenuates traditional Confucian kinship norms. By demonstrating how culturally embedded kinship and social ties influence firm value, the findings contribute to the literature on CEO-board dynamics and corporate governance.

本研究考察了ceo和董事会成员之间的亲属关系和社会关系如何影响公司价值。在韩国独特的儒家背景下，姓氏共享被用作亲属关系的代表。利用2011年至2022年韩国上市公司的数据集，本研究发现ceo -董事会姓氏共享与公司价值呈负相关。CEO权力越大，这种负面影响就越明显。亲属关系增强对企业价值的损害表现为投资效率低下、薪酬效率低下、报告质量下降和经营绩效恶化。这些亲属关系在氏族协会举行线下会议时得到加强。此外，由年长成员组成的董事会主要推动了与公司价值的负相关关系，这意味着时间削弱了传统的儒家亲属规范。通过展示文化嵌入的亲属关系和社会关系如何影响公司价值，研究结果有助于ceo -董事会动态和公司治理的文献。

引用次数: 0

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