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Financial inclusion, inequality, and retirement trends among older workers 金融普惠、不平等和老年工人的退休趋势
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-05-05 DOI: 10.1016/j.gfj.2025.101121
Isaac Marcelin , Wei Sun
The study develops a financial inclusion index comprising three dimensions: usage, barriers, and access to financial resources. It employs a two-stage Principal Component Analysis to derive each dimension's weight. This index helps assess the impact of financial inclusion on various factors like ethnic groups, minorities, human capital, retirement, wealth outcomes, and mental well-being. The research uncovers new psychological and sociological impacts of accessing financial products. Households in counties with higher financial inclusion scores are likelier to have increased income, home ownership, and real estate wealth. They are also more prone to generating intergenerational wealth and breaking free from poverty. Financial inclusion contributes to long-term enhancements in wealth and retirement outcomes, benefiting minority groups and genders while also enhancing family and work resilience, reducing stress, and alleviating drug-related issues. The findings carry significant policy implications, such as reducing the wealth gap, improving retirement security, and enhancing socioeconomic results.
该研究开发了一个金融包容性指数,包括三个维度:使用情况、障碍和获得金融资源的途径。它采用两阶段主成分分析来推导每个维度的权重。该指数有助于评估普惠金融对种族群体、少数民族、人力资本、退休、财富结果和心理健康等各种因素的影响。该研究揭示了获取金融产品的新的心理和社会学影响。金融包容性得分较高的县的家庭更有可能增加收入、住房所有权和房地产财富。他们也更容易创造代际财富,摆脱贫困。普惠金融有助于长期改善财富和退休结果,使少数群体和性别受益,同时还能增强家庭和工作韧性,减轻压力,缓解与毒品有关的问题。研究结果具有重要的政策意义,如缩小贫富差距、改善退休保障和提高社会经济效益。
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引用次数: 0
Not just the news: Higher moments of macroeconomic variables and sovereign bond returns 不仅仅是新闻:宏观经济变量和主权债券回报率的上升
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-04-23 DOI: 10.1016/j.gfj.2025.101113
Yulin Li , John K. Wald , Zijun Wang
Using sovereign debt data from 47 countries, we document that the third moment (skewness) of unemployment changes has a positive and significant relation with sovereign bond returns. Thus, while investors require risk premia for exposure to macroeconomic shocks (Campbell, 1996), we find that the skewness of unemployment changes contains information that helps to explain sovereign bond returns beyond the current shocks to the unemployment rate. This relation holds for both dollar and local currency sovereign debt returns, and after controlling for the information content of news events. The relation is greater in economic expansions than in contractions.
利用来自47个国家的主权债务数据,我们证明了失业率变化的第三时刻(偏度)与主权债券回报呈正相关。因此,尽管投资者需要风险溢价来应对宏观经济冲击(Campbell, 1996),但我们发现,失业率变化的偏度包含的信息有助于解释当前失业率冲击之外的主权债券回报。在控制了新闻事件的信息内容之后,美元和本币主权债务回报都存在这种关系。这种关系在经济扩张时比在经济收缩时更大。
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引用次数: 0
The green transition and tech firms' financial performance: Insights from patent data 绿色转型与科技公司财务绩效:来自专利数据的洞察
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-04-09 DOI: 10.1016/j.gfj.2025.101112
Selahattin Murat Sirin
The green and digital transitions (twin transitions) are reshaping the global business environment, yet academic research exploring the financial implications of the green-digital nexus remains limited. This paper explores the financial implications of a key mechanism within the green-digital nexus, technological connectedness through knowledge creation and spillovers. Quantified through patent data between 2010 and 2022, this study examines how tech firms' financial performance is affected by knowledge creation and spillovers to green (technologies related to clean energy) and brown (technologies related to fossil fuels) domains using portfolio- and firm-level analyses with panel data regression models. The results indicate that financial connectedness is not straightforward, contrary to findings from aggregate level studies in the literature. While firm-level heterogeneity in knowledge creation does affect returns, there is no conclusive evidence that knowledge spillovers affect financial performance.
绿色和数字化转型(双转型)正在重塑全球商业环境,但探索绿色-数字化联系的金融影响的学术研究仍然有限。本文探讨了绿色数字联系中一个关键机制的金融影响,即通过知识创造和溢出的技术联系。本研究通过2010年至2022年的专利数据进行量化,利用面板数据回归模型进行投资组合和公司层面分析,研究了科技公司的财务绩效如何受到知识创造和绿色(与清洁能源相关的技术)和棕色(与化石燃料相关的技术)领域溢出效应的影响。研究结果表明,与文献中总体水平研究的结果相反,财务联系并非直截了当。虽然知识创造的企业层面异质性确实会影响回报,但没有确凿证据表明知识溢出会影响财务绩效。
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引用次数: 0
Comovement and S&P 500 membership 运动和标准普尔500会员
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-04-09 DOI: 10.1016/j.gfj.2025.101110
Joseph DeCoste
This paper tests the existence of excessive comovement among firms in the S&P 500. Using a fuzzy regression discontinuity approach I show that membership in the S&P 500 leads to significant positive excess comovement in the long term. I evaluate a traditional, liquidity based explanation and a friction based explanation, and find no evidence that liquidity is driving excess comovement in the sample. I show that the previous lack of evidence for excess comovement shown in Chen, Singal, Whitelaw (2016) is due to heterogeneous effects on firms who are newly included versus those that are established members. One potential explanation is that immediately after inclusion, investors take time to rebalance and fully integrate the new stock into the group, reducing observed increases in comovement in the short term. These results constitute new evidence of frictions when exposed to large classes of noise traders with correlated demands, such as those populating the S&P 500.
本文检验了 S&P 500 指数中公司之间是否存在过度趋同。我使用模糊回归不连续法表明,S&P 500 指数的成员资格会导致长期显著的正向过度合并。我对传统的、基于流动性的解释和基于摩擦的解释进行了评估,结果发现没有证据表明流动性在样本中推动了超额联动。我的研究表明,Chen、Singal、Whitelaw(2016)之前没有证据显示超额协动性是由于新纳入的公司与老成员公司之间的异质性影响。一种可能的解释是,投资者在纳入后需要时间重新平衡并将新股票完全纳入集团,从而降低了短期内观察到的合并增加。这些结果构成了新的证据,证明当接触到大量具有相关需求的噪声交易者时,例如那些充斥在 S&P 500 指数中的交易者,会产生摩擦。
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引用次数: 0
Executive stock ownership, debt choice, and the moderating effect of institutional owners 高管持股、债务选择及机构股东的调节效应
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-04-06 DOI: 10.1016/j.gfj.2025.101111
Vivek Bhargava , Mukesh Chaudhry , Daniel Huerta , Thanh Ngo
This paper examines how executive stock ownership influences the choice of debt structure, investigating whether institutional owners moderate the relationship between the level of executive ownership and the decision to use public versus private debt. Our findings suggest that firms with higher levels of executive ownership tend to employ significantly more public debt financing to potentially reduce the monitoring intensity of their managerial decisions. However, we also find that oversight by motivated and longer-horizon institutional investors prevents firms from avoiding the more stringent monitoring associated with privately held debt. Further tests indicate that the link between CEO and executive ownership levels and the preference for public debt is more pronounced in smaller firms, which typically experience higher levels of information asymmetry. Our findings align with the monitoring avoidance hypothesis and the informational asymmetry hypothesis.
本文考察了高管持股如何影响债务结构的选择,调查了机构所有者是否调节了高管持股水平与使用公共债务或私人债务决策之间的关系。我们的研究结果表明,高管持股水平较高的公司倾向于采用更多的公共债务融资,以潜在地降低对其管理决策的监控强度。然而,我们也发现,有动机的长期机构投资者的监督使公司无法避免与私人持有债务相关的更严格的监督。进一步的测试表明,CEO和高管所有权水平与公共债务偏好之间的联系在较小的公司中更为明显,这些公司通常经历更高程度的信息不对称。我们的发现与监控回避假说和信息不对称假说一致。
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引用次数: 0
Does executive gender matter for corporate financial policies under uncertainty? 高管性别对不确定性下的公司财务政策有影响吗?
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-30 DOI: 10.1016/j.gfj.2025.101108
Yanyan Chen , Liubing Cheng
This study investigates the influence of CEO/CFO gender on corporate financial policies under uncertainty, including cash holdings, corporate investment, debt financing, and payout ratio. Using a sample of Chinese firms from 1999 to 2021, we find that during periods of high uncertainty, firms with female CEOs/CFOs do not exhibit greater risk aversion than those with male counterparts in financial activities. These findings persist even in firms with higher financial constraints or lower risk preferences. Our results remain robust when addressing model specification and endogeneity issues, controlling for other corporate financial behaviors and more executive characteristics, using alternative measures of uncertainty and corporate financial policies, and conducting sub-sample analysis. Overall, our findings suggest that gender differences in risk preferences might vanish in top management.
本研究探讨了不确定性下CEO/CFO性别对公司财务政策的影响,包括现金持有量、公司投资、债务融资和派息率。利用1999年至2021年的中国企业样本,我们发现,在高度不确定性时期,女性ceo / cfo的企业在金融活动中并不比男性ceo / cfo表现出更大的风险厌恶。这些发现甚至在财务约束较高或风险偏好较低的公司中也存在。当处理模型规范和内质性问题,控制其他公司财务行为和更多的执行特征,使用不确定性和公司财务政策的替代措施,并进行子样本分析时,我们的结果仍然是稳健的。总的来说,我们的研究结果表明,在高层管理中,风险偏好的性别差异可能会消失。
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引用次数: 0
Can digital finance promote green innovation collaboration in enterprises? 数字金融能否促进企业绿色创新协同?
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-30 DOI: 10.1016/j.gfj.2025.101109
Mansi Wang , Xinxin Yu , Xinyi Hong , Xiaotao Yang
Due to limited green innovation capabilities and motivation, enterprises opt for collaborative green innovation. However, the green innovation collaboration output across countries remains insufficient, and global climate risks continue to be severe. Previous research has largely focused on the relationship between digital technologies and green innovation, but there is a lack of exploration on the connection between digital finance and corporate green innovation collaboration. This paper utilizes panel data from 23,865 observations of Chinese enterprises from 2011 to 2022, using Python text analysis to construct an enterprise-level digital finance application index. The empirical results show that digital finance significantly promotes the level of green innovation collaboration, and the findings remain valid after a series of robustness tests. Furthermore, this study finds that digital finance enhances green innovation collaboration through three channels: promoting green investment, improving green total factor productivity, and reducing greenwashing behaviors. Further analysis of the internal and external synergies of digital finance reveals that enterprises applying digital finance models promote green innovation collaboration outputs between the enterprise and its subsidiaries. However, the positive impact on green innovation collaboration with supply chains is only observed in high-end green innovation collaborations. The aim of this study is to provide theoretical support for enhancing the level of green innovation collaboration in enterprises under the development of digital finance, offering reasonable suggestions for governments in formulating financial development strategies and green sustainable development policies.
由于有限的绿色创新能力和动力,企业选择协同绿色创新。然而,各国绿色创新合作产出仍然不足,全球气候风险依然严峻。以往的研究主要集中在数字技术与绿色创新之间的关系上,而对数字金融与企业绿色创新协同之间的关系缺乏探索。本文利用2011 - 2022年23865家中国企业的面板数据,运用Python文本分析构建了企业层面的数字金融应用指数。实证结果表明,数字金融显著促进了绿色创新协作水平,经过一系列稳健性检验,研究结果仍然有效。此外,本研究发现数字金融通过促进绿色投资、提高绿色全要素生产率和减少洗绿行为三个渠道促进绿色创新协作。进一步分析数字金融的内部和外部协同效应,发现应用数字金融模式的企业促进了企业与子公司之间的绿色创新协同产出。然而,供应链对绿色创新合作的积极影响仅体现在高端绿色创新合作中。本研究旨在为数字金融发展下提升企业绿色创新协同水平提供理论支持,为政府制定金融发展战略和绿色可持续发展政策提供合理建议。
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引用次数: 0
China's economic policy uncertainty and firm-level investment in Southeast Asian economies: The role of trade connection and financial development 中国经济政策的不确定性与东南亚经济体的企业投资:贸易联系和金融发展的作用
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-28 DOI: 10.1016/j.gfj.2025.101106
Ly Thi Hai Tran
Previous studies primarily focus on the nexus between economic policy uncertainty and corporate investment within that country. This paper examines the impact of China's economic policy uncertainty on firm-level investment in Southeast Asian economies. Using the sample of 3600 firms in Southeast Asia over the period 2020–2021, we find that firms reduce investment when China's economic policy uncertainty increases. We investigate the effect channels and find that trade connection with China exacerbates the negative influence of China's uncertainty on capital expenditures. At the same time, a higher level of a nation's financial development weakens the impact. Our further analysis of firm features representing irreversibility shows that the effect of China's economic policy uncertainty and the mechanisms are more pronounced among firms with higher irreversibility. Our results support the option-to-delay theory and highlight the cross-border influence of policy uncertainty from major countries to smaller ones.
以前的研究主要集中在经济政策不确定性与该国企业投资之间的关系。本文考察了中国经济政策的不确定性对东南亚经济体企业层面投资的影响。利用2020-2021年期间东南亚3600家企业的样本,我们发现当中国经济政策不确定性增加时,企业会减少投资。我们研究了影响渠道,发现与中国的贸易联系加剧了中国不确定性对资本支出的负面影响。与此同时,一个国家的金融发展水平越高,这种影响就越弱。对不可逆性企业特征的进一步分析表明,中国经济政策不确定性及其机制的影响在不可逆性较高的企业中更为明显。我们的研究结果支持延迟选择理论,并突出了政策不确定性从大国到小国的跨境影响。
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引用次数: 0
Equity market linkages across Latin American countries 拉丁美洲国家间的股票市场联系
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-28 DOI: 10.1016/j.gfj.2025.101107
Francesco Guidi, Giuseppina Madonia, Sohan Sarwar
Equity market linkages are of interest to international investors aiming at diversifying their equity portfolio holdings. In fact, the benefit of equity portfolio diversification across different international markets depends on whether markets are integrated or segmented. To discern whether there are any potential benefits to diversification, we investigate the degree of integration across the equity markets of selected Latin American countries (that is, Argentina, Brazil, Chile, Colombia and Peru) by applying dynamic and static cointegration techniques to the largest equity markets of that region. Our aim is to find out whether these equity markets enjoy a long-run relationship as a whole, at the sectoral level, or if they follow different trends. We use weekly equity prices between 2005 and 2023, which marked the end of the Covid-19 pandemic. Our findings suggest that the equity markets are not, as a whole, integrated – with the exception of periods of financial distress. This indicates that there is some potential for international portfolio diversification across Latin American equity markets. On the other hand, our sectoral analysis points to specific diversification opportunities across most of the sectors.
股票市场的联系对旨在使其股票投资组合多样化的国际投资者很感兴趣。事实上,在不同的国际市场上进行股票投资组合多元化的收益取决于市场是整合的还是分割的。为了辨别多元化是否有任何潜在的好处,我们通过将动态和静态协整技术应用于该地区最大的股票市场,调查了选定拉丁美洲国家(即阿根廷、巴西、智利、哥伦比亚和秘鲁)股票市场的整合程度。我们的目标是找出这些股票市场在整体上、在行业层面上是否存在长期关系,或者它们是否遵循不同的趋势。我们使用的是2005年至2023年之间的每周股票价格,这标志着Covid-19大流行的结束。我们的研究结果表明,除了金融危机时期外,股票市场作为一个整体并不是一体化的。这表明,在整个拉丁美洲股票市场上,国际投资组合存在一定的多元化潜力。另一方面,我们的行业分析指出,大多数行业都有特定的多元化机会。
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引用次数: 0
Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens 技术进步会影响比特币的交易和定价吗?BRC-20代币的证据
IF 5.5 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-03-18 DOI: 10.1016/j.gfj.2025.101104
Ziwei Wang , Haijun Yang , Zhen Li
We reveal how technological innovation impacts cryptocurrency network operations and market information structures, using BRC-20 tokens as an example. By collecting on-chain blockchain data and exchange data from March 2023 to March 2024, we find that the introduction of BRC-20 tokens significantly alters Bitcoin transaction activity, manifests as a decrease in unique addresses, increased per-unit transaction fees, and extended confirmation times. Furthermore, we expand the research framework for Bitcoin market price efficiency by identifying market information, public information, private information, and noise in the Bitcoin market. We show that introducing BRC-20 tokens increases the market information share while reducing dependence on public information, with almost no negative impact on the share of private information. Finally, we construct a “technological innovation, blockchain response, market adjustment” dynamic analysis framework to evaluate and reveal that the Bitcoin network has significant self-healing capabilities and can quickly digest the impact of new types of tokens after major technical upgrades such as ORDI listing, announcing and launching the BRC-20 swap, and the Ordinals Jubilee update. This research provides investors with empirical evidence of the Bitcoin network's self-healing capabilities, helping them more accurately assess the short and long-term impacts of technological shocks on the market, thereby formulating more effective investment strategies.
我们以BRC-20代币为例,揭示了技术创新如何影响加密货币网络运营和市场信息结构。通过收集2023年3月至2024年3月的链上区块链数据和交换数据,我们发现BRC-20代币的引入显著改变了比特币的交易活动,表现为唯一地址减少,单位交易费用增加,确认时间延长。此外,我们通过识别比特币市场中的市场信息、公共信息、私人信息和噪音,扩展了比特币市场价格效率的研究框架。我们表明,引入BRC-20代币增加了市场信息份额,同时减少了对公共信息的依赖,对私有信息的份额几乎没有负面影响。最后,我们构建了“技术创新、区块链响应、市场调整”的动态分析框架,评估并揭示了比特币网络在ORDI上市、BRC-20掉期宣布推出、序数Jubilee更新等重大技术升级后,具有显著的自愈能力,能够快速消化新型代币的影响。本研究为投资者提供了比特币网络自愈能力的实证证据,帮助他们更准确地评估技术冲击对市场的短期和长期影响,从而制定更有效的投资策略。
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引用次数: 0
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Global Finance Journal
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