Global Finance Journal最新文献

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The impacts of China's ETS on firm competitiveness: Evidence from the power and heat production sector

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-12-16 DOI: 10.1016/j.gfj.2024.101067

Mingming Zhang, Michael O. Wood , Jeffrey Wilson, Tingting Wu

Greenhouse Gas (GHG) emissions are one of the primary causes of climate change. In the coming decades, the economic costs of climate change are estimated to be 10 % of the global GDP. To mitigate threats of the catastrophic consequences of climate change, an Emission Trading Scheme (ETS) is proposed as a cost-efficient carbon pricing approach to reduce the GHG emissions from production activities. Since 2013, the Chinese government has launched seven pilot ETS projects. In the pilot projects, China established the national carbon trading market in 2021. The national ETS project covers more than 2000 power and heat production plants, which account for 40 % to 50 % of China's industrial emissions and 10 % of the worldwide GHG emissions. Despite the rapid expansion of China's ETS is, there is no consensus on the effectiveness or impacts of ETS. This study investigates the impacts of the pilot ETS on the competitiveness of the participating firms, measured by profitability, production investment, and environmental performance with a Difference-in-Differences (DID) method. Our study finds that the pilot ETS had a positive impact on profitability and GHG emissions reduction among the participating firms, and a negative impact on production investments. This study provides evidence that the pilot ETS has been effective in producing incentives for firms to reduce their emissions, which is not only beneficial to the environment, but also enhances firm's profitability.

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引用次数: 0

Pyramidal structure, vertical interlock, and corporate innovation 金字塔结构，垂直联锁，企业创新

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-23 DOI: 10.1016/j.gfj.2024.101065

Shaohua Tian , Lewis H.K. Tam

We examine how pyramidal group structure and vertical interlock, i.e. the CEO's or board chair's engagement in an upper-level firm within the group, affect firm innovation. Using a sample of listed firms in Chinese stock markets, we find that firms at lower levels of the group pyramid, i.e., further away from the ultimate parent, are less innovative in terms of research and development (R&D) expense and patent applications than ones closer to the top. Moreover, a firm's innovation activity is influenced by the vertical interlock, whose impact is heterogeneous across the group pyramid. In general, a vertical interlock enhances innovation when the firm is located at a lower level in the group, but it deters innovation when the firm is close to the ultimate parent.

我们研究了金字塔型集团结构和垂直互锁，即CEO或董事会主席在集团内高层企业的参与，如何影响企业创新。通过对中国股票市场上市公司的样本分析，我们发现位于金字塔底层的公司，即远离最终母公司的公司，在研发费用和专利申请方面的创新能力低于靠近金字塔顶端的公司。此外，企业的创新活动受到垂直互锁的影响，其影响在集团金字塔中是异质的。一般来说，当企业位于集团的较低层次时，垂直联锁会促进创新，但当企业靠近最终母公司时，它会阻碍创新。

引用次数: 0

Inhabiting influence of digital finance on stock price synchronicity 数字金融对股价同步性的影响

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-21 DOI: 10.1016/j.gfj.2024.101057

Muhammad Ayaz , Zaheer Anwer , M. Kabir Hassan , Xu Xiaoyang

We examine how digital finance can influence stock price synchronicity in China for the period of 2011–2021. Results suggest that the digital finance index, coverage breadth, usage depth, and digitalization level can significantly reduce stock price synchronicity. The possible channels of this linkage are information opacity and stock price crash risk. We find that digital finance is effective in reducing stock price synchronicity only in state-owned enterprises and large firms. The results are robust and immune to reverse causality and endogeneity and have important implications for investors and policymakers.

我们研究了数字金融如何影响中国2011-2021年期间的股价同步性。结果表明，数字金融指数、覆盖广度、使用深度和数字化水平均能显著降低股价同步性。这种联动的可能渠道是信息不透明和股价崩盘风险。研究发现，数字金融仅在国有企业和大型企业中对降低股价同步性有效。结果是稳健的，不受反向因果关系和内生性的影响，对投资者和政策制定者具有重要意义。

引用次数: 0

Business group heterogeneity and firm outcomes: Evidence from Korean chaebols 企业集团异质性与公司业绩：韩国企业集团的证据

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-16 DOI: 10.1016/j.gfj.2024.101056

Romain Ducret, Dušan Isakov

This study examines how business group heterogeneity affects firm outcomes using data from Korean chaebols (2007–2019). We employ a three-level empirical strategy considering: 1) market-level average effects, 2) effects across categories of business groups, and 3) group-specific effects capturing unobservable attributes. Our analysis reveals substantial variations in affiliation effects between business groups, often diverging from average market-level effects. We find that group resources significantly impact affiliate performance - investors assign higher valuations to firms affiliated with large, financially sound, and well-performing business groups. While performance effects are primarily market-driven, we document considerable heterogeneity in financial and investment policies across groups, likely influenced by unobservable characteristics such as controlling shareholders' preferences. Our findings highlight the importance of considering business group heterogeneity when analyzing affiliate performance

本研究利用韩国企业集团的数据（2007-2019 年）研究了企业集团的异质性如何影响企业成果。我们采用了三个层面的实证策略，分别是：1：1) 市场层面的平均效应；2) 不同类别企业集团之间的效应；3) 反映不可观察属性的特定集团效应。我们的分析揭示了不同企业集团之间关联效应的巨大差异，这种差异往往与市场层面的平均效应不同。我们发现，集团资源对关联公司业绩有重大影响--投资者对与规模大、财务稳健、业绩良好的企业集团有关联的公司给予更高的估值。虽然业绩效应主要由市场驱动，但我们发现各集团的财务和投资政策存在相当大的异质性，这很可能受到控股股东偏好等不可观测特征的影响。我们的研究结果凸显了在分析关联公司业绩时考虑企业集团异质性的重要性。

引用次数: 0

The determinants of funding liquidity risk in decentralized lending

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-15 DOI: 10.1016/j.gfj.2024.101055

Minh Hong Nguyen , Binh Nguyen Thanh , Huy Pham , Thi Thu Tra Pham

Decentralized lending in the DeFi ecosystem mirrors traditional financial intermediation but poses significant risks, particularly funding liquidity risk, due to the volatility and composbility of digital assets, high leverage, and the absence of regulatory protections. This study applies traditional financial intermediation theories to DeFi lending and empirically test which internal factors such as interest rates and user market power, as well as external factors like the USD Index, influence funding liquidity risk in DeFi lending. Analyzing high-frequency blockchain data using the ARDL model and a novel dynamic ARDL simulation from major pools such as Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH), the research finds that current algorithmic interest rate models fail to function as effective self-stabilization mechanisms. Additionally, lower deposit concentration in these pools may exacerbate, rather than mitigate, funding liquidity risk.

引用次数: 0

Under the microscope: Trade initiation activities around earnings and takeover announcements in a market with continuous disclosure 显微镜下：持续披露市场中围绕盈利和收购公告的交易启动活动

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-08 DOI: 10.1016/j.gfj.2024.101054

Priyantha Mudalige , Petko S. Kalev

We examine the impact of the release time of earnings and takeover announcements on trade initiation motives on the ASX — a market with continuous disclosure. This investigation uses intraday high-frequency data of the constituent stocks of the S&P/ASX50 index and measures market sidedness around the announcements to infer trade initiation motives. We find that during a continuous trading session: (i) in a two-sided market, investors initiate both buy and sell trades just before announcements are released during trading sessions, and (ii) in a one-sided market, investors execute either buy or sell trades just after the announcements. Our results suggest that differential information is the likely motive for trade initiation just before the release of announcements. Finally, our results suggest that announcements released during continuous trading sessions are more effective in controlling information leakage.

在澳大利亚证券交易所（ASX）这个持续披露的市场上，我们研究了盈利和收购公告的发布时间对交易启动动机的影响。这项研究使用了 S&P/ASX50 指数成分股的盘中高频数据，并衡量了公告发布前后的市场两面性，从而推断出交易启动动机。我们发现，在连续交易时段内：(i) 在双面市场中，投资者会在交易时段内公告发布前启动买入和卖出交易；(ii) 在单面市场中，投资者会在公告发布后执行买入或卖出交易。我们的结果表明，差异信息可能是在公告发布前启动交易的动机。最后，我们的结果表明，在连续交易时段发布的公告能更有效地控制信息泄露。

引用次数: 0

Stock, foreign exchange and commodity markets linkages: Implications for risk diversification and portfolio management 股票、外汇和商品市场的联系：对风险分散和投资组合管理的影响

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-11-02 DOI: 10.1016/j.gfj.2024.101053

Jorge A. Muñoz Mendoza , Carmen L. Veloso Ramos , Carlos L. Delgado Fuentealba , Edinson E. Cornejo Saavedra , Sandra M. Sepúlveda Yelpo

We analyze connectedness for a system composed of 111 financial markets from January 3, 2011, to December 29, 2023. Stock, foreign exchange, and commodity markets are included in the sample. Using a two-stage approach based on Principal Component Analysis to remove common global factors affecting financial market returns, we employ a LASSO-VAR model to estimate the global network of financial markets. Our results reveal that financial markets are closely linked. Common global factors intensify spillovers between financial markets. After being removed, financial markets transmit significant idiosyncratic shocks that are not explained by systemic variations. Our results also allow us to accurately identify the markets that are idiosyncratically less vulnerable to liquidity shocks, and those that are most relevant transmitting this kind of disturbances. These findings are relevant for investment decisions, risk management, and financial regulators.

我们分析了 2011 年 1 月 3 日至 2023 年 12 月 29 日期间由 111 个金融市场组成的系统的连通性。样本包括股票、外汇和商品市场。我们采用基于主成分分析的两阶段方法来剔除影响金融市场收益的全球共同因素，并采用 LASSO-VAR 模型来估计全球金融市场网络。我们的研究结果表明，金融市场是紧密联系在一起的。全球共同因素加剧了金融市场之间的溢出效应。剔除这些因素后，金融市场仍会传递系统性变化无法解释的重大特异性冲击。我们的研究结果还使我们能够准确地识别出哪些市场不易受到流动性冲击的特异性影响，以及哪些市场最容易传播此类干扰。这些发现对投资决策、风险管理和金融监管机构都有意义。

引用次数: 0

Value of climate change news: A textual analysis 气候变化新闻的价值：文本分析

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-10-28 DOI: 10.1016/j.gfj.2024.101052

Mohammad R. Allahdadi, Torun Fretheim, Kjetil Vindedal

There is a growing consensus that climate change poses a financial material risk to investors. In the face of escalating climate change risks, investors are seeking strategies to safeguard their portfolios. Building on a growing literature that combines textual analysis and dynamic hedging approach, we propose a method to construct portfolios of publicly traded assets that dynamically hedge climate change risk in the Norwegian stock market.

As climate risk is not directly observable, we apply Latent Dirichlet Allocation to extract news on climate change from more than 400,000 articles published in the Norwegian newspaper Dagens Næringsliv between January 2013 and February 2022. Using these data, we develop the DN Climate Change News Index and use innovations in this index as a hedge target. The hedge portfolios are constructed using third-party environmental scores from MSCI and Sustainalytics, along with firm-level data of equities listed on the Oslo Stock Exchange.

The DN Climate Change News Index show high correlations with international counterparts, indicating its ability to capture major global climate events and assessing the intensity of climate change–related news coverage. However, despite a positive out-of-sample correlation, the mimicking portfolio approach fails to construct efficient hedge portfolios against innovations in the index. Hedge portfolios based on Sustainalytics E-scores show a 0.21 out-of-sample correlation with innovations in the DN Climate Change News Index, indicating that the index may provide a relevant signal for investors.

气候变化给投资者带来重大金融风险，这一点已日益成为共识。面对不断升级的气候变化风险，投资者正在寻求保护其投资组合的策略。由于气候风险无法直接观测，我们采用潜在德里希特分配（Latent Dirichlet Allocation）方法，从2013年1月至2022年2月期间挪威报纸《Dagens Næringsliv》发表的40多万篇文章中提取有关气候变化的新闻。利用这些数据，我们开发了DN气候变化新闻指数，并将该指数中的创新作为对冲目标。对冲投资组合是利用 MSCI 和 Sustainalytics 的第三方环境评分以及奥斯陆证券交易所上市股票的公司级数据构建的。DN 气候变化新闻指数与国际同类指数显示出很高的相关性，这表明它有能力捕捉全球重大气候事件并评估气候变化相关新闻报道的强度。然而，尽管样本外相关性为正，模仿投资组合方法却无法针对指数的创新构建有效的对冲投资组合。基于 Sustainalytics E 分数的对冲投资组合与 DN 气候变化新闻指数的样本外相关性为 0.21，表明该指数可为投资者提供相关信号。

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引用次数: 0

Firms' gender composition, loan collateral, and sustainable finance 企业的性别构成、贷款抵押和可持续融资

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-10-18 DOI: 10.1016/j.gfj.2024.101051

Rudresh Pandey , Xian He , Dengjun Zhang

This study evaluates gender gaps in the collateral requirements of bank loans using a sample of firms in Latin America. We measure firm-level gender composition through ownership and workforce, both of which are directly related to women's economic empowerment. Additionally, we evaluate the differences in the impacts of firms' gender composition on collateral borrowing between banks that adopt sustainable finance codes of conduct and those that do not. Our empirical findings indicate that female-dominant firms are less likely to be required to provide collateral for their bank loans, and when collateral is required, its value is relatively lower. However, banks adopting sustainable finance codes are not less likely to grant collateral loans to female-dominant firms; in fact, these banks even require greater collateral values from these firms. The implications derived from our empirical findings concern gender inequality in accessing financial credit in developing countries and underscore the need for designing sustainable finance codes that specifically consider and rectify the challenges faced by female-owned firms, especially by firms with a majority female workforce.

本研究以拉丁美洲的企业为样本，评估了银行贷款抵押要求方面的性别差距。我们通过所有权和劳动力来衡量公司层面的性别构成，这两者都与妇女的经济赋权直接相关。此外，我们还评估了采用可持续金融行为准则的银行与未采用可持续金融行为准则的银行之间，企业性别构成对抵押借款影响的差异。我们的实证研究结果表明，女性占主导地位的企业被要求为银行贷款提供抵押品的可能性较低，而且在要求提供抵押品时，抵押品的价值也相对较低。然而，采用可持续金融准则的银行并没有减少向女性占主导地位的企业发放抵押贷款的可能性；事实上，这些银行甚至要求这些企业提供更高的抵押价值。我们的实证研究结果所产生的影响涉及发展中国家在获得金融信贷方面的性别不平等问题，并强调有必要制定可持续金融准则，专门考虑和纠正女性所有企业，尤其是女性劳动力占多数的企业所面临的挑战。

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引用次数: 0

Cognitive, affective, and normative factors affecting digital insurance adoption among persons with disabilities: A two-stage SEM-ANN analysis 影响残疾人采用数字保险的认知、情感和规范因素：两阶段 SEM-ANN 分析

IF 5.5 2区经济学 Q1 BUSINESS, FINANCE

Global Finance Journal

Pub Date : 2024-10-15 DOI: 10.1016/j.gfj.2024.101048

Somya Gupta , Majdi Hassen , Dharen Kumar Pandey , Ganesh P. Sahu

This study evaluates the determinants of digital insurance adoption among persons with disabilities (PWDs) using the cognitive, affective, and normative (CAN) model. The study considers (i) cognitive factors such as perceived credibility, perceived knowledge, perceived usefulness, perceived complexity, and facilitating conditions; (ii) affective factors including technology anxiety and technology pleasure; and (iii) normative factors encompassing social influence. Moreover, it explores the relationship between perceived complexity and behavioral intention (BI) to adopt digital insurance among PWDs, as mediated by perceived knowledge. This study employs a two-stage hybrid structural equation modeling–artificial neural network (SEM-ANN) approach to test the hypothesis, and data from 323 physically challenged participants were collected. Empirical results show that all factors, except for perceived complexity and technological anxiety, significantly predict BI adoption of digital insurance among PWDs, whereas perceived usefulness was found to have the highest impact on BI. Although perceived complexity affects perceived knowledge, it does not significantly mediate the relationship between complexity and BI. This study expands on the CAN model and provides practical insights for PWDs in adopting digital insurance.

本研究采用认知、情感和规范（CAN）模型评估了残疾人（PWDs）采用数字保险的决定因素。研究考虑了（i）认知因素，如感知可信度、感知知识、感知有用性、感知复杂性和便利条件；（ii）情感因素，包括技术焦虑和技术乐趣；以及（iii）规范因素，包括社会影响。此外，本研究还探讨了感知复杂性与残疾人采用数字保险的行为意向（BI）之间的关系，以及感知知识的中介作用。本研究采用了两阶段混合结构方程建模-人工神经网络（SEM-ANN）方法来验证假设，并收集了 323 名身体残疾参与者的数据。实证结果表明，除感知复杂性和技术焦虑外，所有因素都能显著预测残疾人对数字保险的商业智能采用情况，而感知有用性对商业智能的影响最大。虽然感知复杂性会影响感知知识，但它对复杂性与 BI 之间的关系并没有明显的中介作用。本研究对 CAN 模型进行了扩展，为残疾人采用数字保险提供了实用见解。

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