Pacific-Basin Finance Journal最新文献

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Spillover dynamics and determinants between FinTech institutions and commercial banks based on the complex network and random forest fusion

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-20 DOI: 10.1016/j.pacfin.2025.102713

Jiaojiao Sun , Chen Zhang , Rongrong Zhang , Yuanpu Ji , Jiajun Ding

FinTech is transforming the financial system by enhancing efficiency for commercial banks while introducing new risks. This paper examines the direct and indirect risk spillovers between FinTechs and commercial banks, focusing on the determinants of these spillovers from a micro perspective. We create a high-dimensional risk spillover network to analyze the characteristics of spillovers and the roles of different institutions. Considering institutional operational characteristics and investor attention, we identify eight key indicators influencing risk spillovers. We construct a multivariate correlation network through the random forest fusion method, assessing the impact of various factors during the full sample period and crises. Our findings indicate: (1) Risk spillovers exhibit localized centrality, with commercial banks serving as primary receivers and contributors to systemic risk, while FinTechs amplify the risk. (2) Over the full sample period, institution size and debt risk are critical determinants of spillovers. Investor attention is vital for commercial banks' risk absorption, whereas future development capacity significantly affects FinTechs' risk dynamics. (3) During COVID-19, the significance of debt risk diminishes, with operational performance taking precedence. During the Russian-Ukrainian conflict, long-term solvency emerges as the key determinant. Notably, during both crises, the influence of investor attention on spillovers of banks weakens while it increases for FinTechs. This study provides evidence to assist regulatory agencies in refining policies for effective financial innovation risk management.

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引用次数: 0

The impact of informed trading on the effectiveness of technical indicators: A behavioral finance perspective

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-18 DOI: 10.1016/j.pacfin.2025.102716

Fei Xie , Yi Zhang , Yangyang Yao , Yang Liu , Xiao Chen

This paper introduces a novel approach that bridges the efficacy of technical indicators with the realm of informed trading, positing that the strategic manipulation of these indicators is the linchpin linking the two domains. By developing and utilizing the Proportion of Contrarian (PC) Trades indicator, rooted in behavioral finance principles, and its enhanced counterpart, the Proportion of Contrarian Trades-New (PCN) indicator, this study offers innovative measures of informed trading. Employing a multivariate regression model, the study explores the impact of these indicators on the continuity and profitability of moving average technical indicators. The findings significantly advance the understanding of how informed trading, particularly through large contrarian trades, reduces the continuity of technical signals, thereby increasing short-term market volatility. Furthermore, the study provides robust evidence of how informed traders may manipulate technical indicators to generate misleading signals, which has profound implications for the accuracy of technical analysis. By introducing these innovative indicators and proposing a novel lens through which to view the confluence of technical analysis and informed trading, the study brings a new viewpoint to traditional analytical methods and provides valuable insights to both market participants and regulatory bodies.

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引用次数: 0

Sectoral similarity of banks’ business loans and its negative externality in China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-17 DOI: 10.1016/j.pacfin.2025.102705

Guan Yan , Stefan Trück , Zhidong Liu , Hongwei Gao

We analyse the sectoral similarity of banks’ business loans and seek implications for this indirect interconnectedness as a contagion channel of systemic risk. Based on sectoral structures of commercial banks’ business loans in China from 2009 to 2022, we show increased sectoral similarity after China’s economic stimulus in 2008 and during the COVID-19 lockdown. Employing QAP correlations, we also find loan similarity is associated with the differences in bank locations and several financial indicators. The relationships between business loan similarity and banks’ risk profiles are investigated in panel regressions. We find that loan similarity is negatively related to individual risks and systemic vulnerability. It also leads to higher contribution to systemic risk by delevering pressure and fire-sale spillovers, providing evidence on a negative externality. The dynamics of the negative externality of loan similarity are also examined. To the best of our knowledge, it is the first study to provide a thorough analysis on the sectoral similarity of commercial banks’ business loans in the Chinese context.

{"title":"Sectoral similarity of banks’ business loans and its negative externality in China","authors":"Guan Yan , Stefan Trück , Zhidong Liu , Hongwei Gao","doi":"10.1016/j.pacfin.2025.102705","DOIUrl":"10.1016/j.pacfin.2025.102705","url":null,"abstract":"<div><div>We analyse the sectoral similarity of banks’ business loans and seek implications for this indirect interconnectedness as a contagion channel of systemic risk. Based on sectoral structures of commercial banks’ business loans in China from 2009 to 2022, we show increased sectoral similarity after China’s economic stimulus in 2008 and during the COVID-19 lockdown. Employing QAP correlations, we also find loan similarity is associated with the differences in bank locations and several financial indicators. The relationships between business loan similarity and banks’ risk profiles are investigated in panel regressions. We find that loan similarity is negatively related to individual risks and systemic vulnerability. It also leads to higher contribution to systemic risk by delevering pressure and fire-sale spillovers, providing evidence on a negative externality. The dynamics of the negative externality of loan similarity are also examined. To the best of our knowledge, it is the first study to provide a thorough analysis on the sectoral similarity of commercial banks’ business loans in the Chinese context.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102705"},"PeriodicalIF":4.8,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143454183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

SDR adjustment and FX liquidity

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-15 DOI: 10.1016/j.pacfin.2025.102711

Yu-Lun Chen , J. Jimmy Yang

The inclusion of Chinese renminbi in the Special Drawing Rights (SDR) lowers weightings of the other SDR currencies (EUR, JPY, and GBP) in the basket. Conventional wisdom suggests no material impact on those currencies. However, we find that, after the SDR adjustment, the liquidity of down-weighted currencies declines significantly. The SDR adjustment increases the FX liquidity commonality and enhances the liquidity spillover and risk transmission from EUR, JPY, and GBP to other world currencies. We identify major determinants of FX liquidity and highlight important policy implications.

引用次数: 0

Understanding the role of sentiment beta in China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-14 DOI: 10.1016/j.pacfin.2025.102700

Huai-Long Shi , Huayi Chen

In this work, we focus on the relationship between stocks’ sensitivity to investor sentiment and cross-sectional returns in China. We construct sentiment beta, along with its absolute, positive, and negative variations. Our findings reveal that raw sentiment beta is not priced in cross-sectional returns, whereas the absolute version is. Further analysis demonstrates that the positive sentiment beta better predicts stock returns, in contrast to the insignificant impact of negative sentiment beta. The performance of positive sentiment beta remains significant after controlling for related firm attributes from any specific category; however, it can be jointly explained by all other attributes except for the limit of arbitrage. In light of Baker and Wurgler (2006), we conclude that varying sentimental shocks drive the performance of positive sentiment beta in China.

引用次数: 0

The effectiveness of the green bond instrument on stimulating firms' green innovation performance: A comparative study based on Chinese market

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-13 DOI: 10.1016/j.pacfin.2025.102706

Kaiwen Chang , Dan Luo , Kai Xing , Biao Mi

Green bonds have become an indispensable part of green finance system, offering a market-based solution for financing green innovation (GI). This study examines the impact of green bond issuance (GBI) on GI performance using Chinese listed firms' data from 2007 to 2019. The results show that GBI can promote the GI for both bond issuing firms and their industrial peers, with the impact generated on the former to be more significant. Compared with their peers, the issuing firms tend to focus more on green innovation quality, while the peers are more likely to achieve green innovation increment. Also, the heterogeneity analysis shows that external supervision is important to effectively trigger GI incentives of GBI. The relationship between GBI and GI is more prominent among the state-owned enterprise (SOE), non-heavily polluting firms, and in the eastern region. Furthermore, GBI promotes the GI performance of both issuing and peer firms through different channels. It provides the issuing firms with more R&D investment while enhances the capital utilisation efficiency among peers. Consequently, it is suggested that effective polies should be set in place to ensure that the desired positive outcomes of GBI are achieved, and firms are guided towards more sustained development path.

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引用次数: 0

One click into capital: The impact of digital government on venture capital

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-12 DOI: 10.1016/j.pacfin.2025.102709

Xiaokun Wei , Yan Jiang , Tian Gan , Honghui Zou

Digital transformation in public sectors has become a prominent trend in economic development and public management. This paper utilizes a difference-in-differences (DID) approach based on the Chinese digital government (DG) policy to explore the impact of DG transformation on venture capital (VC) investment. The results show that DG transformation improves the likelihood and amount of VC investment for startups. These results remain robust after accounting for potential endogeneity concerns and conducting various robust checks. Additionally, this positive effect is driven by enhanced government efficiency and increased innovation activities. Furthermore, the study finds that DG policy shortens VC investment duration, underscoring the impact on investment strategies. This study contributes to the literature by providing novel insights into the effects of public sector digitalization and its role in stimulating private capital markets.

引用次数: 0

The impact of ESG investment on fund performance: Evidence from mutual fund style drift ESG投资对基金业绩的影响：共同基金风格漂移的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-11 DOI: 10.1016/j.pacfin.2025.102707

Jiayu Lin , Dongliang Pan , Yezhou Sha

This study analyzes the impact of ESG investment on fund performance using a sample of China's open-end mutual funds from January 2006 to December 2020. ESG investment style scores were constructed based on portfolio weights and MSCI ESG investment styles. The results show a significant positive correlation between overall ESG investment styles (including the environmental, social, and governance sub-dimensions) and fund performance. After adjusting for four-factor risk, the High-Low strategy (Long-short) yielded monthly excess returns ranging from 0.371% to 0.465%. After considering different degrees of style drift, the funds with lower style drift experienced a stronger positive impact from ESG investment styles, with the High-Low strategy contributing up to 0.615% in monthly excess returns. These findings offer practical strategies for fund managers to optimize portfolio allocation and provide valuable guidance for investors selecting ESG-style funds. This study provides theoretical and empirical support for sustainable finance development in emerging markets.

引用次数: 0

Executive accountability systems and the financial investments of state-owned enterprises in China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-10 DOI: 10.1016/j.pacfin.2025.102702

Guoqiang Hu , Wenxiang Sun , Yuanzheng Xu , Hong-an Mao

This study examines the impact of executive accountability systems on the financial investments of state-owned enterprises (SOEs). Utilizing the staggered regional implementation of the Accountability System for Irregular Operations and Investments (ASIOI) in Chinese SOEs as an exogenous shock and a difference-in-differences design, we observe a significant reduction in SOEs' financial investments after the implementation of the ASIOI. Further analysis reveals that mitigating managerial myopia and strengthening internal control are potential mechanisms through which the ASIOI affects SOEs' financial investments. Cross-sectional tests show that the ASIOI's effects are more pronounced in SOEs with more intense market competition, shorter chairperson tenures, lower financing constraints, and higher agency costs. Moreover, the ASIOI reduces over-investment and speculative investment in financial assets while enhancing core business performance. Overall, our findings highlight the positive impact of executive accountability systems on corporate financial investments and the implications of improving resource allocation efficiency in SOEs.

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引用次数: 0

Digital finance and dividend policy: Evidence from China 数字金融与股利政策：来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal

Pub Date : 2025-02-10 DOI: 10.1016/j.pacfin.2025.102704

Yunxing Song , Suin Lee , Bin Wang

This study investigates the effect of digital finance on dividend payouts. Using the digital finance index from PKU-DFICC and a sample of Chinese listed firms, we find a positive relation between digital finance and dividend payouts. Supporting our hypothesis that digital finance reduces information asymmetry and increases insiders' incentive to pay out dividends, the positive relation is stronger for firms with severe information asymmetry. Additionally, digital finance's role in reducing financing constraints also promotes dividend payouts. Overall, our findings suggest noteworthy implications of digital finance on financial markets via dividend payout policy.

引用次数: 0

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