Pacific-Basin Finance Journal

1993 - 2025

Current editor(s): K. Chan and S. Ghon Rhee

From Elsevier
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Volume 92, issue C, 2025

Firm aging and internal capital markets

Tatsuo Ushijima

Stay in hometown or go elsewhere: Clan culture and the cross-regional expansion of family firms

Lin Tan, Dong Lu and Jiangtao Liu

The role of market makers in hybrid markets

Jiayi Li, Jinqing Zhang and Ao Kong

Risk contagion network and characteristic measurement among international financial markets

Binxia Chen, Yuanying Jiang and Donghai Zhou

The impact and mechanism of venture capital on the innovation performance of sci-tech enterprises: Evidence from chinese star market

Xiuzhen Li, He Song and Yingfei Zheng

Share pledge lending, monetary policy, and shadow banking nexus

Cheng Yan, Yujun Lian, Xiangxiang Xu and Chang-Chih Chen

Economic policy uncertainty and litigation risk: Evidence from China

Bingye Zhang, Yiwen Zhao, Meng Yang and Tingzhu Liu

Impacts of pandemic shocks on China's financial options volatility: Evidence from COVID-19 crisis

Jingjing Meng, Qilin Qin and Mei Yu

Controlling shareholders, venture capital and expropriation in private placements

Jiangtao Bai, He Song, Shan Wan and Mingxuan Zhang

Cascades of financial distortions in production network

Zhechong Luo, Xiaoming Wang and Shangyao Zhou

Administrative monopoly regulation and the cost of debt financing: Evidence from China

Shuxun Cai and Xiaoran Ni

Digital finance and corporate credit rent-seeking: The role of financing constraints and bank competition

Wenjing Xiong, Wenhua Liu and Fenghua Wen

MFA RPC news sentiment and stock returns

Cheng Zhang, Bin Gao, Xiangrong Xu and Mimi Qin

Digital transformation and export duration: Implications for firm financial performance

Xiaohui Xu, Xiaoshi Chen, Jun Yang and Qiuzhen Li

Financial regulation and innovation dynamics: The China banking wealth management case

Hui An, Hanyu Rao, Ruihui Xu and Huaxi Zhang

Herd to repurchase

Dongxu Li and Ruiyang Zou

How does the quality of institutions influence the cash conversion cycle of firms?

Chong-Chuo Chang, San-San Kyi and Ya-Wen Chen

The impact of investor attention on mispricing of dual-listed shares: Evidence from Chinese A-share and H-share markets

Wei-Ling Huang, I-Hsuan Ethan Chiang and Ming-Hung Wu

The impact of technology finance pilot policies on the quality of urban entrepreneurship in China

Yongshan Du, Shuhao Liang, Zihao Ma and Zailin Xu

Cross-section return dispersion and flow-performance sensitivity: Evidence from Chinese mutual fund

Junhui Shan, Rui Xiang, Li Liu, Chaoyi Zhang and Ping Zhang

Beyond greenwashing: How does firm-level biodiversity disclosure affect corporate sustainability strategy?

Feng He, Chunyang Wei, Brian Lucey and Jing Hao

Managerial successions and family firms' access to trade credit financing: Evidence from China

Changshuai Pei, Yuyang Chen and Yun Ling

Analyzing the impact of sustainable performance on working capital management: Evidence from emerging markets

Shobhana Dewangan and M. Kannadhasan

Does distance matter? Geographic proximity to EPBs and corporate environmental investment: Evidence from China

Xiaotong Yang, Yuan Zhang, Bing Zhu and Liding Shen

Industrial robots and cross-regional investment

Zelin Huang, Pengcheng Jiang and Siyuan Liu

How do dividends signal when they are highly volatile?

Liubing Cheng, Yanyan Chen and Feng Liu

Shift in corporate financing strategies: The impact of targeted poverty alleviation on trade credit

Jing Zhou, Ying Yang, Fang Zhang and Lili Jiu

Betting against the New: Early short selling post-IPO

Dongyoup Lee and Shu-Feng Wang

International evidence on the cost of public debt issued by private versus public firms

Lewis Liu and Peter Clarkson

Unveiling the veil: Identifying potential shell firms using machine learning approaches

Zijian Cheng, Tianze Li and Liu, Zhangxin (Frank)

Digital innovation and supply chain risk: A large language model-based analysis

Siyu Fan, Dongmin Kong, Yifei Wu and Honghai Yu

Financial risk management innovation in global commodity futures markets: A macroeconomic attention perspective

Xinjie Lu, Feng Ma, Qiang Guo and Tianyang Wang

Promoter ownership and speed of adjustment toward the target capital structure

Satish Kumar and Rajesh Pathak

Economic policy uncertainty and herding behavior in venture capital market: Evidence from China

Yicong Sun and Hui Fu

Profitability of technical trading rules in the Chinese yuan-based foreign exchange market

Shenyi Song, O-Chia Chuang and Hsuan Fu

Care or fear? The link between D&O liability insurance and CSR engagement: Evidence from China

Xin Huang, Wu, Ji (George), Hengyu Bai, Hanze Yu and Jing Li

Judicial independence and corporate financialization: Evidence from China

Ailing Pan, Qihao Zhang, Zheng Tang and Jinlong Qiu

Evolution of the relative efficiency of CDS and equity markets in Japan: Does one market have a long-term informational advantage over the other?

William J. Procasky and Anwen Yin

Increased risk-taking by lifecycle funds

Mike Qinghao Mao and Ching Hin Wong

Unveiling the four-pillar framework: Machine learning evidence on personality, firm, governance, and financial origins of managerial overconfidence in China

Yating Luo, Naiqian Zhang, Tong Tong and Xiaofei Jia

Does FinTech matter for rigidity and risk aversion among incumbent firms?

Kwaku Alex Gyan, Peter Galvin and Peter Adjei-Bamfo

The impact of ESG ratings on firm risks in Taiwan's market

Shun-Fen Chang, Bai-Sian Chen, Hong-Yi Chen and Hsiao-Yin Chen

Re-examining the nexus between Chinese carbon markets with energy and non-energy commodity markets in a novel risk spillover network approach

A. Bouteska, Mashuk Rahman, M. Kabir Hassan and Benito A. Sanchez

Retirement benefits in small- and medium-sized Japanese enterprises

Tomoki Kitamura and Kunio Nakashima

Can artificial intelligence mitigate corporate fraud? Exploring the influence of institutional cross-holdings and financial misallocation

Yu Qi and Hang Su

Punishment for violations and trade credit for interlocked firms

Yang Lu, Xiangge Meng and Haitao Song

Volume 91, issue C, 2025

Does gender diversity on boards improve bank financial performance in a bank-based financial system? A pre-registered report

Hideaki Sakawa, Naoki Watanabel and Yoshio Kuroki

Which factors in China? A pre-registered report

Philip Gharghori and Annette Nguyen

Perceived problems, causes, and solutions of finance research reproducibility and replicability: A pre-registered report

Tim Hasso, Mark Brosnan, Searat Ali and Daniel Chai

The short-term predictability pockets in China

Dairui Dong, Xia Hua and Binxu Wang

Do buyback anomalies explain the stock return in Japan? A pre-registered report

Hideaki Sakawa, Naoki Watanabel and Kenji Hiramatsu

Option profit and loss attribution and pricing in the Chinese options market

Xiaolan Jia, Zheqi Fan and Xinfeng Ruan

What is the best composite liquidity proxy for explaining stock returns? Evidence from the Chinese stock market

Bo Yu, Liang Dong, Zhenjiang Qin and Keith S.K. Lam

Understanding the role of sentiment beta in China

Huai-Long Shi and Huayi Chen

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

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

The Sino-U.S. trade war: Challenges for trade credit financing and the role of corporate culture

Yuyou Chen, Sirui Cheng and Yuning Zhang

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

Guan Yan, Stefan Trück, Zhidong Liu and Hongwei Gao

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

Kaiwen Chang, Dan Luo, Kai Xing and Biao Mi

The impact of ESG investment on fund performance: Evidence from mutual fund style drift

Jiayu Lin, Dongliang Pan and Yezhou Sha

Is no news still good news? Volatility feedback revisited

Jędrzej Białkowski, Sanghyun Hong and Moritz Wagner

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

Xiaokun Wei, Yan Jiang, Tian Gan and Honghui Zou

Can board refreshment mitigate managerial power: New evidence from the MENA region

Ahmed Bouteska, Murad Harasheh, Nezha Hamoutan and May H. Hammad

SDR adjustment and FX liquidity

Yu-Lun Chen and J. Jimmy Yang

Impact of financing method on J-REIT unit price around seasoned equity offerings: Dilution and borrowing ratio effects on abnormal returns

Akira Ota and Hiroshi Takahashi

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

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

How does subordinated debt affect the cost of capital for banks?

Leyla Yusifzada

Visible hands versus invisible hands: Default risk and stock price crashes in China

Huaigang Long, Cuixia Tao, Zhongwei Yao and Yanjian Zhu

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

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

Media sentiment fluctuations on exchange rate, managerial risk appetite and FX derivatives usage

Daoping Wang, Liying Xin, Xinyan Shen and Yedong Wang

Can internet finance promote employment absorption by township enterprises in China?

Xiaolei Zhang, Cai Zhou, Ziyun Li and Wenping Sun

The performance of industry risk spillover under extreme events: Evidence from the Chinese stock market

Haixiang Yao and Xiaoqing Jiang

Mainshocks and aftershocks: Assessing the resilience of Asia-Pacific stock markets amid global financial cycle shocks

Chentong Sun, Shangkun Yi, Fenglin Wu, Yanshuang Li and Zibing Dong

News sentiment and the cost of debt11Our paper was accepted by the 2024 3rd Annual International Finance Conference (AIFC). The conference submission ID is “146”

Yedong Wang, Junchao Xiao, Lei Wang and Daoping Wang

Local government debt and corporate cash holdings: Evidence from China

Guanglong Zhang and Chuyu Wang

Digital merger & acquisition and corporate innovation: Evidence from China

Jinhua Xu, Xinran Xiong, Xiaoxia Li and Shanmin Li

Can enhanced intra-regional transport accessibility alleviate corporate financing constraints? Evidence from China

Mengting Zhang, Ziwen Bao, Binghao Chen and Feng Yu

Are entrepreneurial and managerial trust and banks' risk-taking behavior related? Empirical evidence from China

Mohan Fonseka and Grant Richardson

Does judicial procedure reform affect firms' access to trade credit? Evidence from China

Huaili Lyu, Meng Peng and Yanyan Lin

Carbon emission trading scheme and green investor entry: Evidence from China

Zijun Luo, Yue Liu and Weidong Xu

Risk-taking in gambling cultures and social security contributions – evidence from Chinese small and micro enterprises

Li Huang and Xiandeng Jiang

ESG and stock price crash risk revisited: Evidence from mandatory ESG disclosure policy in China

Jing Hao, Ran Sun, Xu Gong and Zhu, Xiaoyu (Ross)

Who watches what and why it matters: Attention allocation, tug-of-war, and market resiliency: A pre-registered report

James Marchetti, Xiao Tian, Alex Lee and Petko S. Kalev

Digital inclusive finance harvest: Cultivating creditworthiness for small agricultural businesses

Chen Zhang and Yanjun Li

Does corporate philanthropy provide insurance value? Evidence from the securities law revision in China

Yijun Liu, Trung Nguyen, Rong Xu and Donald Lien

Independent directors with auditing expertise, overconfident CEOs and overinvestment in China

Yunying Li, Naihao Li and Lei Hong Weng Lawrence

Board gender diversity and earnings quality in a bank-based system: A pre-registered report

Yiuwai Wong, Hideaki Sakawa, Naoki Watanabel, Eriko Teramura and Ryusuke Oishi

City doing-business environment and stock price crash risk

Bowen Yang, Wenfeng Wu and Jibin Yang

The rescue effect of local government financing vehicles on real estate enterprises in China

Wei Kong, Susan Sunila Sharma, Xin-Xin Zhao and Yao-Bo Shi

Which investor corrects mispricing around earnings announcements?

Jihoon Goh and Byounghyun Jeon

Optimization-based spectral end-to-end deep reinforcement learning for equity portfolio management

Pengrui Yu, Siya Liu, Chengneng Jin, Runsheng Gu and Xiaomin Gong

Corporate dividend behavior under uncertainty: A study of Chinese firms

Chien-Chiang Lee, Chih-Wei Wang, Chun-Wei Huang and Susan Sunila Sharma

Non-financial information uncertainty, firm growth, and market value during crisis: Evidence from China

Pengzhi Kong, Louis T.W. Cheng, Lulu Pan, Jianfu Shen and Qing Yu

Macroprudential policy, financial risk and innovation: Cross country evidence

Si-Tao Ren, Wei Wei, Jun-Wei Zhang and Sheng-Hao Yang

The role of FinTech in shaping urban innovation: A study of financial markets from the perspective of the patent renewal model

Siyuan Xuan, Jun Hu, Jinghua Yin, Yang Li and Jie Peng

China's debt market: Evolution, regulation, and global integration

Feiyang Cheng, Haoyu Gao, Xiaofei Pan, Meijun Qian and Zhou, Qing (Clara)

Intelligent manufacturing and post-pandemic growth: Evidence from China

Yuchen Wang, Jianjun Yin and Wenlian Gao

Double edged coverage? The impact of the analyst coverage network on stock price volatility

Lixiang Wang, Zhiyi Fang, Jia Wen and Qi Zhou

Overseas R&D and Technological Innovation: Empirical Evidence of Chinese Listed Companies

Defeng Liu, Xingao Xu, Xinyu Lyu and Yaobo Shi

Digital empowered business environment and enterprise innovation: Evidence from China

Na Li and Xianhua Zhang

Impact of venture capital on innovation in key & core technology firms

Song Wang, Chuang Ma, Mei Yu and Xin Guo

How do executives respond to biodiversity risk? Evidence from opportunistic stock selling

Jiangze Du, Fule Liu, Yuan-Teng Hsu and Dien Giau Bui

The dual effect of upper-level government implicit guarantees on subordinate municipal corporate bond credit risk: An empirical analysis

Xiao Cao, Runsheng Gu, Xiaoqing Ji, Yuhang Li and Ruifeng Zhang

Dark side of analyst coverage? The case of cash holding adjustment toward the optimal level

Su-Young Choi and Hyungjin Cho

Government accounting reform, fiscal transparency, and local government debts: Evidence from China

Xihong Wan, Min Guo, Ping Jiang and Lei Xu

Measuring systemic risk in China: A new hybrid approach incorporating ensemble learning and risk spillover networks

Da Huo, Yongdong Shi, Chao Wang, Lihan Wang, Weize Xing, Mo Yang and Jingjing Zhao

Stochastic modelling and forecasting of wind capacity utilization with applications to risk management: The Australian case

Mesias Alfeus, Muthe M. Mwampashi, Christina S. Nikitopoulos and Ludger Overbeck

The nexus of peer-to-peer lending and monetary policy transmission: Evidence from the People's Republic of China

Nuobu Renzhi and John Beirne

Cross-industry knowledge spillovers through shared analyst coverage: Evidence from green technologies

Yali He, Tianqi Jiang, Yuanlu Suo and Zhao Wang

Internal candidate pool and CEO turnover in Japan: A pre-registered report

Ryosuke Fujitani, Yuho Kusaka and Donglai Ning

The high-volume return premium and macro-economic factors in Indian market

Harminder Singh, Peipei Wang and Vinh Duc Anh Hua