Credit card cash‐out as informal financing: Evidence from China

Using a proprietary account‐level database from a commercial bank in China, we document that credit card holders can ease their credit constraints through the practice of cash‐out based on bogus transactions using credit cards. We find that such behaviour might be beneficial to both cardholders and banks. First, we find that a 1% increase in the cumulative number of credit card cash‐out transactions lowers the probability of default by 9.59%. Second, for private businesses, a 1% increase in the number of abnormal cash‐out transactions lowers overdue risk by 13.45%. Third, by lowering the overdue risk, the card‐issuing bank earns a larger profit. Our results are consistent with the notion that unconventional credit card cash‐out can mitigate the extent of capital misallocation in emerging markets.     

Investor sentiment and the cross-section of stock returns: new theory and evidence

Review of Quantitative Finance and Accounting - Narrative reporting is an important avenue for investors to know more about a company from the eyes of its board of directors. This study aims to...     

自然灾害背景下农村金融消费者权益保护问题探讨

目前，农村金融消费者权益保护工作力量薄弱，自然灾害对农村金融消费者影响较大；同时，金融产品设计对农村金融消费者权益保护考虑不足。为保护农村金融消费者权益，并最大限度地规避自然灾害给农户带来的经济损失，应循序渐进、阶段性地推动金融消费立法，完善农村金融服务体系，构建农村金融消费者自然灾害权益保护机制，开展针对农村金融消费者的常态化宣传教育活动。     

绿色创新生态系统生成机制研究

推动绿色创新生态系统生成是区域经济高质量发展的重要举措。通过分析绿色创新生态系统内涵和结构，基于超循环理论，探讨绿色创新生态系统生成过程，并利用江联重工集团案例分析，明确绿色创新生态系统形成动力要素。结果表明：绿色创新生态系统具有绿色发展性、生态性、动态演化性、高风险性和复杂性特征；绿色创新主体之间的相互作用关系，催生共生竞合、动态演化的超循环，而超循环体系能够加强绿色创新主体相互作用，推动绿色创新生态系统生成；资源配置与匹配效应、环境规制与市场导向、用户交互与敏捷响应、共生竞合与跨界整合是绿色创新生态系统生成的重要驱动因素。     

Rank-based Tests for Cross-sectional Dependence in Large (N,T) Fixed Effects Panel Data Models

Most existing methods for testing cross-sectional dependence in fixed effects panel data models are actually conducting tests for cross-sectional uncorrelation, which are not robust to departures of normality of the error distributions as well as nonlinear cross-sectional dependence. To this end, we construct two rank-based tests for (static and dynamic) fixed effects panel data models, based on two very popular rank correlations, that is, Kendall's tau and Bergsma–Dassios’ τ*, respectively, and derive their asymptotic distributions under the null hypothesis. Monte Carlo simulations demonstrate applicability of these rank-based tests in large (N,T) case, and also the robustness to departures of normality of the error distributions and nonlinear cross-sectional dependence.     

The effects of slack resource of R&D professionals on firm performance: evidence from traditional manufacturing firms in an emerging economy

Abstract

As an important component of organizational human resource slack (HR slack), the slack of research-and-development (R&D) professionals has been studied by several authors. However, it remains unclear whether and how this small component of general HR slack, i.e. the slack of research-and-development professionals (RHR slack), may affect overall firm performance in an emerging economy without much R&D tradition or pro-R&D institutions. Based on two organizational theories, i.e. institutional theory and the resource-based view of the firm (RBV), we propose competing hypotheses on the relationship between RHR slack and firms’ accounting performance. We also examine whether the relationship between RHR slack and firm performance should be linear or curvilinear. Finally, we also test the relationship between RHR slack and other dimensions of firm performance. Several interesting findings have been obtained. For instance, neither the perspective based on institutional theory nor that based on RBV can fully predict all types of RHR slack-performance relationships, be these relationships linear or curvilinear.     

Selecting people based on person‐organisation fit: Implications for intrateam trust and team performance

Teamwork is widely adopted in organisations. Although much evidence indicates that using person‐organisation (P‐O) fit as a selection criterion benefits individual employees, little is known about how this practice influences team functioning. Drawing on the input‐mediator‐outcome model and the research on value congruence, this study built and tested a model that links P‐O fit in recruitment to work teams' performance. Based on data collected from team members, team leaders, human resources managers, and chief executive officers in 96 firms, we found that P‐O fit in recruitment had a positive relationship with team performance and that intrateam trust mediated the relationship between P‐O fit in recruitment and team performance. Further, this mediated relationship existed only when the organisation had a weak, rather than strong, respect‐for‐people culture. This study contributes to the P‐O fit and team literature and has practical implications for human resources practices and team management.     

加强政策事中事后评估的思考

党的十九届四中全会明确提出要强化决策执行、评估、监督,做好政策评估对优化政府职能、推动国家治理体系和能力现代化有积极作用。加强政策运行情况的评估,应从优化评估工作机制、完善和培育评估机构、强化评估结果的应用入手,不断提升评估工作质量,形成适应中国特色社会主义现代化治理体系的事中事后政策评估机制。     

Does economic policy uncertainty raise corporate precautionary cash holdings? Evidence from China

Using China as the research setting, this paper investigates the relationship between economic policy uncertainty and corporate precautionary cash holdings. Empirical results show a U-shaped relation between economic policy uncertainty and corporate precautionary cash holdings. Empirical analysis, in terms of ownership structure, firm size, corporate competitiveness and geographical location, further shows that (i) the effects for economic policy uncertainty in both state-owned and non-state-owned enterprises are significant, but the effect is stronger for state-owned enterprises; (ii) such significant effect is also found more strongly in small and medium-sized enterprises and highly competitive enterprises; and (iii) the effects for eastern, central and western China are all statistically significant, but the effect is strongest for eastern China.     

Social connections between media and firm executives and the properties of media reporting

Review of Accounting Studies - We study how social connections between top executives of media and listed firms affect the properties of media reporting. We find that socially connected media are...