查看更多>>摘要：This paper explores the value effects of FinTech innovations on the finance industry in China,focussing on the banking system.We use a crawler-like application programme to grab patent filing information and manually identify and classify FinTech innovations based on their application fields.FinTech patents generally bring adverse value effects to various finance sectors,revealing a competitive relationship between innovators and financial firms.FinTech innovations applied to insurance and asset management cause the most harm to the industry,especially to state-owned and joint-stock commercial banks.Moreover,disruptive FinTech innovations by start-up firms appear to pose more potential threats to commercial banks.
查看更多>>摘要：This paper examines the potential of ChatGPT,a large language model,as a financial advisor for listed firm performance forecasts.We focus on the constituent stocks of the China Securities Index 300 and compare ChatGPTs forecasts for major financial performance measures with human analysts'forecasts and the realised values.Our findings suggest that ChatGPT can correct the optimistic biases of human analysts.This study contributes to the literature by exploring the potential of ChatGPT as a financial advisor and demonstrating its role in reducing human biases in financial decision-making.
查看更多>>摘要：In this paper,we show that the increasing popularity of machine learning improves market efficiency.By analysing the performance of a set of popular machine learning-based investment strategies,we find that profits from these strategies experience significant declines since the wide adoption of machine learning techniques,especially for profits based on the more preferred method of neural networks.These declines mainly come from long legs.Using the'machine learning'Google search index as a proxy for machine learning-based trading intensity,we find that returns from the neural networks-based long-short and long-only strategies are weaker following high levels of machine learning intensity,while no relation is found between machine learning intensity and the short-only neural networks-based strategy.
查看更多>>摘要：This paper demonstrates that the alternative data of manager turnover can provide investors and policymakers with a more timely and available predictor of new firm performance beyond the traditional financial information.This paper constructs a comprehensive alternative dataset of manager turnover that covers a near-population sample of new firms in the United Kingdom.It shows that manager departures and appointments can predict new firms'survival and growth,even after controlling for firm financials.In addition to the within-firm prediction,the average manager turnover in other firms of the same industry can cross-predict individual firm performance.The within-firm prediction is more pronounced for non-family firms,smaller firms and firms incorporated during or after the Great Recession,and the cross-firm prediction is stronger for younger firms.This paper sheds light on the power of alternative data in the prediction of firm performance,particularly for new firms that often do not have available information.
Shahzad HussainTanveer AhmadSabeeh UllahAjid Ur Rehman...
88-104页
查看更多>>摘要：This study explores how carbon emissions are affected by financial inclusion.Using a balanced panel data set of 26 Asian countries,we compute a composite index,through the principal component analysis(PCA)technique,of financial inclusion based on a set of attributes related to financial inclusion.Our main analysis also delineates the subsamples of developed and developing Asian economies.The results reveal a long(short)-run positive(negative)impact of financial inclusion on carbon emissions across the Asian countries.This finding is also true for the developed country subsample,implying nonlinearity in short-and long-run relationships.For the developing countries,a more pronounced long-run positive impact compared to developed countries is found.Furthermore,the pairwise causality test results indicate the existence of bi-directional causality between financial inclusion and carbon emissions.These findings have important policy implications,especially in the context of the strategic integration of financial inclusion and climate change strategies.
查看更多>>摘要：This paper examines the impact of the policy on eliminating the ratio of foreign shareholding in banks in a mixed oligopoly model.Its analytic results show that state-owned banks should encourage privatisation along with an increasing proportion of the domestic share in multinational banks.Furthermore,we argue that the increase in domestic stockholding of multinational banks raises domestic private firms'profits but decreases their social welfare in the deposit market.The results of numerical simulation show that when the quantity of private banks is fixed,foreign banks tend to enlarge their stake and strengthen their control-ling power.
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