Financial technology (fintech) is rapidly transforming the economy as well financial landscape in China. This paper attempts to shed light on its contributing factors, current state, economic impacts and potential risks. We identify three key drivers for China’s fintech development, namely shortage of supply formal market, strong government support promoting inclusion through digital technology, more ‘tolerant’ regulatory environment. The greatest value Chinese sector promotion inclusion,...

Blockchain technology, despite its origins as the underlying infrastructure for value transfer in era of cryptocurrency, has been touted main disruptive force modern businesses. capacity to chronologically capture and store transactional data a standardized tamper-proof format that is transparent all stakeholders involved transaction. This, turn, prompted companies rethink preexisting business practices, thereby yielding myriad fascinating models anchored blockchain technology. In this...

Purpose Financial technologies, also known as “FinTech,” have brought disruptive changes to virtually every aspect of financial services and are becoming increasingly important in the world economic system. The purpose this paper is proffer a bird view some recent studies key research areas FinTech, such artificial intelligence, blockchain, crowdfunding then summarize contributions made by all six papers special issue. Design/methodology/approach A literature review approach adopted, summary...

Prior literature shows that corporate culture matters for firm performance and enhance resilience in crises. We construct a text-based measure of Chinese listed firms study whether how strong improves during the Sino-US trade war. Empirical analyses suggest mitigates deteriorating stock returns due to war exposure through two potential influencing mechanisms, enhancing operating mitigating financial constraint. Results also indicate works more effectively privately owned enterprises (POEs)...

This paper investigates the profitability of several types zero-cost price momentum and contrarian strategies in Chinese stock market for 1994–2013 period. Several distinct features are documented. We find that use Jegadeesh Titman's (1993) method with weekly frequency profitable. However, investment based on 'nearness' to 52-week high or recency not Our analysis also shows profits higher during crisis period 2008–2012. In addition, return reversal winner loser portfolios suggests can be...

We construct a global financial inclusion index using data from the World Bank, IMF, and V-Lab propose an inverted U-shaped relationship between stability. The empirical evidence supports our hypotheses, impact of on stability is less prominent under strong regulation supervision. In addition, we use constructed index, capital adequacy ratio, market power, macroeconomic variables to simulate predict crisis. Our research has important policy implications provides valuable insights regulatory...

Abstract This study investigates the relationship between corporate environmental performance, as captured by investment, and firms’ access to trade credit. Using data from Chinese listed firms in heavy pollution industries, we find that performance significantly increases The positive effect of investment appears more pronounced for with stronger internal incentives conduct eco‐friendly practices, lower external regulatory pressure located regions higher economic growth rates. Two factors –...

This study investigates whether and how family social capital influences borrowers' loan performance in informal financial markets. Using a unique dataset collected from an institution Eastern China 2014 to 2018, we show that higher level of is associated with better performance, captured by lower default probability, loss ratio, amount. The effect more pronounced for borrowers less access formal markets those poorer conditions, while it risk preferences born regions high trust. These...

We examine determinants of inflation in China. Analyses both year-on-year and month-on-month growth data confirm that excess liquidity, output gap, housing prices, stock prices positively affect inflation. Impulse response analyses indicate most effects occur during the initial five months disappear after ten months. Effects real interest rates exchange on are relatively weak. Our results suggest gap is as important liquidity explaining trajectory. The central bank should closely monitor...

Abstract This study uses Trump's withdrawal from the Paris Accord as an exogenous policy shock and investigates its impact on crowdfunding outcomes. We find that this major change negatively affects funding success of renewable technology campaigns. Mechanism tests suggest social trust availability bias transmit influence climate crowd backers' decisions. Further analyses indicate Biden's consequential reversal recovers investors' support towards technology. Overall, Trump administration's...

This study examines the impacts of venture capital (VC) on performance and innovation China's small- medium-sized enterprises (SME). Using unbalanced panel data 2699 VC-backed non-VC backed firms in pilot over-the-counter equities market, namely National Equity Exchange Quotation (NEEQ) during 2005–2014, we find that financing not only spurs Chinese but also exhibits significantly positive impact financial performance. Empirical evidence reveals syndication investment as well reputation...

This study considers the interaction effects of government subsidies, financial constraints, and ownership structure on firm's net research & development (R&D) based a sample 3440 Chinese-listed firms during 2000-2019. Our results indicate that R&D subsidies reduce constraints irrespective type; however, reduction appears more pronounced for private-owned enterprises (POEs) compared with state-owned (SOEs). Further analysis reveals impact investments depends interactive effect between...

This paper explores the empirical question of whether Chinese stock and property markets are integrated or segmented. We find that, at national level, investment returns in A-share were co-integrated long run. In short run, price Granger caused prices, but not vice versa. However, B-share prices negatively correlated with prices. Furthermore, linkage between city-level showed significant variations across country. These findings reveal that level reasonably segmented among cities. They...

This study examines the evolution of institutional logics and private firm financing practices in Ningbo, a commercial seaport city China where sector has prospered for centuries, during 1912–2008. We argue that three-fold institutionalisation process becomes evident when we view changes since 1912; namely institutionalisation, deinstitutionalisation reinstitutionalisation entrepreneurship associated firms. Two competing logics, community market with former being dominant but gradually...

Employing monthly data over the period 1999–2010, this paper examines impact of China's exchange rate regime reform in July 2005 on three major asset markets: house, land, and stocks. We test whether reform, which switches from a fixed to managed floating one, has brought forward structural changes return dynamics. The results suggest that switch exerted most significant house land returns at national level, terms both their volatilities. In contrast, its stock market was moderate, with no...