Browsing by Author "Fang J"

Now showing 1 - 9 of 9
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    Cross-Country Determinants of Market Efficiency: A Technical Analysis Perspective
    (Elsevier B V, 2024-12) Fang J; Jacobsen B
    This study examines the relative impact of seven factors, including herding, sentiments, and institutional quality, on varying levels of weak form market efficiency across 50 stock markets. The analysis focuses on the profitability of technical analysis trading strategies to address issues with other (statistical) market efficiency measures related to information and transaction costs (Griffin et al., 2010). Proxies for herding, institutional quality, and equity market development consistently emerge as the most significant cross-country determinants of relative market efficiency. In contrast, proxies for fractionalization, chaos, and investor protection play comparatively weaker roles. We also find no clear link between market efficiency and sentiment proxies.
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    In the radiance of enlightenment: The influence of nontheistic religions on corporate default risk
    (Elsevier B V, 2024-06) Feng Y; Hao W; Fang J; Wongchoti U
    We investigate whether religious site density around a firm's headquarters is related to corporate default risk in China. We find that public firms surrounded by a higher number of Buddhist and Taoist temples are associated with lower default risk. In contrast to the widely documented impact of Western religiosity on corporate behavior, our mechanism tests indicate that lower default risk related to religious site density is primarily driven by better corporate governance and not by a surge in corporate conservatism. Finally, we find that this default risk lowering effect is more pronounced when firms also possess greater political resources.
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    Job-hopping executives and corporate social responsibility
    (Emerald Publishing Limited, 2024-06-19) Fang J; Tian Y; Hu Y
    Purpose The purpose of this study is to examine the relationship between the corporate social responsibility (CSR) performance of job-hopping executives at their former and subsequent firms. Design/methodology/approach We conduct regression analyses using a sample of firms listed on the Shanghai and Shenzhen Stock Exchanges from 2010 to 2020 to examine whether CSR performance is similar from one firm to the next as executives switch jobs. Findings We find a positive relationship between the CSR performance of former and subsequent firms under job-hopping executives. This relationship is the strongest in the year of the job switch; it weakens in the second year and eventually disappears in the third year. In addition, we show that this relationship benefits different CSR stakeholder groups and is contingent on executive and subsequent firm attributes and job-hopping characteristics. Furthermore, we demonstrate that firms that hire a new chief executive officer from a firm with a strong track record in CSR, the new firm experiences a significant surge in CSR performance compared with firms that do not experience such a shock. Practical implications This study has implications for executive hiring decisions. Originality/value This study extends the understanding of CSR determinants through the lens of inter-organisational ties associated with job-hopping executives.
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    Retirement Income and Financial Market Participation in New Zealand
    (MDPI AG, 30/01/2023) Xu X; Young M; Zou L; Fang J
    Using New Zealand Household Economic Survey (HES) 2018 data, we examine the impact of direct financial market participation post-retirement on retirement income in New Zealand. Our results demonstrate the importance of post-retirement financial market participation in the enhancement of retirees’ financial well-being. We conclude that retirees who participate in the financial market enjoy a 78% increase in overall annuitised net wealth; further analysis also reveals a substantial 154% increase if government pensions are excluded from calculations of annuitised net wealth. Moreover, these retiree participants also show higher probabilities of financial-situation satisfaction. These results highlight the significant contribution to retirement income of direct financial market participation. Our paper sheds extra light on issues related to retirement financial well-being and has important implications for policy makers in New Zealand.
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    Retirement Income Sufficiency: A Comparison Study in Australia and New Zealand
    (MDPI AG, 15/02/2023) Xu X; Young M; Zou L; Fang J
    We use the 2018 survey data from the Household, Income, and Labour Dynamic (HILDA) in Australia and the Household Economic Survey (HES) in New Zealand to investigate the retirement income sufficiency in Australia and New Zealand. Our baseline results indicate that the annuitized net wealth is greater for Australian retirees than for New Zealand retirees. However, New Zealand retirees enjoy a higher level of life satisfaction than Australian retirees. Further analysis reveals a significant greater pre- and postretirement income for the top 10% of wealthy Australian retirees, mainly due to the higher level of homeownership in Australia within this group. Our study fills the gap in the existing literature, which studies the macro- and microlevel influences on Australia and New Zealand retirees, and it also offers important policy implications.
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    The Impact of Post-retirement Financial Market Participation on Retirement Income Sufficiency in Australia
    (Wiley, 2023-08-13) Xu X; Fang J; Young M; Zou L
    Using HILDA survey data, we document a strong positive relationship between post-retirement financial market participation and retiree income sufficiency in Australia. We find a 17% improvement in the income replacement ratio and a 3.26 times higher annuitised net wealth for financial market participants compared to non-participants. We further investigate how age, residence area, relationship status, education, health, and employment affect the main finding in all and female retirees. The results highlight the value of financial market participation in facilitating household retirement security and provide further support for the active promotion of household financial market participation, both in Australia and globally.
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    Transformer-Based Explainable Model for Breast Cancer Lesion Segmentation
    (MDPI (Basel, Switzerland), 2025-01-27) Wang H; Wei L; Liu B; Li J; Li J; Fang J; Mooney C; Gegov A; Jafari R; Arabikhan F
    Breast cancer is one of the most prevalent cancers among women, with early detection playing a critical role in improving survival rates. This study introduces a novel transformer-based explainable model for breast cancer lesion segmentation (TEBLS), aimed at enhancing the accuracy and interpretability of breast cancer lesion segmentation in medical imaging. TEBLS integrates a multi-scale information fusion approach with a hierarchical vision transformer, capturing both local and global features by leveraging the self-attention mechanism. This model addresses the limitations of existing segmentation methods, such as the inability to effectively capture long-range dependencies and fine-grained semantic information. Additionally, TEBLS incorporates visualization techniques to provide insights into the segmentation process, enhancing the model’s interpretability for clinical use. Experiments demonstrate that TEBLS outperforms traditional and existing deep learning-based methods in segmenting complex breast cancer lesions with variations in size, shape, and texture, achieving a mean DSC of 81.86% and a mean AUC of 97.72% on the CBIS-DDSM test set. Our model not only improves segmentation accuracy but also offers a more explainable framework, which has the potential to be used in clinical settings.
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    Trust and corporate debt maturity mismatch: Evidence from China
    (John Wiley and Sons Australia, Ltd on behalf of Accounting and Finance Association of Australia and New Zealand., 2023-12-22) Wang XC; Hao W; Fang J; Wu JG; Zou L
    This study explores the relationship between social trust and firm debt maturity mismatch in the Chinese context. Additionally, we investigate the economic mechanisms through which social trust affects debt maturity mismatch, and the differential roles played by social trust among firms with different characteristics. We employ enterprise trustworthiness scores and provincial blood donation rates as our measures of regional social trust level and find a negative relationship between local trust and firm debt maturity mismatch, suggesting that social trust which promotes ethical norms acts as a restraint on firms' propensity for excessive risk. An alternative but consistent explanation is higher social trust increases debtors' willingness to lend, hence it reduces firms' funding costs and consequently the potential cost-saving motivation behind such a mismatch. We further document evidence that social trust improves the firm information environment and consequently risk-taking and/or the ability to reduce funding costs. The study also reveals variations in the role of social trust based on firm characteristics, such as leverage and profitability, and the ownership structure (state-owned enterprises vs. non-state-owned enterprises). The findings contribute to the literature by highlighting the increasing importance of social capital for policy and governance.
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    Zodiac Year Fate Eased by CSR: Fact or Fiction?
    (Elsevier Inc, 2025-07) Hu Y; Fang J; Bhuiyan MBU
    This study examines the relationship between the Chinese zodiac year of chairpersons and corporate social responsibility (CSR) performance. Drawing on upper echelons and stakeholder theories, we argue that zodiac beliefs may lead chairpersons to prioritise CSR activities during their zodiac year to counteract potential bad luck and mitigate corporate risk. Using 24,418 observations from Chinese listed firms over the period 2010–2020, our empirical analysis reveals a significant and positive effect of chairpersons' zodiac year on CSR performance. We observe that the effect is transient, appearing before and during the zodiac year but diminishing thereafter. Further, our findings show that the zodiac year effect is more pronounced in state-owned enterprises, firms with higher levels of public, environmental and CSR concerns and those with favourable environmental track records. This study extends the application of upper echelons and stakeholder theories by incorporating chairpersons’ zodiac year effect.