最新发表往往反映了期刊和学者当前最为关心或最为重要的话题，不仅有助于我们了解国际研究前沿，也为青年学者或学生明确研究方向和选题提供了有意义的参考。

金融学顶刊最近发表了哪些中国题材？

哪些论文审稿周期极短？

本文旨在展示《Journal of Financial Economics》最新发表的十篇中国题材论文，为对中国故事感兴趣的学者及学生们提供借鉴。

* 以下论文为手工整理，如有遗漏，欢迎后台留言补充，共同助力和传播国际顶级刊物中的中国声音。

投稿：2021/03/25  接收：2021/06/10

 网络首发：2021/08/15

张劲帆 香港中文大学(深圳)经管学院

杜涣程 中央财经大学金融学院

楼栋 伦敦政治经济学院、经济政策研究中心CEPR

Christopher Polk 伦敦政治经济学院、经济政策研究中心CEPR

We exploit information in sovereign CDS spreads and the international trade network to provide causal evidence of the propagation of global economic shocks. We show that trade links are an important source of shock transmission using the natural experiments of the Japanese tsunami and the COVID-19 lockdown in China. We then confirm more general and gradual information flows along the trade network by showing extensive country-level credit/equity cross-sectional return predictability. News about country fundamentals flows primarily from importers to exporters, depends on both direct and indirect links in the trade network, and is magnified by the exporting country's financial vulnerability.

文章通过研究主权信用违约掉期息差包含的信息和国际贸易网络，证明了全球经济冲击传导的因果关系。作者利用日本海啸和中国新冠疫情封城作为自然实验，研究发现贸易联系是重要的冲击传播来源，信息沿着贸易网络渐进流动，对国家层面信用或权益的横截面收益率具有可预测性。关于国家基本面的消息通过贸易网络中的直接和间接联系从进口方流向出口方，并被出口国的金融脆弱性放大。

投稿：2020/01/29  接收：2021/05/14

 网络首发：2021/06/15

丁一 香港中文大学(深圳)

熊伟 普林斯顿大学、香港中文大学(深圳)

张劲帆 香港中文大学(深圳)

投稿：2021/02/05  接收：2021/03/17

 网络首发：2021/06/08

刘洪七 香港中文大学（深圳）

Cameron Peng(彭程) 伦敦政治经济学院

Wei A. Xiong 深圳证券交易所

熊伟 普林斯顿大学

The success of behavioral economics has led to a new challenge: many biases offer observationally similar predictions for a targeted financial anomaly. To tame this bias zoo, we combine subjective survey responses with observational data to propose a new approach, one that is robust to question-specific biases introduced through surveys. We illustrate this approach by administering a nationwide survey of Chinese retail investors to elicit their trading motives. In cross-sectional regressions of respondents’ actual turnover on survey-based trading motives, perceived information advantage and gambling preference dominate other motives, though they are not the most prevalent biases based on survey responses.

行为经济学的成功带来了新的挑战，即对于某种特定的金融异象存在多种行为学偏差解释。作者提出了一种问卷调查结果和交易数据相结合的新方法，能够克服单一方法的缺陷。他们在全国范围内对个人投资者的交易动机进行问卷调查，以被调查者的实际换手率对基于调查得到的交易动机进行横截面回归，发现投资者主观认定的信息优势和赌博偏好是主导动机，尽管它们并不是调查结果得到的最普遍的偏差。

投稿：2019/11/16  接收：2020/07/23

 网络首发：2021/05/28

高昊宇 中国人民大学

Hong Ru (茹弘) 南洋理工大学

汤勇军 香港大学

We provide direct evidence that governments selectively default on debt when they can identify creditors. Analyzing a comprehensive data set of subnational debt, we show that Chinese local governments choose to default on banks with weaker political power. A reduction in a bank's political power relative to other banks increases the likelihood of selective default by local governments. Such default selections are driven by banks’ influence over politician promotion. When local politicians are highly ranked or connected to national leaders, they engage less in selective default as their promotion is less affected by bank loan defaults. Our findings suggest a politics-finance nexus through which government defaults are restrained.

本文为当地方政府能够识别债权人时有选择地进行债务违约提供了直接证据。通过对一组地方债数据进行分析，作者证实了中国地方政府选择政治权利更弱的银行进行违约。银行政治权利相对下降会增加其被地方政府选择性违约的概率。这种选择性违约由银行对官员晋升的影响力驱动，当地方官员级别更高或与国家领导人关联时则更少参与到选择性违约，因为其晋升更少受到银行贷款违约的影响。本文的结论揭示了一个限制政府违约的政治-融资连结机制。

投稿：2019/12/02  接收：2020/07/29

 网络首发：2021/04/16

林晨 香港大学经管学院

马驰骋 香港大学经管学院

孙宇辰 对外经济贸易大学金融学院

徐宇晨 北京大学汇丰商学院

The telegraph was introduced to China in the late 19th century, a time when China also saw the rise of modern banks. Based on this historical context, this paper documents the importance of information technology in banking development. We construct a data set on the distributions of telegraph stations and banks across 287 prefectures between 1881 and 1936. The results show that the telegraph significantly expanded banks’ branch networks in terms of both number and geographic scope. The effect of the telegraph remains robust when we instrument it using proximity to the early military telegraph trunk.

电报机于19世纪末引入中国，同时中国也见证了现代银行的兴起。基于此历史背景，本文研究了信息技术在银行发展中的重要性。作者构建了一个1881年至1936年间覆盖287个县的电报站和银行分布情况的数据集。结果表明，电报机在数量和地理范围方面都显著扩大了银行的分支网络。使用邻近早期军用电报干线作为工具变量时，该效应仍然稳健。

投稿：2019/05/01  接收：2020/06/02

 网络首发：2021/03/07

徐永新 莫纳什大学商学院

Yuhao Xuan 西南财经大学会计学院

Gaoping Zheng 皇家墨尔本理工大学 经济、金融与市场营销学院

In 2010, Google unexpectedly withdrew its searching business from China, reducing investors’ ability to find information online. The stock price crash risk for firms searched for more via Google before its withdrawal subsequently increases by 19%, suggesting that Internet searching facilitates investors’ information processing. The sensitivity of stock returns to negative Internet posts also rises by 36%. The increase in crash risk is more pronounced when firms are more likely to hide adverse information and when information intermediaries are less effective in assisting investors’ information processing. In addition, liquidity (price delay) decreases (increases) after Google's withdrawal.

2010年，谷歌出人意料地将其搜索业务撤出中国，降低了投资者在线查找信息的能力。在其退出前谷歌搜索更多的公司的股价崩盘风险随后增加了19%，表明互联网搜索有利于投资者信息处理。股票回报对负面网络帖子的敏感度也上升了36%。当公司更可能隐藏不利信息，且信息中介在协助投资者处理信息方面的效率更低时，崩盘风险的增加更加明显。此外，谷歌撤出后，流动性（价格延迟）也随之减少（增加）。

投稿：2019/10/16  接收：2020/04/21

 网络首发：2021/03/06

Abhiroop Mukherjee 香港科技大学

George Panayotov 香港科技大学

Janghoon Shon 香港科技大学

We develop an approach to identify whether recent technological advancements—such as the rise of commercial satellite-based macro estimates—can provide an alternative to government data. We measure the extent to which satellite estimates affect the value of a government macro announcement using its asset price impact. Our identification relies on cloud cover, which prevents satellites from observing economic activity at a few key hubs. Applying our approach, we find that some satellite estimates are now so effective that markets are no longer surprised by government announcements. Our results point to a future in which the resolution of macro uncertainty is smoother and governments have less control over macro information.

作者开发了一种方法，用以识别最近的技术进步（如基于商业卫星的宏观估计的兴起）是否可以替代政府数据。他们使用卫星估计对资产价格的影响来衡量其对政府宏观公告价值的影响程度。因为云量会阻碍卫星对于几个关键枢纽经济活动的观测，作者基于云量来识别卫星估计的影响。通过应用这一方法，作者发现一些卫星估计现在非常有效，削弱了市场对于政府公告的反应。本文的研究结果表明，在未来解决宏观不确定性将更加顺畅，而政府对于宏观信息的管控也将减少。

投稿：2019/12/03  接收：2020/05/26

 网络首发：2021/02/06

苗萌 中国人民大学汉青研究院（现：财政金融学院）

牛贯杰 中国人民大学历史学院

Thomas Noe 牛津大学赛德商学院、贝利奥尔学院

This paper documents the emergence of a large bank loan market in the absence of contracting institutions: the trusted assistant loan market in 19th century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted assistant loan’s distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the creditor into his administrative cadre. We model the enforcement of these loans through expertise leverage and test the model’s predictions using data from officials’ diaries and a bank loan book.

文章研究了一个存在于19世纪中国的大型金融市场: 荐仆官债市场。荐仆官债是由账局等民间金融机构给那些新选官员提供的贷款，用以支付其首次离京就任所产生的相关费用。它不依赖于任何外部契约制度的支持，即没有国家和法院的强制力、声誉机制和亲缘血缘关系，而是利用了清代官员在政治生涯初期由于缺乏地方治理经验这一特征，由债权人（账局）向官员推荐具有专业治理知识且代表银行利益的仆人（即荐仆）来帮助官员完成地方治理，荐仆也得以使用自己的人力资本对于官员进行约束。基于此，文章构建了无限期离散纳什谈判模型来分析账局、荐仆和官员之间的双层代理关系，并利用贷款官员的日记和账局贷款账簿中的数据进行了检验。