国际知名财务期刊，发表三篇“中国高铁开通”研究文章！

平台今日开通中国会计学者国际期刊发文系列推文栏目，每周盘点有关国际会计、财务、审计等中国题材的SSCI期刊的国际论文，以期为广大朋友学习有所参考。

1.Market information traveling on high-speed rails: The case of analyst forecasts☆

Dongmin Kong, Lihua Liu
School of Economics, Huazhong University of Science and Technology, Wuhan 430074, Hubei, China

Shasha Liu *
Department of Accounting, Jinan University, Wuhan 430074, China

Pacific-Basin Finance Journal
Volume 61, June 2020, 101320
https://doi.org/10.1016/j.pacfin.2020.101320

Highlights
•This study examines the causal effects of high-speed rail (HSR) on analysts' forecast accuracy.
•HSRs substantially increase forecast accuracy for firms located in the cities connected to HSRs.
•HSRs increase the probability of analysts' site-visits on firms connected to HSR.
•We provide clear policy implications on the relationship between analyst and market information transmission.

Abstract：This study examines the causal effects of high-speed rail (HSR) on the forecast accuracy of sell-side analysts. Although transportation infrastructure may reshape business activities, comparatively little attention has been paid to the impact of traveling cost on the information acquisition of analysts. In this study, we exploit a quasi-experiment of variation in China's HSR and use difference-in-differences estimation to show the following. (1) HSR substantially increase forecast accuracy for firms located in the cities connected to HSR. (2) To address endogeneity, we introduce a placebo test and instrumental variable based on the hypothetical least-cost HSR networks, and the results are highly consistent. (3) A plausible mechanism is that HSR increase the probability of analysts' visit of listed firms rather than via increased analyst coverage and an improved firm information environment. (4) Our findings are more pronounced for firms with high accrual quality, firms audited by a Big 4 auditor, and firms located nearer information centers. Overall, we provide the first empirical evaluation of the economic consequences of HSR in terms of analyst forecast and market information transmission.

Keywords:High-speed rail; Sell-side analyst; Information dissemination; Forecast accuracy; China

2.Geographic proximity, information flows and corporate innovation: Evidence from the high-speed rail construction in China

 Xuezhi Zhang
International School of Business&Finance,SunYat-sen University,GuangZhou,China,519000

Wenxin Wu*, Zixun Zhou
Guanghua School of Management,Peking University,BeiJing,China,100871

Lin Yuan
School of Economics,Huazhong University of Scienceand Technology,Wuhan,China,430074

Pacific-Basin Finance Journal
Volume 61, June 2020, 101342
https://doi.org/10.1016/j.pacfin.2020.101342

Highlights
•We use the construction of high-speed rail as a source of exogenous variation in proximity and investigate how geographic proximity affects corporate innovation.
•Geographical proximity, which is increased after HSR construction, can promote corporate innovation in ways of inputs, outputs and efficiency.
•HSR can facilitate information flows by reducing financing constraints, strengthening talents flow and increasing investors’ site visits.
•The promotion effect is more prominent in private firms, small firms and those in areas with higher degree of property right protection.

Abstract:Using the construction of high-speed rail as a source of exogenous variation in proximity, this study investigates how geographic proximity affects corporate innovation. The construction of High-speed rail can improve geographical proximity by reducing the travel time and cost between areas. Using multi-period Difference-in-Differences model, we find that geographical proximity, which is increased after HSR construction, can stimulate corporate innovation in ways of inputs, outputs and efficiency. This association is robust after considering omitted variable concerns, adopting instrumental variable method and propensity score matching-DID to address possible endogeneity concerns. Further analysis shows that HSR can facilitate information flows and improve monitoring capabilities, which can spur corporate innovation by reducing financing constraints, strengthening talent flow and increasing institutional investors' site visits. In addition, the promotion effect is more prominent in private firms, small firms and those in areas with higher degree of property right protection. Our paper sheds new light on the effects of proximity on firms in the case of innovation.

Keywords:Geographic proximity; Information flows; Corporate innovation; High-speed rail

3.High-speed rail, small city, and cost of debt: Firm-level evidence☆

Yanan Wang
Zhongnan University of Economics and Law,China

Shangkun Liang
Central University of Finance and Economics,China

Dongmin Kong , Qin Wang*
Zhongnan University of Economics and Law,China

Pacific-Basin Finance Journal
Volume 57, October 2019, 101194
https://doi.org/10.1016/j.pacfin.2019.101194

Highlights
•We evaluate the causal impact of high-speed rail (HSR) on cost of debt (COD) based on a quasi-experiment in China.
•The HSR connection substantially increases COD, which is largely driven by the firms located in small cities.
•A plausible mechanism is the increasing market competition faced by firms in small cities with connection to HSR.
•We provide policy implication that firms located in small cities bear improved financing cost with HSR.

Abstract：This study examines the causal effects of high-speed rail (HSR) on the cost of debt (COD) of listed firms in China's stock markets. Although transportation infrastructure may reshape business activities, little we know whether firms located in large metropolises and small peripheral cities enjoy the same convenience in terms of debt financing. To evaluate the distributional impact of HSR on COD, we exploit a quasi-experiment of variation in China's HSR and employ difference-in-differences estimation to show the following results. (1) The HSR connection substantially increases the COD of firms located in non-node cities by 2.2%. (2) To address endogeneity, we introduce a placebo test and instrumental variable based on the hypothetical least-cost HSR networks, and results are highly consistent. (3) A plausible mechanism is that firms in peripheral cities with HSR connections face increasing competition from the product market and the credit market. (4) The preceding effect is particularly pronounced for firms with small size, firms operating in highly competitive industries, firms from the service industries, and firms located in the eastern economic zone of China. Overall, we provide the first empirical evidence that although HSR provides convenience to transportation and information delivery, firms located in peripheral cities may bear increased financing cost.

Keywords：High-speed rail; Cost of debt; Peripheral cities; Market competition; China

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