Emerging trends in Asia-Pacific finance research: A ...

Pacific-Basin Finance Journal 36 (2016) 66–76

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Emerging trends in Asia-Pacific finance research: A review of recent influential publications and a research agenda Martina K. Linnenluecke a,⁎, Xiaoyan Chen b, Xin Ling a, Tom Smith a, Yushu Zhu a a b

UQ Business School, The University of Queensland, St Lucia, QLD 4072, Australia College of Business, RMIT University, Melbourne, Victoria, Australia

a r t i c l e

i n f o

Article history: Received 29 November 2015 Accepted 10 December 2015 Available online 12 December 2015 JEL classification: G10 G20 G30 Keywords: Finance research Asia-Pacific Review Research agenda Research trends Environmental finance

a b s t r a c t This paper presents a systematic review of 73 influential publications among 667 journal articles published in the in the Asia-Pacific finance literature from 2011 to 2015. We map how the top 73 publications are related in terms of their citation relationships and identify eight different research fields, or lines of enquiry: (1) Corporate Finance, (2) Asset Pricing, (3) Conditional Asset Pricing, (4) Research on Anomalies, (5) Market Microstructure Research, (6) Factor Models, as well as two novel research streams, (7) Research Process and (8) Research on Frontiers in Finance. Focusing on the research frontiers in finance, our paper identifies emerging research trends and pathways for future research in the following areas: (1) Environmental Finance, (2) Modern Markets, (3) Behavioural Finance, (4) Qualitative Methods, and (5) Equity and Diversity. We highlight possible pathways for researchers to build on existing knowledge and pursue opportunities for innovative and exciting new research contributing to an expansion of the research frontiers. © 2015 Elsevier B.V. All rights reserved.

Contents 1. 2. 3. 4. 5.

Introduction . . . . . . . . . . . . . . . . . . . . . . Methodology . . . . . . . . . . . . . . . . . . . . . . Citation maps and output for the Asia-Pacific finance journals Research streams within the Asia-Pacific journals . . . . . Research frontiers . . . . . . . . . . . . . . . . . . . . 5.1. Environmental finance . . . . . . . . . . . . . . 5.2. Modern markets . . . . . . . . . . . . . . . . . 5.2.1. Internationalisation of markets . . . . . . 5.2.2. Financial crises . . . . . . . . . . . . . 5.2.3. Islamic finance . . . . . . . . . . . . . 5.2.4. Electronic markets . . . . . . . . . . . . 5.3. Behavioural finance . . . . . . . . . . . . . . . 5.4. Qualitative methods in finance . . . . . . . . . . 5.5. Equity and diversity . . . . . . . . . . . . . . .

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⁎ Corresponding author. E-mail addresses: [email protected] (M.K. Linnenluecke), [email protected] (X. Chen), [email protected] (X. Ling), [email protected] (T. Smith), [email protected] (Y. Zhu).

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M.K. Linnenluecke et al. / Pacific-Basin Finance Journal 36 (2016) 66–76

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6. Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

1. Introduction The field of finance has a prominent and growing role in business research. Financial decisions influence corporate performance, industrial growth and economic stability. Finance research has a long history with many exceptional and Nobel Prize winning ideas published since its inception, including those by Black and Scholes (1973); Fama (1970); Markowitz (1952); Merton (1971, 1973, 1974); Miller and Modigliani (1961); Modigliani and Miller (1958), and Sharpe (1964). Finance researchers worldwide strive to publish in the top journals in the field, including the Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Review of Financial Studies (often referred to as A* or Tier 1 journals). The Tier 1 journals have placed a strong emphasis on US-based research, with a lesser focus on regional studies as well as non-traditional data sets and research directions. Publications in local journals are often seen as peripheral, not because of a lack of significance and (often excellent) quality, but because of a lack of visibility within the global research conversation due to factors such as the dissemination of research findings among a more limited network of scholars (Tijssen et al., 2006). Nonetheless, the Asia-Pacific finance journals have been found to make critical contributions to research and practice, both regionally and internationally (Benson et al., 2014), and have attracted contributions by many internationally renowned scholars (Allen and Carletti, 2010; Ball et al., 1979; Bollen and Whaley, 1999; Brown et al., 2014; Brown, 2011, 2012; Clinch and Verrecchia, 2015; Foster et al., 2012; Kaplan and Minton, 2012; Kho and Stulz, 2000; Levine, 2012; Miller, 1993, 2000; Modigliani, 1993; Modigliani and Perotti, 2000; O'Hara, 2001; Powell et al., 2009; Ritter, 2003; Roll, 1995; Singleton, 2000; Titman et al., 2009; Welch, 2011). It therefore seems to be timely to review and critically reflect on the latest publications trends in the Asia-Pacific finance literature. In response to this challenge, this paper presents a systematic review of influential publications among 667 journal articles published in the in the Asia-Pacific finance literature from 2011 to 2015. We used the bibliographic visualization software HistCite™ for the analysis which allows us to produce citation maps of publications in a research field (Garfield, 2004, 2009). Using the HistCite™-generated results as guidance, we identify 73 influential publications finance among four Asia-Pacific finance journals (Accounting and Finance, Australian Journal of Management, International Review of Finance, and Pacific-Basin Finance Journal) in the last 5 years. Our findings also show how these publications are related in terms of their citation relationships. Among these top 73 papers, we identify eight different research fields, or lines of enquiry: (1) Corporate Finance, (2) Asset Pricing, (3) Conditional Asset Pricing, (4) Research on Anomalies, (5) Market Microstructure Research, (6) Factor Models, as well as two novel research streams, (7) Research Process and (8) Research on Frontiers in Finance. Focusing on research frontiers in finance, our paper identifies emerging research trends and pathways for future research in the following areas: (1) Environmental Finance, (2) Modern Markets, (3) Behavioural Finance, (4) Qualitative Methods, and (5) Equity and Diversity. We highlight possible pathways for researchers to build on existing knowledge and pursue opportunities for innovative and exciting new research contributing to an expansion of the research frontiers. 2. Methodology To map the research conversation in the local Asia-Pacific finance literature, we use a methodology called ‘bibliographic mapping’. Bibliographic mapping is an established technique for mapping a field of research and the influential publications within it. Unlike other attempts at reviewing the literature, this technique allows us to develop an objective assessment of publications within a certain range of journals or a certain research field (Janssen, 2007; Janssen et al., 2006; Linnenluecke, 2015). A key outcome of this technique is a bibliographic map which visualizes the structure of the literature to be analysed over time. To arrive at this map, we follow the methodological steps for data collection and analysis follow outlined by Janssen et al. (2006) and Janssen (2007). The first step consists of the compilation of a comprehensive database of published papers and their cited references. This database needs to be cleaned. The data can then be analysed and correlated using HistCite™. The programme uses the citation details and cited references of the papers to map relationships between publications. The results are then visualized by the software in a bibliographic map. Each of these steps is detailed below. In a first step, we obtained citation data for the leading finance journals in the Asia-Pacific Region (Accounting and Finance, Australian Journal of Management, International Review of Finance, and Pacific-Basin Finance Journal). The SSCI is an academic database containing bibliographic and citation information, and can be accessed via the Thomson Reuters Web of Science™ platform. The SSCI does not yet include a full history of citation data since the journals' inception as these journals came into the SSCI only recently. We therefore focused on the common period of citation records among the Asia-Pacific finance journals (2011 onwards). The downloaded records were limited to the document type “article”, excluding other document types such as book reviews, editorial materials or biographical items. We obtained a total of 667 records. In a next step, we downloaded the citation data from the SSCI and imported the data into HistCite™ (version 12.03.17). Data were retrieved in October 2015. For each paper, the following information was downloaded: name(s) of the author(s), title, name of the journal, citation details (volume, issue and page numbers), as well as abstract and keywords. In addition, we downloaded a

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full record of cited references (i.e., references cited by each paper in the data collection). The downloaded data were used to produce the maps and figures described in the next section. We undertook manual checking of citation records and unified records where needed. Some citations between papers are easily missed as authors cite unpublished versions of later published papers, or refer to the working paper version. Such inconsistencies can be problematic as HistCite™ cannot identify connections between publications and visualize these connections when publications are cited inconsistently. 3. Citation maps and output for the Asia-Pacific finance journals The citation map generated with HistCite™ for the Asia-Pacific finance journals (see Fig. 1) illustrates the most highly cited publications within these journals along a timeline. We limited the review (and display of publications in Fig. 1) to the top 50 cited publications. The corresponding citation cut of is at the Local Citation Score (LCS) of 2, which refers to the count of citations to each paper within the data set by other papers within the data set. Given that a large number of paper had the same LCS score, we had to include 73 papers in the map to not arbitrarily exclude papers from the top 50 papers even though they had a high enough citation count. There is of course no established rule as to where the cut-off should be set, however, we decided to focus on these top papers to display a sample of papers that are influential in the finance field (as measured by their citation count) and to also maintain visual clarity of Fig. 1 because of the density of nodes and citation links. The top highly cited papers in the Asia-Pacific finance journals are displayed as nodes (or circles), and the citation connections between them are illustrated as arrows. The size of each node highlights the quantitative importance of the respective publication in the map, measured by the number of citations the publication has received from other publications within the data set. While the citation graph does not map every possible paper within the Asia-Pacific Journals over the last 5 years, it nonetheless allows the identification of trends among publications and also allows distinguishing different research fields (see Table 1). Citation details corresponding to Fig. 1 and citation counts for each node in Fig. 1 can also be found in Table 1. 4. Research streams within the Asia-Pacific journals The research conversation in the Asia-Pacific finance journals encompasses eight different research fields (in no particular order): (1) Corporate Finance, (2) Asset Pricing, (3) Conditional Asset Pricing, (4) Research on Anomalies, (5) Market Microstructure Research, (6) Factor Models, as well as two novel research streams, (7) Research Process and (8) Research on Frontiers in Finance. Corporate Finance dominates the research conversation with 32 papers (or 43.8%) of the top cited 73 papers. Papers within this field address important financial decisions by firms and cover such diverse areas as information asymmetry and financing decisions (Bessler et al., 2011), foreign takeovers of Australian firms (Bugeja, 2011), stock market reaction to major events such as the China split share reform (Beltratti et al., 2012), as well as the association between voluntary disclosure of corporate social responsibility activities and politics (Griffin and Sun, 2013). Research on Corporate Finance is by far dominating the finance research in the Asia-Pacific finance literature (see also Benson et al., 2014), which can be attributed to the universality and importance of the topics covered. The Corporate Finance field has added much to our understanding of the financial decisions of firms and their impact on value. Much research remains to be done in the future in the Corporate Finance area with the possibility to further focus on dynamic models and conduct research using natural experiments (e.g., policy changes in the Asia-Pacific context). Asset Pricing research, concerned with the trade-off between risk and return, is the second highest represented field of research, with 11 papers (or 15.1%) among the top cited 73 papers. Highly cited papers in this research stream include a paper by Brown (2011) who discusses whether the efficient markets hypothesis is still relevant today. Other publications include

Fig. 1. Citation map of the recent research conversation in the Asia-Pacific Journals.


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Table 1 Highly cited papers in the citation network (in order displayed in Fig. 1). #

Author

Year

Journal

LCS

GCS

Field of research

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69

Bettman JL, Kosev M & Sault SJ Armstrong CS, Davila A, Foster G & Hand JRM Bessler W, Drobetz W & Gruninger MC Ascioglu A, Comerton-Forde C & McInish TH Bugeja M Welch I Lee E & Powell R Wang LF & Wang SS Docherty P, Chan H & Easton S Huang W, Jiang FX, Liu ZB & Zhang M Chan KC, Chen CR & Lee T Nguyen P Yao T, Yu T, Zhang T & Chen S Griffin PA, Lont DH & Segal B Brown SJ Bliss MA Guay W, Kothari SP & Shu S Pham PK, Suchard JA & Zein J Berkman H & Comerton-Forde C Chan H, Faff R & Kofman P Gaio C & Raposo C Fitzpatrick J & Ogden JP Bettman JL, Ng WSK & Sault SJ Nartea GV, Ward BD & Yao LJ Lim R Ahmed AS & Duellman S Chalmers K, Clinch G & Godfrey JM Artiach TC & Clarkson PM Adams RB Kaplan SN & Minton BA Smales LA Gutierrez CL, Olmo BT & Azofra SS Brailsford T, Handley JC & Maheswaran K Brown C & Davis K Chan KC, Chang CH, Tong JMY & Zhang FD Do B, Do V & Chai D Clinch G, Fuller D, Govendir B & Wells P Taylor S & Wong L Beltratti A, Bortolotti B & Caccavaio M Kestens K, Van Cauwenberge P & Vander Bauwhede H Allen DE & Powell R Burdekin RCK & Siklos PL Clarkson PM Duong L & Izan IHY Bradbury ME Gerrans P Dou Y, Gallagher DR, Schneider DH & Walter TS Zhou HG & Zhu JQ Cotter J, Tarca A & Wee M Zhu YS Ahmed K & Henry D Treepongkaruna S, Brooks R & Grey S Gippel JK Frino A, Satchell S & Wong B, Zheng H Gu L & McNelis PD ZhuYS Wang JX Griffin PA & Sun. Y Hossain M, Jain PK & Mitra S Liao Y Kaczynski D, Salmona M & Smith T Benson K, Faff R & Smith T Ho CSF, Abd Rahman NA, Yusuf NHM & Zamzamin Z Neck C Cheah KK, Foster FD, Heaney R, Higgins T, Oliver B, et al. Salmona M, Kaczynski D & Smith T Bruhn AG Gippel J Neck C

2011a 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011b 2011 2011 2011 2011 2011 2011 2011 2011 2011a 2011 2011 2011b 2011 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 2013 2013 2013 2013 2014 2014 2014 2015a 2015 2015 2015 2015 2015b

Australian Journal of Management Australian Journal of Management International Review of Finance Pacific-Basin Finance Journal Australian Journal of Management International Review of Finance Accounting and Finance Pacific-Basin Finance Journal Australian Journal of Management Pacific-Basin Finance Journal Pacific-Basin Finance Journal Pacific-Basin Finance Journal Pacific-Basin Finance Journal Accounting and Finance Accounting and Finance Accounting and Finance Australian Journal of Management Australian Journal of Management Accounting and Finance Australian Journal of Management Accounting and Finance International Review of Finance Australian Journal of Management Accounting and Finance Accounting and Finance Accounting and Finance Australian Journal of Management Accounting and Finance International Review of Finance International Review of Finance Pacific-Basin Finance Journal Accounting and Finance Accounting and Finance Accounting and Finance Accounting and Finance Accounting and Finance Accounting and Finance Accounting and Finance Pacific-Basin Finance Journal Accounting and Finance Australian Journal of Management Pacific-Basin Finance Journal Accounting and Finance International Review of Finance Accounting and Finance Australian Journal of Management Australian Journal of Management Pacific-Basin Finance Journal Accounting and Finance Australian Journal of Management Accounting and Finance Australian Journal of Management Australian Journal of Management International Review of Finance Pacific-Basin Finance Journal Australian Journal of Management Pacific-Basin Finance Journal Accounting and Finance Pacific-Basin Finance Journal Pacific-Basin Finance Journal Australian Journal of Management Accounting and Finance Pacific-Basin Finance Journal Australian Journal of Management Australian Journal of Management Australian Journal of Management Australian Journal of Management Australian Journal of Management Australian Journal of Management

4 2 3 2 3 2 3 3 4 3 2 2 2 2 2 2 5 3 3 5 3 2 2 2 3 2 3 3 3 2 2 2 2 2 2 2 5 5 2 2 2 2 2 2 2 2 4 2 2 3 2 2 8 2 2 2 2 2 2 2 8 2 2 6 7 4 7 4 6

5 3 8 8 5 20 3 9 6 3 4 10 5 5 6 7 22 6 3 8 6 5 2 6 8 15 9 6 16 32 8 3 2 3 1 2 6 6 2 4 2 10 3 3 3 6 4 3 8 4 3 2 10 2 2 2 2 3 2 3 9 4 2 7 8 5 8 5 7

Anomalies Corporate Finance Corporate Finance Market Microstructure Corporate Finance Corporate Finance Corporate Finance Corporate Finance Asset Pricing Corporate Finance Research Process Corporate Finance Corporate Finance Corporate Finance Asset Pricing Corporate Finance Corporate Finance Corporate Finance Market Microstructure Factor Models Factor Models Corporate Finance Anomalies Anomalies Corporate Finance Corporate Finance Corporate Finance Corporate Finance Corporate Finance Corporate Finance Asset Pricing Corporate Finance Asset Pricing Corporate Finance Research Process Asset Pricing Anomalies Anomalies Corporate Finance Corporate Finance Corporate Finance Asset Pricing Research Process Corporate Finance Research Process Asset Pricing Conditional Asset Pricing Asset Pricing Corporate Finance Corporate Finance Corporate Finance Market Microstructure Research Frontiers Market Microstructure Asset Pricing Corporate Finance Market Microstructure Corporate Finance Corporate Finance Asset Pricing Research Frontiers Research Process Asset Pricing Research Frontiers Research Frontiers Research Frontiers Research Frontiers Research Frontiers Research Frontiers

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Table 1 (continued) #

Author

Year

Journal

LCS

70 71 72 73

Ratiu RV Unda LA Faff RW Beaumont SJ

2015 2015 2015 2015

Accounting and Finance Accounting and Finance Accounting and Finance Accounting and Finance

3 3 3 3

GCS

Field of research

3 3 3 3

Research Process Research Process Research Process Research Process

those by Brailsford et al. (2012) who provide estimates of the cost of capital across 128 years and also post the Global Financial Crisis, or those by Liao (2013) who discusses the importance of modelling jump risk in forecasting returns. Related to Asset Pricing research is the third field of Conditional Asset Pricing, which is represented by only 1 paper (or 1.4% of papers) in our citation dataset. This paper by Dou et al. (2012) examines out-of-sample predictability of asset return. Some empirical studies in the AsiaPacific journals have revealed results which contradict the asset pricing models, and are represented with 5 papers among the top cited 73 papers (or 6.8%), and labelled here as Research on Anomalies. This research stream includes, for example, a study by Bettman et al., 2011b) who examine the economic importance of trading based on the size effect in the Australian context, whilst Taylor and Wong (2012) examine accrual based anomalies. The Asset Pricing field has contributed much to the understanding of valuation and the trade-off between risk and return. We have learnt a lot from research on anomalies in terms of what Asset Pricing models can and cannot do. The future looks bright for the Asset Pricing research field as new methods of valuation (including state pricing) are gaining increasing prominence (Ross, 2015). Further research fields include Market Microstructure Research and Factor Models. Market Microstructure Research is also represented with 5 papers among the top cited 73 papers. Market microstructure research is based on rational expectation models and principally deals with how information is incorporated in the price of assets. In our citation dataset, market microstructure research is represented by papers such as Ascioglu et al. (2011) who examines stealth trading in the Japanese market, Treepongkaruna et al. (2012) who examine volatility and information links across foreign exchange markets, and Wang (2013) who examine commonalities in liquidity across the Asian equity markets. Factor Models, on the other hand, relates expected returns on assets to systematic risk factors. This field of research is represented by 2 of the top cited 73 papers (or 2.7%). These include Chan et al. (2011a) who investigate whether default risk is priced in the Australian market across the business cycle, as well as Gaio and Raposo (2011) who examine earnings quality as a risk factor in an international study of over 7000 firms in 38 countries. Their paper finds that firms with a higher earning quality are evaluated more highly in the stock market. Market Microstructure has a rich history with the main seminal paper Kyle (1985) couched in terms of the Rational Expectations paradigm. Future research possibilities include the development and testing of new generations of the Kyle model and the application of behavioural models to market microstructure. In addition to these more traditional research streams, we also find novel research fields emerging in the Asia-Pacific finance journals. These include Research Process, and Research on Frontiers in Finance. The Research Process field covers the mechanisms behind getting published and publication statistics. This field of research is represented by 9 papers of the top cited 73 papers (or 12.3%). This area is very diverse — an example of a paper is the review article by Benson et al. (2014) who describe 50 years of research in the Asia-Pacific region across a number of dimensions including most cited papers, notable authors, relevance to practice, and a research fields areas. The paper also offers a classification of research in the field of finance according to Kuhn's view of the development of science (see Kuhn, 1970). A further example is the pitching research paper by Faff (2015) who proposes a template for pitching finance research to an expert audience. The template asks researchers working on new ideas to outline their working title, key research question(s), key papers they are citing, and their motivation for the research. In addition, researchers are asked to identify their idea, data and tools and to answer two questions: What's new? and So what? The template concludes by asking researches to outline their key contribution(s). Several papers have already applied the pitch template and offer illustrations. Among these papers are Beaumont (2015) who provides a pitch investigating the short- and long-run relations between executive cash bonus payments and firm financial performance. Ratiu (2015) contributes a pitch on the financial reporting of European banks during the global financial crisis, while Unda (2015) outlines a pitch of corporate governance of Australian credit unions, from an accounting discipline perspective. The Research on Frontiers in Finance field (with 8 papers of the top cited 73 papers, or 11%) contains additional innovation in finance research. This research stream (further discussed below) starts with a paper by Gippel (2013) on the revolution in finance in which she makes the case for cross-disciplinarily and innovation in finance research through the adoption of a wider range of theoretical and methodological avenues. Kaczynski et al. (2014) take up Gippel's point that finance research has mostly been deductive in nature, focussing on statistical modelling of large-scale numerical datasets, and argue a case for qualitative research in finance. Gippel (2013) and Kaczynski et al. (2014) thus provide the foundation for a number of qualitative studies (see Neck, 2015a, 2015b; Cheah et al. (2015)). Other researches (see Linnenluecke et al., 2015a, 2015b) have taken up Gippel's (2013) call for more interdisciplinary research, leading to the inception of new fields of research described below. We elaborate upon the research frontiers in the following section and offer a further discussion of emerging trends in finance research. 5. Research frontiers The analysis presented in this paper favours publications that have been reasonably well cited, and does therefore not provide a full account of new research directions and frontiers as some of the most recent papers have not yet attracted many citations.


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Therefore, in this section, we expand on Fig. 1 and summarise trends among recent publications based on a manual inspecting to provide a richer discussion of emerging trends. Looking at and beyond the recent papers in Fig. 1, we can identify a number of emerging trends in the Pacific-Basin Journals are in the following areas: (1) Environmental Finance, (2) Modern Markets, (3) Behavioural Finance, (4) Qualitative Methods, and (5) Equity and Diversity. 5.1. Environmental finance Environmental Accounting and Finance is an emerging interdisciplinary field of research concerned with the financial and accounting implications for firms and industries resulting from climate change and the need to transition to a lower carbon economy. This research fields engages with climate change as one of the most pressing concerns facing humanity, and brings together financial and natural science research. It offers a rich avenue for future research on how financial decision-making relates to the need to act on environmental concerns. A recent paper by Linnenluecke et al. (2015a) connects research on climate change to the accounting and finance literature, showing that accounting and finance can support organisational climate change adaptation through the following functions: (i) a risk assessment function (assessing vulnerability and adaptive capacity), (ii) a valuation function (valuing adaptation costs and benefits) and (iii) a disclosure function (disclosure of risk associated with climate change impacts). Other papers in this research stream include Gan et al. (2014) who examine optimal hedge ratios for firms in the European carbon market, while Breunig and Chia (2015) examine how the changes in oil prices in recent years have affected the ratings of sovereign wealth funds. Finally, Linnenluecke et al. (2015b) consider the merits of the divestment campaign and argue that divestment by itself is not enough, a confluence between grass root support and policy action is needed for effective action on climate change. 5.2. Modern markets A second emerging field of research is in the area of developments is in modern markets. Here, the research falls under a number of categories, including the internationalisation of markets, Islamic finance, the financial crises as well as electronic markets. 5.2.1. Internationalisation of markets While much of the past research in finance has focused on the US and other strong international markets, research on the internationalisation of markets looks into less researched market settings, especially those in emerging economies. Within the Asia-Pacific research conversation, researchers have placed a particular focus on China as one of the main emerging economies in the region. Several papers focus on the different institutional and regulatory characteristics in Chinese markets. Gan et al. (2014), for example, examine the evolution of China's banking system, and show that significant negative returns around bank loan announcements are reversed after reforms in the post-2004 period. Fu et al. (2015) add to this line of enquiry by examining the effectiveness of capital regulation on bank behaviour in China. Furthermore, Chu et al. (2015) examine how Chinese institutional characteristics influence the effect of control-ownership divergence on market liquidity, finding a negative relationship which is more pronounced in firms with more severe agency problems and information asymmetry. These papers have contributed greatly to our understanding of Chinese markets. Much research remains to be done in this area as China provides a number of natural experiments that cannot be found elsewhere. International markets also open up opportunities to investigate different international stock markets settings and investment behaviours outside the traditional US market setting. Sharif et al. (2014), for example, conduct a natural experiment around the removal of short-selling and margin trading bans on selected stocks in mainland China, which enables them to test the relative effect of these measures. They find that the prices of shortable stocks decrease, on average, relative to peer A-shares and crosslisted H-shares, suggesting that short selling dominates margin trading effects. Wang and Lee (2015) investigate daily shortselling by foreign investors and their impact on stock price, liquidity, and volatility in the Korean stock market. They find that the majority of short-selling is performed by foreign investors and that they are contrarians, whose large short-selling predicts short-run future return. The unique experiments that are available in international markets continue to help us to learn more about our own economies and investment behaviour, and offer opportunities to study new market settings and behaviour of market participants. Other research has used the international settings to expand on existing theoretical and empirical foundations. We find, for example, research on international market microstructure. Rosov and Foster (2014a, 2014b) investigate customer order flow of a major Australian bank, concluding that it does not contain information about foreign exchange movements. Further research by Narayan et al. (2015) investigates whether order imbalances predict Chinese stock returns using intraday data, finding predictability from 1 min to 90 min. In addition, Liu and An (2014) examine the risk contributions of trading and non-trading hours using commodity futures markets in China. They find that information accumulating during non-trading hours contributes substantially to overall risks. The Market Microstructure field is dominated by rational expectations models based on Kyle (1985) (see discussion above), and studies in international markets give a great opportunity to test this model and to develop future generations of models. This also presents additional opportunities to develop and test behavioural models. Other work has focused on expanding on research on factor models. Chen et al. (2015), for instance, examine whether equity return dispersion proxies for risk in the Chinese stock market. They find that return dispersion serves as a better proxy for risk in the Chinese emerging market than market, size, book-to-market, and idiosyncratic volatility risk measures. Another example is the work of Hilliard and Zhang (2015) who examine the size and price-to-book effects in Chinese markets and find strong evidence for the size effect but not for the

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price-to-book effect. The international setting provides a rich environment to test whether existing theoretical and empirical models based on US data hold true when tested in other contexts. Taken together, the developments and the ongoing internationalisation of markets offer multiple avenues for further research, in particular by expanding into different country settings. Researchers have already conducted research in settings such as the Indian, Korean and Taiwanese stock and future markets (Hao et al., 2015; Narayan et al., 2015; Wang and Lee, 2015), but a further expansion into other emerging economies holds promise as well. Researchers have also begun to explore multi-country settings to explore differences in institutional factors, including banking-sector development, bankruptcy code, legal origin system, law enforcement quality, and disclosure quality (Gao and Zhu, 2015), to and control for global, regional and local factors, such as currency appreciation and interest rate differential (Chantapacdepong and Shim, 2015). Research in developing markets contributes greatly to our understanding of valuation and corporate decisions. Research that focuses only on the most successful markets ex-post suffers from obvious self-selection biases and survivorship issues. Developing countries represent fertile ground for high-quality research in the future, also on novel issues such as corporate social responsibility (CSR) and corporate philanthropy in the international context (Xu et al., 2015; Zhang et al., 2015). 5.2.2. Financial crises Finance research has not only been shaped by the internalisation of markets, but also by the recent 2007–2008 financial crisis which has been a triggering event for much scholarly research on its effects on the financial system (Agusman et al., 2014), as well as on corporations (Shin and Kim, 2015), banks (Abreu and Gulamhussen, 2015; Bollen et al., 2015), and individual investors (Gerrans et al., 2015). Of particular interest to research in this area have been structural elements of the banking system. Abreu and Gulamhussen (2015), for example, found that the inability of regulatory pressure to force US commercial banks to build capital buffers during the economic upturn that preceded the crisis resulted in banks having inadequate capital reserves to face the crisis. Bollen et al. (2015) examine the impacts of the global financial crisis in the Australian context, finding that the crisis period had little impact on bank systematic risk while bank systemic risk increased considerably. The share market downturn caused an increase in both systematic and systemic risks for Australia's major internationally connected banks followed by a reduction in both systematic and systemic risks with the introduction of the Deposit and Wholesale Funding Guarantee scheme for all Australian banks. Research in this area continues to be of high importance due to the need to build resilience at an individual, corporate, banking and institutional level to financial and other downturns. 5.2.3. Islamic finance Closely related to emerging research on the internationalisation of markets and research on financial crises is research on Islamic finance. The ongoing financial crises have led policy-makers and researchers to consider alternative economic systems. One such system has been Islamic finance due to its reputation for conservatism and stability. Papers in this emerging research field are diverse and include work on the particularities of the stock, bond and banking system. Mohammad and Ashraf (2015), for example, examine the determinants of return performance of Islamic equity indices. The results show that Shari'ah screening helps Islamic equity indices to select securities of firms that are not financially distressed, are growth oriented and exhibit a positive momentum. In addition, Aloui et al. (2015) analyse the interactive linkages between the sharia stocks and sukuk (Islamic bonds) in the Gulf Cooperation Countries. Their results support the presence of two different regimes with the first regime having a high mean and low variance and the second regime having a low mean and high variance. Yilmaz et al. (2015), on the other hand, examine cross-sectoral interaction in Islamic equity markets. They show that, prior to the financialization of these markets (i.e., their growing dominance of financial markets over bank-based financial systems), equity prices were driven by firm fundamentals and real economic factors but that with globalization in the last decade, these factors have less of an effect, leading to highly integrated Islamic equity sectors just as in the case of the conventional financial sectors. Other work in this area concerns the resilience of Islamic banking to financial crises. Here we find work on the influence of then subprime crisis on the efficiency of Islamic banks in the Gulf Cooperation region (Belanes et al., 2015) which finds that most Islamic banks have remained efficient whereas some of them witnessed a relatively minor decrease in their efficiency level. In addition, work has also been undertaken examining the efficiency level of Islamic banks during the financial crisis (Rosman et al., 2014). This study finds that Islamic banks were able to sustain operations through the crisis but that the majority of Islamic banks were scale inefficient. Together, these papers outline economic and managerial implications for Islamic portfolio managers, Islamic hedge funds, stock market regulators, and policy makers, and provide a base for further research on alternative economic systems. 5.2.4. Electronic markets Another emerging steam of research is concerned with how innovations in information technologies of the past two decades have changed market architecture and how this, in turn, has affected the fundamentals of market microstructure. Studies within this stream of research examine topics such as the determinants of liquidity and execution probability in an exchange operated dark pool (a market designed for crossing large orders of institutions that is not available to the public (He and Lepone, 2014)). Other topics include trader choice of automated versus intermediated execution of trades (Garvey and Wu, 2011). As electronic markets continue to grow, many issues warrant further investigation. For example, does the presence of dark trading mean that these markets will capture the uninformed investors and that organised markets will be left with the informed investors? Does this change the probability of informed trading in the organised markets? Other questions concern high frequency trading, and whether this facilitates liquidity provision or disruptions in the market.


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5.3. Behavioural finance The Behavioural Finance field is about explaining behaviours that fall outside the traditional rational expectations paradigm that underlies the bulk of finance research over the last four decades (Gippel, 2013). Fauver and McDonald (2015) examine social characteristics (individualism and risk aversion) and their interaction with firm governance and capital structure across the G20 countries. The authors find that higher levels of individualism are associated with lower cost of capital and increased firm use of debt, whereas higher risk aversion has opposite effects. Better firm-level governance substantially reduces these cultural effects. Park and Kim (2014) examine the determinants of momentum profits across countries and find evidence more in line with risk-based rational expectation, than behavioural explanations of the momentum effect. Other studies in this field concern individual behaviours and outcomes. Cheah et al. (2015), for example, examine retirement financial decisions, and explore the extent to which participant responses are related to behavioural explanations of financial choice. Using focus groups the behavioural explanations of complexity, relevance of decisions, and uncertainty are found to be important, whilst there is less support for the behavioural factors of heuristics, confidence, costs of mistakes, mental accounting, and the importance of social interaction. In addition, Bruhn (2015) contributes a qualitative case study showing how individuals' emotional wellbeing and mental health were impacted by significant financial loss due to the collapse of Storm Financial. Bruhn (2015) argues that these impacts demonstrate that significant vulnerability exists when encouraging self-sufficiency in retirement. Behavioural Finance offers many opportunities for future research. We note in everyday behaviour how confidence, sentiment and emotions seem to affect behaviour. This field of research provides an opportunity to see if this day to day behaviour on an individual level carries over to the decision making processes of the corporate world. 5.4. Qualitative methods in finance Following the seminal papers by Gippel (2013) and Kaczynski et al. (2014); Salmona et al. (2015) further discuss the application of qualitative theory in finance research and provide finance examples for applied ethnography, content analysis, social constructivism, grounded theory, systems theory, and critical change theory. The incorporation of qualitative methods shows great promise to open up the traditionally highly quantitative field of finance to new research directions. Several researchers have already followed this new trend. Examples include studies by Bruhn (2015); Cheah et al. (2015); Earl et al. (2015); Gippel (2015)a, b) and Neck (2015a, 2015b) on a variety of topics, including how people manage self-managed retirement funds and retirement financial decisions, research practices in the field of finance, and the tendency of women in top positions to leave the finance industry. These topics are difficult to examine using the traditional empirical datasets as the aim is to investigate underlying people's reasons and motivations, rather than establish correlations. Researchers interested in further qualitative work will find detailed suggestions in the papers by Gippel, Kaczynski, Salmona and colleagues referenced above. 5.5. Equity and diversity A last emerging research stream is concerned with stereotypical discrimination, structural obstacles and women's prospects for partnership in the accounting and finance profession. Whiting et al. (2015), for example, use an experimental survey and interviews of current partners in professional accountancy firms in Australia, UK and New Zealand and find that traditional stereotypical discrimination against women at the partnership decision point was only displayed in metropolitan large non-Big 4 firms. Similarly, and as outlined in the Qualitative Finance section above, Neck (2015a, 2015b) outlines several factors for why women leave senior roles in finance, and concludes that these factors appear to be a combination of frustration, change and choice. In addition, Gago and Macias (2014) examine the question of whether choice of research area is associated with the gender gap and conclude that the underpromotion of women cannot be attributed to their choice of nonmainstream' fields. Further research in this area seems of high importance, given that many accounting and finance firms still have not attracted equal numbers of senior male and female staff members. 6. Conclusion The Asia-Pacific finance literature provides critical contributions to research and practice, both regionally and internationally (Benson et al., 2014). This paper provides a systematic review of influential publications published in the in the Asia-Pacific finance literature from 2011 to 2015. We use Bibliographic mapping to identify the major fields or lines of enquiry: (1) Corporate Finance, (2) Asset Pricing, (3) Conditional Asset Pricing, (4) Research on Anomalies, (5) Market Microstructure Research, (6) Factor Models, as well as the novel research streams, (7) Research Process and (8) Research on Frontiers in Finance. A notable feature of the research mapping of the Asia-Pacific finance journals is the lack of cross citations of papers. This is a sign of immaturity in the research community, but recent trends are showing hopeful signs with an increase in cross referencing and engagement in the research conversation in the research process and research on frontiers fields. Focusing on research frontiers in finance, we identify emerging research trends and pathways for future research in the following areas: (1) Environmental Finance, (2) Modern Markets, (3) Behavioural Finance, (4) Qualitative Methods, and (5) Equity and Diversity. We highlight possible pathways for researchers to expand on existing knowledge and pursue opportunities for innovative and exciting new research. This connection or cross referencing is essential for the field to develop into full maturity. These

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pathways and connections will help to expand on existing knowledge as well as providing opportunities for innovative and exciting new research contributing to an expansion of the research frontiers.

Acknowledgements Two of the authors (Linnenluecke and Smith) would like to acknowledge funding from the Australian Research Council (ARC), Grant Number DP160103425.

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