Effects of chief economists in financial institutions on capital market development
In this paper, we investigate the effects of chief economists employed by securities companies on the development of capital market. Utilizing securities companies in China from 2006 to 2022 as the research subjects, the paper employs Python algorithms to construct an index of chief economists and c...
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| Vydáno v: | International review of financial analysis Ročník 105; s. 104403 |
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01.09.2025
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| ISSN: | 1057-5219 |
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| Abstract | In this paper, we investigate the effects of chief economists employed by securities companies on the development of capital market. Utilizing securities companies in China from 2006 to 2022 as the research subjects, the paper employs Python algorithms to construct an index of chief economists and combines the Douglas function to deduce the conclusion that chief economists have played a positive role in the process where securities companies serve the capital market. Among them, the higher the social influence and the stronger the research ability are, the more prominent the professional ability of chief economists becomes, and the more effective the service of securities companies to the capital market is. Additionally, machine learning models such as decision trees and random forests disclose the non-linear characteristics of the impact of the chief economist system on the effectiveness of securities companies in serving the capital market. The conclusion of this paper furnishes valuable evidence for securities companies of this kind to leverage their own resources to advance the development of the capital market and also expands the economic effects brought about by the chief economist system for society.
•Reveal the inherent logic of financial institutions and companies serving the capital market.•Random forest machine learning comprehensively captures the nonlinear characteristics of the chief economist effect.•Reputation, information transmission and knowledge spillover are the main ways of the chief economist effect. |
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| AbstractList | In this paper, we investigate the effects of chief economists employed by securities companies on the development of capital market. Utilizing securities companies in China from 2006 to 2022 as the research subjects, the paper employs Python algorithms to construct an index of chief economists and combines the Douglas function to deduce the conclusion that chief economists have played a positive role in the process where securities companies serve the capital market. Among them, the higher the social influence and the stronger the research ability are, the more prominent the professional ability of chief economists becomes, and the more effective the service of securities companies to the capital market is. Additionally, machine learning models such as decision trees and random forests disclose the non-linear characteristics of the impact of the chief economist system on the effectiveness of securities companies in serving the capital market. The conclusion of this paper furnishes valuable evidence for securities companies of this kind to leverage their own resources to advance the development of the capital market and also expands the economic effects brought about by the chief economist system for society.
•Reveal the inherent logic of financial institutions and companies serving the capital market.•Random forest machine learning comprehensively captures the nonlinear characteristics of the chief economist effect.•Reputation, information transmission and knowledge spillover are the main ways of the chief economist effect. |
| ArticleNumber | 104403 |
| Author | He, Muyuan Han, Yutong Geng, Xiaoxu Chen, Aizhen He, Chengying |
| Author_xml | – sequence: 1 givenname: Muyuan surname: He fullname: He, Muyuan organization: School of Economics, Zhejiang University, Hangzhou, China – sequence: 2 givenname: Aizhen surname: Chen fullname: Chen, Aizhen email: azchen@xmu.edu.cn organization: School of Economics, Xiamen University, Xiamen, China – sequence: 3 givenname: Yutong surname: Han fullname: Han, Yutong email: 24066032G@connect.polyu.hk organization: Faculty of Business, Hong Kong Polytechnic University, Hong Kong, China – sequence: 4 givenname: Chengying surname: He fullname: He, Chengying email: 2098533681@qq.com organization: School of Finance, Southwestern University of Finance and Economics, Chengdu, China – sequence: 5 givenname: Xiaoxu surname: Geng fullname: Geng, Xiaoxu email: 20230220@gxmzu.edu.cn organization: School of Economics, Guangxi Minzu University, Nanning, China |
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| Cites_doi | 10.1257/jep.1.2.95 10.1016/0305-750X(89)90075-2 10.2307/4134403 10.1016/0048-7333(94)01002-1 10.1111/j.1944-8287.2012.01162.x 10.1038/323533a0 10.1016/S0165-4101(01)00018-0 10.1016/j.jbusres.2021.11.030 10.1111/1475-679X.12115 10.1111/j.1467-9248.2008.00726.x 10.1016/j.jfineco.2020.01.002 10.1016/S0304-405X(98)00058-0 10.2307/30040654 10.1257/aer.100.3.673 10.5539/ijbm.v4n12p219 10.1080/15140326.1998.12040516 10.1257/jep.33.1.209 10.1257/jel.46.4.910 10.1007/s11142-017-9407-1 10.1016/j.jfineco.2006.11.001 10.1177/089124240001400105 10.2307/41166098 10.1162/002081898550752 10.1002/ijfe.2114 10.1111/j.1540-6261.2008.01416.x 10.1257/jel.20151245 10.1017/S0022050700094109 |
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