Thank you for submitting your manuscript to Pacific-Basin Finance Journal. I regret to inform you that your paper is not acceptable for publication. We have completed the review of your manuscript and a summary is appended below. The reviewers have advised against publication of your manuscript and I must therefore reject it at this time. For your information and guidance, any specific comments explaining why I have reached this decision and those received from reviewers, if available, are listed at the end of this letter.

You have the option of resubmitting a substantially revised version of your paper, which would be considered as a brand new submission. If you decide to do this, you should refer to the reference number of the current paper and include a cover letter which explains in detail how the paper has been changed or not, in reply to the Editor and Reviewer comments.

求大佬，这种情况是制式的退稿话术，还是鼓励修改后重新投稿有希望接受呢？