{"title":"Cash holdings in pension funds","authors":"Sidita Hasa, Carolina Salva","doi":"10.1016/j.jbankfin.2024.107112","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107112","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"771 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139820478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Rational Disposition Effects: Theory and Evidence","authors":"Daniel Dornand, Günter Strobl","doi":"10.2139/SSRN.1571534","DOIUrl":"https://doi.org/10.2139/SSRN.1571534","url":null,"abstract":"The disposition effect is a longstanding puzzle in financial economics. This paper demonstrates that it is not intrinsically at odds with rational behavior. In a rational expectations model with asymmetrically informed investors, trading strategies as predicted by the disposition effect can arise as an optimal response to dynamic changes in the information structure. The model generates several novel predictions: the disposition behavior of unsophisticated investors should weaken after events that reduce information asymmetries and should be concentrated in stocks with weak price momentum. The data, trading records of 30,000 clients at a German discount brokerage firm from 1995 to 2000, are consistent with these predictions.","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131834915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"FinTech adoption and financial inclusion: Evidence from household consumption in China","authors":"Tong Yang, Xun Zhang","doi":"10.1016/j.jbankfin.2022.106668","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106668","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"119761832","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial liberalization and house prices: Evidence from China","authors":"Yining Shi","doi":"10.1016/j.jbankfin.2022.106655","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106655","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118227758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Profitability, Asset Investment, and Aggregate Stock Returns","authors":"T. Chue, J. Xu","doi":"10.2139/ssrn.3089007","DOIUrl":"https://doi.org/10.2139/ssrn.3089007","url":null,"abstract":"The book-to-market ratio (B/M), profitability, and asset investment exhibit robust joint predictive power for the equity premium, generating out-of-sample Rs of 7%, 20%, and 29%, respectively, in one-quarter-, one-year-, and two-year-ahead forecasts. Since profitability and investment are positively correlated with each other yet predict future returns in opposite directions, while B/M and profitability are negatively correlated with each other yet predict future returns in the same direction, the variables’ joint predictive power is much higher than the sum of their standalone counterparts. Just as Fama and French (2006, 2015, 2016) and Hou, Xue, and Zhang (2014, 2015, 2017) show that profitable firms who invest conservatively are associated with high future alphas in the cross section, we find that high aggregate profits and low asset growth precede high aggregate stock returns in the time series. We also find that short-term (long-term) asset growth predicts one-year-ahead (two-year-ahead) stock returns— consistent with firms’ investment decisions being more responsive to changes in discount rates that correspond to the investment’s time horizon. To explain this pattern from a behavioral perspective requires two types of sentiment—one that primarily influences short-term investment and another that affects long-term investment only.","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"121 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124270992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Social capital and the cost of bank equity: Cross-country evidence","authors":"Fotios Pasiouras, Anis Samet","doi":"10.1016/j.jbankfin.2022.106535","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106535","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"118055117","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Contagion and Tail Risk in Complex Financial Networks","authors":"K. Abduraimova","doi":"10.1016/j.jbankfin.2022.106560","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106560","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117772251","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Off-Balance Sheet Activities and Scope Economies in U.S. Banking","authors":"Jingfang Zhang, Emir Malikov","doi":"10.1016/j.jbankfin.2022.106534","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106534","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120728262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Investment, payout, and cash management under risk and ambiguity","authors":"Pengfei Luo, Yuan Tian","doi":"10.1016/j.jbankfin.2022.106507","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106507","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121459063","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"In memoria Giorgio and Emilia Szego","authors":"Allen N. Berger, H. Montague Osteen","doi":"10.1016/j.jbankfin.2022.106478","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2022.106478","url":null,"abstract":"","PeriodicalId":148341,"journal":{"name":"Journal of Banking & Finance","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127466835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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