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Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-12 DOI: 10.1016/j.jcorpfin.2025.102767
Adrian Böhm , Christian Eufinger , Igor Kadach , Yuki Sakasai
{"title":"Green banking illusion? The influence of “Eco-Conscious” bank shareholders on credit allocation","authors":"Adrian Böhm ,&nbsp;Christian Eufinger ,&nbsp;Igor Kadach ,&nbsp;Yuki Sakasai","doi":"10.1016/j.jcorpfin.2025.102767","DOIUrl":"10.1016/j.jcorpfin.2025.102767","url":null,"abstract":"<div><div>Can voluntary market-based initiatives effectively promote greener credit allocation? Our paper addresses this question by assessing the role of self-declared environmentally conscious bank shareholders, specifically those endorsing the UN Principles for Responsible Investment, in shaping the sustainability of bank loan portfolios. For our analysis, we utilize a comprehensive dataset that includes information on syndicated loans, firm-level emissions, and both bank and firm ownership and financial data. Controlling for loan demand, at the bank–firm level, we find no evidence of an association between a higher ownership stake by eco-conscious bank shareholders and shifts in banks’ loan allocation strategies between firms with low and high emissions. At the firm-level, we find that lending relationships with banks characterized by greater eco-conscious ownership are not associated with significantly improved environmental performance among borrower firms. Our analysis reveals that banks are treated differently by investors compared to non-financial firms, likely due to regulatory requirements and their unique governance structures, which might explain the observed lack of influence of eco-conscious bank shareholders. Our findings thus indicate the potential limitations of relying on self-declared eco-conscious bank shareholders to guide banks toward environmentally sustainable credit allocation.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102767"},"PeriodicalIF":7.2,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Do hedge funds still manipulate stock prices?
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-06 DOI: 10.1016/j.jcorpfin.2025.102765
Xinyu Cui , Olga Kolokolova
{"title":"Do hedge funds still manipulate stock prices?","authors":"Xinyu Cui ,&nbsp;Olga Kolokolova","doi":"10.1016/j.jcorpfin.2025.102765","DOIUrl":"10.1016/j.jcorpfin.2025.102765","url":null,"abstract":"<div><div>We find no evidence of stock price manipulation by hedge funds from 2011 to 2019, despite confirming the portfolio-pumping pattern documented between 2000 and 2010. In the more recent period, the magnitude, frequency, and persistence of manipulation by hedge funds appear to have declined. This decrease is linked to reduced rewards, as fund flows no longer react positively to the end-of-quarter returns of hedge fund portfolios. Proactive regulatory actions, measured by SEC litigation cases involving hedge funds, and increased press attention to hedge fund fraud also contribute to reduced manipulation during both periods.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102765"},"PeriodicalIF":7.2,"publicationDate":"2025-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620638","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Government contracts and labor investment efficiency
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-03-04 DOI: 10.1016/j.jcorpfin.2025.102771
Pedro Monteiro , Masim Suleymanov
{"title":"Government contracts and labor investment efficiency","authors":"Pedro Monteiro ,&nbsp;Masim Suleymanov","doi":"10.1016/j.jcorpfin.2025.102771","DOIUrl":"10.1016/j.jcorpfin.2025.102771","url":null,"abstract":"<div><div>This study investigates the impact of government contracts on labor investment efficiency in U.S. public firms between 2001 and 2019. We find that firms awarded with government contracts exhibit improved labor investment efficiency, characterized by reduced abnormal labor hiring, evident in both overinvestment and underinvestment issues. Government contracts are particularly beneficial for financially constrained firms, enhancing their ability to manage labor resources effectively. Additionally, the regulatory framework associated with government contracts reduces labor overinvestment, although it may exacerbate underinvestment where labor rights are weak. The political sensitivity of contractors also improves labor investment efficiency. However, this effect diminishes with contractors' increased bargaining power. Contrary to expectations, political connections and lobbying activities do not significantly alter the impact of government contracts on labor investment efficiency. This study highlights the nuanced role of government contracts in shaping labor investment practices and unravels the underlying mechanisms driving these outcomes, thus contributing to the literature on government contracts, corporate finance, and labor rights.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102771"},"PeriodicalIF":7.2,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143620636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The information advantage of industry common owners and its spillover effect on stock price crash risk
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-27 DOI: 10.1016/j.jcorpfin.2025.102764
Qingyuan Li , Xiaoran Ni , P. Eric Yeung , David Yin
{"title":"The information advantage of industry common owners and its spillover effect on stock price crash risk","authors":"Qingyuan Li ,&nbsp;Xiaoran Ni ,&nbsp;P. Eric Yeung ,&nbsp;David Yin","doi":"10.1016/j.jcorpfin.2025.102764","DOIUrl":"10.1016/j.jcorpfin.2025.102764","url":null,"abstract":"<div><div>Blockholding multiple firms within an industry generates an information advantage for institutional investors, who can better differentiate between the industry-wide and firm-specific nature of bad news released by peer firms and avoid selling on false spillover signals (i.e., “smart exit”). Empirically, we document that industry common ownership reduces future firm-level stock price crash risk. Our results can be explained by the attenuated spillover from industry peers' firm-specific bad news, as a complement to the monitoring effect that reduces the focal firm's hoarding of bad news. Our results suggest that the presence of industry common owners provides a stabilizing effect against stock price contagion.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102764"},"PeriodicalIF":7.2,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143551857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dispersed ownership and asset pricing: An unpriced premium associated with free float
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-23 DOI: 10.1016/j.jcorpfin.2025.102763
Bruce Hearn , Igor Filatotchev , Marc Goergen
{"title":"Dispersed ownership and asset pricing: An unpriced premium associated with free float","authors":"Bruce Hearn ,&nbsp;Igor Filatotchev ,&nbsp;Marc Goergen","doi":"10.1016/j.jcorpfin.2025.102763","DOIUrl":"10.1016/j.jcorpfin.2025.102763","url":null,"abstract":"<div><div>We explore differences in the levels of dispersed ownership that lead to a returns-based free float hedging factor in addition to size, which augments the capital asset pricing model (CAPM) in explaining the cross-section of stock returns. Using the S&amp;P 1500 stocks in the US between 1985 and 2023, the results support the advantages of free float within a three-factor CAPM including size over alternative models based on liquidity, book-to-market value, and momentum. We argue that this yields a useful means for hedging effectively against the risks associated with the fundamental underlying likelihood of expropriation in a specific firm based on its ownership structure.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102763"},"PeriodicalIF":7.2,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143528657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Foreign ownership and board cultural diversity
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-20 DOI: 10.1016/j.jcorpfin.2025.102753
Oussama El Moujahid , Bart Frijns , S. Abraham Ravid , Naciye Sekerci
{"title":"Foreign ownership and board cultural diversity","authors":"Oussama El Moujahid ,&nbsp;Bart Frijns ,&nbsp;S. Abraham Ravid ,&nbsp;Naciye Sekerci","doi":"10.1016/j.jcorpfin.2025.102753","DOIUrl":"10.1016/j.jcorpfin.2025.102753","url":null,"abstract":"<div><div>Using detailed hand-collected data on firm ownership and board cultural diversity from Sweden, we find that foreign ownership is positively associated with board cultural diversity. This relationship is not an artifact of foreign owners joining the board, and it is not driven by firms with substantial foreign focus. The presence of foreign owners on nomination committees seems to be the channel through which foreign owners implement cultural diversity. The positive relationship between foreign ownership and board cultural diversity is also more pronounced in firms where owners may have more say (family firms, dual-class share firms, and firms with concentrated ownership). However, we do not find evidence that cultural diversity increases firm value or that it is correlated with other types of diversity. Our preferred interpretation is quasi-homophily.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102753"},"PeriodicalIF":7.2,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143509827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Major customers and carbon footprints along the supply chain
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-16 DOI: 10.1016/j.jcorpfin.2025.102752
Saiying Deng , Tinghua Duan , Frank Weikai Li , Xiaoling Pu
{"title":"Major customers and carbon footprints along the supply chain","authors":"Saiying Deng ,&nbsp;Tinghua Duan ,&nbsp;Frank Weikai Li ,&nbsp;Xiaoling Pu","doi":"10.1016/j.jcorpfin.2025.102752","DOIUrl":"10.1016/j.jcorpfin.2025.102752","url":null,"abstract":"<div><div>This paper examines whether major corporate customers curb corporate carbon emissions along the supply chain. We show that suppliers with a more concentrated customer base have significantly lower carbon emissions. The results are robust to alternative measures of carbon emissions and customer concentration, alternative sample, alternative explanation, and various approaches to mitigate endogeneity concerns. The effect is more pronounced when major customers have made emission-reduction commitment, when they are exposed to greater climate regulatory shocks and risks, and when they become more concerned about regulatory scrutiny. Moreover, the curbing effect of major customers on supplier carbon emissions is stronger when customers have lower switching costs and stronger bargaining power over suppliers. We show that one way through which suppliers reduce emissions is by adopting green technologies. Our study highlights the role of major customers in facilitating the transition to a low-carbon economy through decarbonization along the supply chain.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102752"},"PeriodicalIF":7.2,"publicationDate":"2025-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tacit collusion among dominant banks: Evidence from round-yard loan pricing
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-13 DOI: 10.1016/j.jcorpfin.2025.102750
Yu-Ju Chan , Chih-Yung Lin , Tse-Chun Lin
{"title":"Tacit collusion among dominant banks: Evidence from round-yard loan pricing","authors":"Yu-Ju Chan ,&nbsp;Chih-Yung Lin ,&nbsp;Tse-Chun Lin","doi":"10.1016/j.jcorpfin.2025.102750","DOIUrl":"10.1016/j.jcorpfin.2025.102750","url":null,"abstract":"<div><div>While there is no apparent reason for loan spreads to cluster at certain numbers, we find that approximately 70 % of bank loans have round-yard spreads (i.e., multiples of 25 basis points). We hypothesize that dominant banks implicitly collude using round yards as focal pricing points when negotiating with borrowers. Tacit collusion leads to higher spreads and total costs of round yard priced loans than of non-round yard priced loans. Consistent with our tacit collusion hypothesis, dominant banks round up loans to multiple yards rather than rounding them down. Moreover, round-yard pricing is more prevalent among lower-quality and nonrepeat borrowers.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102750"},"PeriodicalIF":7.2,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429045","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Surviving the storm: Evaluating the role of enterprise risk management in property and liability insurers' performance during the COVID-19 pandemic
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-12 DOI: 10.1016/j.jcorpfin.2025.102751
Derrick W.H. Fung , Wing Yan Lee , Charles C. Yang
{"title":"Surviving the storm: Evaluating the role of enterprise risk management in property and liability insurers' performance during the COVID-19 pandemic","authors":"Derrick W.H. Fung ,&nbsp;Wing Yan Lee ,&nbsp;Charles C. Yang","doi":"10.1016/j.jcorpfin.2025.102751","DOIUrl":"10.1016/j.jcorpfin.2025.102751","url":null,"abstract":"<div><div>This study examines whether the implementation of a mature enterprise risk management (ERM) framework by property and liability insurers improved their resilience in the face of the COVID-19 pandemic. To address the potential problem of endogeneity, we analyze a panel dataset of listed property and liability insurers from around the world using the propensity score matching method. Subsequently, a two-step “doubly robust” estimation method is employed. The results reveal that the performance of insurers with less mature ERM frameworks was adversely affected by the pandemic but that of insurers with more mature ERM frameworks was not. These findings remain consistent after conducting various robustness checks. Separate consideration of each ERM component reveals that no component independently enhanced insurers' resilience; rather, the components collectively enhanced their resilience. Overall, this study provides valuable insights for insurers and regulators aiming to enhance the industry's ability to withstand future challenges.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102751"},"PeriodicalIF":7.2,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143419492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Carbon home bias of European investors
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-02-12 DOI: 10.1016/j.jcorpfin.2025.102748
Martijn Adriaan Boermans , Rients Galema
{"title":"Carbon home bias of European investors","authors":"Martijn Adriaan Boermans ,&nbsp;Rients Galema","doi":"10.1016/j.jcorpfin.2025.102748","DOIUrl":"10.1016/j.jcorpfin.2025.102748","url":null,"abstract":"<div><div>This study investigates a phenomenon we call “carbon home bias”: the tendency of investors to disproportionately allocate investments towards domestic carbon-intensive assets. Using a confidential security-by-security euro area holdings database, we show that European investors favor domestic over foreign carbon-intensive investments. We provide evidence for substantial carbon home bias, utilizing a newly developed measure of portfolio carbon home bias that measures domestic carbon bias in excess of home bias. Our study highlights home advantages as possible motivation for carbon home bias. Using the introduction of the French Energy Law Article 173 as a positive shock to decarbonization incentives, we find that French institutional investors maintain their domestic carbon-intensive holdings, while other European institutional investors reduce theirs. Higher domestic institutional ownership is associated with about 50% lower carbon emissions in the five years after the regulatory change and excess returns of about 3% per year. Our results further provide evidence for a foreign carbon premium, while the domestic carbon premium is insignificant. Consequently, the phenomenon of carbon home bias cannot be attributed to differences between home and foreign carbon risk premia.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"92 ","pages":"Article 102748"},"PeriodicalIF":7.2,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143453012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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