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The economics of Constant Function Market Makers
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-22 DOI: 10.1016/j.jcorpfin.2025.102737
Michele Fabi , Julien Prat
{"title":"The economics of Constant Function Market Makers","authors":"Michele Fabi ,&nbsp;Julien Prat","doi":"10.1016/j.jcorpfin.2025.102737","DOIUrl":"10.1016/j.jcorpfin.2025.102737","url":null,"abstract":"<div><div>We use microeconomic theory to describe the inner workings of Constant Function Market Makers (CFMMs). We show that standard results from consumer theory apply in this new context, endowing us with powerful tools to characterize the optimal design of CFMMs. We employ them to analyze the externalities that traders and liquidity providers exert on each other when interacting through a CFMM. Liquidity providers reduce the execution costs by flattening the bonding curve on which trades are executed. Arbitrageurs impose an adverse selection cost on liquidity providers by unfavorably rebalancing their portfolio. We show that the strengths of these two externalities are pinned down by the curvature of the bonding curve and are inversely related to each other, thereby identifying the fundamental economic tradeoff that market designers have to address.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102737"},"PeriodicalIF":7.2,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148627","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
Environmental liabilities, borrowing costs, and pollution prevention activities: The nationwide impact of the Apex Oil ruling
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-17 DOI: 10.1016/j.jcorpfin.2025.102739
Jianqiang Chen , Pei-Fang Hsieh , Po-Hsuan Hsu , Ross Levine
{"title":"Environmental liabilities, borrowing costs, and pollution prevention activities: The nationwide impact of the Apex Oil ruling","authors":"Jianqiang Chen ,&nbsp;Pei-Fang Hsieh ,&nbsp;Po-Hsuan Hsu ,&nbsp;Ross Levine","doi":"10.1016/j.jcorpfin.2025.102739","DOIUrl":"10.1016/j.jcorpfin.2025.102739","url":null,"abstract":"<div><div>The 2008 Apex Oil court decision reduced the circumstances under which specific environmental cleanup obligations were dischargeable in Chapter 11, potentially affecting the securities prices, credit conditions, and pollution practices of corporations not in Chapter 11. We discover that among financially stressed firms with those specific environmental liabilities, bond and stock prices dropped after <em>Apex</em>. Moreover, those firms (1) experienced a tightening of credit conditions (e.g., paying higher risk premia on debts and receiving lower bond ratings), (2) intensified pollution prevention activities, and (3) reduced the emissions of pollutants causing environmental damages no longer dischargeable in Chapter 11. These findings hold among firms nationwide, not only those within the jurisdiction of the Seventh Circuit court, which issued the Apex decision, suggesting that <em>Apex</em> had a nationwide impact.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102739"},"PeriodicalIF":7.2,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148603","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
Zombie lending due to the fear of fire sales
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-14 DOI: 10.1016/j.jcorpfin.2024.102731
Kaushalendra Kishore , Nirupama Kulkarni , Saurabh Roy
{"title":"Zombie lending due to the fear of fire sales","authors":"Kaushalendra Kishore ,&nbsp;Nirupama Kulkarni ,&nbsp;Saurabh Roy","doi":"10.1016/j.jcorpfin.2024.102731","DOIUrl":"10.1016/j.jcorpfin.2024.102731","url":null,"abstract":"<div><div>This paper provides evidence of a new cost of fire sales: zombie lending by banks. Banks with high market share are more likely to internalize the negative spillovers of falling collateral prices during a fire sale. To prevent prices from falling further during a fire sale, these banks do not liquidate defaulted firms and instead give zombie loans to keep them alive. Using structural breaks in real estate prices to identify periods of fire sales in different MSAs, we provide evidence that banks with high market share give zombie loans to firms with relatively higher real estate assets during a fire sale. Further, congestion due to zombie firms in an industry reduces the investment and profitability of healthier firms. Overall, we highlight a new mechanism for zombie lending resulting from reduced collateral liquidation in markets prone to fire sales.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102731"},"PeriodicalIF":7.2,"publicationDate":"2025-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148170","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
Foundation ownership and sustainability
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-13 DOI: 10.1016/j.jcorpfin.2025.102740
David Schröder , Steen Thomsen
{"title":"Foundation ownership and sustainability","authors":"David Schröder ,&nbsp;Steen Thomsen","doi":"10.1016/j.jcorpfin.2025.102740","DOIUrl":"10.1016/j.jcorpfin.2025.102740","url":null,"abstract":"<div><div>Concerns about the sustainability of contemporary capitalism have inspired a search for organizational forms that are more concerned with solving environmental and social problems. We examine whether one such model – foundation ownership – where a non-profit foundation owns and controls business companies, is associated with better sustainability outcomes. We hypothesize that foundations prioritize environmental and social objectives over profit maximization, resulting in stronger ESG performance in the companies they own. Using data on listed foundation-owned companies over the period 2003–2020 matched with control groups by firm size and industry, we find that foundation-owned firms have higher environmental, social, and governance (ESG) performance, particularly in the environmental and social dimensions. They maintained ESG activities during the financial crisis and committed to more significant emission reductions in the post-Paris Agreement period. Collectively, our findings highlight the potential of purposeful ownership in promoting corporate sustainability.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102740"},"PeriodicalIF":7.2,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148135","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
Adoption of central bank digital currencies: Initial evidence from China
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-12 DOI: 10.1016/j.jcorpfin.2025.102735
HaiChen Bai , Lin William Cong , Mei Luo , Ping Xie
{"title":"Adoption of central bank digital currencies: Initial evidence from China","authors":"HaiChen Bai ,&nbsp;Lin William Cong ,&nbsp;Mei Luo ,&nbsp;Ping Xie","doi":"10.1016/j.jcorpfin.2025.102735","DOIUrl":"10.1016/j.jcorpfin.2025.102735","url":null,"abstract":"<div><div>Central banks all over the world are at various stage of developing central bank digital currency (CBDC). Few countries have launched the CBDC or widely used it in the economy. In addition to surveying the literature, which features extremely scarce empirical studies due to data limitations, this paper provides likely the earliest and the most comprehensive empirical documentation of the adoption of China's CBDC (e-CNY) after the central bank launched and actively promoted it in pilot regions using both regulatory power and economic incentives. We find that regions with active promotions for e-CNY plausibly witness more frequent and larger e-CNY transactions, more wallet creations, and greater merchant adoption. However, despite the strong intervention, individual users mostly stick to existing electronic payment Apps and are reluctant to switch to e-CNY. Given the world eagerly learns from China's experiment and China plans to expand the application scope of e-CNY as a general payment tool domestically and internationally with added smart-contract functions, we discuss primary challenges and potential paths forward for the development of e-CNY and CBDCs in general.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102735"},"PeriodicalIF":7.2,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148134","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 “say-on-pay” votes affect M&A decisions?
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-11 DOI: 10.1016/j.jcorpfin.2025.102733
Shantanu Dutta , Micah S. Officer , Ruixiang Wang , Pengcheng Zhu
{"title":"Do “say-on-pay” votes affect M&A decisions?","authors":"Shantanu Dutta ,&nbsp;Micah S. Officer ,&nbsp;Ruixiang Wang ,&nbsp;Pengcheng Zhu","doi":"10.1016/j.jcorpfin.2025.102733","DOIUrl":"10.1016/j.jcorpfin.2025.102733","url":null,"abstract":"<div><div>This paper demonstrates that firms receiving above-industry-average support in their “say-on-pay” (SoP) votes engage in more M&amp;A transactions in the subsequent year. Our empirical findings suggest that high levels of SoP voting support may boost managerial confidence, thereby stimulating increased pursuit of acquisitions. Moreover, we observe that managers garnering higher SoP vote support are more likely to secure shareholders' backing in M&amp;A votes, receive higher compensation in successful deals, and face a reduced likelihood of forced turnover following unsuccessful deals. Additionally, we find that both short-term and long-term M&amp;A performance significantly improves in deals announced by managers receiving higher SoP voting support. These findings contribute to our understanding of the relation between shareholder support for CEOs and firm investment.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102733"},"PeriodicalIF":7.2,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148133","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
Does stakeholder orientation mitigate shareholder-employee conflicts? Evidence from a quasi-natural experiment
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-07 DOI: 10.1016/j.jcorpfin.2025.102736
Douglas Cumming , Fanyu Lu , Limin Xu , Chia-Feng (Jeffrey) Yu
{"title":"Does stakeholder orientation mitigate shareholder-employee conflicts? Evidence from a quasi-natural experiment","authors":"Douglas Cumming ,&nbsp;Fanyu Lu ,&nbsp;Limin Xu ,&nbsp;Chia-Feng (Jeffrey) Yu","doi":"10.1016/j.jcorpfin.2025.102736","DOIUrl":"10.1016/j.jcorpfin.2025.102736","url":null,"abstract":"<div><div>This paper examines the influence of stakeholder orientation on the shareholder-employee conflict characterized by the propensity of firms to engage in share purchases and leave employee pensions underfunded. Utilizing the enactment of US state-level constituency statutes, we find that firms in states that have adopted constituency statutes exhibit a weaker share repurchase-pension underfunding propensity, especially those with high default risk. The mechanism is through union intervention and labor representatives on boards. The effect is moderated for firms headquartered in high-social-capital regions, operating with higher human capital, possessing a history of employee litigation, and maintaining lower and short-horizon institutional ownership. After implementing constituency statutes, share repurchase announcements are associated with lower returns for firms with higher pension deficits. Our findings suggest that stakeholder orientation can discipline the shareholder-employee conflict.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102736"},"PeriodicalIF":7.2,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148604","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
A review of DAO governance: Recent literature and emerging trends
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-03 DOI: 10.1016/j.jcorpfin.2025.102734
Jungsuk Han , Jongsub Lee , Tao Li
{"title":"A review of DAO governance: Recent literature and emerging trends","authors":"Jungsuk Han ,&nbsp;Jongsub Lee ,&nbsp;Tao Li","doi":"10.1016/j.jcorpfin.2025.102734","DOIUrl":"10.1016/j.jcorpfin.2025.102734","url":null,"abstract":"<div><div>Decentralized autonomous organizations (DAOs) have emerged as a new organizational structure that leverages smart contracts and blockchain technology. Academics and practitioners have paid significant attention to DAOs, yet DAO decision-making processes and the broader implications remain under-studied. This paper aims to fill this gap in the literature. First, we compare the proposal- and voting-based governance mechanisms of DAOs with those of traditional corporate governance. Second, we introduce various novel voting models adopted by DAOs. Third, we discuss DAOs' drawbacks and highlight a unique agency problem arising from large token holders, termed “whales,” within these organizations. The concentrated ownership such whales, whose interests may diverge from those of smaller token holders (i.e., users), obtain can result in governance vulnerabilities. After discussing recent instances of investor activism and contentious votes involving DAOs, we conclude by surveying the literature on the optimal DAO design.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102734"},"PeriodicalIF":7.2,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148546","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
Economic magnitudes within reason
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-03 DOI: 10.1016/j.jcorpfin.2024.102707
Zack Liu , Adam Winegar
{"title":"Economic magnitudes within reason","authors":"Zack Liu ,&nbsp;Adam Winegar","doi":"10.1016/j.jcorpfin.2024.102707","DOIUrl":"10.1016/j.jcorpfin.2024.102707","url":null,"abstract":"<div><div>A common method of calculating economic magnitudes is to multiply the regression coefficient of the variable of interest by its sample standard deviation. This method is often problematic in finance settings when researchers use granular fixed effects. We show that in many recently published finance papers and for many common finance variables, the sample standard deviation is much larger than the within-group variation that identifies the regression coefficient, and that within-group changes of this magnitude are rare. Without additional assumptions, this common approach can significantly inflate the economic magnitude of the identified effect and impact the comparison of effects among different variables of interest. We recommend using within-group measures of variation to improve the interpretation of economic magnitudes in this setting.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102707"},"PeriodicalIF":7.2,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148547","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
Corporate ownership and ESG performance
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-01-03 DOI: 10.1016/j.jcorpfin.2024.102732
Belén Villalonga , Peter Tufano , Boya Wang
{"title":"Corporate ownership and ESG performance","authors":"Belén Villalonga ,&nbsp;Peter Tufano ,&nbsp;Boya Wang","doi":"10.1016/j.jcorpfin.2024.102732","DOIUrl":"10.1016/j.jcorpfin.2024.102732","url":null,"abstract":"<div><div>Using a sample of 3083 firms from 62 countries over 18 years, we analyze how the structure and identity of firms' material owners influence their Environmental, Social, and Governance (ESG) performance. We find that firms with founding families or other individual investors as owners underperform, unless family members serve as CEOs, when they outperform all others. Non-family management and government entities also perform significantly better in most analyses. These results are robust to multiple data and methodological stress tests. Our findings show that ownership matters for ESG performance and give us an indication of the preferences of different types of owners regarding ESG.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102732"},"PeriodicalIF":7.2,"publicationDate":"2025-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148624","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
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