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New event and old antidote: Can ex-ante disclosure mitigate regulatory risk? 新事件与旧解药：事前披露能否减轻监管风险？
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.jcorpfin.2025.102936
Ziyi Li , Rui Ruan , Yuchen Sun , Yue Tang
{"title":"New event and old antidote: Can ex-ante disclosure mitigate regulatory risk?","authors":"Ziyi Li ,&nbsp;Rui Ruan ,&nbsp;Yuchen Sun ,&nbsp;Yue Tang","doi":"10.1016/j.jcorpfin.2025.102936","DOIUrl":"10.1016/j.jcorpfin.2025.102936","url":null,"abstract":"<div><div>This paper addresses the growing concern over the uncertainty caused by unforeseen regulatory events and asymmetric information between firms and investors. By exploiting China's Central Environmental Protection Inspection (CEPI) as a quasi-experiment, we examine the role of voluntary risk disclosure in mitigating adverse selection problems and stock price distortions. We demonstrate that ex-ante environmental risk disclosure significantly reduces the post-shock widening of bid-ask spreads, highlighting its role in alleviating information asymmetry. Furthermore, we find that the effectiveness of such disclosure depends on the information environment, disclosure quality, and corporate risk management capability.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102936"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145897869","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
Worldwide board reforms and cross-border M&A flows 全球董事会改革和跨国并购流动
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-26 DOI: 10.1016/j.jcorpfin.2026.102970
Qi Dong , Gianluca Marcato , Chen Zheng
{"title":"Worldwide board reforms and cross-border M&A flows","authors":"Qi Dong ,&nbsp;Gianluca Marcato ,&nbsp;Chen Zheng","doi":"10.1016/j.jcorpfin.2026.102970","DOIUrl":"10.1016/j.jcorpfin.2026.102970","url":null,"abstract":"<div><div>This study examines the influence of global board reforms on cross-border mergers and acquisitions (CBMAs). Using a difference-in-differences methodology, we find that CBMA flows increase significantly following board reforms in both home and host countries. The effect is more pronounced for countries with relatively weaker external governance mechanisms compared to their counterparts. Our findings suggest that board reforms enhance board functions, thereby facilitating firms' outbound investments. Simultaneously, improved board governance mitigates acquisition risks, attracting inward investments and, consequently, stimulating CBMA flows.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102970"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146073914","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
Extreme weather events and payment timeliness in supply chains: Evidence from Hurricane Katrina 极端天气事件和供应链中的支付及时性：来自卡特里娜飓风的证据
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-02-05 DOI: 10.1016/j.jcorpfin.2026.102964
Viet A. Dang , Ning Gao , Hongge Lin
{"title":"Extreme weather events and payment timeliness in supply chains: Evidence from Hurricane Katrina","authors":"Viet A. Dang ,&nbsp;Ning Gao ,&nbsp;Hongge Lin","doi":"10.1016/j.jcorpfin.2026.102964","DOIUrl":"10.1016/j.jcorpfin.2026.102964","url":null,"abstract":"<div><div>Payment timeliness is crucial for the efficient functioning of supply chains. This paper examines the impact of extreme weather events on the timeliness of business establishments' payments to their suppliers, with a particular focus on Hurricane Katrina. We find that Katrina caused significant payment delays among affected establishments, with the impact being more severe for establishments whose parent firms were more exposed to Katrina, were financially constrained, or operated in markets with higher supplier competition. Following Katrina, these payment delays were associated with deteriorations in establishments' employment, survival, and exit outcomes, as well as in parent firms' supply-chain relationships and suppliers' financial performance. Our findings demonstrate that physical climate risks can profoundly affect the financial and real outcomes of customer and supplier firms through payment delays.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102964"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397658","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
Outcomes, risk-taking, and incentives: Evidence from asset managers 结果、风险承担和激励：来自资产管理公司的证据
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-02-10 DOI: 10.1016/j.jcorpfin.2026.102974
Carsten Bienz , Diego Bonelli , Aksel Mjøs , Francisco Santos
{"title":"Outcomes, risk-taking, and incentives: Evidence from asset managers","authors":"Carsten Bienz ,&nbsp;Diego Bonelli ,&nbsp;Aksel Mjøs ,&nbsp;Francisco Santos","doi":"10.1016/j.jcorpfin.2026.102974","DOIUrl":"10.1016/j.jcorpfin.2026.102974","url":null,"abstract":"<div><div>We study incentive contracts used by asset management firms in Norway, focusing on how bonus structures impact performance. The incentive contracts in our sample are heterogeneous, with firms rewarding fund managers based on both quantitative and qualitative targets. We find that higher potential bonuses tied to quantitative metrics, such as the information ratio, lead to better risk-adjusted performance at year-end. Managers at risk of missing bonus thresholds attempt to boost performance through portfolio adjustments, but these efforts backfire, resulting in worse outcomes in the latter part of the year.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102974"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397739","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 government customers and corporate court outcomes: Evidence from China 主要政府客户和企业法庭结果：来自中国的证据
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.jcorpfin.2026.102966
Xianhang Qian , Zisen Liu , Qian Wu , Cheng Zeng (Colin)
{"title":"Major government customers and corporate court outcomes: Evidence from China","authors":"Xianhang Qian ,&nbsp;Zisen Liu ,&nbsp;Qian Wu ,&nbsp;Cheng Zeng (Colin)","doi":"10.1016/j.jcorpfin.2026.102966","DOIUrl":"10.1016/j.jcorpfin.2026.102966","url":null,"abstract":"<div><div>We examine the role of firms' major government customers on the outcomes of their court cases using data about commercial lawsuits of Chinese firms. We find that firms with major government customers are associated with a higher winning rate in lawsuits. The association is more pronounced when major government customers have greater political influence, economic stakes and procurement budgets, and for firms that contribute more to the local economy. Moreover, the association is more pronounced when judgments are vulnerable to government intervention, such as non-contractual cases, cases involving small amounts, judges have a higher promotion pressure, and lawsuits are judged in regions with a worse legal environment. Finally, media attention, regulatory oversight, and reputational concerns of institutional investors and other stakeholders can constrain the judicial advantage of these firms. Overall, our findings highlight the role of supply chain connections with governments in shaping judicial outcomes and raise important questions about the integrity of legal processes in politicized business environments.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102966"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397662","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
Does environmental lobbying create firm value? 环境游说能创造企业价值吗？
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-31 DOI: 10.1016/j.jcorpfin.2026.102972
Anqi Jiao , Chunbo Liu , Honglin Ren
{"title":"Does environmental lobbying create firm value?","authors":"Anqi Jiao ,&nbsp;Chunbo Liu ,&nbsp;Honglin Ren","doi":"10.1016/j.jcorpfin.2026.102972","DOIUrl":"10.1016/j.jcorpfin.2026.102972","url":null,"abstract":"<div><div>Using data that link firm-level lobbying to environment-related congressional bills, we find that lobbying firms experience significantly less negative stock price reactions upon bill passage compared to their non-lobbying peers. These effects are stronger for major and closely contested legislation and during Democratic administration. While both green and brown firms lobby substantially, brown firms gain significantly more from lobbying. We also find that bills lobbied more heavily by brown firms are less likely to pass. Finally, emissions rise for brown firms that lobby but decline for green lobbying firms. Together, these findings reveal distinct patterns across interest groups in lobbying, which further interacts with legislative outcomes and the policy effectiveness.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102972"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147397665","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
Real estate collateral, lender screening, and M&A performance 房地产抵押、贷款人筛选与并购绩效
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-22 DOI: 10.1016/j.jcorpfin.2026.102962
Mingze Gao , Thanh Son Luong , Buhui Qiu
{"title":"Real estate collateral, lender screening, and M&A performance","authors":"Mingze Gao ,&nbsp;Thanh Son Luong ,&nbsp;Buhui Qiu","doi":"10.1016/j.jcorpfin.2026.102962","DOIUrl":"10.1016/j.jcorpfin.2026.102962","url":null,"abstract":"<div><div>We study whether and how the market value of corporate real estate (REMV) shapes acquirer M&amp;A performance. Using hand-collected loan agreements linked to M&amp;A deals, we show that financing secured by real estate embeds tighter acquisition covenants and that, unlike other collateral, real estate collateral is associated with higher announcement returns. Instrumental-variables estimates based on headquarters-state property taxes, crime rates, and local natural-disaster exposure support a causal link from REMV to M&amp;A deal performance. A two-by-two design crossing industry growth opportunities with acquisition covenants shows that both lender screening and financial flexibility mechanisms operate: returns are strongest when growth opportunities are high and covenants are restrictive, remain positive but smaller when only one channel is active, and vanish when both are weak. Consistent with ex-ante screening, acquirers borrowing against real estate are more likely to withdraw deals with negative announcement reactions. Our findings highlight the importance of real estate collateral in shaping corporate investment outcomes and suggest that real estate appreciation enhances firms' capacity to undertake more disciplined and value-creating acquisitions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102962"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146073911","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
Monetary policy, intangible capital, and debt contracts 货币政策、无形资本和债务合同
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-06 DOI: 10.1016/j.jcorpfin.2026.102943
Renbin Zhang , Weimin Zhou
{"title":"Monetary policy, intangible capital, and debt contracts","authors":"Renbin Zhang ,&nbsp;Weimin Zhou","doi":"10.1016/j.jcorpfin.2026.102943","DOIUrl":"10.1016/j.jcorpfin.2026.102943","url":null,"abstract":"<div><div>This paper examines the role of debt contracts and intangible capital in the transmission of monetary policy to firm-level investment. Based on an analysis of US non-financial firm-level data, we find that, in response to a contractionary monetary shock, cash flow-based borrowers with a relatively higher proportion of intangible assets experience a sharper contraction in investment than others. However, for asset-based borrowers, firms’ investment responses to monetary policy shocks do not vary with the proportion of intangible assets. A heterogeneous firm model, which features the coexistence of multiple debt contracts and investment portfolio choices, can explain our empirical findings.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102943"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924017","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
A minimum buyback requirement in open market repurchases: Impact on the signaling role 公开市场回购中的最低回购要求：对信号作用的影响
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-03 DOI: 10.1016/j.jcorpfin.2025.102941
Pranjal Srivastava , Joshy Jacob , Ajay Pandey
{"title":"A minimum buyback requirement in open market repurchases: Impact on the signaling role","authors":"Pranjal Srivastava ,&nbsp;Joshy Jacob ,&nbsp;Ajay Pandey","doi":"10.1016/j.jcorpfin.2025.102941","DOIUrl":"10.1016/j.jcorpfin.2025.102941","url":null,"abstract":"<div><div>The paper investigates the impact of the imposition of a minimum buyback requirement on open market repurchases (OMRs) in India. We extend the signaling model of Oded (2005) by including a minimum buyback requirement and show that it increases the stock price during the repurchase period, relative to a no minimum buyback regime. Accordingly, we find that the regulatory change has led to a significant increase in the abnormal stock returns earned around buyback announcements. Also, insiders increase their purchase of firms’ stock during the buyback execution period relative to the pre-reform period. These findings are consistent with a higher information value of OMR announcements in the minimum buyback regime. We further observe lower market timing through buyback execution, accompanied by a change in the execution-style, implying a weaker instinct for opportunistic buybacks. Our findings suggest that the regulatory change has lowered the “cheap-talk” motives associated with the announcement of open market buybacks.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102941"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145924019","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 green revenue and syndicated loan pricing 企业绿色收入与银团贷款定价
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.jcorpfin.2026.102967
Jiali Yan , Junyang Yin
{"title":"Corporate green revenue and syndicated loan pricing","authors":"Jiali Yan ,&nbsp;Junyang Yin","doi":"10.1016/j.jcorpfin.2026.102967","DOIUrl":"10.1016/j.jcorpfin.2026.102967","url":null,"abstract":"<div><div>How do banks contribute to the green economy? Using a unique dataset detailing firms' revenue exposure to green business activities, we present new evidence that firms generating revenue from green products and services are associated with lower syndicated loan spreads. We find that the green revenue effects on loan spreads are attributable to firms' prospects tied to climate change-related opportunities and banks' environmental orientation. Foreign banks subject to mandatory environmental, social, and governance (ESG) disclosure regulations reduce the loan spreads to green revenue firms. We also find suggestive evidence that firms with green revenue tend to file more green patents following loan origination. While banks typically perceive green innovation as riskier and demand higher loan spreads, this effect is offset if a firm also generates green revenue. Collectively, our results highlight the pivotal role that banks play in channeling financial resources toward green business practices.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"98 ","pages":"Article 102967"},"PeriodicalIF":5.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146073913","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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