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Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets 碳排放会影响资本成本吗？一级和二级公司债券市场
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-11-29 DOI: 10.1016/j.jcorpfin.2025.102932
Daniel Kim , Sébastien Pouget
{"title":"Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets","authors":"Daniel Kim ,&nbsp;Sébastien Pouget","doi":"10.1016/j.jcorpfin.2025.102932","DOIUrl":"10.1016/j.jcorpfin.2025.102932","url":null,"abstract":"<div><div>We empirically study whether carbon emissions affect firms’ cost of capital raised on conventional bond markets. We find that firms with higher carbon emissions face higher spreads in the secondary market but not in the primary market. We show that this gap is related to uncertainty about climate concerns that affects differently primary and secondary market. This gap is also affected by the reputation of underwriting dealers: high reputation promotes the incorporation of climate concerns into bond yields. Our findings imply that, on average, carbon emissions do not affect the cost of capital in bond markets, thereby reducing firms’ financial incentives for decarbonization.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102932"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145691434","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
Understanding outlier opinions: Evidence from financial analysts 理解异常意见：来自金融分析师的证据
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI: 10.1016/j.jcorpfin.2025.102933
Qianqian Du , Frank Yu , Xiaoyun Yu
{"title":"Understanding outlier opinions: Evidence from financial analysts","authors":"Qianqian Du ,&nbsp;Frank Yu ,&nbsp;Xiaoyun Yu","doi":"10.1016/j.jcorpfin.2025.102933","DOIUrl":"10.1016/j.jcorpfin.2025.102933","url":null,"abstract":"<div><div>We study the impact of outlier opinions—extreme views voiced by individuals—in financial markets. Using analyst forecasts as a laboratory, we show that the arrival of an outlier forecast subsequently shifts group consensus and prompts more extreme forecasts from peers. Outlier forecasts also elicit stronger market reactions from investors, increased media coverage, and more conservative management guidance. Further analyses reveal that issuing outlier forecasts enhances an analyst's likelihood of being assigned to cover more prominent clients. Outlier forecasts are more prevalent when an analyst's reputation cost is low and information uncertainty is high. These findings suggest that an individual's outlier opinions, despite being rare and extreme, can generate a broad range of market reactions, and the tendency to express such views is situational, likely driven by personal career motives.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102933"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145732946","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
Local peer effects and corporate investment 本地同伴效应和企业投资
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-12 DOI: 10.1016/j.jcorpfin.2025.102935
Yangming Bao , Martin R. Goetz
{"title":"Local peer effects and corporate investment","authors":"Yangming Bao ,&nbsp;Martin R. Goetz","doi":"10.1016/j.jcorpfin.2025.102935","DOIUrl":"10.1016/j.jcorpfin.2025.102935","url":null,"abstract":"<div><div>We examine peer effects in corporate finance by assessing how a firm’s investment influences its neighboring peer firms’ investment. To uncover the exogenous component of investment, we exploit time variation in the increases in state corporate income taxes across the United States and utilize heterogeneity in local peer firms’ exposure to these tax increases to construct an instrumental variable. We identify a positive and robust causal effect of local peer firms’ investment decisions on firm investment. Distinguishing between physical and intangible investment, we find that peer firms’ investment in physical (intangible) capital only influences firm investment in the same type of capital, particularly when that capital is central to operations. Further evidence indicates that learning from peers is an important factor, as peer effects are more pronounced for firms with stronger learning motives.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102935"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145732947","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
“Death becomes her”: Market reaction to the death of controlling inside blockholders “死亡成为她”：市场对内部控股股东死亡的反应
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-18 DOI: 10.1016/j.jcorpfin.2025.102938
Massimiliano Barbi, Marco Bigelli
{"title":"“Death becomes her”: Market reaction to the death of controlling inside blockholders","authors":"Massimiliano Barbi,&nbsp;Marco Bigelli","doi":"10.1016/j.jcorpfin.2025.102938","DOIUrl":"10.1016/j.jcorpfin.2025.102938","url":null,"abstract":"<div><div>The death of a controlling inside blockholder triggers market expectations of possible changes in corporate control, which would extend the control premium to minority shareholders under the European Equal Opportunity Rule (EOR). Using data from Italy (1992–2023), we find cumulative average abnormal returns around the death announcement of +4.3 % over [−5,+1] and +3.6 % over [−1,+1]. Reactions are negligible when the deceased held a non-controlling stake, and stronger when a second relevant blockholder is present. We find no evidence of a stronger reaction for older blockholders or firms with weaker performance or valuation. Within 10 years, over one-third of firms formerly controlled by the deceased undergo a control transition, typically via tender offer under the EOR. Succession does not lead to ownership dispersion, but rather preserves or further concentrates control.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102938"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145836657","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
“May the road ahead be smooth”: Cultural continuity and CEO succession “愿未来的道路一帆风顺”：文化的连续性和CEO的继任
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-26 DOI: 10.1016/j.jcorpfin.2025.102940
Ran Tao, Hong Zhao
{"title":"“May the road ahead be smooth”: Cultural continuity and CEO succession","authors":"Ran Tao,&nbsp;Hong Zhao","doi":"10.1016/j.jcorpfin.2025.102940","DOIUrl":"10.1016/j.jcorpfin.2025.102940","url":null,"abstract":"<div><div>This paper studies the cultural continuity between consecutive CEOs by examining its role in CEO selection and its effects on post-turnover outcomes. Using the epidemiological approach to identify cultural heritage and the Hofstede dimensions to measure cultural distance, we find that firms tend to preserve cultural continuity by favoring candidates who are culturally closer to the outgoing CEO. We also observe that cultural distance tends to be smaller in voluntary turnovers, inside successions, and firms with better pre-turnover performance. In examining post-turnover outcomes, we find that smaller CEO cultural distance is associated with fewer executive departures, less investment restructuring, smaller increase in volatility, and better performance after the turnover. Our results highlight CEO cultural continuity as a smoothing mechanism that supports leadership and strategic stability during CEO transitions.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102940"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145836767","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
Pension fund investment and firm innovation 养老基金投资与企业创新
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-11-19 DOI: 10.1016/j.jcorpfin.2025.102918
David Pinkus , Dario Pozzoli , Cédric Schneider
{"title":"Pension fund investment and firm innovation","authors":"David Pinkus ,&nbsp;Dario Pozzoli ,&nbsp;Cédric Schneider","doi":"10.1016/j.jcorpfin.2025.102918","DOIUrl":"10.1016/j.jcorpfin.2025.102918","url":null,"abstract":"<div><div>We use a unique dataset on domestic pension fund investments to estimate the relationship between pension fund investment and innovation within Danish unlisted firms. We find a significant positive association between pension fund investment and various measures of innovation, including those targeting green technologies. However, this association is attenuated in highly competitive industries, consistent with a governance channel through which pension funds exert discipline on managers. Overall, our study underscores the important role of pension funds in supporting firm innovation, particularly by reducing managerial slack and by supplying stable, long-term capital to unlisted firms.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102918"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145622141","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
Ruling with ideology: Politicians’ beliefs and privatizations 意识形态统治：政治家的信仰与私有化
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-11-17 DOI: 10.1016/j.jcorpfin.2025.102919
Linxiang Ma
{"title":"Ruling with ideology: Politicians’ beliefs and privatizations","authors":"Linxiang Ma","doi":"10.1016/j.jcorpfin.2025.102919","DOIUrl":"10.1016/j.jcorpfin.2025.102919","url":null,"abstract":"<div><div>I examine how political ideology shapes China’s privatization wave around 2000. Using a novel ideology measure constructed based on belief formation mechanisms, I show that provincial governors with above-median communist beliefs privatize 2.8% fewer state-owned enterprises (SOEs) each year than their below-median-belief colleagues. Firms privatized under such governors also achieve fewer efficiency gains after the sale. Mechanism analysis finds evidence that this performance gap arises from ideologically driven choices: pro-communist governors are more likely to privatize weaker or less important firms, adopt transaction structures associated with inferior outcomes, and manage subsidies in ways that exacerbate post-privatization challenges. Moreover, ideology moderates how governors learn from experience and respond to signals, shaping their adaptation in managing privatization. Jointly, these results demonstrate that political leaders’ beliefs can substantially influence the trajectory and outcome of major economic reforms. It also highlights the importance of ideology in driving politicians’ decisions under authoritarian regimes.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102919"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145536903","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
When does a generalist CEO create shareholder value? The effect of managerial challenge 通才型CEO何时能为股东创造价值？管理挑战的影响
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-11-08 DOI: 10.1016/j.jcorpfin.2025.102917
Sergey Gelman , Russell Fralich , Alex Bitektine , Sara Zahraei
{"title":"When does a generalist CEO create shareholder value? The effect of managerial challenge","authors":"Sergey Gelman ,&nbsp;Russell Fralich ,&nbsp;Alex Bitektine ,&nbsp;Sara Zahraei","doi":"10.1016/j.jcorpfin.2025.102917","DOIUrl":"10.1016/j.jcorpfin.2025.102917","url":null,"abstract":"<div><div>We find that the expected contribution of new CEO's experience to firm value depends on the degree of managerial challenge faced in the hiring firm. We identify two firm dimensions of such challenge: 1) firm complexity and 2) prior poor performance of the firm. Using a multi-industry 15-year sample of 1095 newly appointed CEOs of U.S. public firms, we find that CEO's experience benefits investors only when the firm is complex and/or struggling. The more complexity or performance challenge the firm is facing, the greater is the positive effect of CEO generalist experience on shareholder value.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102917"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145578360","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
Revealing or concealing? The competitive landscape of bad news disclosure 揭示还是隐藏？坏消息披露的竞争格局
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI: 10.1016/j.jcorpfin.2025.102930
Rui Dai , Rui Duan , Lilian Ng
{"title":"Revealing or concealing? The competitive landscape of bad news disclosure","authors":"Rui Dai ,&nbsp;Rui Duan ,&nbsp;Lilian Ng","doi":"10.1016/j.jcorpfin.2025.102930","DOIUrl":"10.1016/j.jcorpfin.2025.102930","url":null,"abstract":"<div><div>We examine how product market competition influences corporate disclosure of adverse news. Our results indicate that firms facing intense competition from existing rivals tend to withhold unfavorable information from stakeholders such as competitors, customers, and investors. In contrast, the threat of new entrants encourages firms to disclose more adverse news as a strategy to deter competition and preserve customer relationships. Our study reconciles seemingly contradictory findings from prior research on competition and disclosure strategies. We highlight that the relationship is shaped by a broader set of corporate strategic considerations, encompassing competitor, customer, and investor dynamics, beyond managerial self-interest.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102930"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145691433","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
Friend or foe? Bilateral political relations and the portfolio allocation of foreign institutional investors 是敌是友？双边政治关系与外国机构投资者的投资组合配置
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2026-02-01 Epub Date: 2025-12-23 DOI: 10.1016/j.jcorpfin.2025.102937
Stefano Lugo, Maurizio Montone
{"title":"Friend or foe? Bilateral political relations and the portfolio allocation of foreign institutional investors","authors":"Stefano Lugo,&nbsp;Maurizio Montone","doi":"10.1016/j.jcorpfin.2025.102937","DOIUrl":"10.1016/j.jcorpfin.2025.102937","url":null,"abstract":"<div><div>We study the role of bilateral political relations in explaining variations in the equity portfolio allocation of foreign institutional investors. Using a large sample at the fund–firm–year level, we find that political distance between countries leads to significant retrenchment of foreign institutional investors from local firms. Consistent with our theorized mechanisms, we find that the effect is stronger for stocks that are more exposed to geopolitical risk, dividend-paying, and less liquid, as foreign investors sell off local securities perceived to become riskier to hold. Overall, our findings identify a novel financial channel through which geopolitical risk affects international equity markets.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"97 ","pages":"Article 102937"},"PeriodicalIF":5.9,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145836766","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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