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Firm-level climate sentiments, climate politics and implied cost of equity capital 企业层面的气候情绪、气候政治和隐含的权益资本成本
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102846
Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé
{"title":"Firm-level climate sentiments, climate politics and implied cost of equity capital","authors":"Katsiaryna Salavei Bardos ,&nbsp;Dev R. Mishra ,&nbsp;Hyacinthe Y. Somé","doi":"10.1016/j.jcorpfin.2025.102846","DOIUrl":"10.1016/j.jcorpfin.2025.102846","url":null,"abstract":"<div><div>In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered in RED and SWING states, supporting “boomerang hypothesis” that green firms are hedged against potential changes in local climate standards and thus enjoy considerably cheaper financing in the localities marred with greenhouse gas emission concerns, climate related physical disasters, and climate unfriendly political environment. We utilize the variation in regionwide and statewide public beliefs about scientists' beliefs regarding the occurrence of global warming as an instrument to address endogeneity issues, among other tests.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102846"},"PeriodicalIF":7.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144523184","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
Central bank digital currency and corporate cash holdings: Evidence from China's e-CNY pilot 央行数字货币与企业现金持有量：来自中国e-CNY试点的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102847
Guanglong Zhang , Kam C. Chan
{"title":"Central bank digital currency and corporate cash holdings: Evidence from China's e-CNY pilot","authors":"Guanglong Zhang ,&nbsp;Kam C. Chan","doi":"10.1016/j.jcorpfin.2025.102847","DOIUrl":"10.1016/j.jcorpfin.2025.102847","url":null,"abstract":"<div><div>We examine the impact of a central bank digital currency (CBDC) on corporate cash holding decisions, utilizing China's staggered e-CNY pilot program as a quasi-natural experiment. Our findings demonstrate that firms operating in pilot areas significantly decrease their cash holdings following the introduction of e-CNY. Mechanism tests indicate that e-CNY serves as a novel governance mechanism that reduces firm agency costs, thereby diminishing agency motives for cash hoarding. It also acts as a powerful surveillance tool that leads to greater government subsidies, broader access to bank loans, and lower debt financing costs, thus reducing precautionary and transactional motives for holding cash. Additionally, dynamic tests suggest that e-CNY increases firms' cash adjustment speed. This study provides initial evidence that CBDCs, through their inherent characteristics of transparency, traceability, immutability, and programmability, can mitigate agency problems, reduce information asymmetry, and enhance economic transparency. However, this may also raise concerns about privacy and government overreach that require further study.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102847"},"PeriodicalIF":7.2,"publicationDate":"2025-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549435","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
Peer effects of star-analysts' departure: New evidence from China 明星分析师离职的同行效应：来自中国的新证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-27 DOI: 10.1016/j.jcorpfin.2025.102844
Zhifan Tian , Cheng (Colin) Zeng , Chaofan Li , Yi Wu
{"title":"Peer effects of star-analysts' departure: New evidence from China","authors":"Zhifan Tian ,&nbsp;Cheng (Colin) Zeng ,&nbsp;Chaofan Li ,&nbsp;Yi Wu","doi":"10.1016/j.jcorpfin.2025.102844","DOIUrl":"10.1016/j.jcorpfin.2025.102844","url":null,"abstract":"<div><div>This paper examines how the departure of star analysts influences the performance of their non-star peers. Using manually collected data from China, we observe that non-star analysts enhance their forecast accuracy after a star analyst leaves. This effect is particularly pronounced when non-star analysts have previously worked within hierarchical teams or when the departing star analyst held significant internal resources within the brokerage. Additionally, the performance improvements are more substantial in environments with greater promotion opportunities and in brokerages characterized by a collective organizational culture. To establish causality, we leverage the suspension and subsequent reform of the star analyst voting system as an exogenous shock. A difference-in-difference (DID) analysis demonstrates that brokerages more affected by this shock exhibit larger improvements in analyst forecast accuracy. These findings offer new insights into the celebrity effect, highlighting how changes in team structure and internal competition influence analyst performance.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102844"},"PeriodicalIF":7.2,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144556935","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
Special issue on non-significant results 关于非显著结果的特刊
IF 5.9 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-25 DOI: 10.1016/j.jcorpfin.2025.102842
Matthew C. Ringgenberg
{"title":"Special issue on non-significant results","authors":"Matthew C. Ringgenberg","doi":"10.1016/j.jcorpfin.2025.102842","DOIUrl":"10.1016/j.jcorpfin.2025.102842","url":null,"abstract":"<div><div>Academic journals are biased towards publishing results that are statistically significant and this bias can lead to incorrect inferences about economic parameters of interest. This special issue was created as a counter to this bias. The issue contains a mix of articles on important economic questions regardless of whether they document statistically significant results. Some of these articles provide evidence that a well-established result in the literature is not reliably confirmed in existing data, some provide novel empirical evidence that a theorized result is not statistically significant, and some of the articles provide methodological improvements to assist future research. In this preface to the special issue, I provide a brief overview of the literature on publication bias and discuss some of the proposed remedies with a goal of improving inference about important economic questions and encouraging academics to pursue research even if the results are not statistically significant.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102842"},"PeriodicalIF":5.9,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144864693","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
Voluntary disclosures and climate change uncertainty: Evidence from CDS premiums 自愿披露与气候变化不确定性：来自CDS溢价的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-24 DOI: 10.1016/j.jcorpfin.2025.102831
Michael B. Imerman , Xiaoxia Ye , Ran Zhao
{"title":"Voluntary disclosures and climate change uncertainty: Evidence from CDS premiums","authors":"Michael B. Imerman ,&nbsp;Xiaoxia Ye ,&nbsp;Ran Zhao","doi":"10.1016/j.jcorpfin.2025.102831","DOIUrl":"10.1016/j.jcorpfin.2025.102831","url":null,"abstract":"<div><div>We examine the effect of voluntary climate risk disclosure on Credit Default Swap (CDS) premiums. We develop a structural model, in which climate-related disclosures serve as an information source reducing climate change uncertainty. The model predicts a negative relation between the informativeness of climate risk disclosure and the CDS premium, and asymmetric effects of positive and negative disclosure tone on the CDS premium. Using climate risk measures quantified from earnings call transcripts, we provide evidence supporting these predictions with causal inference. Our study suggests that climate risk is priced in the CDS market, where investors pay attention to climate risk disclosures.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102831"},"PeriodicalIF":7.2,"publicationDate":"2025-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522903","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 impact of local corruption on firms' narrative R&D disclosures 地方腐败对企业叙述性研发披露的影响
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-23 DOI: 10.1016/j.jcorpfin.2025.102841
Rui Huang , Xuejun Jiang , Leonard Leye Li , Louise Yi Lu , Yangxin Yu
{"title":"The impact of local corruption on firms' narrative R&D disclosures","authors":"Rui Huang ,&nbsp;Xuejun Jiang ,&nbsp;Leonard Leye Li ,&nbsp;Louise Yi Lu ,&nbsp;Yangxin Yu","doi":"10.1016/j.jcorpfin.2025.102841","DOIUrl":"10.1016/j.jcorpfin.2025.102841","url":null,"abstract":"<div><div>This study examines the impact of local corruption on firms' narrative research and development (R&amp;D) disclosures in the United States. We find that firms in more corrupt areas include fewer R&amp;D sentences in their 10-K filings, and these sentences contain less numerical and forward-looking information. Our results hold across various measures of local corruption and R&amp;D disclosures and remain robust after controlling for firms' R&amp;D activities, implementing fixed effects, using difference-in-differences tests, and applying instrumental variable analysis. Additionally, the effects are more pronounced for firms with concentrated operations in their headquarters states and for firms whose R&amp;D disclosures closely relate to future earnings. However, they are less pronounced for firms with CEOs politically aligned with the state's incumbent party and when the benefit of resolving market dispersion from firms' R&amp;D disclosure is high. Overall, our findings indicate that local corruption adversely affects firms' narrative R&amp;D disclosures.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102841"},"PeriodicalIF":7.2,"publicationDate":"2025-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144501337","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
Subsidizing uncertain investments: The role of production technology and imprecise learning 补贴不确定投资：生产技术和不精确学习的作用
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-20 DOI: 10.1016/j.jcorpfin.2025.102829
Christian Riis Flor , Kevin Berg Grell
{"title":"Subsidizing uncertain investments: The role of production technology and imprecise learning","authors":"Christian Riis Flor ,&nbsp;Kevin Berg Grell","doi":"10.1016/j.jcorpfin.2025.102829","DOIUrl":"10.1016/j.jcorpfin.2025.102829","url":null,"abstract":"<div><div>This paper investigates the interplay between government subsidies, production technology, and learning through imprecise signals in shaping a firm’s investment strategy. Utilizing a real options framework with complementary investments, we address uncertainty in different investment stages and the limited informativeness of signals. Our findings reveal that optimal subsidization aligns a firm’s incentives with the evolving knowledge gained during the investment process. Specifically, the interaction between production technology elasticity and signal quality is crucial. Subsidies prove most effective when signals are highly informative, particularly when the technology’s returns are dependent on later-stage investments. This analysis highlights the need to manage uncertainty at each stage to maximize social net benefits, offering insights for policymakers on structuring subsidies under uncertainty.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102829"},"PeriodicalIF":7.2,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144556934","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
Demand-driven corporate social responsibility: Symbolic versus substantive change after environmental disasters 需求驱动的企业社会责任：环境灾难后的象征性变革与实质性变革
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-18 DOI: 10.1016/j.jcorpfin.2025.102816
Juan Manuel García Lara , Beatriz García Osma , Irina Gazizova , Akram Khalilov
{"title":"Demand-driven corporate social responsibility: Symbolic versus substantive change after environmental disasters","authors":"Juan Manuel García Lara ,&nbsp;Beatriz García Osma ,&nbsp;Irina Gazizova ,&nbsp;Akram Khalilov","doi":"10.1016/j.jcorpfin.2025.102816","DOIUrl":"10.1016/j.jcorpfin.2025.102816","url":null,"abstract":"<div><div>We examine disasters caused by individual firms with severe environmental impacts. These disasters trigger industry-wide demand for corporate social responsibility (CSR). We analyze whether affected firms respond by adopting substantive or symbolic CSR measures. We find that firms increase overall CSR performance through improvements in diversity and human rights rather than decreasing environmental concerns. This suggests firms prioritize symbolic CSR to legitimize their operations rather than substantive measures to mitigate environmental harm. We also document diverging costs and welfare effects. On average, substantive CSR actions are costlier and cause lower margins but avoid divestments by ESG-oriented funds while improving long-term credit ratings. Some of these benefits of substantive actions also accrue through symbolic actions at a lower cost.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102816"},"PeriodicalIF":7.2,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366250","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
Reconciling the evidence on board diversity mandates 调和董事会多元化要求的证据
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-17 DOI: 10.1016/j.jcorpfin.2025.102838
Daniel T. Greene , JiHoon Hwang , Vincent J. Intintoli , Kathleen M. Kahle
{"title":"Reconciling the evidence on board diversity mandates","authors":"Daniel T. Greene ,&nbsp;JiHoon Hwang ,&nbsp;Vincent J. Intintoli ,&nbsp;Kathleen M. Kahle","doi":"10.1016/j.jcorpfin.2025.102838","DOIUrl":"10.1016/j.jcorpfin.2025.102838","url":null,"abstract":"<div><div>We examine California Assembly Bill No. 979 (AB 979), the first law mandating racial, ethnic, and other forms of diversity on corporate boards. Conventional <em>t</em>-tests show that stock returns around the enactment of the law are negative, economically large, and statistically significant; returns are more negative for smaller firms and firms with no diverse directors, suggesting higher compliance costs. However, statistical significance disappears after controlling for event date cross-correlation, when comparing returns on event dates to the pre-event distribution of returns, and in multivariate regressions. At least 90 % of firms comply with the first stage of AB 979 and the qualifications of mandated directors are largely similar to those of benchmarks, suggesting compliance costs are low. We also find no evidence that compliance affects firm operating performance. Overall, our results suggest that the diversity mandate has statistically and economically small effects relative to typical variation in stock returns and firm outcomes, which highlights the importance of considering appropriate counterfactuals and examining multiple dimensions when analyzing the impact of such mandates.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102838"},"PeriodicalIF":7.2,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144588295","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 good and evil of algos: Investment-to-price sensitivity and the learning hypothesis 算法的善与恶：投资对价格的敏感性和学习假设
IF 7.2 1区 经济学
Journal of Corporate Finance Pub Date : 2025-06-11 DOI: 10.1016/j.jcorpfin.2025.102834
Nihad Aliyev , Fariz Huseynov , Khaladdin Rzayev
{"title":"The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis","authors":"Nihad Aliyev ,&nbsp;Fariz Huseynov ,&nbsp;Khaladdin Rzayev","doi":"10.1016/j.jcorpfin.2025.102834","DOIUrl":"10.1016/j.jcorpfin.2025.102834","url":null,"abstract":"<div><div>We investigate how firm managers’ learning from share prices is influenced by two different types of algorithmic trading (AT) activities in their shares. We find that liquidity-supplying AT enhances managers’ ability to learn from share prices by encouraging information acquisition in markets, leading to increased investment sensitivity to share prices. However, liquidity-demanding AT impairs this learning process by discouraging information acquisition. Firm operating performance correspondingly improves with liquidity-supplying AT and deteriorates with liquidity-demanding AT. To establish causality, we use NYSE’s Autoquote implementation as a source of exogenous variation in AT. Our findings demonstrate AT’s significant impact on real economic outcomes.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"94 ","pages":"Article 102834"},"PeriodicalIF":7.2,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144322055","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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