Journal of Corporate Finance最新文献_第8页

Tacit collusion among dominant banks: Evidence from round-yard loan pricing 主导银行之间的默契勾结：来自庭院贷款定价的证据

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

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 渡过难关：评估2019冠状病毒病大流行期间企业风险管理在财产和责任保险公司业绩中的作用

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

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引用次数: 0

Carbon home bias of European investors 欧洲投资者的碳本土偏见

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 , 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

Real options and CEO social connections: The role of financial flexibility 实物期权与CEO社会关系：财务灵活性的作用

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-02-10 DOI: 10.1016/j.jcorpfin.2025.102749

Md Nazmul Hasan Bhuyan , Luis García-Feijóo , Tijana Rajkovic

引用次数: 0

How does the structure of an interest expense cap change the tax benefits of debt? 利息支出上限的结构如何改变债务的税收优惠？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-02-08 DOI: 10.1016/j.jcorpfin.2025.102747

Karan Bhanot , Pascal François , Palani-Rajan Kadapakkam

引用次数: 0

Risk, return, and environmental and social ratings 风险，回报，环境和社会评级

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-02-05 DOI: 10.1016/j.jcorpfin.2025.102744

Sudheer Chava , Jeong Ho (John) Kim , Jaemin Lee

引用次数: 0

The stock market reaction to bond refinancing issues with and without senior debt 股票市场对债券再融资问题的反应，无论是否有优先债务

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-01-29 DOI: 10.1016/j.jcorpfin.2025.102746

Axel Grossmann , Thanh Ngo

{"title":"The stock market reaction to bond refinancing issues with and without senior debt","authors":"Axel Grossmann , Thanh Ngo","doi":"10.1016/j.jcorpfin.2025.102746","DOIUrl":"10.1016/j.jcorpfin.2025.102746","url":null,"abstract":"<div><div>Using a sample of 3228 bond issues of U.S. publicly traded companies from 1990 to 2021, we find a statistically significant negative stock market reaction surrounding the announcements of debt issues aimed at refinancing outstanding debt when compared to debt issues for other purposes. The results are not driven by public debt being used to refinance “inside” debt, such as bank loans. This finding aligns with signaling theory, which suggests that replacing existing debt with new debt may indicate unfavorable conditions: difficulty servicing current debt obligations with existing resources or a lack of future growth opportunities. These negative market reactions are mitigated, however, when firms use less risky senior debt to refinance existing debt. Senior notes serve as a strategic move by firms to counter the negative market perception associated with debt refinancing issues. The findings are particularly more pronounced for the decades after 1999, albeit with a reduced magnitude in the 2010s, suggesting that the Global Financial Crisis in the 2000s made markets more sensitive to negative signals related to public debt refinancing. The main findings are robust to potential biases brought about by measurement errors, simultaneity, and endogeneity.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"91 ","pages":"Article 102746"},"PeriodicalIF":7.2,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148512","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

Political corruption, Dodd–Frank whistleblowing, and debt financing 政治腐败，多德-弗兰克法案，债务融资

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-01-28 DOI: 10.1016/j.jcorpfin.2025.102745

Qingjie Du , Iftekhar Hasan , Yang Wang , K.C. John Wei

引用次数: 0

Dark trading volume and market quality: A natural experiment 暗交易量和市场质量：一个自然实验

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2025-01-27 DOI: 10.1016/j.jcorpfin.2025.102742

Ryan Farley, Eric K. Kelley, Andy Puckett

引用次数: 0

Risk-taking incentives and firm credit risk1 冒险动机与企业信用风险