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Report of the Editor of The Journal of Finance for the Year 2024 2024 年《金融杂志》编辑报告
IF 7.6 1区 经济学
Journal of Finance Pub Date : 2025-03-18 DOI: 10.1111/jofi.13435
ANTOINETTE SCHOAR
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引用次数: 0
BRATTLE GROUP AND DIMENSIONAL FUND ADVISORS PRIZES FOR 2024
IF 7.6 1区 经济学
Journal of Finance Pub Date : 2025-03-18 DOI: 10.1111/jofi.13434
{"title":"BRATTLE GROUP AND DIMENSIONAL FUND ADVISORS PRIZES FOR 2024","authors":"","doi":"10.1111/jofi.13434","DOIUrl":"https://doi.org/10.1111/jofi.13434","url":null,"abstract":"","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"80 2","pages":"655"},"PeriodicalIF":7.6,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143638701","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
AMERICAN FINANCE ASSOCIATION 美国金融协会
IF 7.6 1区 经济学
Journal of Finance Pub Date : 2025-03-18 DOI: 10.1111/jofi.13442
{"title":"AMERICAN FINANCE ASSOCIATION","authors":"","doi":"10.1111/jofi.13442","DOIUrl":"https://doi.org/10.1111/jofi.13442","url":null,"abstract":"","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"80 2","pages":"1328-1329"},"PeriodicalIF":7.6,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13442","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143638592","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
Report of the EST and of the 2025 Annual Membership Meeting EST 和 2025 年会员年会报告
IF 7.6 1区 经济学
Journal of Finance Pub Date : 2025-03-18 DOI: 10.1111/jofi.13433
{"title":"Report of the EST and of the 2025 Annual Membership Meeting","authors":"","doi":"10.1111/jofi.13433","DOIUrl":"https://doi.org/10.1111/jofi.13433","url":null,"abstract":"","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"80 2","pages":"1323-1325"},"PeriodicalIF":7.6,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143638590","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
Creating Controversy in Proxy Voting Advice
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-16 DOI: 10.1111/jofi.13438
ANDREY MALENKO, NADYA MALENKO, CHESTER SPATT
{"title":"Creating Controversy in Proxy Voting Advice","authors":"ANDREY MALENKO, NADYA MALENKO, CHESTER SPATT","doi":"10.1111/jofi.13438","DOIUrl":"https://doi.org/10.1111/jofi.13438","url":null,"abstract":"We analyze how a profit-maximizing proxy advisor designs vote recommendations and research reports. The advisor benefits from producing informative, unbiased reports, but only partially informative recommendations, biased against the a priori likely alternative. Such recommendations induce close votes, increasing controversy and thereby the relevance and value of proxy advice. Our results suggest shifting from an exclusive emphasis on recommendations, highlighting the importance of both reports and recommendations in proxy advisors' information provision. They rationalize the one-size-fits-all approach and help reinterpret empirical patterns of voting behavior, suggesting that proxy advisors' recommendations may not be a suitable benchmark for evaluating shareholders' votes.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"13 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143635275","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
Excess Capacity, Marginal q, and Corporate Investment
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-12 DOI: 10.1111/jofi.13439
GUSTAVO GRULLON, DAVID L. IKENBERRY
{"title":"Excess Capacity, Marginal q, and Corporate Investment","authors":"GUSTAVO GRULLON, DAVID L. IKENBERRY","doi":"10.1111/jofi.13439","DOIUrl":"https://doi.org/10.1111/jofi.13439","url":null,"abstract":"Theory posits that when managers anticipate excess capacity, average <jats:italic>q</jats:italic> becomes a biased estimator of marginal <jats:italic>q</jats:italic> as the potential for underutilizing new capital reduces the marginal benefit of investing. After correcting for this source of measurement error, the explanatory power of Tobin's <jats:italic>q</jats:italic> substantially improves in time‐series and cross‐sectional regressions as well as in out‐of‐sample tests. These findings, together with a secular erosion in capacity utilization, help explain why corporate investment rates have been declining for decades despite average <jats:italic>q</jats:italic> increasing significantly. Our analysis indicates that economic rigidities have contributed to the persistent erosion in capacity utilization.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"92 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143607825","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
Banks, Low Interest Rates, and Monetary Policy Transmission
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-09 DOI: 10.1111/jofi.13436
OLIVIER WANG
{"title":"Banks, Low Interest Rates, and Monetary Policy Transmission","authors":"OLIVIER WANG","doi":"10.1111/jofi.13436","DOIUrl":"https://doi.org/10.1111/jofi.13436","url":null,"abstract":"I study how the secular decline in interest rates affects banks' intermediation spreads and credit supply. Following a permanent decrease in rates, bank lending may rise initially but contracts in the long run. As lower rates compress deposit spreads even well above the zero lower bound, banks' retained earnings, equity, and lending fall until loan spreads have risen enough to offset the reduction in deposit spreads. A higher inflation target can support bank lending at the cost of higher liquidity premia. I find support for the model's predictions in U.S. aggregate and bank-level data.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"87 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143582570","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
Intrahousehold Disagreement about Macroeconomic Expectations
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-09 DOI: 10.1111/jofi.13437
DA KE
{"title":"Intrahousehold Disagreement about Macroeconomic Expectations","authors":"DA KE","doi":"10.1111/jofi.13437","DOIUrl":"https://doi.org/10.1111/jofi.13437","url":null,"abstract":"This paper highlights the simple fact that households typically consist of multiple members who may hold divergent views, a fact that existing approaches to measuring and modeling household macroeconomic expectations largely abstract from. Using unique data on the macroeconomic expectations of both spouses, I document substantial intrahousehold disagreement about inflation, economic recessions, and stock market returns. I further show that household asset allocation decisions are shaped by disagreement between spouses about future stock returns, and a preregistered randomized survey experiment confirms the causal impact of such disagreement on portfolio choice.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"54 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143582571","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
In Too Deep: The Effect of Sunk Costs on Corporate Investment
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-04 DOI: 10.1111/jofi.13430
MARIUS GUENZEL
{"title":"In Too Deep: The Effect of Sunk Costs on Corporate Investment","authors":"MARIUS GUENZEL","doi":"10.1111/jofi.13430","DOIUrl":"https://doi.org/10.1111/jofi.13430","url":null,"abstract":"Sunk costs are unrecoverable costs that should not affect decision making. I provide evidence that firms systematically fail to ignore sunk costs and that this leads to significant investment distortions. In fixed-exchange-ratio stock mergers, aggregate market fluctuations after parties enter into a binding merger agreement induce plausibly exogenous variation in the final acquisition cost. These quasi-random cost shocks strongly predict firms' commitment to an acquired business following deal completion, with an interquartile cost increase reducing subsequent divestiture rates by 8% to 9%. Consistent with an intrapersonal sunk cost channel, distortions are concentrated in firm-years in which the acquiring CEO is still in office.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"58 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143545933","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
How Credit Cycles across a Financial Crisis
IF 8 1区 经济学
Journal of Finance Pub Date : 2025-03-04 DOI: 10.1111/jofi.13431
ARVIND KRISHNAMURTHY, TYLER MUIR
{"title":"How Credit Cycles across a Financial Crisis","authors":"ARVIND KRISHNAMURTHY, TYLER MUIR","doi":"10.1111/jofi.13431","DOIUrl":"https://doi.org/10.1111/jofi.13431","url":null,"abstract":"We analyze the behavior of credit and output in financial crises using data on credit spreads and credit growth. Crises are marked by a sharp rise in credit spreads, signaling sudden shifts in expectations. The severity of a crisis can be predicted by the extent of credit losses (spread increases) and financial sector fragility (precrisis credit growth). This interaction is a key feature of crises. Postcrisis recessions are typically severe and prolonged. Notably, precrisis spreads tend to drop to low levels while credit growth accelerates, indicating that credit supply expansions often precede crises. The 2008 crisis aligns with these patterns.","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"29 1","pages":""},"PeriodicalIF":8.0,"publicationDate":"2025-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143545838","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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