Financial Markets, Institutions and Instruments最新文献_第4页

Environmental reputational risk, negative media attention and financial performance 环境声誉风险、负面媒体关注和财务业绩

Financial Markets, Institutions and Instruments Pub Date : 2022-07-07 DOI: 10.1111/fmii.12163

Leonardo Becchetti, Rocco Ciciretti, Iftekhar Hasan, Gabriele La Licata

引用次数: 1

Secret Recipe of IPO survival: ESG disclosure and performance IPO生存秘方：ESG披露与业绩

Financial Markets, Institutions and Instruments Pub Date : 2022-06-24 DOI: 10.1111/fmii.12169

Mengchuan Fu, Dantong Yu, Dan Zhou

引用次数: 3

Resilience of Environmental and Social Stocks under Stress: Lessons from the COVID-19 Pandemic 环境和社会存量在压力下的韧性：2019冠状病毒病疫情的教训

Financial Markets, Institutions and Instruments Pub Date : 2022-06-24 DOI: 10.1111/fmii.12166

Pejman Abedifar, Kais Bouslah, Christopher Neumann, Amine Tarazi

引用次数: 2

ESG Risks and the Value Relevance of Current and Historical Earnings ESG风险与当前和历史收益的价值相关性

Financial Markets, Institutions and Instruments Pub Date : 2022-06-24 DOI: 10.1111/fmii.12162

Mingying Cheng, Joseph A. Micale

{"title":"ESG Risks and the Value Relevance of Current and Historical Earnings","authors":"Mingying Cheng, Joseph A. Micale","doi":"10.1111/fmii.12162","DOIUrl":"10.1111/fmii.12162","url":null,"abstract":"We investigate whether independent, third-party assessments of firms’ Environmental, Social, and Governance (ESG) risk exposures provide forward-looking information content to capital market participants by evaluating whether these ESG risks have a moderating effect on the ability of earnings and the book values of equity to predict investors’ expectations of the present value of future cash flows. We find that firms’ higher ESG risk exposure increases the association between current earnings and firm values, while decreasing the relevance of book values of equity (i.e., historical earnings). We find that this effect is strongest for firms with the highest levels of risk exposure and following large changes to ESG risk exposures. In additional analyses, we disaggregate ESG risk exposure and while we find that each component of ESG has predictive power consistent with the main findings, governance risks dominant the results in head to head specifications. Taken together, our findings suggest that governance risk exposures provide forward-looking information content to investors when they evaluate the ability of current earnings to predict future cash flows. Our results are robust to several measures of ESG risk exposure, entropy balancing specifications, and exogenous shocks to ESG attention following global environmental and social justice initiatives.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 5","pages":"207-237"},"PeriodicalIF":0.0,"publicationDate":"2022-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74484434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

ESG Issues and Career Prospects of Directors: Evidence from the International Director Labor Market ESG议题与董事职业前景:来自国际董事劳动力市场的证据

Financial Markets, Institutions and Instruments Pub Date : 2022-06-24 DOI: 10.1111/fmii.12168

Gonul Colak, Kent Hickman, Timo Korkeamäki, Niclas O. Meyer

引用次数: 2

Don't interfere with my rights! Employee rights violation and the cost of bank loans 不要干涉我的权利!员工权益侵犯与银行贷款成本

Financial Markets, Institutions and Instruments Pub Date : 2022-06-22 DOI: 10.1111/fmii.12167

Amirhossein Fard, Ibrahim Siraj, Bin Wang

引用次数: 0

Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi-natural experiment in China 混合所有制改革是否影响民营企业的ESG实践?来自中国一项准自然实验的证据

Financial Markets, Institutions and Instruments Pub Date : 2022-06-17 DOI: 10.1111/fmii.12164

June Cao, Wenwen Li, Shujuan Xiao

{"title":"Does mixed ownership reform affect private firms’ ESG practices? Evidence from a quasi-natural experiment in China","authors":"June Cao, Wenwen Li, Shujuan Xiao","doi":"10.1111/fmii.12164","DOIUrl":"10.1111/fmii.12164","url":null,"abstract":"This study investigates the impact of property rights reform on private firms’ environmental, social, and governance (ESG) practices. ESG investing has become mainstream and a hot topic globally, but it is a black box of corporate ESG practices and performance. Importantly, it is not clear how to specifically enhance private firms’ ESG practices. This study addresses this problem by exploring an ideal setting of China's mixed-ownership reform in which private firms acquire equity in state-owned enterprises (SOEs). We examine whether and how this reform affects private acquirer firms’ ESG practices. Using a powerful difference-in-differences design, we find that mixed-ownership reform significantly enhances private firms’ ESG practices through heightened public scrutiny and the privileges of formal financing and government subsidies that are available due to the firms’ partial government ownership after mixed-ownership reform. Our findings have policy implications for promoting ESG practices and SOE reform. Specifically, our empirical evidence indicates that mixed-ownership reform can facilitate sustainable development for both SOEs and private firms.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 2-3","pages":"47-86"},"PeriodicalIF":0.0,"publicationDate":"2022-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83164480","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Environmental Concerns and Impression Offsetting: New Evidence on Dividend Payout

Financial Markets, Institutions and Instruments Pub Date : 2022-06-17 DOI: 10.1111/fmii.12165

Ying Wang, Mingsheng Li, Amina Kamar

引用次数: 0

First-mover disadvantage: the sovereign ratings mousetrap 先发劣势:主权评级的捕鼠器

Financial Markets, Institutions and Instruments Pub Date : 2022-01-18 DOI: 10.1111/fmii.12155

Patrycja Klusak, Moritz Kraemer, Huong Vu

引用次数: 0

When leverage ratio meets derivatives: Running out of options?* 当杠杆率与衍生品相遇:没有选择余地?*

Financial Markets, Institutions and Instruments Pub Date : 2021-09-29 DOI: 10.1111/fmii.12154

Richard Haynes, Lihong McPhail

{"title":"When leverage ratio meets derivatives: Running out of options?*","authors":"Richard Haynes, Lihong McPhail","doi":"10.1111/fmii.12154","DOIUrl":"10.1111/fmii.12154","url":null,"abstract":"This paper examines the impact of Basel III leverage ratio on the competitive landscape of US derivatives markets. Because the leverage ratio focuses on notional amounts and does not fully recognize offsetting positions and risk-mitigating collateral, it is more likely the binding constraint for derivatives. The leverage ratio also put heterogeneous constraints on different types of institutions and activities. Using daily positions of clearing members and their customers on S&P 500 E-mini futures options, we test the following four hypotheses when the public disclosure of the leverage ratio became mandatory in January 2015: (1) banks lose market share to nonbanks; (2) US banks lose market share to European banks; (3) banks' clearing activities shift away from customer accounts to house accounts; (4) low-delta options are affected most by the leverage ratio. All hypotheses are confirmed in the data. Short-dated US Treasury futures options, which receive zero exposure in the leverage ratio calculation, do not exhibit such behavior. Our evidence suggests that the leverage ratio requirement pushes derivatives activities toward less constrained institutions and market segments.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 5","pages":"201-224"},"PeriodicalIF":0.0,"publicationDate":"2021-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"63448898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2