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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
{"title":"ESG Issues and Career Prospects of Directors: Evidence from the International Director Labor Market","authors":"Gonul Colak,&nbsp;Kent Hickman,&nbsp;Timo Korkeamäki,&nbsp;Niclas O. Meyer","doi":"10.1111/fmii.12168","DOIUrl":"10.1111/fmii.12168","url":null,"abstract":"<p>Using an international sample of firms, we investigate the career prospects of directors of firms experiencing negative ESG issues. By tracking the same director at the same firm over time, we document a significant drop in seats held at other public firms’ boards following intense negative media coverage of an ESG problem occurring at a given director's focal firm. Losses of seats at other firms are concentrated among executive directors, among directors of firms located in countries with high environmental and social norms, and among directors of firms located in countries with bank-based systems. Nonexecutive directors and directors of firms located in less stakeholder-oriented countries are not penalized for ESG issues by the director labor market.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 4","pages":"147-203"},"PeriodicalIF":0.0,"publicationDate":"2022-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fmii.12168","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77542033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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
{"title":"Don't interfere with my rights! Employee rights violation and the cost of bank loans","authors":"Amirhossein Fard,&nbsp;Ibrahim Siraj,&nbsp;Bin Wang","doi":"10.1111/fmii.12167","DOIUrl":"10.1111/fmii.12167","url":null,"abstract":"<p>We study the relationship between the cost of bank loans and the charges filed to the National Labor Relations Board (NLRB) due to managerial interference in employee rights. Loans issued after the filing of the allegations are associated with significantly higher loan spreads than loans initiated before the filing of allegations. Strong allegations that result in withdrawal with adjustments or compliance tend to positively affect the loan pricing. Further, interfering firms tend to experience higher default risks in the years following the filing of charges. Our paper is the first in the literature to show the impact of violation of employee rights on the cost of bank loans, which has an implication for environmental, social, and governance (ESG) lending where loan contract terms are contingent on borrower ESG performance.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 5","pages":"239-258"},"PeriodicalIF":0.0,"publicationDate":"2022-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90387743","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: 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,&nbsp;Wenwen Li,&nbsp;Shujuan Xiao","doi":"10.1111/fmii.12164","DOIUrl":"10.1111/fmii.12164","url":null,"abstract":"<p>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.</p>","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
{"title":"Environmental Concerns and Impression Offsetting: New Evidence on Dividend Payout","authors":"Ying Wang,&nbsp;Mingsheng Li,&nbsp;Amina Kamar","doi":"10.1111/fmii.12165","DOIUrl":"10.1111/fmii.12165","url":null,"abstract":"<p>We apply the impression management theory and propose that firms located in more polluted areas have strong incentives to offset the negative perceptions of their local area pollution due to shareholders’ environmental concerns. In terms of dividend policy, we predict and find that location greenness (LG), a proxy for environmental image, negatively affects firms’ dividend payouts. The effect is more pronounced for firms with high information asymmetry and agency costs. The dividend payouts due to <i>LG</i> have a larger impact on agency cost reductions than regular dividends. Firms use dividends and social engagements as substitutes to enhance their reputation.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 2-3","pages":"87-118"},"PeriodicalIF":0.0,"publicationDate":"2022-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79883822","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: 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
{"title":"First-mover disadvantage: the sovereign ratings mousetrap","authors":"Patrycja Klusak,&nbsp;Moritz Kraemer,&nbsp;Huong Vu","doi":"10.1111/fmii.12155","DOIUrl":"https://doi.org/10.1111/fmii.12155","url":null,"abstract":"<p>Using 102 sovereigns rated by the three largest credit rating agencies (CRA), S&amp;P, Moody's and Fitch between January 2000 and January 2019, we document that the first-mover CRA (S&amp;P) in downgrades falls into a commercial trap. Namely, each sovereign downgrade by one notch by the first-mover CRA (S&amp;P) results in 2.4% increase in the probability of a rating contract being cancelled by the sovereign client. The more downgrades S&amp;P makes in a given month, the more their sovereign rating coverage falls relative to its rivals. Our results are more pronounced for downgrades on small sovereign borrowers than on large sovereign borrowers. This paper explores the interaction between three themes of the literature: herding behaviour amongst CRAs, issues of conflict of interest and ratings quality. Our empirical evidence gives credence to, and underscores the need for sovereign ratings to be made in an impartial way and independent of their commercial ramifications elsewhere in the CRA.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"31 1","pages":"3-44"},"PeriodicalIF":0.0,"publicationDate":"2022-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fmii.12155","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137534216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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,&nbsp;Lihong McPhail","doi":"10.1111/fmii.12154","DOIUrl":"10.1111/fmii.12154","url":null,"abstract":"<p>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&amp;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.</p>","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
Analoging the digital: Designing better binary option contracts 模拟数字:设计更好的二元期权合约
Financial Markets, Institutions and Instruments Pub Date : 2021-09-20 DOI: 10.1111/fmii.12151
Yisong S. Tian Ph.D.
{"title":"Analoging the digital: Designing better binary option contracts","authors":"Yisong S. Tian Ph.D.","doi":"10.1111/fmii.12151","DOIUrl":"https://doi.org/10.1111/fmii.12151","url":null,"abstract":"<p>Binary option pays a fixed dollar amount if it matures in the money and nothing otherwise. While this cash-or-nothing payoff structure is very attractive to speculators, it also creates incentives to manipulate the underlying asset price in order to gain extra payoff. In this paper, we propose better designs for binary options that disincentivize market manipulation and highlight two key features of such designs. We demonstrate the effectiveness of the new contract designs using numerical examples.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 4","pages":"113-128"},"PeriodicalIF":0.0,"publicationDate":"2021-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109172341","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: 0
The impact of legal advisor-issuer cooperation on securitization pricing 法律顾问与发行人合作对证券化定价的影响
Financial Markets, Institutions and Instruments Pub Date : 2021-09-16 DOI: 10.1111/fmii.12153
Nodirbek Karimov, Alper Kara, Gareth Downing
{"title":"The impact of legal advisor-issuer cooperation on securitization pricing","authors":"Nodirbek Karimov,&nbsp;Alper Kara,&nbsp;Gareth Downing","doi":"10.1111/fmii.12153","DOIUrl":"10.1111/fmii.12153","url":null,"abstract":"<p>We examine the impact of cooperation between legal advisors and issuers on bank securitization pricing using 6,624 European ABS tranches issued in the European market over the period of 1998 to 2018. We find that previous cooperation is negatively related to initial yield spreads of ABS. Investors seem to attach value to previous cooperation between issuers and legal advisors and consider such transactions less risky by asking for lower yields. We observe that the magnitude of the past relationships is also of importance. Moreover, previous cooperation becomes more important as the risk of the transaction increases. This is especially noticeable when prime (AAA rated) tranches are compared to non-prime (non-AAA rated) tranches. Our results also show that the number of legal advisors in a deal does not matter for investors.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 5","pages":"167-199"},"PeriodicalIF":0.0,"publicationDate":"2021-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12153","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42815172","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Law Firm expertise and shareholder wealth 律师事务所专业知识和股东财富
Financial Markets, Institutions and Instruments Pub Date : 2021-09-13 DOI: 10.1111/fmii.12152
Denis Schweizer, Ge Wu
{"title":"Law Firm expertise and shareholder wealth","authors":"Denis Schweizer,&nbsp;Ge Wu","doi":"10.1111/fmii.12152","DOIUrl":"https://doi.org/10.1111/fmii.12152","url":null,"abstract":"<p>This paper examines the impact of law firm expertise on bidder and target shareholder wealth gains during mergers and acquisitions. After controlling for endogeneity in the matching between the mandating firm (bidder or target firm) and the law firm, we find that top-tier law firms increase the wealth of bidder shareholders by an average of 2.00% ($30.80 million) to 3.07% ($47.28 million). This does not hold for target firm shareholders. Interestingly, we find no evidence that the reputation of the investment bank is related to bidder or target shareholder wealth gains. Our findings suggest that top-tier lawyers are effective “transaction cost engineers.” They create value for their clients by structuring deals to minimize transaction and regulatory costs.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 4","pages":"129-163"},"PeriodicalIF":0.0,"publicationDate":"2021-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12152","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91833050","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: 0
Lender of last resort, buyer of last resort, and a fear of fire sales in the sovereign bond market* 最后贷款人，最后买家，以及对主权债券市场贱卖的恐惧*
Financial Markets, Institutions and Instruments Pub Date : 2021-05-08 DOI: 10.1111/fmii.12143
Viral Acharya, Diane Pierret, Sascha Steffen
{"title":"Lender of last resort, buyer of last resort, and a fear of fire sales in the sovereign bond market*","authors":"Viral Acharya,&nbsp;Diane Pierret,&nbsp;Sascha Steffen","doi":"10.1111/fmii.12143","DOIUrl":"10.1111/fmii.12143","url":null,"abstract":"<p>We document the mechanism through which the risk of fire sales in the sovereign bond market contributed to the effectiveness of two major central bank interventions designed to restore financial stability during the European sovereign debt crisis. As a <i>lender of last resort</i> via the long-term refinancing operations (LTROs), the European Central Bank (ECB) improved the collateral value of sovereign bonds of peripheral countries. This resulted in an elevated concentration of these bonds in the portfolios of domestic banks, increasing fire-sale risk and making both banks and sovereign bonds riskier. In contrast, the ECB's announcement of being a potential <i>buyer of last resort</i> via the Outright Monetary Transaction (OMT) program attracted new investors and reduced fire-sale risk in the sovereign bond market.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"30 4","pages":"87-112"},"PeriodicalIF":0.0,"publicationDate":"2021-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12143","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73530919","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
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