发布求助
文献互助 智能选刊 最新文献

Financial Markets, Institutions and Instruments最新文献

筛选
英文 中文
Managerial ability and bond rating changes 管理能力与债券评级变化
Financial Markets, Institutions and Instruments Pub Date : 2019-08-30 DOI: 10.1111/fmii.12123
Joel Harper, Kristopher J. Kemper, Li Sun
{"title":"Managerial ability and bond rating changes","authors":"Joel Harper,&nbsp;Kristopher J. Kemper,&nbsp;Li Sun","doi":"10.1111/fmii.12123","DOIUrl":"https://doi.org/10.1111/fmii.12123","url":null,"abstract":"<p>This study examines the relation between managerial ability and bond credit rating changes. We attempt to add to the credit rating agency literature by exploring the role managerial ability plays in the initial bond rating assignments and in rating changes. We predict firms with more-able managers are more likely to have higher bond ratings and to be more able to have a positive influence on rating changes. We find a significant and positive relation between managerial ability and change in credit ratings, suggesting that more-able managers can take effective actions to improve their credit ratings.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 5","pages":"381-401"},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12123","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91887711","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: 6
The impact of multilateral trading facilities on price discovery: Further evidence from the European markets 多边贸易设施对价格发现的影响:来自欧洲市场的进一步证据
Financial Markets, Institutions and Instruments Pub Date : 2019-08-27 DOI: 10.1111/fmii.12121
Mike Buckle, Jing Chen, Qian Guo, Xiaoxi Li
{"title":"The impact of multilateral trading facilities on price discovery: Further evidence from the European markets","authors":"Mike Buckle,&nbsp;Jing Chen,&nbsp;Qian Guo,&nbsp;Xiaoxi Li","doi":"10.1111/fmii.12121","DOIUrl":"https://doi.org/10.1111/fmii.12121","url":null,"abstract":"<p>This study examines relative price discovery for three major European indices, FTSE, CAC, and DAX, their futures and exchange traded funds (ETFs) using the data on 5-minute intraday transaction prices over a four-year period. We computed both Hasbrouck (1995) information share with error bounds and Gonzalo and Granger's (1995) common factor weights approach. Gonzalo and Granger's (1995) common factor weights suggest the index futures contracts play a dominant role in price discovery in the CAC market: the CAC 40 index futures lead the price discovery and Lyxor CAC 40 ETFs serving the second resort for information transmission. This could be due to the less frequent trading of ETFs. More importantly, CAC40 under the Gonzalo &amp; Granger (1995) test shows upper and lower error bounds in good range may be the main reason to drive for the meaningful results. In contrast, the upper and lower bounds estimated from the Hasbrouck (1995) are far distant for most cases. Finally, FTSE and DAX markets offer compelling evidence to show that ETFs lead price discovery and spots and futures follows.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 4","pages":"321-343"},"PeriodicalIF":0.0,"publicationDate":"2019-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12121","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91875869","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
ESG in credit ratings and the impact on financial markets ESG在信用评级和对金融市场的影响
Financial Markets, Institutions and Instruments Pub Date : 2019-05-20 DOI: 10.1111/fmii.12114
Florian Kiesel, Felix Lücke
{"title":"ESG in credit ratings and the impact on financial markets","authors":"Florian Kiesel,&nbsp;Felix Lücke","doi":"10.1111/fmii.12114","DOIUrl":"https://doi.org/10.1111/fmii.12114","url":null,"abstract":"<p>This study examines environment, social, governance (ESG) consideration in rating reports published by credit rating agencies. 3,719 Moody's credit rating reports between 2004 and 2015 are examined and the ESG consideration is analyzed using a latent dirichlet allocation (LDA) approach. We further analyze the stock returns and credit default swap (CDS) spread changes to check whether ESG consideration has an effect on the capital market reactions. We find a small but present consideration of ESG in rating decisions. Within ESG, corporate governance plays the most important role. Moreover, the results reveal that ESG consideration is a significant determinant in the stock return and CDS spread around the rating announcement. We find that all ESG criteria are important for equity and debt investors.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 3","pages":"263-290"},"PeriodicalIF":0.0,"publicationDate":"2019-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12114","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91936699","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: 34
Motivating high-impact innovation: Evidence from managerial compensation contracts 激励高影响力创新:来自管理层薪酬合同的证据
Financial Markets, Institutions and Instruments Pub Date : 2019-05-20 DOI: 10.1111/fmii.12115
Bill B. Francis, Iftekhar Hasan, Zenu Sharma, Maya Waisman
{"title":"Motivating high-impact innovation: Evidence from managerial compensation contracts","authors":"Bill B. Francis,&nbsp;Iftekhar Hasan,&nbsp;Zenu Sharma,&nbsp;Maya Waisman","doi":"10.1111/fmii.12115","DOIUrl":"https://doi.org/10.1111/fmii.12115","url":null,"abstract":"We investigate the relationship between Chief Executive Officer (CEO) compensation and firm innovation and find that long&#8208;term incentives in the form of options, especially unvested options, and protection from managerial termination in the form of golden parachutes are positively related to corporate innovation, and particularly to high&#8208;impact, exploratory (new knowledge creation) invention. Conversely, non&#8208;equity pay has a detrimental effect on the input, output and impact of innovation. Tests using the passage of an option expensing regulation (FAS 123R) as an exogenous shock to option compensation suggest a causal interpretation for the link between long&#8208;term pay incentives, patents and citations. Furthermore, we find that the decline in option pay following the implementation of FAS 123R has led to a significant reduction in exploratory innovation and therefore had a detrimental effect on innovation output. Overall, our findings support the idea that compensation contracts that protect from early project failure and incentivize long&#8208;term commitment are more suitable for inducing high&#8208;impact corporate innovation.","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 3","pages":"291-318"},"PeriodicalIF":0.0,"publicationDate":"2019-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12115","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91854223","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: 6
Editorial of special issue 2016 Portsmouth – Fordham conference on Banking and Finance 2016年朴茨茅斯-福特汉姆银行与金融会议特刊编辑
Financial Markets, Institutions and Instruments Pub Date : 2019-04-04 DOI: 10.1111/fmii.12105
Ioannis Chatziantoniou, Iftekhar Hasan, Fotios Pasiouras
{"title":"Editorial of special issue 2016 Portsmouth – Fordham conference on Banking and Finance","authors":"Ioannis Chatziantoniou,&nbsp;Iftekhar Hasan,&nbsp;Fotios Pasiouras","doi":"10.1111/fmii.12105","DOIUrl":"10.1111/fmii.12105","url":null,"abstract":"","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"59-60"},"PeriodicalIF":0.0,"publicationDate":"2019-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12105","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49607580","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 business group affiliation on stock price informativeness: Evidence from an emerging market 企业集团隶属关系对股价资讯性的影响:来自新兴市场的证据
Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI: 10.1111/fmii.12111
A. Melih Küllü, Doug Dyer, Gokhan Yilmaz, Zenu Sharma
{"title":"The impact of business group affiliation on stock price informativeness: Evidence from an emerging market","authors":"A. Melih Küllü,&nbsp;Doug Dyer,&nbsp;Gokhan Yilmaz,&nbsp;Zenu Sharma","doi":"10.1111/fmii.12111","DOIUrl":"https://doi.org/10.1111/fmii.12111","url":null,"abstract":"<p>This paper examines the relationship between business group affiliation and stock price informativeness in an emerging market setting. We use stock price synchronicity as a measure, and study the impact of group affiliation <i>-specifically the extent of affiliation, ownership structure and existence of group bank-</i> on firm specific information content. Results reveal that the amount of firm-specific information capitalized into stock prices tends to be lower <i>(higher)</i> when the firm is group-affiliated <i>(unaffiliated)</i>, indirectly <i>(directly)</i> owned, and affiliated group has <i>(does not have)</i> a group bank. Additionally, the extent of group affiliation maintains a non-linear relationship with synchronicity, suggesting that the perception of higher versus lower levels of group ownership differs.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"187-212"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12111","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91803883","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: 3
Trustee reputation in securitization: When does it matter? 证券化中的受托人声誉:何时起作用?
Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI: 10.1111/fmii.12106
Solomon Y. Deku, Alper Kara, David Marques-Ibanez
{"title":"Trustee reputation in securitization: When does it matter?","authors":"Solomon Y. Deku,&nbsp;Alper Kara,&nbsp;David Marques-Ibanez","doi":"10.1111/fmii.12106","DOIUrl":"https://doi.org/10.1111/fmii.12106","url":null,"abstract":"<p>We consider the role of trustees–who are nominated to protect the interests of investors–in securitization pricing and whether investors rely on them to mitigate risks. In particular, we examine the effect of trustee reputation on initial yield spreads of European mortgage-backed security (MBS) issuances between 1999 and the first half of 2007. We find that engaging reputable trustees led to lower spreads during the credit boom period prior to the 2007–2009 financial crisis. Our findings suggest that trustees’ reputation was considered by investors to be more important when risk assessment became more challenging.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"61-84"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12106","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91803807","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: 12
Economic volatility and financial markets: The case of mortgage-backed securities 经济波动和金融市场:以抵押贷款支持证券为例
Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI: 10.1111/fmii.12107
Gaetano Antinolfi, Celso Brunetti
{"title":"Economic volatility and financial markets: The case of mortgage-backed securities","authors":"Gaetano Antinolfi,&nbsp;Celso Brunetti","doi":"10.1111/fmii.12107","DOIUrl":"https://doi.org/10.1111/fmii.12107","url":null,"abstract":"<p>The volatility of aggregate economic activity in the United States decreased markedly in the mid-eighties. The decrease involved several components of GDP and has been linked to a more stable economic environment, identified by smaller shocks, more effective policy, and a diverse set of innovations in technology as well as financial markets. We study one such financial innovation, and document a negative relation between the rapid growth of mortgage-backed securities and the volatility of GDP and some of its components from the mid-1970s to the late 1990s. We also document that this relation changed sign, from negative to positive, in the early 2000s.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"85-113"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12107","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91803806","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
What is the impact of problem loans on Japanese bank productivity growth? 问题贷款对日本银行生产率增长的影响是什么?
Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI: 10.1111/fmii.12112
Emmanuel Mamatzakis, Roman Matousek, Anh Nguyet Vu
{"title":"What is the impact of problem loans on Japanese bank productivity growth?","authors":"Emmanuel Mamatzakis,&nbsp;Roman Matousek,&nbsp;Anh Nguyet Vu","doi":"10.1111/fmii.12112","DOIUrl":"https://doi.org/10.1111/fmii.12112","url":null,"abstract":"<p>This paper examines for the first time the impact of problem loans on Japanese productivity growth. We exploit a new data set of Japanese problem loans classified into two categories: bankrupt and restructured loans. We opt for a novel and flexible productivity growth decomposition that allows to measure the direct impact of these problem loans on productivity growth. The results reveal that Japanese bank productivity growth was severely constrained by bankrupt and restructured loans early in 2000s, whilst some persistence of the negative impact of problem loans on productivity growth is observed in the late 2000s. Thereafter, there is only some partial recovery in the productivity growth from 2012 to 2015. Further, we also perform cluster analysis to examine convergence or divergence across regions and over time. We observe limited convergence, though Regional Banks seem to form clusters in some regions.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"213-240"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12112","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91803882","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: 3
Annual report readability and stock liquidity 年度报告的可读性和股票流动性
Financial Markets, Institutions and Instruments Pub Date : 2019-03-05 DOI: 10.1111/fmii.12110
Sabri Boubaker, Dimitrios Gounopoulos, Hatem Rjiba
{"title":"Annual report readability and stock liquidity","authors":"Sabri Boubaker,&nbsp;Dimitrios Gounopoulos,&nbsp;Hatem Rjiba","doi":"10.1111/fmii.12110","DOIUrl":"https://doi.org/10.1111/fmii.12110","url":null,"abstract":"<p>We examine the effect of annual report textual complexity on firms’ stock liquidity. Using techniques from computational linguistics, we predict and find that less readable filings are associated with lower stock liquidity. Our study provides evidence that difficult-to-read annual reports hinder investors’ ability to process and analyze information contained in corporate annual reports, reducing thereby their willingness to trade which decreases stock liquidity. Our findings are robust to a battery of sensitivity tests, including endogeneity, use of alternative estimation techniques, and use of alternative liquidity and readability proxies.</p>","PeriodicalId":39670,"journal":{"name":"Financial Markets, Institutions and Instruments","volume":"28 2","pages":"159-186"},"PeriodicalIF":0.0,"publicationDate":"2019-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fmii.12110","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91803884","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: 54
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信