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Are overconfident CEOs better able to transform innovation into firm value?—Evidence from the United States 过于自信的CEO们是否能够更好地将创新转化为公司价值--来自美国的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2023-06-06 DOI: 10.1111/infi.12433
Mike Eom, Mookwon Jung, Jung Chul Park
{"title":"Are overconfident CEOs better able to transform innovation into firm value?—Evidence from the United States","authors":"Mike Eom,&nbsp;Mookwon Jung,&nbsp;Jung Chul Park","doi":"10.1111/infi.12433","DOIUrl":"10.1111/infi.12433","url":null,"abstract":"<p>We use innovation premium (IP), proposed by Forbes, as a proxy for firm innovation to present evidence that firm value is positively associated with IP. The positive impact of the IP on firm value is amplified by overconfident CEOs, particularly in the high-tech and biotech industries with a high proportion of intellectual capital and intangible assets. In a series of tests, we confirm that the results hold after controlling for endogeneity. our findings are consistent with the notion that the beneficial effect of corporate innovations generated by overconfident CEOs exists primarily in industries where innovations are in critical demand.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"241-258"},"PeriodicalIF":1.2,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49632511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Income elasticity of demand and stock market beta 需求收入弹性与股市贝塔
IF 1.2 4区 经济学
International Finance Pub Date : 2023-05-28 DOI: 10.1111/infi.12432
Madhusmita Bhadra, Doyeon Kim
{"title":"Income elasticity of demand and stock market beta","authors":"Madhusmita Bhadra,&nbsp;Doyeon Kim","doi":"10.1111/infi.12432","DOIUrl":"10.1111/infi.12432","url":null,"abstract":"<p>Systematic risk, or beta, measures stock price variability in the overall stock market. A considerable body of literature focuses on estimating beta. To the best of our knowledge, there is, however, a lack of definitive research on the impact of income elasticity of demand on stock market beta. This study is the first to examine this relationship using 659 publicly traded firms from 47 industries in South Korea from 2001 to 2020. To estimate the value of the stock market beta, we employ an econometric model with a fixed effects-two stage least squares approach and use industry concentration as an instrumental variable to deal with the endogeneity problem in the estimation. The overall objective of this study is to investigate the influence of income elasticity of demand on stock market beta.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"225-240"},"PeriodicalIF":1.2,"publicationDate":"2023-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44834464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Content: International Finance 26/1 内容：国际金融26/1
IF 1.2 4区 经济学
International Finance Pub Date : 2023-04-04 DOI: 10.1111/infi.12431
{"title":"Content: International Finance 26/1","authors":"","doi":"10.1111/infi.12431","DOIUrl":"https://doi.org/10.1111/infi.12431","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 1","pages":"1"},"PeriodicalIF":1.2,"publicationDate":"2023-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.12431","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50120262","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
International heterogeneity of nominal wages and optimal monetary policy 名义工资的国际异质性与最优货币政策
IF 1.2 4区 经济学
International Finance Pub Date : 2023-02-01 DOI: 10.1111/infi.12429
Daisuke Ida, Mitsuhiro Okano
{"title":"International heterogeneity of nominal wages and optimal monetary policy","authors":"Daisuke Ida,&nbsp;Mitsuhiro Okano","doi":"10.1111/infi.12429","DOIUrl":"10.1111/infi.12429","url":null,"abstract":"<p>This paper examines optimal monetary policy in a two-country model with staggered nominal prices and wages. We show that given home nominal wage stickiness, changes in the degree of foreign nominal wage stickiness substantially impact the worldwide welfare losses and gains from commitment policy. Specifically, the welfare gains from a commitment policy are greatest when nominal wages in both countries are perfectly flexible. However, when nominal wages in the foreign country are stickier, the gains from commitment decrease.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"112-138"},"PeriodicalIF":1.2,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48929814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
A study on the optimal shareholding proportion of the controlling shareholders in the competitive mixed-ownership enterprises: Evidence from Chinese listed companies 竞争性混合所有制企业控股股东最优持股比例研究:来自中国上市公司的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2023-01-26 DOI: 10.1111/infi.12430
Qiwang Zhang, Xiaorui Wang, Chunhui Huo, Wang Shulin
{"title":"A study on the optimal shareholding proportion of the controlling shareholders in the competitive mixed-ownership enterprises: Evidence from Chinese listed companies","authors":"Qiwang Zhang,&nbsp;Xiaorui Wang,&nbsp;Chunhui Huo,&nbsp;Wang Shulin","doi":"10.1111/infi.12430","DOIUrl":"10.1111/infi.12430","url":null,"abstract":"<p>There is a wide debate on the optimal shareholding proportion of controlling shareholders. Under the background of China's mixed-ownership reform, this paper focuses on a specific firm setting of mixed-ownership enterprises in fully competitive industries, and tries to find the heterogeneity in the association between controllers' shareholding and firm performance. Specifically, with a sample of China's A-share listed companies from 2007 to 2018, we find significant differences in this relationship due to different types of controlling shareholders. The effect of controller shareholding on firm performance is not significant in foreign-controlled enterprises, while that of private enterprises presents a monotone increasing linear relation with statistical significance. No optimal controlling shareholding interval is found in either foreign-controlled or private-controlled enterprise. In state-controlled enterprises, we find an overall inverted U-shaped with local stage linear relationship between state-controlling enterprises' controller shareholding and firm performance. The optimal interval of state-controlling shareholding is 42%–68%.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"208-224"},"PeriodicalIF":1.2,"publicationDate":"2023-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43626978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Progressive taxation and optimal monetary policy in a two-country new Keynesian model 两国新凯恩斯模型中的累进税与最优货币政策
IF 1.2 4区 经济学
International Finance Pub Date : 2023-01-23 DOI: 10.1111/infi.12428
Daisuke Ida, Kenichi Kaminoyama
{"title":"Progressive taxation and optimal monetary policy in a two-country new Keynesian model","authors":"Daisuke Ida,&nbsp;Kenichi Kaminoyama","doi":"10.1111/infi.12428","DOIUrl":"10.1111/infi.12428","url":null,"abstract":"<p>This paper examines the effect of tax progressivity on optimal monetary policy in a two-country new Keynesian model. We first address the issue that coefficients in both structural equations and the central bank's loss function are crucially affected by a change in tax progressivity in both countries. Second, we show that a change in tax progressivity significantly affects the properties of international monetary policy transmission. Third, we demonstrate that the impact of tax progressivity on international monetary policy transmission depends on the value of the constant relative risk-aversion coefficients.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 3","pages":"260-285"},"PeriodicalIF":1.2,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46989505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Content: International Finance 25/3 内容:国际金融25/3
IF 1.2 4区 经济学
International Finance Pub Date : 2022-12-18 DOI: 10.1111/infi.12395
{"title":"Content: International Finance 25/3","authors":"","doi":"10.1111/infi.12395","DOIUrl":"https://doi.org/10.1111/infi.12395","url":null,"abstract":"","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"25 3","pages":"267"},"PeriodicalIF":1.2,"publicationDate":"2022-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/infi.12395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109171170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Hysteresis in unemployment: Evidence from OECD estimates of the natural rate 失业的滞后性:来自经合组织对自然失业率估计的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2022-11-30 DOI: 10.1111/infi.12424
Laurence Ball, Joern Onken
{"title":"Hysteresis in unemployment: Evidence from OECD estimates of the natural rate","authors":"Laurence Ball,&nbsp;Joern Onken","doi":"10.1111/infi.12424","DOIUrl":"https://doi.org/10.1111/infi.12424","url":null,"abstract":"<p>This paper studies the dynamics of unemployment (<i>u</i>) and its natural rate (<i>u</i>*), with <i>u</i>* measured by real-time estimates for 29 countries from the Organization for Economic Cooperation and Development. We find strong evidence of hysteresis: an innovation in <i>u</i> causes <i>u</i>* to change in the same direction, and therefore has permanent effects. For our baseline specification, a one-percentage-point deviation of <i>u</i> from <i>u</i>* for 1 year has a long-run effect of 0.16 points on both variables. When we allow asymmetry, we find, perhaps surprisingly, that decreases in <i>u</i> have larger long-run effects than increases in <i>u</i>.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"25 3","pages":"268-284"},"PeriodicalIF":1.2,"publicationDate":"2022-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109175872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
A relative answer to the growth–saving puzzle 这是增长-储蓄之谜的相对答案
IF 1.2 4区 经济学
International Finance Pub Date : 2022-11-17 DOI: 10.1111/infi.12426
Noam Gruber
{"title":"A relative answer to the growth–saving puzzle","authors":"Noam Gruber","doi":"10.1111/infi.12426","DOIUrl":"10.1111/infi.12426","url":null,"abstract":"<p>Prolonged rapid growth, that is, the ‘catching-up’ process through which countries close the gap to the development frontier, is known to be accompanied by high rates of household saving. This phenomenon is central in explaining the direction of international capital flows and trade imbalances in the past several decades, yet it is very much in contradiction to prevailing macroeconomic theory. This paper finds that a standard life-cycle model, even when integrated with uncertainty about future growth and with credit constraints, is completely unable to replicate the relations between growth and saving, represented by three stylized facts gleaned from the empirical literature. However, adding utility from relative consumption to the model allows for the full replication of these relations.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"139-171"},"PeriodicalIF":1.2,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43181949","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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: 1
The informativeness of investor communication with corporate insiders: Evidence from China 投资者与企业内部人沟通的信息性——来自中国的证据
IF 1.2 4区 经济学
International Finance Pub Date : 2022-11-15 DOI: 10.1111/infi.12425
Qingbin Meng, Congyi Ju, Qinghua Huang, Song Wang
{"title":"The informativeness of investor communication with corporate insiders: Evidence from China","authors":"Qingbin Meng,&nbsp;Congyi Ju,&nbsp;Qinghua Huang,&nbsp;Song Wang","doi":"10.1111/infi.12425","DOIUrl":"10.1111/infi.12425","url":null,"abstract":"<p>This study examines the informativeness of individual investors in the stock market. Specifically, we study the <i>EasyInteraction</i> Platform administrated by the Shenzhen Stock Exchange of China. This public platform allows individual investors to openly ask corporate insiders questions and requires the corporate insiders to answer these questions. Conducting a content analysis on the investor–firm conversations, we find that the negative tones in the investor questions have a permanent negative effect on stock prices, followed by a lower degree of earnings surprises. This effect is robust after controlling for media coverage as well as firm-specific financial variables, and after ruling out short-sellers and the firm competitors as the source of the negative messages. Overall, our results suggest that individual investors disclose value-related information through public communications with corporate insiders.</p>","PeriodicalId":46336,"journal":{"name":"International Finance","volume":"26 2","pages":"189-207"},"PeriodicalIF":1.2,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48848412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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