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Optimal design of deferred compensation for bank executives under agency conflicts 代理冲突下银行高管递延薪酬的优化设计
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-11-17 DOI: 10.1111/irfi.12477
Liu Gan, Mingyu Xu, Yingxian Tan, Linyue Chen
{"title":"Optimal design of deferred compensation for bank executives under agency conflicts","authors":"Liu Gan,&nbsp;Mingyu Xu,&nbsp;Yingxian Tan,&nbsp;Linyue Chen","doi":"10.1111/irfi.12477","DOIUrl":"https://doi.org/10.1111/irfi.12477","url":null,"abstract":"<p>We analyze the optimal design of deferred compensation for bank executives under agency conflicts in a continuous time model with a bank liability structure. Our model demonstrates that a well-designed deferred compensation contract can effectively mitigate bank executives' asset substitution problem and significantly enhance the total value of the bank, which aligns with existing empirical studies. Moreover, we find that the motivation for bank executives to shift risk under deferred compensation is diminished when supervision is more stringent, the bank has greater market power, or the write-down ratio of debt is lower.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"772-792"},"PeriodicalIF":1.8,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762721","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
Do retail investors gamble more during lockdown? 散户投资者在封锁期间是否会加大赌博？
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-10-06 DOI: 10.1111/irfi.12476
Pantisa Pavabutr, Bin Zhao
{"title":"Do retail investors gamble more during lockdown?","authors":"Pantisa Pavabutr,&nbsp;Bin Zhao","doi":"10.1111/irfi.12476","DOIUrl":"https://doi.org/10.1111/irfi.12476","url":null,"abstract":"<p>Retail investors are known to favor stocks with lottery-like features and trade too much. Less is known about their intertemporal demand and risk-taking behavior in lottery-type stocks. We use intraday transaction data between September 2019 and June 2020 from the Stock Exchange of Thailand to test how individual's risk attitude changes with respect to decline in their wealth prospects during the COVID-19 lockdown. The behavior of the investors supports a reference dependent preference. Confronted with lowered wealth prospects, retail investors substantially reduce their underweighting in nonlottery stocks while increasing overweighting and turnover frequency in lottery stocks resulting in deteriorating portfolio performance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"572-603"},"PeriodicalIF":1.8,"publicationDate":"2024-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759866","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
The role of diversification in stabilizing bank credit over the business cycle 多样化在商业周期中稳定银行信贷的作用
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-09-23 DOI: 10.1111/irfi.12474
Mirzet Šeho, Md. Mahmudul Haque, Mohammad Ashraful Ferdous Chowdhury
{"title":"The role of diversification in stabilizing bank credit over the business cycle","authors":"Mirzet Šeho,&nbsp;Md. Mahmudul Haque,&nbsp;Mohammad Ashraful Ferdous Chowdhury","doi":"10.1111/irfi.12474","DOIUrl":"https://doi.org/10.1111/irfi.12474","url":null,"abstract":"<p>We investigate whether diversification stabilizes bank lending cyclicality on a sample of 25 conventional and 18 Islamic banks from Malaysia spanning 2008 to 2021. Our findings reveal that both bank types are nonlinearly procyclical during economic expansions, with Islamic banks also exhibiting countercyclical behavior during economic contractions. Diversification is positively associated with credit growth in conventional banks and Islamic bank subsidiaries, and it amplifies procyclicality across all Islamic bank types. Conversely, loan concentration stabilizes credit in Islamic banks. These results are robust to an alternative credit measure. Further analyses indicate that public and foreign banks are procyclical during booms and countercyclical during busts. At the same time, diversification heightens procyclicality in private, local, and foreign banks, whereas concentration mitigates it in public and local banks.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"793-813"},"PeriodicalIF":1.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12474","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762711","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
The impact of country level investor protection on economic policy uncertainty and corporate investment link 国家层面的投资者保护对经济政策不确定性和企业投资联系的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-09-10 DOI: 10.1111/irfi.12472
Serhat Yildiz, Qun Wu, Ethan D. Watson
{"title":"The impact of country level investor protection on economic policy uncertainty and corporate investment link","authors":"Serhat Yildiz, Qun Wu, Ethan D. Watson","doi":"10.1111/irfi.12472","DOIUrl":"https://doi.org/10.1111/irfi.12472","url":null,"abstract":"We examine the relationship between economic policy uncertainty (EPU) and corporate investment in a global setting based on the real options theory and the agency theory. Using a sample of 44,610 firms from 28 countries, we find that the negative relationship between EPU and investment is more pronounced in the countries with stronger investor protection. In the countries with stronger investor protection, the negative impact of EPU on firms' capital investment is significantly stronger for the firms with more irreversible investment. Further evidence shows that the reduction of investment is mainly from overinvestment firms in the countries with stronger investor protection. Our evidence suggests country level investor protection can act as effective governance mechanisms that mitigate agency problems when firms are facing uncertainty.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"13 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194105","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
Trust in the retirement system and investment decisions of property investors 对退休制度的信任和房产投资者的投资决策
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-08-27 DOI: 10.1111/irfi.12471
Reza Tajaddini, Hassan F. Gholipour, Amir Arjomandi
{"title":"Trust in the retirement system and investment decisions of property investors","authors":"Reza Tajaddini, Hassan F. Gholipour, Amir Arjomandi","doi":"10.1111/irfi.12471","DOIUrl":"https://doi.org/10.1111/irfi.12471","url":null,"abstract":"Using Australian national‐level survey data and applying Poisson regressions, we show that property investors who have more trust in the retirement system tend to own fewer investment properties. This finding is robust to various estimation methods, sample sizes, and periods.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194106","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
Do passive investors influence corporate social responsibility? A risk‐management perspective 被动投资者会影响企业的社会责任吗？风险管理视角
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-08-22 DOI: 10.1111/irfi.12466
Wenxuan Hou, Xiaoyu Zhang
{"title":"Do passive investors influence corporate social responsibility? A risk‐management perspective","authors":"Wenxuan Hou, Xiaoyu Zhang","doi":"10.1111/irfi.12466","DOIUrl":"https://doi.org/10.1111/irfi.12466","url":null,"abstract":"This paper examines the impact of passive investors on Corporate Social Responsibility (CSR) through the lens of a risk‐management view of CSR, which emphasizes its insurance‐like effects in adverse corporate events. Since passive investors have diversified away most idiosyncratic risks, we predict that they demand less CSR as a strategic approach to manage risks. Using the annual Russell 1000/2000 index reconstitution as an instrument for passive investor ownership, we document evidence consistent with our prediction. The negative effect is more pronounced among better‐diversified passive investors and firms that are not in CSR‐sensitive industries. We further show that passive investors hold back CSR activities through the channel of “voice” by reducing the number of socially responsible investment (SRI) proposals.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"37 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194107","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
The impact of democracy on liquidity and information asymmetry for NYSE cross‐listed stocks 民主对纽约证券交易所交叉上市股票流动性和信息不对称的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-08-22 DOI: 10.1111/irfi.12469
Jang‐Chul Kim, Qing Su, Teressa Elliott
{"title":"The impact of democracy on liquidity and information asymmetry for NYSE cross‐listed stocks","authors":"Jang‐Chul Kim, Qing Su, Teressa Elliott","doi":"10.1111/irfi.12469","DOIUrl":"https://doi.org/10.1111/irfi.12469","url":null,"abstract":"We investigate the empirical relationship between a country's democracy level, measured using the Democracy Index's five categories (electoral process and pluralism, the functioning of government, political participation, political culture, and civil liberties), and market liquidity for non‐US stocks listed on the New York Stock Exchange (NYSE) from 2014 to 2019. Our analysis shows that non‐US stocks from countries with stronger democratic institutions have narrower spreads, a higher market quality index, smaller price impacts of trades, and lower probabilities of information‐based trading. We also find a significant correlation between changes in our liquidity measures and variations in a country's overall democracy level over time. Our results suggest that improving a country's level of democracy can enhance the market liquidity and quality of non‐US stocks, thus benefiting investors and promoting the overall stability and efficiency of financial markets.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142194108","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
Marketization and corporate cash holdings: Role of financial constraint alleviation 市场化与企业现金持有量：缓解资金约束的作用
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-08-05 DOI: 10.1111/irfi.12467
Lin Lei, Han Zhou, Dingding Wang
{"title":"Marketization and corporate cash holdings: Role of financial constraint alleviation","authors":"Lin Lei,&nbsp;Han Zhou,&nbsp;Dingding Wang","doi":"10.1111/irfi.12467","DOIUrl":"https://doi.org/10.1111/irfi.12467","url":null,"abstract":"<p>This study examines the relationship between marketization and corporate cash holdings. Using a sample of the Chinese stock market spanning from 2007 to 2020, our empirical results show that marketization negatively affects corporate cash holdings. This effect is more pronounced for firms in the eastern and central regions of China and Chinese Growth Enterprise Market (GEM). Additionally, our study finds that investment opportunities and state-owned features of firms play moderating roles in the effect of marketization on firms' cash holdings. State-owned enterprises (SOEs) are less affected by marketization; however, the more investment opportunities a firm has, the greater is the negative impact of marketization on its cash holdings. Finally, we find that marketization can affect corporate cash holdings through firms' financing constraints. These results are robust to various tests and alternative explanations.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"743-771"},"PeriodicalIF":1.8,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762220","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
The information effect versus governance effect of comment letters: Evidence from the cost of equity capital 评论信的信息效应与治理效应：股权资本成本的证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-07-28 DOI: 10.1111/irfi.12465
Yikun Chen, Ning Hu, Yanan Cao, Savannah (Yuanyuan) Guo, Yuhan Wang
{"title":"The information effect versus governance effect of comment letters: Evidence from the cost of equity capital","authors":"Yikun Chen,&nbsp;Ning Hu,&nbsp;Yanan Cao,&nbsp;Savannah (Yuanyuan) Guo,&nbsp;Yuhan Wang","doi":"10.1111/irfi.12465","DOIUrl":"10.1111/irfi.12465","url":null,"abstract":"<p>This paper uses a sample of comment letters issued and disclosed by the Shanghai and Shenzhen Stock Exchanges in China from 2015 to 2019 and empirically investigates the impact of comment letters on the cost of equity capital. The results show that the cost of equity capital raises after firms receive comment letters. However, when repeating the analysis using comment letters issued but undisclosed between 2013 and 2014, the observed effect dissipates, indicating an information disclosure channel. Moreover, the cost of equity capital is higher when the letters include more questions and demand independent opinions from auditors. Cross-sectional tests show that this effect is influenced by investor protection, corporate information environment, and internal control quality. Additional tests show a negative association between the receipt of comment letters and both the likelihood and the amount of seasoned equity offerings, which can be attributed to the elevated cost of equity. Overall, our paper not only underscores the importance of public disclosure of government regulatory information, but also provides empirical evidence supporting the effectiveness of regulation by stock exchanges.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"714-742"},"PeriodicalIF":1.8,"publicationDate":"2024-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141864379","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
The real effect of CDS trading: Evidence from corporate employment CDS 交易的实际效果：来自企业就业的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-07-10 DOI: 10.1111/irfi.12464
Shaojie Lai, Shiang Liu, Xiaoling Pu, Jianing Zhang
{"title":"The real effect of CDS trading: Evidence from corporate employment","authors":"Shaojie Lai, Shiang Liu, Xiaoling Pu, Jianing Zhang","doi":"10.1111/irfi.12464","DOIUrl":"https://doi.org/10.1111/irfi.12464","url":null,"abstract":"This paper examines whether the inception of credit default swaps (CDS) trading curbs corporate employment. We show that firms with CDS trading have significantly lower employment growth. Our baseline results are robust to alternative measures of corporate employment growth, various approaches that mitigate endogeneity concerns due to omitted variables and reverse causality, and additional control variables. The decrease in firms' employment growth after CDS trading is more pronounced in firms with larger financial constraints and lower CEO risk‐taking. In addition, we find that the inception of CDS trading affects employment growth through the financial distress channel. Further analysis finds that the inception of CDS trading could mitigate the labor over‐investment problem, stimulating employment efficiency. Our evidence suggests that corporate employment growth is reduced after the initiation of CDS trading due to the heightened cost of defaults.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"31 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141584945","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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