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Initial public offering over-issuance and a firm's acquisition behavior: Evidence from China
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-04 DOI: 10.1111/irfi.70001
Nancy Huyghebaert, Ting Liu, Lihong Wang
{"title":"Initial public offering over-issuance and a firm's acquisition behavior: Evidence from China","authors":"Nancy Huyghebaert,&nbsp;Ting Liu,&nbsp;Lihong Wang","doi":"10.1111/irfi.70001","DOIUrl":"https://doi.org/10.1111/irfi.70001","url":null,"abstract":"<p>We analyze the relation between initial public offering (IPO) over-issuance and a firm's subsequent acquisition decisions. We find that newly listed firms are more likely to engage in merge &amp; acquisitions (M&amp;As) and initiate more and larger-sized M&amp;As after raising more excess cash in their IPO. Additionally, this IPO over-issuance is negatively associated with the newly listed firm's post-acquisition stock performance. Moreover, Type I (principal-agent) and Type II (principal-principal) agency problems explain those relations. The negative relation between IPO over-issuance and stock performance is exacerbated for companies that have made large and industry-diversifying M&amp;As. Further analyses reveal that acquirers who raised more excess cash in their IPO prefer to pay for their M&amp;As entirely in cash.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111578","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
Testing and forecasting price jumps with return moments
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-03 DOI: 10.1111/irfi.70002
Fang Zhen, Xinfeng Ruan, Jin E. Zhang
{"title":"Testing and forecasting price jumps with return moments","authors":"Fang Zhen,&nbsp;Xinfeng Ruan,&nbsp;Jin E. Zhang","doi":"10.1111/irfi.70002","DOIUrl":"https://doi.org/10.1111/irfi.70002","url":null,"abstract":"<p>We detect jumps with the cubic variation and derive its exact distribution under a generic pure-diffusion model with deterministic time-varying volatility. Our method performs well for not only high- but also low-frequency returns. We use the jump testing method to construct monthly and daily jump indicators from the daily and intraday S&amp;P 500 index returns, and find that they can be significantly and robustly predicted by VIX. Other option-implied and historical moments are either subsumed by VIX or are conditionally useful. Our results support the superior informational role played by the risk-neutral volatility in predicting future price jump events.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111323","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
Public trust and bank branching regulation on personal loan grants and default risk: Evidence from regional commercial banks in China
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-03 DOI: 10.1111/irfi.70003
Mohan Fonseka, Grant Richardson
{"title":"Public trust and bank branching regulation on personal loan grants and default risk: Evidence from regional commercial banks in China","authors":"Mohan Fonseka,&nbsp;Grant Richardson","doi":"10.1111/irfi.70003","DOIUrl":"https://doi.org/10.1111/irfi.70003","url":null,"abstract":"<p>We examine the effect of public trust on personal loan grants and the default risk of Chinese regional commercial banks during the bank branch regulation regime changes. Using exogenous shocks of bank branch regulation regimes in quasi-natural experiments, we find that public trust exhibits a more pronounced increase in personal loan grants for regional banks. Additionally, we report a negative relationship between public trust and default risk. Finally, we observe that city commercial banks that open branches in high public trust provinces during the deregulation period lead to an increase (decrease) in personal loan grants and (default risk).</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111324","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
Institutional investors and workplace safety 机构投资者与工作场所安全
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-12-26 DOI: 10.1111/irfi.12480
Chune Young Chung, Wonseok Choi, Huy Pham
{"title":"Institutional investors and workplace safety","authors":"Chune Young Chung,&nbsp;Wonseok Choi,&nbsp;Huy Pham","doi":"10.1111/irfi.12480","DOIUrl":"https://doi.org/10.1111/irfi.12480","url":null,"abstract":"<p>This study examines how institutional investors influence workplace safety. Using data from the Occupational Safety and Health Administration, we find that firms with higher institutional ownership have significantly lower injury and illness rates, especially those with dedicated investors who are geographically proximate to their establishments and high union coverage levels. Our analysis indicates that such firms adopt employee-friendly corporate cultures and invest in organizational capital and workplace safety. Overall, this study offers novel and robust evidence of the monitoring role of institutional investors in shaping workplace safety outcomes.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119502","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
Regret aversion and asset pricing anomalies in the Chinese stock market
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-12-25 DOI: 10.1111/irfi.12478
Yajie Wang, Jiayu Yang
{"title":"Regret aversion and asset pricing anomalies in the Chinese stock market","authors":"Yajie Wang,&nbsp;Jiayu Yang","doi":"10.1111/irfi.12478","DOIUrl":"https://doi.org/10.1111/irfi.12478","url":null,"abstract":"<p>This paper discusses the impact of regret aversion on Chinese stock market returns from the asset pricing perspective. From the intertemporal investment and consumption analytical framework, a representative investor determines the optimal wealth allocation by perceiving the stock's “expected rate of return” and “regret effect” to maximize utility. The simulation results show that the expected returns present a downward convex shape with the change in regret aversion. Using China's A-share market data, the empirical tests confirm the mechanism and different bull and bear market signals. Our findings reveal regret aversion in the A-share market, and “market return” is an essential measuring indicator, which improves the consumption-based Capital Asset Pricing Model (CCAPM) empirical results by more minor pricing errors and equity premiums. Comparatively, the variations in cross-sectional stock returns during bull markets illustrate the herd behavior prevalent in the Chinese market, and the cross-sectional data observed in bear markets demonstrate a superior fitting effect.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143119092","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
Corporate culture and debt maturity
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-12-23 DOI: 10.1111/irfi.12481
Suzona Asad, Mostafa Monzur Hasan, Buhui Qiu
{"title":"Corporate culture and debt maturity","authors":"Suzona Asad,&nbsp;Mostafa Monzur Hasan,&nbsp;Buhui Qiu","doi":"10.1111/irfi.12481","DOIUrl":"https://doi.org/10.1111/irfi.12481","url":null,"abstract":"<p>This study investigates the relationship between corporate culture and debt maturity structure. Utilizing a text-based measure of corporate culture derived from a cutting-edge machine learning approach, we uncover a strong positive link between corporate culture and short-term debt usage. We further find that this relationship is particularly pronounced for firms with high information asymmetry and heightened financing constraints. We conduct several sensitivity analyses that confirm the robustness of our findings. Overall, the findings enhance our understanding of how corporate culture influences corporate financing decisions.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143118587","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 stock markets care about climate change: A public media perspective
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-12-10 DOI: 10.1111/irfi.12479
Minh Nhat Nguyen, Ruipeng Liu
{"title":"Do stock markets care about climate change: A public media perspective","authors":"Minh Nhat Nguyen,&nbsp;Ruipeng Liu","doi":"10.1111/irfi.12479","DOIUrl":"https://doi.org/10.1111/irfi.12479","url":null,"abstract":"<p>We study the pricing implication of the climate change news index proposed by Engle et al. (2020). Specifically, we find the significant risk premium associated with climate change news. The risk premium increases for firms in fossil-fuel and carbon-intensive industries, while decreasing for firms in low-emission industries. Furthermore, we document that the impact of climate change news is more negative for “value” and “big” portfolios compared to “growth” and “small” portfolios, and the impact of climate change news varies for firms headquartered in Democratic states versus Republican states.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143113965","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
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
Bond market structure and volatility
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-10-07 DOI: 10.1111/irfi.12475
Isarin Durongkadej, Louis Piccotti
{"title":"Bond market structure and volatility","authors":"Isarin Durongkadej,&nbsp;Louis Piccotti","doi":"10.1111/irfi.12475","DOIUrl":"https://doi.org/10.1111/irfi.12475","url":null,"abstract":"<p>We apply variance ratio methodologies to examine market quality in the US corporate bond market. We find that the open-to-open to close-to-close return variance ratio is greater than one suggesting that the corporate bond market is less efficient during the opening hours than during the closing hours. We show that the higher variance ratio at the open is related to the market power of dealers at the open and the sources of power are from lower cost of inventory, lower asymmetric information, and more flexibility to intermediate a trade. Dealers appear to exert less market power for bonds with low volume and credit rating. The results are consistent with dealers behaving strategically to unload risky assets and take on safer assets.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143112994","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
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