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International Review of Finance最新文献

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Why do managers announce the intention to sell large assets? 为什么管理者要宣布出售大型资产的意图？
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-07-08 DOI: 10.1111/irfi.12461
Abe de Jong, Pouyan Ghazizadeh, Frederik P. Schlingemann, Farhan Shazia
{"title":"Why do managers announce the intention to sell large assets?","authors":"Abe de Jong,&nbsp;Pouyan Ghazizadeh,&nbsp;Frederik P. Schlingemann,&nbsp;Farhan Shazia","doi":"10.1111/irfi.12461","DOIUrl":"10.1111/irfi.12461","url":null,"abstract":"<p>Nearly one-third of asset sale announcements are preceded by a public statement of the intent to sell. These voluntary disclosures generate significant average returns of 1.1%. Pre-announcements bias returns around the actual asset sales toward zero. Due to opportunistic managerial behavior, pre-announcements occur after poor stock performance and CEO turnover. Managers also opportunistically exercise options around the pre-announcements and receive potential benefits from the uptick in stock prices. Although we find no effect of pre-announcements on long-term operational performance, we do observe a negative effect on stock returns using three and four-factor models.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"641-668"},"PeriodicalIF":1.8,"publicationDate":"2024-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12461","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141570088","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
Does size matter? Examining the probability of firm emergence from bankruptcy 规模重要吗？考察企业破产的概率
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-07-01 DOI: 10.1111/irfi.12462
Miftah Zikri, Syed Shams, Afzalur Rashid, Chandrasekhar Krishnamurti
{"title":"Does size matter? Examining the probability of firm emergence from bankruptcy","authors":"Miftah Zikri,&nbsp;Syed Shams,&nbsp;Afzalur Rashid,&nbsp;Chandrasekhar Krishnamurti","doi":"10.1111/irfi.12462","DOIUrl":"10.1111/irfi.12462","url":null,"abstract":"<p>We examine the association between firm size and the likelihood of emergence from bankruptcy filed under Chapter 11. Using 715 firm-year observations from 1979 to 2019, we find that large firms are less likely to emerge. We use performance, financial constraints, and information environment as potential channels to examine the mechanism by which firm size affects the likelihood of firm emergence from bankruptcy. Further analysis shows that the likelihood of bankruptcy emergence is lower for large firms before the global financial crisis of 2007.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"669-713"},"PeriodicalIF":1.8,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12462","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141512937","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
Aggregate uncertainty, information acquisition, and analyst stock recommendations 汇总不确定性，信息获取和分析师股票建议
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-06-05 DOI: 10.1111/irfi.12455
Amanjot Singh, Harminder Singh, Venura Welagedara
{"title":"Aggregate uncertainty, information acquisition, and analyst stock recommendations","authors":"Amanjot Singh,&nbsp;Harminder Singh,&nbsp;Venura Welagedara","doi":"10.1111/irfi.12455","DOIUrl":"https://doi.org/10.1111/irfi.12455","url":null,"abstract":"<p>We examine the informativeness of analyst stock recommendations in the presence of aggregate uncertainty. Our results suggest that a one standard deviation increase in aggregate uncertainty decreases the likelihood of influential recommendation revisions by 5.26%. Increased aggregate uncertainty leads to a small stock price impact for upgrade and downgrade recommendations. Our findings reveal consistent search for information by investors, which, support a post-recommendation price drift amidst high aggregate uncertainty. We further find that investors of firms with fewer distracted shareholders, less readable financial statements, and more informed trading seek more information when aggregate uncertainty is high. Our study highlights that investors become more cautious while responding to analysts' stock recommendations during high aggregate uncertainty.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 4","pages":"604-640"},"PeriodicalIF":1.8,"publicationDate":"2024-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12455","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762163","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
Climate change, tax avoidance, and shareholder value: Evidence from the Paris Agreement 气候变化、避税和股东价值：巴黎协定》的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-05-27 DOI: 10.1111/irfi.12454
Pattanaporn Chatjuthamard, Pandej Chintrakarn, Pornsit Jiraporn, Sang Mook Lee
{"title":"Climate change, tax avoidance, and shareholder value: Evidence from the Paris Agreement","authors":"Pattanaporn Chatjuthamard, Pandej Chintrakarn, Pornsit Jiraporn, Sang Mook Lee","doi":"10.1111/irfi.12454","DOIUrl":"https://doi.org/10.1111/irfi.12454","url":null,"abstract":"Motivated by the rapidly emerging literature on climate change and finance, we explore the effect of corporate tax avoidance on shareholder value around the adoption of the Paris Climate Agreement. Companies engaging in greater tax avoidance experience significantly more favorable stock market reactions. Companies that achieve greater savings through tax avoidance have a larger surplus of resources that can be directed toward climate‐related actions in alignment with the Paris Agreement, resulting in enhanced shareholder value. Furthermore, the advantageous impact of tax avoidance on shareholder wealth is significantly less pronounced for companies that pay out larger dividends.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"45 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141190190","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 early withdrawal on superannuation balance at retirement: Evidence from Australia 提前取款对退休时养老金余额的影响：澳大利亚的证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-05-01 DOI: 10.1111/irfi.12452
Utkarsh Kapoor, Reza Tajaddini, Amir Moradi-Motlagh
{"title":"The impact of early withdrawal on superannuation balance at retirement: Evidence from Australia","authors":"Utkarsh Kapoor,&nbsp;Reza Tajaddini,&nbsp;Amir Moradi-Motlagh","doi":"10.1111/irfi.12452","DOIUrl":"10.1111/irfi.12452","url":null,"abstract":"<p>This study examines the effect of the early tax-free release of the superannuation (ERS), which was introduced as a financial stimulus to counter the economic havoc created by the COVID-19 pandemic, on Australians' superannuation retirement balances. By considering 2800 scenarios based on individuals' working industries, age, withdrawal amounts, and asset allocation strategies, we find that individuals with non-aggressive asset allocation strategies may struggle to reach the minimum required superannuation balance for a comfortable lifestyle in retirement if they opt-in for the ERS. This impact is more evident for individuals employed in certain industries such as accommodation and food, and retail trade.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 3","pages":"535-545"},"PeriodicalIF":1.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12452","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832733","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
Foreign institutional ownership and corporate labor investment 外国机构所有权与企业劳动力投资
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-04-29 DOI: 10.1111/irfi.12453
Trung K. Do, Anh‐Tuan Le
{"title":"Foreign institutional ownership and corporate labor investment","authors":"Trung K. Do, Anh‐Tuan Le","doi":"10.1111/irfi.12453","DOIUrl":"https://doi.org/10.1111/irfi.12453","url":null,"abstract":"We examine the impact of foreign institutional ownership on firms' labor investment efficiency. Using a comprehensive global sample of firms across 37 non‐U.S. countries, we find that greater ownership by foreign institutional investors is significantly associated with lower deviations of labor investment from the level justified by economic fundamentals, that is, higher labor investment efficiency. Independent, U.S.‐based and common‐law foreign institutional investors increase labor investment efficiency to a greater extent than their gray, non‐U.S.‐based and civil‐law peers. We further find evidence supporting the value creation of foreign institutions through the improvement in labor investment efficiency. Overall, our results suggest that foreign institutional investors promote good corporate governance practices around the world.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"89 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832806","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
Which dimensions of culture matter for central bank independence? International evidence 中央银行的独立性取决于文化的哪些方面？国际证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-04-22 DOI: 10.1111/irfi.12451
Tong Fang
{"title":"Which dimensions of culture matter for central bank independence? International evidence","authors":"Tong Fang","doi":"10.1111/irfi.12451","DOIUrl":"10.1111/irfi.12451","url":null,"abstract":"<p>In this paper, we examine the relationship between Hofstede national cultures and <i>de jure</i> central bank independence. We propose theoretical hypotheses to explain how cultural dimensions determine central bank independence and test these hypotheses using an international dataset. We find that two cultural dimensions, namely, individualism and uncertainty avoidance, are significantly related to central bank independence. Central bank independence is higher in collectivistic and uncertainty avoidance countries. We further reveal that these cultural dimensions affect central bank independence in different ways. Individualism and uncertainty avoidance are related to independence in policy formulation and limitations on lending to governments. Although power distance and masculinity are insignificantly related to total central bank independence, they affect independence in objectives, policy formulation and limitation on lending to governments. Our results are robust through a series of checks.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 2","pages":"291-333"},"PeriodicalIF":1.7,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140673760","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
International evidence on global economic uncertainty and cross-sectional stock returns 全球经济不确定性与横截面股票回报率的国际证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-03-29 DOI: 10.1111/irfi.12450
Xiaoyue Chen, Bin Li, Andrew C. Worthington, Tarlok Singh
{"title":"International evidence on global economic uncertainty and cross-sectional stock returns","authors":"Xiaoyue Chen,&nbsp;Bin Li,&nbsp;Andrew C. Worthington,&nbsp;Tarlok Singh","doi":"10.1111/irfi.12450","DOIUrl":"10.1111/irfi.12450","url":null,"abstract":"<p>We investigate the predictive role of global economic uncertainty exposure at the firm level in the top-five developed stock markets outside the US. Applying portfolio-level sorting strategies, we find that exposure to global idiosyncratic uncertainty exhibits stronger predictive power than either total or common uncertainty. Further, the idiosyncratic uncertainty betas are negatively related to future stock returns over multiple trading horizons in the UK, Europe, and Canada, and this relationship cannot be explained by common risk factors, including market, size, value, investment, profitability, and momentum. Our findings are robust to the use of firm-level Fama–MacBeth regressions and additional trading horizons.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 3","pages":"493-534"},"PeriodicalIF":1.8,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140368101","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 mean–variance (in)efficiency of duration-based immunization 以时间为基础的免疫接种的平均方差（不）效率
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2024-03-21 DOI: 10.1111/irfi.12447
Pascal François, Franck Moraux
{"title":"The mean–variance (in)efficiency of duration-based immunization","authors":"Pascal François,&nbsp;Franck Moraux","doi":"10.1111/irfi.12447","DOIUrl":"10.1111/irfi.12447","url":null,"abstract":"<p>Empirical studies report inconclusive assessment of duration-based immunization, notably showing that more sophisticated strategies do not outperform immunization relying on Macaulay duration. This article provides a mean–variance framework to explain this puzzle. We characterize the efficient portfolio allocations for a stylized barbell strategy trading off reinvestment risk with discounting risk. We show, in a model-free setting, that barbell allocations form a convex set in the mean–variance space, and the endpoints of the efficient frontier can switch as time passes, reversing the set of efficient allocations. Consequently, duration-based immunization, which is not minimum variance, can exhibit <i>temporary</i> inefficiency. This result is numerically illustrated in a one-factor Gaussian and a two-factor non-Gaussian model. Using yield curve scenarios resampled from U.S. data over the 1977–2020 period, we further corroborate our conclusions non-parametrically, and find that duration-based immunization is sometimes inefficient.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 2","pages":"253-290"},"PeriodicalIF":1.7,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140201822","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
Bank diversification and performance: Empirical evidence from Japan 银行多样化与业绩：日本的经验证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2024-03-21 DOI: 10.1111/irfi.12449
Yichang Wu
{"title":"Bank diversification and performance: Empirical evidence from Japan","authors":"Yichang Wu","doi":"10.1111/irfi.12449","DOIUrl":"10.1111/irfi.12449","url":null,"abstract":"<p>This article examines the relationship between bank diversification and performance in the Japanese banking sector. We use panel data from 141 banks over the period 2000–2022 to investigate whether banks can improve profitability and reduce risk through diversification strategies. Our evidence shows that diversification can improve bank profitability at the cost of a decline in net interest margins, suggesting banks are using the interest business as a loss leader to promote other business lines. We find that asset diversification has a risk-reducing effect, which supports the portfolio hypothesis. Some evidence also implies that there is a more complex nonlinear relationship. This can be partly attributed to bank type, as the diversification effects vary across different types of banks. Furthermore, the decomposition of non-interest income reveals that fees and commissions negatively influence return on assets while simultaneously reducing bank risk.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 3","pages":"449-492"},"PeriodicalIF":1.8,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140201872","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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