{"title":"Wage Differentials, Firm Investment, and Stock Returns","authors":"Yongjun Kim","doi":"10.1111/irfi.70074","DOIUrl":"10.1111/irfi.70074","url":null,"abstract":"<p>This study investigates the effects of labor costs on firms' capital investments and stock returns. I estimate wage premia across US industries and show that the negative investment-return relation implied by <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>q</mi>\u0000 </mrow>\u0000 <annotation>$$ q $$</annotation>\u0000 </semantics></math>-theory is steeper for firms paying high wage premia than for firms paying low wage premia. An extended investment-based model predicts the interaction effect, showing the labor adjustment costs as the key channel driving investment-return sensitivity. The inflexibility induced by labor costs offers new insights into asset prices and corporate investments.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70074","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686907","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}
{"title":"The Echo Effect of Momentum and Investor Trading Behavior","authors":"Cheoljun Eom, Jong Won Park","doi":"10.1111/irfi.70072","DOIUrl":"10.1111/irfi.70072","url":null,"abstract":"<p>This study examines the momentum echo effect using cross-sectional momentum (CMOM) and idiosyncratic momentum (IMOM) in the Korean stock market. The results document robust evidence for CMOM-based portfolios, while IMOM-based portfolios exhibit contrasting evidence. Specifically, as the momentum formation period shifts from distant-past to near-past months, CMOM performance changes from positive to negative, while IMOM changes from negative to positive. These differences arise from contrasting trading behaviors of institutional and foreign (InsFOR) investors toward winner portfolios. For winner portfolios, InsFOR investors exhibit net buying of CMOM winners but net selling of IMOM winners. Their behavior reflects the delayed incorporation of public market information for CMOM and the underrecognition of firm-specific information for IMOM.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70072","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686292","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}
Sama Haddad, Rakesh Gupta, E. A. Selvanathan, Saroja Selvanathan, Tarlok Singh
{"title":"How Regulation and Global Standing Shape Stock Market Co-Movements: A G20 Panel Study","authors":"Sama Haddad, Rakesh Gupta, E. A. Selvanathan, Saroja Selvanathan, Tarlok Singh","doi":"10.1111/irfi.70073","DOIUrl":"10.1111/irfi.70073","url":null,"abstract":"<p>Motivated by post-2020 fragmentation and underexplored institutional-geopolitical drivers, we examine how regulatory quality (RQ) and global power (GP) shape stock-market co-movements across 17 G20 economies. We estimate time-varying correlations via ADCC-GARCH, construct a scaled correlation index, and apply panel ARDL. We find that higher RQ and stronger GP raise long-run integration; effects appear conditional rather than purely additive. Results are robust to alternative openness proxies (trade vs. GDP). Our contributions are a unified RQ-GP framework, a correlation index for integration monitoring, and policy-relevant evidence on how institutional quality and geopolitical standing condition diversification and financial stability.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686291","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}
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