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Risk-averse or altruistic? Board chairs' early-life experience and debt maturity 规避风险还是利他主义？董事会主席的早年经历和债务期限
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-13 DOI: 10.1111/irfi.70004
Yong Chen, Yun-Ching Chang, Guan-Ying Huang
{"title":"Risk-averse or altruistic? Board chairs' early-life experience and debt maturity","authors":"Yong Chen,&nbsp;Yun-Ching Chang,&nbsp;Guan-Ying Huang","doi":"10.1111/irfi.70004","DOIUrl":"https://doi.org/10.1111/irfi.70004","url":null,"abstract":"<p>This study investigates the relationship between board chairs' early-life experiences during the Great Chinese Famine and the debt maturity choices of Chinese listed firms from 2000 to 2017. The findings reveal that board chairs with famine experience demonstrate a stronger preference for long-term debt usage. Moreover, these board chairs underestimate future corporate earnings, are less prone to overinvestment, adopt more hedging strategies, and ensure higher-quality accounting information. The results are particularly pronounced in firms with lower asset redeployability, higher financial distress risk, the absence of political affiliations, non-state ownership, lower market competition, and heightened economic policy uncertainty. These findings suggest that the observed behavior stems from a risk-averse orientation rather than altruistic motivations among board chairs with famine experience.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143404478","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
Inventor-base concentration and corporate cash holdings 以发明人为基础的集中度和公司现金持有量
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-10 DOI: 10.1111/irfi.70005
Jin Wang
{"title":"Inventor-base concentration and corporate cash holdings","authors":"Jin Wang","doi":"10.1111/irfi.70005","DOIUrl":"https://doi.org/10.1111/irfi.70005","url":null,"abstract":"<p>Using a unique dataset tracking the career paths of inventors in U.S. public firms, we investigate how inventor-base concentration impacts corporate cash holdings. A concentrated inventor base enhances the efficiency of utilizing inventors' human capital, reducing the transaction motive to hold cash. Conversely, the potential loss due to key inventors' departure may increase the precautionary motive to hold cash. We find a negative impact of inventor-base concentration on cash holdings, supporting the notion of reducing the transaction motive. Firms with a more concentrated inventor base have lower demand for spending cash on labor costs and R&amp;D. Additionally, the negative impact on cash holdings is more pronounced for firms facing financial constraints. Finally, the value of cash holdings is negatively related to the degree of inventor-base concentration. These results highlight the importance of understanding a firm's human capital strategies when evaluating its financing policy.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143380781","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
Forecasting China's inflation rate: Evidence from machine learning methods 预测中国通货膨胀率：来自机器学习方法的证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-02-09 DOI: 10.1111/irfi.70000
Xingfu Xu, Shufei Li, Wei-han Liu
{"title":"Forecasting China's inflation rate: Evidence from machine learning methods","authors":"Xingfu Xu,&nbsp;Shufei Li,&nbsp;Wei-han Liu","doi":"10.1111/irfi.70000","DOIUrl":"https://doi.org/10.1111/irfi.70000","url":null,"abstract":"<p>We conduct a comprehensive analysis of eight machine learning models (partial least squares, scaled principal components, the least absolute shrinkage and selection operator, ridge regression, random forest, gradient boost decision trees, support vector machines, and neural networks) and the forecast combination method to forecast China's inflation. We use an extensive monthly dataset of 28 predictors with the data period covering January 2000 to December 2022. Our empirical outcomes show that these models beat the autoregressive benchmark regarding out-of-sample R squares. We evaluate the gradient boost decision tree (GBDT) and the forecast combination model as the most effective machine learning tools for forecasting China's inflation rate across various forecasting horizons and evaluation criteria. Moreover, our analysis of variable importance (Gu, Kelly, and Xiu 2020) demonstrates that the retail price index of food and the producer price index of total industry products are the two most dominant predictive signals. These outcomes reflect that structural components and cost-push factors primarily influence China's inflation rate. Our conclusions are robust across various settings.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143380216","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
Initial public offering over-issuance and a firm's acquisition behavior: Evidence from China 首次公开发行（ipo）超额发行与企业收购行为：来自中国的证据
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 测试和预测价格跳跃与回报时刻
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 公众信任与银行分支监管对个人贷款发放与违约风险的影响——来自中国区域商业银行的证据
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 中国股市的后悔厌恶与资产定价异常
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 企业文化与债务期限
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 股市是否关心气候变化：一个公共媒体的视角
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
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