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International Review of Finance最新文献

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The effect of corporate annual report quality on the relationship between institutional blockholder monitoring and firm's information environment 企业年度报告质量对制度块持有人监控与企业信息环境关系的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-08-02 DOI: 10.1111/irfi.12430
Chune Young Chung, Amirhossein Fard, Hong Kee Sul
{"title":"The effect of corporate annual report quality on the relationship between institutional blockholder monitoring and firm's information environment","authors":"Chune Young Chung,&nbsp;Amirhossein Fard,&nbsp;Hong Kee Sul","doi":"10.1111/irfi.12430","DOIUrl":"10.1111/irfi.12430","url":null,"abstract":"<p>Expanding on current research, this study finds that firms with better financial report readability demonstrate a stronger relationship between institutional blockholder monitoring and information asymmetry. This result supports our hypothesis that enhanced readability improves firm information and aids the institutional investor monitoring of firms, reducing information asymmetry. By demonstrating that readability amplifies the marginal effect of institutional blockholder monitoring, we highlight the significance and policy implications of better corporate disclosure readability.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"24 1","pages":"139-153"},"PeriodicalIF":1.7,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46690773","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 cross-predictability of industry returns in international financial markets 国际金融市场中行业回报的交叉可预测性
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-25 DOI: 10.1111/irfi.12426
Xin Wang, Haofei Zhang
{"title":"The cross-predictability of industry returns in international financial markets","authors":"Xin Wang,&nbsp;Haofei Zhang","doi":"10.1111/irfi.12426","DOIUrl":"10.1111/irfi.12426","url":null,"abstract":"<p>This article finds evidence of return cross-predictability among trading partners in international financial markets. We show that the predictability of international customers dominates the predictability of domestic customers, and the predictability of international intra-industry customers dominates the predictability of international inter-industry customers. This return cross-predictability decreases with two country characteristics: financial sophistication and size.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"859-885"},"PeriodicalIF":1.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43858411","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
Topic tones of analyst reports and stock returns: A deep learning approach 分析报告和股票回报的主题语调:一种深度学习方法
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-25 DOI: 10.1111/irfi.12425
Hitoshi Iwasaki, Ying Chen, Jun Tu
{"title":"Topic tones of analyst reports and stock returns: A deep learning approach","authors":"Hitoshi Iwasaki,&nbsp;Ying Chen,&nbsp;Jun Tu","doi":"10.1111/irfi.12425","DOIUrl":"https://doi.org/10.1111/irfi.12425","url":null,"abstract":"<p>We present a novel approach that analyzes topics and tones of analyst reports using a deep neural network in a supervised learning approach. By letting trained classifiers evaluate topics and tones of the reports, we find that incorporation of topic tones significantly enhances the accuracy of predicting cumulative abnormal returns, increasing adjusted <math>\u0000 <mrow>\u0000 <mspace></mspace>\u0000 <msup>\u0000 <mi>R</mi>\u0000 <mn>2</mn>\u0000 </msup>\u0000 </mrow></math> from 6.1% without considering textual information to 17.9% with detailed topic tones. This improvement is primarily driven by the inclusion of opinion and corporate fact type of topics. Our findings highlight importance of topic assessment to make the most use of analyst reports for informed investment decisions.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"831-858"},"PeriodicalIF":1.7,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12425","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138473393","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 contribution of macroprudential policies to banks' resilience: Lessons from the systemic crises and the COVID-19 pandemic shock 宏观审慎政策对银行韧性的贡献:系统性危机和COVID - 19大流行冲击的教训
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-15 DOI: 10.1111/irfi.12424
Tiago F. A. Matos, João C. A. Teixeira, Tiago M. Dutra
{"title":"The contribution of macroprudential policies to banks' resilience: Lessons from the systemic crises and the COVID-19 pandemic shock","authors":"Tiago F. A. Matos,&nbsp;João C. A. Teixeira,&nbsp;Tiago M. Dutra","doi":"10.1111/irfi.12424","DOIUrl":"10.1111/irfi.12424","url":null,"abstract":"<p>This study examines the effectiveness of macroprudential policies in reducing the banks' risk during the COVID-19 pandemic and compares these results with the systemic banking crises years. Based on a sample of 624 banks across 40 countries during the period 2006–2020, we find that loosening capital-aimed macroprudential policies effectively reduced banks' risk during the COVID-19 pandemic, while this behavior led to increased risk during the systemic crises years. In contrast, tightening the remaining macroprudential policies during the systemic crises years and during the pandemic proved effective in reducing banks' risk. Furthermore, we show that the magnitude of the impact of macroprudential policies was stronger during the systemic crisis than that during the pandemic. Finally, we show that the results are driven by the capital requirement prudential policy, both during the systemic crisis and the COVID-19 pandemic, although the conservation buffer and the leverage limit also contributes to the ineffectiveness of these policies during the COVID-19 pandemic. The banks' leverage and loan growth also play an enhancing role of the effects of the macroprudential policies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"794-830"},"PeriodicalIF":1.7,"publicationDate":"2023-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41258526","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: 1
Political institutions and corporate risk-taking: International evidence 政治制度与企业风险承担:国际证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-07-03 DOI: 10.1111/irfi.12423
Helen X. H. Bao, Rohan Cardoza
{"title":"Political institutions and corporate risk-taking: International evidence","authors":"Helen X. H. Bao,&nbsp;Rohan Cardoza","doi":"10.1111/irfi.12423","DOIUrl":"https://doi.org/10.1111/irfi.12423","url":null,"abstract":"<p>Tapping into firm-level accounting data across 90 countries over a 26-year period, we find that sound political institutions are positively associated with corporate risk-taking. This result is economically significant, robust to alternative proxies for corporate risk-taking and political institutions, and continues to hold after mitigating endogeneity concerns of political institutions. We also collect evidence that sound political institutions may compensate for weak legal institutions in inducing corporate risk-taking. We argue that sound political institutions improve the investment environment for firms and can induce higher levels of corporate risk-taking, which is ultimately associated with economic growth.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"777-793"},"PeriodicalIF":1.7,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12423","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138473437","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
Accumulating human capital: Corporate innovation and firm value 人力资本积累:企业创新与企业价值
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-06-07 DOI: 10.1111/irfi.12422
Xun Wang, Jingwen Yu
{"title":"Accumulating human capital: Corporate innovation and firm value","authors":"Xun Wang,&nbsp;Jingwen Yu","doi":"10.1111/irfi.12422","DOIUrl":"10.1111/irfi.12422","url":null,"abstract":"<p>We empirically document that industries that are more R&amp;D intensive exhibit disproportionately greater innovation quantity and better innovation quality in economies with more human capital. Firm-level evidence confirms that innovation is an important channel through which firm responds to labor market conditions. Further analyses show that in economies with greater human capital, firms better able to innovate exhibit larger increase in labor productivity and capital–labor ratio, an effect driven by deceases in employment and increase in intangible capital investment. By facilitating the adjustment in input mix and capital structure, human capital accumulation allows firms with high innovation ability to enhance firm equity value and improve firm performance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"750-776"},"PeriodicalIF":1.7,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48783501","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: 2
Local green finance policies and corporate ESG performance 地方绿色金融政策与企业ESG绩效
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-05-22 DOI: 10.1111/irfi.12417
Qihang Xue, Huimin Wang, Caiquan Bai
{"title":"Local green finance policies and corporate ESG performance","authors":"Qihang Xue,&nbsp;Huimin Wang,&nbsp;Caiquan Bai","doi":"10.1111/irfi.12417","DOIUrl":"10.1111/irfi.12417","url":null,"abstract":"<p>Based on China's government-business relations theory, we use difference-in-differences and causal forest to find that local green finance policies can significantly enhance corporate ESG performance especially for nonstate-owned companies, companies with high levels of executive social capital, non-heavily polluting companies, and companies in developed regions. We also find that the corporate financing constraint mitigation effect and the regional environmental regulation effect of local green finance policies are important mechanisms for promoting corporate ESG performance. Additionally, local green finance policies can strengthen the positive role of corporate ESG performance in enhancing corporate value, which is conducive to corporate sustainability.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"721-749"},"PeriodicalIF":1.7,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45110004","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: 6
Impact of professor-directors on Chinese firms' environmental performance 教授-董事对中国企业环境绩效的影响
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-24 DOI: 10.1111/irfi.12416
Liqiang Chen, Hong Fan, Xiaofei Song
{"title":"Impact of professor-directors on Chinese firms' environmental performance","authors":"Liqiang Chen,&nbsp;Hong Fan,&nbsp;Xiaofei Song","doi":"10.1111/irfi.12416","DOIUrl":"10.1111/irfi.12416","url":null,"abstract":"<p>This study investigates the impact of academic professor-directors on Chinese firms' environmental performance. We find that the presence of board directors who are also professors has a positive impact on firms' environmental protection performance, and the result is robust after controlling for the potential endogeneity of professor-directors. This is consistent with the notion that professor board directors are perceived to take more social responsibility and are more likely to advocate for sustainability. However, this positive impact is mitigated significantly by the presence of professor board directors with administrative titles. Moreover, the above results are mainly driven by non-state-owned enterprises, firms with less powerful CEOs, firms with better analyst coverage, and firms with less financial distress. Our study highlights the importance of academic directors for firms' environmental performance.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"696-720"},"PeriodicalIF":1.7,"publicationDate":"2023-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12416","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43287266","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
Economic growth and labor investment efficiency 经济增长与劳动力投资效率
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-09 DOI: 10.1111/irfi.12415
Amanjot Singh
{"title":"Economic growth and labor investment efficiency","authors":"Amanjot Singh","doi":"10.1111/irfi.12415","DOIUrl":"10.1111/irfi.12415","url":null,"abstract":"<p>We examine the relationship between economic growth and labor investment efficiency. Using a sample of US firms from 1991 to 2019, our findings suggest that labor investment inefficiency increases with the expansion of economic activities. Although economic growth increases labor overinvestment, it also decreases labor underinvestment. The magnitude effect of economic growth is more pronounced for labor overinvestment. Labor investment inefficiency is noticeable during low economic policy uncertainty. Economic growth-induced labor investment inefficiency is pronounced for (1) large firms, (2) high labor intensity firms, and (3) firms with overinvestment in non-labor investments. Further, economic growth negatively (positively) influences the firm's future performance for labor overinvested (underinvested) firms. Our findings remain robust to alternative specifications.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 4","pages":"886-902"},"PeriodicalIF":1.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48313744","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: 2
Trade dependence and stock market reaction to the Russia-Ukraine war 俄乌战争的贸易依赖和股市反应
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2023-03-07 DOI: 10.1111/irfi.12414
Reza Tajaddini, Hassan F. Gholipour
{"title":"Trade dependence and stock market reaction to the Russia-Ukraine war","authors":"Reza Tajaddini,&nbsp;Hassan F. Gholipour","doi":"10.1111/irfi.12414","DOIUrl":"10.1111/irfi.12414","url":null,"abstract":"<p>Using data from 83 countries, we show that the decline in the value of stock market indices in response to the Russia-Ukraine war was sharper in countries that have stronger trade ties (both exports and imports) with Russia and Ukraine. We also find the relationship between trade dependency and market drop is weaker in countries with more trade openness.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"23 3","pages":"680-691"},"PeriodicalIF":1.7,"publicationDate":"2023-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12414","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43961584","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: 2
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