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The effect of stock liquidity on corporate cash holdings: The real investment motive 股票流动性对企业现金持有量的影响:真实投资动机
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2022-03-09 DOI: 10.1111/irfi.12377
Hyun Joong Im, Barry Oliver, Heungju Park
{"title":"The effect of stock liquidity on corporate cash holdings: The real investment motive","authors":"Hyun Joong Im,&nbsp;Barry Oliver,&nbsp;Heungju Park","doi":"10.1111/irfi.12377","DOIUrl":"https://doi.org/10.1111/irfi.12377","url":null,"abstract":"<p>This study examines the relationship between stock liquidity and corporate cash holdings and explores a new economic mechanism driving this relationship. Using a regression discontinuity design approach based on the annual reconstitution of the Russell 1000/2000 indices, we find that stock liquidity has a positive causal effect on corporate cash holdings. This effect is more pronounced for firms with more investment opportunities. These results suggest that enhanced stock liquidity increases corporate cash holdings by expanding the set of investment opportunities. Our evidence supports the real investment motive over the repurchase motive.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 3","pages":"580-596"},"PeriodicalIF":1.7,"publicationDate":"2022-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134804014","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
Does options improve the information absorption? Evidence from the introduction of weekly index options 选项是否能提高信息吸收？引入周指数期权的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2022-02-23 DOI: 10.1111/irfi.12372
Prachi Jain, Kiran Kumar Kotha
{"title":"Does options improve the information absorption? Evidence from the introduction of weekly index options","authors":"Prachi Jain,&nbsp;Kiran Kumar Kotha","doi":"10.1111/irfi.12372","DOIUrl":"10.1111/irfi.12372","url":null,"abstract":"<p>This paper empirically examines the effect of weekly options introduction on the benchmark index of Indian stock market, NIFTY50. The paper evaluates the possible stabilizing or destabilizing nature of impact on underlying volatility focusing on the relation between information and volatility using GARCH framework. The results indicate that the onset of weekly index options has improved the information assimilation and reduced the persistence of old information on volatility. Further, similar changes are not evident on a control index, NIFTY NEXT50. Overall, the results indicate an increase in market efficiency with weekly index options trading.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 4","pages":"770-776"},"PeriodicalIF":1.7,"publicationDate":"2022-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44045785","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
Payout policies, government ownership, and financial constraints: Evidence from Vietnam 赔付政策、政府所有权和财政约束:来自越南的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2022-02-16 DOI: 10.1111/irfi.12375
Nha Duc Bui, Yun-Yi Wang, Jin-Ping Lee
{"title":"Payout policies, government ownership, and financial constraints: Evidence from Vietnam","authors":"Nha Duc Bui,&nbsp;Yun-Yi Wang,&nbsp;Jin-Ping Lee","doi":"10.1111/irfi.12375","DOIUrl":"10.1111/irfi.12375","url":null,"abstract":"<p>This study investigates the impact of government ownership on payout policies, cash holdings, capital expenditures, and borrowing costs for firms in Vietnam. Using the central hypothesis that state-owned firms (SOEs) are less financially constrained than privately-owned firms, we provide several main findings. First, we reveal that SOEs typically pay higher dividends, have higher total payouts, but undertake lower repurchases than privately-owned firms. Second, we find that SOEs have less need to hoard cash and spend less of their cash flow on capital expenditures than non-state-owned firms. Finally, our research indicates that SOEs have lower borrowing costs than privately owned firms. These findings support the view that, in frontier markets, firms with non-state ownership can mitigate the adverse effects of financial constraints by decreasing total payouts to shareholders and instead using their cash flow to increase cash holdings or capital spending.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 4","pages":"600-636"},"PeriodicalIF":1.7,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47776577","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
Impact of operational fragility on stock returns: Lessons from COVID-19 crisis 运营脆弱性对股票回报的影响:来自COVID - 19危机的教训
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2022-02-03 DOI: 10.1111/irfi.12374
Avijit Bansal, Balagopal Gopalakrishnan, Joshy Jacob, Pranjal Srivastava
{"title":"Impact of operational fragility on stock returns: Lessons from COVID-19 crisis","authors":"Avijit Bansal,&nbsp;Balagopal Gopalakrishnan,&nbsp;Joshy Jacob,&nbsp;Pranjal Srivastava","doi":"10.1111/irfi.12374","DOIUrl":"10.1111/irfi.12374","url":null,"abstract":"<p>We examine how the market valuation of firms varies on account of their operational fragility that makes them vulnerable to the COVID-19 pandemic. Using the data on plant location that uniquely identifies the vulnerability of firms to operational disruptions, we find that firms with plants located in zones susceptible to higher infections earn significantly lower returns. For firms with high operational fragility, the marginal value of financial flexibility and operating flexibility is higher. The adverse impact of the operational fragility is lower for firms affiliated with the larger business groups. The paper identifies unique channels associated with the pandemic that impact firm value.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 2","pages":"365-398"},"PeriodicalIF":1.7,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12374","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47762149","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: 1
Know your competitors: Customer identity disclosure by competitors and a firm's production efficiency 了解你的竞争对手:竞争对手披露客户身份和公司的生产效率
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2022-02-02 DOI: 10.1111/irfi.12373
Jie He, Xi Chen, Kam C. Chan
{"title":"Know your competitors: Customer identity disclosure by competitors and a firm's production efficiency","authors":"Jie He,&nbsp;Xi Chen,&nbsp;Kam C. Chan","doi":"10.1111/irfi.12373","DOIUrl":"10.1111/irfi.12373","url":null,"abstract":"<p>When planning production, a firm must consider internal factors and factors related to their competitors as well. We examine whether the disclosure of customer identity by competitors is associated with a firm's production efficiency. Using a sample of Chinese firms, we find that a firm's total factor productivity is positively related to the disclosure, suggesting that a firm benefits from knowing the identity of its competitors' customers. The effect is more salient when a firm belongs to a competitive industry or is a market leader, suggesting a firm may be able to optimize its productivity when the information is more critical to its business.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 4","pages":"777-792"},"PeriodicalIF":1.7,"publicationDate":"2022-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46523091","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
Migrants and default: Evidence from China 移民和违约:来自中国的证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2021-12-30 DOI: 10.1111/irfi.12371
Jianwen Li, Jinyan Hu
{"title":"Migrants and default: Evidence from China","authors":"Jianwen Li,&nbsp;Jinyan Hu","doi":"10.1111/irfi.12371","DOIUrl":"10.1111/irfi.12371","url":null,"abstract":"<p>Reform and opening up have stimulated internal migration; at the same time, home bias and regional discrimination have become pressing problems in China, even though the internet has reduced distance-related informational frictions. Evidence from an emerging peer-to-peer lending platform shows that migration statuses can reveal additional information about borrowers' credit risk. <i>Ceteris paribus</i>, migrants, interprovincial migrants, upward-moving migrants, and long-distance migrants are less likely to default; this is especially true for migrants with stronger educational backgrounds and work experience. Further analyses show that migrants tend to have higher credit quality, lower financing costs, and better economic attributes and assimilate themselves to a higher trusted culture, allowing them to default less than nonmigrants. This means that lenders and trading platforms may rely on the informative content of migration to adjust their lending policies in a fashion that attracts more participation from creditworthy migrants.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 3","pages":"472-505"},"PeriodicalIF":1.7,"publicationDate":"2021-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45786935","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
COVID-19 and hedge fund equity ownership 2019冠状病毒病与对冲基金股权
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2021-11-24 DOI: 10.1111/irfi.12370
Laleh Samarbakhsh, Amanjot Singh
{"title":"COVID-19 and hedge fund equity ownership","authors":"Laleh Samarbakhsh,&nbsp;Amanjot Singh","doi":"10.1111/irfi.12370","DOIUrl":"10.1111/irfi.12370","url":null,"abstract":"<p>This study investigates hedge funds equity ownership in light of the COVID-19 pandemic. Using the merged dataset of Lipper TASS hedge funds and the corresponding 13F filings, we find that with the start of the pandemic, hedge funds increased their equity ownership toward firms with less financial constraints, such as larger firms, firms with lower leverage, and more profitability. Moreover, hedge funds increased their ownership in firms which had higher overall risk (political and non-political), and lower overall sentiment. Hedge funds also care about firms' exposure/sensitivity toward different political issues such as health care, technology &amp; infrastructure, and security &amp; defense. This suggests that hedge funds seek equity ownership in riskier stocks as a result of pandemic uncertainties.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 2","pages":"356-364"},"PeriodicalIF":1.7,"publicationDate":"2021-11-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.12370","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43683105","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: 1
Can macroprudential policies mitigate pressures from capital inflows on real exchange rates? Empirical evidence from emerging markets 宏观审慎政策能否缓解资本流入对实际汇率的压力?来自新兴市场的经验证据
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2021-11-09 DOI: 10.1111/irfi.12369
Tony Cavoli, Sasidaran Gopalan, Ramkishen S. Rajan
{"title":"Can macroprudential policies mitigate pressures from capital inflows on real exchange rates? Empirical evidence from emerging markets","authors":"Tony Cavoli,&nbsp;Sasidaran Gopalan,&nbsp;Ramkishen S. Rajan","doi":"10.1111/irfi.12369","DOIUrl":"10.1111/irfi.12369","url":null,"abstract":"<p>Can macroprudential policies (MaPs) mitigate the pressures from capital inflows on real exchange rates in emerging markets? We investigate this question empirically for a large panel of emerging markets, factoring in the heterogeneity of capital inflows. Exploiting a comprehensive dataset on MaPs for a panel of 85 countries spanning the time-period 2000–2017, we empirically examine the association between different types of gross capital flows and real effective exchange rates (REER) and assess whether there is a role for MaPs in influencing that relationship. We find that the imposition of MaPs helps counter REER appreciation only when it results from higher gross portfolio debt inflows. In other words, the moderating impact of MaPs on REER varies by the type of capital flows. We also show that these results hold only for countries with high degrees of financial development, possibly because MaPs work primarily via the financial system and hence there needs to be a reasonable level of financial development for them to be effective.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 3","pages":"567-579"},"PeriodicalIF":1.7,"publicationDate":"2021-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43373844","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 lobbying and the value of firms: The case of defense firms and the 9/11 terrorist attacks 企业游说与企业价值：国防企业与9/11恐怖袭击
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2021-10-29 DOI: 10.1111/irfi.12368
Benjamin M. Blau, Todd G. Griffith, Derek Larsen, Ryan J. Whitby
{"title":"Corporate lobbying and the value of firms: The case of defense firms and the 9/11 terrorist attacks","authors":"Benjamin M. Blau,&nbsp;Todd G. Griffith,&nbsp;Derek Larsen,&nbsp;Ryan J. Whitby","doi":"10.1111/irfi.12368","DOIUrl":"10.1111/irfi.12368","url":null,"abstract":"<p>We examine the stock prices of defense firms surrounding the reopening of markets after the September 11, 2001 terrorist attacks. The cumulative abnormal returns for defense firms increased dramatically in response to the attacks, which is arguably explained by the expectation of impending military conflict and the possibility of new defense spending. Perhaps more interestingly, a substantial amount of the variation in the price response across defense firms is driven by whether or not the firm had established political connections through lobbying activities or political action committee contributions before the attacks. These findings seem to support the notion that market participants perceived that defense firms with political connections were more likely to secure future military contracts.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 4","pages":"759-769"},"PeriodicalIF":1.7,"publicationDate":"2021-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42756290","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
Insider trading and the algorithmic trading environment 内幕交易和算法交易环境
IF 1.7 4区 经济学
International Review of Finance Pub Date : 2021-10-25 DOI: 10.1111/irfi.12367
Millicent Chang, John Gould, Yuyun Huang, Sirimon Treepongkaruna, Joey Wenling Yang
{"title":"Insider trading and the algorithmic trading environment","authors":"Millicent Chang,&nbsp;John Gould,&nbsp;Yuyun Huang,&nbsp;Sirimon Treepongkaruna,&nbsp;Joey Wenling Yang","doi":"10.1111/irfi.12367","DOIUrl":"10.1111/irfi.12367","url":null,"abstract":"<p>We examine how algorithmic trading (AT) changes the trading environment for corporate insiders, specifically in terms of motivation to trade and timing of trade. Using SEC Form 4 insider filings and AT computed from the limit order book, we find that AT affects insiders' decisions to buy or sell, depending on whether the trades are information driven, resulting in changes in trading returns. AT reduces returns associated with routine insider sales by 0.9% of a change in AT. However being sophisticated and informed traders, insiders are able to trade strategically, leaving their purchase returns unaffected by AT. The results also show that while AT reduces information acquisition efforts in the pre-earnings announcement period, insider trades counteract this effect by releasing information to the market. Our findings reinforce the important role of insider trading in providing fundamental information and aiding price discovery, especially in an era of computerized financial markets.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"22 4","pages":"725-750"},"PeriodicalIF":1.7,"publicationDate":"2021-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47263727","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
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