Journal of Applied Corporate Finance最新文献_第2页

Executive Summaries 执行概要

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-09 DOI: 10.1111/jacf.12661

引用次数: 0

The value of Reputation: Evidence from Equity Underwriting 声誉的价值：来自股票承销的证据

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-09 DOI: 10.1111/jacf.12662

Chitru S. Fernando, Vladimir A. Gatchev, Anthony D. May, William L. Megginson

引用次数: 0

Are project finance loans different from other syndicated credits? 项目融资贷款与其他银团贷款有何不同？

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-09 DOI: 10.1111/jacf.12654

Stefanie Kleimeier, William L. Megginson

引用次数: 0

Toward a global model of venture capital? 走向风险投资的全球模式？

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-07 DOI: 10.1111/jacf.12663

William L. Megginson

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How stock-swap mergers affect shareholder (and bondholder) wealth: More evidence of the value of corporate “Focus” 换股合并如何影响股东（和债券持有人）财富：更多关于公司“焦点”价值的证据

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-07 DOI: 10.1111/jacf.12664

Lance A. Nail, William L. Megginson, Carlos Maquieira

引用次数: 0

A critique of the apocalyptic climate narrative 对末世气候叙事的批判

IF 1.4

Journal of Applied Corporate Finance Pub Date : 2025-05-05 DOI: 10.1111/jacf.12665

Harry DeAngelo, Judith A. Curry

{"title":"A critique of the apocalyptic climate narrative","authors":"Harry DeAngelo, Judith A. Curry","doi":"10.1111/jacf.12665","DOIUrl":"https://doi.org/10.1111/jacf.12665","url":null,"abstract":"According to the Apocalyptic climate narrative, humanity faces an existential threat from global warming that can be averted only by aggressive suppression of fossil-fuel use. The narrative has been promoted by environmental activists, prominent politicians, and the United Nations for more than three decades and has been accepted as gospel truth by many citizens of the United States, the United Kingdom, Germany, and other wealthy countries.Alarming narratives that have an aura of plausibility can be highly effective tools for shaping public opinion and public policies. When such narratives are false or seriously misleading, they can do significant damage because of unintended consequences of their policy prescriptions. For example, an alarming narrative—rooted in a false, but plausible-sounding, analogy between the risks of nuclear power plants and nuclear bombs—helped turn public opinion against nuclear power and thereby induced much greater use of coal over the last 50 or so years.1 The substitution of coal for nuclear power shortened millions of lives (due to greater air pollution) and led to higher CO2 emissions than would have otherwise occurred.These unintended consequences of the anti-nuclear-power narrative should make us think carefully before the United States goes too far down the energy path prescribed by the Apocalyptic climate narrative.This paper details the flaws in the Apocalyptic climate narrative, including why the threat from human-caused climate change is not dire and why urgent suppression of fossil-fuel use would be unwise. We argue that sensible public policies would focus instead on developing a diversified portfolio of energy sources to support greater resilience and flexibility to respond to whatever weather and climate extremes might occur. We identify nine principles for sensible US public policies toward energy and discuss implications of the flaws in the narrative for investors and their agents.Hypothesized damaging consequences of global warming include: (i) loss of life from greater intensity and frequency of heat waves, hurricanes, floods, droughts, and wildfires, and (ii) economic losses from such extreme-weather events and from sea-level rise due to melting polar ice caps. Assessments of the impact from human-caused warming are complicated by the difficulty of determining the extent to which observed temperature increases are caused by natural climate variability—a difficulty that adds to the uncertainty in estimates of how much human-caused warming to expect over the 21st century.The Apocalyptic climate narrative incorrectly portrays CO2 emissions as inherently and unequivocally dangerous and an economic “bad,” that is, a purely negative externality. This portrayal ignores the fact that CO2 yields direct benefits (e.g., it is plant food) and the inarguable technological reality that fossil fuels are currently irreplaceable inputs for","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"37 2","pages":"8-15"},"PeriodicalIF":1.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jacf.12665","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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 rise of accelerated seasoned equity underwritings 经验丰富的股票承销加速兴起

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-05-03 DOI: 10.1111/jacf.12660

Bernardo Bortolotti, William Megginson, Scott B. Smart

引用次数: 0

Corporate alignment with the EU taxonomy for sustainable activities: First evidence from financial accounting data 企业与欧盟可持续活动分类的一致性：来自财务会计数据的第一个证据

IF 1.4

Journal of Applied Corporate Finance Pub Date : 2025-04-24 DOI: 10.1111/jacf.12667

Alexander Cheema-Fox, Megan Czasonis, Piyush Kontu, George Serafeim

{"title":"Corporate alignment with the EU taxonomy for sustainable activities: First evidence from financial accounting data","authors":"Alexander Cheema-Fox, Megan Czasonis, Piyush Kontu, George Serafeim","doi":"10.1111/jacf.12667","DOIUrl":"https://doi.org/10.1111/jacf.12667","url":null,"abstract":"What is sustainable? This question is of paramount importance given the trillions of assets invested according to different sustainability criteria. While until now we have had no standard for answering this question, the European Union's (EU) Taxonomy1 for sustainable activities aims to provide a comprehensive classification system for environmentally sustainable economic activities. This research paper examines the disclosures of European companies that are part of the Stoxx 600 index in relation to the EU Taxonomy.The EU Taxonomy went into effect in July 2020, following the adoption of the Taxonomy Regulation (Regulation (EU) 2020/852). It can be a critical piece of legislation for investors, as it establishes a common language and framework for identifying environmentally sustainable investments. The taxonomy provides clear criteria for determining whether an economic activity can be considered environmentally sustainable based on six environmental objectives, including climate change mitigation, climate change adaptation, sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control, and protection and restoration of biodiversity and ecosystems. Fiscal year 2022 disclosures, the first year that the regulation went into effect, relate only to the first two objectives.Companies subject to the Non-Financial Reporting Directive (NFRD) are required to report on their alignment with the EU Taxonomy. This includes large, publicly listed companies with more than 500 employees. Activities that contribute to one of the six goals are deemed “eligible.” To be considered “aligned,” a company must not only contribute to one or more of the above objectives, satisfying specific technical criteria, but do so while also meeting a “do no significant harm” standard: while supporting sustainable goals, aligned activities must not otherwise impinge upon any other sustainable goals. These companies must disclose data related to the taxonomy, including information on the proportion of their revenues, capital expenditures, and operating expenditures that are aligned with the taxonomy's criteria. These disclosures could be helpful for investors, policymakers, and other stakeholders to assess the progress of companies toward sustainable activities and specifically, the transition to a low carbon economy.We undertake a comprehensive analysis of the newly reported corporate disclosures related to the EU Taxonomy, focusing on the alignment of revenues, capital expenditures (Capex), and operating expenditures (Opex) with the taxonomy's criteria. Leveraging this unique dataset for the first year of reporting, we aim to answer several pertinent research questions that can shed light on the current state of corporate sustainable activities in the context of the EU Taxonomy.We start by documenting several empirical patterns. To be aligned, a sustainable activity first needs to be","PeriodicalId":46789,"journal":{"name":"Journal of Applied Corporate Finance","volume":"37 2","pages":"85-103"},"PeriodicalIF":1.4,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jacf.12667","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Corporate Governance in India 印度的公司治理

IF 0.7

Journal of Applied Corporate Finance Pub Date : 2025-04-24 DOI: 10.1111/jacf.12656

Rajesh Chakrabarti, William Megginson, Pradeep K. Yadav

引用次数: 0

How micro- and macro-governance failures cause financial crises 微观和宏观治理失败是如何导致金融危机的

IF 1.4

Journal of Applied Corporate Finance Pub Date : 2025-04-23 DOI: 10.1111/jacf.12666

Charles W. Calomiris, Matthew Jaremski

引用次数: 0