Journal of Multinational Financial Management最新文献_第10页

The stabilizing effects of pension funds vs. mutual funds on country-specific market risk 养老基金与共同基金对特定国家市场风险的稳定作用

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-06-01 DOI: 10.1016/j.mulfin.2021.100691

Wenjun Xue , Zhongzhi He , Yu Hu

引用次数: 4

Payouts and stock ownership 派息和股票所有权

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-06-01 DOI: 10.1016/j.mulfin.2021.100684

H. Kent Baker , Lammertjan Dam , Adri De Ridder

{"title":"Payouts and stock ownership","authors":"H. Kent Baker , Lammertjan Dam , Adri De Ridder","doi":"10.1016/j.mulfin.2021.100684","DOIUrl":"10.1016/j.mulfin.2021.100684","url":null,"abstract":"<div><p>Using a unique Swedish database that records the ultimate stockholdings in public firms, we decompose stock ownership by domiciles using votes rather than cashflows. We then study the impact of variables related to the lifecycle theory of dividends and the catering theory of dividends. We also examine the propensity of firms to pay dividends and/or activate a stock buyback program. Univariate analysis reveals a positive association between a firm’s maturity and its likelihood to pay dividends. Logistic regression finds a positive relation between payouts and retained earnings to total assets. Foreign institutional investors are less likely to hold dividend-paying stocks than domestic institutional investors. The analysis finds no support for the catering theory of dividends. After controlling for stock ownership, our evidence is consistent with the lifecycle theory of dividends, which states that more mature firms are associated with dividends. It also supports the transaction cost hypothesis claiming that foreign investors face additional administrative costs when holding dividend-paying stocks.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"60 ","pages":"Article 100684"},"PeriodicalIF":4.2,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100684","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43958729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Foreign direct investments: The role of corporate social responsibility 外商直接投资:企业社会责任的作用

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100663

Mei Liu , Andrew Marshall , Patrick McColgan

引用次数: 8

Connectedness between cryptocurrencies and foreign exchange markets: Implication for risk management 加密货币与外汇市场之间的连通性:对风险管理的影响

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100666

Rahma Chemkha , Ahmed BenSaïda , Ahmed Ghorbel

引用次数: 22

Renegotiating public-private partnerships 重新谈判公私伙伴关系

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100661

Joaquim Miranda Sarmento , Luc Renneboog

{"title":"Renegotiating public-private partnerships","authors":"Joaquim Miranda Sarmento , Luc Renneboog","doi":"10.1016/j.mulfin.2020.100661","DOIUrl":"https://doi.org/10.1016/j.mulfin.2020.100661","url":null,"abstract":"<div><p>Public-Private Partnerships (PPPs) are frequently renegotiated as their contracts are long-term, often with a duration exceeding 30 years, involve major investments, and are necessary incomplete. Still, while contract incompleteness is difficult to prevent, renegotiation frequency does not decline in spite of decades of experience. Electoral cycles and political connections lead to strategic behaviour by both the public sector, intending to please the electorate, and the private entity, often taking advantage of the fact that the government cannot afford disruption in public services prior to elections. The bargaining power is held mainly by private firms/corporate consortiums who extract additional rents to compensate for underbidding at the initial bidding rounds. When a consortium dominated by a foreign firm, the frequency of negotiations is higher but the extraction of rents from renegotiations is lower, reflecting a lower degree of political connectedness. Experience with PPP projects does not reduce the likelihood of subsequent renegotiations. In spite of the recommendations of the PPP supervisor (the Court of Audit), the public sector has not implemented improvements in contract design and renegotiations clauses of PPP contracts.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"59 ","pages":"Article 100661"},"PeriodicalIF":4.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2020.100661","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136541528","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Key factors determining corporate social responsibility practices of Vietnamese firms and the joint effects of foreign ownership 决定越南企业社会责任实践的关键因素及外资所有权的共同影响

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100676

Rezaul Kabir , Hanh Minh Thai

引用次数: 12

Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment 经理们关注市场吗?股票价格信息性与投资关系研究述评

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100675

Paulo Pereira da Silva

{"title":"Do managers pay attention to the market? A review of the relationship between stock price informativeness and investment","authors":"Paulo Pereira da Silva","doi":"10.1016/j.mulfin.2020.100675","DOIUrl":"10.1016/j.mulfin.2020.100675","url":null,"abstract":"<div><p>Using a multi-country sample of stocks, the sensitivity of investment to stock price informativeness is assessed. Consistent with prior research, we find a positive association between investment and stock prices. This association becomes stronger when prices are more informative. However, while measures of price informativeness related to the amount of (market-based) private information conveyed by prices heighten the investment-to-stock price sensitivity, others, akin to the weak form of the efficient market hypothesis, hardly affect it. This is consistent with only revelatory private information acquired by traders influencing managers’ investment decisions. The relevance of private information revealed in secondary markets also extends to financing decisions, with price informativeness also shaping the association between external financing and growth opportunities. Not least importantly, we show that abnormal investment generated by the amount of private information contained in prices fosters future profitability and aggregate efficiency. In robustness tests, the presence of a causal relationship flowing from price informativeness to (abnormal) investment rates is appraised. Using two quasi-random events that enhanced the information environment of stocks (MSCI ACWI reconstitutions and the passing of JGTRRA in 2003), we present evidence that exogenous variation of the amount of private information contained in stock prices affects investment rates.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"59 ","pages":"Article 100675"},"PeriodicalIF":4.2,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2020.100675","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48864380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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: 5

Reversal returns and expected returns from liquidity provision: Evidence from emerging markets 流动性供给的逆转回报和预期回报:来自新兴市场的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2021-03-01 DOI: 10.1016/j.mulfin.2020.100664

Hilal Anwar Butt , Kenneth Högholm , Mohsin Sadaqat

引用次数: 0

Investor Sentiment and Stock Price Premium Validation with Siamese Twins from China 中国连体双胞胎的投资者情绪与股价溢价验证

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2020-12-01 DOI: 10.1016/j.mulfin.2020.100655

Yuan Li , Jimmy Ran

引用次数: 6

How does internationalization affect capital raising decisions? Evidence from UK firms 国际化如何影响融资决策?来自英国公司的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2020-12-01 DOI: 10.1016/j.mulfin.2020.100652

Edward Jones , Nana Abena Kwansa , Hao Li

引用次数: 8