JOURNAL OF ECONOMICS AND BUSINESS最新文献_第3页

Stock returns, industry concentration and firm expenditure decisions 股票回报、行业集中度和公司支出决策

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-09-01 DOI: 10.1016/j.jeconbus.2024.106195

{"title":"Stock returns, industry concentration and firm expenditure decisions","authors":"","doi":"10.1016/j.jeconbus.2024.106195","DOIUrl":"10.1016/j.jeconbus.2024.106195","url":null,"abstract":"<div><p>We build on agency and strategy literature to investigate and explain whether and how changes in stock returns are related to critical managerial expenditure decisions by firms that are consistent and supportive of the firm’s strategy in different industry concentrations. Unlike previous work, our study considers the impact of an extended list of managerial expenditure decisions in the different industry concentration settings. Our research employs a rich panel of firms listed on the UK London Stock Exchange. We find strong support for our postulations. Key managerial expenditure decisions we considered, leverage, inventories turnover, R&D intensity, SGA and fixed asset additions have a differential impact depending on the industry concentration. Our findings add to our understanding of the effect of managerial agency and its integration to strategy on firm stock returns. Managerial expenditure decisions are both constrained by the competitive context as well as strategic logic – both of which impact stock returns. Our study helps managers to prioritize consequential expenditure decisions in different competitive contexts – a key resource for not only weathering crisis periods but optimizing returns to shareholders.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"131 ","pages":"Article 106195"},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619524000377/pdfft?md5=32803898497fa5a1df2421ba3a526a85&pid=1-s2.0-S0148619524000377-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141133260","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

ECB communication sentiments: How do they relate to the economic environment and financial markets? 欧洲央行的沟通情绪：它们与经济环境和金融市场有何关系？

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-09-01 DOI: 10.1016/j.jeconbus.2024.106198

{"title":"ECB communication sentiments: How do they relate to the economic environment and financial markets?","authors":"","doi":"10.1016/j.jeconbus.2024.106198","DOIUrl":"10.1016/j.jeconbus.2024.106198","url":null,"abstract":"<div><p>In this paper we examine multiple dimensions of ECB monetary policy<span> communication by identifying its sentiment and relation with the economic environment and financial markets. We quantify communication sentiment using transcripts from official ECB communication events – press conferences, accounts and Executive Board speeches – as well as media reactions that highlight the key messages of those events. Importantly, we create distinctive lexicons for both of those communication types. We find that the overall trends in the sentiment indices for the analysed communication events closely resemble the movements of monetary policy<span> stance as well as inflation dynamics in the euro area, both before and after the COVID-19 shock period. The communication tone generally shifts in advance of actual monetary policy actions. Using regression analysis, we find some expected, statistically significant effects of press conference sentiment on bank stock prices (information-type shock) and identify the impact of Executive Board speeches on euro area risk-free rates. Fragmentation issues among euro area member states do not seem to be negatively affected by the sentiments of the ECB’s communication. Still, policy makers should be aware that the tone of their communication events is likely to affect particular financial markets. These results are confirmed by various robustness checks.</span></span></p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"131 ","pages":"Article 106198"},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141407029","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of economic uncertainty and economic policy uncertainty on banks’ loan loss provision in Brazil 经济不确定性和经济政策不确定性对巴西银行贷款损失准备金的影响

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-09-01 DOI: 10.1016/j.jeconbus.2024.106185

{"title":"The effects of economic uncertainty and economic policy uncertainty on banks’ loan loss provision in Brazil","authors":"","doi":"10.1016/j.jeconbus.2024.106185","DOIUrl":"10.1016/j.jeconbus.2024.106185","url":null,"abstract":"<div><p><span><span>This paper investigates the effects of economic uncertainty and economic policy uncertainty on banks’ loan loss provision in Brazil, and it seeks to identify which uncertainties have the greatest impact on loan loss provisions. Regarding uncertainties, it is possible to proxy economic uncertainty and economic policy uncertainty through disagreements among professional forecasters and through news-based proxies. Thus, as a novelty, disagreements among professional forecasters are used to proxy both economic and economic policy uncertainties, and for checking robustness, news-based proxies are employed. The disagreements in expectations are divided into two groups: the first focuses on uncertainties related to economic policy instruments (i.e., </span>monetary policy<span> interest rate and primary surplus), and the second on uncertainties related to economic outcomes (i.e., inflation, exchange rate, GDP growth, and public debt). Regarding the news-based proxies of economic policy uncertainty and economic uncertainty, two indicators were employed: the first is the Economic Policy Uncertainty index, and the second is the index of economic uncertainty unrelated to economic policy that we calculate. Based on dynamic </span></span>panel data analysis for 125 Brazilian banks, the findings suggest uncertainties in economic outcomes have greater influence on banking provisions than uncertainties in economic policy. The study validates the results using news-based indexes and a subsample representing the post-global financial crisis period.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"131 ","pages":"Article 106185"},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140792113","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Blockholder voting power and investment decisions: Evidence from cross-border deals in Latin America 大股东投票权与投资决策：拉丁美洲跨境交易的证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-09-01 DOI: 10.1016/j.jeconbus.2024.106205

Carlos Pombo , Cristian Pinto-Gutierrez , Mauricio Jara-Bertín

{"title":"Blockholder voting power and investment decisions: Evidence from cross-border deals in Latin America","authors":"Carlos Pombo , Cristian Pinto-Gutierrez , Mauricio Jara-Bertín","doi":"10.1016/j.jeconbus.2024.106205","DOIUrl":"10.1016/j.jeconbus.2024.106205","url":null,"abstract":"<div><p>This paper examines the relationship between blockholder coalitions and the probability of completing a cross-border merger and acquisition. Using different power indices based on Shapley-Shubik values for cooperative games for a sample of acquirers' firms from Latin America, our findings indicate an inverted-U-shaped relationship between the voting power of the largest blockholder and the likelihood of completing a cross-border deal. This relationship is strengthened by the number of active blockholders and the participation of institutional investors within coalitions among the top four blockholders, particularly pension fund administrators. Consequently, we observe that colluding blockholders in acquirer firms are more inclined to pursue risky cross-border acquisitions, but only when they possess relatively low levels of voting rights. Additionally, the study highlights a positive moderating effect of cross-border deals with coalition agreements on the long-term value performance of acquiring firms, suggesting that coalition agreements promote overseas acquisitions that enhance value.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"131 ","pages":"Article 106205"},"PeriodicalIF":3.3,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848798","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

State-dependent intertemporal risk-return tradeoff: Further evidence 取决于国家的跨期风险收益权衡：进一步证据

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-05-01 DOI: 10.1016/j.jeconbus.2024.106161

Surya Chelikani , Joseph M. Marks , Kiseok Nam

{"title":"State-dependent intertemporal risk-return tradeoff: Further evidence","authors":"Surya Chelikani , Joseph M. Marks , Kiseok Nam","doi":"10.1016/j.jeconbus.2024.106161","DOIUrl":"10.1016/j.jeconbus.2024.106161","url":null,"abstract":"<div><p>We suggest that the intertemporal risk-return tradeoff is not necessarily positive but rather state dependent. We further explore the state dependent risk-return relation by examining how the positive risk-return relation is distorted in response to various market conditions, including extreme price changes, differing levels of investor sentiment, the introduction of stock options, and throughout business cycles. The tendency for uninformed investors to be optimistic (pessimistic) in response to good (bad) market news cause overpricing (underpricing), and the resulting trade activity of arbitrageurs that distorts the positive risk-return tradeoff, is documented consistently across these environments. We find that the attenuation (reinforcement) of the positive risk-return relation under investors’ optimistic (pessimistic) expectations is stronger in high (low) sentiment periods, in the presence of extreme returns, in the period after stock options became available, and during expansionary periods. We argue that the asymmetric intertemporal risk-return relation is a consequence of rational arbitrageurs’ trading to exploit mispricing through the selling of overpriced stocks conditional on good news and buying underpriced stocks conditional on bad news.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"130 ","pages":"Article 106161"},"PeriodicalIF":3.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139679085","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

A different view on acquisition paradox: Empirical examination of international acquisitions from competitiveness perspective 从不同角度看收购悖论：从竞争力角度对国际收购进行实证研究

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-05-01 DOI: 10.1016/j.jeconbus.2024.106182

Omer F. Genc , Dan Luo

{"title":"A different view on acquisition paradox: Empirical examination of international acquisitions from competitiveness perspective","authors":"Omer F. Genc , Dan Luo","doi":"10.1016/j.jeconbus.2024.106182","DOIUrl":"10.1016/j.jeconbus.2024.106182","url":null,"abstract":"<div><p>Acquisitions are complex strategic decisions and there is not a consensus about the outcomes of them. The complexity and the implications increase with international a<strong>c</strong>quisitions (IA). We examine international acquisitions from a different perspective to see how they affect competitiveness of acquires using a sample of international acquisitions by U.S. firms applying a control sample methodology. Competitiveness outcomes of IAs vary based on the dimension used. They result with lower financial performance, profitability and productivity whereas have a positive effect on market power and innovation of acquirers. Negative performance is consistent with the general belief about agency theory, but our findings also provide support for the resource-based view of enhanced competitiveness. Regarding the success factors, we show that capabilities of acquirers matter more than their resources in explaining post-acquisition competitiveness of acquirers. Acquirers with greater acquisition experience benefit a lot more from IAs compared to firms without acquisition experience. We also show that relatedness of acquirer and target is crucial for creating synergies and efficiencies in terms of enhanced productivity.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"130 ","pages":"Article 106182"},"PeriodicalIF":3.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140761765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effect of physical collateral and personal guarantees on business startups 实物抵押和个人担保对初创企业的影响

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-05-01 DOI: 10.1016/j.jeconbus.2024.106172

Yuji Honjo , Arito Ono , Daisuke Tsuruta

引用次数: 0

Basel III countercyclical bank capital buffer estimation and its relation to monetary policy 巴塞尔协议 III》反周期银行资本缓冲估算及其与货币政策的关系

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-05-01 DOI: 10.1016/j.jeconbus.2024.106173

Juan F. Rendón , Lina M. Cortés , Javier Perote

{"title":"Basel III countercyclical bank capital buffer estimation and its relation to monetary policy","authors":"Juan F. Rendón , Lina M. Cortés , Javier Perote","doi":"10.1016/j.jeconbus.2024.106173","DOIUrl":"10.1016/j.jeconbus.2024.106173","url":null,"abstract":"<div><p>This paper proposes a new model to estimate the countercyclical bank solvency capital buffer established in Basel III. The model lies in a flexible semi-nonparametric approach to capture the probability distribution of the capital adequacy ratio, but also a stochastic Ornstein–Uhlenbeck process that incorporates components of the cyclical behavior. We measure the risk of breaching the minimum capital threshold that separates the countercyclical capital buffer from other capital components and analyze its relationship with macroeconomic variables such as interest rates, credit levels, and credit-to-GDP gaps. Furthermore, a vector autoregressive model is estimated to test the existence of the bank-capital channel and the risk-taking channel. The application to Germany and the Netherlands shows that countercyclical buffers are more accurate when skewness and kurtosis are considered and the probability of breaching the regulatory threshold is sensitive to macroeconomic signals. Overall, our model seems to be a useful tool for monitoring prudential policy and as a guide to establish countercyclical capital buffers.</p></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"130 ","pages":"Article 106173"},"PeriodicalIF":3.8,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0148619524000158/pdfft?md5=16682eede1a79874eac4b0f972afb9ac&pid=1-s2.0-S0148619524000158-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140267971","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

Analysts’ extrapolative expectations in the cross-section 分析师在横截面上的推断预期

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-05-01 DOI: 10.1016/j.jeconbus.2024.106174

Andreas Oesinghaus

引用次数: 0

Unveiling inequalities in consumer credit and payments 揭示消费信贷和支付中的不平等现象

IF 3.8

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2024-03-01 DOI: 10.1016/j.jeconbus.2024.106186

Robert M. Hunt , Dubravka Ritter

引用次数: 0