JOURNAL OF ECONOMICS AND BUSINESS最新文献_第4页

An option-based approach to examining the relationship between uncertainty and real estate investment: Evidence from fifteen European countries 研究不确定性与房地产投资之间关系的基于期权的方法：来自15个欧洲国家的证据

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-11-01 Epub Date: 2025-09-18 DOI: 10.1016/j.jeconbus.2025.106272

Maria I. Chondrokouki, Andrianos E. Tsekrekos

{"title":"An option-based approach to examining the relationship between uncertainty and real estate investment: Evidence from fifteen European countries","authors":"Maria I. Chondrokouki, Andrianos E. Tsekrekos","doi":"10.1016/j.jeconbus.2025.106272","DOIUrl":"10.1016/j.jeconbus.2025.106272","url":null,"abstract":"<div><div>The neoclassical investment model predicts that only systematic risk affects the rate of investment through developed asset price, whereas the option-based investment model predicts that total investment risk directly affects investment behavior. This study empirically tests the total uncertainty-investment relationship using aggregate construction data on residential real estate from fifteen European countries. We specify and empirically estimate a structural model of asset-market equilibrium and, after controlling for built-asset price, construction cost, expected rent, interest rate levels, expected growth of real rents and systematic risk, we find evidence of an independent role for total uncertainty in the supply of residential real estate. In particular, panel estimation shows that total uncertainty is significantly negatively related to the rate of investment across all sample countries included in our study. This finding appears robust to two alternative measures that we use to proxy aggregate investment. Supplementary analysis suggests that our main finding is unaffected by the global recession of 2008–2009 and the recent Covid pandemic. We conclude that our empirical results provide support for the option-based model and, thus, for the notion that the ability to delay decisions in the face of uncertainty and irreversibility are important aspects of investment in real estate.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"137 ","pages":"Article 106272"},"PeriodicalIF":3.4,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145584449","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

Introduction to the special issue on recent developments and challenges in real options 介绍关于实物期权的最新发展和挑战的特刊

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-11-01 Epub Date: 2025-11-16 DOI: 10.1016/j.jeconbus.2025.106286

Francesco Baldi

引用次数: 0

Competitive equilibrium, investment runs, and renewable energy subsidies: A real options analysis 竞争均衡、投资挤兑和可再生能源补贴：实物期权分析

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-11-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jeconbus.2025.106261

Yishay D. Maoz , Richard Ruble

引用次数: 0

Private information dissemination and the underpricing of seasoned equity offerings 私人信息传播和经验丰富的股票发行定价过低

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.jeconbus.2025.106256

Dylan A. Howell

{"title":"Private information dissemination and the underpricing of seasoned equity offerings","authors":"Dylan A. Howell","doi":"10.1016/j.jeconbus.2025.106256","DOIUrl":"10.1016/j.jeconbus.2025.106256","url":null,"abstract":"<div><div><span>Non-Deal Roadshows (NDRs) are an important investor relations<span> activity where institutional investors gain access to the management of firms in whom they may invest. However, little is known about the firm-specific implications of the information conveyed from firms to institutional investors, by way of these private meetings. Therefore, I employ a novel dataset of NDR meetings to examine the relationship between NDR activity and the underpricing of seasoned equity offerings (SEOs) and show that NDR activity is associated with a reduction in SEO underpricing. This relationship is strengthened in firms with infrequent NDR activity, smaller firms, firms with greater analyst forecast errors, and in firms whose SEO underwriter was not the sponsor of their NDR meeting(s). The findings suggest that NDRs reduce the level of asymmetric information between firms and investors, resulting in a lower cost of raising new equity. The findings highlight the relevance of the NDR as an often overlooked mechanism through which firm-specific information is revealed, and they emphasize the need to further understand how </span></span>private information dissemination affects capital market outcomes.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"136 ","pages":"Article 106256"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860945","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

How to incentivize CEOs to boost payouts? The role of inside debt 如何激励首席执行官提高薪酬？内部债务的作用

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-09-01 Epub Date: 2025-06-23 DOI: 10.1016/j.jeconbus.2025.106259

Artem Anilov, Irina Ivashkovskaya

引用次数: 0

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-09-01 Epub Date: 2025-06-12 DOI: 10.1016/j.jeconbus.2025.106258

Yanqi Wang , Runyu Chen , Xiang Gao , Wenhao Qi

{"title":"Text similarity in analyst reports and stock price synchronization","authors":"Yanqi Wang , Runyu Chen , Xiang Gao , Wenhao Qi","doi":"10.1016/j.jeconbus.2025.106258","DOIUrl":"10.1016/j.jeconbus.2025.106258","url":null,"abstract":"<div><div>Security analysts play key information intermediary<span><span> roles in the capital market, and their analysis may reveal firm-specific facts that can enhance pricing efficiency. Using analyst research reports on listed Chinese companies, we empirically examine how text (dis)similarity among the reports written about a target company affects the company’s stock price synchronization. We perform such textual analysis on the premise that text (dis)similarity can measure the degree of incremental information in research reports. The results show a significant positive relationship between text similarity and price synchronization, a conclusion that holds after a series of robustness tests. The effect becomes more prominent with higher </span>information asymmetry<span> between firms and investors, more influential analyst reports, and better analysts’ ability to obtain new information. The mechanism lies in attention. As text similarity decreases, more analysts pay attention to the target company, incentivizing it to make more public announcements, which causes stock price synchronization to decrease. Our findings highlight a need for information diversity in the research analyst industry.</span></span></div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"136 ","pages":"Article 106258"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860947","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

Is mixed-ownership a profitable ownership structure?—Empirical evidence from China 混合所有制是一种有利可图的所有制结构吗？——来自中国的经验证据

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-09-01 Epub Date: 2025-06-14 DOI: 10.1016/j.jeconbus.2025.106257

Yufei Zhang , Li Wang

{"title":"Is mixed-ownership a profitable ownership structure?—Empirical evidence from China","authors":"Yufei Zhang , Li Wang","doi":"10.1016/j.jeconbus.2025.106257","DOIUrl":"10.1016/j.jeconbus.2025.106257","url":null,"abstract":"<div><div>Despite nearly twenty years of privatization, mixed-ownership reform has recently been China's mainstay of SOE reform. This raises the question of whether the financial performance of mixed-ownership firms (Mixed firms) is better than that of private-owned enterprises<span><span> (POEs). Although Mixed firms suffer more from government intervention, unclear property rights, and interest conflicts between state and private shareholders, they can also benefit from the external resources controlled by the state. Therefore, the performance of Mixed firms is still unclear. Collecting data from the Chinese A-share listed market, we divide the firms into POEs, Mixed firms controlled by the state (MixedSOEs), and Mixed firms controlled by the private sectors (MixedPOEs). Measuring profitability using ROA and ROE, we find that POEs perform better than Mixed firms, and MixedPOEs have a higher profitability than MixedSOEs. Better </span>corporate governance is the primary channel that can explain our results. We address the endogeneity challenge in several ways and get similar results. Overall, our analysis provides new evidence on the financial performance of mixed-ownership firms.</span></div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"136 ","pages":"Article 106257"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860949","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

Does location matter in corporate finance? An empirical investigation on manufacturing SMEs and the consequences of being on the “wrong” side of the institutional border 地理位置对企业融资有影响吗？对制造业中小企业的实证调查及其在制度边界“错误”一侧的后果

IF 3.4

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-09-01 Epub Date: 2025-05-09 DOI: 10.1016/j.jeconbus.2025.106245

G. Falavigna , R. Ippoliti

{"title":"Does location matter in corporate finance? An empirical investigation on manufacturing SMEs and the consequences of being on the “wrong” side of the institutional border","authors":"G. Falavigna , R. Ippoliti","doi":"10.1016/j.jeconbus.2025.106245","DOIUrl":"10.1016/j.jeconbus.2025.106245","url":null,"abstract":"<div><div>Considering a population of manufacturing SMEs located in a common socio-cultural environment and divided by an institutional border, this work investigates the potential consequences of being sited on the “wrong” side of that border (i.e., the area with a longer delay in enforcing credit rights). According to our results, we cannot reject the hypothesis that locations affect the financing of SMEs, providing a contribution to the current debate on whether institutions are a source of comparative advantage (or disadvantage) in regional growth. Indeed, crossing that institutional border and assuming we detect a 10 % higher inefficiency, we expect to observe a lower financial debt ratio (-0.03) and a lower trade credit ratio (-0.06), as well as a higher shareholders’ loan ratio (+0.08) and lower investments in tangible fixed assets (-2733 TEUR). Policy implications concern the opportunity for a structural reform of the national institutional system, as well as the adoption of specific policies to support the SMEs located on the “wrong” side of the border, supporting their access to the capital market.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"136 ","pages":"Article 106245"},"PeriodicalIF":3.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144860948","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 impact of environmental disclosure and controversies on bank value 环境信息披露与争议对银行价值的影响

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 Epub Date: 2024-11-02 DOI: 10.1016/j.jeconbus.2024.106221

Simona Galletta , John W. Goodell , Sebastiano Mazzù , Andrea Paltrinieri

引用次数: 0

Is the market tougher with riskier banks? Evidence from the pricing of bank debt securities during a financial turmoil episode 市场对风险更高的银行更苛刻吗？来自金融动荡时期银行债券定价的证据

IF 3.3

JOURNAL OF ECONOMICS AND BUSINESS Pub Date : 2025-03-01 Epub Date: 2024-11-30 DOI: 10.1016/j.jeconbus.2024.106223

Adrian Pop, Diana Pop

{"title":"Is the market tougher with riskier banks? Evidence from the pricing of bank debt securities during a financial turmoil episode","authors":"Adrian Pop, Diana Pop","doi":"10.1016/j.jeconbus.2024.106223","DOIUrl":"10.1016/j.jeconbus.2024.106223","url":null,"abstract":"<div><div>The philosophy behind the indirect channel of market discipline in banking regulation presumes that the pricing of bank securities, if accurate, conveys reliable signals to supervisors. In this paper, we explore empirically the possibility that markets price <em>differently</em> the risk profile of bank issuers along the empirical distribution of security prices. The paper uses a quantile regression framework to draw novel inferences about the functioning of debt market discipline and the quality of private monitoring in European banking during a severe financial turmoil episode: 1995--2002. This period is characterized by large swings in yields due to the Russian default and LTCM crisis, the burst of the dot-com bubble, and Enron’s failure. We find that the yield spread-risk relationship is systematically <em>steeper</em> at the “right-tail” of the conditional distribution of the credit spread. This result suggests that the market is somewhat “tougher” with riskier banks; that is, riskier bank issuers borrow at higher interest rates, which are increasing in their degree of riskiness.</div></div>","PeriodicalId":47522,"journal":{"name":"JOURNAL OF ECONOMICS AND BUSINESS","volume":"134 ","pages":"Article 106223"},"PeriodicalIF":3.3,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144138917","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