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Economic policy uncertainty and the cost of equity capital 经济政策不确定性与股权资本成本
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-03-04 DOI: 10.1111/jfir.12460
Yizhi Wang, Jingze Zhang, Qiaoqiao Zhu
{"title":"Economic policy uncertainty and the cost of equity capital","authors":"Yizhi Wang,&nbsp;Jingze Zhang,&nbsp;Qiaoqiao Zhu","doi":"10.1111/jfir.12460","DOIUrl":"https://doi.org/10.1111/jfir.12460","url":null,"abstract":"<p>In this paper, we investigate the role of economic policy uncertainty (EPU) in the cost of equity capital. Our findings suggest that the relationship between EPU and the security market line (SML) varies cross-sectionally. Following periods of high EPU, the SML tends to slope upward, whereas it exhibits a downward slope following periods of low EPU. In the time-series analysis, we observe that EPU significantly and positively affects the beta premium. Further evidence shows that investors may adjust their portfolios, shifting investments from higher-risk assets to lower-risk assets when confronted with high EPU.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"128-153"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618027","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: 0
Tournament effects in equity mutual funds: Impact of economic conditions and investment styles 股票共同基金的竞赛效应：经济状况和投资风格的影响
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-05-05 DOI: 10.1111/jfir.12466
Stéphane Chrétien, Frank Coggins, Catherine Deslauriers
{"title":"Tournament effects in equity mutual funds: Impact of economic conditions and investment styles","authors":"Stéphane Chrétien,&nbsp;Frank Coggins,&nbsp;Catherine Deslauriers","doi":"10.1111/jfir.12466","DOIUrl":"https://doi.org/10.1111/jfir.12466","url":null,"abstract":"<p>Mutual funds engage in annual competitions to secure top positions in year-end performance rankings. One effect implies that losing funds increase their risk more than winning funds, hoping to improve their rankings. Another effect involves a rational response by winning funds that anticipate the actions of losing funds and take more risk to maintain their position. We propose a novel testing approach that can better capture systematic risk shifting. We find evidence of a rational response when using traditional measures, but models that account for investment-style variations weaken considerably the effects and detect more risk shifting by losing funds.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"286-325"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12466","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618104","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
Local connectedness and corporate social responsibility 本地联系和企业社会责任
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-02-05 DOI: 10.1111/jfir.12456
Erdem Ucar
{"title":"Local connectedness and corporate social responsibility","authors":"Erdem Ucar","doi":"10.1111/jfir.12456","DOIUrl":"https://doi.org/10.1111/jfir.12456","url":null,"abstract":"<p>I examine the relationship between social connectedness and corporate prosocial behavior, as measured by corporate social responsibility (CSR). Using a novel connectedness measure, I empirically investigate the effect of local connectedness on CSR for a large sample of U.S. firms. I show that firms in areas with stronger connectedness have higher CSR levels. The local connectedness effect on CSR remains robust after addressing endogeneity concerns and robustness checks. My findings suggest that the link between social connectedness and individual prosocial behavior, highlighted in social science literature, exists for corporations, and local connectedness is an important predictor of CSR.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"253-285"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618062","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: 0
Do temporary changes in earnings caused by mean reversion affect firms’ refinancing decisions? 均值回归导致的暂时性收益变化是否会影响企业的再融资决策？
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-01-20 DOI: 10.1111/jfir.12452
Elettra Agliardi, Marios Charalambides, Md Shahedur R. Chowdhury, Nicos Koussis
{"title":"Do temporary changes in earnings caused by mean reversion affect firms’ refinancing decisions?","authors":"Elettra Agliardi,&nbsp;Marios Charalambides,&nbsp;Md Shahedur R. Chowdhury,&nbsp;Nicos Koussis","doi":"10.1111/jfir.12452","DOIUrl":"https://doi.org/10.1111/jfir.12452","url":null,"abstract":"<p>We develop a dynamic two-stage trade-off model with refinancing when earnings are mean reverting. Our model predicts a negative relation between profitability and leverage at refinancing due to conservative debt increases. With multiple rounds of refinancing, the leverage–profitability relation may turn positive when firms have substantial debt tax shields. Our empirical analysis of US firms reveals that firms with moderate incentives to shield tax benefits with debt internalize the temporary increase in earnings caused by mean reversion at refinancing. However, firms with strong incentives to shield tax benefits take on excessive debt despite the temporary increases in profitability.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"228-252"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12452","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618119","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
Employee diversity and litigation risk: Evidence from the Lilly Ledbetter Fair Pay Act 员工多样性和诉讼风险：来自礼来莱德贝特公平薪酬法案的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2026-01-06 DOI: 10.1111/jfir.70032
Erik Devos, William B. Elliott, He Li, Adrian Tippit
{"title":"Employee diversity and litigation risk: Evidence from the Lilly Ledbetter Fair Pay Act","authors":"Erik Devos,&nbsp;William B. Elliott,&nbsp;He Li,&nbsp;Adrian Tippit","doi":"10.1111/jfir.70032","DOIUrl":"https://doi.org/10.1111/jfir.70032","url":null,"abstract":"<p>We examine the valuation effects of the Lilly Ledbetter Fair Pay Act, which increases potential litigation over discriminatory compensation. Firms with relatively fewer women exhibit significant 3-day abnormal returns of −0.61% around the passage of the Act, whereas firms with more women show no effect. Low-female firms also display larger increases in implied cost of capital and larger decreases in expected cash flow than high-female firms. No significant differences emerge based on racial diversity. Results suggest that investors perceive increased litigation risk and imply that firms in industries with higher gender pay gaps could increase value by reducing the pay gap.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"48-68"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.70032","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618131","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
The causal effect of local product market shocks on equity holdings: Evidence from the airline industry 本地产品市场冲击对股权持有的因果效应：来自航空业的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2024-12-18 DOI: 10.1111/jfir.12450
Daniel Bradley, Michael Mondello, Forrest Morgeson, Jared Williams
{"title":"The causal effect of local product market shocks on equity holdings: Evidence from the airline industry","authors":"Daniel Bradley,&nbsp;Michael Mondello,&nbsp;Forrest Morgeson,&nbsp;Jared Williams","doi":"10.1111/jfir.12450","DOIUrl":"https://doi.org/10.1111/jfir.12450","url":null,"abstract":"<p>We examine how local product market shocks impact investors' willingness to own and trade the underlying stock. Using US airlines as our test setting, we exploit plausibly exogenous variation in flight routes. We find that active traders increase their ownership by 10.6% in response to a one standard deviation increase in the airline's local market share supply. The effects occur within a year of the shock and are positively related to measures of customer satisfaction. The evidence is most consistent with the view that investment decisions are based on both familiarity and investors' perception of product quality.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"24-47"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618091","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: 0
Consumer stock market expectations and portfolio choice 消费者股票市场预期与投资组合选择
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-12-16 DOI: 10.1111/jfir.70033
Yevgeniy Teryoshin
{"title":"Consumer stock market expectations and portfolio choice","authors":"Yevgeniy Teryoshin","doi":"10.1111/jfir.70033","DOIUrl":"https://doi.org/10.1111/jfir.70033","url":null,"abstract":"<p>I examine how US households form stock market expectations and how these expectations affect portfolio choice. I find households’ stock market expectations are downward biased and inconsistent with rational expectations. Although expectations exhibit persistence, adaptation to recent outcomes appears only in specifications without controls. Moreover, although statistically significant, the estimate is qualitatively negligible, and the joint parameters when considered alongside the persistence estimate are inconsistent with adaptive learning. Furthermore, in distinguishing between active and indirect investments, I show income and risk aversion matter for active but not indirect investments, whereas stock market expectations play a similar role in both.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"326-349"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618073","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: 0
Exploring the multifaceted impacts of convertible bond issuance on stock market quality: Evidence from China 探讨可转债发行对股票市场质量的多方面影响：来自中国的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2024-12-12 DOI: 10.1111/jfir.12445
Jianxuan Xin, Qiang Ye, Hao Xia
{"title":"Exploring the multifaceted impacts of convertible bond issuance on stock market quality: Evidence from China","authors":"Jianxuan Xin,&nbsp;Qiang Ye,&nbsp;Hao Xia","doi":"10.1111/jfir.12445","DOIUrl":"https://doi.org/10.1111/jfir.12445","url":null,"abstract":"<p>We investigate how convertible bond issuance impacts stock market quality across four dimensions: liquidity, price efficiency, excess returns, and volatility, using Chinese market data. Findings reveal that convertible bond issuance enhances liquidity and price efficiency but also leads to increased volatility and reduced excess returns. We identify two primary mechanisms: first, the conversion of convertible bonds impacts all four dimensions of market quality; second, high-frequency trading of these bonds reduces stock market volatility, mitigating the overall effect. Heterogeneity analysis indicates that these effects are stronger among firms with smaller market capitalizations, lower-rated convertible bonds, and during negative sentiment periods.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"154-178"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618055","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: 0
Are we playing the same “research” game in business? 在商业领域，我们也在玩同样的“研究”游戏吗？
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-02-06 DOI: 10.1111/jfir.12455
Joshua C. Fairbanks, Drew B. Winters
{"title":"Are we playing the same “research” game in business?","authors":"Joshua C. Fairbanks,&nbsp;Drew B. Winters","doi":"10.1111/jfir.12455","DOIUrl":"https://doi.org/10.1111/jfir.12455","url":null,"abstract":"<p>This study evaluates the limitations of impact factors in assessing journal quality and explores the competitive dynamics of publishing in top-tier journals across Accounting, Finance, Management, and Marketing. We document notable cross-disciplinary variations that challenge the effectiveness of impact factors. Our findings suggest that expanding journal lists within business disciplines by adding high-impact journals can change the competitiveness of top-tier publications and may lead to imbalances in promotion and tenure (P&amp;T) decisions. This study contributes to the broader discussion on journal quality metrics in business research, advocating for a nuanced approach to achieve fair and accurate assessments across disciplines.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"5-23"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618130","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: 0
Firm (re)valuation and payouts 公司（再）估值和派息
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-03-09 Epub Date: 2025-03-17 DOI: 10.1111/jfir.12461
Chintal A. Desai, Anand M. Vijh
{"title":"Firm (re)valuation and payouts","authors":"Chintal A. Desai,&nbsp;Anand M. Vijh","doi":"10.1111/jfir.12461","DOIUrl":"https://doi.org/10.1111/jfir.12461","url":null,"abstract":"<p>We document an inverted-U pattern in the frequency and magnitude of share repurchases across firms arranged into <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mfrac>\u0000 <mi>V</mi>\u0000 \u0000 <mi>P</mi>\u0000 </mfrac>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math> deciles (value to price), and a symmetric opposite pattern in equity issuances. These patterns cannot be explained by the market timing theory, which predicts monotonically increasing share repurchases or decreasing equity issuances across <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mfrac>\u0000 <mi>V</mi>\u0000 \u0000 <mi>P</mi>\u0000 </mfrac>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math> deciles. Instead, these patterns can be explained by Chen and Lambrecht (2021) theory that “cash cow” firms with a target negative net debt ratio decrease payouts to shareholders (or raise equity) after a positive revaluation of their assets captured by high <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mfrac>\u0000 <mi>V</mi>\u0000 \u0000 <mi>P</mi>\u0000 </mfrac>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math> ratios. We demonstrate that the hump-shaped patterns are driven largely by such firms with negative net debt ratio and by “mature” firms with low asset growth consistent with corporate lifecycle theory.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"99-127"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618089","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: 0
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