发布求助
文献互助 智能选刊 最新文献

Journal of Financial Research最新文献

筛选
英文 中文
Modified quality, short-term reversal, and value investing 修正质量，短期反转，价值投资
IF 2.3 3区 经济学
Journal of Financial Research Pub Date : 2026-09-11 Epub Date: 2025-09-17 DOI: 10.1111/jfir.70019
Xiaoquan Jiang, Xiaomeng Lu
{"title":"Modified quality, short-term reversal, and value investing","authors":"Xiaoquan Jiang,&nbsp;Xiaomeng Lu","doi":"10.1111/jfir.70019","DOIUrl":"https://doi.org/10.1111/jfir.70019","url":null,"abstract":"<p>We introduce two innovative investment strategies: modified quality (<span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mi>M</mi>\u0000 \u0000 <mi>Q</mi>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math>) and modified cheapness (<span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mi>M</mi>\u0000 \u0000 <mi>C</mi>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math>) investing. Both strategies significantly outperform traditional quality, short-term reversal, and value investing approaches. The <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mi>M</mi>\u0000 \u0000 <mi>Q</mi>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math> strategy identifies market-validated quality, while <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 \u0000 <mrow>\u0000 <mi>M</mi>\u0000 \u0000 <mi>C</mi>\u0000 </mrow>\u0000 </mrow>\u0000 </semantics></math> exploits short-term reversals and value signals, filtering out undervalued but fundamentally weak firms. Superior performance stems from blending fundamental information with market perceptions, incorporating industry effects, and market-timing dynamics. Transaction cost analysis reveals that realistic costs substantially narrow return spreads, underscoring the importance of effective cost management.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 3","pages":"1167-1204"},"PeriodicalIF":2.3,"publicationDate":"2026-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148943510","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
Debt capacity and the ability to service the public debt: A discerning look at the credit quality of Uncle Sam 债务能力和偿还公共债务的能力：对山姆大叔信用质量的敏锐观察
IF 2.3 3区 经济学
Journal of Financial Research Pub Date : 2026-09-11 Epub Date: 2025-09-22 DOI: 10.1111/jfir.70014
Don Chance
{"title":"Debt capacity and the ability to service the public debt: A discerning look at the credit quality of Uncle Sam","authors":"Don Chance","doi":"10.1111/jfir.70014","DOIUrl":"https://doi.org/10.1111/jfir.70014","url":null,"abstract":"<p>This paper is a case study credit analysis of the U.S. government. It finds that the financial condition of the government is not nearly what is typically believed. It first shows that the debt owed to entities that are not also responsible for it is only about a fourth of the stated debt. Furthermore, the cash flows available to service the debt, the assets owned by the government, and the tremendously underappreciated amount of national wealth that backs the debt reveals a much more accurate picture of the federal fiscal condition. This paper also shows why the focus on debt-to-GDP is so misleading.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 3","pages":"896-913"},"PeriodicalIF":2.3,"publicationDate":"2026-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148943632","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
Managerial Opportunism and Corporate Investment Efficiency 管理机会主义与企业投资效率
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-08-18 DOI: 10.1111/jfir.70009
David Javakhadze, Anita Pennathur, Brian Silverstein
{"title":"Managerial Opportunism and Corporate Investment Efficiency","authors":"David Javakhadze,&nbsp;Anita Pennathur,&nbsp;Brian Silverstein","doi":"10.1111/jfir.70009","DOIUrl":"https://doi.org/10.1111/jfir.70009","url":null,"abstract":"<p>Our study investigates how managerial opportunism, measured by executives' insider trading, affects corporate investment efficiency and performance. We find that such opportunism undermines investment efficiency, with distortions in financial reporting quality serving as a channel of influence. Furthermore, our analysis reveals that this impact varies depending on the strength of governance structures. We also observe a negative association between managerial opportunism and accounting performance metrics, as well as risk-adjusted stock returns. Our findings are robust across various model specifications and measurements, emphasizing the significance of managerial opportunism as a personality trait in corporate decision-making.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"359-395"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221945","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
Daily entry and exit triggers for open market repurchases 每日进入和退出触发公开市场回购
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-06-02 DOI: 10.1111/jfir.12470
Christine Brown, Sean Pinder
{"title":"Daily entry and exit triggers for open market repurchases","authors":"Christine Brown,&nbsp;Sean Pinder","doi":"10.1111/jfir.12470","DOIUrl":"https://doi.org/10.1111/jfir.12470","url":null,"abstract":"<p>Using publicly available daily data, we analyse the daily decision repurchasing firms make to enter or exit the market during open market repurchase programs. Firms enter the market to repurchase after a stock price downturn and maintain their presence in the market while stock returns remain negative. The lower the preceding overnight return, the greater the number of stocks repurchased. Firms exit the market when overnight returns become positive. Firms repurchase stocks at an average price below the volume-weighted-average-price with lower overnight stock returns associated with higher repurchase prices, a result which provides direct evidence of price support. In addition, firms predominantly repurchase on successive days, as part of a strategy to support the price in a downward trending market. Nevertheless, firms achieve significant purchase discounts when prices rise or fall significantly, consistent with (short-term) market timing.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"422-451"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12470","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221804","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
A closed-form pricing solution for options on assets with pricing errors 一种针对定价错误的资产期权的封闭式定价解决方案
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-06-16 DOI: 10.1111/jfir.12473
Louis R. Piccotti
{"title":"A closed-form pricing solution for options on assets with pricing errors","authors":"Louis R. Piccotti","doi":"10.1111/jfir.12473","DOIUrl":"https://doi.org/10.1111/jfir.12473","url":null,"abstract":"<p>This article examines the effects that pricing errors in the underlying asset have on options prices and their Greeks. Pricing errors can be viewed as random proportional transaction costs. When pricing errors are information-unrelated, options prices are unambiguously higher than the Black-Scholes case and increasing in the pricing error variance. Hedging volatility is higher and the optimal exercise price for American put options is decreased. The option implied risk-neutral density and option Greeks are materially affected, which leads to suboptimal risk management and hedging when pricing errors are not accounted for. Simulation and data evidence validate the theoretical results.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"666-702"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221966","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
From tension to trust: The role of corporate culture in easing labor relations 从紧张到信任：企业文化在缓和劳资关系中的作用
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-08-18 DOI: 10.1111/jfir.70006
Xu Niu
{"title":"From tension to trust: The role of corporate culture in easing labor relations","authors":"Xu Niu","doi":"10.1111/jfir.70006","DOIUrl":"https://doi.org/10.1111/jfir.70006","url":null,"abstract":"<p>This article presents the first extensive empirical exploration into how corporate culture impacts labor relations. The study finds that a strong corporate culture correlates with improved labor relations across multiple dimensions: firms with a strong corporate culture experience a decreased likelihood of employees filing charges of unfair labor practices, achieve higher ratings on employee satisfaction surveys, exhibit a lower likelihood of unionization, and show reduced employee efforts towards unionization through National Labor Relations Board (NLRB) elections. These findings are robust and appear to be unaffected by endogeneity, but rather indicate a probable causal relationship where a strong corporate culture plays a critical role in enhancing labor relations.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"482-509"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221970","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
Does legal protection of trade secrets reduce the cost of debt? Evidence from the inevitable disclosure doctrine 商业秘密的法律保护是否降低了债务成本？来自必然披露原则的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-04-21 DOI: 10.1111/jfir.12467
Haiyan Jiang, Carl Hsin-han Shen, Qing (Clara) Zhou
{"title":"Does legal protection of trade secrets reduce the cost of debt? Evidence from the inevitable disclosure doctrine","authors":"Haiyan Jiang,&nbsp;Carl Hsin-han Shen,&nbsp;Qing (Clara) Zhou","doi":"10.1111/jfir.12467","DOIUrl":"https://doi.org/10.1111/jfir.12467","url":null,"abstract":"<p>We examine the effect of the inevitable disclosure doctrine (IDD) on cost of debt. Our difference-in-differences analyses reveal that the IDD significantly reduces the loan spread for borrowers in adopting states. To elucidate the mechanisms of such finding, we find that the IDD's effect is weaker in industries with high management turnover but stronger for long-term loans. Moreover, cross-sectional tests reveal that the effect is weaker for firms facing high industry competition, internal control weakness, and information asymmetry. IDD also mitigates loan covenant tightness. These findings elucidate the implications of IDD on corporate borrowing costs.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"452-481"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12467","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221816","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 impact of subordinate executives’ comparative confidence and competence on corporate risk-taking 下属高管相对信心和能力对企业风险承担的影响
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-07-04 DOI: 10.1111/jfir.70004
Md Raihan Uddin Chowdhury, Abdullah-Al Masum, Feixue Xie
{"title":"The impact of subordinate executives’ comparative confidence and competence on corporate risk-taking","authors":"Md Raihan Uddin Chowdhury,&nbsp;Abdullah-Al Masum,&nbsp;Feixue Xie","doi":"10.1111/jfir.70004","DOIUrl":"https://doi.org/10.1111/jfir.70004","url":null,"abstract":"<p>Our findings reveal that subordinate executives with higher comparative confidence and competence in overseeing CEO actions drive greater corporate risk-taking, notably through strategic investments and financing activities that enhance firm value. These include capital expenditures, research and development (R&amp;D), intangible assets, advertising, and financing via cash, equity, and leverage, which collectively account for about 46.68% of return on assets volatility and 27.75% of cash flow volatility. The impact is particularly strong in competitive and complex business environments but diminishes with higher executive age and tenure.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"740-781"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221828","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 carbon prices affect stock prices? 碳价格会影响股票价格吗？
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-06-09 DOI: 10.1111/jfir.12472
Patrick Bolton, Adrian Lam, Mirabelle Muûls
{"title":"Do carbon prices affect stock prices?","authors":"Patrick Bolton,&nbsp;Adrian Lam,&nbsp;Mirabelle Muûls","doi":"10.1111/jfir.12472","DOIUrl":"https://doi.org/10.1111/jfir.12472","url":null,"abstract":"<p>We explore how carbon pricing affects corporate financial performance during Phase 3 of the European Union Emissions Trading Scheme (EU ETS). We find that the relationship between carbon prices and stock prices depends critically on the proportion of verified emissions covered by freely allocated ETS allowances: For firms with a greater shortfall in emissions allowances (a greater permit coverage), an increase in daily carbon prices is associated with a decrease (increase) in contemporaneous stock prices. We provide additional evidence that firms with a significant permit shortfall reduce verified emissions in the EU, with no apparent carbon-leakage.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"631-665"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12472","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221839","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
Active ingredients: How actively managed holdings shape target date fund performance and costs 主动成分：积极管理的持股如何影响目标日期基金的业绩和成本
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2026-06-12 Epub Date: 2025-08-13 DOI: 10.1111/jfir.70005
D. Eli Sherrill, Kate Upton
{"title":"Active ingredients: How actively managed holdings shape target date fund performance and costs","authors":"D. Eli Sherrill,&nbsp;Kate Upton","doi":"10.1111/jfir.70005","DOIUrl":"https://doi.org/10.1111/jfir.70005","url":null,"abstract":"<p>This paper examines the impact of active funds held by target date funds (TDFs). Results indicate holding more funds with active management benefits TDF performance, on average. The benefit is driven by domestic equity holdings for TDFs that are far from the target date and domestic income holdings for TDFs that are near or past the target date. Time to target and market conditions impact TDF choice of activeness. TDFs benefit from embracing their family's core competency of active/passive management, and the largest families' TDFs outperform. Finally, holding more active funds is associated with higher TDF expense ratios.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 2","pages":"396-421"},"PeriodicalIF":2.1,"publicationDate":"2026-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148221917","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书