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Insider trading restriction enforcement, investor protection, and innovation 内幕交易限制的执行、投资者保护和创新
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-08-01 DOI: 10.1111/jfir.12426
D. Brian Blank, Jiawei Chen, Valeriya Posylnaya
{"title":"Insider trading restriction enforcement, investor protection, and innovation","authors":"D. Brian Blank, Jiawei Chen, Valeriya Posylnaya","doi":"10.1111/jfir.12426","DOIUrl":"https://doi.org/10.1111/jfir.12426","url":null,"abstract":"US Securities and Exchange Commission (SEC) enforcement actions are intended to protect investors and limit expropriation by firm insiders, but these SEC actions could affect insiders' incentives to contribute to value‐enhancing activities. Therefore, we explore how corporate innovation and performance respond to insider trading restrictions imposed by regulators and firms. Using manually collected data on SEC indictments against corporate insiders, we document more innovative activity following external insider trading restrictions. External restrictions are also followed by higher corporate investment, capital access, and operating performance. Similarly, internal blackout restrictions to insider trading are linked to more innovation as well. We use SEC and congressional rule changes as quasi‐natural experiments resulting in shocks in enforcement and indictments for identification and inference. Our results suggest insider trading restrictions and enforcement actions affect subsequent firm activities and managerial decisions by protecting outside investment, resulting in more investment in innovation.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141880662","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
Mutual fund partial liquidation and future performance 共同基金部分清算与未来业绩
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-07-24 DOI: 10.1111/jfir.12425
George Jiang, Ping McLemore, Ao Wang
{"title":"Mutual fund partial liquidation and future performance","authors":"George Jiang, Ping McLemore, Ao Wang","doi":"10.1111/jfir.12425","DOIUrl":"https://doi.org/10.1111/jfir.12425","url":null,"abstract":"We examine the determinants of mutual fund partial liquidation and the effect of a negative shock to fund size on performance. We find that older funds from a smaller family with a large number of share classes are more likely to conduct partial liquidation. As fund size decreases after partial liquidation, its performance improves. This effect is more pronounced for funds with stronger pre‐event liquidity constraint and funds that subsequently experience a larger decrease in liquidity, suggesting that liquidity constraint is a contributing factor of fund performance. These findings are consistent with mutual funds having decreasing returns to scale.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141770613","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
Artificial intelligence innovation and stock price crash risk 人工智能创新与股价暴跌风险
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-07-17 DOI: 10.1111/jfir.12424
Junru Zhang, Chen Cui, Chen Zheng, Grantley Taylor
{"title":"Artificial intelligence innovation and stock price crash risk","authors":"Junru Zhang, Chen Cui, Chen Zheng, Grantley Taylor","doi":"10.1111/jfir.12424","DOIUrl":"https://doi.org/10.1111/jfir.12424","url":null,"abstract":"This study examines the association between artificial intelligence innovation (AII) and stock price crash risk (SPCR). AII serves as a governance mechanism that can bolster strength in internal controls, leading to increased financial transparency and thereby reducing the likelihood of future SPCR. The results hold after accounting for possible endogeneity issues Further, we find that monitoring through corporate governance mechanisms, level of following by equity analysts, and the reduced information asymmetry constitute important channels that mediate the association between AII and SPCR. Additionally, the relationship between AII and SPCR varies across corporate life cycle stages and workplace culture.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141742383","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
The taxonomy of tail risk 尾部风险分类法
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-07-10 DOI: 10.1111/jfir.12423
Evarist Stoja, Arnold Polanski, Linh H. Nguyen
{"title":"The taxonomy of tail risk","authors":"Evarist Stoja, Arnold Polanski, Linh H. Nguyen","doi":"10.1111/jfir.12423","DOIUrl":"https://doi.org/10.1111/jfir.12423","url":null,"abstract":"We use tail events at different levels of severity to define an asset's tail risk and to decompose the latter into a systematic and an idiosyncratic component. The systematic component captures an asset's tendency to experience joint tail losses with the market and generalizes a classic tail dependence coefficient. However, the idiosyncratic component consists of two parts: idiosyncratic tail risk that leads to asset‐specific tail losses and tail risk cushioning that dampens the tail losses emanating from the market. Tail risk cushioning is a novel concept that arises naturally in our framework, is consistent with the previous two and completes the taxonomy of tail risk. We examine the performance of our tail risk decomposition on a large dataset, confirming some previous results on tail risk and uncovering new theoretical and empirical findings.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586998","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
Personal connections, financial advisors and M&A outcomes 人脉、财务顾问和并购结果
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-06-27 DOI: 10.1111/jfir.12422
Dobrina Jandik, Tomas Jandik, Weineng Xu
{"title":"Personal connections, financial advisors and M&A outcomes","authors":"Dobrina Jandik, Tomas Jandik, Weineng Xu","doi":"10.1111/jfir.12422","DOIUrl":"https://doi.org/10.1111/jfir.12422","url":null,"abstract":"Personal connections (based on prior employment, educational, or social club membership overlaps) between top executives and board members of the bidding firm and those of the bidder financial advisor affect Mergers and Acquisition (M&A) outcomes. M&A deals where bidder top managers share past personal work‐related connections with their advisors are associated with 1.7% lower bidder announcement returns compared to the returns for deals without such connections. We also show M&A deals advised by personally connected financial advisors are more likely to be completed but take longer to get finalized. Last, when connections exist, the bidder CEO receives a higher cash bonus upon completion of the deal, and the financial advisors are rewarded by higher advisor fees. Overall, our findings suggest that personal connections between bidders and their financial advisors could be detrimental.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141503764","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
Distracted institutional shareholders and debt maturity 机构股东分心和债务到期
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-06-14 DOI: 10.1111/jfir.12419
A. Cheung, Joye Khoo, Rui Wang
{"title":"Distracted institutional shareholders and debt maturity","authors":"A. Cheung, Joye Khoo, Rui Wang","doi":"10.1111/jfir.12419","DOIUrl":"https://doi.org/10.1111/jfir.12419","url":null,"abstract":"We examine whether institutional shareholders’ distraction affects corporate debt maturity decisions. We find that firms with distracted shareholders are associated with lengthened debt maturity. The effect becomes stronger for firms with high information asymmetry or those with high levels of financial constraint. When distraction is high and debt maturity is low, firms hold more cash and use that cash in value‐destroying acquisitions. This supports the prevalence of agency problems when institutional shareholders are distracted. The impact of distraction is persistent and affects the debt maturity decision in the future. Our findings are robust to endogeneity and other concerns.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141340268","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
Who can see the iceberg's peak? How icebergs are used by information and liquidity traders 谁能看到冰山的顶峰？信息和流动性交易者如何利用冰山
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-06-04 DOI: 10.1111/jfir.12414
P. Lajbcygier, Van Hoang Vu
{"title":"Who can see the iceberg's peak? How icebergs are used by information and liquidity traders","authors":"P. Lajbcygier, Van Hoang Vu","doi":"10.1111/jfir.12414","DOIUrl":"https://doi.org/10.1111/jfir.12414","url":null,"abstract":"Iceberg orders are partially disclosed limit orders that only reveal a small portion of their hidden volume at any time. Once traded, the iceberg order automatically replenishes until all its hidden volume executes. Consistent with theory, icebergs appeal to both information and liquidity traders. Information traders place orders at aggressive prices in the limit order book, which transact immediately as marketable orders. Liquidity traders use non‐aggressive orders, which sit on the book as limit orders. Iceberg traders adjust the aggressiveness of their orders as market conditions change. We find the market discovers iceberg orders through repeated replenishments.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141266705","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
Model for optimizing lender's decision on dealing with collateral of defaulted mortgage 优化贷款人处理违约抵押贷款抵押品决策的模型
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-06-04 DOI: 10.1111/jfir.12416
C. Shu, M. Tsai
{"title":"Model for optimizing lender's decision on dealing with collateral of defaulted mortgage","authors":"C. Shu, M. Tsai","doi":"10.1111/jfir.12416","DOIUrl":"https://doi.org/10.1111/jfir.12416","url":null,"abstract":"In this article, we describe a comprehensive model for obtaining a critical gross recovery rate (GRR) for the short sale of a defaulted mortgage. Our model includes the following factors: settlement period, settlement cost, discounted sale/auction price, opportunity cost, failure probability of the short sale, and lender's willingness for the short sale. The results show that using the short sale yields a lower settlement cost, shorter settlement period, but higher loss given default (LGD). The real GRR of a short sale is about 8%–9% less than the critical GRR calculated from our model. This means the lender's willingness for the short sale is high in reality. The sensitivity analyses show that the lender's likelihood of approving a short sale is low if the settlement cost, contract rate, interest rate, and failure probability of the short sale are high. The greater the expected LGD of a foreclosure, the stronger the lender's willingness to approve the short sale. Also, a higher GRR of short sale leads to a lower expected LGD of short sale. This increases the probability of approval for the short sale. Finally, the Home Affordable Foreclosure Alternatives (HAFA) program helped struggling homeowners successfully use a short sale as an alternative to foreclosure, but the HAFA program became less effective as housing prices went up. Our model and analyses should help lenders make the optimal decision about how to efficiently deal with the collateral from a defaulted mortgage to mitigate their LGD.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141265885","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
Organizational capital and private placements of common equity 组织资本和普通股私募
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-06-02 DOI: 10.1111/jfir.12418
Oneil Harris, Thanh N. Ngo
{"title":"Organizational capital and private placements of common equity","authors":"Oneil Harris, Thanh N. Ngo","doi":"10.1111/jfir.12418","DOIUrl":"https://doi.org/10.1111/jfir.12418","url":null,"abstract":"We examine the impact of organizational capital (OC) on the performance of firms that engage in private equity placements. We document larger discounts in stock sales where issuers have more OC, which suggests that private equity investors demand a higher risk premium to compensate for OC risk. We also find the private placements completed by high‐OC issuers elicit more favorable announcement‐period returns and superior postissue performance than those completed by low‐OC issuers. These findings are consistent with the certification hypothesis and support research showing that OC improves firm efficiency and productivity. Our study sheds light on the importance of OC as a determinant of issuer outcome in private stock sales. Overall, our empirical results imply that OC reflects value‐relevant information that is consistent with certification benefits.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141273801","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
VC ownership post‐IPO: When, why, and how do VCs exit? 首次公开募股后的风险投资所有权：风险投资何时、为何、如何退出？
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2024-05-28 DOI: 10.1111/jfir.12412
Anup Basnet, Kuntara Pukthuanthong, Harry Turtle, Thomas Walker
{"title":"VC ownership post‐IPO: When, why, and how do VCs exit?","authors":"Anup Basnet, Kuntara Pukthuanthong, Harry Turtle, Thomas Walker","doi":"10.1111/jfir.12412","DOIUrl":"https://doi.org/10.1111/jfir.12412","url":null,"abstract":"We examine the evolution of lead venture capital firm (VC) ownership after their portfolio companies (PCs) are publicly listed. We find that, on average, lead VCs retain their shares for three years post‐IPO. Higher liquidity pressure and better stock market performance lead to faster VC exits, while higher VC reputation, better VC monitoring, and higher quality PCs lead to slower exits. VCs mostly use sales in the open market, share distributions, and mergers and acquisitions to divest their shares. Higher liquidity pressure incentivizes VCs to use majority share distributions, while better stock market performance increases their preference for continuous sales.","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":null,"pages":null},"PeriodicalIF":3.5,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141196716","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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