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Hedge funds and climate news risk: Evidence from stock holdings in fossil fuel firms 对冲基金和气候新闻风险：来自化石燃料公司股票持有的证据
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.12453
Viktoriya Lantushenko, Edward Nelling, Carolin Schellhorn
{"title":"Hedge funds and climate news risk: Evidence from stock holdings in fossil fuel firms","authors":"Viktoriya Lantushenko,&nbsp;Edward Nelling,&nbsp;Carolin Schellhorn","doi":"10.1111/jfir.12453","DOIUrl":"https://doi.org/10.1111/jfir.12453","url":null,"abstract":"<p>We examine the role of hedge funds in facilitating the transition to a low-carbon economy. As highly informed and relatively unregulated investors, hedge funds are in a unique position to recognize and address climate change risks. We analyze hedge fund ownership of fossil fuel firms in response to climate news risk and the related lobbying activities of their portfolio firms. With the rise of the divestment movement after 2013, the hedge fund sector reduced its portfolio commitment to risk-exposed lobbyists that are slowing progress towards decarbonization. Our results suggest that hedge funds help facilitate the transition to low-carbon energy sources.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"69-98"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618120","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 interest rate liberalization affect corporate debt structure? 利率市场化是否影响企业债务结构？
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.12449
Obaid Ur Rehman, Linghao Zhang, Kai Wu
{"title":"Does interest rate liberalization affect corporate debt structure?","authors":"Obaid Ur Rehman,&nbsp;Linghao Zhang,&nbsp;Kai Wu","doi":"10.1111/jfir.12449","DOIUrl":"https://doi.org/10.1111/jfir.12449","url":null,"abstract":"<p>This study examines how interest rate deregulation affects debt structure of Chinese listed firms through two quasi-natural experiments: the cap removal (2002–2006) and floor removal (2011–2015). Following deregulation, risky firms increase short-term debt while decreasing long-term and total debt, whereas non-risky firms exhibit opposite patterns. These changes are influenced by collateral requirements, industry cluster proximity, bank relationships, and ownership structure. The divergent outcomes reflect increased borrowing costs for risky firms and reduced costs for non-risky firms due to enhanced banking competition. Post-liberalization, risky firms face reduced risk exposure but increased asset-liability mismatches, while experiencing declining growth prospects. Conversely, non-risky firms demonstrate improved growth prospects and higher profitability with increased long-term debt. These findings illuminate how banking sector liberalization shapes corporate financial strategies.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"49 1","pages":"179-227"},"PeriodicalIF":2.1,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147618090","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 product market threats affect the leasing decision? 产品市场威胁会影响租赁决策吗？
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-09-23 DOI: 10.1111/jfir.70021
Hasibul Chowdhury, Khoa Hoang, Shofiqur Rahman, Jiayi Zheng
{"title":"Do product market threats affect the leasing decision?","authors":"Hasibul Chowdhury,&nbsp;Khoa Hoang,&nbsp;Shofiqur Rahman,&nbsp;Jiayi Zheng","doi":"10.1111/jfir.70021","DOIUrl":"https://doi.org/10.1111/jfir.70021","url":null,"abstract":"<p>We examine the impact of product market threats on firms' leasing decisions. Using fluidity as a measure of these threats, our analysis shows that product market threats significantly increase firms' reliance on leases. This effect is more pronounced for firms with greater financial constraints, cash-flow volatility, predation and obsolescence risk, information asymmetries, and weak corporate governance. We also show that the economic benefits of leasing to counter competitive threats are substantial and diverse, including capturing growth, maintaining profitability, and mitigating inefficient capital allocation. These findings suggest that firms strategically use leasing as a defense mechanism against product market threats.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1841-1881"},"PeriodicalIF":2.1,"publicationDate":"2025-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659484","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
Bond covenants and the speed of corporate capital structure adjustment: Evidence from China 债券契约与公司资本结构调整速度：来自中国的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-09-16 DOI: 10.1111/jfir.70022
Xueying Zhang, Duowen Wu, Thomas Walker, Aoran Zhang
{"title":"Bond covenants and the speed of corporate capital structure adjustment: Evidence from China","authors":"Xueying Zhang,&nbsp;Duowen Wu,&nbsp;Thomas Walker,&nbsp;Aoran Zhang","doi":"10.1111/jfir.70022","DOIUrl":"https://doi.org/10.1111/jfir.70022","url":null,"abstract":"<p>We investigate the effect of bond covenants on the speed of corporate capital structure adjustment. Based on manually collected bond covenant information from publicly listed Chinese firms between 2007 and 2019, we construct an index that measures the intensity of corporate bond covenants. Our results show that the greater the covenant intensity index of a firm's debt covenants, the faster the capital structure adjustment. Option covenants, restrictive asset transfer covenants, restrictive investment covenants, and event-driven covenants all have a positive and significant association with the speed of capital structure adjustment, whereas no such effect is observed for financing covenants and repayment arrangement covenants. Furthermore, we examine the direction of adjustment and adjustment method, and demonstrate that bond covenants promote an upward adjustment in a firm's capital structure by increasing debt financing. An analysis of heterogeneity effects reveals that the positive relation between the intensity of bond covenants and speed of capital structure adjustment is more pronounced in state-owned companies and companies headquartered in areas with higher legal standards. Finally, we show that information transparency, internal control, and environmental, social, and governance (ESG) performance are channels through which bond covenants affect the speed of capital structure adjustment.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1882-1914"},"PeriodicalIF":2.1,"publicationDate":"2025-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.70022","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659686","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 impact of short-sale constraints on the idiosyncratic volatility puzzle 卖空限制对特殊波动之谜的因果影响
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-09-15 DOI: 10.1111/jfir.70018
Yufeng Han, Angela Morgan, Jack Wolf, Weike Xu
{"title":"The causal impact of short-sale constraints on the idiosyncratic volatility puzzle","authors":"Yufeng Han,&nbsp;Angela Morgan,&nbsp;Jack Wolf,&nbsp;Weike Xu","doi":"10.1111/jfir.70018","DOIUrl":"https://doi.org/10.1111/jfir.70018","url":null,"abstract":"<p>We investigate the causal impact of short-sale constraints on the idiosyncratic volatility (IVOL) puzzle, where high-IVOL stocks yield lower future returns. We leverage two opposing exogenous shocks to short-sale constraints: (1) 2005 Regulation SHO, which relaxes constraints for pilot stocks, and (2) 2003 Jobs and Growth Tax Relief Reconciliation Act (JGTRRA), which tightens constraints during dividend record months. We find that short-sale constraints significantly affect IVOL pricing: Regulation SHO weakens the IVOL effect for pilot stocks, whereas JGTRRA strengthens it after dividend record months. These findings underscore the importance of short-sale constraints in understanding the IVOL puzzle.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1821-1840"},"PeriodicalIF":2.1,"publicationDate":"2025-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.70018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659771","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
Does the linguistic complexity of annual reports affect the corporate leasing decision? 年报的语言复杂性是否会影响企业的租赁决策？
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-08-20 DOI: 10.1111/jfir.70010
Danlin Chi, Hasibul Chowdhury, Nicolas Eugster, Jiayi Zheng
{"title":"Does the linguistic complexity of annual reports affect the corporate leasing decision?","authors":"Danlin Chi,&nbsp;Hasibul Chowdhury,&nbsp;Nicolas Eugster,&nbsp;Jiayi Zheng","doi":"10.1111/jfir.70010","DOIUrl":"https://doi.org/10.1111/jfir.70010","url":null,"abstract":"<p>Using a sample of 94,697 US firm-year observations from 1994 to 2017, we document that annual report complexity is positively and significantly associated with a firm's operating lease ratio. In addition, we find that financially constrained and weakly governed firms with complex financial reports lease more. Finally, by employing a difference-in-differences method with the Plain Writing Act 2010 and a regression discontinuity design with eXtensible Business Reporting Language (XBRL) adoption, we find that the positive association is highly likely to be causal. Overall, our study shows that firms with linguistically complex annual reports strategically choose to use leasing as an alternative source of funding.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1700-1737"},"PeriodicalIF":2.1,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.70010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659571","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 Psychological Cost of Debt: Evidence from Islamic Housing Mortgages 债务的心理成本：来自伊斯兰住房抵押贷款的证据
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-07-14 DOI: 10.1111/jfir.70003
Saad Azmat, Isabel Harbaugh Macdonald
{"title":"The Psychological Cost of Debt: Evidence from Islamic Housing Mortgages","authors":"Saad Azmat,&nbsp;Isabel Harbaugh Macdonald","doi":"10.1111/jfir.70003","DOIUrl":"https://doi.org/10.1111/jfir.70003","url":null,"abstract":"<p>How do borrowers prioritize financial versus psychological costs of holding debt? We explore these trade-offs using repayment data for 3,705 borrowers with an Islamic housing mortgage in Pakistan. The product allows borrowers to make early payments. Around 40% of borrowers in our sample make early payments, leading to an average cost of PKR 247,707 ($2,890 USD). We develop a new model of consumer hedonics to explain these results, and rule out religion, commitment devices, and cost misunderstanding as complete explanations. These findings suggest that there is a psychological benefit to decreasing debt, even if an account is not closed fully.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1479-1505"},"PeriodicalIF":2.1,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659448","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
Spillover effects of creditor rights on corporate payout policy 债权对公司派息政策的溢出效应
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-06-10 DOI: 10.1111/jfir.70000
Najah Attig, Paul Brockman, Mohammad Rahaman
{"title":"Spillover effects of creditor rights on corporate payout policy","authors":"Najah Attig,&nbsp;Paul Brockman,&nbsp;Mohammad Rahaman","doi":"10.1111/jfir.70000","DOIUrl":"https://doi.org/10.1111/jfir.70000","url":null,"abstract":"<p>We use exogenous changes in creditor rights from staggered enactments of anti-recharacterization laws to show that enhanced creditor rights lead to economically significant increases in dividend payments. This impact is more pronounced for firms that are financially constrained, poorly governed, informationally opaque, and prone to agency problems. Our detailed loan-contract results show that stronger creditor rights provide greater access to credit markets, and it is through this channel that firms are able to redirect more funds toward shareholder payouts. Overall, our findings suggest that improving the rights of one stakeholder can create positive spillover effects for other stakeholders.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1609-1643"},"PeriodicalIF":2.1,"publicationDate":"2025-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659522","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 predictive power of option prices for stock returns and nonfundamental shocks 期权价格对股票收益和非基本面冲击的预测能力
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-06-09 DOI: 10.1111/jfir.70001
Asli Eksi, Saurabh Roy
{"title":"The predictive power of option prices for stock returns and nonfundamental shocks","authors":"Asli Eksi,&nbsp;Saurabh Roy","doi":"10.1111/jfir.70001","DOIUrl":"https://doi.org/10.1111/jfir.70001","url":null,"abstract":"<p>Option prices can predict stock returns. Previous studies suggest that this is because option traders have private information about the fundamentals of the stock. We show another reason is that option traders can anticipate the reversal of nonfundamental shocks to stock price. We use S&amp;P 500 index inclusion as an example of a nonfundamental shock. We document that index inclusion increases the implied volatility skew of added stocks, which then predicts the reversal of the stock price shock in the following months.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1671-1699"},"PeriodicalIF":2.1,"publicationDate":"2025-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659763","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
Academic CEOs and corporate innovation 学术ceo与企业创新
IF 2.1 3区 经济学
Journal of Financial Research Pub Date : 2025-05-30 DOI: 10.1111/jfir.12469
George J. Jiang, Wenquan Li, Yaohua Li, He Wang
{"title":"Academic CEOs and corporate innovation","authors":"George J. Jiang,&nbsp;Wenquan Li,&nbsp;Yaohua Li,&nbsp;He Wang","doi":"10.1111/jfir.12469","DOIUrl":"https://doi.org/10.1111/jfir.12469","url":null,"abstract":"<p>In this article, we examine the impact of academic CEOs (i.e., CEOs with academic experience) on corporate innovation. We find that firms managed by academic CEOs have strong aspirations for innovation and generate more patents with higher citations. We employ exogenous CEO turnover to alleviate endogeneity concerns. In addition, whereas corporate innovation gradually increases following the entry of new academic CEOs, there is a clear decrease in innovation output after the departure of academic CEOs. This net effect concentrates in innovation-intensive industries. Moreover, academic CEOs enhance innovation by leveraging their network with academic community and ability to secure government funding.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"48 4","pages":"1449-1478"},"PeriodicalIF":2.1,"publicationDate":"2025-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145659705","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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