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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
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
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