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Toeholds and information quality in common-value takeover auctions 共同价值收购拍卖中的 "脚手架 "和信息质量
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-29 DOI: 10.1111/jfir.12393
Anna Dodonova
{"title":"Toeholds and information quality in common-value takeover auctions","authors":"Anna Dodonova","doi":"10.1111/jfir.12393","DOIUrl":"10.1111/jfir.12393","url":null,"abstract":"<p>In this article I analyze the effect of the sensitivity of firm value on the information available to potential acquirers in common-value takeover auctions with toeholds. I show that the quality of information does not affect equilibrium when bidders have equal toeholds but has a significant effect when toeholds are different. My article demonstrates that increasing the relative information quality of the bidder with a smaller toehold makes both bidders bid more aggressively and leads to a higher price. I also analyze the combined effect of toeholds and information quality on equilibrium bidding strategies and discuss ways target shareholders can increase the expected final price.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"1229-1244"},"PeriodicalIF":1.5,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12393","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140025150","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
Threats to human capital: The effect of health risk on corporate financial policy 对人力资本的威胁：健康风险对公司财务政策的影响
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-21 DOI: 10.1111/jfir.12391
Özde Öztekin
{"title":"Threats to human capital: The effect of health risk on corporate financial policy","authors":"Özde Öztekin","doi":"10.1111/jfir.12391","DOIUrl":"10.1111/jfir.12391","url":null,"abstract":"<p>I examine the relation between threats to human capital and corporate financial policy using morbidity and mortality data related to infectious diseases. I observe a strong association between deteriorating health and declines in leverage, which seems to be influenced by increasing human capital costs offsetting debt benefits. Firms consider reducing debt as a strategic response to perceived employee valuation of human capital insurance, which tends to be affected by a disease-induced rise in human capital costs. This association appears more pronounced in technology firms, distressed firms, and labor-intensive firms, and during higher disease-induced labor uncertainty, with some moderation by labor unions.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"1165-1206"},"PeriodicalIF":1.5,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139948627","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
CEO compensation complexity: Optimal contracts or agency problems? 首席执行官薪酬的复杂性：最优合同还是代理问题？
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-21 DOI: 10.1111/jfir.12383
Othman Alolah
{"title":"CEO compensation complexity: Optimal contracts or agency problems?","authors":"Othman Alolah","doi":"10.1111/jfir.12383","DOIUrl":"10.1111/jfir.12383","url":null,"abstract":"<p>I construct a CEO pay complexity index based on grant-level compensation data to test whether compensation complexity is consistent with optimal contracts or agency problems. Complexity may represent board efforts to contract optimally or a means by which the CEO camouflages agency issues and rent extraction. I find evidence supporting the agency view by showing how complexity is negatively related to firm value, profitability, and CEO turnover–performance sensitivity. I also examine the relation between complexity and CEO investment behavior and find mixed results. Overall, the findings relate to shareholders' dissatisfaction with the increased complexity of CEO compensation.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"789-821"},"PeriodicalIF":1.5,"publicationDate":"2024-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139948526","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
Impacts of firm life cycle on bond ratings and yields 公司生命周期对债券评级和收益率的影响
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-19 DOI: 10.1111/jfir.12390
Kelly Cai, Heiwai Lee, Hui Zhu
{"title":"Impacts of firm life cycle on bond ratings and yields","authors":"Kelly Cai,&nbsp;Heiwai Lee,&nbsp;Hui Zhu","doi":"10.1111/jfir.12390","DOIUrl":"10.1111/jfir.12390","url":null,"abstract":"<p>We examine how firm life cycle affects ratings and costs of debt for public offers. We find that ratings for issuers in the introduction and decline stages are lower than those for growth and mature issuers. A similar U-shaped relation between life stage and yield spread, after controlling for credit rating, indicates that life stage affects cost of debt through multiple channels. Costs of debt are lower for growth and mature issuers than for introduction and decline issuers. Analyses of high-yield bonds and term to maturity suggest that the adverse effect on costs of debt for introduction and decline firms is associated with their elevated riskiness and greater information asymmetry.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"1083-1117"},"PeriodicalIF":1.5,"publicationDate":"2024-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12390","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139948385","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
Climate risk and credit ratings 气候风险和信用评级
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-12 DOI: 10.1111/jfir.12388
Nhu Tran, Cihan Uzmanoglu
{"title":"Climate risk and credit ratings","authors":"Nhu Tran,&nbsp;Cihan Uzmanoglu","doi":"10.1111/jfir.12388","DOIUrl":"10.1111/jfir.12388","url":null,"abstract":"<p>We find weak evidence suggesting that cities’ credit ratings reflect their climate risk exposure. Using a large sample of US cities, we test whether cities with higher exposure to physical or transition risks of climate change have lower credit ratings. We also compare the ratings of coastal and similar noncoastal cities, and run difference-in-differences tests around events that raise climate change awareness. Moreover, we study the climate risk effect within cities and at the bond level. We observe a negative association only between the Hallegatte et al. (2013) sea-level-rise measure and ratings, and this association is solely driven by New Orleans, which had already experienced a significant climate event.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"947-980"},"PeriodicalIF":1.5,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139758220","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 role of Cross-Border alliances in corporate social responsibility: International evidence 跨国联盟在企业社会责任中的作用：国际证据
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-08 DOI: 10.1111/jfir.12385
Chenchen Huang, Zhe Li
{"title":"The role of Cross-Border alliances in corporate social responsibility: International evidence","authors":"Chenchen Huang,&nbsp;Zhe Li","doi":"10.1111/jfir.12385","DOIUrl":"10.1111/jfir.12385","url":null,"abstract":"<p>We examine how forming cross-border alliances with US firms influences the corporate social responsibility (CSR) performance of their foreign partner firms. Analyzing a sample across 39 countries between 2002 and 2018, we find that these foreign firms experience higher future CSR performance, with a notable 6.46% increase compared with those without such alliances. Moreover, this effect is stronger in foreign firms from countries with weaker governance institutions, lower social norms, and worse economic conditions. Also, foreign firms with lower governance quality, higher market competition, and weaker innovation capacity show a pronounced improvement in CSR performance after alliances. The improved CSR performance also leads to higher firm value and better earnings quality in these foreign firms. Overall, we highlight the role of cross-border alliances in facilitating the attainment of broader economic and sustainable governance objectives.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"823-875"},"PeriodicalIF":1.5,"publicationDate":"2024-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12385","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139758316","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
CEO extraversion and the cost of equity capital CEO外向性与股权资本成本
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-02-05 DOI: 10.1111/jfir.12389
Biljana Adebambo, Robert M. Bowen, Shavin Malhotra, Pengcheng Zhu
{"title":"CEO extraversion and the cost of equity capital","authors":"Biljana Adebambo,&nbsp;Robert M. Bowen,&nbsp;Shavin Malhotra,&nbsp;Pengcheng Zhu","doi":"10.1111/jfir.12389","DOIUrl":"https://doi.org/10.1111/jfir.12389","url":null,"abstract":"<p>We examine whether CEO extraversion, an important personality trait associated with leadership, is associated with firms' expected cost of equity capital. We measure CEO extraversion using CEOs' speech patterns during the unscripted portion of conference calls. After controlling for multiple CEO and firm-specific variables, we find a strong positive incremental association between CEO extraversion and firms' expected cost of capital. Moreover, cost of equity increases when a more extraverted CEO replaces a less extraverted CEO. In addition, we find that firms with relatively extraverted CEOs take more risk and exhibit lower credit ratings, which is associated with higher cost of equity capital. These results are statistically and economically meaningful and do not appear to be driven by reverse causality, endogenous matching, look-ahead bias, or bias in analysts' earnings forecast.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"981-1020"},"PeriodicalIF":1.5,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12389","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142860266","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
Tax-loss selling and the January effect revisited: Evidence from municipal bond closed-end funds and exchange-traded funds 税损出售和一月效应再探：来自市政债券封闭式基金和交易所交易基金的证据
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-01-31 DOI: 10.1111/jfir.12384
Allen Carrion, Jiang Zhang
{"title":"Tax-loss selling and the January effect revisited: Evidence from municipal bond closed-end funds and exchange-traded funds","authors":"Allen Carrion,&nbsp;Jiang Zhang","doi":"10.1111/jfir.12384","DOIUrl":"10.1111/jfir.12384","url":null,"abstract":"<p>We revisit the tax-loss selling hypothesis as an explanation for the January effect. We expand on prior empirical evidence from municipal bond closed-end funds (CEFs) by extending the sample period by 19 years and adding exchange-traded funds (ETFs). Our sample covers the introduction and rapid growth of municipal bond ETFs, significant changes to municipal bond market structure, and the modernization of tax-loss selling practices. The January effect in municipal bond CEFs has become stronger in recent years and is consistent with the tax-loss hypothesis. The January effect in municipal bond ETFs is smaller and cannot be explained by tax-loss selling.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 4","pages":"1207-1227"},"PeriodicalIF":1.5,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139758315","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
Community social capital, managerial opportunistic behavior, and information uncertainty in IPO firms IPO 公司的社区社会资本、管理机会主义行为和信息不确定性
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-01-31 DOI: 10.1111/jfir.12387
Shunyao Jin, Heiwai Lee
{"title":"Community social capital, managerial opportunistic behavior, and information uncertainty in IPO firms","authors":"Shunyao Jin,&nbsp;Heiwai Lee","doi":"10.1111/jfir.12387","DOIUrl":"10.1111/jfir.12387","url":null,"abstract":"<p>We examine whether and how community social capital influences the information uncertainty of a private firm's going-public process. We find that high social capital of the US counties in which IPO firms are headquartered significantly reduces underpricing and post-IPO stock volatility. This relation is stronger under lessened disclosure requirements and less reputable underwriting. Further findings suggest that high social capital constrains IPO issuers from practicing opportunistic financial reporting. We document that high social capital is associated with a more readable prospectus, less financial misconduct, more readable annual reports, and better long-run stock return performance in the years following the IPOs.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"901-942"},"PeriodicalIF":1.5,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12387","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139679407","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
Informed trading by hedge funds 对冲基金的知情交易
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2024-01-31 DOI: 10.1111/jfir.12386
Qiping Huang, Pankaj K. Jain
{"title":"Informed trading by hedge funds","authors":"Qiping Huang,&nbsp;Pankaj K. Jain","doi":"10.1111/jfir.12386","DOIUrl":"10.1111/jfir.12386","url":null,"abstract":"<p>Using daily equity transactions, we create a hedge fund informed trading measure (ITM) that separates concentrated information-related trades from liquidity-driven basket trades. We find that stocks with higher ITM are associated with higher future stock performance. The long–short portfolio delivers 4% annual alpha after controlling for size, value, momentum, and illiquidity factors. We attribute informed trading to hedge funds' ability to identify and correct stock underpricing. The results are robust to several ways of constructing and sorting the measure, and we do not find a return reversal in four quarters, indicating that the measure is information related.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"541-568"},"PeriodicalIF":1.5,"publicationDate":"2024-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139679404","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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