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The role of media connections in seasoned equity offerings 媒体关系在成熟股票发行中的作用
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-12-12 DOI: 10.1111/jfir.12370
Luis García-Feijóo, Daniel Gropper, Md Miran Hossain, David Javakhadze
{"title":"The role of media connections in seasoned equity offerings","authors":"Luis García-Feijóo,&nbsp;Daniel Gropper,&nbsp;Md Miran Hossain,&nbsp;David Javakhadze","doi":"10.1111/jfir.12370","DOIUrl":"10.1111/jfir.12370","url":null,"abstract":"<p>We present evidence that corporate connections to the media are associated with a greater likelihood of a seasoned equity offering (SEO), more negative announcement returns, and poorer long-term performance. The effect of media connections on announcement returns is more pronounced for firms with higher information asymmetry, greater financial constraints, and lower advertising expenditures. Media connections are positively associated with media coverage and sentiment before the SEO announcements. Our findings are consistent with the notion that SEO issuers use their connections with media firms to actively manage media coverage and successfully offer new equity.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"667-701"},"PeriodicalIF":1.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138630666","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
Constraints on provisioning at public versus private community banks 公共银行与私营社区银行在拨备方面的制约因素
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-12-12 DOI: 10.1111/jfir.12372
Eliana Balla, Morgan J. Rose
{"title":"Constraints on provisioning at public versus private community banks","authors":"Eliana Balla,&nbsp;Morgan J. Rose","doi":"10.1111/jfir.12372","DOIUrl":"10.1111/jfir.12372","url":null,"abstract":"<p>We compare the responses of publicly held versus privately held community banks to the June 2016 issuance of the current expected credit loss (CECL) standard, which altered the way US banks provision for loan losses. We find that following issuance but before implementation, the relation between earnings and provisions strengthened among privately held banks but not among publicly held banks. This is consistent with US Securities and Exchange Commission regulation and market monitoring placing greater constraints on publicly held banks relative to privately held banks, preventing publicly held banks from moving toward the CECL standard early.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"635-666"},"PeriodicalIF":1.5,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138630495","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 alphabet and idiosyncratic volatility 字母表和特异波动性
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-12-11 DOI: 10.1111/jfir.12369
Okke Bergers, Magnus Blomkvist
{"title":"The alphabet and idiosyncratic volatility","authors":"Okke Bergers,&nbsp;Magnus Blomkvist","doi":"10.1111/jfir.12369","DOIUrl":"10.1111/jfir.12369","url":null,"abstract":"<p>We find that stocks with names earlier in an alphabetic ordering exhibit greater idiosyncratic volatility. Stocks whose names are in the first 5% of an alphabetic ordering have 4.5% higher idiosyncratic volatility relative to other stocks. To address potential concerns about early-alphabet firms being different, we study name changes. Idiosyncratic volatility is 7% higher when a name change causes a stock to move into the first 5%. We attribute these results to noise traders being more active in early-alphabet stocks because of heuristic-based investing. In support of this explanation, we find that the effect is strongest during periods of high investor sentiment and among stocks with high turnover. Our results provide evidence that noise traders contribute to the idiosyncratic volatility of stocks.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 3","pages":"569-600"},"PeriodicalIF":1.5,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138580843","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
Active mutual funds and their passive ETF investments 主动型共同基金及其被动型 ETF 投资
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-12-08 DOI: 10.1111/jfir.12368
Hsiu-Lang Chen
{"title":"Active mutual funds and their passive ETF investments","authors":"Hsiu-Lang Chen","doi":"10.1111/jfir.12368","DOIUrl":"10.1111/jfir.12368","url":null,"abstract":"<p>Investing in exchange-traded funds (ETFs) rather than investing directly in the underlying securities surely prompts questions for mutual funds. Why? Examination suggests the answer is to reduce overall portfolio volatility. Actively managed open-end equity funds (OEFs) that invest in ETFs tend to take short positions in securities and to short ETFs more than other securities. Investigation of the overlap in portfolio composition between OEFs and the ETFs they hold as well as their investing positions in hedging and nonhedging ETFs separately points to the main motivation for such ETF investment—hedging.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 2","pages":"367-399"},"PeriodicalIF":3.5,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12368","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138569811","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
Institutional investors and mispricing of unionized firms 机构投资者与工会企业的错误定价
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-27 DOI: 10.1111/jfir.12367
Viktoriya Lantushenko, Dalia Marciukaityte, Samuel H. Szewczyk
{"title":"Institutional investors and mispricing of unionized firms","authors":"Viktoriya Lantushenko,&nbsp;Dalia Marciukaityte,&nbsp;Samuel H. Szewczyk","doi":"10.1111/jfir.12367","DOIUrl":"10.1111/jfir.12367","url":null,"abstract":"<p>We examine investment by different types of institutional investors in firms with strong labor unions. We find that hedge funds own a lower percentage of shares in these firms than in other firms. In contrast, passive institutional investors and institutional investors as a group own a higher percentage. Our tests suggest that the relation between unionization and hedge fund ownership is causal: When union power changes in a firm, hedge fund ownership changes in the opposite direction. Instead, passive investor holdings in unionized firms seem to be driven by other firm characteristics.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 2","pages":"249-274"},"PeriodicalIF":3.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138531263","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–board connections and the cost of equity capital: International evidence 首席执行官与董事会的关系和股权资本成本：国际证据
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-07 DOI: 10.1111/jfir.12366
Md Nazmul Hasan Bhuyan, David Javakhadze
{"title":"CEO–board connections and the cost of equity capital: International evidence","authors":"Md Nazmul Hasan Bhuyan,&nbsp;David Javakhadze","doi":"10.1111/jfir.12366","DOIUrl":"10.1111/jfir.12366","url":null,"abstract":"<p>In this article, we investigate the effect of chief executive officer (CEO)–board connections on the cost of equity capital in an international setting. We find that CEO–board connections have a significant negative effect on the cost of equity. Our results are robust to alternative variable measurements, model specifications, and potential endogeneity adjustments. Examining the channel, we show that social ties reduce information asymmetry issues. We further show that firm-level operational complexities and investment intensity, as well as country-level developmental attributes and culture, moderate the association between CEO–board connections and the cost of equity capital.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 2","pages":"317-365"},"PeriodicalIF":3.5,"publicationDate":"2023-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135480391","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
Interstate migration networks and stock return comovement 州际移民网络与股票回报率的相关性
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-02 DOI: 10.1111/jfir.12364
Suin Lee, Christos Pantzalis, Jung Chul Park
{"title":"Interstate migration networks and stock return comovement","authors":"Suin Lee,&nbsp;Christos Pantzalis,&nbsp;Jung Chul Park","doi":"10.1111/jfir.12364","DOIUrl":"10.1111/jfir.12364","url":null,"abstract":"<p>We document sizable and robust excess return comovement between migration-flow receiving and sending states at the state-portfolio level. Migration comovement is not fully explained by economic fundamentals and strengthens with the size of the migration network. Consistent with the view that it is partially driven by correlated trading of a common investor base within migration networks, migration comovement a) increases substantially when there is an exogenous positive shock to migration flows, b) is greater with old firms in migration-sending states, and c) strengthens when retail investors display “old home” bias in addition to local bias.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 1","pages":"89-121"},"PeriodicalIF":3.5,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135935023","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 stress-tested banks in the United States becoming similar? Evidence from convergence tests 美国接受压力测试的银行变得相似了吗？趋同测试的证据
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-02 DOI: 10.1111/jfir.12362
Destan Kirimhan, Saban Nazlioglu, James E. Payne
{"title":"Are stress-tested banks in the United States becoming similar? Evidence from convergence tests","authors":"Destan Kirimhan,&nbsp;Saban Nazlioglu,&nbsp;James E. Payne","doi":"10.1111/jfir.12362","DOIUrl":"10.1111/jfir.12362","url":null,"abstract":"<p>US bank stress tests were introduced to improve the risk posture and management practices of large and complex banking institutions. We investigate whether stress-tested banks in the United States converge to each other in their levels and determinants of profitability, as well as their risk taking and systemic risk contributions. Our results are consistent with convergence in profitability, asset quality, management quality, securitization income, and income diversification of stress-tested banks. Our difference-in-differences estimation results provide causal evidence of stress tests leading to convergence in income diversification. Furthermore, stress-tested banks converge in their income diversification strategies, return volatility, default risk, leverage risk, and systemic risk contributions. This study sheds light on a situation where these banks may simultaneously have exposure to the same risks, leaving the financial system more vulnerable to a crisis as a result of the exposed risk.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 1","pages":"61-88"},"PeriodicalIF":3.5,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135974694","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
Executive compensation, internal control quality, and corporate social responsibility in China 中国的高管薪酬、内部控制质量和企业社会责任
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-02 DOI: 10.1111/jfir.12365
Junnan Hu, Xuan Lin, Feixue Xie
{"title":"Executive compensation, internal control quality, and corporate social responsibility in China","authors":"Junnan Hu,&nbsp;Xuan Lin,&nbsp;Feixue Xie","doi":"10.1111/jfir.12365","DOIUrl":"10.1111/jfir.12365","url":null,"abstract":"<p>We explore the relations among executive compensation, internal control quality (ICQ), and corporate social responsibility (CSR), focusing on improving the CSR outcomes of listed firms in China. Our findings are fourfold. First, we document that executive compensation and ICQ have a significant positive impact on CSR. Second, we find that executive compensation positively affects ICQ; hence, we identify ICQ as a channel that can further improve the impact of executive compensation on CSR. Third, we discover that the documented effects are stronger in state-owned firms than in non-state-owned firms. Fourth, we observe that regulatory changes have both positive and negative impacts on CSR. Our findings are less vulnerable to endogeneity and have key implications for policy makers.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 1","pages":"147-177"},"PeriodicalIF":3.5,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135934583","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
Lending and risk controls for BHCs after the Dodd–Frank act 多德-弗兰克法案》之后银行控股公司的贷款和风险控制
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-11-02 DOI: 10.1111/jfir.12363
Marta Degl'Innocenti, Si Zhou, Yue Zhou
{"title":"Lending and risk controls for BHCs after the Dodd–Frank act","authors":"Marta Degl'Innocenti,&nbsp;Si Zhou,&nbsp;Yue Zhou","doi":"10.1111/jfir.12363","DOIUrl":"10.1111/jfir.12363","url":null,"abstract":"<p>We investigate the impact of the Dodd–Frank Act (DFA) on the credit risk behavior of complex bank holding companies (BHCs). Specifically, we assess the effectiveness of the DFA in reducing the credit riskiness of complex banks. Consistent with the moral hazard hypothesis, we find that complex BHCs affected by the DFA increase their credit risk. We argue that possible explanations are that BHCs decreased their lending portfolio quality, loan monitoring, and strength and independence of the risk management function after the DFA. The results are robust to endogeneity concerns, different sample selection criteria, various model and treatment specifications, and placebo tests.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 2","pages":"275-315"},"PeriodicalIF":3.5,"publicationDate":"2023-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135933935","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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