发布求助
文献互助 智能选刊 最新文献

Journal of Financial Research最新文献

筛选
英文 中文
Climate transition risk and bank lending 气候转型风险与银行贷款
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-26 DOI: 10.1111/jfir.12360
Brunella Bruno, Sara Lombini
{"title":"Climate transition risk and bank lending","authors":"Brunella Bruno,&nbsp;Sara Lombini","doi":"10.1111/jfir.12360","DOIUrl":"10.1111/jfir.12360","url":null,"abstract":"<p>We investigate whether and how banks in the global syndicated loan market adjusted the pricing and supply of credit to account for higher climate transition risk (CTR) in the years following the 2015 Paris Agreement. We measure CTR by considering the pollution levels of borrowers and the engagement of countries where borrowers are headquartered in addressing climate change issues. The evidence is mixed and points to nonlinear relations between lending variables and CO2 emissions. Policy events such as the Paris Agreement and government environmental awareness are significant climate risk drivers that, when combined, may amplify banks' perception of CTR.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S59-S106"},"PeriodicalIF":1.5,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12360","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135191556","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
Firm reaction to geopolitical crises: Evidence from the Russia-Ukraine conflict 对地缘政治危机的坚定反应:来自俄罗斯-乌克兰冲突的证据
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-26 DOI: 10.1111/jfir.12354
MD ASIF UL ALAM, Erik Devos, Zifeng Feng
{"title":"Firm reaction to geopolitical crises: Evidence from the Russia-Ukraine conflict","authors":"MD ASIF UL ALAM,&nbsp;Erik Devos,&nbsp;Zifeng Feng","doi":"10.1111/jfir.12354","DOIUrl":"10.1111/jfir.12354","url":null,"abstract":"<p>This paper investigates corporate announcements related to the Russia-Ukraine conflict of S&amp;P 500 firms. We observe that firms withdrawing from Russia or suspending operations possess higher cash levels. Additionally, firms with more cash seem to announce withdrawals or suspensions more promptly. These findings suggest that cash levels are pivotal in how firms respond to geopolitical events. While cash does not seem influential when firms announce donations due to the conflict, it does affect the speed of such announcements. Social media also appears to play a significant role. Examining investor reactions to donation or withdrawal/suspension announcements, we report negative returns surrounding these announcements. Our paper underscores the critical role of cash reserves (i.e., financial flexibility) in shaping firm reactions to geopolitical events.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S163-S182"},"PeriodicalIF":1.5,"publicationDate":"2023-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134908855","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
Board structure and market performance: Does one solution fit all? 董事会结构与市场表现:一个解决方案适合所有吗?
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-25 DOI: 10.1111/jfir.12361
Milena Petrova
{"title":"Board structure and market performance: Does one solution fit all?","authors":"Milena Petrova","doi":"10.1111/jfir.12361","DOIUrl":"10.1111/jfir.12361","url":null,"abstract":"<p>We investigate the relationship between internal corporate governance and market performance across multiple countries, utilizing a comprehensive data set comprising 77,440 firm observations from 15 European Union countries over the period 2002-2018. Specifically, we examine the impact of board characteristics, including size, independence, gender diversity, CEO duality, and classified boards, on market performance. Our findings reveal that CEO duality is generally negatively related to returns, whereas independent directors and board diversity are positively related to market performance. We observe a positive association between staggered boards and market performance as well as Tobin's Q, aligning with the EU's emphasis on stakeholder investments. Upon analyzing the data at the country level, we identify that the links between board structure and performance vary by country, and there isn't a single variable that is consistently related to market returns or Tobin's Q. These divergent findings indicate that there is no universally applicable corporate governance solution that can be recommended for companies throughout Europe.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S7-S27"},"PeriodicalIF":1.5,"publicationDate":"2023-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12361","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135216300","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 environmental investment pay off?—portfolio analyses of the E in ESG during political conflicts and public health crises 环境投资有回报吗?-政治冲突和公共卫生危机期间ESG中的E的组合分析
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-25 DOI: 10.1111/jfir.12357
Jiancheng Shen, Chen Chen, Zheng Liu
{"title":"Does environmental investment pay off?—portfolio analyses of the E in ESG during political conflicts and public health crises","authors":"Jiancheng Shen,&nbsp;Chen Chen,&nbsp;Zheng Liu","doi":"10.1111/jfir.12357","DOIUrl":"10.1111/jfir.12357","url":null,"abstract":"<p>This paper examines the contribution of environmental investment on firm value during the Russia-Ukraine War and Global Public Health Crisis. Using media-based environmental scores, we investigate the performance of the emission-reduction-based and green-innovation-based portfolios. The results indicate that while engaging in environmental activities decreases firm value during the noncrisis time, it creates value when companies face market-wide crises. Our findings suggest that environmental investment serves as a risk-hedging vehicle for political and health crises. In addition, compared to corporate ESG disclosures, firm-level media-based environmental scores mitigate the endogeneity between a company's ESG disclosure policies and its firm characteristics.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S107-S131"},"PeriodicalIF":1.5,"publicationDate":"2023-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135723690","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
Market impacts of the 2020 short selling bans 2020年卖空禁令的市场影响
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-24 DOI: 10.1111/jfir.12355
Alessandro Spolaore, Caroline Le Moign
{"title":"Market impacts of the 2020 short selling bans","authors":"Alessandro Spolaore,&nbsp;Caroline Le Moign","doi":"10.1111/jfir.12355","DOIUrl":"10.1111/jfir.12355","url":null,"abstract":"<p>At the height of the COVID-19 related market stress in March 2020, six European countries implemented market-wide short selling bans. Based on a difference-in-difference approach using regulatory data, our estimation finds that the bans are associated with a deterioration in liquidity and trading volumes, and a decrease in volatility, without evidence of price impact. Remarkably, the negative impact persisted after the bans' lift. Liquidity deterioration appears stronger for liquid shares- large-cap, highly fragmented stocks, and stocks with listed derivatives. Sectoral effects are noticed for the stocks most affected by the market stress. Finally, no displacement effect was observed.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S29-S58"},"PeriodicalIF":1.5,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12355","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135191542","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
European equity markets volatility spillover: Destabilizing energy risk is the new normal 欧洲股市波动溢出:不稳定的能源风险是新常态
IF 1.5 3区 经济学
Journal of Financial Research Pub Date : 2023-10-24 DOI: 10.1111/jfir.12359
Zsuzsa R. Huszár, Balázs B. Kotró, Ruth S. K. Tan
{"title":"European equity markets volatility spillover: Destabilizing energy risk is the new normal","authors":"Zsuzsa R. Huszár,&nbsp;Balázs B. Kotró,&nbsp;Ruth S. K. Tan","doi":"10.1111/jfir.12359","DOIUrl":"10.1111/jfir.12359","url":null,"abstract":"<p>While energy risk is increasingly recognized as a systemic risk, there is limited comprehensive analysis of the risk propagation in regional contexts. In this study, we examine oil and natural gas price changes and shocks in relation to equity market returns and volatility for 24 European Economic Area (EEA) countries. In addition to traditional panel regressions, we also deploy the Diebold-Yilmaz (2014) spillover index for a closed network analysis. We differentiate in the cross-section across the core EU block, PIIGS countries, EU enlargement countries joining after 2004, and other non-EU countries, to provide insights into the ongoing debates on the European energy market stability. While we find evidence of the manifestation of energy risk throughout the sample period, we find that until 2019 the primary sources of volatility spillover in the EEA economic network arose from economic or political uncertainty. Energy risks, measured by large crude oil and natural gas price shocks also significantly contributed to equity market volatility, with increasing volatility risk arising from natural gas, a green labelled energy source after 2019. Last, we show that CEEC equity markets are more sensitive to oil and natural gas price shocks when domestic currencies depreciate against the Euro.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 S1","pages":"S205-S271"},"PeriodicalIF":1.5,"publicationDate":"2023-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135267321","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 impact of labor on the performance of founder-family firms 劳动力对创始人家族企业绩效的影响
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-09-27 DOI: 10.1111/jfir.12353
Murali Jagannathan, Brett W. Myers, Xu Niu
{"title":"The impact of labor on the performance of founder-family firms","authors":"Murali Jagannathan,&nbsp;Brett W. Myers,&nbsp;Xu Niu","doi":"10.1111/jfir.12353","DOIUrl":"10.1111/jfir.12353","url":null,"abstract":"<p>Firms managed by the scions of founders continue to be prevalent in the United States despite the increase in shareholder activism over the last few decades, calling into question the argument that such organizational structures reduce firm value. Founder-family successions are rare in high-growth industries where the benefits of selecting from a larger pool of managers is significant. Rather, they tend to happen in low-growth industries, in manufacturing/retail firms. Once we account for the differences in firm characteristics, we do not find that founder-family successions reduce firm value. We explore a mechanism that compensates for the costs of choosing from a smaller pool of managers and document evidence consistent with family firms benefiting from improved labor relations.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 1","pages":"27-60"},"PeriodicalIF":3.5,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135945133","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
Cyclicality of liquidity creation: Nonlinear evidence from US bank holding companies 流动性创造的周期性:来自美国银行控股公司的非线性证据
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-09-06 DOI: 10.1111/jfir.12352
Ghulame Rubbaniy, Ali Awais Khalid, Shoaib Ali, Efstathios Polyzos
{"title":"Cyclicality of liquidity creation: Nonlinear evidence from US bank holding companies","authors":"Ghulame Rubbaniy,&nbsp;Ali Awais Khalid,&nbsp;Shoaib Ali,&nbsp;Efstathios Polyzos","doi":"10.1111/jfir.12352","DOIUrl":"10.1111/jfir.12352","url":null,"abstract":"<p>Using a panel smooth transition regression framework on a new proxy of the business cycle (BC) index and quarterly data of US bank holding companies from 1993Q1 to 2020Q1, our results provide empirical support for the theory that the BC has a nonlinear effect on liquidity creation. We find a positive and highly significant nonlinear effect of the BC on liquidity creation, which not only supports the pro-cyclicality of liquidity creation but also improves the liquidity creation estimation compared to previous studies. The results are robust to different proxies of the BC and model specifications. We also document that US bank holding companies create liquidity more during the expansion phase (normal times) than during the recession phase (crisis times) of the BC, suggesting an asymmetrical effect of BC changes on liquidity creation. Our findings have important implications for financial market participants by suggesting that banks should keep alternative sources of funding on hand during the BC recession phase. Insights from our study also provide policy implications for central banks and prudent supervisors to consider when incentivizing banks, for instance, by lowering regulatory requirements, adjusting the policy rate, or implementing any other quantitative easing policy during the BC recession phase to keep the financial system efficient.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 4","pages":"1165-1185"},"PeriodicalIF":3.5,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43363451","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
Different momentum effects across countries: An explanation based on investors' behavior 不同国家的不同动量效应：基于投资者行为的解释
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-08-31 DOI: 10.1111/jfir.12351
Guoxiao Xia, Changsheng Hu, Huosong Xia, Yangchun Chi
{"title":"Different momentum effects across countries: An explanation based on investors' behavior","authors":"Guoxiao Xia,&nbsp;Changsheng Hu,&nbsp;Huosong Xia,&nbsp;Yangchun Chi","doi":"10.1111/jfir.12351","DOIUrl":"10.1111/jfir.12351","url":null,"abstract":"<p>We establish a model in which speculators use feedback trading characteristics to infer the behavior of irrational investors and induce them to trade. We also discuss the stability and time series of asset prices. Our results show that: (1) speculators have speculation and arbitrage demands and make “noise” to induce irrational investors to trade, (2) the time series of asset prices show stable momentum and a reversal effect when fundamental traders dominate the market, and (3) momentums are unstable and perform poorly under extreme circumstances. Our article offers a unique approach to understanding the micro mechanism of different momentum effects in various markets and suggests a plausible theoretical framework to illustrate such differences.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"46 4","pages":"1141-1163"},"PeriodicalIF":3.5,"publicationDate":"2023-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44006030","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 causal effect of corporate governance on employee satisfaction 公司治理对员工满意度的因果效应
IF 3.5 3区 经济学
Journal of Financial Research Pub Date : 2023-07-18 DOI: 10.1111/jfir.12350
Marco Menner, Frederic Menninger
{"title":"The causal effect of corporate governance on employee satisfaction","authors":"Marco Menner,&nbsp;Frederic Menninger","doi":"10.1111/jfir.12350","DOIUrl":"10.1111/jfir.12350","url":null,"abstract":"<p>We investigate the causal effect of increasing shareholder rights on employee satisfaction. To ensure causality, we use close shareholder votes on antitakeover provisions included in the Entrenchment Index (E-Index) as exogenous shocks to the corporate governance of a company. A 1-point increase in shareholder rights on the E-Index scale causes a 10% decrease in employee satisfaction. The channels that drive our results are decreases in employees' opinion about firm culture, in their view about the company's CEO, in the number of employees, and in capital expenditures.</p>","PeriodicalId":47584,"journal":{"name":"Journal of Financial Research","volume":"47 1","pages":"123-146"},"PeriodicalIF":3.5,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jfir.12350","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135308809","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信