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Are there too few publicly listed firms in the US?
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-19 DOI: 10.1111/fire.12439
Craig Doidge, George Andrew Karolyi, Kris Shen, René M. Stulz
{"title":"Are there too few publicly listed firms in the US?","authors":"Craig Doidge,&nbsp;George Andrew Karolyi,&nbsp;Kris Shen,&nbsp;René M. Stulz","doi":"10.1111/fire.12439","DOIUrl":"https://doi.org/10.1111/fire.12439","url":null,"abstract":"<p>Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012, the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023, the US has about half as many listed firms per capita as other developed countries. We discuss some of the important questions raised by the existence and increase of the listing gap to which we hope researchers will find answers.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"317-329"},"PeriodicalIF":2.6,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12439","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Attention allocation: An empirical analysis of the asymmetric market responses to information shocks in China
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-01-07 DOI: 10.1111/fire.12425
Ya Gao, Xing Han, Youwei Li, Samuel A. Vigne, Xiong Xiong
{"title":"Attention allocation: An empirical analysis of the asymmetric market responses to information shocks in China","authors":"Ya Gao,&nbsp;Xing Han,&nbsp;Youwei Li,&nbsp;Samuel A. Vigne,&nbsp;Xiong Xiong","doi":"10.1111/fire.12425","DOIUrl":"https://doi.org/10.1111/fire.12425","url":null,"abstract":"<p>Attention allocation—investors allocate their attention disproportionately within a day—has implications on how the market responds to information. Using high-frequency jumps detected in China, we show that the market underreacts to overnight information shocks, and the underreaction stems mainly from the short-leg stocks with highly negative overnight jumps. In comparison, the market overreacts to intraday information shocks, and the overreaction stems mainly from the long-leg stocks with highly positive intraday jumps. Moreover, the underreaction pattern strengthens while the overreaction pattern attenuates during market crashes, as investors pay limited attention when market performance is poor. Overall, these patterns are consistent with the interplay between attention allocation and investor sophistication in reshaping the asymmetric market reactions to information.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"623-652"},"PeriodicalIF":2.6,"publicationDate":"2025-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The case against a US sovereign wealth fund
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-12-19 DOI: 10.1111/fire.12422
William L. Megginson, Xin Yue Zhou, Doris, Robert L. Gholson
{"title":"The case against a US sovereign wealth fund","authors":"William L. Megginson,&nbsp;Xin Yue Zhou,&nbsp;Doris,&nbsp;Robert L. Gholson","doi":"10.1111/fire.12422","DOIUrl":"https://doi.org/10.1111/fire.12422","url":null,"abstract":"<p>Sovereign wealth funds (SWFs), with assets under management reaching over $12.9 trillion in 2024, remain prominent global investors. The idea of creating a US national SWF gained attention during the 2024 US national elections, prompting debates about its merits. This paper reviews the latest academic research on SWFs and examines whether the United States should establish its own national SWF. We argue against this proposition for three key reasons: a US SWF is unnecessary due to the efficiency of existing capital markets, politically infeasible given deep partisan divides, and fiscally imprudent given the nation's significant debt and budgetary constraints.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"5-12"},"PeriodicalIF":2.6,"publicationDate":"2024-12-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143116720","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Better than risk-free: Reserve premiums and bank lending
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-12-17 DOI: 10.1111/fire.12421
Raymond Kim
{"title":"Better than risk-free: Reserve premiums and bank lending","authors":"Raymond Kim","doi":"10.1111/fire.12421","DOIUrl":"https://doi.org/10.1111/fire.12421","url":null,"abstract":"<p>When the Federal Reserve first paid interest on excess reserves (IOER) in October 2008, banks faced a choice to earn a “better than” risk-free rate, or lend to earn a higher, riskier rate. Evidence suggests the “reserves-lending puzzle” is not driven by endogeneity from reverse causality, flight to safety, or increased Treasury supply, but by the introduction of the “reserve premium” (IOER-3MT), which is associated with a reduction of domestic bank-level lending by -5.1% (-$420.2B). Findings suggest the reserves risk channel can aid in restricting inflation. Additionally, recent Senior Financial Officer Surveys corroborate the conclusions presented in this paper.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"541-571"},"PeriodicalIF":2.6,"publicationDate":"2024-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12421","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Return trajectory and the forecastability of bitcoin returns
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-12-12 DOI: 10.1111/fire.12420
Simon Rudkin, Wanling Rudkin, Paweł Dłotko
{"title":"Return trajectory and the forecastability of bitcoin returns","authors":"Simon Rudkin,&nbsp;Wanling Rudkin,&nbsp;Paweł Dłotko","doi":"10.1111/fire.12420","DOIUrl":"https://doi.org/10.1111/fire.12420","url":null,"abstract":"<p>This paper tests the extent to which the ability to correctly predict subsequent bitcoin (BTC) return signs is dependent upon historic BTC return trajectories. Using topological data analysis ball mapper (TDABM), we demonstrate that the performance of random forest and logit regression models varies according to return trajectory. A novel use of TDABM as a forecast model shows that mapping historic return trajectories can also produce more accurate directional return forecasts. Our approach highlights how the predictability of BTC price change direction is dependent on return trajectories. Visualizing historic return trajectories when forming and evaluating return forecasts is imperative.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"509-539"},"PeriodicalIF":2.6,"publicationDate":"2024-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12420","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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 political risk and corporate social responsibility
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-12-11 DOI: 10.1111/fire.12423
Shuhui Wang
{"title":"Firm political risk and corporate social responsibility","authors":"Shuhui Wang","doi":"10.1111/fire.12423","DOIUrl":"https://doi.org/10.1111/fire.12423","url":null,"abstract":"<p>We explore the impact of political risk on firms' corporate social responsibility (CSR) and find a negative effect, especially on CSR strengths. Firms facing higher political risk tend to prioritize compliance-driven CSR concerns over proactive CSR initiatives. This effect is more pronounced in firms with limited financial and operational flexibility, suggesting that CSR decisions align with overall investment strategies and are influenced by financial resources. We also show that political risk negatively affects CSR activities more during financial crises and gubernatorial elections. Overall, our study highlights the role of political risk and financial flexibility in shaping firms' CSR strategies.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"573-599"},"PeriodicalIF":2.6,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12423","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterogeneity in the effects of bank lines of credit on capital investment efficiency
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-12-10 DOI: 10.1111/fire.12424
Wei-Shao Wu, Sandy Suardi
{"title":"Heterogeneity in the effects of bank lines of credit on capital investment efficiency","authors":"Wei-Shao Wu,&nbsp;Sandy Suardi","doi":"10.1111/fire.12424","DOIUrl":"https://doi.org/10.1111/fire.12424","url":null,"abstract":"<p>This paper explores the effects of bank lines of credit on corporate investment efficiency. Credit lines impact capital investment efficiency by influencing fundamental growth opportunities and non-fundamental stock valuations in Tobin's Q. Furthermore, firms with credit lines reduce under-investment, contributing to an overall improvement in investment efficiency. Although credit lines enhance capital investment efficiency, their positive impact diminishes during economic downturns, low market sentiment, and stringent lending standards. Firms characterized by specific traits, such as high financial constraints, high leverage, and short operating cycles, tend to derive greater benefits in capital investment efficiency through access to credit lines.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"601-621"},"PeriodicalIF":2.6,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The effect of employee mobility on firm innovation
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-11-18 DOI: 10.1111/fire.12417
Stephen J. Ciccone, Huimin Li, Yixin Liu
{"title":"The effect of employee mobility on firm innovation","authors":"Stephen J. Ciccone,&nbsp;Huimin Li,&nbsp;Yixin Liu","doi":"10.1111/fire.12417","DOIUrl":"https://doi.org/10.1111/fire.12417","url":null,"abstract":"<p>We study the effect of employee mobility on firm innovation. Using an occupation-based measure of employee mobility, we find that firms with more mobile workforces are associated with greater patent quantity and quality and higher innovation efficiency. This effect is more pronounced for firms with higher labor intensity, greater business diversification, and lower unionization rates. Both the private market value of innovation and the effectiveness of innovation to generate revenues increase with higher employee mobility. Consistent results are found using a quasi-experimental shock, which helps address endogeneity concerns. Our findings suggest that employee mobility has a profound impact on innovation.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"417-452"},"PeriodicalIF":2.6,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Time-varying group common factors in the stock market anomalies
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-11-17 DOI: 10.1111/fire.12419
Ryuta Sakemoto
{"title":"Time-varying group common factors in the stock market anomalies","authors":"Ryuta Sakemoto","doi":"10.1111/fire.12419","DOIUrl":"https://doi.org/10.1111/fire.12419","url":null,"abstract":"<p>This study investigates group common factors within six anomaly groups using a factor model with time-varying coefficients and stochastic volatility. We explore the time-varying relative contributions of group common factors in explaining the variation of each anomaly's return. We demonstrate that the relative importance is heterogeneous across the anomaly groups. The relative importance of the value group common factor decreased during the global financial crisis (GFC) and the COVID-19 pandemic in 2020 because the GFC and the pandemic were associated with cash flow and earnings. Moreover, we reveal that business cycles have heterogeneous impacts on the group common factors.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"481-507"},"PeriodicalIF":2.6,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Bitcoin spillovers: A high-frequency cross-asset analysis
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-11-14 DOI: 10.1111/fire.12418
Minhao Leong, Simon Kwok
{"title":"Bitcoin spillovers: A high-frequency cross-asset analysis","authors":"Minhao Leong,&nbsp;Simon Kwok","doi":"10.1111/fire.12418","DOIUrl":"https://doi.org/10.1111/fire.12418","url":null,"abstract":"<p>This study examines the spillover of Bitcoin's jumps and diffusive variations to traditional assets using high-frequency data. For our cross-asset analysis, we detect positive spillovers from Bitcoin to risk assets and negative spillovers to defensive assets. We also find evidence of positive jump and diffusion spillovers from Bitcoin to U.S. equity sectors, particularly the financials, technology, consumer discretionary, and communication services sectors. By examining the source of these risk transmissions, we show that these spillovers are exacerbated by increased economic exposures to blockchain and cryptocurrency technologies by U.S. companies. The empirical findings reveal that the price fluctuations of an unregulated asset such as Bitcoin can materially affect the price dynamics of regulated assets.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"453-479"},"PeriodicalIF":2.6,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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