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From anecdotes to insights: Streamlining the research idea generation process 从趣闻轶事到真知灼见：简化研究构思生成流程
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-10-07 DOI: 10.1111/fire.12412
Itzhak Ben-David
{"title":"From anecdotes to insights: Streamlining the research idea generation process","authors":"Itzhak Ben-David","doi":"10.1111/fire.12412","DOIUrl":"https://doi.org/10.1111/fire.12412","url":null,"abstract":"<p>This paper explores strategies for generating and evaluating novel research ideas. Researchers can identify promising ideas by systematically exposing themselves to new, practitioner-relevant information and by contrasting emerging facts with existing theories. Additionally, by identifying the necessary conditions that are required for an idea to become a viable research project, researchers can quickly discard low-prospect ideas, freeing up mental space and time to evaluate new research opportunities.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"835-844"},"PeriodicalIF":2.6,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12412","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142447563","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
Mandatory audit partner rotation and earnings informativeness in the bond market 强制审计合伙人轮换制与债券市场的盈利信息性
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-09-18 DOI: 10.1111/fire.12415
He Xiao, Yaohua Qin
{"title":"Mandatory audit partner rotation and earnings informativeness in the bond market","authors":"He Xiao, Yaohua Qin","doi":"10.1111/fire.12415","DOIUrl":"https://doi.org/10.1111/fire.12415","url":null,"abstract":"This study finds that mandatory rotation of engagement partners results in more positive earnings response coefficient (ERC) in the years immediately following rotation than in the years that are not. Further analysis reveals that the positive association is driven by firms that announce bad earnings news and for bonds with longer maturity terms. Furthermore, such positive association is stronger when the incoming engagement partner has more industry expertise than the leaving partner, when the audit firm is a non–Big 6 auditor, and when the client firm is small. Finally, the relationship does not exist for voluntary partner rotation.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"11 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266044","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
Carbon risk and equity prices 碳风险与股票价格
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-09-17 DOI: 10.1111/fire.12414
Arthur Enders, Thomas Lontzek, Karl Schmedders, Marco Thalhammer
{"title":"Carbon risk and equity prices","authors":"Arthur Enders, Thomas Lontzek, Karl Schmedders, Marco Thalhammer","doi":"10.1111/fire.12414","DOIUrl":"https://doi.org/10.1111/fire.12414","url":null,"abstract":"We study the effects of carbon transition risk on equity prices in the United States and Europe using disclosed carbon intensity data and find a negative effect on the cross section of returns and a negative carbon premium for the period 2009–2019. Examining fund flows, we find that institutional investors had an aversion to carbon‐intensive stocks, which could help explain the outperformance of green stocks. We find that after the Paris Agreement this negative carbon premium disappears, and expect a positive premium in the future. We apply an asset‐pricing approach to quantify the carbon risk exposure of any given asset.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"48 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266207","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 value of talents 人才的价值
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-08-15 DOI: 10.1111/fire.12411
Nasim Sabah, Linh Thompson, Zuobao Wei
{"title":"The value of talents","authors":"Nasim Sabah, Linh Thompson, Zuobao Wei","doi":"10.1111/fire.12411","DOIUrl":"https://doi.org/10.1111/fire.12411","url":null,"abstract":"We exploit Employment Non‐Discrimination Acts, Paid Family Medical Leave Acts, and Lilly Ledbetter Fair Pay Act as quasi‐natural experiments to study the value of talents. Our findings suggest that firms with larger capacity to secure and maintain talent pipelines enjoy higher valuations. We further identify a channel through which talents increase firm value: innovation. The value of talents is more significant among high innovation intensity industries in which talents exhibit their value most evidently. Our findings also indicate that talents are costly to obtain and replace.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"14 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142200832","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
Does time heal all wounds? Psychological responses to trauma and financial risk‐taking 时间能治愈一切创伤吗？对创伤和金融风险的心理反应
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-08-02 DOI: 10.1111/fire.12409
Yushui Shi, Chris Veld, Haiying Yin
{"title":"Does time heal all wounds? Psychological responses to trauma and financial risk‐taking","authors":"Yushui Shi, Chris Veld, Haiying Yin","doi":"10.1111/fire.12409","DOIUrl":"https://doi.org/10.1111/fire.12409","url":null,"abstract":"We study whether psychological responses to trauma are associated with financial risk‐taking behavior. Posttraumatic stress disorder (PTSD) symptoms for individuals, assessed after the traumatic experiences, are used as psychological responses to the events. Individuals who experience moderate‐level PTSD symptoms are 1.5% more likely to invest in risky assets, whereas individuals with high‐level PTSD symptoms are 2.4% less likely to invest in risky assets. Further analysis suggests that the association between PTSD symptoms and risk‐taking comes through a preferences channel rather than a beliefs channel.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"34 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141882618","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
High‐beta stock valuation around macroeconomic announcements 宏观经济公告前后的高贝塔股票估值
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-07-23 DOI: 10.1111/fire.12408
Jingjing Chen, George J. Jiang
{"title":"High‐beta stock valuation around macroeconomic announcements","authors":"Jingjing Chen, George J. Jiang","doi":"10.1111/fire.12408","DOIUrl":"https://doi.org/10.1111/fire.12408","url":null,"abstract":"We document a dramatic swing of high‐beta stock returns around pre‐scheduled macroeconomic announcements—from being negative on the day before, to positive on the day of, and negative again on the day after the announcements. A feasible long‐short strategy of betting against beta (BAB) and betting on beta (BOB) yields annualized 25.28% return over the 3‐day announcement window. We explore potential explanations based on liquidity, risk, and investor risk appetite. Our results show that changes in liquidity, risk, and investor risk appetite around the announcements at best partially account for variations in high‐beta stock returns. The finding of our study highlights the dynamic effect of macroeconomic announcements on asset prices.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"21 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141778725","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 U.S. Dollar and variance risk premia imbalances 美元与方差风险溢价失衡
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-07-19 DOI: 10.1111/fire.12407
Mads Markvart Kjær, Anders Merrild Posselt
{"title":"The U.S. Dollar and variance risk premia imbalances","authors":"Mads Markvart Kjær, Anders Merrild Posselt","doi":"10.1111/fire.12407","DOIUrl":"https://doi.org/10.1111/fire.12407","url":null,"abstract":"We present a novel predictor for the Dollar factor: variance risk premia imbalances (VPI), defined as the difference in variance risk premium between the U.S. and non‐U.S. countries. We argue that VPI theoretically proxies the average volatility differential between the U.S. and non‐U.S. stochastic discount factors. VPI significantly predicts monthly U.S. dollar movements, explains roughly 10% of next‐month Dollar factor variation, and generates significant economic value for investors. We rationalize our findings in a simple consumption‐based asset pricing model.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141737181","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 dark side of competition in developing economies: Evidence from closely held SMEs 发展中经济体竞争的阴暗面：来自紧密型中小企业的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-07-01 DOI: 10.1111/fire.12405
Siamak Javadi, Mark Kroll, Yu Liu
{"title":"The dark side of competition in developing economies: Evidence from closely held SMEs","authors":"Siamak Javadi, Mark Kroll, Yu Liu","doi":"10.1111/fire.12405","DOIUrl":"https://doi.org/10.1111/fire.12405","url":null,"abstract":"This paper investigates how product market competition affects the performance of closely held small and medium enterprises (SMEs) in developing economies. In contrast to prior findings that focus on large publicly traded companies in developed economies, we find that market competition has a negative effect on firm performance. Our findings are robust to different measures of competition and firm performance and survive after addressing endogeneity issues. We provide evidence that the adverse effect of competition is channeled through increased corruption. Our findings further suggest that firms respond to competition by attempting to acquire more financial resources and government support, adopt quality improvement and cost reduction policies. The adverse effect of competition is especially strong for smaller firms.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"34 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141529925","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 price impact of tweets: A high‐frequency study 推文对价格的影响：高频研究
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-06-28 DOI: 10.1111/fire.12406
Ni Yang, Adrian Fernandez‐Perez, Ivan Indriawan
{"title":"The price impact of tweets: A high‐frequency study","authors":"Ni Yang, Adrian Fernandez‐Perez, Ivan Indriawan","doi":"10.1111/fire.12406","DOIUrl":"https://doi.org/10.1111/fire.12406","url":null,"abstract":"We examine the mechanism by which social media sentiment affects stock prices. Specifically, we assess the impact of Twitter feeds on stock returns at the intraday level. We find that an increase in buyer‐initiated trades has a significantly positive price impact. This impact, however, is stronger with an increase in the number of tweets and sentiment, and persists even after controlling for volatility, liquidity shock, and limit‐order activity. The impact of Twitter sentiment on prices causes a lingering mispricing effect that is not fully assimilated at the intraday level. Rather, this mispricing takes several days to correct.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"11 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141529926","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
Managerial focus and investment efficiency:‐ Evidence from spin‐offs 管理重点与投资效率：--来自分拆企业的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2024-05-29 DOI: 10.1111/fire.12403
Yoon K. Choi, Yong H. Kim, Suin Lee, Jung Chul Park
{"title":"Managerial focus and investment efficiency:‐ Evidence from spin‐offs","authors":"Yoon K. Choi, Yong H. Kim, Suin Lee, Jung Chul Park","doi":"10.1111/fire.12403","DOIUrl":"https://doi.org/10.1111/fire.12403","url":null,"abstract":"We explore investment efficiency before and after a spin‐off to assess whether post‐spinoff managerial structure helps maintain investment efficiency. Our findings reveal that the investment efficiency of parent firms remains significant when there is a clear separation of management between the parent and spun‐off firms. However, a considerable decline in efficiency is observed after the spin‐off in cases where there is overlapping management. This decrease in efficiency is particularly pronounced when the parent and spun‐off firms operate in different industries and are geographically distant from each other. Furthermore, we show that inefficient alignment of incentives for the overlapped management exacerbates this decline in investment efficiency.","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"32 1","pages":""},"PeriodicalIF":3.2,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141195967","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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