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The role of theory in finance research 理论在金融研究中的作用
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-04-15 DOI: 10.1111/fire.12443
Itay Goldstein
{"title":"The role of theory in finance research","authors":"Itay Goldstein","doi":"10.1111/fire.12443","DOIUrl":"https://doi.org/10.1111/fire.12443","url":null,"abstract":"<p>Over the years, a big part of research in finance has been directed toward the development of new theories based on mathematical formalism. I review classic examples demonstrating the success of this approach, how it enabled transformation in analysis, and had spillovers to measurement, policy, and practice. I discuss the limitations of mathematical models and how these models should be evaluated. Finally, I argue that, despite the greater prevalence of data and empirical methods these days, there are still many opportunities for theory research. I provide some examples. Enabling these opportunities is critical for the continued progress of the field.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"657-666"},"PeriodicalIF":2.6,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635202","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
Stock crash risk and the independent board leadership structure 股灾风险与独立董事会领导结构
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-28 DOI: 10.1111/fire.12440
Edward Lawrence, Thanh Nguyen, Benedikt Wick
{"title":"Stock crash risk and the independent board leadership structure","authors":"Edward Lawrence,&nbsp;Thanh Nguyen,&nbsp;Benedikt Wick","doi":"10.1111/fire.12440","DOIUrl":"https://doi.org/10.1111/fire.12440","url":null,"abstract":"<p>We find that the independent board leadership structure, where an independent director holds the board chairperson position, significantly reduces stock crash risk, especially in firms with high monitoring needs. Firms with this board structure appoint more financial experts to their audit committees, undergo fewer earnings restatements, and exhibit fewer unexpected negative earnings releases. Such firms are also more likely to replace CEOs if the firm experiences a stock crash. Our findings underscore the critical role of independent board leadership in mitigating stock crash risk, bolstering the argument for its broader adoption in corporate governance.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1085-1116"},"PeriodicalIF":2.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634987","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
Are there too few publicly listed firms in the US? 美国的上市公司太少了吗？
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
Emotions and stock returns during the GameStop bubble GameStop泡沫时期的情绪和股票回报
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-13 DOI: 10.1111/fire.12438
Adrian Fernandez-Perez, Ivan Indriawan, Marta Khomyn
{"title":"Emotions and stock returns during the GameStop bubble","authors":"Adrian Fernandez-Perez,&nbsp;Ivan Indriawan,&nbsp;Marta Khomyn","doi":"10.1111/fire.12438","DOIUrl":"https://doi.org/10.1111/fire.12438","url":null,"abstract":"<p>We examine the relationship between investors’ emotions and GameStop (GME) stock returns during the price bubble of January–February 2021. Analyzing eight basic emotions (anger, anticipation, disgust, fear, joy, sadness, surprise, and trust) from Plutchik's (1980) Wheel of Emotions, we use textual analysis of Reddit posts to find that fear strongly predicts intraday returns and volume order imbalance. The predictive relationship between emotion and returns shifts over time: joy is strongest before the bubble peaks, fear at the peak, and anger after the bubble bursts. These findings highlight the psychological factors influencing trading behavior during stock market bubbles.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1063-1084"},"PeriodicalIF":2.6,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12438","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635283","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
Board gender diversity and debt maturity dispersion 董事会性别多样性和债务期限分散
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-13 DOI: 10.1111/fire.12436
Goutham Abotula, Maretno Agus Harjoto, Donna L. Paul
{"title":"Board gender diversity and debt maturity dispersion","authors":"Goutham Abotula,&nbsp;Maretno Agus Harjoto,&nbsp;Donna L. Paul","doi":"10.1111/fire.12436","DOIUrl":"https://doi.org/10.1111/fire.12436","url":null,"abstract":"<p>This study examines the relationship between board gender diversity and debt maturity dispersion, which measures debt rollover risk. In a sample of 3275 US firms, we find that firms with greater gender diversity on the board have relatively more dispersed debt structures, particularly when a critical mass of three women directors is achieved. We show that the increased debt maturity dispersion associated with the presence of women directors is positively related to subsequent firm performance. We also find that the relationship between gender diversity and debt maturity increases at a diminishing rate with more than three women on the board</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1003-1031"},"PeriodicalIF":2.6,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12436","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635282","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
CEO bargaining power and compensation CEO议价能力和薪酬
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-05 DOI: 10.1111/fire.12437
Edward Kim
{"title":"CEO bargaining power and compensation","authors":"Edward Kim","doi":"10.1111/fire.12437","DOIUrl":"https://doi.org/10.1111/fire.12437","url":null,"abstract":"<p>Contracting theories predict that CEO power plays an essential role in the pay-setting process. I provide causal empirical evidence of how changes in the bargaining power of CEOs affect the level of CEO compensation. Using the staggered rejections of previously adopted inevitable disclosure doctrine (IDD) by US state courts to capture an exogenous increase in CEOs’ bargaining power, I find that the IDD rejection results in higher levels of CEO compensation. The effect is strongest in firms whose CEO-board dynamics is significantly influenced by the IDD—firms whose CEOs face greatest job mobility shock and firms that can effectively use the IDD decision as a bargaining tool against their CEOs. The economic magnitudes are substantial in those subsamples of firms, ranging from 22% to 54% increase in compensation levels.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1033-1061"},"PeriodicalIF":2.6,"publicationDate":"2025-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12437","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635458","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
Board busyness and financial leverage: The impact of corporate tax avoidance 董事会忙碌与财务杠杆：企业避税的影响
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-02-24 DOI: 10.1111/fire.12434
Vu Quang Trinh, Teng Li, Oanh Ha, Jia Liu
{"title":"Board busyness and financial leverage: The impact of corporate tax avoidance","authors":"Vu Quang Trinh,&nbsp;Teng Li,&nbsp;Oanh Ha,&nbsp;Jia Liu","doi":"10.1111/fire.12434","DOIUrl":"https://doi.org/10.1111/fire.12434","url":null,"abstract":"<p>This study investigates the impact of “busy” independent directors on corporate financial leverage. Using a sample of 3321 Chinese listed firms from 2004 to 2019, we find that firms with busier boards tend to have higher leverage, with corporate tax avoidance acting as a mediating mechanism. Supporting the reputational incentive hypothesis, busy boards discourage aggressive tax avoidance strategies that would otherwise allow managers to accumulate excess cash reserves. Consequently, these firms become more reliant on external debt financing to meet potential investment needs. Our findings highlight the role of “busy” independent directors in mitigating agency conflicts and shaping financial strategies.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"951-1002"},"PeriodicalIF":2.6,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12434","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635562","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
Religiosity and gender equality in the managerial labor market: Evidence from executive promotions 管理劳动力市场中的宗教信仰和性别平等：来自高管晋升的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-02-18 DOI: 10.1111/fire.12435
Xiaohu Guo, Xiaochuan Song, Lukai Yang
{"title":"Religiosity and gender equality in the managerial labor market: Evidence from executive promotions","authors":"Xiaohu Guo,&nbsp;Xiaochuan Song,&nbsp;Lukai Yang","doi":"10.1111/fire.12435","DOIUrl":"https://doi.org/10.1111/fire.12435","url":null,"abstract":"<p>In this study, we rank each executive based on their job title and examine gender disparity among them. We find that female executives face a disadvantage in promotions within firms located in highly religious counties. This phenomenon is especially evident among lower-ranked executives, whose promotions are more significantly influenced by cultural factors. Furthermore, our results remain intact when we adopt alternative specifications (e.g., propensity score matching, instrumental variable). This study unveils a hidden pullback of religiosity in restraining firms from advancing female leaders and has a broad implication that cultural dynamics surrounding a community can be very influential on corporate strategies and decisions.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"917-949"},"PeriodicalIF":2.6,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635356","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
Bond mutual fund performance: Evidence from the skill ratio and false discovery rate 债券共同基金业绩：来自技能比率和错误发现率的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-02-13 DOI: 10.1111/fire.12432
Lifa Huang, Wayne Y. Lee, Craig G. Rennie
{"title":"Bond mutual fund performance: Evidence from the skill ratio and false discovery rate","authors":"Lifa Huang,&nbsp;Wayne Y. Lee,&nbsp;Craig G. Rennie","doi":"10.1111/fire.12432","DOIUrl":"https://doi.org/10.1111/fire.12432","url":null,"abstract":"<p>This paper applies a Skill Ratio under a False Discovery Rate (FDR) framework to bond mutual funds showing many bonds mutual fund managers are skilled primarily to the benefit of fund sponsors. Our Skill Ratio is the <i>t</i>-statistic of realized gross value added <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mo>(</mo>\u0000 <mrow>\u0000 <mi>RV</mi>\u0000 <msub>\u0000 <mi>A</mi>\u0000 <mi>G</mi>\u0000 </msub>\u0000 </mrow>\u0000 <mo>)</mo>\u0000 </mrow>\u0000 <annotation>$( {{mathrm{RV}}{{mathrm{A}}_{mathrm{G}}}} )$</annotation>\u0000 </semantics></math> based on investible Morningstar benchmark-adjusted monthly returns times the natural logarithm of assets under management (AUM). We apply a new simulation process for FDR that mitigates small sample bias and mis-discovery on tails. For 571 actively managed domestic bond mutual fund managers between 1999 and 2016, 28.7% are skilled, including 36.3% of 226 corporate funds and 17.3% of 345 government funds.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"865-894"},"PeriodicalIF":2.6,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12432","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635277","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
The Evolution of Scope Economies in European Banking Industry 欧洲银行业范围经济的演变
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-02-10 DOI: 10.1111/fire.12433
Jichuan Zong, Jiyuan Zhang, Shirong Zhao
{"title":"The Evolution of Scope Economies in European Banking Industry","authors":"Jichuan Zong,&nbsp;Jiyuan Zhang,&nbsp;Shirong Zhao","doi":"10.1111/fire.12433","DOIUrl":"https://doi.org/10.1111/fire.12433","url":null,"abstract":"<p>The global financial crisis has raised new policy debates regarding the bank's size, especially among the largest banks. Using nonparametric, local-linear methods, we provide new estimates of scope economies in cost, revenue, and profit for European commercial banks during 2000–2020. Our findings reveal that a substantial proportion of banks demonstrated economies of scope (EOS) annually: approximately 45% in cost, at least 61% in revenue, and no less than 67% in profit. These findings indicate that EOS may partly account for the sustained growth and expansion of European banks during this period.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"895-916"},"PeriodicalIF":2.6,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635013","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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