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CEOs’ Capital Gains Taxes and Corporate Environmental Performance 首席执行官的资本利得税和企业环境绩效
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-07-10 DOI: 10.1111/fire.70069
Bo Xu, Yiwei Li, Wei Song, Sanjay Banerji
{"title":"CEOs’ Capital Gains Taxes and Corporate Environmental Performance","authors":"Bo Xu,&nbsp;Yiwei Li,&nbsp;Wei Song,&nbsp;Sanjay Banerji","doi":"10.1111/fire.70069","DOIUrl":"https://doi.org/10.1111/fire.70069","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine the association between CEOs’ unrealized long-term capital gains tax liabilities (tax burdens) and corporate environmental performance. Prior research suggests that managers facing higher tax burdens are less likely to sell stock and therefore become more exposed to firm-specific risk. This greater undiversified exposure reduces their willingness to undertake risky corporate actions and increases their focus on long-term firm stability. We therefore hypothesize that higher tax burdens make CEOs more attentive to corporate environmental misconduct. We find that toxic waste generation declines as CEOs’ tax burdens increase. This negative association is stronger among firms with weaker internal governance, less stringent environmental regulatory scrutiny, and CEOs facing stronger career-related pressure to prioritize near-term results or having fewer opportunities to diversify risk. Channel tests suggest that higher CEO tax burdens reduce toxic waste generation by improving corporate productive efficiency and increasing green innovation. Overall, our findings highlight the importance of CEOs’ personal tax burdens in shaping corporate environmental policy.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1483-1508"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205227","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
Long-Term Institutional Investors and Executive Compensation 长期机构投资者与高管薪酬
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-05-20 DOI: 10.1111/fire.70062
T. Colin Campbell, Haimanot Kassa, Timothy E. Trombley
{"title":"Long-Term Institutional Investors and Executive Compensation","authors":"T. Colin Campbell,&nbsp;Haimanot Kassa,&nbsp;Timothy E. Trombley","doi":"10.1111/fire.70062","DOIUrl":"https://doi.org/10.1111/fire.70062","url":null,"abstract":"<p>Standard agency theory views would suggest that long-term investors will use long-term CEO compensation to align incentives and promote long-term value maximization. An alternative view is that long-term investors—who are more able to bear the fixed costs associated with monitoring—will monitor more heavily than short-term investors, reducing the need for long-term CEO incentives. Our results support this second view. Empirically, the equity (long-term) proportion of CEO pay decreases when the institutional investor horizon increases. This is concentrated among easy-to-monitor firms, coincides with increased shareholder monitoring and less short-term-focused decision-making, and there is no offsetting effect on equity vesting. Shorter-term pay reduces the risk borne by the executive, reducing contracting costs (total compensation).</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1317-1345"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70062","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206106","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
Labor Demand Similarity and Mergers and Acquisitions: Evidence From 3 Million Job Postings 劳动力需求相似性与并购：来自300万个招聘信息的证据
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-05-14 DOI: 10.1111/fire.70061
Mingming Ao, John (Jianqiu) Bai, Tyler Hull, Chen Shen, Chi Wan
{"title":"Labor Demand Similarity and Mergers and Acquisitions: Evidence From 3 Million Job Postings","authors":"Mingming Ao,&nbsp;John (Jianqiu) Bai,&nbsp;Tyler Hull,&nbsp;Chen Shen,&nbsp;Chi Wan","doi":"10.1111/fire.70061","DOIUrl":"https://doi.org/10.1111/fire.70061","url":null,"abstract":"<p>Using a job-posting-based measure of labor market competition, we show that firms tend to acquire companies that are their labor market competitors. Cross-sectional evidence indicates that these acquisitions are more likely in industries with similar corporate cultures, more binding noncompete agreements, and among firms that are not rivals in the product market. Using a quasi-experiment, we find that employee perceptions of compensation and career outlooks are negatively affected following a merger between labor market competitors. This suggests that such mergers reduce labor welfare by altering the competitive environment.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1289-1315"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70061","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205836","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
Residual Income Valuation and Stock Returns: Evidence From a Value-to-Price Investment Strategy* 剩余收益估值与股票收益：来自价值-价格投资策略的证据*
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-04-21 DOI: 10.1111/fire.70059
Ahmad Haboub, Aris Kartsaklas, Vasilis Sarafidis
{"title":"Residual Income Valuation and Stock Returns: Evidence From a Value-to-Price Investment Strategy*","authors":"Ahmad Haboub,&nbsp;Aris Kartsaklas,&nbsp;Vasilis Sarafidis","doi":"10.1111/fire.70059","DOIUrl":"https://doi.org/10.1111/fire.70059","url":null,"abstract":"<p>This paper contributes to the accounting and asset pricing anomalies literature by investigating the performance of value-to-price (<i>V</i>/<i>P</i>) strategies, and the relationship between <i>V</i>/<i>P</i> ratio and various risk proxies. If the <i>V</i>/<i>P</i> ratio successfully predicts future returns at stock level, we hypothesize that portfolios based on the <i>V</i>/<i>P</i> ratio generate excess returns and consist of companies that are undervalued for extended periods. Both overlapping and non-overlapping returns are used to test the risk/mispricing explanation of the <i>V</i>/<i>P</i> strategy. Results for the US market show that high <i>V</i>/<i>P</i> portfolios outperform low <i>V</i>/<i>P</i> portfolios across horizons extending from 1 to 3 years. The <i>V</i>/<i>P</i> ratio is positively correlated to future stock returns after controlling for firm characteristics, which are well-known risk proxies. Findings also indicate that profitability and investment add explanatory power to the Fama–French three-factor model and for stocks with <i>V</i>/<i>P</i> ratio close to 1. However, these factors cannot explain all variation in excess returns especially for Years 2 and 3 and for stocks with high <i>V</i>/<i>P</i> ratios. Finally, portfolios with the highest <i>V</i>/<i>P</i> stocks select companies that are significantly mispriced relative to their equity (investment) and profitability growth persistence in the future.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1257-1287"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70059","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206110","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
Regulatory Scrutiny Prior to Seasoned Equity Offerings: Evidence From SEC Comment Letters 监管审查之前的经验丰富的股票发行：证据从SEC评论信
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-04-22 DOI: 10.1111/fire.70058
David S. Koo, Hong Qian, Santhosh Ramalingegowda
{"title":"Regulatory Scrutiny Prior to Seasoned Equity Offerings: Evidence From SEC Comment Letters","authors":"David S. Koo,&nbsp;Hong Qian,&nbsp;Santhosh Ramalingegowda","doi":"10.1111/fire.70058","DOIUrl":"https://doi.org/10.1111/fire.70058","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate how the Securities and Exchange Commission's (SEC) oversight affects the timing and valuation of seasoned equity offerings (SEOs). SEOs receiving an SEC comment letter are associated with longer SEO registration periods. Furthermore, SEOs receiving an SEC comment letter that is publicly disclosed before the offer date are associated with larger offer price discounts. Issuers with poorer information environments are more likely to receive an SEC comment letter. Our findings are consistent with SEC scrutiny resulting in negative information being incorporated into the offer price, but only when the scrutiny is disclosed publicly and promptly.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1225-1255"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206031","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
Financial Statement Comparability and Debt Choice 财务报表可比性与债务选择
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-06-29 DOI: 10.1111/fire.70067
Wajih Abbassi, Sabri Boubaker, Mostafa Monzur Hasan, Vincenzo Verdoliva
{"title":"Financial Statement Comparability and Debt Choice","authors":"Wajih Abbassi,&nbsp;Sabri Boubaker,&nbsp;Mostafa Monzur Hasan,&nbsp;Vincenzo Verdoliva","doi":"10.1111/fire.70067","DOIUrl":"https://doi.org/10.1111/fire.70067","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates whether financial statement comparability influences corporate debt choice (i.e., the use of public and bank debt). Using a panel of U.S.-listed companies from 2001 to 2018, our sample comprises 14,872 firm-year observations representing 2412 firms. We find that firms with higher financial statement comparability rely more on public debt financing than on bank debt. This finding remains robust after conducting a series of endogeneity tests and robustness analyses. In the cross-sectional heterogeneity analyses, we observe that our documented relationship between comparability and public debt financing is more conspicuous for firms facing greater information asymmetries and higher financing constraints. Overall, our study suggests that financial statement comparability has important implications for corporate debt choice.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1461-1482"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206194","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
When Nature Talks, Markets Move: Forecasting the Equity Premium With Eco-Climate Incidents 当自然说话时，市场移动：用生态气候事件预测股票溢价
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-06-05 DOI: 10.1111/fire.70064
Zhiyong Li, Weiping Qin
{"title":"When Nature Talks, Markets Move: Forecasting the Equity Premium With Eco-Climate Incidents","authors":"Zhiyong Li,&nbsp;Weiping Qin","doi":"10.1111/fire.70064","DOIUrl":"https://doi.org/10.1111/fire.70064","url":null,"abstract":"<p>This paper examines the role of eco-climate information, particularly biodiversity risks, in forecasting the U.S. equity premium. Using RepRisk controversy data, we construct indicators for biodiversity, greenhouse gas emissions, and local pollution. Biodiversity indicators emerge as strong predictors of the equity premium, outperforming other eco-climate risks in return predictability and trading performance. The findings highlight the importance of incorporating biodiversity risks into financial decision-making, with implications for investors, policymakers, and the broader financial system.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1379-1404"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70064","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205294","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 Effect of Supplier IPOs on Major Customer Firm Value 供应商ipo对大客户企业价值的影响
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2025-10-12 DOI: 10.1111/fire.70033
You Lu, Yiwei Fang, Qian Li, Victor Song
{"title":"The Effect of Supplier IPOs on Major Customer Firm Value","authors":"You Lu,&nbsp;Yiwei Fang,&nbsp;Qian Li,&nbsp;Victor Song","doi":"10.1111/fire.70033","DOIUrl":"https://doi.org/10.1111/fire.70033","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how supplier IPO events impact customer firms' value. Building on a bargaining-power framework, we argue that supplier IPOs provide suppliers with opportunities to reduce their reliance on existing customers, potentially leading to adverse outcomes for these customers. Our analysis reveals that customers experience significant value loss following supplier IPOs. Specifically, customers exhibit negative abnormal returns over long-term horizons, and Tobin's Q for customer firms declines significantly post-IPO. Exploring the underlying mechanisms, we find that supplier IPOs lead to increased customer-base diversification and reductions in trade credit extended to customers, reflecting a shift in suppliers' reliance and bargaining power. These findings highlight the broader implications of supplier IPOs for customer firms within supply chain networks.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1101-1117"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205461","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
Agency Cost and Debt Financing: Evidence From Developing Countries 代理成本与债务融资：来自发展中国家的证据
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-06-10 DOI: 10.1111/fire.70066
Incheol Kim, Aram Lee, Bina Sharma
{"title":"Agency Cost and Debt Financing: Evidence From Developing Countries","authors":"Incheol Kim,&nbsp;Aram Lee,&nbsp;Bina Sharma","doi":"10.1111/fire.70066","DOIUrl":"https://doi.org/10.1111/fire.70066","url":null,"abstract":"<div>\u0000 \u0000 <p>In this article, we investigate the valuation effect of debt financing in the context of corporate agency problems. Utilizing debt financing announcements obtained from the news search in 19 emerging markets, we find that the announcement returns on new debts are positively associated with corporate agency costs measured by the ownership held by controlling shareholders who are affiliated with management and family members. These results are particularly strong in companies lacking other corporate governance mechanisms. We also identify that creditors’ monitoring serves as a channel for value creation by efficient investments in mergers and acquisitions. Overall, our results shed light on the disciplinary role of creditors in the emerging markets, where extreme agency problems between controlling and non-controlling shareholders are prevalent.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1405-1431"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205230","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
How Political Winds Shape Growth Horizons: Firm-Level Political Risk and Equity Duration 政治风如何塑造增长视野：公司层面的政治风险和股权持续时间
IF 2.1
FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-05-24 DOI: 10.1111/fire.70060
Anshuang Fu, Huan Kuang
{"title":"How Political Winds Shape Growth Horizons: Firm-Level Political Risk and Equity Duration","authors":"Anshuang Fu,&nbsp;Huan Kuang","doi":"10.1111/fire.70060","DOIUrl":"https://doi.org/10.1111/fire.70060","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the pivotal role of firm-level political risk in affecting firm-level equity duration, revealing a significant and negative impact. By building a theoretical model, we propose that firm-level equity duration is intrinsically tied to the price-dividend ratio and is influenced by political risk through the cash flow channel. In additional analysis, we further show that political risk is associated with lower firm value through the equity-duration channel. To ensure robustness, we implement a range of additional tests, including a placebo test, instrumental variable analysis, propensity score matching, and alternative measures of key variables. The findings indicate that the relationship between firm-level political risk and equity duration remains unaffected by the aggregate economic policy uncertainty (EPU) level. Notably, periods of Democratic leadership appear to mitigate the negative effects of political risk on equity duration. Additionally, the study documents that firm lobbying activities and institutional investor ownership are effective in counteracting the negative impacts of firm-level political risk on equity duration.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1347-1377"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206175","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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