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Risk-taking begets risk-taking: Evidence from casino openings and investor portfolios 冒险催生冒险：赌场开业和投资者投资组合的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-08-07 DOI: 10.1111/fire.12315
Chi Liao
{"title":"Risk-taking begets risk-taking: Evidence from casino openings and investor portfolios","authors":"Chi Liao","doi":"10.1111/fire.12315","DOIUrl":"https://doi.org/10.1111/fire.12315","url":null,"abstract":"<p>We provide evidence that casino openings can have spillover effects on an individual's portfolio risk-taking. Using investor-level brokerage data and the initial legalization and opening of commercial casinos in the United States as a quasi-natural experiment, we find that, after a casino opens in close geographical proximity to investors, those with a high propensity to gamble (PTG) increase their idiosyncratic portfolio risk by 12.88% relative to those unlikely to gamble. This effect lasts for approximately 3 months and does not affect systematic portfolio risk. These results suggest that increased access to gambling can temporarily increase portfolio risk-taking for those with a PTG.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"143-165"},"PeriodicalIF":3.2,"publicationDate":"2022-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50135459","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
Corporate social responsibility and credit rating around the world: The role of societal trust 全球企业社会责任与信用评级:社会信任的作用
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-08-07 DOI: 10.1111/fire.12314
Kiyoung Chang, Ying Li, Hyeongsop Shim
{"title":"Corporate social responsibility and credit rating around the world: The role of societal trust","authors":"Kiyoung Chang,&nbsp;Ying Li,&nbsp;Hyeongsop Shim","doi":"10.1111/fire.12314","DOIUrl":"10.1111/fire.12314","url":null,"abstract":"<p>We hypothesize that societal trust alleviates moral hazard concerns that undermine credit rating agencies’ perceived value of corporate social responsibility (CSR). We test our hypothesis using a large global sample and find a more salient relationship between CSR and credit rating only in countries with high societal trust. Our findings reconcile the mixed empirical worldwide evidence on this relationship. Additional tests provide further evidence that it is societal trust, not other country-level factors, that drives our results.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"863-891"},"PeriodicalIF":3.2,"publicationDate":"2022-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89145836","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: 3
Financial disclosure transparency and employee wages 财务披露透明度和员工工资
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-07-18 DOI: 10.1111/fire.12313
John (Jianqiu) Bai, Matthew Serfling, Sarah Shaikh
{"title":"Financial disclosure transparency and employee wages","authors":"John (Jianqiu) Bai,&nbsp;Matthew Serfling,&nbsp;Sarah Shaikh","doi":"10.1111/fire.12313","DOIUrl":"https://doi.org/10.1111/fire.12313","url":null,"abstract":"<p>We test the hypothesis that less transparent financial disclosures are an undesirable firm attribute that increase the amount of information and unemployment risk that employees bear, resulting in a wage premium. Using establishment-level wage data from the U.S. Census Bureau, we document that firms with less transparent disclosures pay their employees more, especially when employees bear greater information acquisition costs, have more influence in the wage-setting process, and own more stock. Our results hold after utilizing instrumental variables and exploiting two quasi-natural experiments. Overall, our results suggest that disclosure choices can generate externalities on an important group of stakeholders.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"751-773"},"PeriodicalIF":3.2,"publicationDate":"2022-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137699728","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 in Rome: Local social norms and income differences 在罗马时:当地的社会规范和收入差异
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-22 DOI: 10.1111/fire.12312
Natasha Burns, Andrew Keithley, Kristina Minnick, Mia L. Rivolta
{"title":"When in Rome: Local social norms and income differences","authors":"Natasha Burns,&nbsp;Andrew Keithley,&nbsp;Kristina Minnick,&nbsp;Mia L. Rivolta","doi":"10.1111/fire.12312","DOIUrl":"10.1111/fire.12312","url":null,"abstract":"<p>We investigate whether social capital influences tournament incentives and income differences between the chief executive officer (CEO) and median worker. We find that firms headquartered in US counties with stronger norms of cooperation or social capital have lower tournament and income differences. Firm value is higher when compensation is consistent with local norms. The results hold for alternative measures of social capital, instrumental variables, and quasi-experiments related to the legalization of marijuana and firm headquarter relocation. These findings suggest that local social norms influence income differences and firm performance.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 3","pages":"457-484"},"PeriodicalIF":3.2,"publicationDate":"2022-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80281024","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: 1
Option trading and returns versus the 52-week high and low 期权交易和回报相对于52周高点和低点
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-16 DOI: 10.1111/fire.12310
Siu Kai Choy, Jason Wei
{"title":"Option trading and returns versus the 52-week high and low","authors":"Siu Kai Choy,&nbsp;Jason Wei","doi":"10.1111/fire.12310","DOIUrl":"10.1111/fire.12310","url":null,"abstract":"<p>We show that option traders suffer from the anchoring effect induced by the stock price's 52-week high or low. Specifically, (1) trading of all options decreases as the stock price approaches its 52-week high or low, (2) the buy–sell imbalance for calls decreases and that for puts increases as the stock price approaches its 52-week high, and the opposite occurs as the stock price approaches its 52-week low, and (3) the subsequent delta-hedged option returns for both calls and puts are higher as the stock price approaches its 52-week extreme.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 3","pages":"691-726"},"PeriodicalIF":3.2,"publicationDate":"2022-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76210627","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: 2
Do foreign investors crowd out sell-side analysts? Evidence from China 外国投资者是否排挤卖方分析师?来自中国的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-09 DOI: 10.1111/fire.12307
Xu Cheng, Dongmin Kong, Xinwei Zheng, Qi Tang
{"title":"Do foreign investors crowd out sell-side analysts? Evidence from China","authors":"Xu Cheng,&nbsp;Dongmin Kong,&nbsp;Xinwei Zheng,&nbsp;Qi Tang","doi":"10.1111/fire.12307","DOIUrl":"10.1111/fire.12307","url":null,"abstract":"<p>This paper examines whether foreign investors (FIs) affect the information production of analysts. Based on China's stock market, we find that FIs significantly reduce analysts’ coverage. Such negative association is more pronounced in firms with a high level of governance and information disclosure and varies with analyst characteristics. We also identify two possible economic mechanisms: the information channel and the governance channel. Further tests suggest that as FIs crowd out analysts, the number of research reports and brokerage site visits decreased, but analyst forecast accuracy improved, indicating that the demand and supply of information are generally in equilibrium. We further address the endogeneity issue using a change-on-change analysis and a quasi-natural experiment, the Shanghai–Hong Kong Stock Connect (S-HKSC), and the results still hold. Overall, our results present evidence of potential information production by FIs, providing policy implications and highlighting the positive effect of China's open-door policy in capital markets.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"815-834"},"PeriodicalIF":3.2,"publicationDate":"2022-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12307","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89460760","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: 2
A reexamination of factor momentum: How strong is it? 对因素动量的重新审视:它有多强?
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-09 DOI: 10.1111/fire.12300
Minyou Fan, Youwei Li, Ming Liao, Jiadong Liu
{"title":"A reexamination of factor momentum: How strong is it?","authors":"Minyou Fan,&nbsp;Youwei Li,&nbsp;Ming Liao,&nbsp;Jiadong Liu","doi":"10.1111/fire.12300","DOIUrl":"10.1111/fire.12300","url":null,"abstract":"<p>Recent studies show that most financial market anomalies exhibit a momentum effect. Based on two datasets, (i) an original 22-factor sample and (ii) a more comprehensive 187-factor sample, we find that factor momentum effect is weak at the individual factor level. In both samples, only about 22%– 27% of the factors exhibit strong return continuation and dominate the factor momentum portfolio while the remaining factors do not. The factor momentum strategies do not outperform the corresponding long-only strategies in either sample. The choice of factors affects the ability of factor momentum to explain individual stock momentum.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 3","pages":"585-615"},"PeriodicalIF":3.2,"publicationDate":"2022-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12300","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77532230","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: 4
The potential built-in supply effect from margin trading in the Chinese stock market 中国股市融资融券交易潜在的内在供给效应
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-08 DOI: 10.1111/fire.12309
Yanxi Li, Siu Kai Choy, Mingzhu Wang
{"title":"The potential built-in supply effect from margin trading in the Chinese stock market","authors":"Yanxi Li,&nbsp;Siu Kai Choy,&nbsp;Mingzhu Wang","doi":"10.1111/fire.12309","DOIUrl":"https://doi.org/10.1111/fire.12309","url":null,"abstract":"<p>Utilizing a unique daily data set, we examine how the covering of margin positions affects earnings announcement returns in the Chinese stock market dominated by retail traders. Unlike previous research on forced covering during price crashes, we propose that margin interest acts as a built-in supply and find that intensive covering of margin positions pushes down stock prices during earnings announcements of extreme good news. The release of built-in supply leads to stronger post-earnings-announcement drift (<i>PEAD</i>) after good news compared with that after bad news, consistent with investors’ tendency to realize profits after a gain under the disposition effect.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"835-861"},"PeriodicalIF":3.2,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12309","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137806475","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
Disagreement between hedge funds and other institutional investors and the cross-section of expected stock returns 对冲基金和其他机构投资者之间的分歧以及股票预期收益的横截面
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-08 DOI: 10.1111/fire.12308
Mustafa O. Caglayan, Umut Celiker, Gokhan Sonaer
{"title":"Disagreement between hedge funds and other institutional investors and the cross-section of expected stock returns","authors":"Mustafa O. Caglayan,&nbsp;Umut Celiker,&nbsp;Gokhan Sonaer","doi":"10.1111/fire.12308","DOIUrl":"https://doi.org/10.1111/fire.12308","url":null,"abstract":"<p>We find strong disagreements between hedge funds and other institutions in their common stock trades are twice as likely as agreements. Overall success of hedge funds’ trades and poor performance of non-hedge funds’ trades are both confined to disagreement stocks. Although hedge funds are commonly positive feedback traders, they are neither positive nor negative feedback traders for stocks heavily sold by other institutions. Hedge funds also depend less on earnings news. Our findings highlight the importance of disagreement in studying the performance of institutional investors’ trades and are consistent with the notion that skilled investors rely less on public information.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 3","pages":"663-689"},"PeriodicalIF":3.2,"publicationDate":"2022-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137806477","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
Corporate blockholders and financial leverage 公司股东和财务杠杆
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-06-07 DOI: 10.1111/fire.12311
Thuy Bui
{"title":"Corporate blockholders and financial leverage","authors":"Thuy Bui","doi":"10.1111/fire.12311","DOIUrl":"https://doi.org/10.1111/fire.12311","url":null,"abstract":"<p>This research investigates the relation between corporate blockholders and firm financial leverage. Corporate blockholders—nonfinancial firms who hold more than five percent equity in another company—might affect firm policies through their business relations, monitoring, or expropriations. I find that corporate block ownership is negatively related to the target firm's leverage. Moreover, the negative association between corporate blocks and leverage becomes stronger when these investors have greater board representation and when the firm has higher agency costs. Overall, my findings suggest that corporate blockholders play an important monitoring role and can substitute for other monitoring mechanisms, including leverage</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 3","pages":"559-583"},"PeriodicalIF":3.2,"publicationDate":"2022-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137654758","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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