发布求助
文献互助 智能选刊 最新文献

FINANCIAL REVIEW最新文献

筛选
英文 中文
Skew Premiums Around Earnings Announcements 在收益公告周围扭曲保费
IF 1.9
FINANCIAL REVIEW Pub Date : 2026-04-02 Epub Date: 2025-09-29 DOI: 10.1111/fire.70031
Thaddeus Neururer, George Papadakis
{"title":"Skew Premiums Around Earnings Announcements","authors":"Thaddeus Neururer,&nbsp;George Papadakis","doi":"10.1111/fire.70031","DOIUrl":"10.1111/fire.70031","url":null,"abstract":"<p>We examine skew premiums in equity options around earnings announcements. We use the realized returns to delta-neutral risk reversal option spreads as a proxy for the skew premiums. We find skew premiums are economically significant around earnings announcements and are not explained by changes in variance risk premiums. For firms with negative option-implied skewness, negative skew premiums triple on earnings announcements. For firms with positive option-implied skewness, positive skew premiums increase about 23%. The premiums embedded in option prices are associated with order imbalances in puts to calls and are related to both systematic and idiosyncratic risks.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 2","pages":"533-554"},"PeriodicalIF":1.9,"publicationDate":"2026-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70031","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147684265","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
Idiosyncratic Political Risk and Bad News Hoarding 特殊政治风险和坏消息囤积
IF 1.9
FINANCIAL REVIEW Pub Date : 2026-04-02 Epub Date: 2025-11-04 DOI: 10.1111/fire.70036
Gonul Colak, Georgios Loukopoulos, Panagiotis Loukopoulos
{"title":"Idiosyncratic Political Risk and Bad News Hoarding","authors":"Gonul Colak,&nbsp;Georgios Loukopoulos,&nbsp;Panagiotis Loukopoulos","doi":"10.1111/fire.70036","DOIUrl":"10.1111/fire.70036","url":null,"abstract":"<p>Managers may respond to greater political risk by suppressing unfavorable news from outsiders to manage investors’ perceptions about firm risk and protect their careers. However, they may also avoid engaging in bad news hoarding activities because exposure to political risk increases firm visibility and attracts greater scrutiny. Using a novel measure of firm-specific risk, we document that idiosyncratic variation in political risk motivates firms to hide bad news from investors, which manifests in greater stock price crash risk. Exploiting the redrawing of electoral districts as a source of plausibly exogenous variation in firm-level political risk, we show that our documented relationships are causal. Additional tests indicate that stringent monitoring constrains the opportunistic behavior induced by exposure to political risk, while firms actively pursuing political or ESG strategies are less prone to crashes. Finally, we uncover that the path from firm-level political risk to crash risk is mediated by real earnings management and corporate disclosure readability.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 2","pages":"659-685"},"PeriodicalIF":1.9,"publicationDate":"2026-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70036","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683270","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 Effects of Foreign Directors on CEO and Director Compensation 外国董事对CEO和董事薪酬的影响
IF 1.9
FINANCIAL REVIEW Pub Date : 2026-04-02 Epub Date: 2025-08-31 DOI: 10.1111/fire.70023
Madison Borrelli, Douglas Cumming, Melissa B. Frye, Ann Marie Whyte
{"title":"The Effects of Foreign Directors on CEO and Director Compensation","authors":"Madison Borrelli,&nbsp;Douglas Cumming,&nbsp;Melissa B. Frye,&nbsp;Ann Marie Whyte","doi":"10.1111/fire.70023","DOIUrl":"10.1111/fire.70023","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines how the background of foreign directors (FDs) influences executive and director compensation. We find that civil law FDs are linked to increased CEO cash compensation while common law FDs are associated with higher equity-based CEO pay, reflecting a stronger emphasis on shareholder alignment. These patterns are also evident when considering the economic freedoms and the cultural individualism of the directors’ country of origin. Specifically, boards with higher average institutional quality and individualism are linked to more equity-based CEO compensation. In addition, FDs serving on compensation committees that originate from common law systems, economically free countries, and highly individualistic cultures are more likely to structure both CEO and director pay in ways that align with shareholder interests. Overall, our findings suggest that the institutional, legal, and cultural backgrounds of FDs play a key role in shaping CEO and director pay structures.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 2","pages":"359-382"},"PeriodicalIF":1.9,"publicationDate":"2026-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147684205","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 Does Product Market Competition Influence Firm-Level Climate Change Exposure? 产品市场竞争如何影响企业层面的气候变化风险？
IF 1.9
FINANCIAL REVIEW Pub Date : 2026-04-02 Epub Date: 2025-09-23 DOI: 10.1111/fire.70028
Assil Guizani, Emna Brahem, Faten Lakhal
{"title":"How Does Product Market Competition Influence Firm-Level Climate Change Exposure?","authors":"Assil Guizani,&nbsp;Emna Brahem,&nbsp;Faten Lakhal","doi":"10.1111/fire.70028","DOIUrl":"10.1111/fire.70028","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of product market competition on firm-level exposure to climate change. Using a sample of 1441 US firms from 2001 to 2021, the findings indicate that climate change exposure increases with market competition. This suggests that competitive pressure drives firms to focus on core operations and cost-cutting measures to maximize shareholder value. Further analysis reveals that firms operating in competitive markets are less exposed to climate change risks when they possess substantial market share, exhibit high diversification, and face fewer financial constraints. The results also suggest that the positive relationship between competition and climate change exposure is more pronounced following the 2015 Paris Agreement, though this effect is weaker among firms with a CSR committee on the board. These findings offer important insights for market participants, highlighting the need to balance short-term competitive strategies with long-term sustainability under competitive pressure.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 2","pages":"493-511"},"PeriodicalIF":1.9,"publicationDate":"2026-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147684003","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
What Drives Sustainable Institutional Engagement and Voting Behavior? 是什么推动了可持续的机构参与和投票行为？
IF 1.9
FINANCIAL REVIEW Pub Date : 2026-04-02 Epub Date: 2025-09-22 DOI: 10.1111/fire.70027
Martin Nerlinger, Martin Rohleder, Marco Wilkens, Jonas Zink
{"title":"What Drives Sustainable Institutional Engagement and Voting Behavior?","authors":"Martin Nerlinger,&nbsp;Martin Rohleder,&nbsp;Marco Wilkens,&nbsp;Jonas Zink","doi":"10.1111/fire.70027","DOIUrl":"10.1111/fire.70027","url":null,"abstract":"<p>We examine what drives institutional engagement and voting on environmental, social, and governance (ESG)-related shareholder proposals, using data from Principles for Responsible Investment (PRI) and Morningstar. We find that personal engagement often substitutes for voting, especially among large fund families and those using meetings or site visits. Funds that vote more often or disclose less are less supportive of ESG proposals, while those filing proposals or outsourcing votes show more support. Collaborative engagement and longer PRI membership correlate with stronger ESG voting. Though engagement-active funds don't show major ESG performance gains, they increasingly support firms’ ESG improvements, highlighting the role of active ownership in promoting sustainability.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 2","pages":"471-491"},"PeriodicalIF":1.9,"publicationDate":"2026-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70027","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683997","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
Measuring Investor Outcomes 衡量投资者成果
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-12-17 DOI: 10.1111/fire.70045
Hendrik (Hank) Bessembinder
{"title":"Measuring Investor Outcomes","authors":"Hendrik (Hank) Bessembinder","doi":"10.1111/fire.70045","DOIUrl":"https://doi.org/10.1111/fire.70045","url":null,"abstract":"<div>\u0000 \u0000 <p>Should measures of investment returns focus on representative or non-representative investors? Should we consider only the magnitude of accumulated portfolio value relative to investment, or should we highlight the series of withdrawals to fund real activities that an investment can sustain? Should we ignore the importance of the time ordering of returns (distinct from the overall level), or should we consider “return sequence risk”? I argue herein that we should be thinking more about these issues, and in particular should be less focused on arithmetic means of short horizon returns, as employed in Sharpe ratios, alphas, and portfolio comparisons. I discuss some candidate methods, and highlight the need for expanded econometric tools to allow inference regarding alternative measures of returns.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"5-13"},"PeriodicalIF":1.9,"publicationDate":"2025-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987155","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
Market Discipline in the Presence of Price Opacity, Product Complexity, and Guaranty Fund Coverage for Life Insurers 价格不透明、产品复杂性和寿险公司担保基金覆盖率下的市场纪律
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-31 DOI: 10.1111/fire.70019
James M. Carson,, David L. Eckles,, Po-Lin Wang
{"title":"Market Discipline in the Presence of Price Opacity, Product Complexity, and Guaranty Fund Coverage for Life Insurers","authors":"James M. Carson,,&nbsp;David L. Eckles,,&nbsp;Po-Lin Wang","doi":"10.1111/fire.70019","DOIUrl":"https://doi.org/10.1111/fire.70019","url":null,"abstract":"<div>\u0000 \u0000 <p>While the presence of deposit insurance from the FDIC is promoted in the banking sector, advertising the existence of similar protection provided via state guaranty funds in the insurance industry is prohibited. With respect to life insurance, such prohibition may stem from concerns over the potential for reduced market discipline in a market characterized by substantial price opacity and product complexity where market discipline already may be limited. We review the theoretical framework of market discipline in relation to insurance guaranty funds and empirically test for the existence of market discipline in the life insurance market. Based on two measures of firm risk, we find almost no evidence of a relationship between insurer risk and life insurance price (and limited evidence of market discipline based on life insurance quantity demanded). Our evidence suggests that market discipline is relatively weak in the life insurance industry, and further that guaranty funds lead to government-induced moral hazard, further weakening market discipline in life insurance. Our results help explain the existence of prohibitions against advertising the coverage provided by state insurance guaranty funds.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"279-303"},"PeriodicalIF":1.9,"publicationDate":"2025-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987289","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
Under (Financial) Pressure 在（财政）压力下
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-28 DOI: 10.1111/fire.70020
Spencer Barnes, Ted Dischman, Brandon Mendez
{"title":"Under (Financial) Pressure","authors":"Spencer Barnes,&nbsp;Ted Dischman,&nbsp;Brandon Mendez","doi":"10.1111/fire.70020","DOIUrl":"https://doi.org/10.1111/fire.70020","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine how financial pressure influences rule enforcement by leveraging a novel setting: NFL officiating. Unlike traditional regulatory environments, NFL officiating decisions are immediate, transparent, and publicly scrutinized, providing a unique empirical lens to test whether a worsening financial climate shapes enforcement behavior. Analyzing 13,136 defensive penalties from 2015 to 2023, we find that postseason officiating disproportionately favors the Mahomes-era Kansas City Chiefs, coinciding with the team's emergence as a key driver of TV viewership/ratings and, thereby, revenue. Our study suggests that financial reliance on dominant entities can alter enforcement dynamics, a concern with implications far beyond sports governance.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"305-326"},"PeriodicalIF":1.9,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145986845","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
Hedge Fund Activism and Debt Maturity Structure 对冲基金激进主义与债务期限结构
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-26 DOI: 10.1111/fire.70021
Amanjot Singh, Saikat Sovan Deb, Harminder Singh
{"title":"Hedge Fund Activism and Debt Maturity Structure","authors":"Amanjot Singh,&nbsp;Saikat Sovan Deb,&nbsp;Harminder Singh","doi":"10.1111/fire.70021","DOIUrl":"https://doi.org/10.1111/fire.70021","url":null,"abstract":"<div>\u0000 \u0000 <p>We provide evidence that activist hedge funds significantly influence target firms’ debt choices. After hedge fund activism (HFA), the proportion of long-term debt significantly increases in target firms. This debt maturity increase is correlated to post-HFA governance reforms. Post HFA, target firms issue more bonds than loans; such preference for bonds explains the increase in targets’ debt maturity. Our findings indicate that target firms substitute their short-term creditor-driven governance with a governance mechanism influenced by activist hedge funds.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"327-347"},"PeriodicalIF":1.9,"publicationDate":"2025-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987035","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
Institutional Quality and Financial Development as Keys to Green Tech Innovation: New Global Evidence 制度质量和金融发展是绿色技术创新的关键：新的全球证据
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-14 DOI: 10.1111/fire.70018
Mohamed Arbi Madani, Bochra Mannai, Hachmi Ben Ameur
{"title":"Institutional Quality and Financial Development as Keys to Green Tech Innovation: New Global Evidence","authors":"Mohamed Arbi Madani,&nbsp;Bochra Mannai,&nbsp;Hachmi Ben Ameur","doi":"10.1111/fire.70018","DOIUrl":"https://doi.org/10.1111/fire.70018","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of institutional quality and financial development on green-technology innovation across 57 countries from 2000 to 2021. Using robust econometric models, the results indicate that enhancing institutional quality generally supports green investment, while appropriately regulated financial development contributes only when supervisory capacity and macroeconomic conditions are adequate. However, these effects are not uniform across countries and depend strongly on their level of development. In low-income economies, neither institutional quality nor financial depth exerts a statistically discernible influence on innovation, suggesting that more basic capabilities remain the binding constraint. Upper-middle-income nations display mixed outcomes: institutional reforms can be helpful, yet deeper financial systems tend to dampen green innovation unless accompanied by sufficient economic growth; by contrast, in high-income countries financial depth regains a modest positive role, whereas only rule-of-law component of institutional quality continue to spur innovation. Furthermore, the study uncovers a nonlinear relationship, revealing that the influence of institutional quality and financial development on green technology innovation changes once an economic growth threshold relevant mainly to upper-middle-income economies is reached. These findings underscore the importance of tailoring policy strategies to a country's development stage to maximize the effectiveness of institutional and financial reforms.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 1","pages":"261-278"},"PeriodicalIF":1.9,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145987078","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书