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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
How do block orders affect trade premium and order execution quality on the Taiwan stock exchange?
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-10-04 DOI: 10.1111/fire.12416
Donald Lien, Pi-Hsia Hung
{"title":"How do block orders affect trade premium and order execution quality on the Taiwan stock exchange?","authors":"Donald Lien,&nbsp;Pi-Hsia Hung","doi":"10.1111/fire.12416","DOIUrl":"https://doi.org/10.1111/fire.12416","url":null,"abstract":"<p>This research investigates how block orders affect trade premium and order execution quality across trader types in Taiwan's order-driven call market. Foreign investors place buy-side block orders at a smaller premium compared to individuals, while submitting sell-side block orders at a smaller discount than individuals. Block orders tend to have longer order duration but lower fill rates. Domestic institutions themselves complete their orders faster than individuals do. Foreign investors have better market-timing capabilities either for buying or selling block orders and thus obtain shorter order duration but higher fill rate.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"393-415"},"PeriodicalIF":2.6,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749316","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
Manager political preferences and company investor bases
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-09-23 DOI: 10.1111/fire.12413
Hongrui Feng, Yanhuang Huang, Betty Simkins, Jian Wang
{"title":"Manager political preferences and company investor bases","authors":"Hongrui Feng,&nbsp;Yanhuang Huang,&nbsp;Betty Simkins,&nbsp;Jian Wang","doi":"10.1111/fire.12413","DOIUrl":"https://doi.org/10.1111/fire.12413","url":null,"abstract":"<p>We investigate how the personal political preferences of top managers shape the investor base of firms. Based on the risk-aversion attitude of firm decisions that rely on conservative political ideologies, we find that Republican managers tend to maintain a lower leverage level; invest less in tangible assets and R&amp;D to pursue near-term profitability; and maintain a high quality of information disclosure to increase stock liquidity. We demonstrate that firms led by Republican managers can attract more transient institutions. This relationship becomes stronger during financially stressful periods and is robust after considering the moderating role of managerial discretion and potential endogeneity.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"331-361"},"PeriodicalIF":2.6,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143750008","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
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 2.6
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,&nbsp;Yaohua Qin","doi":"10.1111/fire.12415","DOIUrl":"10.1111/fire.12415","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"363-392"},"PeriodicalIF":2.6,"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 2.6
FINANCIAL REVIEW Pub Date : 2024-09-16 DOI: 10.1111/fire.12414
Arthur Enders, Thomas Lontzek, Karl Schmedders, Marco Thalhammer
{"title":"Carbon risk and equity prices","authors":"Arthur Enders,&nbsp;Thomas Lontzek,&nbsp;Karl Schmedders,&nbsp;Marco Thalhammer","doi":"10.1111/fire.12414","DOIUrl":"10.1111/fire.12414","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"13-32"},"PeriodicalIF":2.6,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12414","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142266207","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 role of stock liquidity in blockholder governance: Evidence from corporate social responsibility
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-08-20 DOI: 10.1111/fire.12410
Steven Freund, Hieu V. Phan, Lingna S. Sun, Hong Vo
{"title":"The role of stock liquidity in blockholder governance: Evidence from corporate social responsibility","authors":"Steven Freund,&nbsp;Hieu V. Phan,&nbsp;Lingna S. Sun,&nbsp;Hong Vo","doi":"10.1111/fire.12410","DOIUrl":"https://doi.org/10.1111/fire.12410","url":null,"abstract":"<p>We use decimalization of the tick size, which exogenously increases stock liquidity and thereby heightens blockholder governance, to identify its effect on corporate social responsibility (CSR). We find that enhanced blockholder governance after decimalization leads to lower excessive CSR performance and higher firm value. Compared to active blockholders, passive blockholders, relying on the threat of selling shares and exiting, drive our results. The inverse relationship between blockholder governance and CSR is more pronounced for firms with poor corporate governance prior to decimalization. Our evidence suggests that blockholder exit threat can serve as a governance device to alleviate agency-driven CSR.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"283-312"},"PeriodicalIF":2.6,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12410","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143117200","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 value of talents 人才的价值
IF 2.6
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,&nbsp;Linh Thompson,&nbsp;Zuobao Wei","doi":"10.1111/fire.12411","DOIUrl":"10.1111/fire.12411","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"261-281"},"PeriodicalIF":2.6,"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 2.6
FINANCIAL REVIEW Pub Date : 2024-08-01 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,&nbsp;Chris Veld,&nbsp;Haiying Yin","doi":"10.1111/fire.12409","DOIUrl":"10.1111/fire.12409","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"33-70"},"PeriodicalIF":2.6,"publicationDate":"2024-08-01","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 2.6
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,&nbsp;George J. Jiang","doi":"10.1111/fire.12408","DOIUrl":"10.1111/fire.12408","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"95-120"},"PeriodicalIF":2.6,"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 2.6
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,&nbsp;Anders Merrild Posselt","doi":"10.1111/fire.12407","DOIUrl":"10.1111/fire.12407","url":null,"abstract":"<p>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.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"173-200"},"PeriodicalIF":2.6,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12407","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141737181","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
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