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Does community resilience affect household asset portfolio choices? 社区复原力是否会影响家庭资产组合选择？
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-17 DOI: 10.1111/fire.12398
Yi Zheng
{"title":"Does community resilience affect household asset portfolio choices?","authors":"Yi Zheng","doi":"10.1111/fire.12398","DOIUrl":"10.1111/fire.12398","url":null,"abstract":"<p>This paper identifies a positive (negative) relationship between community resilience and household stock market participation (deposit flows). These relationships are less pronounced for higher-income and married households, indicating an income channel and a marriage channel, respectively. Furthermore, compared to white and Asian households, black households are more sensitive to the effects of community resilience on household investments and deposit flows. Overall, our findings suggest that improvements in people's preparedness for, resilience against, and recovery from potential hazardous events and natural disasters shift households' asset portfolio choices from safe savings to risky stock investments.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"845-873"},"PeriodicalIF":2.6,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140963448","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
Shareholder litigation risk and stock returns 股东诉讼风险与股票回报
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-11 DOI: 10.1111/fire.12395
Di Luo
{"title":"Shareholder litigation risk and stock returns","authors":"Di Luo","doi":"10.1111/fire.12395","DOIUrl":"10.1111/fire.12395","url":null,"abstract":"<p>Examining the staggered adoption of universal demand (UD) laws as an exogenous shock to shareholder litigation risk, we show that firms have lower stock returns following that adoption in a difference-in-differences (DID) design and Fama and MacBeth (1973) regression. Sorting stocks into UD laws portfolios, we show that firms adopting UD laws earn lower risk-adjusted returns than those who do not. Further, the relation between UD laws and returns is more pronounced when firms face financial constraints, CEOs engage in high risk taking, or takeover protection is low.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"979-1002"},"PeriodicalIF":2.6,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140932304","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
Corporate pension funds’ search for yield with private equity investment: Its determinants and consequences 企业养老基金通过私募股权投资寻求收益：其决定因素和后果
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-10 DOI: 10.1111/fire.12396
Youngkyun Park, Hakjoon Song
{"title":"Corporate pension funds’ search for yield with private equity investment: Its determinants and consequences","authors":"Youngkyun Park,&nbsp;Hakjoon Song","doi":"10.1111/fire.12396","DOIUrl":"10.1111/fire.12396","url":null,"abstract":"<p>This study examines corporate pension funds’ search for yield through investments in private equity (PE). Using pension asset allocation data from 10-K filings, we find that corporate pension funds significantly increase the PE share within their risky assets following underperformance relative to their expected return. This risk-taking behavior is more pronounced for sponsoring firms that were more financially constrained with poorly funded plans in the previous year. Furthermore, we discover that pension asset allocation to PE does not significantly increase pension returns but does lower pension return volatility and tracking error relative to the expected return.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"1027-1059"},"PeriodicalIF":2.6,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140932231","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
Social capital and supply chain relationships 社会资本与供应链关系
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-28 DOI: 10.1111/fire.12394
Namho Kang, Alok Nemani, Kartik Raman
{"title":"Social capital and supply chain relationships","authors":"Namho Kang,&nbsp;Alok Nemani,&nbsp;Kartik Raman","doi":"10.1111/fire.12394","DOIUrl":"10.1111/fire.12394","url":null,"abstract":"<p>We examine the role of social capital in influencing decisions pertaining to buyer–supplier relationships. We report that firms make larger relationship-specific investments when their supply chain partners are headquartered in states with high social capital. This result is more pronounced when supply chain partners have incentives to engage in opportunistic behavior. Furthermore, the duration of supply chain relationships is longer when the firm and its supply chain partner are both headquartered in high social capital states, and when the partner invests in relationship-specific assets. Collectively, the evidence suggests that social norms reflecting trustworthiness facilitate investment and stability along supply chains.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"953-978"},"PeriodicalIF":2.6,"publicationDate":"2024-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140812592","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
Awe of the blue minds: Location, corporate social responsibility, and firm value 蓝色心灵的敬畏地理位置、企业社会责任与公司价值
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-22 DOI: 10.1111/fire.12393
Ghada Ismail
{"title":"Awe of the blue minds: Location, corporate social responsibility, and firm value","authors":"Ghada Ismail","doi":"10.1111/fire.12393","DOIUrl":"10.1111/fire.12393","url":null,"abstract":"<p>Neuropsychologists claim that exposure to a massive water scene triggers the feeling of Awe which causes more prosocial behavior. I find that coastal firms have significantly higher corporate social responsibility (CSR) scores than non-coastal firms. The difference-in-difference test shows that CSR engagement erodes when firms relocate away from coasts. These results are robust to the use of propensity score matching and entropy balancing to address selection bias, Oster's test to address omitted variable bias, and control for institutional ownership, social capital, religiosity, CEO and local political orientation, and natural disaster risk. Further analysis shows that CSR creates value only for coastal firms.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"625-656"},"PeriodicalIF":2.6,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140676972","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
Venture capital and stock price informativeness: Evidence from China 风险资本与股票价格信息性：来自中国的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-18 DOI: 10.1111/fire.12392
Huiqun Feng, Qingwei Wang, Jason Zezhong Xiao
{"title":"Venture capital and stock price informativeness: Evidence from China","authors":"Huiqun Feng,&nbsp;Qingwei Wang,&nbsp;Jason Zezhong Xiao","doi":"10.1111/fire.12392","DOIUrl":"10.1111/fire.12392","url":null,"abstract":"<p>This study shows that, unlike the positive role played by other institutional investors documented in the literature, venture capital (VC) in pursuit of short-term gains through exit strategies reduces the stock price informativeness of portfolio companies, especially when VC is associated with a higher level of the ability (longer-term VC directors, large VC syndicate), incentive (private VC sponsors), and willingness (less reputable VCs) to manipulate information. Furthermore, internal and external monitoring helps mitigate the negative impact of VC on stock price informativeness. Finally, earnings management and reduced information disclosure mediate the relationship between VC involvement and stock price informativeness.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"897-922"},"PeriodicalIF":2.6,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140688321","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
Safeguarding proprietary information in the supply chain and relationship-specific investments 保护供应链和特定关系投资中的专有信息
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-15 DOI: 10.1111/fire.12391
In Ji Jang, Kristina Minnick, Alok Nemani
{"title":"Safeguarding proprietary information in the supply chain and relationship-specific investments","authors":"In Ji Jang,&nbsp;Kristina Minnick,&nbsp;Alok Nemani","doi":"10.1111/fire.12391","DOIUrl":"10.1111/fire.12391","url":null,"abstract":"<p>We examine whether the risk of losing proprietary information through the supply chain affects relationship-specific investment (RSI) decisions by supply chain partners. Using state courts' staggered adoption of the Inevitable Disclosure Doctrine (IDD) as a shock to the firm's ability to protect proprietary information, we find that customers increase RSI when their supplier is headquartered in a state that adopts IDD. The effect is more substantial for customers who face a higher risk of losing proprietary information and with suppliers that are difficult to substitute. IDD also plays a more prominent role in the absence of alternate mechanisms that reduce contracting frictions, such as shared directors, common ownership, or joint ventures. Our results are robust to using cross-citation measures of RSI and alternative estimations that mitigate potential biases arising from the staggered difference-in-difference approach. Our findings suggest that proprietary information protection enables firms to reduce contracting frictions arising in supply chain relations.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"923-952"},"PeriodicalIF":2.6,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140589746","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
Managerial discretion and debt financing under information uncertainty 信息不确定情况下的管理者自由裁量权和债务融资
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-04 DOI: 10.1111/fire.12389
Yu-Hong Liu, I-Ming Jiang, Hung-Chieh Huang
{"title":"Managerial discretion and debt financing under information uncertainty","authors":"Yu-Hong Liu,&nbsp;I-Ming Jiang,&nbsp;Hung-Chieh Huang","doi":"10.1111/fire.12389","DOIUrl":"10.1111/fire.12389","url":null,"abstract":"<p>This study investigates how information uncertainty influences managers' decisions and compensation. It reveals varying financial choices under uncertainty levels. Initially, information uncertainty results in debtholders undervaluing debt in comparison to situations without such uncertainty. Consequently, they consistently estimate a default threshold that is lower than the threshold managers choose to maximize their value. Low uncertainty prompts overinvestment, heightening agency issues. Increased uncertainty leads debt holders to reduce the capital they are willing to lend to companies for investment. To invest early, funds must be injected or costs incurred. Information uncertainty can ease agency conflicts, shifting decisions from overinvestment to underinvestment. Managerial compensation matters: higher fixed salaries curb overinvestment, while increased reservation income exacerbates it.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"1003-1026"},"PeriodicalIF":2.6,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140589765","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 effect of SEC regulatory oversight on implied cost of equity 美国证券交易委员会的监管对隐含股权成本的影响
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-04 DOI: 10.1111/fire.12390
Alex Annan Abakah, Hyacinthe Yirlier Somé
{"title":"The effect of SEC regulatory oversight on implied cost of equity","authors":"Alex Annan Abakah,&nbsp;Hyacinthe Yirlier Somé","doi":"10.1111/fire.12390","DOIUrl":"10.1111/fire.12390","url":null,"abstract":"<p>We examine the effect of the U.S. Securities and Exchange Commission's (SEC) oversight on the cost of equity. We argue that companies near regulatory oversight by the SEC are subject to increased scrutiny. Such heightened scrutiny, which is associated with enhanced disclosure quality, ultimately leads to a reduction in the cost of equity. We find empirical evidence supporting this hypothesis. Importantly, the cost of equity declines significantly when firms relocate their headquarters close to SEC office. Our results suggest that SEC effective external monitoring lowers the cost of equity for firms with weak governance.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"875-896"},"PeriodicalIF":2.6,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12390","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140590100","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
Trade credit and corporate digital transformation: The role of managerial ability 贸易信贷与企业数字化转型：管理能力的作用
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-04-01 DOI: 10.1111/fire.12384
Liukai Wang, Caiting Wang, Larisa Yarovaya, Heshu Huang
{"title":"Trade credit and corporate digital transformation: The role of managerial ability","authors":"Liukai Wang,&nbsp;Caiting Wang,&nbsp;Larisa Yarovaya,&nbsp;Heshu Huang","doi":"10.1111/fire.12384","DOIUrl":"https://doi.org/10.1111/fire.12384","url":null,"abstract":"<p>We examine whether managerial ability affects the relationship between corporate digital transformation and trade credit. To measure digital transformation, we perform a textual analysis of companies’ annual reports using a customized Chinese dictionary containing digital transformation keywords based on national policy documents and academic literature. Using 10,554 observations from 2509 A-shares listed companies in China, we show that corporate digital transformation has significantly impacted trade credit. Managerial ability enhances the relationship between digital transformation and received trade credit but does not change the impact between digital transformation and provided trade credit. A battery of robustness tests confirms the findings.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"779-806"},"PeriodicalIF":2.6,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12384","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141441303","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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