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
The price impact of tweets: A high-frequency study 推文对价格的影响：高频研究
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-06-28 DOI: 10.1111/fire.12406
Ni Yang, Adrian Fernandez-Perez, Ivan Indriawan
{"title":"The price impact of tweets: A high-frequency study","authors":"Ni Yang,&nbsp;Adrian Fernandez-Perez,&nbsp;Ivan Indriawan","doi":"10.1111/fire.12406","DOIUrl":"10.1111/fire.12406","url":null,"abstract":"<p>We examine the mechanism by which social media sentiment affects stock prices. Specifically, we assess the impact of Twitter feeds on stock returns at the intraday level. We find that an increase in buyer-initiated trades has a significantly positive price impact. This impact, however, is stronger with an increase in the number of tweets and sentiment, and persists even after controlling for volatility, liquidity shock, and limit-order activity. The impact of Twitter sentiment on prices causes a lingering mispricing effect that is not fully assimilated at the intraday level. Rather, this mispricing takes several days to correct.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"147-171"},"PeriodicalIF":2.6,"publicationDate":"2024-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12406","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141529926","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
Managerial focus and investment efficiency: Evidence from spin-offs 管理重点与投资效率：--来自分拆企业的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-29 DOI: 10.1111/fire.12403
Yoon K. Choi, Yong H. Kim, Suin Lee, Jung Chul Park
{"title":"Managerial focus and investment efficiency: Evidence from spin-offs","authors":"Yoon K. Choi,&nbsp;Yong H. Kim,&nbsp;Suin Lee,&nbsp;Jung Chul Park","doi":"10.1111/fire.12403","DOIUrl":"10.1111/fire.12403","url":null,"abstract":"<p>We explore investment efficiency before and after a spin-off to assess whether post-spinoff managerial structure helps maintain investment efficiency. Our findings reveal that the investment efficiency of parent firms remains significant when there is a clear separation of management between the parent and spun-off firms. However, a considerable decline in efficiency is observed after the spin-off in cases where there is overlapping management. This decrease in efficiency is particularly pronounced when the parent and spun-off firms operate in different industries and are geographically distant from each other. Furthermore, we show that inefficient alignment of incentives for the overlapped management exacerbates this decline in investment efficiency.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"231-260"},"PeriodicalIF":2.6,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141195967","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
Risk price decomposition and the output gap 风险价格分解与产出缺口
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-20 DOI: 10.1111/fire.12397
Ryuta Sakemoto
{"title":"Risk price decomposition and the output gap","authors":"Ryuta Sakemoto","doi":"10.1111/fire.12397","DOIUrl":"10.1111/fire.12397","url":null,"abstract":"<p>We employ a time-varying price of risk model that allows us to track the change in prices of risk. We find that the output gap generates the time-varying prices of market and momentum risks, but the exposures to the output gap have the opposite signs. In contrast, we do not observe that the output gap is linked to time variations in the prices of value and investment risks. We uncover that the output gaps impact the prices of market risk for European and Japanese portfolios, while there are weak relationships between the prices of momentum risk and output gaps.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"121-146"},"PeriodicalIF":2.6,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141119225","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
Digitalization of banks and inclusive finance: New insights from cultural industry's financing constraints 银行数字化与普惠金融：文化产业融资制约因素的新启示
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-05-20 DOI: 10.1111/fire.12404
Cunyi Yang, Li Chen, Qi Li, Junwei Wu
{"title":"Digitalization of banks and inclusive finance: New insights from cultural industry's financing constraints","authors":"Cunyi Yang,&nbsp;Li Chen,&nbsp;Qi Li,&nbsp;Junwei Wu","doi":"10.1111/fire.12404","DOIUrl":"10.1111/fire.12404","url":null,"abstract":"<p>The emergence of digital financial technology emerges as a promising solution, allowing banks to leverage unique digital footprints to alleviate information asymmetry and mitigate the light asset company's financing constraints. Through a theoretical analysis, we reveal that the digital transformation of banks significantly increases loan allocations to SMEs within the cultural industry. This development toward inclusive finance is further substantiated by robust empirical evidence, indicating a notable alleviation of financing constraints, and confirming the quantitative and structural transmission pathways influenced by bank digitalization.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 1","pages":"71-93"},"PeriodicalIF":2.6,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141123185","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 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
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：481959085
Book学术官方微信