FINANCIAL REVIEW最新文献_第2页

Political Partisanship and State-Level Bank Efficiency 政党关系与州级银行效率

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-04-13 DOI: 10.1111/fire.70057

Jeremy Eng-Tuck Cheah, Tapas Mishra, Sofia Johan, Thao Ngoc Nguyen

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引用次数: 0

Factors in the Illiquidity of Thinly Traded Securities 稀薄交易证券流动性不足的因素

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-03-25 DOI: 10.1111/fire.70055

Bonnie Van Ness, Robert A. Van Ness, Donovan Woods

{"title":"Factors in the Illiquidity of Thinly Traded Securities","authors":"Bonnie Van Ness, Robert A. Van Ness, Donovan Woods","doi":"10.1111/fire.70055","DOIUrl":"https://doi.org/10.1111/fire.70055","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper reexamines foundational liquidity factors in light of modern market dynamics, focusing on liquidity across thinly versus actively traded securities. Specifically, we explore whether the liquidity gap identified by the SEC is a byproduct of trading volume or a more complex response to evolving market factors such as market fragmentation, adverse selection, inventory costs, and competition. We find that modern liquidity components have asymmetric effects, with thinly traded securities facing significantly higher execution costs, latency, and temporal fragmentation compared to actively traded stocks. Market fragmentation, in particular, exacerbates these inefficiencies for low-activity stocks, as liquidity becomes more fragmented and execution times increase. Furthermore, we show that competition among exchanges benefits high-activity stocks but has a detrimental impact on the execution quality of low-activity stocks, leading to larger quoted spreads and slower executions. Our findings suggest that liquidity disparities are not simply a function of trading volume but also reflect the impact of modern market dynamics. This has important implications for market design and regulatory policy, particularly for ensuring that thinly traded stocks are not unduly disadvantaged by fragmentation-induced inefficiencies.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1159-1196"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206116","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

Executive Team Incentive Heterogeneity and Information Suppression 高管团队激励异质性与信息抑制

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-06-10 DOI: 10.1111/fire.70065

Xiaohua Fang, Yiwei Li, Jeffrey A. Pittman, Yeqin Zeng

引用次数: 0

Stablecoins and the Upcoming Battle for Depositors 稳定币和即将到来的储户争夺战

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-09-21 DOI: 10.1111/fire.70088

Viral V. Acharya, Peter Koudijs, Bruce Tuckman

引用次数: 0

Aligning Incentives for Social Responsibility: Evidence From Performance-Contingent Equity Awards 调整社会责任激励：来自业绩条件股权奖励的证据

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-10-16 Epub Date: 2026-03-25 DOI: 10.1111/fire.70054

Xudong Fu, Tian Tang

{"title":"Aligning Incentives for Social Responsibility: Evidence From Performance-Contingent Equity Awards","authors":"Xudong Fu, Tian Tang","doi":"10.1111/fire.70054","DOIUrl":"https://doi.org/10.1111/fire.70054","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the relation between CEO performance-contingent (p-c) incentive contracts and Corporate Social Responsibility (CSR). Drawing on contrasting instrumental and agency cost perspectives, we investigate whether p-c equity awards incentivize managers to engage in CSR activities that enhance firm performance and value. Our findings indicate that p-c equity awards are positively associated with CSR engagement, reflected in both improved strengths and reduced concerns. Moreover, these awards effectively motivate CEOs to undertake value-enhancing CSR initiatives. Using exogenous event of FAS 123-R adoption, instrumental variable approaches, dynamic GMM, and firm-level fixed effects, we confirm the robustness of these results. Additional tests reveal that the effects are stronger in firms that require greater stakeholder support, have stronger corporate governance, and face lower information asymmetry. Overall, our study suggests that incorporating p-c equity awards into CEO compensation structures helps align the interests between managers and shareholders and fostering a synergistic relation between shareholder wealth and societal well-being.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 4","pages":"1119-1158"},"PeriodicalIF":2.1,"publicationDate":"2026-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149206117","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

Exposure to Left-Tail Risk, Risk Appetite, and Mutual Fund Flows 左尾风险敞口、风险偏好和共同基金流量

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-07-02 Epub Date: 2025-12-05 DOI: 10.1111/fire.70043

Ali K. Malik

{"title":"Exposure to Left-Tail Risk, Risk Appetite, and Mutual Fund Flows","authors":"Ali K. Malik","doi":"10.1111/fire.70043","DOIUrl":"https://doi.org/10.1111/fire.70043","url":null,"abstract":"<p>Using a measure of aggregate tail risk, we show that a fund's sensitivity (exposure) to tail risk negatively affects the fund flows and the fund's performance. Further, a fund's tail risk sensitivity relates positively to the left-tail risk measures of the fund. We estimate the left-tail risk measures non-parametrically using daily fund returns and find that the measures also relate negatively to the funds’ future cross-sectional investor flows and (cumulative) risk-adjusted performance. We further find that funds, on average, are slow at changing their left-tail risk. On examining the portfolio holdings of funds, we find that a fund's left-tail risk is positively related to the left-tail risk of individual stocks in its portfolio. Additionally, funds with higher left-tail risk also hold stocks with higher idiosyncratic risk and skewness. The poor performance of funds with higher left-tail risk appears to be due to the over-valuation of stocks in their portfolios. Given the recent finding of a left-tail return momentum for stocks with high left-tail risk, mutual funds which continue to hold stocks with exposure to left-tail risk, underestimate the persistence in left-tail risk and the associated overpricing.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"831-866"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70043","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373262","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 Long-Run Roles of Supply Chain Stability: Evidence From Chinese Family Controlled IPOs 供应链稳定性的长期作用：来自中国家族控股ipo的证据

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-07-02 Epub Date: 2025-12-30 DOI: 10.1111/fire.70048

Wei Zhang, Xiong Xiong, Weisheng Tian, Guanying Wang

引用次数: 0

New Tools, Big Questions: Is Unconventional Monetary Policy Driving Real Change?—Evidence From Listed Companies in China, the U.S., and Japan 新工具，大问题：非常规货币政策推动了真正的变革吗？——来自中国、美国和日本上市公司的证据

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-07-02 Epub Date: 2025-12-24 DOI: 10.1111/fire.70046

Xue Li, Lanshan Gui, Pingping Wang

{"title":"New Tools, Big Questions: Is Unconventional Monetary Policy Driving Real Change?—Evidence From Listed Companies in China, the U.S., and Japan","authors":"Xue Li, Lanshan Gui, Pingping Wang","doi":"10.1111/fire.70046","DOIUrl":"https://doi.org/10.1111/fire.70046","url":null,"abstract":"<div>\u0000 \u0000 <p>In response to slowing growth and financial uncertainty, central banks have increasingly adopted unconventional monetary policies (UMPs). Using panel fixed-effects models with financial data from listed firms in China, the United States, and Japan during 2011–2021, this paper examines the impact of UMPs on corporate financing and cross-country heterogeneity. Robustness is confirmed through endogeneity checks, variable substitution, and external shocks. The results show that the use of UMPs in China and the United States can increase debt financing ratio of companies, but the similar policies in Japan have the opposite effect. Policy effects differ by firm size and age, with smaller and younger firms more sensitive. Financial and political efficiency could moderate transmission. Furthermore, through the variable slope model, among the three countries, the impact of UMP on corporate debt was the strongest in China, while it was weaker in the United States and Japan. Overall, the study highlights substantial cross-country and institutional heterogeneity in UMP transmission, offering empirical evidence for differentiated policy design and insights into optimizing monetary policy tools.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"901-925"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373522","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

Mergers and Acquisitions in the Interstate Trade Network 州际贸易网络中的兼并与收购

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-07-02 Epub Date: 2025-11-26 DOI: 10.1111/fire.70041

Lei Kong, Xinyan Yan

引用次数: 0

Legal Liability and Stock Price Crash Risk: Evidence From a Quasi-Natural Experiment 法律责任与股价崩盘风险：来自准自然实验的证据

IF 2.1

FINANCIAL REVIEW Pub Date : 2026-07-02 Epub Date: 2025-11-17 DOI: 10.1111/fire.70040

Hung Cao, Hieu V. Phan, Matteo P. Arena

引用次数: 0