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
Dual-Class Shares and Firm Valuation: Market-Wide Evidence from Regulatory Events 双重股权结构与公司估值：来自监管事件的全市场证据
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-04-28 DOI: 10.1111/fire.12446
Ugur Lel, Jeff Netter, Annette Poulsen, Zhongling Qin
{"title":"Dual-Class Shares and Firm Valuation: Market-Wide Evidence from Regulatory Events","authors":"Ugur Lel,&nbsp;Jeff Netter,&nbsp;Annette Poulsen,&nbsp;Zhongling Qin","doi":"10.1111/fire.12446","DOIUrl":"https://doi.org/10.1111/fire.12446","url":null,"abstract":"<div>\u0000 \u0000 <p>The motivations and impacts of dual-class voting structures are controversial and have been extensively studied. In this paper, we apply a new methodology to study the impact of dual-class voting that avoids the endogeneity issues of other studies. Specifically, we rely on market-wide stock market reactions to multiple regulatory events to show that risk-adjusted stock returns rise (fall) in response to events that decrease (increase) the probability of adopting dual-class shares. Across firms, this reaction varies systematically and sensibly with proxies for managerial flexibility or entrenchment and overall suggests that investors favor dual-class shares in research-intensive and well-governed firms. The improved method of analysis strengthens the results of prior studies and reconciles the theories of managerial flexibility versus entrenchment. We conclude by arguing that a one-size-fits-all policy that bans dual-class shares would reduce research output, firm value, and profitability.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1251-1275"},"PeriodicalIF":1.9,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146970","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 role of theory in finance research 理论在金融研究中的作用
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-04-15 DOI: 10.1111/fire.12443
Itay Goldstein
{"title":"The role of theory in finance research","authors":"Itay Goldstein","doi":"10.1111/fire.12443","DOIUrl":"https://doi.org/10.1111/fire.12443","url":null,"abstract":"<p>Over the years, a big part of research in finance has been directed toward the development of new theories based on mathematical formalism. I review classic examples demonstrating the success of this approach, how it enabled transformation in analysis, and had spillovers to measurement, policy, and practice. I discuss the limitations of mathematical models and how these models should be evaluated. Finally, I argue that, despite the greater prevalence of data and empirical methods these days, there are still many opportunities for theory research. I provide some examples. Enabling these opportunities is critical for the continued progress of the field.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"657-666"},"PeriodicalIF":2.6,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635202","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
Tax incentives and flow-performance sensitivity: Evidence from national and state municipal bond funds 税收激励和流动绩效敏感性：来自国家和州市政债券基金的证据
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-04-14 DOI: 10.1111/fire.12445
Meredith E. Rhodes, Melissa K. Woodley
{"title":"Tax incentives and flow-performance sensitivity: Evidence from national and state municipal bond funds","authors":"Meredith E. Rhodes,&nbsp;Melissa K. Woodley","doi":"10.1111/fire.12445","DOIUrl":"https://doi.org/10.1111/fire.12445","url":null,"abstract":"<p>This paper examines how tax incentives create fundamentally different flow-performance relations for national and state-specific municipal bond mutual funds. We find that national funds, which invest in bonds across states and regions, exhibit strong concavity - outflows are more sensitive to poor performance than inflows to good performance. In contrast, investors in state-specific funds show greater leniency toward poor performance, particularly in states offering higher tax incentives for holding in-state bonds. By exploiting changes in state tax policy, we show this leniency diminishes when state tax rates decline, reducing these additional tax advantages. Our findings indicate that tax benefits moderate performance-driven outflows, which has direct implications for how effectively mutual funds can serve as stable intermediaries in the municipal bond market.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1225-1250"},"PeriodicalIF":1.9,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146252","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
Do ESG factors influence firm valuations? Evidence from the field ESG因素是否影响公司估值？实地证据
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-04-09 DOI: 10.1111/fire.12444
Franck Bancel, Dejan Glavas, G. Andrew Karolyi
{"title":"Do ESG factors influence firm valuations? Evidence from the field","authors":"Franck Bancel,&nbsp;Dejan Glavas,&nbsp;G. Andrew Karolyi","doi":"10.1111/fire.12444","DOIUrl":"https://doi.org/10.1111/fire.12444","url":null,"abstract":"<p>We present results of a survey of more than 300 European financial professionals on best practices in integrating environmental, social, and governance (ESG) factors into corporate valuations. We find external stakeholders, such as investment advisors and financial consultants, are significantly more likely than corporate insiders, such as those in controller and treasury roles, to employ ESG in valuation. Concerns abound among respondents about poor ESG data quality, but these are <i>not</i> correlated with their propensity to use ESG for their valuation models. Adjusting the discount rate appears to be the preferred mechanism in the valuation approaches adopted by respondents.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1191-1223"},"PeriodicalIF":1.9,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12444","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146242","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
Stock crash risk and the independent board leadership structure 股灾风险与独立董事会领导结构
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-28 DOI: 10.1111/fire.12440
Edward Lawrence, Thanh Nguyen, Benedikt Wick
{"title":"Stock crash risk and the independent board leadership structure","authors":"Edward Lawrence,&nbsp;Thanh Nguyen,&nbsp;Benedikt Wick","doi":"10.1111/fire.12440","DOIUrl":"https://doi.org/10.1111/fire.12440","url":null,"abstract":"<p>We find that the independent board leadership structure, where an independent director holds the board chairperson position, significantly reduces stock crash risk, especially in firms with high monitoring needs. Firms with this board structure appoint more financial experts to their audit committees, undergo fewer earnings restatements, and exhibit fewer unexpected negative earnings releases. Such firms are also more likely to replace CEOs if the firm experiences a stock crash. Our findings underscore the critical role of independent board leadership in mitigating stock crash risk, bolstering the argument for its broader adoption in corporate governance.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1085-1116"},"PeriodicalIF":2.6,"publicationDate":"2025-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634987","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
Corporate strategy uniqueness and cash holdings 企业战略独特性与现金持有
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-03-27 DOI: 10.1111/fire.12442
Zhenzhen Sun, Rongrong Zhang, Yifei Li
{"title":"Corporate strategy uniqueness and cash holdings","authors":"Zhenzhen Sun,&nbsp;Rongrong Zhang,&nbsp;Yifei Li","doi":"10.1111/fire.12442","DOIUrl":"https://doi.org/10.1111/fire.12442","url":null,"abstract":"<p>This study examines the effect of unique strategies on corporate cash holdings. We find a U-shaped relationship between strategy uniqueness and cash holdings. When strategy uniqueness is low, the increase in uniqueness enhances a company's competitive advantage, leading to low demand for cash reserves. Conversely, when strategy uniqueness is high, the increase in uniqueness leads to higher information asymmetry, prompting firms to hold more cash to mitigate potential costs. The U-shaped relationship is stronger for financially constrained firms and those with optimistic managers. Overall, we present a manifestation of the uniqueness paradox in corporate cash-holding decisions, highlighting the pivotal role played by corporate unique strategies.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1129-1160"},"PeriodicalIF":1.9,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146660","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
Community bank consolidation and the role of technology investment 社区银行整合与技术投资的作用
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-03-25 DOI: 10.1111/fire.12441
Cheng Jiang, Jonathan Scott, Zhaowei Zhang
{"title":"Community bank consolidation and the role of technology investment","authors":"Cheng Jiang,&nbsp;Jonathan Scott,&nbsp;Zhaowei Zhang","doi":"10.1111/fire.12441","DOIUrl":"https://doi.org/10.1111/fire.12441","url":null,"abstract":"<p>During the 2010s, the number of community banks in the United States declined by almost one-third. This paper provides evidence that the disappearance of community banks is related to the demand for economies of scale associated with technology investment. This paper documents that community banks with more technology investment are more likely to become acquisition targets. To address endogeneity concerns, this study employs an exact matching approach and an instrumental variable approach. Our study shows that the acquirer banks effectively attain economies of scale, demonstrated by enhanced operational efficiency. A rich battery of robustness checks confirms the results.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1161-1189"},"PeriodicalIF":1.9,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146407","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
Are there too few publicly listed firms in the US? 美国的上市公司太少了吗？
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-19 DOI: 10.1111/fire.12439
Craig Doidge, George Andrew Karolyi, Kris Shen, René M. Stulz
{"title":"Are there too few publicly listed firms in the US?","authors":"Craig Doidge,&nbsp;George Andrew Karolyi,&nbsp;Kris Shen,&nbsp;René M. Stulz","doi":"10.1111/fire.12439","DOIUrl":"https://doi.org/10.1111/fire.12439","url":null,"abstract":"<p>Doidge, Karolyi, and Stulz (2017) show that from 1999 to 2012, the US develops a listing gap relative to other countries, meaning that it has abnormally few publicly listed firms. In this paper, we update their evidence to 2023 and find that the listing gap increases, but at a low rate. By 2023, the US has about half as many listed firms per capita as other developed countries. We discuss some of the important questions raised by the existence and increase of the listing gap to which we hope researchers will find answers.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 2","pages":"317-329"},"PeriodicalIF":2.6,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12439","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143749898","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
Emotions and stock returns during the GameStop bubble GameStop泡沫时期的情绪和股票回报
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-13 DOI: 10.1111/fire.12438
Adrian Fernandez-Perez, Ivan Indriawan, Marta Khomyn
{"title":"Emotions and stock returns during the GameStop bubble","authors":"Adrian Fernandez-Perez,&nbsp;Ivan Indriawan,&nbsp;Marta Khomyn","doi":"10.1111/fire.12438","DOIUrl":"https://doi.org/10.1111/fire.12438","url":null,"abstract":"<p>We examine the relationship between investors’ emotions and GameStop (GME) stock returns during the price bubble of January–February 2021. Analyzing eight basic emotions (anger, anticipation, disgust, fear, joy, sadness, surprise, and trust) from Plutchik's (1980) Wheel of Emotions, we use textual analysis of Reddit posts to find that fear strongly predicts intraday returns and volume order imbalance. The predictive relationship between emotion and returns shifts over time: joy is strongest before the bubble peaks, fear at the peak, and anger after the bubble bursts. These findings highlight the psychological factors influencing trading behavior during stock market bubbles.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1063-1084"},"PeriodicalIF":2.6,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12438","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635283","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
Board gender diversity and debt maturity dispersion 董事会性别多样性和债务期限分散
IF 2.6
FINANCIAL REVIEW Pub Date : 2025-03-13 DOI: 10.1111/fire.12436
Goutham Abotula, Maretno Agus Harjoto, Donna L. Paul
{"title":"Board gender diversity and debt maturity dispersion","authors":"Goutham Abotula,&nbsp;Maretno Agus Harjoto,&nbsp;Donna L. Paul","doi":"10.1111/fire.12436","DOIUrl":"https://doi.org/10.1111/fire.12436","url":null,"abstract":"<p>This study examines the relationship between board gender diversity and debt maturity dispersion, which measures debt rollover risk. In a sample of 3275 US firms, we find that firms with greater gender diversity on the board have relatively more dispersed debt structures, particularly when a critical mass of three women directors is achieved. We show that the increased debt maturity dispersion associated with the presence of women directors is positively related to subsequent firm performance. We also find that the relationship between gender diversity and debt maturity increases at a diminishing rate with more than three women on the board</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 3","pages":"1003-1031"},"PeriodicalIF":2.6,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12436","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635282","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
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