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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
Stock market and the psychological health of investors 股市与投资者的心理健康
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-29 DOI: 10.1111/fire.12385
Chang Liu, Maoyong Fan
{"title":"Stock market and the psychological health of investors","authors":"Chang Liu,&nbsp;Maoyong Fan","doi":"10.1111/fire.12385","DOIUrl":"10.1111/fire.12385","url":null,"abstract":"<p>Utilizing a national individual-level medical dataset and the home bias phenomenon in investment, our study shows a strong and robust link between declines in local stock returns and increased antidepressant consumption among investors. This effect intensifies in areas with higher per capita dividend income, suggesting a direct relationship between higher stock ownership and stronger responses. We confirm that portfolio losses, not local economic conditions, are responsible for increased antidepressant usage during market downturns. Using the frequency of psychotherapy sessions yields similar findings. Moreover, our study supports the loss aversion hypothesis as we find positive stock returns do not influence antidepressant usage.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"561-587"},"PeriodicalIF":2.6,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12385","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140368106","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
Do firms led by founders take higher risk? 创始人领导的公司承担的风险更高吗？
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-24 DOI: 10.1111/fire.12388
Edward Lawrence, Yuka Nishikawa, Arun Upadhyay
{"title":"Do firms led by founders take higher risk?","authors":"Edward Lawrence,&nbsp;Yuka Nishikawa,&nbsp;Arun Upadhyay","doi":"10.1111/fire.12388","DOIUrl":"10.1111/fire.12388","url":null,"abstract":"<p>This study examines whether firms led by founder-CEOs are significantly different from firms led by nonfounder-CEOs in terms of the nature of their risk. Our results show that founder-led firms are associated with higher operational but lower financial risk. We find that the differential nature of risk-taking in founder-CEO firms is driven by CEO's influence, their propensity of removal, and the probability of bankruptcy of the firm. While CEO-chair duality and the sensitivity of founder-CEO firm's probable bankruptcy play significant roles in determining the level of financial risk, the sensitivity of founder-CEOs to forced turnover leads to higher operational risk.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"687-717"},"PeriodicalIF":2.6,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140298969","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
Efficient Market Hypothesis on the blockchain: A social-media-based index for cryptocurrency efficiency 区块链上的有效市场假说：基于社交媒体的加密货币效率指数
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-23 DOI: 10.1111/fire.12387
Efstathios Polyzos, Ghulame Rubbaniy, Mieszko Mazur
{"title":"Efficient Market Hypothesis on the blockchain: A social-media-based index for cryptocurrency efficiency","authors":"Efstathios Polyzos,&nbsp;Ghulame Rubbaniy,&nbsp;Mieszko Mazur","doi":"10.1111/fire.12387","DOIUrl":"10.1111/fire.12387","url":null,"abstract":"<p>This paper proposes the use of social media as a proxy for financial information. Using an extended sample of 53,580,759 tweets and employing text analysis tools (Latent Dirichlet Allocation and Term Frequency–Inverse Document Frequency), we determine the information being exchanged on any given day. We train machine-learning classifiers and forecast crypto price movements for more than 8000 cryptocurrencies and gauge market efficiency through successful forecasts based on public information. We propose various metrics of market efficiency for cryptocurrency assets and demonstrate that market efficiency is higher during the first 6 months after the Initial Coin Offering. We also examine the efficiency behavior of individual currencies during crisis periods.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"807-829"},"PeriodicalIF":2.6,"publicationDate":"2024-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140210383","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
Is rising student debt affecting retirement savings? Evidence from the survey of consumer finances 不断增加的学生债务会影响退休储蓄吗？来自消费者财务状况调查的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-20 DOI: 10.1111/fire.12386
Birzhan Batkeyev, Mine Ertugrul, Karthik Krishnan, Pinshuo Wang
{"title":"Is rising student debt affecting retirement savings? Evidence from the survey of consumer finances","authors":"Birzhan Batkeyev,&nbsp;Mine Ertugrul,&nbsp;Karthik Krishnan,&nbsp;Pinshuo Wang","doi":"10.1111/fire.12386","DOIUrl":"10.1111/fire.12386","url":null,"abstract":"<p>Using exogenous changes in the personal bankruptcy treatment of student loans as well as the level of student debt, we find that student debt has a negative effect on household retirement savings. This negative relation is present for younger and older individuals, and is larger for the latter group, indicating lower levels of retirement savings for precisely those who can least afford it. We also find that student debt is related to greater borrowing on retirement plans. Households with more student debt expect to have insufficient retirement income and are less able to plan financially for the long term.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"589-623"},"PeriodicalIF":2.6,"publicationDate":"2024-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12386","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140172666","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
CEO overcaution and capital structure choices 首席执行官的过度谨慎与资本结构选择
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-13 DOI: 10.1111/fire.12383
Francesco Rocciolo, Andrea Gheno, Chris Brooks
{"title":"CEO overcaution and capital structure choices","authors":"Francesco Rocciolo,&nbsp;Andrea Gheno,&nbsp;Chris Brooks","doi":"10.1111/fire.12383","DOIUrl":"10.1111/fire.12383","url":null,"abstract":"<p>This paper develops and empirically tests a new version of the trade-off theory of corporate capital structure choices that accounts for CEOs' biased beliefs, with a focus on overcaution. We characterize the bias as a distortion of expected rates of return on equity and debt that, for Overcautious CEOs, are overestimated compared to a rational CEO. The theory shows that if CEOs have higher bias in equity, than in debt-value estimation, overcautious CEOs will choose lower levels of debt compared to rational CEOs, and, if the degree of overcaution is sufficiently high, they will adopt a zero-leverage policy.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 3","pages":"719-743"},"PeriodicalIF":2.6,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12383","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140152491","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
Institutional pressure and analyst behavior: Evidence from the financial sector 机构压力与分析师行为：来自金融业的证据
IF 2.6
FINANCIAL REVIEW Pub Date : 2024-03-04 DOI: 10.1111/fire.12381
Chang Liu, Maoyong Fan, Manoj Athavale
{"title":"Institutional pressure and analyst behavior: Evidence from the financial sector","authors":"Chang Liu,&nbsp;Maoyong Fan,&nbsp;Manoj Athavale","doi":"10.1111/fire.12381","DOIUrl":"10.1111/fire.12381","url":null,"abstract":"<p>This study examines the impact of employment background on the objectivity of profitability forecasts in the financial sector. We find that investment bank analysts provide relatively biased recommendations and less accurate forecasts than their counterparts at independent research firms (IRFs). The performance discrepancy is greater for bulge bracket banks and for firms involved in syndication with the analysts' employers. A closer look at analysts transitioning between IRFs and investment banks reveals that these biases stem from their affiliation with investment banks rather than personal bias. Our findings emphasize the critical influence of the work environment on analyst behavior.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 4","pages":"1061-1097"},"PeriodicalIF":2.6,"publicationDate":"2024-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140047941","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
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