FINANCIAL REVIEW最新文献

{"title":"Bank IPOs and Regulations: Cross-Country Evidence","authors":"Maria-Eleni K. Agoraki,&nbsp;Dimitrios Gounopoulos,&nbsp;Georgios P. Kouretas","doi":"10.1111/fire.70044","DOIUrl":"https://doi.org/10.1111/fire.70044","url":null,"abstract":"<p>The present paper investigates the effect of banking industry regulations on bank initial public offering (IPO) underpricing. We approach this question from both a micro-level and macro-level regulatory perspective. First, we conduct our analysis within a micro framework, focusing on the effect of disclosure rules on IPO underpricing. Second, we examine the effect of regulatory and supervisory indices on bank regulations related to the three Pillars of Basel II, as expanded by Basel III (i.e. capital requirements, supervisory power, and market discipline) as well as restrictions on bank activities constructed using the World Bank database. We employ a dataset of 948 bank common share IPOs across 41 countries, covering the period from January 1994 to December 2020. Our findings indicate that stronger banking regulations, both at the disclosure and supervisory levels, are associated with significantly lower IPO underpricing. By improving transparency and monitoring, regulatory frameworks that enhance market discipline and expand supervisory authority improve the integrity of the IPO process, leading to offer prices that more accurately reflect the underlying value of the issuing banks. IPOs listed under a strict regulatory framework experience lower levels of underpricing. We attribute our results to intense monitoring, where regulations that promote market discipline result in better outcomes for the banking sector. Consequently, economic rents are curtailed, and the benefits to investors increase. These results suggest that reducing information asymmetries through regulation contributes to more efficient capital allocation. To test the robustness of our findings, we conduct an additional analysis only for the U.S. banks’ IPO initial returns, subject to additional institutional reforms in the U.S. financial industry. These results corroborate our baseline conclusions, further reinforcing the observed negative relationship between IPO underpricing and the strength of the regulatory and supervisory framework.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"867-899"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70044","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373406","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}

{"title":"Overnight Returns and Daytime Reversals: Evidence From China's Convertible Bond Market","authors":"Haoxi Yang,&nbsp;Jieyuan Yan,&nbsp;Xiangkun Yao","doi":"10.1111/fire.70052","DOIUrl":"https://doi.org/10.1111/fire.70052","url":null,"abstract":"<div>\u0000 \u0000 <p>This study documents the persistent dynamics of positive overnight returns followed by daytime reversals in China's convertible bond market. We propose a novel attention-grabbing measure, the extreme high price ratio (<span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>E</mi>\u0000 <mi>H</mi>\u0000 <mi>P</mi>\u0000 <mi>R</mi>\u0000 </mrow>\u0000 <annotation>$EHPR$</annotation>\u0000 </semantics></math>), defined as the ratio of the day's extreme high price to the closing price. This measure serves as a proxy for uninformed trading demand at the market open. Using high-frequency data, we find that <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>E</mi>\u0000 <mi>H</mi>\u0000 <mi>P</mi>\u0000 <mi>R</mi>\u0000 </mrow>\u0000 <annotation>$EHPR$</annotation>\u0000 </semantics></math> exhibits strong positive predictability for overnight returns and negative predictability for daytime returns. This pattern persists after controlling for alternative attention proxies, fundamental return drivers, and macroeconomic news releases. The results remain robust to a comprehensive set of tests. Our findings are consistent with the hypothesis that attention-driven uninformed trading plays a crucial role in shaping intraday price dynamics in China's convertible bond market.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"1037-1062"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373564","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}

{"title":"Market Liquidity and Bond Prices in a Small Open Economy","authors":"James Brugler","doi":"10.1111/fire.70047","DOIUrl":"https://doi.org/10.1111/fire.70047","url":null,"abstract":"<div>\u0000 \u0000 <p>Investors may apply a liquidity premium to assets that are easy and cheap to trade, especially in times of stress. This paper tests for a causal relationship from market liquidity to prices in the government bond market for a small open economy (Australia). To identify this effect, I use a source of exogenous variation in liquidity that is driven by whether a particular bond is used to compute settlement prices for Australian interest rate futures contracts (“basket status”). Despite a strong link between basket status and market liquidity, I do not find clear evidence that higher market liquidity affects Australian government bond prices.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"965-977"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373492","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}

{"title":"The Role of Media in Regulatory Oversight: Evidence From Comment Letters","authors":"Yizhe Dong,&nbsp;Yaorong Liu,&nbsp;Meng Wang,&nbsp;Gaofeng Zou","doi":"10.1111/fire.70051","DOIUrl":"https://doi.org/10.1111/fire.70051","url":null,"abstract":"<p>This study examines how media coverage impacts regulatory oversight of publicly listed firms. We find that Chinese firms with greater media attention, particularly those with negative media coverage, are more likely to receive increased regulatory oversight, as indicated by comment letters issued by stock exchanges. The main effects remain consistent after we address the endogeneity issue and under a series of robustness tests. Media oversight not only complements formal regulatory governance, but also substitutes for other non-government governance mechanisms, such as independent auditors' reviews and institutional investors' monitoring. Through an event study, we find that media coverage accelerates regulatory interventions, particularly in the short term. We also show that the influence of media coverage on regulatory oversight is less pronounced among non-state-owned enterprises (non-SOEs) and smaller and growth firms. Our results support the “watchdog” role of the media even in less open media environments and suggest a positive causal effect of media coverage on regulatory efficiency.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"1011-1035"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373382","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}

{"title":"Yield Curve and Time-Varying Debt Concentration","authors":"Seungho Baek,&nbsp;Moonsoo Kang,&nbsp;Shuangshuang Ji","doi":"10.1111/fire.70050","DOIUrl":"https://doi.org/10.1111/fire.70050","url":null,"abstract":"<div>\u0000 \u0000 <p>We demonstrate the intertemporal behavior of debt concentration by analyzing firms’ responses to yield-curve dynamics summarized by the dynamic Nelson–Siegel factors. Firms exhibit countercyclical debt concentration: In bad times, firms increase debt concentration primarily by increasing bank debt and reducing public debt. This pattern is stronger among value firms and financially constrained firms. The yield curve retains explanatory power beyond competing macroeconomic variables, and our conclusions are robust to system-GMM estimates that instrument the yield-curve factors with internal lags. Overall, the results suggest that firms adjust debt concentration in response to yield-curve conditions to reduce expected bankruptcy costs.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"979-1009"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373484","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}

{"title":"Testing for Contagion in International Financial Markets: To See More, Go Higher","authors":"Simeon Coleman,&nbsp;Vitor Leone","doi":"10.1111/fire.70037","DOIUrl":"https://doi.org/10.1111/fire.70037","url":null,"abstract":"<p>Traditional measures of financial contagion rely on correlation shifts, overlooking higher moments such as skewness and kurtosis. We examine contagion during two major financial crises, incorporating lower- and higher-moment measures. We analyze stock market returns from 22 major markets at different frequencies, offering a global perspective often missing in previous studies. Employing higher-order dependence measures, we demonstrate that conventional methods risk losing valuable information. Our contagion networks highlight how shocks travel outward. We find no systematic differences between developed and less-developed economies’ vulnerability and stress the need for utilizing higher-order measures when assessing financial stability to avoid underestimating contagion risks.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"725-763"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70037","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373110","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}

{"title":"Early-Life Disaster Exposure and the Investment Response to Monetary Policy","authors":"Samer Adra,&nbsp;Yang Gao,&nbsp;Elie Menassa,&nbsp;Jiayi Yuan","doi":"10.1111/fire.70038","DOIUrl":"https://doi.org/10.1111/fire.70038","url":null,"abstract":"<p>We place CEOs' formative experiences at the center of analyzing how firms respond to monetary policy. Specifically, we examine how early-life exposure to natural disasters shapes CEOs’ investment behavior following monetary shocks. CEOs with exposure to moderate natural disasters during their formative years exhibit stronger risk-taking tendencies: they invest more aggressively after expansionary shocks and cut back less during contractionary periods. These effects weaken when the exposure is to extreme disasters, leading to more conservative behavior. The patterns are especially pronounced in financially constrained firms and during periods of elevated monetary uncertainty. We also show that these behavioral predispositions have real consequences: the risk-taking CEOs shaped by moderate exposure to natural disasters face a greater likelihood of forced turnover, suggesting that shareholders may perceive their decisions as excessively risky. This behavioral heterogeneity diminishes when monetary shocks are accompanied by FOMC press conferences, highlighting the role of clear communication in reducing uncertainty and standardizing firm responses.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"701-723"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70038","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373277","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}

{"title":"Racial Discrimination in Asset Prices: Evidence From Horse Betting","authors":"Spencer Barnes,&nbsp;Luke C. D. Stein","doi":"10.1111/fire.70042","DOIUrl":"https://doi.org/10.1111/fire.70042","url":null,"abstract":"<div>\u0000 \u0000 <p>In the presence of behavioral biases, prices can diverge from fundamentals, and the effects of racial/ethnic bias are evident in many financial and nonfinancial markets. We investigate the determinants and consequences of discrimination in parimutuel horse betting by assessing return differences across horses whose trainers have racially/ethnically distinctive surnames, which bettors may see as a proxy for quality (accurately or inaccurately) or a source of nonpecuniary returns (due to animus). Bets on horses with non-White-named trainers earn higher risk-adjusted returns, and these differences are especially pronounced among riskier bets, which receive lower average returns under the well-known “favorite–longshot” bias. Racial/ Ethnic return differences are stronger—overall and especially among longshots—for “win” than “place” and “show” bets, among horses with poor prior performance, and in low-stakes races with “fast” conditions. These results are consistent with the effects of discrimination being strongest among less-informed and less-sophisticated bettors.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"807-829"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373300","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}

{"title":"Investor Sentiment and the Asymmetric Performance of 52-Week High and Low Strategies","authors":"Ajay Bhootra,&nbsp;Jungshik Hur","doi":"10.1111/fire.70053","DOIUrl":"https://doi.org/10.1111/fire.70053","url":null,"abstract":"<div>\u0000 \u0000 <p>We report that a momentum strategy based on stocks’ 52-week high (low) prices earns significant returns following positive (negative) sentiment periods only. Further, the performance of the 52-week high (low) strategy is primarily driven by loser (winner) stocks. We postulate that this asymmetric performance is explained by optimistic (pessimistic) investors’ greater attentiveness to positive (negative) information following positive (negative) sentiment, resulting in stronger underreaction to negative (positive) news associated with the losers (winners). We propose a robust sentiment neutral strategy that combines the 52-week high and low strategies.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"1063-1086"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373524","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}

{"title":"Frontiers and Foundations: Insights From the Most-Cited Finance Papers, 2021–2026","authors":"Cayman Seagraves,&nbsp;Stace Sirmans","doi":"10.1111/fire.70063","DOIUrl":"https://doi.org/10.1111/fire.70063","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine the 100 most-cited papers published in JF, JFE, RFS, JFQA, and RoF from January 2021 through May 2026 to take stock of recent finance research. ESG and climate finance dominate the citation record, but the single most-cited paper is a critique of staggered difference-in-differences. Finance has moved into new topics, and methods papers have raised the standards for applied empirical work. Machine learning and natural language processing have entered the field mostly as tools for measuring things that used to be hard to observe, not as research agendas in their own right. We close on five areas where the next round of work is likely to concentrate: carbon pricing, ESG additionality, retail investor welfare, spatial finance, and AI-driven information production.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"61 3","pages":"693-700"},"PeriodicalIF":2.1,"publicationDate":"2026-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148373478","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}