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Does corporate diversification retrench the effects of firm-level political risk? 企业多元化是否会减少企业层面政治风险的影响？
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-06-12 DOI: 10.1111/fire.12356
M. Kabir Hassan, M. Sydul Karim, Tarun Mukherjee
{"title":"Does corporate diversification retrench the effects of firm-level political risk?","authors":"M. Kabir Hassan,&nbsp;M. Sydul Karim,&nbsp;Tarun Mukherjee","doi":"10.1111/fire.12356","DOIUrl":"https://doi.org/10.1111/fire.12356","url":null,"abstract":"<p>This study investigates the effects of firm-level political risk on corporate investments. We find that diversified firms are better able than focused firms in mitigating the impact of idiosyncratic political risk on investments. Diversified firms accomplish this feat via efficient use of the internal capital market that allows segments to alleviate political risk adversity. The effect is working through the channel of exacerbation of financial constraints. When exposed to political risk, diversified firms do not spend more on lobbying and political donations than the focused firms in the subsequent period, implying that diversified firms do not manage political risk politically. Our main findings are robust to a battery of endogeneity tests.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"663-702"},"PeriodicalIF":3.2,"publicationDate":"2023-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149978","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
An empirical evaluation of dynamic approaches for estimating firms’ expected cost of equity capital 企业股权资本预期成本动态估计方法的实证评价
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-06-03 DOI: 10.1111/fire.12350
Jan A. Kempkes, Francesco Suprano, Andreas Wömpener
{"title":"An empirical evaluation of dynamic approaches for estimating firms’ expected cost of equity capital","authors":"Jan A. Kempkes,&nbsp;Francesco Suprano,&nbsp;Andreas Wömpener","doi":"10.1111/fire.12350","DOIUrl":"https://doi.org/10.1111/fire.12350","url":null,"abstract":"<p>We develop and empirically validate dynamic approaches of implied cost of equity capital (ICC), facilitating the estimation of firms’ expected cost of equity capital at any required estimation date. Using on average 246,090 monthly observations, we empirically validate conflicting approaches for dynamic ICC estimation by analyzing the inferred market risk premia and assessing correlations with common risk factors. While the adjustments suggested by Daske et al. (2006) yield important and systematic deviations in the course of the year, the dynamic residual income model of Kempkes and Wömpener (2019) is robust to the choice of the estimation period.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"859-886"},"PeriodicalIF":3.2,"publicationDate":"2023-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119557","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
Exploring the performance of US international bond mutual funds 美国国际债券共同基金业绩探析
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-06-03 DOI: 10.1111/fire.12355
Jonathan Fletcher, Elizabeth Littlejohn, Andrew Marshall
{"title":"Exploring the performance of US international bond mutual funds","authors":"Jonathan Fletcher,&nbsp;Elizabeth Littlejohn,&nbsp;Andrew Marshall","doi":"10.1111/fire.12355","DOIUrl":"https://doi.org/10.1111/fire.12355","url":null,"abstract":"<p>We use a Bayesian regime switching approach to examine the performance enhancement of adding US international bond funds to a domestic bond universe pre and post the Global Financial Crisis (GFC) during January 1999 and May 2022. We find that the international bond funds provide large significant performance enhancement pre the GFC, with an increase in Certainty Equivalent Return (CER) performance of 0.595% (monthly), but none post the GFC. The performance enhancement pre GFC is driven by Large Emerging Market bond funds, which is likely fueled by a substantial drop in the Emerging Market central bank policy rates pre GFC.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"765-782"},"PeriodicalIF":3.2,"publicationDate":"2023-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119558","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
Interstate migration-based social networks and M&A decisions 基于国家间移民的社会网络与并购决策
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-05-28 DOI: 10.1111/fire.12349
Suin Lee, Christos Pantzalis, Jung Chul Park
{"title":"Interstate migration-based social networks and M&A decisions","authors":"Suin Lee,&nbsp;Christos Pantzalis,&nbsp;Jung Chul Park","doi":"10.1111/fire.12349","DOIUrl":"10.1111/fire.12349","url":null,"abstract":"<p>Acquisition decisions and outcomes are found to be associated with the availability of interstate migration-based social networks. The likelihood of bidders pursuing targets headquartered in migration sending states increases with these social networks’ size, in particular when (a) targets are in the same industry, (b) migration networks span distant states, and (c) targets are small. We also find smaller takeover premia and higher acquirer announcement returns in interstate transactions involving large migration networks. Our collective evidence is consistent with the notion that both enhanced expected synergies and information advantages may drive acquirers’ propensity to choose targets from migration sending states.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 1","pages":"113-153"},"PeriodicalIF":3.2,"publicationDate":"2023-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75080601","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
Finance research: What are the new frontiers? 金融研究：新的领域是什么？
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-05-16 DOI: 10.1111/fire.12348
Anjan V. Thakor
{"title":"Finance research: What are the new frontiers?","authors":"Anjan V. Thakor","doi":"10.1111/fire.12348","DOIUrl":"https://doi.org/10.1111/fire.12348","url":null,"abstract":"<p>This paper provides a prospective look at the most exciting open research questions for future finance research in three important areas: (1) banking stability; (2) the intersection of medicine, healthcare, and finance; and (3) organizational higher purpose. In each case, a brief discussion of the existing literature is followed by a list of open research questions for future research to explore.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"453-462"},"PeriodicalIF":3.2,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50135358","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: 2
For corporate finance to truly advance we need more genuinely testable models 为了让企业融资真正向前发展，我们需要更多真正可测试的模式
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-05-15 DOI: 10.1111/fire.12346
Matthew Spiegel
{"title":"For corporate finance to truly advance we need more genuinely testable models","authors":"Matthew Spiegel","doi":"10.1111/fire.12346","DOIUrl":"https://doi.org/10.1111/fire.12346","url":null,"abstract":"<p>Corporate finance has turned into a field where researchers produce what seem like a constant flow of disconnected papers. Theories are never confirmed or refuted. At best, empirical papers confirm models without a realistic alternative to refute. The problem is that today's models are either static or have firms that never interact directly with other firms. Most industries are oligopolies. For firms in these industries the competition's actions in the product market are likely of paramount importance. If corporate finance is going to progress, we need papers with testable dynamic oligopoly models. Models where firms compete directly with each other.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"657-661"},"PeriodicalIF":3.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134217","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: 1
Shareholder litigation and short selling ahead of private equity placements 私募股权配售前的股东诉讼和卖空
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-05-15 DOI: 10.1111/fire.12347
Onur Bayar, Yini Liu, Juan Mao
{"title":"Shareholder litigation and short selling ahead of private equity placements","authors":"Onur Bayar,&nbsp;Yini Liu,&nbsp;Juan Mao","doi":"10.1111/fire.12347","DOIUrl":"https://doi.org/10.1111/fire.12347","url":null,"abstract":"<p>We examine the impact of shareholder litigation on short selling ahead of private investments in public equity (PIPEs). We find that PIPE issuers that incurred securities class action lawsuits prior to the PIPE are shorted more heavily ahead of the PIPE issue. The case status at the PIPE date, the severity of the lawsuit, and the timing of the private placement after the litigation event also affect the extent of short selling activity ahead of PIPEs. Consistent with hedging incentives, the effects of prior shareholder litigation on short selling are more pronounced in PIPEs where lead investors are hedge funds and in traditional PIPEs.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"833-858"},"PeriodicalIF":3.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12347","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134216","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
A shot in the arm: The effect of COVID-19 vaccine news on financial and commodity markets 一剂强心针：新冠肺炎疫苗消息对金融和大宗商品市场的影响
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-05-04 DOI: 10.1111/fire.12345
Oleg Kucher, Alexander Kurov, Marketa Halova Wolfe
{"title":"A shot in the arm: The effect of COVID-19 vaccine news on financial and commodity markets","authors":"Oleg Kucher,&nbsp;Alexander Kurov,&nbsp;Marketa Halova Wolfe","doi":"10.1111/fire.12345","DOIUrl":"https://doi.org/10.1111/fire.12345","url":null,"abstract":"<p>We analyze the impact of COVID-19 vaccine announcements by leading vaccine companies on the financial and commodity markets from January to December 2020. We show that the vaccine announcements had varied and economically significant impacts on asset prices. The announcements moved interest rates, stock markets in the U.S. and numerous other countries as well as commodities used in transportation and some agricultural commodities. We show that the stock and commodity markets that experienced larger declines at the beginning of the pandemic receive a larger boost from good vaccine news. We also find that the vaccine news affects stock returns through changes in the expectations of the corporate cash flows and the expected equity risk premium.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"575-596"},"PeriodicalIF":3.2,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50120637","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: 1
Technological innovation and stock returns: Innovative skill versus innovative luck 技术创新与股票回报：创新技能与创新运气
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-04-25 DOI: 10.1111/fire.12344
Ben Angelo, Mitchell Johnston
{"title":"Technological innovation and stock returns: Innovative skill versus innovative luck","authors":"Ben Angelo,&nbsp;Mitchell Johnston","doi":"10.1111/fire.12344","DOIUrl":"https://doi.org/10.1111/fire.12344","url":null,"abstract":"<p>Prior studies conclude that investors undervalue innovative ability. These studies do not fully capture the prominent role that industry and market trends play in contextualizing innovations. We disaggregate the value generated by innovative skill from the value generated by industry and market trends and find that innovative skill is positively associated with profitability. Further, our results are consistent with a risk explanation as innovative skill is negatively associated with returns, consistent with investors using patent value to identify innovative skill and adjusting the riskiness of the firm accordingly.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"811-832"},"PeriodicalIF":3.2,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12344","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50143347","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
Political geography and the value relevance of real options 政治地理学与实物期权的价值相关性
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-04-17 DOI: 10.1111/fire.12343
Shaddy Douidar, Christos Pantzalis, Jung Chul Park
{"title":"Political geography and the value relevance of real options","authors":"Shaddy Douidar,&nbsp;Christos Pantzalis,&nbsp;Jung Chul Park","doi":"10.1111/fire.12343","DOIUrl":"https://doi.org/10.1111/fire.12343","url":null,"abstract":"<p>Corporate political geography influences the value of real options because proximity to political power can trigger greater exposure to uncertainty and/or more growth opportunities. Our empirical tests reveal that although areas closely aligned with the president experience a boost in real options’ value relevance, this effect is significant only among the majority of firms that are neither politically connected nor reliant on government contracts. Our findings are consistent with the notion that political connections essentially eliminate policy uncertainty (render real options value-irrelevant), whereas government dependence additionally inhibits investment in growth opportunities (ability to exploit volatility) from proximity to political power.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"703-733"},"PeriodicalIF":3.2,"publicationDate":"2023-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50151548","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: 1
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