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Repeated innovations and excessive spin-offs 重复创新和衍生产品过多
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-07-10 DOI: 10.1111/fire.12360
Pierre Mella-Barral, Hamid Sabourian
{"title":"Repeated innovations and excessive spin-offs","authors":"Pierre Mella-Barral,&nbsp;Hamid Sabourian","doi":"10.1111/fire.12360","DOIUrl":"10.1111/fire.12360","url":null,"abstract":"<p>Firms can voluntarily create independent firms to implement their technologically distant innovations and capture their value through capital markets. We argue that when firms repeatedly compete to make innovations, there is inefficient external implementation of innovations and “excessive” creation of such firms. This inefficiency is most exacerbated in the early stages of an industry, when the number of firms is still limited.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 1","pages":"155-179"},"PeriodicalIF":3.2,"publicationDate":"2023-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12360","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87767760","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
Bank competition and the design of syndicated loans 银行竞争与银团贷款的设计
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-07-06 DOI: 10.1111/fire.12359
Chongyang Chen, Robert Kieschnick
{"title":"Bank competition and the design of syndicated loans","authors":"Chongyang Chen,&nbsp;Robert Kieschnick","doi":"10.1111/fire.12359","DOIUrl":"10.1111/fire.12359","url":null,"abstract":"<p>We study the effect of bank competition on the design of syndicate loans. We find that competition in the lead lender's market plays a significant role in determining the terms of the syndicate loans. Specifically, higher concentration leads to higher yield spreads, larger issues, shorter maturities, greater contract intensity, and more collateral requirements, but with a greater likelihood of performance pricing. We also find the prior banking relationships, anti-takeover provisions and whether the lead bank is a national, regional, or state bank influence the designs of these loans.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 1","pages":"227-251"},"PeriodicalIF":3.2,"publicationDate":"2023-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85350070","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 papers I can't write 我不会写的论文
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-07-04 DOI: 10.1111/fire.12358
Paul Schultz
{"title":"The papers I can't write","authors":"Paul Schultz","doi":"10.1111/fire.12358","DOIUrl":"10.1111/fire.12358","url":null,"abstract":"<p>In this future directions in finance article, I discuss several topics that I believe are promising areas for research. The topics fall into three areas: the microstructure of fixed income markets, equity market microstructure, and short selling. Both theoretical and empirical work is needed in these areas.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"59 1","pages":"5-8"},"PeriodicalIF":3.2,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12358","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75855713","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 price impact of analyst revisions and the state of the economy: Evidence around the world 分析师修正案对价格的影响和经济状况：世界各地的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-07-04 DOI: 10.1111/fire.12357
Chen Su
{"title":"The price impact of analyst revisions and the state of the economy: Evidence around the world","authors":"Chen Su","doi":"10.1111/fire.12357","DOIUrl":"https://doi.org/10.1111/fire.12357","url":null,"abstract":"<p>This paper examines the price impact of analyst revisions in distinct economic states around the world. We find stronger average 2-day cumulative abnormal returns in bad times, though this pattern is mainly observed in developed countries. In addition, trading strategies following analyst revisions, with holding periods from 1 to 6 months, are generally more profitable in good times with lower macroeconomic uncertainty, after controlling for market and common risk factors. The profitability, however, disappears or declines substantially after accounting for time-varying risk premia conditioned on lagged macroeconomic information, indicating a reduced information production role played by analysts in recent decades.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"887-930"},"PeriodicalIF":3.2,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12357","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50127839","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
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
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