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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
Dual holding and bank risk 双重持有和银行风险
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-04-05 DOI: 10.1111/fire.12341
Stefano Bonini, Ali Taatian
{"title":"Dual holding and bank risk","authors":"Stefano Bonini,&nbsp;Ali Taatian","doi":"10.1111/fire.12341","DOIUrl":"https://doi.org/10.1111/fire.12341","url":null,"abstract":"<p>Using the 2007–2009 financial crisis as a quasi-natural experiment, we show that banks with investors holding simultaneously both equity and bonds (dual-holders) exhibit lower risk and superior performance. Dual-holders' influence is higher in more opaque banks, indicating that the mechanism of transmission is through a decrease in information asymmetry and a reduction in debtholder–shareholder conflict. This effect translates into higher unconditional and risk-adjusted stock returns. These economically large results show that a market mechanism implemented by outside investors is strongly effective in mitigating excessive risk taking by banks thus providing important normative implications for the stability of financial systems.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 4","pages":"735-763"},"PeriodicalIF":3.2,"publicationDate":"2023-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50129493","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
Uncertainty and corporate investments in response to the Fed's dual shocks 应对美联储双重冲击的不确定性和企业投资
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-04-04 DOI: 10.1111/fire.12342
Samer Adra, Elie Menassa
{"title":"Uncertainty and corporate investments in response to the Fed's dual shocks","authors":"Samer Adra,&nbsp;Elie Menassa","doi":"10.1111/fire.12342","DOIUrl":"https://doi.org/10.1111/fire.12342","url":null,"abstract":"<p>The Federal Reserve's impact on corporate investments varies with the type of monetary shock. From a conventional standpoint, contractionary monetary shocks trigger a rise in financing costs that significantly reduce investment. Such effects are predicted by the widely investigated monetary policy channels. However, we highlight informational circumstances under which monetary contraction reduces uncertainty and incentivizes a rise in investment. These effects arise when monetary tightening conveys a positive assessment of the macroeconomic outlook by the Fed. We further show that the positive effect of contractionary Fed information shocks on investment is largely driven by these shocks’ ability to reduce uncertainty.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"463-484"},"PeriodicalIF":3.2,"publicationDate":"2023-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50119971","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
Understanding the transmission of crash risk between cryptocurrency and equity markets 了解加密货币和股票市场之间崩溃风险的传递
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-03-02 DOI: 10.1111/fire.12340
Peng-Fei Dai, John W. Goodell, Luu Duc Toan Huynh, Zhifeng Liu, Shaen Corbet
{"title":"Understanding the transmission of crash risk between cryptocurrency and equity markets","authors":"Peng-Fei Dai,&nbsp;John W. Goodell,&nbsp;Luu Duc Toan Huynh,&nbsp;Zhifeng Liu,&nbsp;Shaen Corbet","doi":"10.1111/fire.12340","DOIUrl":"https://doi.org/10.1111/fire.12340","url":null,"abstract":"<p>We evidence that cryptocurrencies have a higher probability of crashes than equity indices, although such crashes are of shorter duration. Commonality of crash risk between cryptocurrency and equity markets occur in approximately 80% of the periods examined. Further, recently evolved cryptocurrency uncertainty indices are more relevant for predicting co-crash behavior than economic policy uncertainty. Results are consistent with cryptocurrencies being a growing source of financial instability.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"539-573"},"PeriodicalIF":3.2,"publicationDate":"2023-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50118224","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 polluters shunned? A study on the institutional ownership and returns of polluter stocks 污染者被回避了吗？污染股的机构所有权与收益研究
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-03-01 DOI: 10.1111/fire.12338
Mihir Tirodkar, Henk Berkman
{"title":"Are polluters shunned? A study on the institutional ownership and returns of polluter stocks","authors":"Mihir Tirodkar,&nbsp;Henk Berkman","doi":"10.1111/fire.12338","DOIUrl":"https://doi.org/10.1111/fire.12338","url":null,"abstract":"<p>We hypothesise that societal norms cause institutional investors to discriminate against polluters. Consistent with this hypothesis, we document relatively lower institutional ownership for the most polluting firms in the United States. Institutional discrimination against polluters increases over 1987–2018, in line with increasing environmental awareness. Institutions are primarily averse to investments in dioxin emitters. Institutions that prioritize portfolio performance are less sensitive to societal norms against polluters, as are institutions with shorter investment horizons and more aggressive trading strategies. Lastly, we test whether investor discrimination affects polluter equity valuations and creates systematic trading opportunities, but find no convincing evidence of a polluter return premium.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"513-537"},"PeriodicalIF":3.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12338","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50116776","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
Are mergers and acquisitions beneficial to consumers? Evidence from the property-liability insurance industry 并购对消费者有利吗？财产责任保险业的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-02-23 DOI: 10.1111/fire.12339
Jeungbo Shim
{"title":"Are mergers and acquisitions beneficial to consumers? Evidence from the property-liability insurance industry","authors":"Jeungbo Shim","doi":"10.1111/fire.12339","DOIUrl":"https://doi.org/10.1111/fire.12339","url":null,"abstract":"<p>We examine price changes associated with mergers and acquisitions (M&amp;As) in the U.S. property-liability insurance industry. We classify M&amp;As into intrastate M&amp;As, where the acquirer and the target previously operated in the same local market, and interstate M&amp;As, where the acquirer and the target operated in different local markets. We show that insurance prices of acquiring firms decrease following interstate M&amp;As, whereas there is no significant effect of M&amp;As on price changes in intrastate consolidation. Using an interaction term between interstate M&amp;A indicators and acquirers’ efficiency, we find evidence to suggest that acquirers’ efficiency can explain the price decrease in interstate M&amp;As. It appears that acquirers’ efficiency can be passed on to consumers, and interstate M&amp;As have a beneficial effect on consumers in the form of reduced prices.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"629-652"},"PeriodicalIF":3.2,"publicationDate":"2023-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50142146","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
Investor attention and the use of leverage 投资者关注和杠杆的使用
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-02-13 DOI: 10.1111/fire.12337
Denis Davydov, Jarkko Peltomäki
{"title":"Investor attention and the use of leverage","authors":"Denis Davydov,&nbsp;Jarkko Peltomäki","doi":"10.1111/fire.12337","DOIUrl":"https://doi.org/10.1111/fire.12337","url":null,"abstract":"<p>We investigate the effects of using different sources of investment leverage, that is, securities with embedded leverage and traditional margin accounts, on the portfolio performance of retail investors, recognizing that these effects may be conditional on investor attention. We find that investors who trade on margin underperform those who do not have margin accounts; we also find that investors trading securities with embedded leverage show even poorer performance than investors trading on margin. The negative effect of leverage usage, however, decreases with greater investor attention, measured by portfolio monitoring frequency. Results suggest that more attentive investors gain more from using investment leverage.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"287-313"},"PeriodicalIF":3.2,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12337","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140169","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
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