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Unveil the veil of limited liability: Evidence from firm investment 揭开有限责任的面纱：来自企业投资的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-02-02 DOI: 10.1111/fire.12336
Jiaqi Qin, Yan Sun
{"title":"Unveil the veil of limited liability: Evidence from firm investment","authors":"Jiaqi Qin,&nbsp;Yan Sun","doi":"10.1111/fire.12336","DOIUrl":"https://doi.org/10.1111/fire.12336","url":null,"abstract":"<p>We investigate the effect of limited liability on firm investment. We find firms that intend to borrow but have higher risk have a greater probability of changing to limited liability. With propensity score matching, difference-in-differences analysis, and switching regressions with an endogenous switching model, we find that, after the liability regime change, firm investment aggressiveness decreases but on a lesser level than the over-time change for firms using unlimited liability. We also find there is improvement in investment efficiency and return on invested capital. These results suggest that limited liability encourages firm investment and leads to more effective investment policies.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"485-511"},"PeriodicalIF":3.2,"publicationDate":"2023-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50117692","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
COVID-19 intensity across U.S. states and the liquidity of U.S. equity markets 美国各州新冠肺炎疫情强度和美国股市流动性
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-01-31 DOI: 10.1111/fire.12335
Ahmed Baig, Jason Berkowitz, Ronald Jared DeLisle, Todd Griffith
{"title":"COVID-19 intensity across U.S. states and the liquidity of U.S. equity markets","authors":"Ahmed Baig,&nbsp;Jason Berkowitz,&nbsp;Ronald Jared DeLisle,&nbsp;Todd Griffith","doi":"10.1111/fire.12335","DOIUrl":"https://doi.org/10.1111/fire.12335","url":null,"abstract":"<p>We study the effects of COVID-19 intensity on equity market liquidity across U.S. states. We exploit cross-sectional variation in cases and deaths to investigate any association with the deterioration of stock liquidity of firms whose headquarters or operations are in the corresponding state(s). Our motivation stems from several underlying economic channels such as order processing costs, inventory costs, and adverse selection costs. We find strong negative relations between pandemic intensity and various intra-day liquidity measures. Our results are more pronounced for firms operating in states with more stringent containment and health measures and within industries with greater risk exposure.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"235-259"},"PeriodicalIF":3.2,"publicationDate":"2023-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50149054","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
Trading under uncertainty about other market participants 在其他市场参与者的不确定性下进行交易
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-01-18 DOI: 10.1111/fire.12333
Dimitris Papadimitriou
{"title":"Trading under uncertainty about other market participants","authors":"Dimitris Papadimitriou","doi":"10.1111/fire.12333","DOIUrl":"https://doi.org/10.1111/fire.12333","url":null,"abstract":"<p>I present an asymmetric information model of financial markets in which there is uncertainty and learning not only about fundamentals but also about the proportion of informed-to-noise traders in the market. Extreme news leads to an increase in both types of uncertainty, while it decreases price informativeness. Uncertainty about the market composition constitutes a type of liquidity risk and is associated with high expected returns. The resulting price–volume relationship is U-shaped and positively sloped. In a dynamic extension of the model I show that this mechanism generates momentum as well as history-dependent volatility and price informativeness.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"343-367"},"PeriodicalIF":3.2,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12333","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136981","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 connections of Chinese fund management companies and fund performance 中国基金管理公司的政治关系与基金业绩
IF 3.2
FINANCIAL REVIEW Pub Date : 2023-01-18 DOI: 10.1111/fire.12334
Chao He, Lawrence Kryzanowski, Yunfei Zhao
{"title":"Political connections of Chinese fund management companies and fund performance","authors":"Chao He,&nbsp;Lawrence Kryzanowski,&nbsp;Yunfei Zhao","doi":"10.1111/fire.12334","DOIUrl":"https://doi.org/10.1111/fire.12334","url":null,"abstract":"<p>This study uses hand-collected information on shareholders’ backgrounds of mutual funds and their fund management companies (FMCs), and administrative and criminal penalties for insider trading as the proxy of government regulation intensity. We fill a gap in the literature by identifying a positive relationship between funds’ performance and the proportion of state-owned FMC ownership that becomes negative when the Chinese government increased its regulatory effort to reduce informational advantages from political connections obtained through this ownership channel. Results are robust using DiD and IV analyses, placebo tests, propensity score matching, Oster test for missing covariates, channel tests, and alternate ownership classifications.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 3","pages":"597-627"},"PeriodicalIF":3.2,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12334","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152022","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
Effect of high-frequency trading on mutual fund performance 高频交易对共同基金业绩的影响
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-12-07 DOI: 10.1111/fire.12331
Nan Qin, Vijay Singal
{"title":"Effect of high-frequency trading on mutual fund performance","authors":"Nan Qin,&nbsp;Vijay Singal","doi":"10.1111/fire.12331","DOIUrl":"https://doi.org/10.1111/fire.12331","url":null,"abstract":"<p>We find that high-frequency trading (HFT) in stocks held by mutual funds negatively affects fund performance: when sorted by HFT intensity of holdings, funds in the top quintile underperform funds in the bottom quintile by 2.64% per year. The negative relation can be at least partially explained by the illiquidity premium induced by high-frequency traders’ preference for more liquid stocks. This reason for underperformance of mutual funds has not been previously explored or documented. In addition, we do not find evidence to support the concern that HFT raises trading costs of mutual funds.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"369-394"},"PeriodicalIF":3.2,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50135998","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
Does skilled labor risk matter to suppliers? Evidence from trade credit 熟练劳动力风险对供应商来说重要吗？来自贸易信贷的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-12-04 DOI: 10.1111/fire.12332
Joye Khoo, Adrian (Wai Kong) Cheung
{"title":"Does skilled labor risk matter to suppliers? Evidence from trade credit","authors":"Joye Khoo,&nbsp;Adrian (Wai Kong) Cheung","doi":"10.1111/fire.12332","DOIUrl":"https://doi.org/10.1111/fire.12332","url":null,"abstract":"<p>Failure to attract and retain skilled labor exposes firms to skilled labor risk. This paper examines whether and how skilled labor risk affects trade credit offered by suppliers. The empirical analyses show that firms with greater exposure to skilled labor risk are associated with a reduction in trade credit granted by suppliers. It is consistent with the view that the risk arising from the departures of skilled employees is detrimental to firms. A change in employees who are well-connected with the suppliers undermines firms’ bargaining power with their suppliers. Organization capital, managerial ability, and financial constraint are important moderators.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"423-447"},"PeriodicalIF":3.2,"publicationDate":"2022-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131157","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
Trade secrets protection and stock price crash risk 商业秘密保护与股价暴跌风险
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-11-23 DOI: 10.1111/fire.12330
Dan Hu, Eunju Lee, Bingxin Li
{"title":"Trade secrets protection and stock price crash risk","authors":"Dan Hu,&nbsp;Eunju Lee,&nbsp;Bingxin Li","doi":"10.1111/fire.12330","DOIUrl":"https://doi.org/10.1111/fire.12330","url":null,"abstract":"<p>This paper provides evidence that the trade secrets protection increases stock price crash risk. Using a quasi-experimental setting with the Uniform Trade Secrets Act (UTSA), we find that firms headquartered in states adopting the UTSA tend to have higher stock price crash risk. The results are robust to controlling for other trade secrets laws and the choice of crash risk measures, and they are more pronounced in small firms and firms with high market-to-book and low leverage ratios. A detailed mechanism analysis reveals that increased crash risk following the UTSA is attributed to an opaque information environment and investment inefficiency.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"395-421"},"PeriodicalIF":3.2,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50153737","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 impact of exchange listing on corporate governance: Evidence from direct listings 交易所上市对公司治理的影响：来自直接上市的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-11-15 DOI: 10.1111/fire.12327
Dan W. French, Thibaut G. Morillon, Adam S. Yore, Andrew E. Kern
{"title":"The impact of exchange listing on corporate governance: Evidence from direct listings","authors":"Dan W. French,&nbsp;Thibaut G. Morillon,&nbsp;Adam S. Yore,&nbsp;Andrew E. Kern","doi":"10.1111/fire.12327","DOIUrl":"https://doi.org/10.1111/fire.12327","url":null,"abstract":"<p>We use prior direct listings by public nonlisted REITs (PNLRs) to explore the impact of exchange membership on corporate governance. We study companies with public, but nonlisted shares in a unique setting where the influence of listing is distinct from the confounding effect of capital raising. Evidence suggests younger, more profitable companies with stronger governance and professional management are more likely to directly list. Institutional ownership increases after listing and these changes are not due to future capital raising. Moreover, internal corporate governance improves beyond the exchange's requirements, especially for those companies with greater stock liquidity and more institutional ownership.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"197-234"},"PeriodicalIF":3.2,"publicationDate":"2022-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50151131","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 investor service costs on mutual fund performance 投资者服务成本对共同基金业绩的影响
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-11-13 DOI: 10.1111/fire.12316
George J. Jiang, Tong Yao, Gulnara R. Zaynutdinova
{"title":"The effect of investor service costs on mutual fund performance","authors":"George J. Jiang,&nbsp;Tong Yao,&nbsp;Gulnara R. Zaynutdinova","doi":"10.1111/fire.12316","DOIUrl":"https://doi.org/10.1111/fire.12316","url":null,"abstract":"<p>We examine the effect of investor service costs on mutual fund performance. Benchmarking passive funds against ETFs managed by the same fund company with the same investment objectives, we show that passive funds on average underperform ETFs by 42 bps in annualized net returns, of which about 90% can be attributed to investor service costs. Further benchmarking active funds against passive funds, we show that active funds on average outperform passive funds by 31 bps in annualized gross returns. However, the higher expense ratios charged by active funds lead to about 28 bps of underperformance in annualized net fund returns.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"91-115"},"PeriodicalIF":3.2,"publicationDate":"2022-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50150521","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
Monetary policy, ownership structure, and risk-taking at financial intermediaries 货币政策、所有权结构和金融中介机构的风险承担
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-11-07 DOI: 10.1111/fire.12329
Giorgio Caselli, Catarina Figueira
{"title":"Monetary policy, ownership structure, and risk-taking at financial intermediaries","authors":"Giorgio Caselli,&nbsp;Catarina Figueira","doi":"10.1111/fire.12329","DOIUrl":"https://doi.org/10.1111/fire.12329","url":null,"abstract":"<p>This paper examines how ownership structure interacts with monetary policy in shaping financial intermediaries' appetite for risk. By constructing a large panel of banks across Western Europe, we provide evidence that differences in bank ownership influence the transmission of monetary policy via the risk-taking channel. While shareholder banks actively adjust the riskiness of their portfolios to changes in interest rates, stakeholder banks appear to be less responsive to such changes. These findings call for greater attention to the nature of bank ownership when setting monetary policy.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"167-191"},"PeriodicalIF":3.2,"publicationDate":"2022-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12329","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134780","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: 4
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