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“I just like the stock”: The role of Reddit sentiment in the GameStop share rally “我只是喜欢股票”：Reddit情绪在GameStop股价上涨中的作用
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-10-26 DOI: 10.1111/fire.12328
Suwan (Cheng) Long, Brian Lucey, Ying Xie, Larisa Yarovaya
{"title":"“I just like the stock”: The role of Reddit sentiment in the GameStop share rally","authors":"Suwan (Cheng) Long,&nbsp;Brian Lucey,&nbsp;Ying Xie,&nbsp;Larisa Yarovaya","doi":"10.1111/fire.12328","DOIUrl":"https://doi.org/10.1111/fire.12328","url":null,"abstract":"<p>This paper investigates the role played by the social media platform Reddit in the events around the GameStop (GME) share rally in early 2021. In particular, we analyze the impact of discussions on the r/WallStreetBets subreddit on the price dynamics of the American online retailer GameStop. We customize a sentiment analysis dictionary for Reddit platform users based on the Valence Aware Dictionary and Sentiment Reasoner (VADER) sentiment analysis package and perform textual analysis on 10.8 million comments. The analysis of the relationships between Reddit sentiments and 1-, 5-, 10-, and 30-min GameStop returns contribute to the growing body of literature on “meme stocks” and the impact of discussions on investment forums on intraday stock price movements.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"19-37"},"PeriodicalIF":3.2,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12328","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50145197","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: 18
Who uses robo-advising and how? 谁使用机器人咨询以及如何使用？
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-10-25 DOI: 10.1111/fire.12324
Vishaal Baulkaran, Pawan Jain
{"title":"Who uses robo-advising and how?","authors":"Vishaal Baulkaran,&nbsp;Pawan Jain","doi":"10.1111/fire.12324","DOIUrl":"https://doi.org/10.1111/fire.12324","url":null,"abstract":"<p>Using propriety data from a large Indian robo-advisory firm, we show that users of robo-advisory services are relatively young, predominantly male, married, small investors, and professionals. We show that the majority of small retail investors utilize a systematic investment plan (SIP). Additionally, we document that there are differences in demographic characteristics, occupation, and geographic location of investors in utilizing SIP versus one-time lump sum investments. Furthermore, we find that daily user account creation increases during periods of high market volatility.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"65-89"},"PeriodicalIF":3.2,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50154338","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
Financial development and the effect of cross-border bank flows on house prices 金融发展与跨境银行流动对房价的影响
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-10-10 DOI: 10.1111/fire.12325
Néstor Romero, Sungjun Cho, Stuart Hyde
{"title":"Financial development and the effect of cross-border bank flows on house prices","authors":"Néstor Romero,&nbsp;Sungjun Cho,&nbsp;Stuart Hyde","doi":"10.1111/fire.12325","DOIUrl":"https://doi.org/10.1111/fire.12325","url":null,"abstract":"<p>We analyze the role of financial development as a buffer to diminish the effect of cross-border bank flows shocks on house prices across 38 countries. In less financially developed countries, the observed response is markedly positive. As development increases, the response is tempered and becomes less important. Cross-border bank flows shocks are important in explaining the historical dynamics of house prices in financially less developed countries, while monetary policy shocks are key in the most financially developed markets. Heterogeneity in responses within each level of financial development is associated with levels of maximum loan-to-value ratios and a ratio of cross-border bank inflows over total liabilities abroad.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"39-63"},"PeriodicalIF":3.2,"publicationDate":"2022-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12325","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50137908","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
Do uninformed traders move prices? Evidence from the Bank of Japan's ETF purchasing program 不知情的交易者会改变价格吗？来自日本银行ETF购买计划的证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-09-24 DOI: 10.1111/fire.12323
Luke Bouffler, Amy Kwan, Lantian Liang, Richard Philip
{"title":"Do uninformed traders move prices? Evidence from the Bank of Japan's ETF purchasing program","authors":"Luke Bouffler,&nbsp;Amy Kwan,&nbsp;Lantian Liang,&nbsp;Richard Philip","doi":"10.1111/fire.12323","DOIUrl":"https://doi.org/10.1111/fire.12323","url":null,"abstract":"<p>Using the Bank of Japan (BoJ) ETF purchasing program as an exogenous shock to stock demand, we find that stocks with a higher BoJ demand experience higher positive abnormal returns on BoJ ETF purchase dates, which only partially revert in the long term. Our findings support the hypothesis that stocks have a downward-sloping demand curve, implying that uninformed traders can cause a permanent shift in price.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"5-18"},"PeriodicalIF":3.2,"publicationDate":"2022-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12323","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50143116","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: 1
Certification by financial and legal advisors in private debt markets 私人债务市场的财务和法律顾问认证
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-09-14 DOI: 10.1111/fire.12322
Gabriel J. Power, Issouf Soumaré, Djerry C. Tandja M.
{"title":"Certification by financial and legal advisors in private debt markets","authors":"Gabriel J. Power,&nbsp;Issouf Soumaré,&nbsp;Djerry C. Tandja M.","doi":"10.1111/fire.12322","DOIUrl":"10.1111/fire.12322","url":null,"abstract":"<p>Theory predicts that certification by prestigious financial intermediaries signals investment quality. We provide a direct empirical test of certification by financial and legal advisors using data on large-scale projects. We find that advisor effects are complementary: financial advisors allow firms to obtain longer loan maturities, while legal advisors (only if prestigious) help firms obtain greater leverage and lower loan spreads. We also document heterogeneity in observables: advisor effects vary across projects based on observable factors. Our results are consistent with firms hiring advisors to help them negotiate better loan agreements by conveying an absence of conflicts of interest.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"893-923"},"PeriodicalIF":3.2,"publicationDate":"2022-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72437438","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
Auctions versus bookbuilding: The effects of IPO regulation in Japan 拍卖与簿记：日本IPO监管的影响
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-09-12 DOI: 10.1111/fire.12318
Timo Lehmann, Matthias Weber
{"title":"Auctions versus bookbuilding: The effects of IPO regulation in Japan","authors":"Timo Lehmann,&nbsp;Matthias Weber","doi":"10.1111/fire.12318","DOIUrl":"https://doi.org/10.1111/fire.12318","url":null,"abstract":"<p>We analyze a regulatory change in the Japanese IPO market that created an abrupt shift from hybrid price-discriminatory auctions to bookbuilding. We find that bookbuilding leads to higher underpricing than hybrid price-discriminatory auctions. Furthermore, we find evidence that price accuracy tends to be higher for auctions than for bookbuilding. The results hold under a variety of OLS specifications and with regression discontinuity designs exploiting the abrupt change of the regulation.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 1","pages":"117-141"},"PeriodicalIF":3.2,"publicationDate":"2022-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12318","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50139628","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: 3
Governance and leverage: International evidence 治理和杠杆作用：国际证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-09-12 DOI: 10.1111/fire.12321
Hamdi Driss, Sadok El Ghoul, Omrane Guedhami, John K. Wald
{"title":"Governance and leverage: International evidence","authors":"Hamdi Driss,&nbsp;Sadok El Ghoul,&nbsp;Omrane Guedhami,&nbsp;John K. Wald","doi":"10.1111/fire.12321","DOIUrl":"https://doi.org/10.1111/fire.12321","url":null,"abstract":"<p>In this study, we use board reforms across countries as a natural experiment to examine the effect of governance on firm leverage. We find that board reforms are associated with a statistically significant 1-percentage-point increase in leverage overall and a 5-percentage-point increase on average for firms that had to make large board changes. These results are robust to a variety of specifications and to controls for potential confounding events. The increase in leverage is also larger for firms in weak shareholder rights countries, suggesting that other shareholder rights can substitute in part for board reforms.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"261-285"},"PeriodicalIF":3.2,"publicationDate":"2022-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50130689","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
International evidence on the association of leverage with stock returns and the value premium 杠杆与股票回报和价值溢价关联的国际证据
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-08-31 DOI: 10.1111/fire.12320
Luis García-Feijóo, Benjamin A. Jansen
{"title":"International evidence on the association of leverage with stock returns and the value premium","authors":"Luis García-Feijóo,&nbsp;Benjamin A. Jansen","doi":"10.1111/fire.12320","DOIUrl":"https://doi.org/10.1111/fire.12320","url":null,"abstract":"<p>We use an international sample to test theories predicting an association between operating and financial leverage with stock returns and the value premium. We find evidence that operating and financial leverage are related to stock returns and the value premium across the sampled countries. Results hold after considering the trade-off between financial and operating leverage and are stronger in North American and European subsamples. Consistent with theory, we find that a country's labor share is positively associated with the value premium. Overall, we present evidence suggesting the value premium reflects compensation for exposure to systematic operating and financing risk.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"58 2","pages":"315-341"},"PeriodicalIF":3.2,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50126292","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
Did they live happily ever after? The fate of restructured firms after hedge fund activism 他们从此幸福地生活在一起了吗?对冲基金激进主义后重组公司的命运
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-08-31 DOI: 10.1111/fire.12319
Wonik Choi, Jongha Lim
{"title":"Did they live happily ever after? The fate of restructured firms after hedge fund activism","authors":"Wonik Choi,&nbsp;Jongha Lim","doi":"10.1111/fire.12319","DOIUrl":"10.1111/fire.12319","url":null,"abstract":"<p>This paper studies the long-term effect of hedge fund activism on distressed firms by tracing the post-emergence performance of firms that successfully resolved distress. We find that the firms restructured with hedge funds' intervention, compared to their counterparts that emerged without such intervention, are more likely to lose their public status, enjoy higher financial stability, and invest more. Notably, the gap in financial strength lasts at least 3 years after emergence. These findings suggest that the efficiency gains brought by hedge fund activism during the restructuring process tend to positively impact the restructured firms' financial soundness in the post-intervention period.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"925-947"},"PeriodicalIF":3.2,"publicationDate":"2022-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86643735","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
A rookie's guide to the academic job market in finance: The labor market for lemons 金融专业毕业生就业市场新手指南:柠檬的劳动力市场
IF 3.2
FINANCIAL REVIEW Pub Date : 2022-08-25 DOI: 10.1111/fire.12317
Alexander W. Butler, Timothy Falcon Crack
{"title":"A rookie's guide to the academic job market in finance: The labor market for lemons","authors":"Alexander W. Butler,&nbsp;Timothy Falcon Crack","doi":"10.1111/fire.12317","DOIUrl":"https://doi.org/10.1111/fire.12317","url":null,"abstract":"<p>Twenty years ago, we circulated our first “Rookie's Guide” to the academic labor market for finance Ph.D. students. Labor market logistics are easier now due to technological change, but the basic informational frictions that made it difficult for rookies to learn the ropes still exist, as do the fundamental market frictions that make bilateral matching between labor demand (hiring schools) and labor supply (the rookies) awkward and challenging. We recapitulate basic advice from previous guides, provide modern updates for the intense interview process, and discuss what to do after you accept an offer and during your first year of employment.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"57 4","pages":"775-791"},"PeriodicalIF":3.2,"publicationDate":"2022-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12317","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137543613","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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