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Non-CEO executives' intraorganizational competition incentives and corporate labour investment efficiency 非 CEO 高管的组织内竞争激励与企业劳动力投资效率
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-10-29 DOI: 10.1111/eufm.12463
Zhe Li, Bo Wang
{"title":"Non-CEO executives' intraorganizational competition incentives and corporate labour investment efficiency","authors":"Zhe Li,&nbsp;Bo Wang","doi":"10.1111/eufm.12463","DOIUrl":"10.1111/eufm.12463","url":null,"abstract":"<p>This study examines the impact of non-Chief Executive Officer (non-CEO) executives' intraorganizational promotion-based incentives, also known as tournament incentives, on corporate labour investment efficiency. We find that tournament incentives lead to inefficient labour investment, measured as the absolute deviation from optimal net hiring warranted by firm fundamentals. This positive relationship is weakened when non-CEO executives are less eager to compete in the tournament. Mediating analysis demonstrates that reduced team cohesion, captured by non-CEO executive turnover, mediates the relationship between tournament incentives and labour investment inefficiency. Our evidence is consistent with the dysfunctional view of tournament incentives and highlights the importance of non-CEO executives' incentives in corporate labour investment.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"1868-1915"},"PeriodicalIF":2.1,"publicationDate":"2023-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12463","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136134732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Arbitrage asymmetry, mispricing and the illiquidity premium 套利不对称、错误定价和非流动性溢价
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-10-13 DOI: 10.1111/eufm.12462
Feifei Wang, Lingling Zheng
{"title":"Arbitrage asymmetry, mispricing and the illiquidity premium","authors":"Feifei Wang,&nbsp;Lingling Zheng","doi":"10.1111/eufm.12462","DOIUrl":"10.1111/eufm.12462","url":null,"abstract":"<p>Illiquid assets require a return premium; illiquidity is also a limit-to-arbitrage. We find that Amihud's illiquidity premium is significantly higher among underpriced stocks than among overpriced stocks. Excluding the most mispriced stocks leads to a higher and more reliably estimated illiquidity premium. Amihud's illiquidity measure is positively correlated with overpricing, consistent with arbitrage asymmetry, while inconsistent with Lou and Shu's contention that the return premium associated with the Amihud measure reflects mispricing rather than compensation for illiquidity. Our results demonstrate that it is important to account for their role as limits-to-arbitrage when evaluating the pricing of illiquidity measures.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"1829-1867"},"PeriodicalIF":2.1,"publicationDate":"2023-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135918517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research unbundling and market liquidity: Evidence from MiFID II 研究松绑与市场流动性：MiFID II 提供的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-10-09 DOI: 10.1111/eufm.12460
Anqi Fu, Tim Jenkinson, David Newton, Ru Xie
{"title":"Research unbundling and market liquidity: Evidence from MiFID II","authors":"Anqi Fu,&nbsp;Tim Jenkinson,&nbsp;David Newton,&nbsp;Ru Xie","doi":"10.1111/eufm.12460","DOIUrl":"10.1111/eufm.12460","url":null,"abstract":"<p>The second Markets in Financial Instruments Directive (MiFID II) mandated the unbundling of payments for research and trading. This research explores whether the impact of MiFID II differs between large and small firms in terms of analyst coverage and stock liquidity. Focusing on the UK stock markets we find a significant drop in analyst coverage on the Main Market, which leads to a deterioration in market liquidity. In contrast, the requirement of AIM firms to retain a Nominated Adviser, who often provides research coverage, has mitigated the impact of MiFID II.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"1759-1786"},"PeriodicalIF":2.1,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12460","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135094295","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Geographic income diversification of large European banks: Better or worse? 欧洲大型银行的地域收入多样化：好还是坏？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-10-09 DOI: 10.1111/eufm.12461
Caner Gerek, Ahmet M. Tuncez
{"title":"Geographic income diversification of large European banks: Better or worse?","authors":"Caner Gerek,&nbsp;Ahmet M. Tuncez","doi":"10.1111/eufm.12461","DOIUrl":"10.1111/eufm.12461","url":null,"abstract":"<p>This study examines the impact of geographic income diversification of large European banks on performance and risk-taking by using unique data. By dividing the total operating income into three regions as the home country, the rest of Europe and the rest of the world, we find evidence that geographic income diversification reduces bank performance and increases risk-taking. Particularly, shifting operations from home countries to other European countries or the rest of the world reduces bank performance and enhances risk-taking unless the bank is highly concentrated in these areas. We also identify contributing channels, including the “follow-the-customer” hypothesis, new subsidiaries and board diversity, to explain the adverse effect.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"1787-1828"},"PeriodicalIF":2.1,"publicationDate":"2023-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12461","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135147265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Engaged ETFs and firm performance 参与式 ETF 与公司业绩
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-09-26 DOI: 10.1111/eufm.12459
Izidin El Kalak, Robert Hudson, Onur K. Tosun
{"title":"Engaged ETFs and firm performance","authors":"Izidin El Kalak,&nbsp;Robert Hudson,&nbsp;Onur K. Tosun","doi":"10.1111/eufm.12459","DOIUrl":"10.1111/eufm.12459","url":null,"abstract":"<p>Exchange Traded Funds (ETFs) have often tracked indices and charged low fees so their incentives to improve firm performance are questionable although little empirical work has investigated this issue. Theoretically, however, we expect firms to perform better when held by more engaged ETFs. We develop a new measure of engagement using a weighted-average concentration measure which captures the combined effect of the concentration of the portfolios of the ETFs investing in a firm and the ownership of the firm by those ETFs. Using ETFs' investment in US-listed firms for the period 2000–2019, we confirm our expectations that more engaged ETFs improve firm performance.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1708-1756"},"PeriodicalIF":2.2,"publicationDate":"2023-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12459","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134957886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Extreme risk dependence between green bonds and financial markets 绿色债券与金融市场之间的极端风险依赖性
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-09-16 DOI: 10.1111/eufm.12458
Sitara Karim, Brian M. Lucey, Muhammad A. Naeem, Larisa Yarovaya
{"title":"Extreme risk dependence between green bonds and financial markets","authors":"Sitara Karim,&nbsp;Brian M. Lucey,&nbsp;Muhammad A. Naeem,&nbsp;Larisa Yarovaya","doi":"10.1111/eufm.12458","DOIUrl":"10.1111/eufm.12458","url":null,"abstract":"<p>The current study investigates the extreme risk dependence between green bonds and financial markets by employing the dual approaches of time-varying optimal copula and extreme risk spillover analysis of dynamic conditional Value-at-Risk. We report significant symmetric (asymmetric) tail-dependent copulas in the upper (lower) tails characterizing independent regimes. Green bonds offer sufficient diversification, safe-haven, and hedging opportunities during stable and distressing times to financial markets. The extreme risk spillovers revealed that COVID-19 transformed the spillovers between green bonds and financial markets except Bitcoin. We proposed insightful implications for policymakers, governments, investors, and portfolio managers to relish the findings for their investment avenues.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"935-960"},"PeriodicalIF":2.2,"publicationDate":"2023-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12458","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135306257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance 沃尔克规则之后诞生：监管变化、经理薪酬和对冲基金业绩
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-09-06 DOI: 10.1111/eufm.12457
Michael Bowe, Olga Kolokolova, Lijie Yu
{"title":"Born after the Volcker Rule: Regulatory change, managerial remuneration and hedge fund performance","authors":"Michael Bowe,&nbsp;Olga Kolokolova,&nbsp;Lijie Yu","doi":"10.1111/eufm.12457","DOIUrl":"10.1111/eufm.12457","url":null,"abstract":"<p>Substantial remunerative benefits accrue to managers of new hedge funds launched after the implementation of the Volcker Rule if their previous employer is a large US bank. After the rule, ex-bankers' funds charge higher management fees and receive more flows as compared with other new hedge funds established during the same period. This phenomenon is related to changes in investor perception of the distribution of skills of new fund managers rather than to the actual differences in skills. Ex-bankers' funds are indistinguishable from other funds in terms of performance, risk, and liquidation probability, both before and after the Volcker Rule.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1668-1707"},"PeriodicalIF":2.2,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12457","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135150925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Issue Information: European Financial Management 4/2023 发行信息：欧洲财务管理4/2023
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-09-05 DOI: 10.1111/eufm.12374
{"title":"Issue Information: European Financial Management 4/2023","authors":"","doi":"10.1111/eufm.12374","DOIUrl":"https://doi.org/10.1111/eufm.12374","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"29 4","pages":"1023"},"PeriodicalIF":2.2,"publicationDate":"2023-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12374","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50122341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is bitcoin ESG-compliant? A sober look 比特币符合 ESG 标准吗？冷静思考
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-09-01 DOI: 10.1111/eufm.12451
Juliane Proelss, Denis Schweizer, Stéphane Sévigny
{"title":"Is bitcoin ESG-compliant? A sober look","authors":"Juliane Proelss,&nbsp;Denis Schweizer,&nbsp;Stéphane Sévigny","doi":"10.1111/eufm.12451","DOIUrl":"10.1111/eufm.12451","url":null,"abstract":"<p>Much of the media focus surrounding Bitcoin (BTC) has been on the ‘E’ (environmental) element of the ESG investing approach. Given the amount of electricity consumed by BTC mining, and the resulting large carbon emissions, BTC has faced substantial criticism of its overly negative environmental impact, which is critically reviewed in this article. This one-sided discussion, however, ignores the ‘S’ (social) and ‘G’ (governance) elements entirely. To remedy that, we explore BTC's positive impact on the ‘S’ (user satisfaction, data protection and privacy, human rights, and criminal activity), and ‘G’ (accounting integrity and transparency, compensation, and principles of good governance) components.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"680-726"},"PeriodicalIF":2.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135253462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial uncertainty and stock market volatility 金融不确定性与股市波动
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-08-28 DOI: 10.1111/eufm.12456
Ying Jiang, Xiaoquan Liu, Zhenyu Lu
{"title":"Financial uncertainty and stock market volatility","authors":"Ying Jiang,&nbsp;Xiaoquan Liu,&nbsp;Zhenyu Lu","doi":"10.1111/eufm.12456","DOIUrl":"10.1111/eufm.12456","url":null,"abstract":"<p>This study explores the relation between financial uncertainty and volatility in China. The time variation in financial uncertainty shocks is theoretically closely related to stock return dynamics. Empirically, the financial uncertainty measure is based on a large set of economic and financial variables and captures its unpredictable component. Over the sample period from 2000 to 2021, we find that financial uncertainty positively impacts the trend component of market volatility and that it improves volatility predictions in both statistical and economic terms. Our study sheds new light on the sources driving volatility and the dynamic relation between uncertainty and volatility components.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1618-1667"},"PeriodicalIF":2.2,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135032967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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