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Financial Market Misconduct: A Bibliometric Perspective 金融市场不端行为：文献计量学视角
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-12-03 DOI: 10.1111/eufm.12525
Rosella Carè, Rabia Fatima
{"title":"Financial Market Misconduct: A Bibliometric Perspective","authors":"Rosella Carè,&nbsp;Rabia Fatima","doi":"10.1111/eufm.12525","DOIUrl":"https://doi.org/10.1111/eufm.12525","url":null,"abstract":"<p>This article provides a bibliometric analysis of financial market misconduct (FMM) research. It maps the intellectual structure of FMM studies, visualizes the field's scientific literature, and uncovers its intellectual backbone, emergent ‘hot topics’, key journals, and influential authors. The study contributes to both academia and industry by elucidating the main components and evolutionary trends in FMM research. Additionally, it highlights future research directions by identifying potential underestimated risks and unexplored areas.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1042-1071"},"PeriodicalIF":2.1,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12525","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323341","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
Executive Equity-Based Compensation and Tournament Incentives 基于股权的高管薪酬和赛事激励
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-26 DOI: 10.1111/eufm.12533
Meziane Lasfer, Xiaoke Ye
{"title":"Executive Equity-Based Compensation and Tournament Incentives","authors":"Meziane Lasfer,&nbsp;Xiaoke Ye","doi":"10.1111/eufm.12533","DOIUrl":"https://doi.org/10.1111/eufm.12533","url":null,"abstract":"<p>We find that the losers in CEO promotion tournaments sell their equity holdings profitably to mitigate the reductions in the promotion-based component of their contracts. They avoid selling before losing the contest to maximize their promotion probabilities. Those who are more likely to compete in the tournament and to face a greater forgone tournament prize trade more aggressively. Our results suggest that tournament losers consider their trading opportunities as outside options to compensate themselves ex-post. This strategy weakens the relationship between tournament incentives and firm performance and highlights new implications for tournament incentives models, compensation committees, and insider trading regulations.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1015-1041"},"PeriodicalIF":2.1,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12533","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323613","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
Voting in the Stock Market–Retail Investor Preferences During COVID-19 COVID-19期间股票-散户投资者偏好的投票
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-26 DOI: 10.1111/eufm.12526
Anil Gautam, Grace Lepone PhD
{"title":"Voting in the Stock Market–Retail Investor Preferences During COVID-19","authors":"Anil Gautam,&nbsp;Grace Lepone PhD","doi":"10.1111/eufm.12526","DOIUrl":"https://doi.org/10.1111/eufm.12526","url":null,"abstract":"<div>\u0000 \u0000 <p>Using data from Robinhood, this study investigates retail investors' movement towards/from securities with different environmental, social and governance scores during the COVID-19 pandemic. Although the number of retail investors holding securities with low environmental scores declined, the number holding high-score securities remained steady. We also find heterogeneity in investors' reactions to different subcategory scores. The equal-weighted buy-and-hold portfolio of high-score securities did not outperform that of low-score securities in either volatility or return, suggesting neither financial return nor risk drove retail investors' preference for high environmental score securities. Thus, such ‘voting’ by investment choice is independent of pecuniary indicators.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"995-1014"},"PeriodicalIF":2.1,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323612","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
Tests of Global Flights to Safety With US Financial Firm Bankruptcy Announcements 美国金融公司宣布破产，全球航班安全受到考验
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-26 DOI: 10.1111/eufm.12532
Theodosis L. Kallenos, Panayiotis Papakyriakou, Athanasios Sakkas, Zenon Taoushianis
{"title":"Tests of Global Flights to Safety With US Financial Firm Bankruptcy Announcements","authors":"Theodosis L. Kallenos,&nbsp;Panayiotis Papakyriakou,&nbsp;Athanasios Sakkas,&nbsp;Zenon Taoushianis","doi":"10.1111/eufm.12532","DOIUrl":"https://doi.org/10.1111/eufm.12532","url":null,"abstract":"<p>This paper investigates whether bankruptcy announcements by large US financial institutions can induce flights to safety, leading investors to seek safer investments. To test this relationship, we employ a short-horizon event study methodology and show that low-risk investments—such as the US dollar, sovereign bonds and gold—exhibit significant appreciation following such announcements. This result is more pronounced when the local country-level investor sentiment declines in the postannouncement period. We also analyze the transmission mechanism through which bankruptcy announcements cause flights to safety and empirically identify a global information contagion channel via negative shocks to the cash flows of stocks.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1170-1194"},"PeriodicalIF":2.1,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12532","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323614","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
Robots, Labour Market Frictions and Corporate Financial Policy 机器人、劳动力市场摩擦和企业财务政策
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-21 DOI: 10.1111/eufm.12534
Yanguang (Alice) Liu
{"title":"Robots, Labour Market Frictions and Corporate Financial Policy","authors":"Yanguang (Alice) Liu","doi":"10.1111/eufm.12534","DOIUrl":"https://doi.org/10.1111/eufm.12534","url":null,"abstract":"<div>\u0000 \u0000 <p>We construct a novel firm-level measure of robot exposure using the International Federation of Robotics (IFR) data set and new robot patent data. We find that the use of robots leads to higher leverage and lower cash holdings. Using an instrumental variable based on the comparative advantage of robots in specific tasks, we find that the effect is likely to be causal and driven by the reduced operating leverage. The effect is stronger when firms are hit by negative shocks including minimum wage hikes and foreign competition. Firms with more robots pay out more and use fewer corporate hedging contracts.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"975-994"},"PeriodicalIF":2.1,"publicationDate":"2024-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323708","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
Bank Financial Distress and Stock Price Crashes: A Quasi-Experimental Approach 银行财务困境与股价崩盘：一种准实验方法
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-20 DOI: 10.1111/eufm.12529
Priti Biswas, Debasish Maitra, Sayantan Mukherjee
{"title":"Bank Financial Distress and Stock Price Crashes: A Quasi-Experimental Approach","authors":"Priti Biswas,&nbsp;Debasish Maitra,&nbsp;Sayantan Mukherjee","doi":"10.1111/eufm.12529","DOIUrl":"https://doi.org/10.1111/eufm.12529","url":null,"abstract":"<div>\u0000 \u0000 <p>Using 118,292 US bank-month observations, we examine the effects of short-term changes in bank's financial distress on stock price crash risk. There is a significant positive association between short-term changes in distress on stock price crash risk. The results remain consistent across alternative measures of distress and crash risk. We confirm robustness by employing additional tests for reverse causality and propensity score matching. We find opacity, proxied by discretionary loan-loss provisions to be a potential channel through which increase in distress affects future crash risk. Our study underscores the critical association between increasing financial distress, loan-loss reporting, and crash risk.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1103-1123"},"PeriodicalIF":2.1,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323705","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 Regulators on Boards: Evidence From Earnings Information Quality 董事会中的金融监管者：来自盈余信息质量的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-20 DOI: 10.1111/eufm.12530
Ching-Hung Chang, Yung-Ling Chi, Qingqing Wu
{"title":"Financial Regulators on Boards: Evidence From Earnings Information Quality","authors":"Ching-Hung Chang,&nbsp;Yung-Ling Chi,&nbsp;Qingqing Wu","doi":"10.1111/eufm.12530","DOIUrl":"https://doi.org/10.1111/eufm.12530","url":null,"abstract":"<div>\u0000 \u0000 <p>We find that directors with a financial regulatory background are associated with lower earnings quality. The influence of financial regulatory directors (FRDs) is more substantial for firms with higher proprietary costs and FRDs with greater expertise and experience. FRD firms do not have a greater likelihood of financial misconduct or meeting or beating analysts' forecasts. The stock market reacts more positively to FRD appointments than to the appointments of other directors. Our findings suggest that FRDs certify firm discipline, with lower earnings quality reflecting strategic choices rather than opportunistic manipulation, highlighting the impact of postemployment restrictions in financial regulatory agencies.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1072-1102"},"PeriodicalIF":2.1,"publicationDate":"2024-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323704","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
Sustainable Portfolio Construction via Machine Learning: ESG, SDG and Sentiment 通过机器学习构建可持续投资组合：ESG、可持续发展目标和情绪
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-18 DOI: 10.1111/eufm.12531
Xin Feng, Hans-Jörg von Mettenheim, Georgios Sermpinis, Charalampos Stasinakis
{"title":"Sustainable Portfolio Construction via Machine Learning: ESG, SDG and Sentiment","authors":"Xin Feng,&nbsp;Hans-Jörg von Mettenheim,&nbsp;Georgios Sermpinis,&nbsp;Charalampos Stasinakis","doi":"10.1111/eufm.12531","DOIUrl":"https://doi.org/10.1111/eufm.12531","url":null,"abstract":"<p>This study proposes portfolio construction strategies based on novel sentiment, ESG and SDG scores. We utilize natural language processing to establish a novel daily score system that mitigates concerns of different rating standards. The portfolios constructed are optimized via machine learning algorithms on a monthly basis using daily historical returns. Utilizing the equal-weighted portfolios as benchmarks, we empirically show that our optimized portfolios exhibit better trading performance in both the SPX500 and STOXX600 indices. The findings demonstrate that nonlinear models such as random forests, neural networks, and genetic algorithms can perform better than other machine learning models in portfolio management.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1148-1169"},"PeriodicalIF":2.1,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12531","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323722","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
Venture Capital and Vulnerability: Navigating Natural Disasters and Investment Resilience 风险资本和脆弱性：应对自然灾害和投资弹性
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-18 DOI: 10.1111/eufm.12528
Chen Huang, Aoran Zhang, Mengyu Zhang, Yunfei Zhao
{"title":"Venture Capital and Vulnerability: Navigating Natural Disasters and Investment Resilience","authors":"Chen Huang,&nbsp;Aoran Zhang,&nbsp;Mengyu Zhang,&nbsp;Yunfei Zhao","doi":"10.1111/eufm.12528","DOIUrl":"https://doi.org/10.1111/eufm.12528","url":null,"abstract":"<p>This study examines the impact of natural disasters on venture capital (VC) investment decisions. Using 47 catastrophic natural disasters occurred in the United States from 1990 to 2019, our empirical analysis reveals a significant reduction in VC investments in disaster zones. Additionally, natural disasters negatively influence VC exit strategies, reducing the likelihood and extending the time to successful exits via IPOs. However, we find that green VCs are more likely to invest in disaster-affected areas, indicating potential resilience through green technological innovation. Our findings emphasize sustainability and disaster mitigation, and offer valuable insights for policymakers and investors amidst rising climate uncertainties.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"1124-1147"},"PeriodicalIF":2.1,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12528","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323729","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
CEO Connectedness and Firm Transparency CEO连通性和公司透明度
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-11-07 DOI: 10.1111/eufm.12527
Hoa Luong, Kristina Minnick, Mia L. Rivolta, Syed Shams
{"title":"CEO Connectedness and Firm Transparency","authors":"Hoa Luong,&nbsp;Kristina Minnick,&nbsp;Mia L. Rivolta,&nbsp;Syed Shams","doi":"10.1111/eufm.12527","DOIUrl":"https://doi.org/10.1111/eufm.12527","url":null,"abstract":"<div>\u0000 \u0000 <p>Our research reveals that CEO connections with Audit Committee directors, established through past employment, education, or social organization memberships, significantly impact firm transparency. These connections increase the likelihood of firms issuing less transparent and readable financial reports. Furthermore, these connections are linked to decreased long-term firm value and increased crash risk. Our findings underscore the crucial role of CEO connectedness in corporate disclosure transparency and firm value. We employed multiple methodologies to address endogeneity concerns. Our results remain robust.</p></div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 3","pages":"955-974"},"PeriodicalIF":2.1,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323618","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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