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Do customers matter in currency hedging policies? Evidence from product warranties 客户对货币对冲政策重要吗？来自产品保证的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-05-03 DOI: 10.1111/eufm.12491
Pinghsun Huang, Yan Zhang
{"title":"Do customers matter in currency hedging policies? Evidence from product warranties","authors":"Pinghsun Huang,&nbsp;Yan Zhang","doi":"10.1111/eufm.12491","DOIUrl":"10.1111/eufm.12491","url":null,"abstract":"<p>Using a data set of US manufacturing firms with sales from foreign operations, we find that firms' currency hedging activities vary with their warranty obligations. The positive link of warranty obligations to currency hedging policies prevails in financially more constrained firms, companies facing fiercer product market competition and corporations producing more unique products. Our results suggest that firms are likely to incorporate their contractual commitments to customers into their currency hedging activities, especially when their failures to honor these commitments are more likely or costly.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2840-2879"},"PeriodicalIF":2.1,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832954","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
Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings 强制性环境、社会和公司治理信息披露、信息不对称和诉讼风险：首次公开募股的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-29 DOI: 10.1111/eufm.12494
Thomas J. Boulton
{"title":"Mandatory ESG disclosure, information asymmetry, and litigation risk: Evidence from initial public offerings","authors":"Thomas J. Boulton","doi":"10.1111/eufm.12494","DOIUrl":"10.1111/eufm.12494","url":null,"abstract":"<p>I use the staggered adoption of mandatory environmental, social, and governance (ESG) disclosure regulations around the world to explore the impact of ESG disclosure on initial public offering (IPO) underpricing. I find robust evidence that underpricing is substantially lower in countries with ESG disclosure mandates. High-quality disclosure environments moderate and tougher liability standards amplify the negative association between ESG disclosure mandates and underpricing, which suggests that ESG disclosure mandates reduce information asymmetry and litigation risk. The impact of ESG disclosure mandates on underpricing is stronger in countries with more pronounced environmental, social, and governance concerns.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2790-2839"},"PeriodicalIF":2.1,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12494","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140832955","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
So different and yet so alike: A comparative analysis of firms' connectedness in the stock and corporate bond markets 如此不同，却又如此相似：股票市场和公司债券市场中公司关联性的比较分析
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-27 DOI: 10.1111/eufm.12488
Renaud Beaupain, Stephanie Heck
{"title":"So different and yet so alike: A comparative analysis of firms' connectedness in the stock and corporate bond markets","authors":"Renaud Beaupain,&nbsp;Stephanie Heck","doi":"10.1111/eufm.12488","DOIUrl":"10.1111/eufm.12488","url":null,"abstract":"<p>We study firms' return and volatility connectedness in the stock and corporate bond markets. Our approach to capturing firm-specific return and volatility time series in the corporate bond market is based on a repeat-sales index at the firm level. Measuring the pairwise connectedness of firms, we show that the two markets share similar dynamics in the connectedness of their firms. Firms tend to cluster within their own sectors and ties between firms in the corporate bond market are proportionally weaker. Financial firms play a critical role in the propagation of shocks, but this role differs markedly in the two markets.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2743-2789"},"PeriodicalIF":2.1,"publicationDate":"2024-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12488","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140808720","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
Spillovers of PE investments PE 投资的溢出效应
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-26 DOI: 10.1111/eufm.12492
Huynh S. Truong, Uwe Walz
{"title":"Spillovers of PE investments","authors":"Huynh S. Truong,&nbsp;Uwe Walz","doi":"10.1111/eufm.12492","DOIUrl":"10.1111/eufm.12492","url":null,"abstract":"<p>We investigate a potential primary effect of leveraged buyouts (LBOs) by private equity (PE) on peers in the same industry using data on US public-to-private LBO transactions between 1985 and 2016. We use a network-based instrumental variable approach to account for potential endogeneity concerns. Our findings indicate that the LBOs by PEs matter for peer firms' performance and corporate strategy relative to nonpeer firms. Our study supports a learning factor hypothesis, but we find no evidence to support the conjecture that peers lose due to the increased competitiveness of the LBO target.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2717-2742"},"PeriodicalIF":2.1,"publicationDate":"2024-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140802793","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
Benefit corporation certification and financial performance: Capital structure matters 福利公司认证和财务业绩：资本结构问题
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-14 DOI: 10.1111/eufm.12489
Özlem Asma-Arikan, Onur Kemal Tosun
{"title":"Benefit corporation certification and financial performance: Capital structure matters","authors":"Özlem Asma-Arikan,&nbsp;Onur Kemal Tosun","doi":"10.1111/eufm.12489","DOIUrl":"10.1111/eufm.12489","url":null,"abstract":"<p>We are examining the impact of benefit corporation certification on the profitability of UK companies, taking into account their capital structure. We contribute to the literature that scrutinizes the financial ramifications of Benefit Corporation Certification. Analyzing UK Certified Benefit Corporations (CBCs) and their noncertified counterparts using a difference-in-differences analysis, we find that the performance of CBCs with a capital structure heavily weighted towards debt declines in comparison to non-CBCs, using Return on Assets as a measure of financial performance. Conversely, the performance of CBCs with a capital structure primarily composed of equity is comparable to that of non-CBCs.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2880-2913"},"PeriodicalIF":2.1,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12489","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140578705","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
A success dressed as a failure? Evidence from post-IPO withdrawal outcomes in Europe 披着失败外衣的成功？欧洲首次公开募股后退出结果的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-06 DOI: 10.1111/eufm.12487
Pia Helbing, Brian M. Lucey
{"title":"A success dressed as a failure? Evidence from post-IPO withdrawal outcomes in Europe","authors":"Pia Helbing,&nbsp;Brian M. Lucey","doi":"10.1111/eufm.12487","DOIUrl":"10.1111/eufm.12487","url":null,"abstract":"<p>What happens to companies that file for an initial public offering (IPO), but withdraw and do not list? How long does the post-IPO outcome take? These questions are investigated by analysing market, firm and offer characteristics of 334 withdrawn IPOs in Europe between 2001 and 2015. The majority of withdrawn IPOs is engaged in M&amp;A, only few file for a second time IPO. These post-IPO withdrawal outcomes happen shortly after the IPO filing. Private equity and venture capital-backed firms are more frequently engaging in M&amp;A or trading. The evidence suggests that the IPO may be used as a marketing mechanism, being one of several alternatives of exit.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2682-2716"},"PeriodicalIF":2.1,"publicationDate":"2024-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12487","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140578896","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
Mortgage rates and credit risk: Evidence from mortgage pools 抵押贷款利率和信贷风险：来自抵押贷款池的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-04-03 DOI: 10.1111/eufm.12486
Gaetano Antinolfi, Celso Brunetti, Jay Im
{"title":"Mortgage rates and credit risk: Evidence from mortgage pools","authors":"Gaetano Antinolfi,&nbsp;Celso Brunetti,&nbsp;Jay Im","doi":"10.1111/eufm.12486","DOIUrl":"10.1111/eufm.12486","url":null,"abstract":"<p>In the 1990s, securitised subprime loans supported the growth of mortgage lending. We study the evolution of initial mortgage rates as a function of loan and borrower characteristics during 1992–2015. We compare the evolution of initial rates on securitised subprime mortgages with rates of prime privately securitised mortgages, mortgages securitised by government-sponsored enterprises, and nonsecuritised mortgages. Starting in 2003 the risk premium on subprime loans decreases until it disappears at the onset of the Global Financial Crisis. We find that loading factors on subprime rates are cointegrated with delinquencies and house price movements, providing evidence of the important role of the subprime market.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2658-2681"},"PeriodicalIF":2.1,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140578706","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
Can quantitative investment improve market efficiency?—Evidence from China 量化投资能否提高市场效率？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-03-30 DOI: 10.1111/eufm.12485
Ruiqing Hu, Wang Xiang, Weinan Zheng, Keyu Zhou
{"title":"Can quantitative investment improve market efficiency?—Evidence from China","authors":"Ruiqing Hu,&nbsp;Wang Xiang,&nbsp;Weinan Zheng,&nbsp;Keyu Zhou","doi":"10.1111/eufm.12485","DOIUrl":"10.1111/eufm.12485","url":null,"abstract":"<p>We investigate the impact of quantitative investment on market efficiency in China. We provide an illustrative model to show that quantitative investment enhances market efficiency. Empirically, we conduct both time-series and cross-sectional analysis. Regarding the time series dimension, we construct <i>QuantDegree</i> to measure the level of quantitative investment. We find that the performance of most anomalies decreases as <i>QuantDegree</i> increases. In the cross-sectional dimension, we sort stocks into portfolios based on quant fund holdings and traditional anomalies. We find the anomaly return is lower within the groups with higher quant fund holdings, a result further confirmed by Fama–MacBeth regressions.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2628-2657"},"PeriodicalIF":2.1,"publicationDate":"2024-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140361931","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
Geopolitical risk and global green bond market growth 地缘政治风险与全球绿色债券市场增长
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-03-25 DOI: 10.1111/eufm.12484
Charilaos Mertzanis, Imen Tebourbi
{"title":"Geopolitical risk and global green bond market growth","authors":"Charilaos Mertzanis,&nbsp;Imen Tebourbi","doi":"10.1111/eufm.12484","DOIUrl":"10.1111/eufm.12484","url":null,"abstract":"<p>Using individual transaction data, we investigate how geopolitical risk influences green bond issuance across 73 countries during 2008–2021. We consider deal characteristics, as well as economic and institutional factors. We find a positive association between geopolitical risk and green bond issuance. The effect shows nonlinearity and time delays. Our findings remain robust after conducting sensitivity and endogeneity analysis. After decomposing the geopolitical risk index, we discover that all its components have positive correlations with green bond issuance. Lastly, our study highlights the crucial role of the underwriters' network and specific geopolitical jurisdictions as drivers for global green bond market expansion.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"26-71"},"PeriodicalIF":2.1,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12484","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140301436","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
Bond return predictability: Macro factors and machine learning methods 债券回报的可预测性：宏观因素和机器学习方法
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-03-12 DOI: 10.1111/eufm.12483
Ying Jiang, Xiaoquan Liu, Yirong Liu, Fumin Zhu
{"title":"Bond return predictability: Macro factors and machine learning methods","authors":"Ying Jiang,&nbsp;Xiaoquan Liu,&nbsp;Yirong Liu,&nbsp;Fumin Zhu","doi":"10.1111/eufm.12483","DOIUrl":"10.1111/eufm.12483","url":null,"abstract":"<p>We investigate the impact of macroeconomic variables on bond risk premia prediction via machine learning techniques. On the basis of Chinese treasury bonds from March 2006 to December 2022, we show that adding macroeconomic factors improves bond return forecasts and generates higher economic benefits to investors. This is achieved when the nonlinear relationship between macroeconomic variables and bond returns is modelled via machine learning methods. Furthermore, the importance of macroeconomic determinants changes along the yield curve. Our study sheds new light on the information contained in macroeconomic variables for treasury bond valuation and highlights the importance of utilizing appropriate machine learning methods.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2596-2627"},"PeriodicalIF":2.1,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140249563","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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