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Managing liquidity along the supply chain: Supplier-base concentration and corporate cash policy 供应链流动性管理：供应商基地集中度与企业现金政策
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-01-18 DOI: 10.1111/eufm.12479
Lulu Di, Wei Jiang, Ju Mao, Yeqin Zeng
{"title":"Managing liquidity along the supply chain: Supplier-base concentration and corporate cash policy","authors":"Lulu Di,&nbsp;Wei Jiang,&nbsp;Ju Mao,&nbsp;Yeqin Zeng","doi":"10.1111/eufm.12479","DOIUrl":"10.1111/eufm.12479","url":null,"abstract":"<p>We find that customer firms with more concentrated supplier bases tend to hold higher levels of cash reserves. The positive relation between supplier-base concentration and cash holdings is more pronounced for firms with nonstate ownership, higher market competition, worse inventory efficiency, more relationship-specific investment, central positions in the production networks, and headquarters located in regions with lower levels of financial development. Furthermore, we show that debt issuance enhances firms' cash holdings when they have concentrated suppliers, and supplier-base concentration increases firms' cash spending on R&amp;D investment. Our study highlights the importance of supplier structure in shaping corporate cash policy.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2376-2421"},"PeriodicalIF":2.1,"publicationDate":"2024-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517225","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
Picking a thorny rose: Optimal trading with spread-based return predictability 采摘带刺的玫瑰基于价差收益可预测性的最佳交易
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-01-05 DOI: 10.1111/eufm.12476
Linjun Feng, Ya Li, Jing Xu
{"title":"Picking a thorny rose: Optimal trading with spread-based return predictability","authors":"Linjun Feng,&nbsp;Ya Li,&nbsp;Jing Xu","doi":"10.1111/eufm.12476","DOIUrl":"10.1111/eufm.12476","url":null,"abstract":"<p>Small stocks' time-varying spreads predict future return gap between small and large stocks. To optimally exploit such predictability, the investor captures current risk premium by purchasing at large spreads with substantially reduced turnover; uses an aim-in-front-of-the-target approach to trade-off between future risk premium and current transaction costs; and meets hedging demand at low costs. Strong interaction between transaction costs and return predictability leads to large losses from myopic trading. Greater variability of the spread is advantageous for investors who trade optimally but detrimental for investors who trade myopically. The spread-based return predictability significantly increases the investment value of small stocks.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2343-2375"},"PeriodicalIF":2.1,"publicationDate":"2024-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139375602","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
Issue Information: European Financial Management 1/2024 发行信息：欧洲财务管理 1/2024
IF 2.2 3区 经济学
European Financial Management Pub Date : 2024-01-03 DOI: 10.1111/eufm.12432
{"title":"Issue Information: European Financial Management 1/2024","authors":"","doi":"10.1111/eufm.12432","DOIUrl":"https://doi.org/10.1111/eufm.12432","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 1","pages":"1-2"},"PeriodicalIF":2.2,"publicationDate":"2024-01-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12432","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139101100","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
Retail ETF investing 零售 ETF 投资
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-12-21 DOI: 10.1111/eufm.12471
David Gempesaw, Joseph J. Henry, Han Xiao
{"title":"Retail ETF investing","authors":"David Gempesaw,&nbsp;Joseph J. Henry,&nbsp;Han Xiao","doi":"10.1111/eufm.12471","DOIUrl":"10.1111/eufm.12471","url":null,"abstract":"<p>Using marketable order flow data, we analyze key characteristics of aggregate retail exchange-traded fund (ETF) investing from 2010 to 2021, including allocations, holding period and investment performance. Retail traders allocate 12% more dollar volume to leveraged and inverse ETFs versus nonretail traders. Retail ETF trades distinctly increase with prior ETF returns, in contrast to contrarian stock trading. Estimated ETF holding periods are longer for retail investors versus nonretail. Finally, retail and nonretail ETF trades perform similarly over hypothetical holding periods up to one quarter. Overall, we provide policy-relevant insights into retail investing behaviours, which have been the subject of recent concern.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2305-2342"},"PeriodicalIF":2.1,"publicationDate":"2023-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12471","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138825544","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
When does CSR payoff? 企业社会责任何时产生效益？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-12-18 DOI: 10.1111/eufm.12475
John A. Doukas, Rongyao Zhang
{"title":"When does CSR payoff?","authors":"John A. Doukas,&nbsp;Rongyao Zhang","doi":"10.1111/eufm.12475","DOIUrl":"10.1111/eufm.12475","url":null,"abstract":"<p>We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good and bad economic states when firms are run by high-attribute managers.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2242-2304"},"PeriodicalIF":2.1,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12475","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138716705","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
The joint determination of the payment method and the bid premium in M&As: What is the role of firm opacity? 并购中支付方式和投标溢价的共同决定：公司不透明的作用是什么？
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-12-15 DOI: 10.1111/eufm.12474
Pierpaolo Battigalli, Carlo Chiarella, Stefano Gatti, Tommaso Orlando
{"title":"The joint determination of the payment method and the bid premium in M&As: What is the role of firm opacity?","authors":"Pierpaolo Battigalli,&nbsp;Carlo Chiarella,&nbsp;Stefano Gatti,&nbsp;Tommaso Orlando","doi":"10.1111/eufm.12474","DOIUrl":"10.1111/eufm.12474","url":null,"abstract":"<p>This paper investigates how private information affects the joint determination of the payment method and the bid premium in M&amp;As. The focus is on the uncertainty of the stand-alone valuations of the firms involved in the transaction induced by their <i>opacity</i>. First, we model M&amp;A negotiations as a signalling game with two-sided private information and derive correlations between firm opacity and bid characteristics from equilibrium analysis. Then, we analyze a sample of U.S. deals, using an index based on market measures of adverse selection to quantify firm opacity. We find that the likelihood of stock offers and the bid premium increase with the target's opacity, while more opaque bidders are associated with fewer stock offers and smaller bid premiums.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2195-2241"},"PeriodicalIF":2.1,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12474","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138690251","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
I will trade, just not today: Individual investor trading activity around birthdays 我会交易，但不是今天：个人投资者在生日前后的交易活动
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-12-11 DOI: 10.1111/eufm.12472
Emanuele Bajo, Otto Randl, Giorgia Simion
{"title":"I will trade, just not today: Individual investor trading activity around birthdays","authors":"Emanuele Bajo,&nbsp;Otto Randl,&nbsp;Giorgia Simion","doi":"10.1111/eufm.12472","DOIUrl":"10.1111/eufm.12472","url":null,"abstract":"<p>In this paper we provide new evidence of investor inattention by showing that personal occurrences such as birthdays are able to drive attention away from the stock market. We document that individual investors significantly reduce their trading activity in the 3 days around their birthday. The reduction in the propensity to trade is larger for more active traders, in the event of a decade birthday and when this celebrative event falls on a Friday. Results are robust to analyses focusing only on days when investor attention should be at its peak, as expressed by excess news coverage and trading volumes.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2164-2194"},"PeriodicalIF":2.1,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12472","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138579286","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
Firm-level exposure to trade policy shocks: A multidimensional measurement approach 企业层面对贸易政策冲击的敞口:一种多维度量方法
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-11-27 DOI: 10.1111/eufm.12473
Giovanni Bruno, Felix Goltz, Ben Luyten
{"title":"Firm-level exposure to trade policy shocks: A multidimensional measurement approach","authors":"Giovanni Bruno,&nbsp;Felix Goltz,&nbsp;Ben Luyten","doi":"10.1111/eufm.12473","DOIUrl":"10.1111/eufm.12473","url":null,"abstract":"<p>We propose a firm-level measure of exposure to trade policy shifts that combines characteristics (tradability of goods, share of output exported and corporate risk disclosures) with information from stock returns. We show that the measure reliably captures out-of-sample differences in price responses and sentiment related to trade tensions, both in US and international data. Differences across firms are economically important with return effects of 140 bp around tariff announcements. We argue that such a multidimensional measure is a useful tool for future research on trade policy risk.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2135-2163"},"PeriodicalIF":2.1,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12473","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542481","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 it a boy or a girl? Newborn gender and household portfolio decisions 是男孩还是女孩?新生儿性别和家庭投资组合决策
IF 2.1 3区 经济学
European Financial Management Pub Date : 2023-11-22 DOI: 10.1111/eufm.12469
Francesca Arnaboldi, Elena Beccalli, Francesca Gioia
{"title":"Is it a boy or a girl? Newborn gender and household portfolio decisions","authors":"Francesca Arnaboldi,&nbsp;Elena Beccalli,&nbsp;Francesca Gioia","doi":"10.1111/eufm.12469","DOIUrl":"10.1111/eufm.12469","url":null,"abstract":"<p>This paper analyzes the role of newborn gender in household investment decisions. Parenting a new baby is associated with a reduction of the share of financial wealth held as cash and an increase in risky investments. The reallocation is however gender-heterogeneous: the increase in the share of both total and financial wealth allocated to risky assets when parenting girls is reduced for households parenting boys. The effect is driven by the first child. Parents of newborn girls hold riskier portfolios because they make financial decisions influenced by their expectations on the autonomy and financial independence of newborns in adulthood.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2095-2134"},"PeriodicalIF":2.1,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12469","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138523101","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
Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment? ESG声誉风险是否影响企业投资调整的效率和速度?
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-11-22 DOI: 10.1111/eufm.12470
Ioannis Chasiotis, Dimitrios Gounopoulos, Dimitrios Konstantios, Vasilios-Christos Naoum, Victoria Patsika
{"title":"Does ESG reputational risk affect the efficiency and speed of adjustment of corporate investment?","authors":"Ioannis Chasiotis,&nbsp;Dimitrios Gounopoulos,&nbsp;Dimitrios Konstantios,&nbsp;Vasilios-Christos Naoum,&nbsp;Victoria Patsika","doi":"10.1111/eufm.12470","DOIUrl":"10.1111/eufm.12470","url":null,"abstract":"<p>This study explores the relationship between environmental, social, and governance (ESG) reputational risk and investment efficiency. We provide evidence that ESG reputational risk relates to higher corporate suboptimal investment (underinvestment) and a lower speed of adjustment back to the optimal investment level. Our findings hold for parametric and nonparametric estimations of underinvestment and are robust to several techniques that address endogeneity and self-selection. Overall, our study highlights the important role of ESG reputational risk in determining corporate investment efficiency.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"839-878"},"PeriodicalIF":2.2,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12470","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138523102","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
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