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Sustainability, climate change and financial innovation: Future research directions 可持续性、气候变化和金融创新：未来研究方向
IF 2.2 3区 经济学
European Financial Management Pub Date : 2024-02-01 DOI: 10.1111/eufm.12481
Douglas Cumming, Hisham Farag, Sofia Johan
{"title":"Sustainability, climate change and financial innovation: Future research directions","authors":"Douglas Cumming, Hisham Farag, Sofia Johan","doi":"10.1111/eufm.12481","DOIUrl":"10.1111/eufm.12481","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"675-679"},"PeriodicalIF":2.2,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139879374","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
The influence of initial sponsor backing on post-IPO acquisition activity 初始赞助商支持对上市后收购活动的影响
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-01-26 DOI: 10.1111/eufm.12480
Mattheo Kaufmann, Sascha Kolaric, Lennart Walter
{"title":"The influence of initial sponsor backing on post-IPO acquisition activity","authors":"Mattheo Kaufmann,&nbsp;Sascha Kolaric,&nbsp;Lennart Walter","doi":"10.1111/eufm.12480","DOIUrl":"10.1111/eufm.12480","url":null,"abstract":"<p>We investigate the impact of financial sponsor backing [venture capital (VC) or private equity (PE)] on post-initial public offerings (IPO) acquisition strategies of newly public companies. We find that PE-backed newly public firms undertake nearly three times more acquisitions than VC-backed ones and almost twice as many as non-backed firms, indicating that acquisitions are a primary growth strategy for PEs. This result remains robust after addressing potential endogeneity concerns. Additionally, PE syndicate-backed firms engage in transformative acquisitions, proxied by size, while VC-backed firms prioritise organic growth through R&amp;D spending. Moreover, PE-backed acquirers experience significant positive long-run post-IPO stock returns, unlike VC-backed acquirers.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2503-2555"},"PeriodicalIF":2.1,"publicationDate":"2024-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12480","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139579469","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 impact of credit reforms on bank loans and firm leverage around the world 信贷改革对全球银行贷款和企业杠杆率的影响
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-01-22 DOI: 10.1111/eufm.12477
Halit Gonenc, Floris Jansen, Mario Hernandez Tinoco, Milos Vulanovic
{"title":"The impact of credit reforms on bank loans and firm leverage around the world","authors":"Halit Gonenc,&nbsp;Floris Jansen,&nbsp;Mario Hernandez Tinoco,&nbsp;Milos Vulanovic","doi":"10.1111/eufm.12477","DOIUrl":"10.1111/eufm.12477","url":null,"abstract":"<p>This study examines how credit reforms impact commercial bank loans and nonfinancial firms' debt. Using two international samples for commercial banks and nonfinancial firms from 2004 to 2019, we find that global information-sharing reforms encourage banks to increase corporate loans, thus improving firm debt financing, particularly in countries with weak creditor rights. Legal rights reforms significantly boost corporate bank loans in emerging countries and enhance firms' debt financing in developed countries. Our findings suggest credit reforms positively impact firms' financing; however, their effects on debt financing supply and demand vary by economic development level and the strength of creditor rights.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 5","pages":"2449-2502"},"PeriodicalIF":2.1,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12477","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517223","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
Option compensation, dynamic investment and capital structure 期权补偿、动态投资和资本结构
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-01-20 DOI: 10.1111/eufm.12478
Liu Gan, Xin Xia, Hai Zhang
{"title":"Option compensation, dynamic investment and capital structure","authors":"Liu Gan,&nbsp;Xin Xia,&nbsp;Hai Zhang","doi":"10.1111/eufm.12478","DOIUrl":"10.1111/eufm.12478","url":null,"abstract":"<p>We develop a dynamic trade-off model of managerial discretion to investigate how stock option compensation relates to managers' intertwined capital structure and dynamic investment decisions. Our model predicts that option grants provide managers with incentives to undertake both current and future investments, in sharp contrast to the effects of stock compensation. With an increase in option compensation, managers in low- (high-) risk firms tend to increase (decrease) firm leverage, while the opposite is true when stock pay increases. This result offers an innovative prospective on the empirical tests of the relationship between option compensation and capital structure.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 4","pages":"2422-2445"},"PeriodicalIF":2.1,"publicationDate":"2024-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139516678","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
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
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