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Multiple large shareholders, blockholder trading and stock price crash risk 多个大股东、大股东交易和股价崩盘风险
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-26 DOI: 10.1111/eufm.12446
Jiao Ji, Hanwen Sun, Haofeng Xu
{"title":"Multiple large shareholders, blockholder trading and stock price crash risk","authors":"Jiao Ji,&nbsp;Hanwen Sun,&nbsp;Haofeng Xu","doi":"10.1111/eufm.12446","DOIUrl":"10.1111/eufm.12446","url":null,"abstract":"<p>We show that in a setting with a strong concern for controlling shareholder entrenchment, firms with multiple large shareholders (MLS) are more likely to experience stock price crashes. As a result, when anticipating future revelations of bad news concerning corporate misconduct on information disclosure, large shareholders can exploit their information advantage and initiate their sales ex ante as far as eight quarters ahead. The positive association between MLS and crashes is more pronounced in the presence of noncontrolling shareholders' sales. Also, the positive predictive power of MLS on crash risk is more potent in firms with weak internal or external governance.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1344-1384"},"PeriodicalIF":2.2,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12446","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47570966","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
Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin 机构投资者与企业环境成本：投资视野和投资者来源的作用
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-19 DOI: 10.1111/eufm.12444
Wolfgang Drobetz, Sadok El Ghoul, Zhengwei Fu, Omrane Guedhami
{"title":"Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin","authors":"Wolfgang Drobetz,&nbsp;Sadok El Ghoul,&nbsp;Zhengwei Fu,&nbsp;Omrane Guedhami","doi":"10.1111/eufm.12444","DOIUrl":"10.1111/eufm.12444","url":null,"abstract":"<p>Using an international data set that quantifies corporate environmental costs, we analyze the influence of institutional investor ownership, particularly investment horizon and investor origin, on the monetized environmental impact generated by their investee firms. Institutional investor ownership is negatively related to corporate environmental costs. This effect is driven by long-term foreign institutional investors, especially investors from advanced economies. Corporate environmental costs are negatively correlated with firm valuation and positively correlated with the cost of equity. Since corporate environmental costs are not reflected in environmental, social and governance ratings, our results shed new light on the role of institutional investors in shaping corporate environmental impact.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"727-769"},"PeriodicalIF":2.2,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12444","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44683673","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
Environmental tax incentives and corporate environmental behaviour: An unintended consequence from a natural experiment in China 环境税收激励与企业环境行为:中国自然实验的意外结果
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-17 DOI: 10.1111/eufm.12445
Sabri Boubaker, Feiyang Cheng, Jing Liao, Shuai Yue
{"title":"Environmental tax incentives and corporate environmental behaviour: An unintended consequence from a natural experiment in China","authors":"Sabri Boubaker,&nbsp;Feiyang Cheng,&nbsp;Jing Liao,&nbsp;Shuai Yue","doi":"10.1111/eufm.12445","DOIUrl":"10.1111/eufm.12445","url":null,"abstract":"<p>Using the implementation of the Environmental Protection Tax (EPT) Law in China as a natural experiment, we explore the impact of environmental tax incentives on corporate environmental engagement. Evidence shows that, after the implementation of the EPT Law, there exists a significant improvement in the environmental performance of firms located in regions with increased EPT rates. However, our results reveal an unintended consequence that this effect is more salient for nonheavy-polluting companies rather than for heavy polluters that are more targeted by the EPT Law.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"800-838"},"PeriodicalIF":2.2,"publicationDate":"2023-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41794830","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
Survival and value: The conglomerate case 生存与价值:企业集团案例
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-13 DOI: 10.1111/eufm.12442
Michela Altieri, Giovanna Nicodano
{"title":"Survival and value: The conglomerate case","authors":"Michela Altieri,&nbsp;Giovanna Nicodano","doi":"10.1111/eufm.12442","DOIUrl":"10.1111/eufm.12442","url":null,"abstract":"<p>This paper investigates the relationship between default probability and value when there is a selection bias due to missing controls for firm heterogeneous likelihood to survive in the sample. Our model delivers the following implications for the conglomerate case: (a) the sample conglomerate value increases in their default probability, (b) the sample conglomerate discount falls together with their excess default probability with respect to focused companies, (c) both effects disappear when the analyst controls for survival probability. The data support the presence of a selection bias distorting downwards the relative value of sample firms with higher survival probability.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1305-1343"},"PeriodicalIF":2.2,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12442","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45639700","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
Build, buy or partner? The relative performance of an acquisitive strategy 建立、购买还是合作?收购策略的相对表现
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-10 DOI: 10.1111/eufm.12443
Olubunmi Faleye
{"title":"Build, buy or partner? The relative performance of an acquisitive strategy","authors":"Olubunmi Faleye","doi":"10.1111/eufm.12443","DOIUrl":"10.1111/eufm.12443","url":null,"abstract":"<p>We conceptualize mergers as one of several strategies for creating value and study merger performance by evaluating the performance of firms employing an acquisitive strategy. Relative to other firms, acquisitive firms are valued lower, exhibit lower employee and total factor productivity, and innovate less. These effects are concentrated among firms whose workforce is vulnerable to acquisition-related personnel disruptions and/or those that are more dependent on employee relationship-specific investments. We therefore propose that an acquisitive strategy diminishes firm value and performance by fostering disruptive conditions that undermine employee effectiveness and weaken their incentives.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1271-1304"},"PeriodicalIF":2.2,"publicationDate":"2023-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12443","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542495","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 innovation drive mergers and acquisitions in the financial sector? 创新是否推动了金融部门的并购？
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-04 DOI: 10.1111/eufm.12440
Tram H. Dang
{"title":"Does innovation drive mergers and acquisitions in the financial sector?","authors":"Tram H. Dang","doi":"10.1111/eufm.12440","DOIUrl":"10.1111/eufm.12440","url":null,"abstract":"<p>Does innovation drive mergers and acquisitions in the financial sector? This issue is challenging because classical measures of innovation are unavailable in the financial sector. Thus, we introduce an innovation measure that can be used for financial firms. Considering US financial deals, we highlight the impact of a financial firm's innovative activities on the likelihood of becoming an acquirer or a target. We detect a ‘like buys like’ effect, implying that financial mergers and acquisitions are more likely when firms are at a similar level of innovation. We further show that this effect is associated with greater synergistic value.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1238-1270"},"PeriodicalIF":2.2,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41350923","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
Crisis risk and risk management 危机风险和风险管理
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-06-28 DOI: 10.1111/eufm.12441
René M. Stulz
{"title":"Crisis risk and risk management","authors":"René M. Stulz","doi":"10.1111/eufm.12441","DOIUrl":"https://doi.org/10.1111/eufm.12441","url":null,"abstract":"<p>We assess the state of knowledge about crisis risk and its implications for risk management. Data that became available after the global financial crisis show that some types of crises are predictable when accounting for interactions between risks. However, other types of crises do not seem predictable. There is no evidence that the frequency of economic and financial crises is increasing. While data show that an economic crisis is more likely following a political crisis, there is no comparable evidence for climate events. Strategies that increase firm operational and financial flexibility reduce the adverse impact of crises on firms.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"29 5","pages":"1377-1400"},"PeriodicalIF":2.2,"publicationDate":"2023-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71986152","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 performance of socially responsible investments: A meta-analysis 社会责任投资的绩效：荟萃分析
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-06-17 DOI: 10.1111/eufm.12439
Lars Hornuf, Gül Yüksel
{"title":"The performance of socially responsible investments: A meta-analysis","authors":"Lars Hornuf,&nbsp;Gül Yüksel","doi":"10.1111/eufm.12439","DOIUrl":"10.1111/eufm.12439","url":null,"abstract":"<p>In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional subportfolios. Moreover, high-quality publications, publications in finance journals and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"1012-1061"},"PeriodicalIF":2.2,"publicationDate":"2023-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12439","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135525199","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
Catering and cash savings 餐饮和现金储蓄
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-06-09 DOI: 10.1111/eufm.12438
Hsuan-Chi Chen, Robin K. Chou, Chien-Lin Lu
{"title":"Catering and cash savings","authors":"Hsuan-Chi Chen,&nbsp;Robin K. Chou,&nbsp;Chien-Lin Lu","doi":"10.1111/eufm.12438","DOIUrl":"10.1111/eufm.12438","url":null,"abstract":"<p>We examine the catering of managers to investors' preference for cash holdings. We find that cash is positively related to the cash-holding premium as represented by the difference in the market-to-book ratios between cash-rich and noncash-rich firms. This positive effect can be attributed to different sources such as internal and external financing, and firms may switch their sources for holding cash when catering to investors' preference. Issuing firms benefit from catering to cash holdings by obtaining higher valuations from the stock market. The catering theory helps explain cash savings especially for firms without a good timing window or financing need.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1196-1237"},"PeriodicalIF":2.2,"publicationDate":"2023-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49617835","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
Tracing environmental sustainability footprints in cross-border M&A activity 追踪跨境并购活动中的环境可持续性足迹
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-06-01 DOI: 10.1111/eufm.12437
Muhammad F. Ahmad, Saqib Aziz, Yannick Michiels, Duc Khuong Nguyen
{"title":"Tracing environmental sustainability footprints in cross-border M&A activity","authors":"Muhammad F. Ahmad,&nbsp;Saqib Aziz,&nbsp;Yannick Michiels,&nbsp;Duc Khuong Nguyen","doi":"10.1111/eufm.12437","DOIUrl":"10.1111/eufm.12437","url":null,"abstract":"<p>This study documents the first large-scale empirical evidence on the effects of differences in countries' environmental sustainability (ES) on cross-border merger and acquisition (M&amp;A) activity. Using 34,088 cross-border mergers across 44 countries, we find that greater ES differences between acquirer and target countries stimulate the intensity of cross-border mergers. The acquirer firms experience higher cumulative abnormal returns around merger announcements and pay higher merger premiums. Consistent with the pollution haven hypothesis, results on value effect are more pronounced for M&amp;A deals in highly polluting industries such as petroleum, transportation and mining. The results are robust to a battery of robustness tests.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1165-1195"},"PeriodicalIF":2.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43985063","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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