发布求助
文献互助 智能选刊 最新文献

Review of Finance最新文献

筛选
英文 中文
Does Socially Responsible Investing Change Firm Behavior? 社会责任投资会改变企业行为吗?
2区 经济学
Review of Finance Pub Date : 2023-02-06 DOI: 10.1093/rof/rfad002
Davidson Heath, Daniele Macciocchi, Roni Michaely, Matthew C Ringgenberg
{"title":"Does Socially Responsible Investing Change Firm Behavior?","authors":"Davidson Heath, Daniele Macciocchi, Roni Michaely, Matthew C Ringgenberg","doi":"10.1093/rof/rfad002","DOIUrl":"https://doi.org/10.1093/rof/rfad002","url":null,"abstract":"Abstract Using micro-level data, we examine the behavior of socially responsible investment (SRI) funds. SRI funds select firms with lower pollution, more board diversity, higher employee satisfaction, and better workplace safety. Yet, both in the cross-section and using an exogenous shock to SRI capital, we find that SRI funds do not significantly change firm behavior. Moreover, we find little evidence that they try to impact firm behavior using shareholder proposals. Our results suggest that SRI funds are not greenwashing, but they are impact washing; they invest in a portfolio of firms with better environmental and social conduct but do not follow through on their promise of impact.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136372241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 3
Valuing Data as an Asset 将数据作为资产进行估价
IF 4.4 2区 经济学
Review of Finance Pub Date : 2023-01-20 DOI: 10.1093/rof/rfac073
Laura L. Veldkamp
{"title":"Valuing Data as an Asset","authors":"Laura L. Veldkamp","doi":"10.1093/rof/rfac073","DOIUrl":"https://doi.org/10.1093/rof/rfac073","url":null,"abstract":"","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":" ","pages":""},"PeriodicalIF":4.4,"publicationDate":"2023-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47157375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Capital Regulations and the Management of Credit Commitments during Crisis Times 危机时期的资本监管和信贷承诺管理
2区 经济学
Review of Finance Pub Date : 2023-01-10 DOI: 10.1093/rof/rfac074
Paul Pelzl, María Teresa Valderrama
{"title":"Capital Regulations and the Management of Credit Commitments during Crisis Times","authors":"Paul Pelzl, María Teresa Valderrama","doi":"10.1093/rof/rfac074","DOIUrl":"https://doi.org/10.1093/rof/rfac074","url":null,"abstract":"Abstract Borrower drawdowns on credit commitments reduce a bank’s capital buffer. Using Austrian credit register data and exploiting the 2008–09 financial crisis as an exogenous shock to bank health, we provide novel evidence that capital-constrained banks manage this risk by cutting credit commitments that are not fully used. Controlling for their capital position, we find that banks also respond to liquidity problems by cutting such commitments. However, banks manage the capital and liquidity risk posed by undrawn credit in a way that limits negative macroeconomic implications: credit cuts are targeted at financially less constrained firms, and we show that borrowers of more-affected banks can substitute lost credit with credit from other banks and do not suffer real effects. Additional findings suggest that voluntary agreements between constrained banks and strong firms to reduce spare borrowing capacity can explain why strong firms experience larger credit cuts.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136327813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Cross-Border Bank Flows and Systemic Risk 跨境银行流动与系统性风险
2区 经济学
Review of Finance Pub Date : 2023-01-06 DOI: 10.1093/rof/rfad001
G Andrew Karolyi, John Sedunov, Alvaro G Taboada
{"title":"Cross-Border Bank Flows and Systemic Risk","authors":"G Andrew Karolyi, John Sedunov, Alvaro G Taboada","doi":"10.1093/rof/rfad001","DOIUrl":"https://doi.org/10.1093/rof/rfad001","url":null,"abstract":"Abstract We find that heightened cross-border bank flows are associated with lower systemic risk in a target country’s banking system. The reductions in systemic risk are stronger for flows coming from source countries with stronger regulatory oversight than the target country. Such cross-border bank flows linked to regulatory arbitrage are also associated with improvements in target banking sector profitability, asset quality, and efficiency. We assess several alternative channels of influence for cross-border bank flows but interpret the evidence on these flows as mostly consistent with a benign form of regulatory arbitrage.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134969540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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: 1
Trading on Talent: Human Capital and Firm Performance 人才交易:人力资本与企业绩效
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-11-22 DOI: 10.1093/rof/rfac068
Anastassia Fedyk, James Hodson
{"title":"Trading on Talent: Human Capital and Firm Performance","authors":"Anastassia Fedyk, James Hodson","doi":"10.1093/rof/rfac068","DOIUrl":"https://doi.org/10.1093/rof/rfac068","url":null,"abstract":"How is technically-skilled human capital reflected in firm performance? We leverage a uniquely detailed employer-employee matched dataset to measure U.S. firms’ technical human capital in IT, Software Engineering, Mobile Networks, Data Analysis, and Web Development. All five technical skillsets are associated with higher firm valuations. However, they negatively forecast both financial and operational performance in the future. For example, a one-standard-deviation increase in employees with IT skills corresponds to 2.2% higher Tobin’s q but predictable future returns of –10 basis points per month. Our results are stronger in tighter labor markets, in firms with more cash, and during time periods when each technical skillset is especially popular. These patterns suggest that the market expects too much from popular technologies, leading to overvaluation. Overall, our results highlight how corporate over-investment can extend to intangible capital such as skilled employees.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 3","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
A Theory of the Nominal Character of Stock Securities 股票证券的名义性质理论
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-11-07 DOI: 10.1093/rof/rfac071
Bernard Dumas, Marcel Savioz
{"title":"A Theory of the Nominal Character of Stock Securities","authors":"Bernard Dumas, Marcel Savioz","doi":"10.1093/rof/rfac071","DOIUrl":"https://doi.org/10.1093/rof/rfac071","url":null,"abstract":"We construct recursive solutions for, and study the properties of the dynamic equilibrium of an economy with three types of agents: (i) household/investors who supply labor with a finite elasticity, consume a large variety of goods that are not perfect substitutes and trade government bonds; (ii) firms that produce those varieties of goods, receive productivity shocks and set prices in a Calvo manner; (iii) a government that collects an income-driven fiscal surplus and acts mechanically, buying and selling bonds in accordance with a Taylor policy rule based on expected inflation. In this setting we show that stock market returns are much less than one-for-one related to inflation over a one-year holding period, which means that stock securities have a strong nominal character. We also show that their nominal character diminishes as the length of the stock-holding period increases, in accordance with empirical evidence.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 4","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494542","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Risk-Taking and Asymmetric Learning in Boom and Bust Markets 繁荣与萧条市场中的风险承担与不对称学习
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-11-04 DOI: 10.1093/rof/rfac072
Pascal Kieren, Jan Müller-Dethard, Martin Weber
{"title":"Risk-Taking and Asymmetric Learning in Boom and Bust Markets","authors":"Pascal Kieren, Jan Müller-Dethard, Martin Weber","doi":"10.1093/rof/rfac072","DOIUrl":"https://doi.org/10.1093/rof/rfac072","url":null,"abstract":"An increasing number of studies depart from the rational expectations assumption to reconcile survey expectations with asset prices. While surveys are helpful to establish a link between subjective beliefs and investment decisions, precise inference about how investors depart from rational expectations can be challenging without relying on strong assumptions. In this paper, we provide direct experimental evidence of how systematic distortions in investors’ expectations affect their risk-taking across market cycles. As mechanism, we identify an asymmetry in how individuals update their expectations across boom and bust markets. The documented mechanism is consistent with survey data and provides important implications for recently proposed asset pricing models.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 4p2","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494541","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad 逃离空气污染:移民、学生和海外房地产价格的溢出效应
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-11-02 DOI: 10.1093/rof/rfac070
Yuk Ying Chang, S. Dasgupta
{"title":"Escaping Air Pollution: Immigrants, Students, and Spillover Effects on Property Prices Abroad","authors":"Yuk Ying Chang, S. Dasgupta","doi":"10.1093/rof/rfac070","DOIUrl":"https://doi.org/10.1093/rof/rfac070","url":null,"abstract":"\u0000 We construct a time-series of news coverage about air pollution in China for the period 1977-2019. Our measure of abnormal news coverage of China’s air pollution (ANC) is uncorrelated with growth in economic activity or cyclical components of such activity, but strongly correlated with weather-related and atmospheric conditions known to cause air pollution. ANC is associated with more capital flight from China. Focusing on the U.S. as a destination country, we find that ANC is associated with more Chinese citizens emigrating to U.S. regions with stronger ethnic links to China, and more international students enrolling in U.S. institutions with stronger Chinese student links. U.S. regions with stronger ethnic or educational ties to China experience higher property price growth when ANC is higher. Our study suggests that perception of local environmental risk can have major consequences for the cross-border reallocation of capital and labor.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"1 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41705013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Social Media and Financial News Manipulation 社交媒体和金融新闻操纵
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-10-20 DOI: 10.1093/rof/rfac058
Shimon Kogan, Tobias J Moskowitz, Marina Niessner
{"title":"Social Media and Financial News Manipulation","authors":"Shimon Kogan, Tobias J Moskowitz, Marina Niessner","doi":"10.1093/rof/rfac058","DOIUrl":"https://doi.org/10.1093/rof/rfac058","url":null,"abstract":"We examine an undercover SEC investigation into the manipulation of financial news on social media. While fraudulent news had a direct positive impact on retail trading and prices, revelation of the fraud by the SEC announcement resulted in significantly lower retail trading volume on all news, including legitimate news, on these platforms. For small firms, volume declined by 23.5% and price volatility dropped by 1.3%. We find evidence consistent with concerns of fraud causing the decline in trading activity and price volatility, which we interpret through the lens of social capital, and attempt to rule out alternative explanations. The results highlight the indirect consequences of fraud and its spillover effects that reduce the social network’s impact on information dissemination, especially for small, opaque firms.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 s2","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494540","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Life is Too Short? Bereaved Managers and Investment Decisions 人生太短暂?失去亲人的经理人与投资决策
IF 4.4 2区 经济学
Review of Finance Pub Date : 2022-10-18 DOI: 10.1093/rof/rfac067
Clark Liu, Tao Shu, Johan Sulaeman, P Eric Yeung
{"title":"Life is Too Short? Bereaved Managers and Investment Decisions","authors":"Clark Liu, Tao Shu, Johan Sulaeman, P Eric Yeung","doi":"10.1093/rof/rfac067","DOIUrl":"https://doi.org/10.1093/rof/rfac067","url":null,"abstract":"We examine whether bereavement affects managerial investment decisions in large organizations using the exogenous events of managers’ family deaths. We find evidence that bereaved managers take less risk in separate samples of mutual funds and publicly traded firms. Mutual funds managed by bereaved managers exhibit smaller tracking errors, lower active share measures, and higher portfolio weights on larger stocks after bereavement events. Firms managed by bereaved CEOs exhibit lower capital expenditures and fewer acquisitions after bereavement events. Further analyses support the emotion-driven explanation over other explanations. The risk-shifting by bereaved managers has negative implications on the performance of funds and firms that they manage.","PeriodicalId":48036,"journal":{"name":"Review of Finance","volume":"8 5","pages":""},"PeriodicalIF":4.4,"publicationDate":"2022-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138494539","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信