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Learnings From 1000 Rejections 从1000次拒绝中学到的东西
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-11-13 DOI: 10.1111/fima.12487
Alex Edmans
{"title":"Learnings From 1000 Rejections","authors":"Alex Edmans","doi":"10.1111/fima.12487","DOIUrl":"https://doi.org/10.1111/fima.12487","url":null,"abstract":"<p>The <i>Review of Finance</i> aimed to significantly increase its standards over my 6 years as managing editor and 1 year as editor. To comply with these new standards, I had to reject nearly 1000 manuscripts. This paper aims to use these rejections constructively by distilling common reasons for rejection to guide future research. They are divided into three categories: contribution, execution, and exposition. Beyond extracts from decision letters that give reasons for rejection, this paper also shares excerpts that shed light on the editorial process, such as how an editor weighs up feedback to reach a decision, as well as emails to authors outside formal letters in response to queries on the process.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"419-444"},"PeriodicalIF":2.9,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12487","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292125","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
Which proxy: Capturing lottery feature through aggregation 哪个代理：通过聚合捕获彩票特征
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-11-04 DOI: 10.1111/fima.12483
Lei Jiang, Guofu Zhou, Yifeng Zhu
{"title":"Which proxy: Capturing lottery feature through aggregation","authors":"Lei Jiang,&nbsp;Guofu Zhou,&nbsp;Yifeng Zhu","doi":"10.1111/fima.12483","DOIUrl":"https://doi.org/10.1111/fima.12483","url":null,"abstract":"<p>We develop a lottery factor from five commonly utilized lottery measures and find this factor substantially enhances the well-known factor models concerning market anomalies, particularly those related to skewness and value. Our findings emphasize that stocks exhibiting high lottery characteristics display considerable anomaly returns, primarily due to the short position of these stocks rather than their financial distress. Moreover, our research consistently indicates that lottery stocks frequently correlate with low short volume and higher shorting fees. This implies that the preference of retail investors to hold onto lottery stocks results in a reduced supply of these shares available for lending.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"331-362"},"PeriodicalIF":2.9,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292027","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
Bounded support: Success and limitations of liquidity support during times of crisis 有限支持：危机时期流动性支持的成功与局限
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-11-04 DOI: 10.1111/fima.12485
John Lynch, Richard Ogden
{"title":"Bounded support: Success and limitations of liquidity support during times of crisis","authors":"John Lynch,&nbsp;Richard Ogden","doi":"10.1111/fima.12485","DOIUrl":"https://doi.org/10.1111/fima.12485","url":null,"abstract":"<p>Our paper sheds light on the complexity of liquidity injection programs by showing unintended consequences that arise when firm heterogeneity is overlooked. Utilizing firm-level data from the Paycheck Protection Program, we find government lending effectively reduced closures, particularly if received during the first two weeks. However, we find significant heterogeneity in the effectiveness of funds, resulting from broad-brush eligibility guidelines and differences in how firms process information. The implementation relied on the banking system, which exacerbated the distributional effects by favoring firms with stronger customer capital. Our findings highlight the importance of thoughtful liquidity distribution design to maximize its benefits.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"363-418"},"PeriodicalIF":2.9,"publicationDate":"2024-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292028","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
Employee demographic diversity and firm performance 员工人口多样性与公司绩效
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-28 DOI: 10.1111/fima.12484
Bart Frijns, Alexandre Garel, Shushu Liao
{"title":"Employee demographic diversity and firm performance","authors":"Bart Frijns,&nbsp;Alexandre Garel,&nbsp;Shushu Liao","doi":"10.1111/fima.12484","DOIUrl":"https://doi.org/10.1111/fima.12484","url":null,"abstract":"<p>This article examines the relationship between employee demographic diversity and firm performance measured by future stock returns for a large sample of US public companies. We use novel demographic data extracted from employees' online profiles and resumes and focus on three key aspects of employee demographic diversity: age, gender, and ethnicity. We find no evidence supportive of an outperformance associated with greater employee-diverse companies, neither using portfolio-sorting approaches nor cross-sectional and panel regressions. We also find no significant associations between employee demographic diversity and ROE, gross profit, and labor productivity.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"305-330"},"PeriodicalIF":2.9,"publicationDate":"2024-10-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292772","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
Economic policy uncertainty and institutional portfolio investment 经济政策不确定性与机构证券投资
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-21 DOI: 10.1111/fima.12478
(Grace) Qing Hao, Andi Li
{"title":"Economic policy uncertainty and institutional portfolio investment","authors":"(Grace) Qing Hao,&nbsp;Andi Li","doi":"10.1111/fima.12478","DOIUrl":"https://doi.org/10.1111/fima.12478","url":null,"abstract":"<p>This paper investigates the impact of economic policy uncertainty (EPU) on institutional investors’ holdings of common stocks. Using a large sample of quarterly institutional ownership data from 28 countries/markets between 2000 and 2021, we find that EPU negatively affects institutional investments in both domestic and overseas stock markets. Policy uncertainty also deters foreign institutions’ inbound investments. The adverse effect of policy uncertainty on crossborder institutional investment is particularly pronounced when the investment destination country does not share the same official language or legal origin as the investing country, consistent with the information asymmetry hypothesis. Additionally, firms with higher cash holdings and lower market-to-book ratios are less vulnerable to the withdrawal of investment by foreign institutional investors.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"271-304"},"PeriodicalIF":2.9,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292645","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
Echoes of insecurity: The detrimental effect of crime on corporate employment 不安全感的回响：犯罪对企业就业的有害影响
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-15 DOI: 10.1111/fima.12479
Zhang Peng, Xinzheng Shi, Junyan Yu
{"title":"Echoes of insecurity: The detrimental effect of crime on corporate employment","authors":"Zhang Peng,&nbsp;Xinzheng Shi,&nbsp;Junyan Yu","doi":"10.1111/fima.12479","DOIUrl":"https://doi.org/10.1111/fima.12479","url":null,"abstract":"<p>This study investigates the influence of local crime on corporate employment in China. Leveraging a comprehensive data set of 85 million court judicial documents, we construct city-level crime measures. We find that local crime is negatively associated with corporate employment. Using China's Gang Crime Crackdown program as a quasi-natural experiment and the difference-in-differences approach, we further identify the causal relationship. Violent crimes and those with longer sentences drive the negative correlation between local crime and corporate employment. This relation is particularly pronounced among low-skilled employees, in cities with inadequate commuter security, and in financially constrained firms. Our findings emphasize the role of a secure social environment in the local labor market and firms' employment decisions.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"237-269"},"PeriodicalIF":2.9,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292653","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
Control risk premium: Dual-class shares, family ownership, and minority investor returns 控制风险溢价：双重股权、家族所有权和少数投资者回报
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-14 DOI: 10.1111/fima.12481
Ronald Anderson, Ezgi Ottolenghi, David Reeb, Pavel Savor
{"title":"Control risk premium: Dual-class shares, family ownership, and minority investor returns","authors":"Ronald Anderson,&nbsp;Ezgi Ottolenghi,&nbsp;David Reeb,&nbsp;Pavel Savor","doi":"10.1111/fima.12481","DOIUrl":"https://doi.org/10.1111/fima.12481","url":null,"abstract":"<p>Despite exhibiting significant valuation discounts, dual-class shares surged from 1% of initial public offerings in 1980 to nearly half in recent years. This study investigates the potential harm of such structures by examining the identity and returns of minority shareholders. We find that sophisticated investors predominantly hold low-voting shares. Furthermore, outside shareholders earn a positive risk premium rather than suffering low returns, consistent with the hypothesis that market prices compensate for the risk associated with dual-class structures. Our analysis reveals that such structures are confounded with family control, which is present in 89% of dual-class firms in the Russell 3000. Interestingly, single-class firms with family shareholders also enjoy positive abnormal returns, implying minority shareholders care more about the presence of a controlling shareholder than a specific voting structure. This research contributes to the ongoing debate on restricting dual-class structures by highlighting the complex relationship between ownership, control, and shareholder returns.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"199-236"},"PeriodicalIF":2.9,"publicationDate":"2024-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144292142","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
Projects with no cost of capital 没有资金成本的项目
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-13 DOI: 10.1111/fima.12482
Moshe Levy
{"title":"Projects with no cost of capital","authors":"Moshe Levy","doi":"10.1111/fima.12482","DOIUrl":"https://doi.org/10.1111/fima.12482","url":null,"abstract":"<p>It is generally accepted that any project has an appropriate cost of capital reflecting its riskiness and that this cost of capital can be employed to calculate the project's net present value (NPV). Consequently, any future cashflow with a positive expected value has some positive present value. We show that this is not generally true. A risky cashflow with a positive expected value may have a negative present value if the cashflow is correlated with market returns. Thus, there are many realistic projects for which no cost of capital exists. We suggest a simple test to screen out such projects.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"177-191"},"PeriodicalIF":2.9,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12482","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143581383","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
Upstream propagation of shocks in supply chains: Evidence from earthquakes 供应链冲击的上游传播：来自地震的证据
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-07 DOI: 10.1111/fima.12480
Xianhang Qian, Shanyun Qiu, Le Zhang
{"title":"Upstream propagation of shocks in supply chains: Evidence from earthquakes","authors":"Xianhang Qian,&nbsp;Shanyun Qiu,&nbsp;Le Zhang","doi":"10.1111/fima.12480","DOIUrl":"https://doi.org/10.1111/fima.12480","url":null,"abstract":"<p>We investigate how natural disaster shocks to customers propagate upstream to suppliers’ investment. Using data from the major customers of Chinese listed firms and earthquake information during 2009–2019, we investigate the impact of customers’ earthquake exposure on corporate investment. We find that firms significantly reduce investment after their customers experience earthquakes, particularly for non-state-owned enterprises, firms with higher product uniqueness, firms in competitive industries, and firms in nondurable goods industries. Furthermore, our analysis highlights firms’ sales as one of the potential channels through which customers’ earthquake exposure influences firm investment. We also find that following an earthquake supplier firms reduce their transactions with the affected customers and develop alternative customers.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"147-175"},"PeriodicalIF":2.9,"publicationDate":"2024-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143581410","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
Predicting the equity premium with a high-threshold risk level and the price of risk 预测高阈值风险水平下的股权溢价及风险价格
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-10-04 DOI: 10.1111/fima.12474
Naresh Bansal, Chris Stivers
{"title":"Predicting the equity premium with a high-threshold risk level and the price of risk","authors":"Naresh Bansal,&nbsp;Chris Stivers","doi":"10.1111/fima.12474","DOIUrl":"https://doi.org/10.1111/fima.12474","url":null,"abstract":"<p>Over 1990 to 2023, we show that time variation in the U.S. equity premium is captured well by a parsimonious model with the CBOE's implied-volatility index VIX and the sentiment index of Baker and Wurgler (2006, <i>Journal of Finance</i>, <i>61</i>, 1645–1680). The equity premium declines linearly with sentiment but increases nonlinearly with VIX, stepping up appreciably when VIX exceeds a threshold around its 80th to 85th percentile. For 6- and 12-month forecasting horizons, the predictive adjusted <i>R</i><sup>2</sup> values are about 19% and 29%, respectively. Our predictive findings are robustly evident for 1-, 3-, 6-, and 12-month horizons, in subperiods, for in-sample and out-of-sample evaluations, and when adding control variables. Our interpretation is that a high-VIX threshold identifies episodes of market stress that generally have both a sharply higher level of risk and an elevated price of risk. Sentiment complements VIX and seems particularly effective in identifying times with a low price of risk.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"123-145"},"PeriodicalIF":2.9,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143581401","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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