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Climate Adaptation Risk and Capital Structure: Evidence From State Climate Adaptation Plans 气候适应风险和资本结构：来自国家气候适应计划的证据
IF 6 3区 经济学
Financial Management Pub Date : 2025-01-09 DOI: 10.1111/fima.12493
Tunde Kovacs, Saira Latif, Xiaojing Yuan, Chi Zhang
{"title":"Climate Adaptation Risk and Capital Structure: Evidence From State Climate Adaptation Plans","authors":"Tunde Kovacs,&nbsp;Saira Latif,&nbsp;Xiaojing Yuan,&nbsp;Chi Zhang","doi":"10.1111/fima.12493","DOIUrl":"https://doi.org/10.1111/fima.12493","url":null,"abstract":"<div>\u0000 \u0000 <p>Taking the staggered implementation of state climate adaptation plans (SCAPs) as a quasi-natural experiment, we find that firms headquartered in states that finalize SCAPs increase their financial leverage significantly more in the postadoption period relative to firms located in states without SCAPs. This result is driven by firms facing greater physical climate risk and by firms with more sensitivity to climate policy uncertainty. Further, we show that the leverage increase is value-enhancing and that SCAPs reduce corporate business risk. The results highlight the net benefits of state climate action and the role of local governments in the interplay between business risk and firm decision, with implications both for the business world and policymakers.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"673-693"},"PeriodicalIF":6.0,"publicationDate":"2025-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929604","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
Disagreement and returns: The case of cryptocurrencies 分歧与回报：以加密货币为例
IF 6 3区 经济学
Financial Management Pub Date : 2025-01-09 DOI: 10.1111/fima.12491
Jon A. Garfinkel, Lawrence Hsiao, Danqi Hu
{"title":"Disagreement and returns: The case of cryptocurrencies","authors":"Jon A. Garfinkel,&nbsp;Lawrence Hsiao,&nbsp;Danqi Hu","doi":"10.1111/fima.12491","DOIUrl":"https://doi.org/10.1111/fima.12491","url":null,"abstract":"<p>We present the first evidence of investor-trading-based disagreement's influence on cross-sectional cryptocurrency daily returns. We interpret abnormal trading volume as investor disagreement and find evidence in support of Miller's disagreement model: when short-sale constraints are binding, high abnormal volume (high disagreement) assets experience lower future returns. Further supporting Miller, these same conditions associate with higher contemporaneous order imbalance, and ex post decreases in both buying and selling activities, with the former exceeding the latter in magnitude. By contrast, the effect of high disagreement disappears after a coin's margin trading is activated. We conclude that price-optimism models explain the disagreement-returns relationship when opinion divergence is likely the dominant determinant of returns.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"633-672"},"PeriodicalIF":6.0,"publicationDate":"2025-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12491","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929585","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
Media coverage and the cost of equity capital around the world 媒体报道和全球股权资本成本
IF 6 3区 经济学
Financial Management Pub Date : 2024-12-10 DOI: 10.1111/fima.12490
Xin Gao, Donghui Li, Lu Xing, Weidong Xu
{"title":"Media coverage and the cost of equity capital around the world","authors":"Xin Gao,&nbsp;Donghui Li,&nbsp;Lu Xing,&nbsp;Weidong Xu","doi":"10.1111/fima.12490","DOIUrl":"https://doi.org/10.1111/fima.12490","url":null,"abstract":"<p>Using a sample of 38 countries, our study is the first to show on a global scale that the relation between media coverage and implied cost of equity capital (<i>ICOC</i>) is negative and both statistically and economically significant. On average, a one-unit increase in media coverage (approximately two news articles) leads to a 0.38% decrease in <i>ICOC</i>. This effect hinges on the degree of press freedom in the reporting country and the credibility of specific media outlets. The effect is more pronounced in countries with less developed capital markets but greater US media penetration. Furthermore, firms with higher information asymmetry or weaker corporate governance experience a stronger impact of media coverage on <i>ICOC</i>. Positive news coverage encourages firms to invest more and use less debt, while negative news coverage has opposite influences. Finally, the release of media news is associated with reduced option-implied volatility.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"585-631"},"PeriodicalIF":6.0,"publicationDate":"2024-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929989","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
Political connections cause resource misallocation: Evidence from the fall of fascism in Italy 政治关系导致资源错配：来自意大利法西斯主义垮台的证据
IF 6 3区 经济学
Financial Management Pub Date : 2024-12-05 DOI: 10.1111/fima.12489
Mara Faccio, John J. McConnell
{"title":"Political connections cause resource misallocation: Evidence from the fall of fascism in Italy","authors":"Mara Faccio,&nbsp;John J. McConnell","doi":"10.1111/fima.12489","DOIUrl":"https://doi.org/10.1111/fima.12489","url":null,"abstract":"<p>The fall of fascism in Italy in 1943–1944 was followed by the issuance of laws and decrees that made former fascist politicians ineligible for political office. This setting provides a unique quasi-natural experiment that exogenously and permanently disrupted then prevalent corporate political connections. We find that following the exogenous disruption of their political connections, previously politically connected firms significantly underperform their peers both economically and statistically. These results imply that political connections lead to misallocation of economic resources.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"549-583"},"PeriodicalIF":6.0,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12489","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929733","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
Too naïve to NAV? Performance display and capital misallocation 对NAV来说太naïve了？业绩展示和资金错配
IF 6 3区 经济学
Financial Management Pub Date : 2024-11-19 DOI: 10.1111/fima.12486
Honglin Ren, Haibei Zhao
{"title":"Too naïve to NAV? Performance display and capital misallocation","authors":"Honglin Ren,&nbsp;Haibei Zhao","doi":"10.1111/fima.12486","DOIUrl":"https://doi.org/10.1111/fima.12486","url":null,"abstract":"<p>We find that mutual fund flows respond to price returns (changes in net asset value per share or NAV returns) that are widely displayed in practice, whereas total fund returns include both price returns and fund distributions. NAV return-chasing is not driven by tax considerations or alternative performance and risk metrics and leads to suboptimal investment performance. Additionally, NAV return-chasing generates price pressure on funds’ stock holdings. These findings suggest that more prevalent displays of total investment returns could improve investor decision-making, especially for less sophisticated investors.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"519-548"},"PeriodicalIF":6.0,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929743","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
Lottery-like features and mutual fund performance-flow sensitivity 类似彩票的特征和共同基金的业绩流量敏感性
IF 6 3区 经济学
Financial Management Pub Date : 2024-11-14 DOI: 10.1111/fima.12488
Hua Cheng, Lingtian Kong, Tse-Chun Lin, Yan Luo, Ningyu Zhou
{"title":"Lottery-like features and mutual fund performance-flow sensitivity","authors":"Hua Cheng,&nbsp;Lingtian Kong,&nbsp;Tse-Chun Lin,&nbsp;Yan Luo,&nbsp;Ningyu Zhou","doi":"10.1111/fima.12488","DOIUrl":"https://doi.org/10.1111/fima.12488","url":null,"abstract":"<p>We show that mutual funds' lottery-like features weaken the performance-flow sensitivity, particularly among low-performing funds, thereby contributing to the convexity of the fund performance-flow relation. The results hold when different model specifications are used to test the fund performance-flow relation, are robust to alternative measures for funds' lottery-like features, and cannot be attributed to fund search costs, marketing efforts, or fund performance volatility. Utilizing retail trading data at the account level from a large brokerage firm, we offer additional evidence that funds' lottery-like features significantly reduce outflows for low-performing funds. It confirms that the weakened performance-flow sensitivity among low-performing funds with lottery-like features is driven by existing investors' reluctance to redeem their shares. Furthermore, we reveal that fund managers can cater to investors' gambling preference by tilting fund portfolios toward lottery-type stocks. Funds' lottery-like features, however, aggravate future fund performance, especially among those that have already underperformed in the past.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"493-517"},"PeriodicalIF":6.0,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929466","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
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
Probability weighting and equity premium prediction: Investing with optimism 概率加权与股票溢价预测：乐观投资
IF 6 3区 经济学
Financial Management Pub Date : 2024-11-08 DOI: 10.1111/fima.12477
Mehran Azimi, Soroush Ghazi, Mark Schneider
{"title":"Probability weighting and equity premium prediction: Investing with optimism","authors":"Mehran Azimi,&nbsp;Soroush Ghazi,&nbsp;Mark Schneider","doi":"10.1111/fima.12477","DOIUrl":"https://doi.org/10.1111/fima.12477","url":null,"abstract":"<p>Empirically motivated theoretical models of probability weighting which overweight tail events are finding many applications in finance. However, probability weighting has not yet been applied to equity premium prediction or to constructing optimal market timing investment strategies. We show that a measure of market optimism from a representative agent asset pricing model with probability weighting can be used to construct optimal dynamic investment strategies that outperform the buy-and-hold strategy and strategies generated by 17 leading equity premium predictors. We further show that this theory-based measure of market optimism predicts the equity premium and market Sharpe ratio in-sample and out-of-sample. The predictability is not subsumed by disaster probabilities, market sentiment, or market skewness. Our results indicate that our theory-based measure provides a distinct channel for predicting aggregate stock returns.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 3","pages":"455-491"},"PeriodicalIF":6.0,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144929583","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
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
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