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Speed Bump and Stock Market Quality: Evidence From NYSE American 减速带与股票市场质量：来自美国纽约证券交易所的证据
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-09-19 DOI: 10.1111/fima.70010
Bo Liu, Ke Xu
{"title":"Speed Bump and Stock Market Quality: Evidence From NYSE American","authors":"Bo Liu,&nbsp;Ke Xu","doi":"10.1111/fima.70010","DOIUrl":"https://doi.org/10.1111/fima.70010","url":null,"abstract":"<p>Should trading speed of high-frequency traders be regulated? Using the data from the New York Stock Exchange American, this paper examines the impact of a speed bump on market liquidity and price discovery. Our results indicate that the use of a speed bump can lower the costs of adverse selection through reducing informed trading. However, it also has a negative effect on price discovery, as trading activities slow down. The speed bump policy is a double-edged sword that improves liquidity but reduces price discovery.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"387-407"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.70010","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981446","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 Role of Index Fund Ownership in the Era of Say-on-Pay 指数基金所有权在“说了算”时代的角色
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-11-05 DOI: 10.1111/fima.70013
Kiseo Chung, Hwanki Brian Kim
{"title":"The Role of Index Fund Ownership in the Era of Say-on-Pay","authors":"Kiseo Chung,&nbsp;Hwanki Brian Kim","doi":"10.1111/fima.70013","DOIUrl":"https://doi.org/10.1111/fima.70013","url":null,"abstract":"<p>We examine whether and how index funds influence executive compensation in the post-Say-on-Pay era. Using the annual reconstitution of the Russell indexes as a source of exogenous variation in index fund ownership, we document a causal effect of index ownership on CEO pay structure. Firms with greater index ownership adopt more performance-vesting and equity-based compensation, consistent with preferences expressed by institutional investors and proxy advisors. These effects emerge only after the implementation of the Say-on-Pay rule, suggesting a voting-enabled mechanism. Further analysis reveals that index funds are more likely to vote in line with Institutional Shareholder Services, particularly when pay practices are problematic, and that failed Say-on-Pay votes lead to revisions in compensation structure. We also find stronger pay-for-performance sensitivity following index ownership shocks. Our findings highlight a scalable governance channel through which index funds, despite their passive mandates, actively shape executive incentives via proxy voting.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"485-505"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.70013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981460","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
First-Mover Advantage Among Direct Investors Holding Overlapping Positions and the Regulation of Mutual Funds 重叠直接投资者的先发优势与共同基金监管
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-10-27 DOI: 10.1111/fima.70012
Christof W. Stahel
{"title":"First-Mover Advantage Among Direct Investors Holding Overlapping Positions and the Regulation of Mutual Funds","authors":"Christof W. Stahel","doi":"10.1111/fima.70012","DOIUrl":"https://doi.org/10.1111/fima.70012","url":null,"abstract":"<div>\u0000 \u0000 <p>Accelerating mutual fund outflows following poor past performance have been attributed to an investor first-mover advantage inherent in mutual fund structure. We show that direct investors, who hold very similar portfolio assets through a common separately managed account strategy, exhibit similar behavior following poor portfolio returns, but their behavior is driven by a first-mover advantage at the asset level, reflecting competition for limited market liquidity and concerns about depressed asset values. Benchmarking mutual fund investor behavior with that of direct investors in matched separately managed accounts, we find no evidence that poor fund performance accelerates fund outflows. These results have important implications for our understanding and regulation of the mutual fund industry.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"435-455"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981439","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
Media Climate Change Concern and Stock Returns 媒体关注气候变化与股票回报
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-09-28 DOI: 10.1111/fima.70011
Liya Chu, Xinrui Duan, Jun Tu, Luying Wang
{"title":"Media Climate Change Concern and Stock Returns","authors":"Liya Chu,&nbsp;Xinrui Duan,&nbsp;Jun Tu,&nbsp;Luying Wang","doi":"10.1111/fima.70011","DOIUrl":"https://doi.org/10.1111/fima.70011","url":null,"abstract":"<div>\u0000 \u0000 <p>This study introduces a media climate change concern index, derived from unexpected climate change coverage across diverse media channels, including print (newspapers), voice (radio), and video (television). The index negatively predicts aggregate stock market returns, both in-sample and out-of-sample, offering potential gains for investors. Our findings emphasize the media's influence on market returns through climate change discussions, mainly via the cash-flow channel. This reveals possible shifts in product demand, while demand for green or brown stocks may not be altered as expected, possibly due to “greenwashing” by institutional investors exaggerating their environmental commitments.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"409-434"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981440","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
When Losers Talk: Information Diffusion, Social Norms, and Conversations of Investors 当失败者说话：信息扩散、社会规范和投资者的谈话
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-09-14 DOI: 10.1111/fima.70008
Young Jae Choi
{"title":"When Losers Talk: Information Diffusion, Social Norms, and Conversations of Investors","authors":"Young Jae Choi","doi":"10.1111/fima.70008","DOIUrl":"https://doi.org/10.1111/fima.70008","url":null,"abstract":"<div>\u0000 \u0000 <p>Conversations are vessels through which information travels. To understand how investment information spreads via person-to-person conversations, I observe paired investors in a well-controlled experiment. While self-enhancement bias suggests that investors are more likely to discuss their performance when they have positive returns, I find the reverse: in conversations, investors with positive returns appear <i>less likely</i> to talk about their investment outcome. Experimental transcripts highlight conversational norms as a key mechanism. For example, though sharing information about one's positive performance may feel good, it may also have a negative effect on the listener, and making one's counterpart feel bad is often considered socially inappropriate. Thus, in the experiment, investors with positive returns are reluctant to discuss their performance if they are uncertain about their conversation partner's return, or if they learn it is negative. These results show that conversational norms shape the diffusion of investment information.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"371-386"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981526","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
Mergers and Acquisitions as Navigators of Climate Policy Shocks: Evidence from the NOx Budget Trading Program 并购作为气候政策冲击的导航：来自氮氧化物预算交易计划的证据
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-10-29 DOI: 10.1111/fima.70014
Samer Adra, Yang Gao, Malika Hamadi, Jiayi Yuan
{"title":"Mergers and Acquisitions as Navigators of Climate Policy Shocks: Evidence from the NOx Budget Trading Program","authors":"Samer Adra,&nbsp;Yang Gao,&nbsp;Malika Hamadi,&nbsp;Jiayi Yuan","doi":"10.1111/fima.70014","DOIUrl":"https://doi.org/10.1111/fima.70014","url":null,"abstract":"<p>We examine how mergers and acquisitions (M&amp;As) enable firms to adapt to climate policy shocks. Exploiting the adoption of the Nitrogen Oxides (NOx) Budget Trading Program (NBP) across US states as an exogenous shock, we find that firms with NOx-emitting plants subject to the NBP are more likely to engage in M&amp;As, particularly through vertical integration. The effect is stronger among firms facing larger compliance cost increases, supporting the view that heightened regulatory burdens drive post-NBP acquisitions. Consistent with the cost-saving role of vertical integration, we show that NBP-induced vertical deals reduce production and distribution costs. Overall, our findings provide evidence that M&amp;As serve as a rational response to climate regulation, revisiting the neoclassical view of acquisition motives in the context of environmental policy.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"457-484"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.70014","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981443","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
Green Bond Issuance Effect on Environmental and Social Performance: Evidence From an International Sample 绿色债券发行对环境和社会绩效的影响：来自国际样本的证据
IF 7.5 3区 经济学
Financial Management Pub Date : 2026-09-18 Epub Date: 2025-11-19 DOI: 10.1111/fima.70015
Francesca Battaglia, Paolo Fiorillo, Lavinia Rognone, Dario Salerno
{"title":"Green Bond Issuance Effect on Environmental and Social Performance: Evidence From an International Sample","authors":"Francesca Battaglia,&nbsp;Paolo Fiorillo,&nbsp;Lavinia Rognone,&nbsp;Dario Salerno","doi":"10.1111/fima.70015","DOIUrl":"https://doi.org/10.1111/fima.70015","url":null,"abstract":"<div>\u0000 \u0000 <p>We study how first-time green bond (GB) issuances impact the environmental and social performance (ESP) of issuers. If GB issuances signal the issuer's commitment to sustainable development, rating agencies should positively adjust ESG scores, assuming no opportunistic behavior or rating inefficiencies. Using a global GB issuance dataset, we employ a difference-in-differences approach to compare ESP scores of GB issuers (treatment group) with those of non-GB issuers (control group). Compared to non-GB issuers, GB issuers experience enhanced ESP after their first GB issuance, with stronger results for firms with lower ESG scores pre-issuance. Higher environmental performance is driven by reduced carbon emissions, while improved social performance is driven by better workforce, human rights, and community scores. GB issuances reduce firms’ likelihood of ESG controversies. These findings contribute to our understanding of the factors driving the GB–ESG nexus and have implications for policymakers, investors, and issuers interested in integrating or promoting sustainability practices.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 3","pages":"507-534"},"PeriodicalIF":7.5,"publicationDate":"2026-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148981445","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 Geography, Myside Bias, and Retail Investor Behavior 政治地理，我的偏见和散户投资者行为
IF 6 3区 经济学
Financial Management Pub Date : 2026-06-04 Epub Date: 2025-09-09 DOI: 10.1111/fima.70009
Chansog (Francis) Kim, Yun Meng, Christos Pantzalis, Jung Chul Park
{"title":"Political Geography, Myside Bias, and Retail Investor Behavior","authors":"Chansog (Francis) Kim,&nbsp;Yun Meng,&nbsp;Christos Pantzalis,&nbsp;Jung Chul Park","doi":"10.1111/fima.70009","DOIUrl":"https://doi.org/10.1111/fima.70009","url":null,"abstract":"<div>\u0000 \u0000 <p>We examine how political geography shapes retail investor behavior through partisan myside bias—a location-specific form of confirmation bias. Using household-level data from the Panel Study of Income Dynamics (PSID) and detailed brokerage records, we find that investors in politically aligned states exhibit greater trust in the market, stronger peer-driven trading, and a higher tendency toward behavioral biases such as local bias, disposition effect, and overconfidence. These effects are most pronounced when political sentiment is strong, highlighting how regional partisanship can distort financial decision-making.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 2","pages":"329-362"},"PeriodicalIF":6.0,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160624","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
Sovereign Credit Default Swaps and Corporate Investment 主权信用违约互换和企业投资
IF 6 3区 经济学
Financial Management Pub Date : 2026-06-04 Epub Date: 2025-08-17 DOI: 10.1111/fima.70004
Hsien-Yi Chen, Sheng-Syan Chen, Feng-Tse Tsai, Ya-Wen Chen
{"title":"Sovereign Credit Default Swaps and Corporate Investment","authors":"Hsien-Yi Chen,&nbsp;Sheng-Syan Chen,&nbsp;Feng-Tse Tsai,&nbsp;Ya-Wen Chen","doi":"10.1111/fima.70004","DOIUrl":"https://doi.org/10.1111/fima.70004","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the impact of sovereign credit default swap (CDS) introduction on corporate investment. Our analysis reveals that the launch of sovereign CDS significantly expands national credit supply and boosts aggregate investment levels. We further document a positive and statistically significant effect of sovereign CDS introduction on firm-level investment. Crucially, we find that this positive relationship is primarily observed in the subsample of firms without existing CDS trading and is more pronounced for politically sensitive firms. This beneficial effect is driven by the supply of domestic private credit and is amplified in countries characterized by weaker legal environments and lower information transparency. Collectively, our findings suggest that sovereign credit market innovation plays a vital role in channeling firms toward productive investments.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 2","pages":"251-274"},"PeriodicalIF":6.0,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160831","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
Inalienable Human Capital and Inevitable Corporate Payouts 不可剥夺的人力资本和不可避免的企业支出
IF 6 3区 经济学
Financial Management Pub Date : 2026-06-04 Epub Date: 2025-09-08 DOI: 10.1111/fima.70007
Shuxun Cai, Kose John, Xiaoran Ni, Chi Zhang
{"title":"Inalienable Human Capital and Inevitable Corporate Payouts","authors":"Shuxun Cai,&nbsp;Kose John,&nbsp;Xiaoran Ni,&nbsp;Chi Zhang","doi":"10.1111/fima.70007","DOIUrl":"https://doi.org/10.1111/fima.70007","url":null,"abstract":"<div>\u0000 \u0000 <p>We highlight that the inalienable nature of human capital can crucially determine the division of economic gains between shareholders and other counterparts in view of corporate payouts. Exploiting the staggered rejections of the inevitable disclosure doctrine (IDD) across 15 US states as exogenous shocks that potentially increase the mobility and bargaining power of key talents, we find that treatment firms increase payouts relative to control firms following those events. The baseline effects are more pronounced among firms that are more reliant on key human capital, have better corporate governance and stronger financial conditions, and are faced with greater product market competition. These findings suggest that higher payouts enable shareholders to deter the capture of economic rents by key talents who threaten to leave. That is, due to shareholders’ counteraction, the inalienable nature of key human capital, a subgroup of labor, may unintendedly result in an unfavorable division of economic gains for labor as a whole.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 2","pages":"275-299"},"PeriodicalIF":6.0,"publicationDate":"2026-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148160591","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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