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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
The impact of unions on compensation consultants and CEO pay 工会对薪酬顾问和首席执行官薪酬的影响
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-09-29 DOI: 10.1111/fima.12472
Vikram Nanda, Takeshi Nishikawa, Andrew Prevost
{"title":"The impact of unions on compensation consultants and CEO pay","authors":"Vikram Nanda,&nbsp;Takeshi Nishikawa,&nbsp;Andrew Prevost","doi":"10.1111/fima.12472","DOIUrl":"https://doi.org/10.1111/fima.12472","url":null,"abstract":"<p>Research on executive compensation finds unions to be associated with lower executive compensation, particularly incentive pay, while other work documents the role of compensation consultants in facilitating stronger CEO incentives and pay. We propose and test the implications of a simple theoretical framework that integrates these empirical findings. We find empirical support for our model's prediction that in environments less favorable to union organization (e.g., right-to-work states), firms with higher unionization rates strategically engage consultants to counter union influence, place greater value on their advice as gauged by consultant fees, and offer managers greater equity incentives opposed by unions. On the other hand, in strongly prolabor environments, unions are more successful at curtailing consultant use and have greater influence on the level of pay and incentives.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"89-122"},"PeriodicalIF":2.9,"publicationDate":"2024-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143582070","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
Zero-beta risks and required returns: ESG and CAPM 零风险和要求回报：ESG和CAPM
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-09-26 DOI: 10.1111/fima.12475
David Johnstone, Andrew Grant
{"title":"Zero-beta risks and required returns: ESG and CAPM","authors":"David Johnstone,&nbsp;Andrew Grant","doi":"10.1111/fima.12475","DOIUrl":"https://doi.org/10.1111/fima.12475","url":null,"abstract":"<p>We ask how idiosyncratic zero-beta risks (e.g., the risk of litigation or R&amp;D failing) affect the firm's cost of capital under capital asset pricing model (CAPM). Surprisingly, perhaps, CAPM theory reveals that adding an idiosyncratic risk to the firm's payoff distribution will usually although not necessarily increase the firm's cost of capital. Lintner's famous original CAPM expositions revealed that the firm's CAPM cost of capital is a function of the ratio of the covariance of its cash payoff with the market to its payoff mean. Lintner proved that an idiosyncratic risk that affects the firm's payoff covariance <i>per unit of mean</i> is“priced” in the sense that it necessarily alters the firm's CAPM discount rate. We explain and clarify Lintner's argument using elementary CAPM equations and numerical examples.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"33-52"},"PeriodicalIF":2.9,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12475","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143581990","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
Are investor-paid credit ratings superior? 投资者支付的信用评级是否更好？
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-09-26 DOI: 10.1111/fima.12476
Nan Qin, Lei Zhou
{"title":"Are investor-paid credit ratings superior?","authors":"Nan Qin,&nbsp;Lei Zhou","doi":"10.1111/fima.12476","DOIUrl":"https://doi.org/10.1111/fima.12476","url":null,"abstract":"<p>We conduct pairwise comparisons of corporate bond ratings between three issuer-paid credit rating agencies (CRAs) and one investor-paid CRA regarding rating standard, accuracy, stability, and market impact. We find that neither compensation model results in more stringent or accurate ratings. While issuer-paid S&amp;P ratings are more stringent and accurate than investor-paid Egan-Jones ratings (EJR), issuer-paid Fitch ratings are less stringent and have similar or lower accuracy compared to EJR ratings. In contrast, investor- and issuer-paid ratings exhibit different rating change behaviors. EJR updates its ratings more frequently with fewer multinotch downgrades but also has a higher likelihood of rating reversals, while rating change behaviors are similar among the three issuer-paid CRAs. Finally, issuer-paid rating changes trigger stronger market responses.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 1","pages":"53-87"},"PeriodicalIF":2.9,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143581991","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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