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The disclosure perspective of firm-specific political risk measure from conference calls 从披露角度看电话会议中公司特定政治风险的衡量标准
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-07-01 DOI: 10.1111/fima.12468
Ashrafee T. Hossain, Abdullah-Al Masum, Mostafa M. Hasan, Donghui Li, Jian Xu
{"title":"The disclosure perspective of firm-specific political risk measure from conference calls","authors":"Ashrafee T. Hossain,&nbsp;Abdullah-Al Masum,&nbsp;Mostafa M. Hasan,&nbsp;Donghui Li,&nbsp;Jian Xu","doi":"10.1111/fima.12468","DOIUrl":"10.1111/fima.12468","url":null,"abstract":"<p>Hassan et al. (2019) quantified firm-specific political risk during corporate conference calls. We argue that this metric captures voluntary risk disclosure by firms rather than just their level of political risk. Studying the impact of political risk disclosure (PRD) on stock price crash risk (SPCR) allows us to test how well their score captures firm-specific risk or disclosure. Consistent with our disclosure perspective, we document that PRD significantly reduces SPCR. Our cross-sectional analyses further indicate that the negative effect of PRD on SPCR is more pronounced for firms with poor monitoring and governance and those with more opaque information environments.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 4","pages":"749-793"},"PeriodicalIF":2.9,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141530342","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
Credit risk correlation and the cost of bank loans 信用风险相关性与银行贷款成本
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-06-27 DOI: 10.1111/fima.12467
Siamak Javadi, Theophilus Osah
{"title":"Credit risk correlation and the cost of bank loans","authors":"Siamak Javadi,&nbsp;Theophilus Osah","doi":"10.1111/fima.12467","DOIUrl":"10.1111/fima.12467","url":null,"abstract":"<p>Using several approaches to compute firms’ credit risk correlation, we provide robust empirical evidence that lenders charge higher loan spreads to borrowers with higher credit risk correlation. Consistent with the theoretical literature, we find that the credit risk correlation effect is concentrated in investment-grade firms, driven by tightening lending conditions, and more pronounced for firms with higher rollover risk. We also show that banks whose borrowers have higher average credit risk correlation, have greater default risk themselves. Overall, our results indicate that banks view credit risk correlation as an important risk factor.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 4","pages":"795-832"},"PeriodicalIF":2.9,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141512267","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
Anomalies, option volume, and disagreement 异常现象、期权量和分歧
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-06-24 DOI: 10.1111/fima.12466
Allaudeen Hameed, Byounghyun (BH) Jeon
{"title":"Anomalies, option volume, and disagreement","authors":"Allaudeen Hameed,&nbsp;Byounghyun (BH) Jeon","doi":"10.1111/fima.12466","DOIUrl":"10.1111/fima.12466","url":null,"abstract":"<p>We document robust amplification of stock market anomaly returns associated with elevated option trading volume driven by disagreement trades. Consistent with the correction of mispricing associated with biased beliefs, anomaly returns are higher when disagreement option volume is high prior to earnings announcements. Additionally, we demonstrate that disagreement-based option volume is negatively related to future stock returns among stocks that are overpriced based on anomaly characteristics. Our findings also concentrate in stocks that are also difficult to short, emphasizing the combined impact of investor bias and shorting costs. Leveraging the staggered adoption of eXtensible Business Reporting Language, we establish a plausibly identified link between investor disagreement and short-horizon mispricing in stocks.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"579-603"},"PeriodicalIF":2.9,"publicationDate":"2024-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141530341","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
Uncertainty, precautionary saving, and investment: Evidence from prescheduled election cycles 不确定性、预防性储蓄和投资：来自预定选举周期的证据
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-05-20 DOI: 10.1111/fima.12457
Candace E. Jens, T. Beau Page
{"title":"Uncertainty, precautionary saving, and investment: Evidence from prescheduled election cycles","authors":"Candace E. Jens,&nbsp;T. Beau Page","doi":"10.1111/fima.12457","DOIUrl":"10.1111/fima.12457","url":null,"abstract":"<p>We show empirically that firms increase cash holdings starting as early as one year before prescheduled (i.e., predictable) elections. Then, for four quarters around elections when uncertainty and external financing costs are high, firms decrease investment and draw down saved cash balances to avoid tapping external financing. We use a dynamic model of firm investment and saving to demonstrate the importance of anticipation of future financing costs to firms' pre-election precautionary saving behavior. Theoretically, if election uncertainty were only to affect potential investment, lower firm investment would result in higher contemporaneous cash balances, which is inconsistent with our empirical results.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"431-470"},"PeriodicalIF":2.9,"publicationDate":"2024-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12457","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141121322","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 impact of social distancing on trading activity during the COVID-19 pandemic COVID-19 大流行期间社会距离对贸易活动的影响
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-05-16 DOI: 10.1111/fima.12456
Nasim Sabah
{"title":"The impact of social distancing on trading activity during the COVID-19 pandemic","authors":"Nasim Sabah","doi":"10.1111/fima.12456","DOIUrl":"10.1111/fima.12456","url":null,"abstract":"<p>I explore the impact of social distancing on trading activity during the COVID-19 pandemic using real-time location tracking data from Facebook users. I find that stocks categorized as “harder-to-value,” which are typically smaller, less transparent, less visible, and less profitable, experience decreased abnormal trading with more social distancing in their headquarters counties. In contrast, “easier-to-value” stocks show an increase in abnormal trading due to high social distancing in their headquarters counties. These findings indicate that greater firm-specific information asymmetry arises from increased social distancing within the firm headquarters counties. Although “easier-to-value” stocks can use alternative information sources to mitigate the information asymmetry, “harder-to-value” stocks fail to do so and face negative impact on trading. Additional analyses using alternative information channels, market sidedness, and liquidity confirm this hypothesis.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 4","pages":"833-865"},"PeriodicalIF":2.9,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140966749","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
On the anomaly tilts of factor funds 关于要素基金的异常倾斜
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-05-14 DOI: 10.1111/fima.12453
Markus S. Broman, Fabio Moneta
{"title":"On the anomaly tilts of factor funds","authors":"Markus S. Broman,&nbsp;Fabio Moneta","doi":"10.1111/fima.12453","DOIUrl":"10.1111/fima.12453","url":null,"abstract":"<p>By analyzing portfolio holdings, we find that a significant subset of hedged mutual funds (HMFs) and smart-beta exchange-traded funds (ETFs) tilt their portfolios toward well-known anomaly characteristics and that such tilts are highly persistent. Short positions of HMFs are important for amplifying their factor tilts. Moreover, HMFs with large factor tilts outperform corresponding ETFs, or HMFs with contrary tilts, both before and after accounting for implementation costs and fees. We link this outperformance to the use of short positions and higher factor-related returns. Finally, we show that only HMFs achieve similar performance (net of costs) as the academic factors.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"605-635"},"PeriodicalIF":2.9,"publicationDate":"2024-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12453","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141148079","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
Partisanship, optimism, and firm innovation 党派、乐观主义和企业创新
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-05-06 DOI: 10.1111/fima.12455
Anqi Jiao, Juntai Lu, Honglin Ren
{"title":"Partisanship, optimism, and firm innovation","authors":"Anqi Jiao,&nbsp;Juntai Lu,&nbsp;Honglin Ren","doi":"10.1111/fima.12455","DOIUrl":"10.1111/fima.12455","url":null,"abstract":"<p>Political partisanship significantly shapes firm executives’ economic outlook. We find that firms, whose managers share political alignment with the US president, achieve superior innovation outcomes, including higher patent counts, increased patent citations, and greater patent value. We establish a causal relationship through a difference-in-differences approach, focusing on periods around US presidential elections. This effect is more pronounced in firms with overconfident CEOs and during periods of heightened policy uncertainty, suggesting that partisan optimism stimulates innovation incentives. Firms led by partisan-aligned managers generate patents with greater originality, generality, and an exploratory style.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"543-577"},"PeriodicalIF":2.9,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140883978","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 US–China trade war and corporate innovation: Evidence from China 中美贸易战与企业创新：来自中国的证据
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-04-29 DOI: 10.1111/fima.12454
Dongmin Kong, Chen Liu, Paresh Kumar Narayan, Susan Sunila Sharma
{"title":"The US–China trade war and corporate innovation: Evidence from China","authors":"Dongmin Kong,&nbsp;Chen Liu,&nbsp;Paresh Kumar Narayan,&nbsp;Susan Sunila Sharma","doi":"10.1111/fima.12454","DOIUrl":"https://doi.org/10.1111/fima.12454","url":null,"abstract":"<p>This study investigates the effect of the US–China trade war on corporate innovation in the context of China. We find that the first-order effect of the trade war on corporate innovation is significantly negative. That is, Chinese firms exposed to the US–China trade war have lower numbers of patent applications and invention patent applications. Underlying mechanisms include reductions in market expansion and innovation input. Our findings are more pronounced for firms connected to the United States and those suffering financial distress and for non-state-owned enterprises. We further contribute to the literature by showing that firms with developed managerial ability, more confident managers, and better corporate social responsibility performance tend to increase innovation for competitiveness in response to the trade war. Finally, we explore the effect of Chinese retaliatory tariff shocks on corporate innovation and find that US tariffs and Chinese retaliatory tariffs hinder corporate innovation in China.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"501-541"},"PeriodicalIF":2.9,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12454","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142152368","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
Do corporate site visits affect the informational role of independent directors? 公司实地考察是否会影响独立董事的信息作用？
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-04-21 DOI: 10.1111/fima.12452
Qiong Wang, Zhangfan Cao, Edward Lee
{"title":"Do corporate site visits affect the informational role of independent directors?","authors":"Qiong Wang,&nbsp;Zhangfan Cao,&nbsp;Edward Lee","doi":"10.1111/fima.12452","DOIUrl":"10.1111/fima.12452","url":null,"abstract":"<p>This study examines the influence of corporate site visits on information acquisition and dissemination by independent directors (IDs). Employing two unique sources of data from Chinese listed firms based on the mandatory disclosure of IDs’ (i) site visit activities and (ii) opinions about corporate decisions, we find that the acquisition of firm-specific information and the dissemination of such information to the market are greater among IDs who conduct visits than their counterparts without such visits. Moreover, this effect is more pronounced in firms with complex information environments, in firms with lower proprietary costs, and among IDs with greater internal information asymmetry, superior external information, and stronger incentives and abilities to perform their duties. Furthermore, the firm-specific information disseminated by IDs leads to stronger market reactions and improves stock price efficiency. Our study shows that site visits contribute to the informational role of IDs, and our evidence offers important corporate governance and regulatory implications.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 4","pages":"867-903"},"PeriodicalIF":2.9,"publicationDate":"2024-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140678391","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
Foreign institutional investors’ certification and domestic minority shareholders’ mistrust 外国机构投资者的认证与国内小股东的不信任
IF 2.8 3区 经济学
Financial Management Pub Date : 2024-03-27 DOI: 10.1111/fima.12450
Jerry Cao, Yong Li, Xiaojuan Liu, William L. Megginson
{"title":"Foreign institutional investors’ certification and domestic minority shareholders’ mistrust","authors":"Jerry Cao,&nbsp;Yong Li,&nbsp;Xiaojuan Liu,&nbsp;William L. Megginson","doi":"10.1111/fima.12450","DOIUrl":"10.1111/fima.12450","url":null,"abstract":"<p>Using hand-collected data from China's split share structure reform (SSSR) program, we show that foreign institutional investors’ certification mitigates domestic minority shareholders’ mistrust of controlling shareholders’ reform plans and facilitates the implementation of the SSSR. Domestic minority shareholders cast fewer dissenting votes, complete the SSSR more quickly but with lower compensation, and achieve higher stock return reactions in reforming firms with higher foreign institutional ownership. Foreign institutional investors’ prestige is a key factor in aligning domestic minority shareholders toward seeking long-term payoffs. Our work reveals the positive role of foreign institutional investors’ certification in a salient reform of corporate governance.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 2","pages":"267-289"},"PeriodicalIF":2.8,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140376359","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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