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Does Disclosing Well Lead to Doing Good? 披露得好就能做好事吗？
IF 6 3区 经济学
Financial Management Pub Date : 2026-03-10 Epub Date: 2025-05-28 DOI: 10.1111/fima.12506
Jinsong Liu, Jiaren Pang, Xinyi Zhang, Xi Zhou
{"title":"Does Disclosing Well Lead to Doing Good?","authors":"Jinsong Liu,&nbsp;Jiaren Pang,&nbsp;Xinyi Zhang,&nbsp;Xi Zhou","doi":"10.1111/fima.12506","DOIUrl":"https://doi.org/10.1111/fima.12506","url":null,"abstract":"<div>\u0000 \u0000 <p>Firms in China increase green innovation following a mandate that requires them to regularly disclose their corporate social responsibility (CSR) activities. This effect is primarily concentrated in firms with greater innovation capability, stronger innovation incentives, and more financial flexibility. Further analyses show that the CSR disclosure mandate increases media coverage of mandated firms’ environmental issues, driven largely by negative environmental news, suggesting that negative publicity plays a key role in motivating these firms to pursue green innovation. The green innovations following the mandate are unlikely to be greenwashing, as evidenced by their high patent quality and their positive impact on firms’ future environmental performance. In contrast, voluntary CSR disclosure does not affect corporate green innovation and increases positive, but not negative, environmental media coverage. Our findings support the Porter Hypothesis by showing that disclosure-based environmental regulations can effectively promote meaningful corporate innovation.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"55 1","pages":"121-151"},"PeriodicalIF":6.0,"publicationDate":"2026-03-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147569916","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
Pandemics and Household Cash Withdrawals: Evidence From Transaction Data on Hundreds of Millions of Bank Cards 流行病和家庭现金提取：来自数亿张银行卡交易数据的证据
IF 6 3区 经济学
Financial Management Pub Date : 2025-04-16 DOI: 10.1111/fima.12500
Haohan Ren, Kemin Wang, Bohui Zhang, Fan Zhang
{"title":"Pandemics and Household Cash Withdrawals: Evidence From Transaction Data on Hundreds of Millions of Bank Cards","authors":"Haohan Ren,&nbsp;Kemin Wang,&nbsp;Bohui Zhang,&nbsp;Fan Zhang","doi":"10.1111/fima.12500","DOIUrl":"https://doi.org/10.1111/fima.12500","url":null,"abstract":"<div>\u0000 \u0000 <p>Relying on data from 165 million bank cards in China, we find that people use less cash for transactions after the outbreak of COVID-19. The effect is more pronounced in cities with a larger elderly population, lower education levels, more advanced digital infrastructure, and greater COVID-19 exposure. Cash usage remains low even after COVID-19 is no longer a public concern. Further analysis suggests that policies promoting noncash payment methods only partially explain this trend. Overall, our study suggests that COVID-19 has a long-term impact on household payment habits.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"839-862"},"PeriodicalIF":6.0,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145522352","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
Information Content of the Geography of Underwriters on Bond Market 债券市场承销商地理信息含量研究
IF 6 3区 经济学
Financial Management Pub Date : 2025-03-25 DOI: 10.1111/fima.12495
Yan Wang, Muzi Chen, Difang Huang, Xiaoguang Yang
{"title":"Information Content of the Geography of Underwriters on Bond Market","authors":"Yan Wang,&nbsp;Muzi Chen,&nbsp;Difang Huang,&nbsp;Xiaoguang Yang","doi":"10.1111/fima.12495","DOIUrl":"https://doi.org/10.1111/fima.12495","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the impact of underwriter geographic proximity on bond financing costs and default risk using Chinese corporate and enterprise bonds issued between 2009 and 2019. Our study reveals that bonds underwritten by geographically proximate underwriters incur lower financing costs and exhibit reduced default risk. However, this effect is attenuated when underwriters possess a strong reputation or when firms exhibit high transparency, suggesting a substitutive role of these factors in bond pricing. To address endogeneity concerns, we leverage the introduction of high-speed rail (HSR) as an exogenous shock to perform differences-in-difference analysis, and employ instrumental variable and propensity score matching methods. We find that the establishment of HSR networks significantly weakens local underwriters' information advantages, reducing their unique ability to lower bond financing costs. Our results remain robust in various subsamples that exclude first-tier cities and local government connections.</p></div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"719-739"},"PeriodicalIF":6.0,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145522388","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
Asset Redeployability and Corporate Liquidity 资产可再配置性和公司流动性
IF 6 3区 经济学
Financial Management Pub Date : 2025-03-13 DOI: 10.1111/fima.12499
Douglas (DJ) Fairhurst, S. M. Zahid
{"title":"Asset Redeployability and Corporate Liquidity","authors":"Douglas (DJ) Fairhurst,&nbsp;S. M. Zahid","doi":"10.1111/fima.12499","DOIUrl":"https://doi.org/10.1111/fima.12499","url":null,"abstract":"<p>This article documents reduced cash holdings for firms with redeployable assets. This finding holds for instrumental variables and matched sample analyses. Additional evidence suggests that firms with redeployable assets shift from cash holdings to credit lines, presumably because the nature of these assets reduces the premium of credit lines as a form of liquidity insurance, especially for firms that face high external financing costs. Banks provide these firms with borrower-friendly ex ante contract terms and protect themselves from ex post risk shifting via the increased use of asset sweeps. The evidence highlights the interplay between the liquidity of short- and long-term assets.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"817-838"},"PeriodicalIF":6.0,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12499","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145521907","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
Persistence and Market Timing Ability of Cryptocurrency Funds 加密货币基金的持久性和市场择时能力
IF 6 3区 经济学
Financial Management Pub Date : 2025-03-02 DOI: 10.1111/fima.12498
Thomas Conlon, Diego Víctor De Mingo-López, Andrew Urquhart
{"title":"Persistence and Market Timing Ability of Cryptocurrency Funds","authors":"Thomas Conlon,&nbsp;Diego Víctor De Mingo-López,&nbsp;Andrew Urquhart","doi":"10.1111/fima.12498","DOIUrl":"https://doi.org/10.1111/fima.12498","url":null,"abstract":"<p>Growth in cryptocurrency funds has followed the wider expansion of the cryptocurrency sector. In this paper, we study the performance persistence and market timing ability of cryptocurrency fund managers. We show that cryptocurrency funds produce remarkable levels of abnormal returns. Moreover, sorting by previous alpha provides compelling evidence of persistence in abnormal returns. Funds with previous excess abnormal returns have high ex post abnormal returns, while cryptocurrency factors explain only a small proportion of the variation in these returns. An ex post outperformance among funds displaying ex ante market timing skills is found, while these ex post abnormal returns can, in turn, be attributed to managerial timing abilities.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"791-816"},"PeriodicalIF":6.0,"publicationDate":"2025-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12498","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145521538","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 Value of Investor Sophistication 投资者老练的价值
IF 6 3区 经济学
Financial Management Pub Date : 2025-02-01 DOI: 10.1111/fima.12497
Chengbo Fu, Gady Jacoby, Nanying Lin, Lei Lu
{"title":"The Value of Investor Sophistication","authors":"Chengbo Fu,&nbsp;Gady Jacoby,&nbsp;Nanying Lin,&nbsp;Lei Lu","doi":"10.1111/fima.12497","DOIUrl":"https://doi.org/10.1111/fima.12497","url":null,"abstract":"<div>\u0000 \u0000 <p>We introduce the idiosyncratic volatility spread as a novel measure of the stock-level investor sophistication. Our study reveals a negative relation between investor sophistication and stock returns, particularly for stocks with more binding short-sale constraints. Importantly, this negative relation cannot be attributed to variables that affect the idiosyncratic volatility–return relation. Our findings hold across different factor models and estimation methods, demonstrating the robustness of the results. Furthermore, we observe that this relation is more pronounced during periods characterized by high investor sentiment, high market uncertainty, and economic contractions. Further tests suggest that investor sophistication introduces heterogeneity in beliefs among investors due to their varying model selection, demonstrating that investor sophistication is not driven solely by disagreement.</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"761-790"},"PeriodicalIF":6.0,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145521418","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
Intrinsic Value, Transaction Price Movement, and Cointegration 内在价值、交易价格变动与协整
IF 6 3区 经济学
Financial Management Pub Date : 2025-01-29 DOI: 10.1111/fima.12496
William G. Hardin III, Xiaoquan Jiang, Zhongua Wu, Qianying Zhang
{"title":"Intrinsic Value, Transaction Price Movement, and Cointegration","authors":"William G. Hardin III,&nbsp;Xiaoquan Jiang,&nbsp;Zhongua Wu,&nbsp;Qianying Zhang","doi":"10.1111/fima.12496","DOIUrl":"https://doi.org/10.1111/fima.12496","url":null,"abstract":"<div>\u0000 \u0000 <p>The commercial real estate market provides a unique environment to evaluate the movement of transaction price to intrinsic value. Given the latent nature of intrinsic value, empirical assessment has been difficult. Long-term use of both judgment (appraisal)- and transaction-based values in real estate to provide tradable price and return benchmark allows testing of the intrinsic value to price relation. Based on NCREIF property return data from 1984 to 2019, we show that the transaction-based index (TBI) and the appraisal-based index (NPI) are cointegrated, and the error correction term forecasts TBI returns but not NPI returns. These results indicate that when short-run deviation occurs, it is the TBI not the NPI that eventually converges back to the equilibrium state of the TBI–NPI system. Further tests reveal that the common trend of the TBI–NPI cointegrated system is associated with the income stream from commercial properties (a fundamental variable).</p>\u0000 </div>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"741-760"},"PeriodicalIF":6.0,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145522331","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
Effects of Bank Capital and Lending on Leverage, Risk, and Growth of Nonfinancial Firms 银行资本和贷款对非金融企业杠杆、风险和增长的影响
IF 6 3区 经济学
Financial Management Pub Date : 2025-01-12 DOI: 10.1111/fima.12492
Lindsay Baran, Ajay Patel, Nonna Sorokina
{"title":"Effects of Bank Capital and Lending on Leverage, Risk, and Growth of Nonfinancial Firms","authors":"Lindsay Baran,&nbsp;Ajay Patel,&nbsp;Nonna Sorokina","doi":"10.1111/fima.12492","DOIUrl":"https://doi.org/10.1111/fima.12492","url":null,"abstract":"<p>This paper examines the impact of bank capital on the capital structure of nonfinancial firms, focusing on lenders and commercial borrowers from 2000 to 2019. We find a positive relationship between firm leverage and bank capital, with lending serving as a key channel for this effect. Additionally, increased lending is associated with higher firm risk and slower growth. Our deal-level analysis reveals consistent findings with those at the firm level: greater lending is linked to higher spreads, more tranches, more secured loans, fewer lenders per deal, and longer maturities, all of which indicate increased borrower risk. This study offers new insights into how bank capital structure policies influence the financial structure of nonfinancial firms and contributes to the broader debate on the spillover effects of risk-reduction measures in the financial sector, such as capital regulation, on the real economy.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 4","pages":"703-717"},"PeriodicalIF":6.0,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12492","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145521795","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
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
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