发布求助
文献互助 智能选刊 最新文献

Financial Management最新文献

筛选
英文 中文
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
Temperature trend and corporate cash holdings 气温趋势和企业现金持有量
IF 2.9 3区 经济学
Financial Management Pub Date : 2024-03-24 DOI: 10.1111/fima.12451
Dimitrios Gounopoulos, Yu Zhang
{"title":"Temperature trend and corporate cash holdings","authors":"Dimitrios Gounopoulos,&nbsp;Yu Zhang","doi":"10.1111/fima.12451","DOIUrl":"10.1111/fima.12451","url":null,"abstract":"<p>We examine the causal impact of climate uncertainty on companies’ cash holdings using local temperature trends. We find a notable increase in cash reserves among companies in response to rising climate-related risks. We also identify two significant channels through which climate uncertainty influences firms’ cash management: heightened environmental enforcement risk and increased physical risk. Furthermore, we observe that the positive effect of temperature trends on cash holdings is more pronounced for financially constrained firms and those with a lower level of environmental protection awareness. External financing through equity and debt issuance, as well as cost reduction strategies involving research and development and selling, general, and administrative activities, represent viable avenues for firms to bolster their cash reserves. However, financially constrained firms are less inclined to build up cash reserves through debt financing. Our findings underscore the precautionary nature of corporate cash policies and shed light on how temperature fluctuations can significantly shape corporate behavior.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 3","pages":"471-499"},"PeriodicalIF":2.9,"publicationDate":"2024-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12451","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140297966","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
Unraveling the impact of female CEOs on corporate bond markets 解读女性首席执行官对企业债券市场的影响
IF 2.8 3区 经济学
Financial Management Pub Date : 2024-03-08 DOI: 10.1111/fima.12449
Jasmine Yur-Austin, Ran Zhao, Lu Zhu
{"title":"Unraveling the impact of female CEOs on corporate bond markets","authors":"Jasmine Yur-Austin,&nbsp;Ran Zhao,&nbsp;Lu Zhu","doi":"10.1111/fima.12449","DOIUrl":"10.1111/fima.12449","url":null,"abstract":"<p>Little is known about how executive gender shapes the inherent conflict of interest between shareholders and bondholders. Using a sample of almost 100,000 unique bond-year observations, this study investigates how the appointment of female chief executive officers (CEOs) lowers the default outlook. Our evidence indicates that bond yield and bond volatility are significantly lower after a female takes the helm at a firm. This executive gender effect remains highly statistically and economically significant across various robustness checks and after addressing endogeneity concerns. Female CEOs lower the default risk component of the bond yield but have no material impact on the liquidity component. Subsample analysis substantiates the conditional effect of female CEOs on bond yield and bond volatility. Our evidence indicates that female CEOs’ risk-averse attributes pass through the credit risk and information asymmetry channels.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 2","pages":"391-423"},"PeriodicalIF":2.8,"publicationDate":"2024-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140075018","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
Currency flotation and dividend policies: Evidence from China's central parity reform 货币浮动与红利政策：中国中间价改革的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2024-02-02 DOI: 10.1111/fima.12448
Yilin Luo, Chenkai Ni, James Thewissen
{"title":"Currency flotation and dividend policies: Evidence from China's central parity reform","authors":"Yilin Luo,&nbsp;Chenkai Ni,&nbsp;James Thewissen","doi":"10.1111/fima.12448","DOIUrl":"10.1111/fima.12448","url":null,"abstract":"<p>Exploiting the 2015 central parity reform in China, we examine whether and how currency flotation affects corporate payout policies. The reform shifted China's currency regime from a crawling peg to the US dollar to partial flotation, significantly increasing its currency risk. We find that firms with high foreign currency exposures reduced their cash dividends postreform relative to firms with low foreign currency exposures. The dividend reduction is more pronounced for firms with less financial hedging or less financial flexibility before the reform. Firms display asymmetrical responses to foreign exchange gains versus losses. Specifically, while firms cut cash dividends when experiencing foreign exchange losses, they do not increase cash dividends when obtaining foreign exchange gains. A falsification test shows no changes in firms’ stock dividends that do not involve cash flows. Overall, our study shows that currency flotation, through increasing currency risks, dampens firms’ cash dividends.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 1","pages":"145-174"},"PeriodicalIF":2.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139870045","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信