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
Overselling corporate social responsibility 夸大企业社会责任
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-08-30 DOI: 10.1111/fima.12434
Najah Attig, Wenyao Hu, Mohammad M. Rahaman, Ashraf Al Zaman
{"title":"Overselling corporate social responsibility","authors":"Najah Attig,&nbsp;Wenyao Hu,&nbsp;Mohammad M. Rahaman,&nbsp;Ashraf Al Zaman","doi":"10.1111/fima.12434","DOIUrl":"10.1111/fima.12434","url":null,"abstract":"<p>We show that firms hype up their corporate social responsibility (CSR) narratives during the turn-of-the-year earnings conference calls to project an overly responsible public image of their firms. This previously unexplored phenomenon does not appear to be related to past, current, and future CSR engagements and cannot be explained by observed time-varying firm attributes and unobserved time-invariant firm and CEO attributes. We find that the fourth-quarter CSR narrative hike is more pronounced among firms that are (ex ante) expected to do more corporate good as well as firms embedded in dirty industries, but less prevalent among firms facing elevated product-market threats. Although elevated CSR narrative is associated with positive short-term market reaction and lower near-term stock price crash risk, such behavior tends to reduce financial report readability and leads to lower equity valuation in the longer term. Our analyses suggest that CSR narrative hike at the turn-of-the-year is a pervasive phenomenon in the corporate landscape and may have valuation and governance implications.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"573-610"},"PeriodicalIF":2.8,"publicationDate":"2023-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12434","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41575784","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
Joint dynamics of stock returns and cash flows: A time-varying present-value framework 股票收益和现金流的联合动力学：一个时变现值框架
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-08-28 DOI: 10.1111/fima.12433
Deshui Yu, Yayi Yan
{"title":"Joint dynamics of stock returns and cash flows: A time-varying present-value framework","authors":"Deshui Yu,&nbsp;Yayi Yan","doi":"10.1111/fima.12433","DOIUrl":"https://doi.org/10.1111/fima.12433","url":null,"abstract":"<p>This paper proposes a novel time-varying present-value model to analyze the joint dynamics of stock returns and cash flows periodically. We use a nonparametric time-varying vector autoregressive model to examine the economic implications of the time-varying present-value model. By conducting several nonparametric tests, we reject the stability of multivariate forecasting models and the null that stock returns and cash flows are simultaneously unpredictable in any given period. Additional bootstrap analyses show that under the null of unpredictable returns, dividend growth is highly predictable. Finally, the proposed time-varying present-value framework holds robustly for both the dividend–price ratio and the earnings–price ratio.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"513-541"},"PeriodicalIF":2.8,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50155164","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
What happens in Vegas stays in Vegas? Firsthand experience and EDGAR search activity in Las Vegas casino hotels 维加斯发生的事就留在维加斯吧?拉斯维加斯赌场酒店的第一手经验和EDGAR搜索活动
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-08-28 DOI: 10.1111/fima.12435
Ryan Flugum, Choonsik Lee, Matthew E. Souther
{"title":"What happens in Vegas stays in Vegas? Firsthand experience and EDGAR search activity in Las Vegas casino hotels","authors":"Ryan Flugum,&nbsp;Choonsik Lee,&nbsp;Matthew E. Souther","doi":"10.1111/fima.12435","DOIUrl":"10.1111/fima.12435","url":null,"abstract":"<p>What role does investors’ firsthand experience have in stock selection, and does this firsthand experience lead to better investment outcomes? Using a unique data set containing the stock research activities of patrons of Las Vegas casino hotels, we find evidence that investors’ firsthand experience motivates interest in Vegas-related travel industry stocks. Additionally, their interest in these stocks predicts strong performance; Vegas interest leads to positive abnormal returns of up to 3.7% (0.4%) over the following year (month), and abnormal returns are highest in industries that are related to Las Vegas.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"409-432"},"PeriodicalIF":2.8,"publicationDate":"2023-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45979312","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
ESG news spillovers across the value chain ESG新闻在整个价值链中溢出
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-07-17 DOI: 10.1111/fima.12431
Vu Le Tran, Guillaume Coqueret
{"title":"ESG news spillovers across the value chain","authors":"Vu Le Tran,&nbsp;Guillaume Coqueret","doi":"10.1111/fima.12431","DOIUrl":"https://doi.org/10.1111/fima.12431","url":null,"abstract":"<p>We document the impact of ESG shocks on the stock returns of suppliers and clients of affected firms. Our empirical analysis of US stocks, along with their global clients and suppliers, reveals that ESG shocks are integrated into prices intradaily and that the cross-effect between shocks and ESG levels is statistically significant. The indirect diffusion of ESG shocks to customers' and suppliers' returns is also significant, but takes more time (a few days) and is less pronounced. Finally, the impact is stronger for small firms and for corporations that benefit from less media coverage. In addition, effects are more pronounced in the recent period (posterior to 2017), possibly due to increased investor attention toward sustainability.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 4","pages":"677-710"},"PeriodicalIF":2.8,"publicationDate":"2023-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12431","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138431994","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
Estimating contagion mechanism in global equity market with time-zone effect 具有时区效应的全球股票市场传染机制估计
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-07-03 DOI: 10.1111/fima.12430
Boyao Wu, Difang Huang, Muzi Chen
{"title":"Estimating contagion mechanism in global equity market with time-zone effect","authors":"Boyao Wu,&nbsp;Difang Huang,&nbsp;Muzi Chen","doi":"10.1111/fima.12430","DOIUrl":"10.1111/fima.12430","url":null,"abstract":"<p>This paper proposes a time-zone vector autoregressive (VAR) model to investigate comovements in the global financial market. Analyzing daily data from 36 national equity markets, we explore the subprime and European debt crises using static analysis and the COVID-19 crisis through a rolling window method. Our study of comovements using VAR coefficients reveals a resonance effect in the global system. Findings on densities and assortativities suggest the existence of the transmission mechanism in all periods and abnormal structural changes during the crises. Strength analysis uncovers the information transmission mechanism across continents over normal and turmoil periods and emphasizes specific stock markets' unique roles. We examine dynamic continent strengths to demonstrate the contagion mechanism in the global equity market over an extended period. Incorporating the time-zone effect significantly enhances the VAR model's interpretability. Signed networks provide more information on global equity markets and better identify critical contagion patterns than unsigned networks.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"543-572"},"PeriodicalIF":2.8,"publicationDate":"2023-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12430","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43531236","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: 8
To see is to believe: Corporate site visits and mutual fund herding 眼见为实:企业实地考察和共同基金羊群效应
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-05-26 DOI: 10.1111/fima.12421
Xiaofeng Quan, Cheng Xiang, Donghui Li, Kelvin Jui Keng Tan
{"title":"To see is to believe: Corporate site visits and mutual fund herding","authors":"Xiaofeng Quan,&nbsp;Cheng Xiang,&nbsp;Donghui Li,&nbsp;Kelvin Jui Keng Tan","doi":"10.1111/fima.12421","DOIUrl":"10.1111/fima.12421","url":null,"abstract":"<p>Using a unique data set of corporate site visits by mutual funds to Chinese firms listed on the Shenzhen Stock Exchange from 2013 to 2021, we find that firms with visits (more visits) are associated with lower mutual fund herding than those with no (fewer) visits. In addition, we demonstrate that mutual funds’ visits to a firm drive the change in their herding propensity by verifying hard information (e.g., the firm's technology, innovation, accounting, and finance information) and obtaining soft information (e.g., management's risk appetite, employee morale, and corporate culture). Furthermore, corporate site visits are found to strengthen herding's price impact without return reversals. Overall, our results are consistent with information cascade theory.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 4","pages":"711-740"},"PeriodicalIF":2.8,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47043460","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
Climate change and corporate cash holdings: Global evidence 气候变化与企业现金持有：全球证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-04-26 DOI: 10.1111/fima.12420
Siamak Javadi, Abdullah-Al Masum, Mohsen Aram, Ramesh P. Rao
{"title":"Climate change and corporate cash holdings: Global evidence","authors":"Siamak Javadi,&nbsp;Abdullah-Al Masum,&nbsp;Mohsen Aram,&nbsp;Ramesh P. Rao","doi":"10.1111/fima.12420","DOIUrl":"https://doi.org/10.1111/fima.12420","url":null,"abstract":"<p>Using data from 41 countries, we provide novel empirical evidence that firms’ cash holdings are positively associated with their climate change exposure. This evidence is robust to different model specifications and survives a battery of tests to ease concerns related to spurious correlation and omitted variable bias. Using the release of the Stern Review as an exogenous shock to climate change awareness, we show that this association becomes significantly stronger after the release of the Review and particularly so for firms with higher exposure to regulatory and transition risk dimensions of climate change as well as financially constrained firms. Overall, results fit consistently within the precautionary motive framework and suggest that firms hold more cash to safeguard against the adverse impact of climate change.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 2","pages":"253-295"},"PeriodicalIF":2.8,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50154461","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
Tick size and price efficiency: Further evidence from the Tick Size Pilot Program 蜱虫大小和价格效率：蜱虫大小试点项目的进一步证据#
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-03-27 DOI: 10.1111/fima.12419
Kee H. Chung, Chairat Chuwonganant
{"title":"Tick size and price efficiency: Further evidence from the Tick Size Pilot Program","authors":"Kee H. Chung,&nbsp;Chairat Chuwonganant","doi":"10.1111/fima.12419","DOIUrl":"10.1111/fima.12419","url":null,"abstract":"<p>This paper examines whether larger tick sizes improve or hinder price efficiency for small-capitalization stocks using data from implementing and terminating the Tick Size Pilot Program (TSPP). We show that the TSPP led to increases in various liquidity measures, and its termination restored them to their pre-TSPP levels. We also find evidence that the TSPP led to trader migration from the pilot to control stocks. The TSPP implementation (termination) is associated with decreases (increases) in price efficiency, indicating that price efficiency decreases with tick sizes. Liquidity and informed trading are two channels through which the TSPP changes price efficiency.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"483-511"},"PeriodicalIF":2.8,"publicationDate":"2023-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45253586","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: 2
The consequences of non-trading institutional investors 非交易机构投资者的后果
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-03-16 DOI: 10.1111/fima.12418
Mohammad (Vahid) Irani, Hugh Hoikwang Kim
{"title":"The consequences of non-trading institutional investors","authors":"Mohammad (Vahid) Irani,&nbsp;Hugh Hoikwang Kim","doi":"10.1111/fima.12418","DOIUrl":"10.1111/fima.12418","url":null,"abstract":"<p>We document that institutional investors do not trade a single share, on average, in one of five stocks in their portfolio for an extended period. Investors with high inaction are likely to underperform in the future. Our results show a similar underperformance for stocks with a high non-trading level of institutional investors. We investigate several behavioral biases as potential drivers of the non-trades and find no evidence of distraction, overconfidence, and disposition effects. Institutional investors’ tendency to sell stocks with salient price movements and recency bias best explains their inactions. Overall, the non-trading behavior of institutional investors serves as a unique predictor for their future performance and potential behavioral biases are driving this predictability.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 3","pages":"433-481"},"PeriodicalIF":2.8,"publicationDate":"2023-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12418","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47014748","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
Biodiversity finance: A call for research into financing nature 生物多样性融资：呼吁研究为自然融资
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-02-13 DOI: 10.1111/fima.12417
G. Andrew Karolyi, John Tobin-de la Puente
{"title":"Biodiversity finance: A call for research into financing nature","authors":"G. Andrew Karolyi,&nbsp;John Tobin-de la Puente","doi":"10.1111/fima.12417","DOIUrl":"https://doi.org/10.1111/fima.12417","url":null,"abstract":"<p>Biodiversity conservation will supersede climate change risk mitigation and adaptation as the next grand challenge for sustainable finance. Closing the financing gap between what is currently spent and what is needed to be spent over the next 10 years to mobilize private investment to maintain ecosystem integrity and biodiversity, and the services they provide, is estimated to exceed hundreds of billions per year. Yet there are no studies in the top tier journals in finance that have framed the risks related to biodiversity loss, how those risks might be priced, or how the private financing flows need to be intermediated. We lay out one framework and outline important open research questions for financial economists to pursue.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 2","pages":"231-251"},"PeriodicalIF":2.8,"publicationDate":"2023-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140163","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：481959085
Book学术官方微信