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Pricing strategies in BigTech lending: Evidence from China 大科技贷款的定价策略:来自中国的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-01-24 DOI: 10.1111/fima.12416
Lei Lu, Jianxing Wei, Weixing Wu, Yi Zhou
{"title":"Pricing strategies in BigTech lending: Evidence from China","authors":"Lei Lu,&nbsp;Jianxing Wei,&nbsp;Weixing Wu,&nbsp;Yi Zhou","doi":"10.1111/fima.12416","DOIUrl":"10.1111/fima.12416","url":null,"abstract":"<p>This paper analyzes a BigTech lender's pricing strategies in the business-to-customer unsecured loan market using a proprietary data set of consumer loans in China. We find that the credit rating constructed by the BigTech lender is informative of the customers' default risk. Moreover, the interest rate decreases and the credit limit increases with the credit rating. Interestingly, the BigTech lender charges different interest rates to its customers based on the customer channel, although it does not provide information about the customers' default risk. Following the passage of the China Banking Regulatory Commission Act, which reduced credit market competition, the BigTech lender increased the current rate and decreased the credit limit. We rationalize these empirical findings in a simple model of credit contract design.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 2","pages":"333-374"},"PeriodicalIF":2.8,"publicationDate":"2023-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44470894","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: 1
Share repurchases on trial: Large-sample evidence on share price performance, executive compensation, and corporate investment 股票回购试验:关于股价表现、高管薪酬和公司投资的大样本证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-01-23 DOI: 10.1111/fima.12415
Nicholas Guest, S. P. Kothari, Parth Venkat
{"title":"Share repurchases on trial: Large-sample evidence on share price performance, executive compensation, and corporate investment","authors":"Nicholas Guest,&nbsp;S. P. Kothari,&nbsp;Parth Venkat","doi":"10.1111/fima.12415","DOIUrl":"10.1111/fima.12415","url":null,"abstract":"<p>Using a large sample of US stocks covering more than three decades, we empirically examine common criticisms of and rationales for stock repurchases. Repurchases account for a tiny fraction of the trading volume in a typical stock, making their price impact too small to generate short-term price manipulation. Price appreciation following repurchases is modest and does not reverse on average, suggesting the small price increases following repurchases signal firms’ good prospects. Also, we find no evidence that CEOs of repurchasing firms are paid excessively or that repurchases crowd out valuable investment opportunities. Because repurchases do not appear to be systematically abusive, enforcement action should be sufficient to deal with any bad actors, and significant regulation seems unwarranted.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"19-40"},"PeriodicalIF":2.8,"publicationDate":"2023-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46153354","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: 1
Climate risk perceptions and demand for flood insurance 气候风险认知和洪水保险需求
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-01-18 DOI: 10.1111/fima.12414
Dimuthu Ratnadiwakara, Buvaneshwaran Venugopal
{"title":"Climate risk perceptions and demand for flood insurance","authors":"Dimuthu Ratnadiwakara,&nbsp;Buvaneshwaran Venugopal","doi":"10.1111/fima.12414","DOIUrl":"https://doi.org/10.1111/fima.12414","url":null,"abstract":"<p>The demand for flood insurance is low when the frequency and severity of flood disasters are increasing due to climate change. We show that beliefs about climate change influence homeowners' choice and level of flood insurance coverage. The demand for voluntary flood insurance coverage for homes and contents is higher in areas with more people who are worried about global warming. Property-level analysis shows that individuals are more likely to terminate flood insurance after unanticipated premium increases if they do not perceive climate change as a risk. We use the heterogeneous impact of widening partisan polarization on climate change beliefs to rule out alternative explanations.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 2","pages":"297-331"},"PeriodicalIF":2.8,"publicationDate":"2023-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136651","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
Macroeconomic fundamentals and cryptocurrency prices: A common trend approach 宏观经济基本面和加密货币价格:共同趋势方法
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-12-27 DOI: 10.1111/fima.12412
Xiaoquan Jiang, Iván M. Rodríguez Jr., Qianying Zhang
{"title":"Macroeconomic fundamentals and cryptocurrency prices: A common trend approach","authors":"Xiaoquan Jiang,&nbsp;Iván M. Rodríguez Jr.,&nbsp;Qianying Zhang","doi":"10.1111/fima.12412","DOIUrl":"10.1111/fima.12412","url":null,"abstract":"<p>Based on asset pricing theory, we posit and find that equity markets and cryptocurrency markets share a common fundamental. Our cointegration tests show that the most important asset pricing primitive, consumption, can serve as the common fundamental. We further show that additional macroeconomic factors, as well as uncertainty and sentiment, all play a role in explaining the deviation from fundamentals. To understand the linkage between equity markets, cryptocurrency markets, and the macroeconomy, we suggest the following three channels: (i) portfolio allocation decisions, (ii) intermarket order flows, and (iii) technological adaption expectations.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"181-198"},"PeriodicalIF":2.8,"publicationDate":"2022-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48029769","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: 1
The end of ESG ESG的终结
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-12-21 DOI: 10.1111/fima.12413
Alex Edmans
{"title":"The end of ESG","authors":"Alex Edmans","doi":"10.1111/fima.12413","DOIUrl":"https://doi.org/10.1111/fima.12413","url":null,"abstract":"<p>ESG is both extremely important and nothing special. It's extremely important because it's critical to long-term value, and so any academic or practitioner should take it seriously, not just those with “ESG” in their research interests or job title. Thus, ESG doesn't need a specialized term, as that implies it's niche—considering long-term factors isn't ESG investing; it's investing. It's nothing special since it's no better or worse than other intangible assets that create long-term financial and social returns, such as management quality, corporate culture, and innovative capability. Companies shouldn't be praised more for improving their ESG performance than these other intangibles; investor engagement on ESG factors shouldn't be put on a pedestal compared to engagement on other value drivers. We want great companies, not just companies that are great at ESG.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"3-17"},"PeriodicalIF":2.8,"publicationDate":"2022-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12413","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152980","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 investors affect financial analysts’ behavior? Evidence from short sellers 投资者会影响金融分析师的行为吗？卖空者提供的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-10-27 DOI: 10.1111/fima.12411
Yun Ke, Kin Lo, Jinfei Sheng, Jenny Li Zhang
{"title":"Do investors affect financial analysts’ behavior? Evidence from short sellers","authors":"Yun Ke,&nbsp;Kin Lo,&nbsp;Jinfei Sheng,&nbsp;Jenny Li Zhang","doi":"10.1111/fima.12411","DOIUrl":"https://doi.org/10.1111/fima.12411","url":null,"abstract":"<p>We examine how short sellers affect financial analysts’ forecast behavior using a natural experiment that relaxes short-sale constraints. We find that increased ease of short selling improves analyst earnings forecast quality by reducing forecast bias and increasing forecast accuracy. The improvements can be explained by both the disciplining pressure from short sellers and increased price efficiency from incorporating information in a timely manner. Although it is well documented that financial analysts can affect investors, our paper provides novel evidence on how sophisticated investors, short sellers, can affect analysts.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"199-224"},"PeriodicalIF":2.8,"publicationDate":"2022-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50145811","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
Are founding families less willing to bear risk? Evidence from the currency exposure and internationalization strategy of family firms 创始家族是否不太愿意承担风险？来自家族企业货币风险敞口和国际化战略的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-10-27 DOI: 10.1111/fima.12410
Ronald C. Anderson, Mikael C. Bergbrant, Delroy M. Hunter, David M. Reeb
{"title":"Are founding families less willing to bear risk? Evidence from the currency exposure and internationalization strategy of family firms","authors":"Ronald C. Anderson,&nbsp;Mikael C. Bergbrant,&nbsp;Delroy M. Hunter,&nbsp;David M. Reeb","doi":"10.1111/fima.12410","DOIUrl":"10.1111/fima.12410","url":null,"abstract":"<p>Although theory predicts that family firms should be less willing to bear risk than nonfamily firms, prior empirical papers have not found support for this prediction. In this paper, we focus on conditional currency risk because founding families can relatively easily influence their firms’ currency exposure. We find that family firms have relatively lower conditional currency exposure. This result holds for both descendant-led and nonfamily-led family firms. Consistent with purposeful actions of founding families, we find that exposure decreases with control-enhancing mechanisms, such as excess voting rights. The findings also support a wealth-preservation motive, evidenced by a finding that exposure declines with the number of family beneficiaries. Additional analysis suggests that family firms achieve the relatively lower risk by reducing internationalization depth and limiting exposure to riskier currencies.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"41-66"},"PeriodicalIF":2.8,"publicationDate":"2022-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42996202","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
Inter-industry FDI spillovers from foreign banks: Evidence in transition economies 外国银行的行业间外国直接投资溢出效应：转型经济体的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-10-17 DOI: 10.1111/fima.12409
Shusen Qi, Kent Ngan-Cheung Hui, Steven Ongena
{"title":"Inter-industry FDI spillovers from foreign banks: Evidence in transition economies","authors":"Shusen Qi,&nbsp;Kent Ngan-Cheung Hui,&nbsp;Steven Ongena","doi":"10.1111/fima.12409","DOIUrl":"https://doi.org/10.1111/fima.12409","url":null,"abstract":"<p>Using a sample of nonfinancial domestic firms in transition economies from Eastern Europe and Central Asia, we examine whether and how inter-industry spillover from foreign direct investment in the banking sector occurs. Our findings show that the innovation pursued by domestic firms benefits from foreign bank penetration. However, these positive inter-industry spillovers surprisingly do not seem to work through enhanced credit access. We further find these positive spillovers to occur mainly for foreign banks that use relationship lending, domestic firms that do not export, and host countries that are less open to the global market.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"97-126"},"PeriodicalIF":2.8,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50136287","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
Is it time for popcorn? Daily box office earnings and aggregate stock returns 该吃爆米花了吗？每日票房收入和股票总回报
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-09-08 DOI: 10.1111/fima.12408
Seda Oz, Steve Fortin
{"title":"Is it time for popcorn? Daily box office earnings and aggregate stock returns","authors":"Seda Oz,&nbsp;Steve Fortin","doi":"10.1111/fima.12408","DOIUrl":"https://doi.org/10.1111/fima.12408","url":null,"abstract":"<p>We quantitatively measure the interactions between daily consumption and the stock market. We find that daily consumption, proxied by the cyclical component of theatrical box office earnings, can significantly and positively predict stock returns for up to 5 days. We also demonstrate a trading strategy using our consumption measures that yield nontrivial excess returns with little risk. These findings suggest that the box office effect is an economically important factor for equities. The framework implies that daily consumption carries value-relevant public information, which leads to price reaction at a daily frequency.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 2","pages":"375-401"},"PeriodicalIF":2.8,"publicationDate":"2022-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50141518","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 pricing with a financial sector 金融部门的资产定价
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-08-08 DOI: 10.1111/fima.12407
Kai Li, Chenjie Xu
{"title":"Asset pricing with a financial sector","authors":"Kai Li,&nbsp;Chenjie Xu","doi":"10.1111/fima.12407","DOIUrl":"https://doi.org/10.1111/fima.12407","url":null,"abstract":"<p>In this paper, we study the quantitative asset pricing implications of a financial intermediary that faces a leverage constraint. We use a recursive method to construct the global solution that accounts for occasionally binding constraints. Quantitatively, our model generates a high and countercyclical equity premium, a low and smooth risk-free interest rate, and a procyclical and persistent price–dividend ratio, despite an independently and identically distributed consumption growth process and a moderate risk aversion of 10. As a distinct prediction from our model, we find that when the intermediary is financially constrained, the interest rate spread between interbank and household loans spikes. This pattern is consistent with the empirical evidence that high TED spread coincides with low stock price and high stock market volatility.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"67-95"},"PeriodicalIF":2.8,"publicationDate":"2022-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50124600","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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