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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
Is sustainability rating material to the market? 可持续性评级材料是否适合市场?
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-07-21 DOI: 10.1111/fima.12406
Claire Economidou, Dimitrios Gounopoulos, Dimitrios Konstantios, Emmanuel Tsiritakis
{"title":"Is sustainability rating material to the market?","authors":"Claire Economidou,&nbsp;Dimitrios Gounopoulos,&nbsp;Dimitrios Konstantios,&nbsp;Emmanuel Tsiritakis","doi":"10.1111/fima.12406","DOIUrl":"10.1111/fima.12406","url":null,"abstract":"<p>This study examines whether information about a firm's engagement in environmental, social, and governance (ESG) practices is material to market participants. Evidence from a sample of 1856 initial public offerings (IPOs) by U.S. companies for the 2007–2018 period robustly documents that firms for which there is available ESG performance information prior to going public exhibit higher underpricing due to a positive market response. Such a reaction is validated by agency cost-reducing practices that ESG-rated firms follow prior to the IPO, the superior post-IPO market performance they exhibit in terms of equity financing, and the higher share of financially sophisticated investors they attract compared to their ESG-unrated peers. Overall, our results highlight that it pays off to do good and to have the right investors; however, firms’ good ESG practices need to be visible to the market, through rating practices, to reap the benefits.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 1","pages":"127-179"},"PeriodicalIF":2.8,"publicationDate":"2022-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12406","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43789488","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: 7
Does trade clustering reduce trading costs? Evidence from periodicity in algorithmic trading 交易集群是否降低了交易成本?算法交易的周期性证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-05-28 DOI: 10.1111/fima.12405
Dmitriy Muravyev, Joerg Picard
{"title":"Does trade clustering reduce trading costs? Evidence from periodicity in algorithmic trading","authors":"Dmitriy Muravyev,&nbsp;Joerg Picard","doi":"10.1111/fima.12405","DOIUrl":"https://doi.org/10.1111/fima.12405","url":null,"abstract":"<p>We study how trading activity affects liquidity and volatility by introducing two periodicities in trading activity. First, trades and quote updates are much more frequent within the first 100 ms of a second than during its remainder. Second, trading activity often spikes at intervals of exactly one second. For these two periodicities, higher trade and quote intensities lead to higher volatility, but they do not significantly affect stock liquidity. These periodicities are likely caused by algorithms that trade predictably by repeating instructions in loops with round start times and time increments. Such predictable behavior may provide an example of behavioral biases in trading algorithms.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"1201-1229"},"PeriodicalIF":2.8,"publicationDate":"2022-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12405","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109175127","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
Are the flows of exchange-traded funds informative? 交易所交易基金的流动信息丰富吗？
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-04-12 DOI: 10.1111/fima.12396
Liao Xu, Xiangkang Yin, Jing Zhao
{"title":"Are the flows of exchange-traded funds informative?","authors":"Liao Xu,&nbsp;Xiangkang Yin,&nbsp;Jing Zhao","doi":"10.1111/fima.12396","DOIUrl":"10.1111/fima.12396","url":null,"abstract":"<p>This paper provides novel evidence of information asymmetry in exchange-traded fund (ETF) markets. By decomposing daily ETF flows, we find that the unexpected flow component, orthogonal to the components driven by market making and arbitraging, wields substantial power in predicting next day's ETF returns. Informed traders are able to exploit their information advantage to realize an annualized open-to-close return of 19.16% or close-to-close return of 22.42%. The informativeness of the unexpected ETF component is further confirmed by its strong power of predicting next day's macroeconomic and ETF-related news, while the market-making- and arbitraging-driven components are not closely related to forthcoming news.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"1165-1200"},"PeriodicalIF":2.8,"publicationDate":"2022-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12396","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41609834","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: 3
Diving into dark pools 跳入黑池
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-03-28 DOI: 10.1111/fima.12395
Sabrina Buti, Barbara Rindi, Ingrid M. Werner
{"title":"Diving into dark pools","authors":"Sabrina Buti,&nbsp;Barbara Rindi,&nbsp;Ingrid M. Werner","doi":"10.1111/fima.12395","DOIUrl":"https://doi.org/10.1111/fima.12395","url":null,"abstract":"<p>We study 2009 and 2020 dark trading for U.S. stocks. Dark trading is lower when volume is low, volatility high, and in periods of markets stress. Dark pools are more active for large caps, while internalization is more common for small caps. Traders use dark pools to jump the queue for large caps in 2009, and to avoid crossing the spread for small caps in both years. Internalization is higher when spreads are wide and depth is high. Dark pool trading improves spreads in 2009, but worsens market quality for large caps in 2020. We discuss explanations for the change.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"961-994"},"PeriodicalIF":2.8,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12395","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109175060","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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