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The dark side of IPOs: Examining where and who trades in the IPO secondary market IPO的阴暗面:考察IPO二级市场的交易地点和交易人员
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-03-11 DOI: 10.1111/fima.12394
Justin Cox, Bonnie Van Ness, Robert Van Ness
{"title":"The dark side of IPOs: Examining where and who trades in the IPO secondary market","authors":"Justin Cox,&nbsp;Bonnie Van Ness,&nbsp;Robert Van Ness","doi":"10.1111/fima.12394","DOIUrl":"https://doi.org/10.1111/fima.12394","url":null,"abstract":"<p>We analyze the impact of trading dynamics, including fragmentation of markets, undisplayed (dark), and algorithmic trading, on liquidity formation in initial public offerings (IPOs). We find that these various trading dynamics evolve throughout the IPO secondary market and are dependent on the IPO's initial offering-day underpricing. Higher levels of fragmentation in displayed (lit) markets and algorithmic trading improve market quality in IPOs, while higher levels of undisplayed (dark) trading harm it. Overall, we find that, with the exception of the impact of dark trading, the concerns regarding the impact of fragmented markets and algorithmic trading on IPO liquidity are mostly unwarranted.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"1091-1126"},"PeriodicalIF":2.8,"publicationDate":"2022-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109167459","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 power of the market over government officials: Evidence from an anticorruption campaign in China 市场对政府官员的权力：来自中国反腐运动的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-03-04 DOI: 10.1111/fima.12393
Nianhang Xu, Nian Li, Rongrong Xie, Kam C. Chan
{"title":"The power of the market over government officials: Evidence from an anticorruption campaign in China","authors":"Nianhang Xu,&nbsp;Nian Li,&nbsp;Rongrong Xie,&nbsp;Kam C. Chan","doi":"10.1111/fima.12393","DOIUrl":"10.1111/fima.12393","url":null,"abstract":"<p>Exploiting a recent anticorruption campaign in China, an event that incentivizes government officials to hide negative news from central inspection teams (CITs), we study whether market participants can counter that. We find that firm-level information embedded in stock price actually increases during CIT visits, especially in regions with poor legal environments, stronger social connection, or state-owned firms. Further, media coverage, analyst coverage, and corporate site visits by external stakeholders increase during the CIT visits. Collectively, our findings indicate that the market defeats local government officials’ attempt to hide firm-specific news.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"995-1030"},"PeriodicalIF":2.8,"publicationDate":"2022-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42270674","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: 4
Bank bailouts, bail-ins, or no regulatory intervention? A dynamic model and empirical tests of optimal regulation and implications for future crises 银行纾困、内部纾困，还是不进行监管干预?最优监管及其对未来危机影响的动态模型和实证检验
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-02-25 DOI: 10.1111/fima.12392
Allen N. Berger, Charles P. Himmelberg, Raluca A. Roman, Sergey Tsyplakov
{"title":"Bank bailouts, bail-ins, or no regulatory intervention? A dynamic model and empirical tests of optimal regulation and implications for future crises","authors":"Allen N. Berger,&nbsp;Charles P. Himmelberg,&nbsp;Raluca A. Roman,&nbsp;Sergey Tsyplakov","doi":"10.1111/fima.12392","DOIUrl":"https://doi.org/10.1111/fima.12392","url":null,"abstract":"<p>We model dynamic bank capital structure under three optimally-designed regulatory regimes for dealing with potential default—bailout, in which the government provides capital; bail-in, which the private-sector provides needed funds; and no regulatory intervention, allowing the institutions to fail. Only under the optimally-designed bail-in regime do banks recapitalize during times of distress. Their pre-commitment to recapitalize reduces debt costs and increases debt capacity. No regulatory intervention is suboptimal for all agents. Optimal bailouts and bail-ins both generate no asset substitution-moral hazard behavior under optimal policies in which regulators intervene at early stages of distress. Empirical tests of changes in capital behavior from the pre-Global Financial Crisis bailout period to the post-crisis bail-in period corroborate the model's predictions.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"1031-1090"},"PeriodicalIF":2.8,"publicationDate":"2022-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109175656","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
Negative returns on addition to the S&P 500 index and positive returns on deletion? New evidence on the attractiveness of S&P 500 versus S&P 400 indexes 加入标准普尔500指数后收益为负，删除后收益为正?标准普尔500指数与标准普尔400指数吸引力的新证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-02-24 DOI: 10.1111/fima.12391
Anand M. Vijh, Jiawei (Brooke) Wang
{"title":"Negative returns on addition to the S&P 500 index and positive returns on deletion? New evidence on the attractiveness of S&P 500 versus S&P 400 indexes","authors":"Anand M. Vijh,&nbsp;Jiawei (Brooke) Wang","doi":"10.1111/fima.12391","DOIUrl":"10.1111/fima.12391","url":null,"abstract":"<p>In recent years, the majority of additions to and deletions from the S&amp;P 500 index have been stocks that were previously or subsequently included in the S&amp;P 400 index. The announcement returns of these changes have been the opposite of what has been documented for all S&amp;P 500 additions and deletions in an extensive literature. During 2016–2020, such “upward additions” to the S&amp;P 500 index resulted in an average announcement excess return of –2.48% over a 3-day period, while “downward deletions” to the S&amp;P 400 index resulted in an excess return of +1.37%. We explain these new results by the increasing total institutional ownership of S&amp;P 400 stocks. Our results thus show the increasing benefits of being included in the mid-cap S&amp;P 400 index relative to being included in the large-cap S&amp;P 500 index.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 4","pages":"1127-1164"},"PeriodicalIF":2.8,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12391","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45515893","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
What prevents women from reaching the top? 是什么阻碍了女性晋升?
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-02-16 DOI: 10.1111/fima.12390
Matti Keloharju, Samuli Knüpfer, Joacim Tåg
{"title":"What prevents women from reaching the top?","authors":"Matti Keloharju,&nbsp;Samuli Knüpfer,&nbsp;Joacim Tåg","doi":"10.1111/fima.12390","DOIUrl":"https://doi.org/10.1111/fima.12390","url":null,"abstract":"<p>We use rich data on all business, economics, and engineering graduates in Sweden to study the lack of women among chief executive officers (CEOs). A comprehensive battery of graduates’ characteristics explains 40% of the gender gaps in CEO appointments and 60% among graduates with children. The explanatory power mostly comes from absences and unemployment, which are about twice as likely for women as men. These gender differences increase following childbirth, and they persist in the long run. We present and discuss potential explanations to the explained and remaining gaps. Although the large unexplained share makes it hard to pinpoint the exact reason for the gender gap in CEO appointments, the large contribution of labor market attachment to the explained share suggests work–family trade-offs are an important part of the story.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 3","pages":"711-738"},"PeriodicalIF":2.8,"publicationDate":"2022-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12390","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91841357","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
Individual investors' dispersion in beliefs and stock returns 个人投资者信念的分散性与股票收益
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-01-31 DOI: 10.1111/fima.12389
Junjun Ma, Xindan Li, Lei Lu, Weixing Wu, Xiong Xiong
{"title":"Individual investors' dispersion in beliefs and stock returns","authors":"Junjun Ma,&nbsp;Xindan Li,&nbsp;Lei Lu,&nbsp;Weixing Wu,&nbsp;Xiong Xiong","doi":"10.1111/fima.12389","DOIUrl":"10.1111/fima.12389","url":null,"abstract":"<p>We construct a measure of dispersion in beliefs among individual investors. We find that dispersion in beliefs negatively predicts future cross-sectional stock returns, and it is positively related to trading volume and stock volatility. We also find that illiquidity does not affect the significance of dispersion in beliefs in predicting future stock return, and that the negative disagreement-return relation is significant under high-sentiment periods but becomes insignificant under low-sentiment periods. Moreover, investor characteristics affect their dispersion in beliefs even when controlling firm fundamentals. In particular, stocks with more wealthy, younger, and male investors tend to have higher dispersion in beliefs, and stocks with more experienced investors have lower dispersion in beliefs.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 3","pages":"929-953"},"PeriodicalIF":2.8,"publicationDate":"2022-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42944078","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: 3
The purpose of a finance professor 金融学教授的目的
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-01-22 DOI: 10.1111/fima.12387
Alex Edmans
{"title":"The purpose of a finance professor","authors":"Alex Edmans","doi":"10.1111/fima.12387","DOIUrl":"https://doi.org/10.1111/fima.12387","url":null,"abstract":"<p>The academic finance profession has the potential to be uniquely purposeful due to four characteristics – the freedom to take risks and work on what we're passionate about, the loyalty to our profession rather than just our institution, the collaborative nature of the creation and dissemination of knowledge, and the magnitude of our potential impact. However, what the profession currently values, and its current social norms, are significant barriers to the fulfilment of this potential. This article highlights the special features of our profession that we often take for granted and ignore, and proposes ideas to make it not only more impactful and relevant but also more collegial and fun.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 1","pages":"3-26"},"PeriodicalIF":2.8,"publicationDate":"2022-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12387","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"109172924","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
Bank lending networks and the propagation of natural disasters 银行贷款网络和自然灾害的传播
IF 2.8 3区 经济学
Financial Management Pub Date : 2022-01-21 DOI: 10.1111/fima.12388
Ivan T. Ivanov, Marco Macchiavelli, João A. C. Santos
{"title":"Bank lending networks and the propagation of natural disasters","authors":"Ivan T. Ivanov,&nbsp;Marco Macchiavelli,&nbsp;João A. C. Santos","doi":"10.1111/fima.12388","DOIUrl":"https://doi.org/10.1111/fima.12388","url":null,"abstract":"<p>We study how syndicated lending networks propagate natural disasters. Natural disasters lead to an increase in corporate credit demand in affected regions. Banks meet the increase in credit demand in part by reducing credit to distant regions, unaffected by disasters. Capital constraints play a key role in this effect as lower-capital banks propagate disasters to unaffected regions to a greater extent. While shadow banks offset the reduction in bank credit supply on term loan syndicates, they do not offset the loss in credit line financing. As a result, corporate credit in unaffected regions falls by approximately 3%.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 3","pages":"903-927"},"PeriodicalIF":2.8,"publicationDate":"2022-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91856652","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
Innovative firms’ cash holdings, tax policies, and institutional environments 创新企业现金持有量、税收政策和制度环境
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-12-06 DOI: 10.1111/fima.12386
Fengfei Li, Tse-Chun Lin
{"title":"Innovative firms’ cash holdings, tax policies, and institutional environments","authors":"Fengfei Li,&nbsp;Tse-Chun Lin","doi":"10.1111/fima.12386","DOIUrl":"10.1111/fima.12386","url":null,"abstract":"<p>Based on 21,653 innovative firms from 61 non-U.S. economies, we find a positive relationship between a firm's innovativeness and cash holdings. This relationship is stronger after the implementation of patent boxes that provide preferential tax treatment for patent income. Moreover, innovative multinationals facing higher repatriation taxes accumulate higher total cash holdings. The positive innovativeness–cash relationship varies with institutional environments and is more pronounced in countries with higher R&amp;D tax credits, less developed financial markets, better governance, stronger shareholder rights, more technicians, better infrastructure, greater investment freedom, and in industries with fiercer competition and longer innovation cycles. Innovative firms with higher cash holdings invest more in R&amp;D and generate more patents. Overall, our findings provide insights into the driving forces underlying the large cash accumulation in innovative firms worldwide.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 3","pages":"869-902"},"PeriodicalIF":2.8,"publicationDate":"2021-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48300748","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
Stock returns and inflation shocks in weaker economic times 1 经济疲软时期的股票回报和通胀冲击1
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-11-20 DOI: 10.1111/fima.12385
Robert A. Connolly, Chris T. Stivers, Licheng Sun
{"title":"Stock returns and inflation shocks in weaker economic times\u0000 1","authors":"Robert A. Connolly, Chris T. Stivers, Licheng Sun","doi":"10.1111/fima.12385","DOIUrl":"https://doi.org/10.1111/fima.12385","url":null,"abstract":"","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2021-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49431604","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
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