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Minority state ownership and firm performance: Evidence from the Chinese stock market crash in 2015 少数国有股权与公司业绩：2015年中国股市暴跌的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-12-14 DOI: 10.1111/fima.12442
Xiumei Liu, Fangbo Si, Chenxin Xie, Lu Xie
{"title":"Minority state ownership and firm performance: Evidence from the Chinese stock market crash in 2015","authors":"Xiumei Liu,&nbsp;Fangbo Si,&nbsp;Chenxin Xie,&nbsp;Lu Xie","doi":"10.1111/fima.12442","DOIUrl":"10.1111/fima.12442","url":null,"abstract":"<p>We examine the effect of minority state ownership on firm performance using the Chinese stock market crash in 2015. We find that treatment firms with minority state ownership accumulated from governmental purchases of equities experience significant reductions in operating performance. The negative impact is more severe in firms with higher riskiness and firms with less powerful large shareholders. We also find that treatment firms’ risk decreases and their employment increases after minority state shareholders step in, providing supportive evidence on the government's motives of reducing risk and preventing mass layoffs. Further tests reveal the channels through which minority state ownership impedes investment efficiency, productivity, and innovation. The negative impact diminishes when government institutions divest their shares in a timely manner. Overall, our results suggest there are unintended negative consequences of minority state ownership arising from the governmental rescue package in a market crisis.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 2","pages":"291-325"},"PeriodicalIF":2.8,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138972120","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
Share repurchases on trial: Large-sample evidence on share price performance, executive compensation, and corporate investment 股票回购试验：有关股价表现、高管薪酬和企业投资的大样本证据
IF 2.9 3区 经济学
Financial Management Pub Date : 2023-12-11 DOI: 10.1111/fima.12440
{"title":"Share repurchases on trial: Large-sample evidence on share price performance, executive compensation, and corporate investment","authors":"","doi":"10.1111/fima.12440","DOIUrl":"10.1111/fima.12440","url":null,"abstract":"<p>The corresponding author's name is Nicholas Guest, and their e-mail address is [email protected].</p><p>Volume 52, Issue 1, 19–40, article first published online 02 February 2023</p><p>In the article, Figure 1, Figure 2, and Table 1 need to be updated. The correct figures and table should read as follows:</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"54 2","pages":"445-448"},"PeriodicalIF":2.9,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12440","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138581224","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 drives closed-end fund discounts? Evidence from COVID-19 封闭式基金折价的驱动因素是什么？来自 COVID-19 的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-12-11 DOI: 10.1111/fima.12441
Liang Ma
{"title":"What drives closed-end fund discounts? Evidence from COVID-19","authors":"Liang Ma","doi":"10.1111/fima.12441","DOIUrl":"10.1111/fima.12441","url":null,"abstract":"<p>This paper investigates the impact of the onset of the COVID-19 pandemic in the United States on closed-end fund (CEF) discounts. I show that CEF discounts increased after the onset of the COVID-19 pandemic in the United States, while individual investor sentiment declined. Furthermore, CEFs with higher retail ownership had a larger discount increase, which suggests that individual investor sentiment is a potential contributor to CEF discounts. This finding seems less likely to be driven by rational channels or income-driven fire sales, as shown by further analysis. Overall, the results shed light on the CEF discount puzzle using a new setting.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 1","pages":"119-143"},"PeriodicalIF":2.8,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138581070","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
Online voting and minority shareholder dissent: Evidence from China 网络投票与小股东异议：来自中国的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-12-04 DOI: 10.1111/fima.12439
Ning Cai, Wen He, Guoqiang Wu, Xin Yu
{"title":"Online voting and minority shareholder dissent: Evidence from China","authors":"Ning Cai,&nbsp;Wen He,&nbsp;Guoqiang Wu,&nbsp;Xin Yu","doi":"10.1111/fima.12439","DOIUrl":"10.1111/fima.12439","url":null,"abstract":"<p>Using proposal-level data in China, we document that online voting significantly increases minority shareholders’ participation in voting, and online voting is related to more dissenting votes. The association between online voting and minority shareholders’ participation and dissent is stronger in underperforming firms, indicating that minority shareholders tend to participate and dissent to express dissatisfaction. The association is stronger for shareholders with stronger voting power. Finally, we find that when minority shareholders’ dissent fails to veto a proposal, dissenting minority shareholders are less likely to participate and vote again the following year. Our results suggest that mechanisms designed to facilitate minority shareholder voting lead to greater and more informed participation in the corporate governance process.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 2","pages":"327-352"},"PeriodicalIF":2.8,"publicationDate":"2023-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12439","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138603845","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
Market power and systematic risk 市场力量和系统性风险
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-11-13 DOI: 10.1111/fima.12438
Fabian Hollstein, Marcel Prokopczuk, Christoph Matthias Würsig
{"title":"Market power and systematic risk","authors":"Fabian Hollstein,&nbsp;Marcel Prokopczuk,&nbsp;Christoph Matthias Würsig","doi":"10.1111/fima.12438","DOIUrl":"10.1111/fima.12438","url":null,"abstract":"<p>We examine the impact of product market competition on firms' systematic risk. Using a measure of total product market similarity, we document a strong negative relationship between market power and market betas. The effect more than triples in the most recent period of low competition. Anticompetitive mergers result in a significant reduction in market betas. Firms facing less competition seem to be partially insulated from systematic discount-rate shocks. Lower equity costs therefore imply that market power is partly self-perpetuating.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 2","pages":"233-266"},"PeriodicalIF":2.8,"publicationDate":"2023-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12438","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136351577","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 sustainability-linked loans designed to effectively incentivize corporate sustainability? A framework for review 可持续性相关贷款的设计是否有效地激励了企业的可持续性?检讨的架构
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-10-03 DOI: 10.1111/fima.12437
Alix Auzepy, Christina E. Bannier, Fabio Martin
{"title":"Are sustainability-linked loans designed to effectively incentivize corporate sustainability? A framework for review","authors":"Alix Auzepy,&nbsp;Christina E. Bannier,&nbsp;Fabio Martin","doi":"10.1111/fima.12437","DOIUrl":"10.1111/fima.12437","url":null,"abstract":"<p>This paper analyzes sustainability-linked loans (SLLs), a new category of debt instrument that incorporates environmental, social, and governance (ESG) considerations. Using a large sample of loans issued between 2017 and 2022, we assess the design of SLLs by evaluating their key performance indicators (KPIs) using a comprehensive quality score. Our findings suggest that SLLs only partially rely on KPIs that generate credible sustainability incentives. We document that SLL borrowers do not significantly improve their ESG performance post issuance and show that stock markets are rather indifferent to the issuance of SLLs by EU borrowers, while SLL issuance announcements by US borrowers are met with significantly negative abnormal returns by investors. These findings call into question the beneficial sustainability and signaling effects that borrowers may hope to achieve by issuing ESG-linked debt.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 4","pages":"643-675"},"PeriodicalIF":2.8,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fima.12437","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135696253","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
Investor attention and stock price efficiency: Evidence from quasi-natural experiments in China 投资者注意力与股价效率：来自中国准自然实验的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-09-25 DOI: 10.1111/fima.12432
Zhibing Li, Jie Liu, Xiaoyu Liu, Chonglin Wu
{"title":"Investor attention and stock price efficiency: Evidence from quasi-natural experiments in China","authors":"Zhibing Li,&nbsp;Jie Liu,&nbsp;Xiaoyu Liu,&nbsp;Chonglin Wu","doi":"10.1111/fima.12432","DOIUrl":"10.1111/fima.12432","url":null,"abstract":"<p>We examine whether increasing investor attention affects stock price efficiency. To identify the causal effect, we employ daily repeated quasi-natural experiments in China where investor attention difference is purely driven by price rounding effect without information regarding stock fundamentals. Stocks tend to draw significant more attention and show higher price efficiency after being exposed to the Winner List. We also find supporting evidence for two nonexclusive channels through which investor attention enhance stock price efficiency: increasing stock liquidity and stronger net inflows from large orders. The positive relationship between investor attention and price efficiency is more pronounced among stocks with lower institutional shareholdings, stocks without overseas or Big Four audit firms, and stocks without B- or H-shares. Our findings further shed light on the significant impact of saliency on the capital market.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"53 1","pages":"175-225"},"PeriodicalIF":2.8,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135865009","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
Diagnostics for asset pricing models 资产定价模型诊断
IF 2.8 3区 经济学
Financial Management Pub Date : 2023-09-13 DOI: 10.1111/fima.12436
Ai He, Guofu Zhou
{"title":"Diagnostics for asset pricing models","authors":"Ai He,&nbsp;Guofu Zhou","doi":"10.1111/fima.12436","DOIUrl":"10.1111/fima.12436","url":null,"abstract":"<p>The validity of asset pricing models implies white-noise pricing errors (PEs). However, we find that the PEs of six well-known factor models all exhibit a significant reversal pattern and are predictable by their lagged values up to 12 months. Moreover, the predictability of the PEs can produce substantial economic profits. Similar conclusions hold for recently developed machine learning models too. Additional analysis reveals that the significant PE profits cannot be explained by common behavioral biases. Our results imply that much remains to be done and there is a great need to develop new asset pricing models.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"52 4","pages":"617-642"},"PeriodicalIF":2.8,"publicationDate":"2023-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135784934","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
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
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