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The role of credit default swaps in determining corporate payout policy 信用违约掉期在决定公司支出政策中的作用
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-10-14 DOI: 10.1111/fima.12381
Hwang Hee Lee, Frederick Dongchuhl Oh
{"title":"The role of credit default swaps in determining corporate payout policy","authors":"Hwang Hee Lee,&nbsp;Frederick Dongchuhl Oh","doi":"10.1111/fima.12381","DOIUrl":"10.1111/fima.12381","url":null,"abstract":"<p>We examine how the introduction of credit default swap (CDS) trading on the debt of individual firms affects corporate payout policy. We find that firms increase payouts to shareholders after the introduction of CDS trading on their debt. This suggests that CDS-referenced firms are more likely to be affected by decreased creditor monitoring than by tougher CDS-insured creditors when determining total payout amount. Moreover, the increase in payouts after CDS introduction is more pronounced in firms with smaller institutional ownership and greater bank debt dependency. Finally, we show that CDS-referenced firms tend to prefer stock repurchases that have a financial flexibility advantage over dividends to protect against the potential threat of tougher CDS-insured creditors.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"635-661"},"PeriodicalIF":2.8,"publicationDate":"2021-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41324478","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
Industry centrality: Weak ties, industry attributes, and managerial contracting 产业中心性:弱联系、产业属性与管理契约
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-10-05 DOI: 10.1111/fima.12380
Rasha Ashraf, Nishant Dass, Vikram Nanda
{"title":"Industry centrality: Weak ties, industry attributes, and managerial contracting","authors":"Rasha Ashraf,&nbsp;Nishant Dass,&nbsp;Vikram Nanda","doi":"10.1111/fima.12380","DOIUrl":"10.1111/fima.12380","url":null,"abstract":"<p>Centrality in the network of interindustry trade relationships provides novel insights into an industry's economic attributes and managerial incentive contracts prevalent in the industry. More “central” industries trade with a large number of industries, implying numerous but relatively weaker interindustry ties. Weakness of interindustry ties suggests that relationship-specific investment (RSI) will be less important and output will be relatively more commoditized in central industries. As predicted, central industry firms are less innovative, face greater competition, and have lower idiosyncratic risk. Further, CEOs in central industries receive lower pay and weaker incentives. Tournament incentives are also weaker in more central industries.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"663-699"},"PeriodicalIF":2.8,"publicationDate":"2021-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44944509","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
Investor learning and mutual fund flows 投资者学习和共同基金流动
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-10-03 DOI: 10.1111/fima.12378
Jennifer Huang, Kelsey D. Wei, Hong Yan
{"title":"Investor learning and mutual fund flows","authors":"Jennifer Huang,&nbsp;Kelsey D. Wei,&nbsp;Hong Yan","doi":"10.1111/fima.12378","DOIUrl":"https://doi.org/10.1111/fima.12378","url":null,"abstract":"<p>This paper investigates how volatility of performance affects the sensitivity of mutual fund flows to past performance, and examines how investor learning may contribute to this effect. We illustrate theoretically that when sophisticated investors learn from past fund performance to form their posterior expectations of managerial ability, the flow-performance sensitivity should be weaker for funds with more volatile past performance. Moreover, the dampening effect of performance volatility on the flow-performance sensitivity should be stronger for funds attracting more sophisticated investors. We provide supporting evidence for this investor learning hypothesis using mutual fund flows and demonstrate variations in the volatility dampening effect across funds with differing levels of sophistication among investors, such as load versus no-load, high-expense versus low-expense, retail versus institutional, and star versus nonstar funds.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 3","pages":"739-765"},"PeriodicalIF":2.8,"publicationDate":"2021-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91813736","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
Does perception of social issues affect portfolio choices? Evidence from the #MeToo movement 对社会问题的认知是否会影响投资组合的选择?来自#MeToo运动的证据
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-10-01 DOI: 10.1111/fima.12379
Douglas O. Cook, Shikong (Scott) Luo
{"title":"Does perception of social issues affect portfolio choices? Evidence from the #MeToo movement","authors":"Douglas O. Cook,&nbsp;Shikong (Scott) Luo","doi":"10.1111/fima.12379","DOIUrl":"10.1111/fima.12379","url":null,"abstract":"<p>Did the #MeToo movement, inspired by a Twitter post in late 2017 following the Weinstein scandal, influence the asset allocation decision process of mutual fund managers intending to show support for women empowerment? We find evidence to support the influence of such attention. We utilize the breakout of the #MeToo movement as an exogenous shock to the perception of gender equity issues. Using a difference-in-differences framework, we show that, compared to passively managed mutual funds, actively managed mutual funds tilt their portfolios toward firms with greater female representation in the C-suite, but only after the breakout. Our results are not explained by performance seeking, but are in part attributable to catering incentives. Moreover, the results become less significant when the marginal impact of changing perception is small. Using Google search volume to capture public sentiment closely tied to the perception of gender equality yields consistent results based on a larger sample. Our study sheds light on the recent rise of “gender lens investing” in the mutual fund industry.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"613-634"},"PeriodicalIF":2.8,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48818495","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
Oil price shocks and stock market anomalies 油价冲击和股市异常
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-09-04 DOI: 10.1111/fima.12377
Zhaobo Zhu, Licheng Sun, Jun Tu, Qiang Ji
{"title":"Oil price shocks and stock market anomalies","authors":"Zhaobo Zhu,&nbsp;Licheng Sun,&nbsp;Jun Tu,&nbsp;Qiang Ji","doi":"10.1111/fima.12377","DOIUrl":"10.1111/fima.12377","url":null,"abstract":"<p>This paper provides a novel perspective to the nexus of oil prices and stock markets by examining the impact of oil price shocks on stock market anomalies. After decomposing oil price shocks into three types , we find that aggregate demand shocks have the strongest influence on stock market anomalies. In contrast, oil supply shocks and oil-specific demand shocks have little impact. Similar results are also found in the industry analysis. Interestingly, the link between aggregate demand shocks and anomalies is the strongest among firms with either small size or high idiosyncratic risks. The documented effects are robust after controlling for investor sentiment as well as several well-known macroeconomic or market factors. Our findings are consistent with but also extend the sentiment-based explanation in that we show that uncertainty also plays a role in explaining stock market anomalies.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"573-612"},"PeriodicalIF":2.8,"publicationDate":"2021-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fima.12377","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48465549","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
Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut 股利政策是否影响产品市场的销售增长?证据来自2003年的股息税削减
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-08-28 DOI: 10.1111/fima.12376
Atsushi Chino, Joon Ho Kim
{"title":"Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut","authors":"Atsushi Chino,&nbsp;Joon Ho Kim","doi":"10.1111/fima.12376","DOIUrl":"10.1111/fima.12376","url":null,"abstract":"<p>We examine the effect of firms’ dividend policy on product market outcomes. Exploiting the 2003 dividend tax cut as the exogenous increase in demand for dividends from tax-sensitive shareholders, we show that firms that raised dividends in response to the tax cut recorded lower sales growth in product markets after the tax cut. These firms experienced a reduction in financial flexibility, which led to a decrease in investment activities. Despite the negative effects of dividends on sales growth, firm value increased on average, indicating that the firms raised dividends when the shareholder benefits outweighed the costs.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"539-571"},"PeriodicalIF":2.8,"publicationDate":"2021-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fima.12376","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48486239","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
Presidential power and stock returns 总统权力和股票回报
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-08-12 DOI: 10.20472/iac.2019.048.026
YoungSook Kim, J. Park
{"title":"Presidential power and stock returns","authors":"YoungSook Kim, J. Park","doi":"10.20472/iac.2019.048.026","DOIUrl":"https://doi.org/10.20472/iac.2019.048.026","url":null,"abstract":"","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":" ","pages":""},"PeriodicalIF":2.8,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47281195","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
How much for a haircut? Illiquidity, secondary markets, and the value of private equity 理一次发要多少钱?流动性不足、二级市场和私募股权的价值
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-07-28 DOI: 10.1111/fima.12375
Nicolas P. B. Bollen, Berk A. Sensoy
{"title":"How much for a haircut? Illiquidity, secondary markets, and the value of private equity","authors":"Nicolas P. B. Bollen,&nbsp;Berk A. Sensoy","doi":"10.1111/fima.12375","DOIUrl":"https://doi.org/10.1111/fima.12375","url":null,"abstract":"<p>Limited partners (LPs) of private equity funds commit to invest with extreme levels of illiquidity and significant uncertainty regarding the timing of capital flows, often exacerbated by the LPs’ spending requirements and portfolio rebalancing needs. Secondary markets have emerged that alleviate some of the associated cost. This paper develops a valuation model incorporating these institutional features. Model-implied breakeven returns match empirically observed average fund returns for moderately risk-tolerant LPs with private equity allocations up to 40%. In contrast, when earning average returns in private equity, highly risk-averse LPs optimally allocate only a few percent to the asset class.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"501-538"},"PeriodicalIF":2.8,"publicationDate":"2021-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fima.12375","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91880844","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
Presidential power and stock returns 总统权力和股票回报
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-07-20 DOI: 10.1111/fima.12374
Youngsoo Kim, Jung Chul Park
{"title":"Presidential power and stock returns","authors":"Youngsoo Kim,&nbsp;Jung Chul Park","doi":"10.1111/fima.12374","DOIUrl":"https://doi.org/10.1111/fima.12374","url":null,"abstract":"<p>Recent studies highlight the positive effect of political connections on firm performance and stock returns. This paper shows that the positive effect of political connections on stock returns becomes substantially weaker in the weak presidency period, defined as the last 2 years before presidential party change or period of low job approval ratings. We consider two hypotheses—political interconnectedness and political risk—and find that both hypotheses are important in explaining the weak presidency effect on stock returns, political benefits, and research and development and capital expenditure. There is a trade-off between direct political investment and passive political alignment. Firms with direct political investment tend to hedge political risk so that they can run their real side investment on their own schedule. Consistent with this story, we find that the weak presidency effect is more pronounced for small firms that lack the resources for direct political investment.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"455-499"},"PeriodicalIF":2.8,"publicationDate":"2021-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fima.12374","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91936632","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
Industry tournament incentives and corporate hedging policies 行业竞赛激励和企业对冲政策
IF 2.8 3区 经济学
Financial Management Pub Date : 2021-07-14 DOI: 10.1111/fima.12373
Gunratan Lonare, Ahmet Nart, Ahmet M. Tuncez
{"title":"Industry tournament incentives and corporate hedging policies","authors":"Gunratan Lonare,&nbsp;Ahmet Nart,&nbsp;Ahmet M. Tuncez","doi":"10.1111/fima.12373","DOIUrl":"https://doi.org/10.1111/fima.12373","url":null,"abstract":"<p>This paper examines how a tournament among CEOs to progress within the CEO labor market influences their corporate hedging policies. We employ a textual analysis of 10-Ks to generate corporate hedging proxies, finding that the likelihood and intensity of hedging grow as the CEO labor market tournament prizes increase. We also explore the mitigating impact of corporate hedging on the adverse effects of risk-inducing industry tournament incentives (ITIs) on the cost of debt and stock price crash risk, noting that these could be possible reasons behind the relation. Additionally, we observe that the relationship between ITIs and corporate hedging is less pronounced for firms that demonstrate more financial distress and for firms whose CEOs are the founders of the company or are of retirement age. We identify a causal relation between ITIs and corporate hedging using an instrumental variable approach and an exogenous shock sourced from changes in the enforceability of noncompetition agreements across states.</p>","PeriodicalId":48123,"journal":{"name":"Financial Management","volume":"51 2","pages":"399-453"},"PeriodicalIF":2.8,"publicationDate":"2021-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/fima.12373","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91886776","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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