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Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey 自然灾害后的家庭财务决策：哈维飓风的证据
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2024-01-09 DOI: 10.1017/s0022109023000728
Alejandro del Valle, Therese Scharlemann, Stephen Shore
{"title":"Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey","authors":"Alejandro del Valle, Therese Scharlemann, Stephen Shore","doi":"10.1017/s0022109023000728","DOIUrl":"https://doi.org/10.1017/s0022109023000728","url":null,"abstract":"<p>We study household credit responses to Hurricane Harvey using new, geographically granular data on credit cards, mortgages, and flooding. Estimates from a differences-in-differences design that exploits the flooding gradient show that affected households only borrow at low-interest rates, often using promotional (zero interest) cards and that they quickly pay down balances. We also document that take-up of forbearance (borrowing by missing mortgage payments without penalty) increases with flooding. These results are attenuated in floodplains, particularly in structures subject by code to physical hardening. Our results indicate that credit acts as a substitute for the lack of physical hardening.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"89 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2024-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139412739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Effect of Takeover Protection in Quiet Life and Bonding Firms 宁静生活和保税公司的收购保护效果
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2024-01-02 DOI: 10.1017/s0022109023001473
Eliezer M. Fich, Jarrad Harford, Adam S. Yore
{"title":"The Effect of Takeover Protection in Quiet Life and Bonding Firms","authors":"Eliezer M. Fich, Jarrad Harford, Adam S. Yore","doi":"10.1017/s0022109023001473","DOIUrl":"https://doi.org/10.1017/s0022109023001473","url":null,"abstract":"<p>Antitakeover measures are controversial because the evidence of their net effect on shareholders is mixed. We propose that, for many firms, the potential bonding benefits outweigh the agency costs of the quiet life, explaining the mixed results. We study business combination and poison pill laws as exogenous shocks to takeover vulnerability and use shareholder valuation of internal slack as an indicator of the net effect of takeover protection. Firms susceptible to quiet life agency problems exhibit a decrease in the market-assessed value of internal slack. Conversely, cash appreciates at companies where takeover protection bonds commitments with major counterparties.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"61 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141774854","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
How Do Foreign Labor Regulations Affect Firms’ Operating Strategies? 外国劳工法规如何影响企业的运营战略？
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2024-01-02 DOI: 10.1017/s0022109023001497
S. K. Moon, Giorgo Sertsios
{"title":"How Do Foreign Labor Regulations Affect Firms’ Operating Strategies?","authors":"S. K. Moon, Giorgo Sertsios","doi":"10.1017/s0022109023001497","DOIUrl":"https://doi.org/10.1017/s0022109023001497","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"30 14","pages":""},"PeriodicalIF":3.9,"publicationDate":"2024-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139389782","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Currency Carry, Momentum, and Global Interest Rate Volatility 货币套利、动量和全球利率波动性
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-27 DOI: 10.1017/s0022109023001485
Ming Zeng
{"title":"Currency Carry, Momentum, and Global Interest Rate Volatility","authors":"Ming Zeng","doi":"10.1017/s0022109023001485","DOIUrl":"https://doi.org/10.1017/s0022109023001485","url":null,"abstract":"<p>Returns to currency carry and momentum compensate for the risk of global interest rate volatility (IRV), with risk exposures explaining 92% of the cross-sectional return variations. This unified explanation stems from its impact on foreign exchange intermediaries. An intermediary-based exchange rate model shows that a higher global IRV increases the uncertainty of future risk-taking and tightens current financial constraints. Position unwinding triggers loss of carry and momentum. Additional empirical results confirm this economic channel. Global IRV risk is also negatively priced in other currency strategies and momentum. The explanatory power is not driven by existing measures of uncertainty or intermediary constraints.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"8 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141169748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 Corporate Investment Benefits of Mutual Fund Dual Holdings 共同基金双重持股的企业投资优势
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-15 DOI: 10.1017/s0022109023001436
Rex Wang Renjie, P. Verwijmeren, Shuo Xia
{"title":"The Corporate Investment Benefits of Mutual Fund Dual Holdings","authors":"Rex Wang Renjie, P. Verwijmeren, Shuo Xia","doi":"10.1017/s0022109023001436","DOIUrl":"https://doi.org/10.1017/s0022109023001436","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"2 6","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138996091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Refinancing Inequality During the COVID-19 Pandemic 为 COVID-19 大流行期间的不平等再融资
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-13 DOI: 10.1017/s0022109023001059
Sumit Agarwal, Souphala Chomsisengphet, Hua Kiefer, Leonard C. Kiefer, Paolina C. Medina
{"title":"Refinancing Inequality During the COVID-19 Pandemic","authors":"Sumit Agarwal, Souphala Chomsisengphet, Hua Kiefer, Leonard C. Kiefer, Paolina C. Medina","doi":"10.1017/s0022109023001059","DOIUrl":"https://doi.org/10.1017/s0022109023001059","url":null,"abstract":"<p>During the first half of 2020, the difference in savings from mortgage refinancing between high- and low-income borrowers was 10 times higher than before. This was the result of two factors: high-income borrowers increased their refinancing activity more than otherwise comparable low-income borrowers and, conditional on refinancing, they captured slightly larger improvements in interest rates. Refinancing inequality increases with the severity of the COVID-19 pandemic and is characterized by an underrepresentation of low-income borrowers in the pool of applications. We estimate a difference of $5 billion in savings between the top income quintile and the rest of the market.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"2 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139925631","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Brokers and Finders in Startup Offerings 初创企业中的经纪人和寻找者
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-12 DOI: 10.1017/s0022109023001412
Emmanuel Yimfor
{"title":"Brokers and Finders in Startup Offerings","authors":"Emmanuel Yimfor","doi":"10.1017/s0022109023001412","DOIUrl":"https://doi.org/10.1017/s0022109023001412","url":null,"abstract":"<p>This study analyzes Form D filings to understand brokered startup offerings. About 60% of brokers are FINRA-registered; the rest, “finders,” are not. Startups with fewer seasoned investors and more local brokers tend to use brokers. Venture capital firms rarely join brokered offerings, but non-accredited investors do, especially offerings with finders. Overall, brokers aid in raising capital. Yet, startups using finders often fail to exit successfully and close following funding. This implies finders might be directing funds from non-accredited investors to lower-quality startups. Brokers help startups raise money without VC support, but the effectiveness of this capital allocation is unclear.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"50 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142209496","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Merger-Driven Listing Dynamics 合并驱动的上市动态
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-11 DOI: 10.1017/s0022109023001394
B. Eckbo, Markus Lithell
{"title":"Merger-Driven Listing Dynamics","authors":"B. Eckbo, Markus Lithell","doi":"10.1017/s0022109023001394","DOIUrl":"https://doi.org/10.1017/s0022109023001394","url":null,"abstract":"Stock-market effectiveness in attracting and retaining firms under public ownership depends not only on stand-alone firms’ net listing benefits but also on gains from merging with a public acquirer. Using a novel merger-adjusted listing count, we show that the dramatic (≈50%) post-1996 U.S. listing decline—often attributed to declining listing benefits—is reversed as the ‘missing’ firms de facto continue existing inside their public acquirers. Our merger adjustment also eliminates the U.S. listing gap, pointing instead to a distinct U.S. listing advantage: providing access to a well-functioning market for complex merger transactions. JEL classification: G15, G34","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"30 3","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138979367","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Mispricing and Risk Premia in Currency Markets 货币市场的错误定价和风险溢价
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-11 DOI: 10.1017/s0022109023001400
Söhnke M. Bartram, Leslie Djuranovik, Anthony Garratt, Yan Xu
{"title":"Mispricing and Risk Premia in Currency Markets","authors":"Söhnke M. Bartram, Leslie Djuranovik, Anthony Garratt, Yan Xu","doi":"10.1017/s0022109023001400","DOIUrl":"https://doi.org/10.1017/s0022109023001400","url":null,"abstract":"<p>Using real-time data, we show that currency excess return predictability is in part due to mispricing. First, the risk-adjusted profitability of systematic trading strategies decreases after dissemination of the underlying academic research, suggesting that market participants learn about mispricing from publications. Moreover, the decline is greater for strategies with larger in-sample profits and lower arbitrage costs. Second, the effect of comprehensive risk adjustments on trading profits is limited, and signal ranks and alphas decay quickly. The finding that analysts’ forecasts are inconsistent with currency predictors implies that investors’ trading contributes to mispricing and suggests biased expectations as a possible explanation.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"261 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142209498","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
Lawyer CEOs 律师首席执行官
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-06 DOI: 10.1017/s0022109023001333
M. Todd Henderson, Irena Hutton, Danling Jiang, Matthew Pierson
{"title":"Lawyer CEOs","authors":"M. Todd Henderson, Irena Hutton, Danling Jiang, Matthew Pierson","doi":"10.1017/s0022109023001333","DOIUrl":"https://doi.org/10.1017/s0022109023001333","url":null,"abstract":"<p>We study when CEOs with legal expertise are valuable for firms. In general, lawyer CEOs are negatively associated with frequency and severity in employment civil rights, contract, labor, personal injury, and securities litigation. This effect is partly induced by the CEO’s management of litigation risk and reduction in other risky policies. Lawyer CEOs are further associated with an increase in gatekeepers providing additional legal oversight and a decrease in innovative activities with high litigation risk. Lawyer CEOs are more valuable during periods of enhanced compliance requirements and regulatory pressure and in industries with high litigation risk or better growth opportunities.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"28 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140612266","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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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