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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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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
Do Capital Markets Punish Managerial Myopia? Evidence from Myopic Research and Development Cuts 资本市场会惩罚管理者的近视吗？来自近视型研发削减的证据
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-06 DOI: 10.1017/s0022109023001205
Jamie Y. Tong, Feida (Frank) Zhang
{"title":"Do Capital Markets Punish Managerial Myopia? Evidence from Myopic Research and Development Cuts","authors":"Jamie Y. Tong, Feida (Frank) Zhang","doi":"10.1017/s0022109023001205","DOIUrl":"https://doi.org/10.1017/s0022109023001205","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138596814","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
Strategic CEO Activism in Polarized Markets 两极分化市场中的首席执行官战略激进主义
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-05 DOI: 10.1017/s0022109023001382
Swarnodeep Homroy, Shubhashis Gangopadhyay
{"title":"Strategic CEO Activism in Polarized Markets","authors":"Swarnodeep Homroy, Shubhashis Gangopadhyay","doi":"10.1017/s0022109023001382","DOIUrl":"https://doi.org/10.1017/s0022109023001382","url":null,"abstract":"<p>In this article, we show that statements of U.S. CEOs on contentious social issues are not necessarily an expression of their political views. Republican-donor CEOs are three times more likely to make social statements with a liberal slant. CEO activism is more likely if firms’ operating environment is politically polarized and employees are Democrat-leaning. Such statements are associated with a 3% increase in consumer visits to a firm’s Democrat County stores without significantly reducing them in Republican counties. CEO activism is associated with a 0.12% gain in firm value, increased quarterly sales, and a reduced likelihood of shareholder activism on social issues.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140636039","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
JFQ volume 58 issue 8 Cover and Front matter JFQ 第 58 卷第 8 期封面和封底
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-01 DOI: 10.1017/S0022109023001254
{"title":"JFQ volume 58 issue 8 Cover and Front matter","authors":"","doi":"10.1017/S0022109023001254","DOIUrl":"https://doi.org/10.1017/S0022109023001254","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138613312","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 Valuation of Collateral in Bank Lending – CORRIGENDUM 银行贷款中抵押品的估值 - CORRIGENDUM
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-01 DOI: 10.1017/s0022109023001357
Stephan Luck, João A. C. Santos
{"title":"The Valuation of Collateral in Bank Lending – CORRIGENDUM","authors":"Stephan Luck, João A. C. Santos","doi":"10.1017/s0022109023001357","DOIUrl":"https://doi.org/10.1017/s0022109023001357","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138624594","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
JFQ volume 58 issue 8 Cover and Back matter JFQ 第 58 卷第 8 期封面和封底
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-12-01 DOI: 10.1017/S0022109023001242
{"title":"JFQ volume 58 issue 8 Cover and Back matter","authors":"","doi":"10.1017/S0022109023001242","DOIUrl":"https://doi.org/10.1017/S0022109023001242","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138622746","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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