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Hiring High-Skilled Labor Through Mergers and Acquisitions 通过并购雇佣高技能劳动力
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-07-19 DOI: 10.1017/s0022109023000856
Jun Chen, Shenje Hshieh, Feng Zhang
{"title":"Hiring High-Skilled Labor Through Mergers and Acquisitions","authors":"Jun Chen, Shenje Hshieh, Feng Zhang","doi":"10.1017/s0022109023000856","DOIUrl":"https://doi.org/10.1017/s0022109023000856","url":null,"abstract":"<p>Using random H-1B visa lotteries as a natural experiment, we find that firms respond to shortages of high-skilled workers by acquiring firms that employ such workers. The effect is stronger among firms with high human capital and more senior workforces, firms facing tight labor markets and legal barriers to poaching workers, and firms lacking foreign affiliates. The acquired workers are highly educated, sharing skills and occupations similar to those of the acquirer’s existing workers. Our findings suggest skilled labor is an important driver of acquisitions and acquiring is an effective means of obtaining skilled labor.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138524214","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
TAXI! Do Mutual Funds Pursue and Exploit Information on Local Companies? 出租车!共同基金是否追求和利用当地公司的信息?
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-07-05 DOI: 10.1017/s0022109023000868
David C. Cicero, Andy Puckett, Albert Y. Wang, Shen Zhang
{"title":"TAXI! Do Mutual Funds Pursue and Exploit Information on Local Companies?","authors":"David C. Cicero, Andy Puckett, Albert Y. Wang, Shen Zhang","doi":"10.1017/s0022109023000868","DOIUrl":"https://doi.org/10.1017/s0022109023000868","url":null,"abstract":"<p>We use New York City (NYC) taxi data to identify trips between mutual fund offices and local firm headquarters. NYC funds overweight the stocks of local firms they visit via taxi, and firm visits are associated with superior investment performance. Firm visits are elevated prior to earnings announcements, and mutual fund trades that are associated with firm taxi visits predict earnings surprises. The results are generally stronger when fund and firm executives share educational connections. Additional tests support the conclusion that funds’ local bias and investment performance are driven by portfolio managers’ efforts and ability to actively gather material information.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138524220","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
Fast-Moving Habit: Implications for Equity Returns 快速移动的习惯:对股票回报的影响
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-07-04 DOI: 10.1017/s0022109023000212
A. Lynch, O. Randall
{"title":"Fast-Moving Habit: Implications for Equity Returns","authors":"A. Lynch, O. Randall","doi":"10.1017/s0022109023000212","DOIUrl":"https://doi.org/10.1017/s0022109023000212","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47649600","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
Gender and Managerial Job Mobility: Career Prospects for Executives Displaced by Acquisitions 性别与管理工作流动性：因收购而离职的高管的职业前景
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-29 DOI: 10.1017/s0022109023000820
Xiaohu Guo, Vishal K. Gupta, Sandra C. Mortal, Vikram Nanda
{"title":"Gender and Managerial Job Mobility: Career Prospects for Executives Displaced by Acquisitions","authors":"Xiaohu Guo, Vishal K. Gupta, Sandra C. Mortal, Vikram Nanda","doi":"10.1017/s0022109023000820","DOIUrl":"https://doi.org/10.1017/s0022109023000820","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49386870","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
Credit Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market 信用违约互换、卖空风险与债券市场流动性准备金
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-29 DOI: 10.1017/s0022109023000844
M. Massa, Lei Zhang
{"title":"Credit Default Swaps, Fire Sale Risk and the Liquidity Provision in the Bond Market","authors":"M. Massa, Lei Zhang","doi":"10.1017/s0022109023000844","DOIUrl":"https://doi.org/10.1017/s0022109023000844","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44648191","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
Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship 风险投资中的网络摩擦与创业中的性别差异
2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-23 DOI: 10.1017/s0022109023000819
Sabrina T. Howell, Ramana Nanda
{"title":"Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship","authors":"Sabrina T. Howell, Ramana Nanda","doi":"10.1017/s0022109023000819","DOIUrl":"https://doi.org/10.1017/s0022109023000819","url":null,"abstract":"Abstract We find that male participants in Harvard Business School’s New Venture Competition who were randomly exposed to more venture capital (VC) investors on their panel were substantially more likely to start a VC-backed startup post-graduation, indicating that access to investors impacts fundraising independent of the quality of ideas. However, female participants experience no benefit from exposure to male or female venture capitalists (VCs), which appears related to a reduced propensity to reach out to VCs to whom they were exposed. Our results therefore also demonstrate gender-based differences in the degree to which increased exposure to investors can address networking frictions in venture capital.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135904722","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
Reintermediation in FinTech: Evidence from Online Lending 金融科技的再中介:来自网络借贷的证据
2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-20 DOI: 10.1017/s0022109023000789
Tetyana Balyuk, Sergei Davydenko
{"title":"Reintermediation in FinTech: Evidence from Online Lending","authors":"Tetyana Balyuk, Sergei Davydenko","doi":"10.1017/s0022109023000789","DOIUrl":"https://doi.org/10.1017/s0022109023000789","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135138741","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
Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns? 碳风险是否反映在公司债券收益的横截面中?
2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-20 DOI: 10.1017/s0022109023000832
Tinghua Duan, Frank Weikai Li, Quan Wen
{"title":"Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?","authors":"Tinghua Duan, Frank Weikai Li, Quan Wen","doi":"10.1017/s0022109023000832","DOIUrl":"https://doi.org/10.1017/s0022109023000832","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135091049","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: 4
The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains 上游关税的下游影响:来自供应链投资决策的证据
2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-16 DOI: 10.1017/s0022109023000777
Thorsten Martin, Clemens A. Otto
{"title":"The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains","authors":"Thorsten Martin, Clemens A. Otto","doi":"10.1017/s0022109023000777","DOIUrl":"https://doi.org/10.1017/s0022109023000777","url":null,"abstract":"Abstract We study how U.S. manufacturing firms’ investment responds to tariff reductions in supplier industries. Our estimates, based on tariff reductions following multinational trade agreements, suggest that a hypothetical 10% reduction of all upstream tariffs would increase downstream investment by 4% to 6%. This estimate is not explained by decreasing uncertainty and stems from tariff reductions for homogeneous and low-R&amp;D inputs, consistent with the investment response resulting from cost reductions rather than superior foreign technology embodied in imported inputs. Evidence from an instrumental variable estimation using the sudden increase in Chinese import penetration suggests that import competition also increases downstream investment.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135571832","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
Media Sentiment and Currency Reversals 媒体情绪与货币逆转
IF 3.9 2区 经济学
Journal of Financial and Quantitative Analysis Pub Date : 2023-06-15 DOI: 10.1017/s0022109023000534
I. Filippou, Mark P. Taylor, Zigan Wang
{"title":"Media Sentiment and Currency Reversals","authors":"I. Filippou, Mark P. Taylor, Zigan Wang","doi":"10.1017/s0022109023000534","DOIUrl":"https://doi.org/10.1017/s0022109023000534","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":3.9,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48164293","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: 1
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