发布求助
文献互助 智能选刊 最新文献

Journal of Banking & Finance最新文献

筛选
英文 中文
The inevitable disclosure doctrine: A facade or a curse in the CEO labor market 不可避免的披露原则：CEO劳动力市场的假象还是诅咒
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-20 DOI: 10.1016/j.jbankfin.2025.107540
Hung-Gay Fung , Tongxia Li , Chun Lu , Min-Ming Wen
{"title":"The inevitable disclosure doctrine: A facade or a curse in the CEO labor market","authors":"Hung-Gay Fung ,&nbsp;Tongxia Li ,&nbsp;Chun Lu ,&nbsp;Min-Ming Wen","doi":"10.1016/j.jbankfin.2025.107540","DOIUrl":"10.1016/j.jbankfin.2025.107540","url":null,"abstract":"<div><div>Our study examines how the adoption of the inevitable disclosure doctrine (IDD) across US state courts affects the relationship between leverage and CEO compensation. We find that the IDD adoption significantly attenuates the typically positive association between leverage and CEO pay. This effect is more pronounced for CEOs with higher ex-ante mobility, greater career concerns, weaker organizational influence, and higher firm-specific skills. Rejecting the IDD, on the other hand, amplifies the positive relationship between leverage and CEO pay. Our findings underscore the influence of labor market dynamics on CEO compensation.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107540"},"PeriodicalIF":3.8,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144892809","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
Money Market Funds vulnerabilities and systemic liquidity crises 货币市场基金脆弱性与系统性流动性危机
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-14 DOI: 10.1016/j.jbankfin.2025.107530
Michel Baes , Antoine Bouveret , Eric Schaanning
{"title":"Money Market Funds vulnerabilities and systemic liquidity crises","authors":"Michel Baes ,&nbsp;Antoine Bouveret ,&nbsp;Eric Schaanning","doi":"10.1016/j.jbankfin.2025.107530","DOIUrl":"10.1016/j.jbankfin.2025.107530","url":null,"abstract":"<div><div>Despite regulatory reforms, Money Market Funds (MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short-term markets. We provide a model showing the trade-offs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run pre-emptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-March 2020. Unless short-term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107530"},"PeriodicalIF":3.8,"publicationDate":"2025-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144863218","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 up side of being down: Depression and crowdsourced forecasts 低迷的好处：萧条和众包预测
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-12 DOI: 10.1016/j.jbankfin.2025.107526
Sima Jannati , Sarah Khalaf , Du Nguyen
{"title":"The up side of being down: Depression and crowdsourced forecasts","authors":"Sima Jannati ,&nbsp;Sarah Khalaf ,&nbsp;Du Nguyen","doi":"10.1016/j.jbankfin.2025.107526","DOIUrl":"10.1016/j.jbankfin.2025.107526","url":null,"abstract":"<div><div>This study examines the role of non-severe depression as a psychological anchor against overoptimism. Using earnings forecasts from Estimize, we find that an increase in the proportion of the U.S. population with depression is associated with improved forecast accuracy among users. This effect is concentrated among forecasts that are optimistic and analysts who take longer time to issue forecasts, highlighting reduced optimism and slow information processing as economic mechanisms that explain our results. We also show that this effect is distinct from the influence of temporary seasonal depression or other sentiment measures on decision-making. Overall, our research establishes a link between depression and crowdsourced financial evaluations</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107526"},"PeriodicalIF":3.8,"publicationDate":"2025-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842572","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
Board gender diversity and equity-based compensation 董事会性别多样性和基于股权的薪酬
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-10 DOI: 10.1016/j.jbankfin.2025.107538
Matthew Imes , Kose John , Kyeong Hun Lee , Amir Shoham , Emma Xu
{"title":"Board gender diversity and equity-based compensation","authors":"Matthew Imes ,&nbsp;Kose John ,&nbsp;Kyeong Hun Lee ,&nbsp;Amir Shoham ,&nbsp;Emma Xu","doi":"10.1016/j.jbankfin.2025.107538","DOIUrl":"10.1016/j.jbankfin.2025.107538","url":null,"abstract":"<div><div>We examine the impact of board gender diversity on equity-based compensation in executive pay. We show that the presence of female directors is associated with lower equity-based compensation in executive pay—particularly when female directors serve on compensation committees or when boards are dominated by insiders. Our findings support the view that female directors serve as effective monitors, potentially substituting for other corporate governance mechanisms, such as incentive-based pay and board independence. Our results are not driven by lower pay-for-performance sensitivity induced by poor stock performance. We do not find evidence consistent with risk-aversion on the part of female directors.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107538"},"PeriodicalIF":3.8,"publicationDate":"2025-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858091","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
V-shapes v字形
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-07 DOI: 10.1016/j.jbankfin.2025.107521
Maria Flora , Roberto Renò
{"title":"V-shapes","authors":"Maria Flora ,&nbsp;Roberto Renò","doi":"10.1016/j.jbankfin.2025.107521","DOIUrl":"10.1016/j.jbankfin.2025.107521","url":null,"abstract":"<div><div>We present a methodology for detecting flash crashes by identifying short-term V-shaped price reversals. Our approach, based on drift burst test statistics, aligns with the SEC’s forensic definition of market access rule violations, highlighting its potential as a market surveillance tool. Flash crashes have become more frequent over the past decade and are typically accompanied by high volumes, high volatility, and an increase in odd-lot trades. They are more likely to occur following periods of high volumes, elevated price impact, low volatility, and heightened algorithmic activity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107521"},"PeriodicalIF":3.8,"publicationDate":"2025-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889742","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
Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments 投资者关注与股价操纵：来自日常准自然实验的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-06 DOI: 10.1016/j.jbankfin.2025.107528
Zhibing Li , Jia Liu , Jie Liu , Xiaoyu Liu , Chonglin Wu
{"title":"Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments","authors":"Zhibing Li ,&nbsp;Jia Liu ,&nbsp;Jie Liu ,&nbsp;Xiaoyu Liu ,&nbsp;Chonglin Wu","doi":"10.1016/j.jbankfin.2025.107528","DOIUrl":"10.1016/j.jbankfin.2025.107528","url":null,"abstract":"<div><div>This study investigates the impact of heightened investor attention on stock price manipulation. To establish causality, we employ daily repeated quasi-natural experiments, where investors’ attention is influenced exogenously by price rounding rather than by stocks’ fundamental information. Our findings demonstrate that stocks included in the Winner List attract significant investor attention, which leads to increased stock price manipulation. A two-stage channel analysis reveals that this increased investor attention exacerbates stock price manipulation through noise trading. Moreover, the positive relationship between investor attention and stock price manipulation is more pronounced in stocks with higher firm-specific information asymmetry, fewer rational investors, weaker external monitoring, higher costs of arbitrage, and non-shortability. Additional analyses indicate that this positive relationship intensifies during periods of heightened investor sentiment, greater economic policy uncertainty and increased geopolitical risk. Our study provides original evidence that the saliency of information exacerbates stock price manipulation and destabilizes financial markets.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107528"},"PeriodicalIF":3.8,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842573","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 price of realized extreme climate events in the implied cost of equity capital: International evidence 权益资本隐含成本中已实现极端气候事件的价格：国际证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-08-05 DOI: 10.1016/j.jbankfin.2025.107525
Weidong Xu , Danyu Zhu , Xin Gao , Lu Xing , Donghui Li
{"title":"The price of realized extreme climate events in the implied cost of equity capital: International evidence","authors":"Weidong Xu ,&nbsp;Danyu Zhu ,&nbsp;Xin Gao ,&nbsp;Lu Xing ,&nbsp;Donghui Li","doi":"10.1016/j.jbankfin.2025.107525","DOIUrl":"10.1016/j.jbankfin.2025.107525","url":null,"abstract":"<div><div>Using an international sample of 38 countries, we find that firms located in countries experiencing greater socioeconomic damage from extreme climate events have higher implied costs of equity capital. This finding is attributed to heightened operational uncertainty, greater information asymmetry, and intensified agency conflicts that arise in the wake of extreme climate events. The relation is stronger for firms that derive substantial revenue from domestic markets, operate in climate-vulnerable industries, or are closely held by domestic institutional investors. The effect also varies across countries and is concentrated in markets characterized by low transparency or limited integration into the global financial market. While extreme climate events negatively influence firm performance and valuation, they raise corporate awareness of climate risk.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"180 ","pages":"Article 107525"},"PeriodicalIF":3.8,"publicationDate":"2025-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144922791","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
Central bank intervention and bank liquidity: Evidence from the paycheck protection program 中央银行干预和银行流动性：来自薪水保护计划的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-24 DOI: 10.1016/j.jbankfin.2025.107522
Parush Arora , Derek Tran
{"title":"Central bank intervention and bank liquidity: Evidence from the paycheck protection program","authors":"Parush Arora ,&nbsp;Derek Tran","doi":"10.1016/j.jbankfin.2025.107522","DOIUrl":"10.1016/j.jbankfin.2025.107522","url":null,"abstract":"<div><div>This paper explores the role of monetary systems when fiscal policy is implemented through the financial sector during a liquidity shock. We use loan-level transactions from the Paycheck Protection Program (PPP) to understand how a bank’s decision to borrow funds from the discount window (DW) affected its lending behavior during the COVID-19 crisis. Using an instrumental variable approach, we find a causal relationship between DW access/borrowing and the number of PPP loans extended by large banks, indicating that access to DW increased the effectiveness of the PPP. Although both large and small banks accessed the DW in the absence of a long-term funding source, accessing the DW almost doubled the PPP lending for large banks, but did not have a statistically significant effect for smaller banks. However, during the period without long-term funding, the DW played an important role in relaxing liquidity constraints for large banks and increasing the overall efficiency of the PPP. Beyond PPP loans, we find that DW access led banks to increase their non-PPP lending by 70 % relative to their reserves, suggesting broader benefits to credit provision. The DW effect on PPP lending disappeared after the introduction of PPP Lending Facility as the banks substituted towards the long-term funding, however its impact on non-PPP lending remained significant in both phases.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107522"},"PeriodicalIF":3.8,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724980","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
Social media-based attention and the cross-section of cryptocurrency returns 基于社交媒体的关注和加密货币回报的横截面
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-19 DOI: 10.1016/j.jbankfin.2025.107518
Arnaud T. Maître, Nikolay Pugachyov, Florian Weigert
{"title":"Social media-based attention and the cross-section of cryptocurrency returns","authors":"Arnaud T. Maître,&nbsp;Nikolay Pugachyov,&nbsp;Florian Weigert","doi":"10.1016/j.jbankfin.2025.107518","DOIUrl":"10.1016/j.jbankfin.2025.107518","url":null,"abstract":"<div><div>This paper investigates how investors’ abnormal attention affects the cross-section of cryptocurrency returns in the period from 2018 to 2022. We capture abnormal attention using the (log) number of Twitter posts on individual cryptocurrencies on the current day minus a 30-day average. Our results reveal that abnormal attention is positively associated with contemporaneous and one-day ahead crypto performance. Among the different Twitter tweets, return predictability arises due to <em>Ticker</em>-tweets from investors, but not due to tweets from the cryptocurrency channel. These <em>Official</em>-tweets, however, are able to forecast technological innovations on the blockchain.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107518"},"PeriodicalIF":3.6,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144686411","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
Social connections and bank deposits 社会关系和银行存款
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107506
Sean Flynn , Jing Wang
{"title":"Social connections and bank deposits","authors":"Sean Flynn ,&nbsp;Jing Wang","doi":"10.1016/j.jbankfin.2025.107506","DOIUrl":"10.1016/j.jbankfin.2025.107506","url":null,"abstract":"<div><div>We show that household social connections transmit shocks that influence bank deposits. We find that counties experience an increase in bank deposits when they are more socially connected to counties affected by natural disasters. This effect is not driven by physical proximity, large disasters that attract significant media coverage, or other cross-county channels, including multimarket bank branch networks, population migration, or economic connections. Banks that collect deposits in highly socially-connected counties experience high deposit volatility, but geographic diversification reduces the volatility associated with depositor social connectedness.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107506"},"PeriodicalIF":3.6,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144686408","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信