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Sell-side analysts and mutual fund managers: Complements or substitutes? 卖方分析师和共同基金经理：互补还是替代？
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-09 DOI: 10.1016/j.jbankfin.2025.107446
Haerang Park , Byungmin Oh
{"title":"Sell-side analysts and mutual fund managers: Complements or substitutes?","authors":"Haerang Park ,&nbsp;Byungmin Oh","doi":"10.1016/j.jbankfin.2025.107446","DOIUrl":"10.1016/j.jbankfin.2025.107446","url":null,"abstract":"<div><div>We examine whether analyst coverage and mutual fund trades are complements or substitutes in the course of information incorporation into stock prices. Our empirical evidence indicates that they are complementary. Clustered trades in stocks with low analyst coverage is associated with a subsequent return reversal, which is more pronounced among less actively managed mutual funds. Mutual fund herding under low analyst coverage also amplifies future stock price crash risk through decreased corporate disclosure quality. These negative effects of mutual fund herding are not apparent for stocks with high analyst coverage. To address potential endogeneity concerns, we conduct additional tests using brokerage firm mergers and closures as exogenous shocks to analyst coverage and find consistent results. Our findings highlight the role of analysts in mitigating price-destabilizing herding behavior of mutual funds.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107446"},"PeriodicalIF":3.6,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143843192","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
Demographic trends, the rent-to-price ratio, and housing market returns 人口趋势、租金价格比和住房市场回报
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-05 DOI: 10.1016/j.jbankfin.2025.107437
Yuansheng Wang , Haoxi Yang , Zhizhen Chen , Yun Feng
{"title":"Demographic trends, the rent-to-price ratio, and housing market returns","authors":"Yuansheng Wang ,&nbsp;Haoxi Yang ,&nbsp;Zhizhen Chen ,&nbsp;Yun Feng","doi":"10.1016/j.jbankfin.2025.107437","DOIUrl":"10.1016/j.jbankfin.2025.107437","url":null,"abstract":"<div><div>We characterize the relationship between the rent-to-price ratio, expected returns, and expected rent growth in a dynamic housing valuation model, where the middle-aged-to-young (MY) ratio determines the slowly evolving mean of the rent-to-price ratio. The link between demographic trends and the housing market dynamics is established by analyzing how individuals’ housing demand varies across age cohorts using household-level survey data. Empirical results show that deviations of the rent-to-price ratio from its slowly evolving mean, which is determined by the MY ratio, exhibit pronounced predictive power for returns but weak predictive power for rent growth. Further analysis reveals heterogeneous evidence across sample cities.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107437"},"PeriodicalIF":3.6,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143817287","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
Corporate investments in startups: CVC unit vs. direct investment 企业对初创企业的投资：CVC单位vs.直接投资
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-05 DOI: 10.1016/j.jbankfin.2025.107444
Sungjoung Kwon , Nomalia Manna
{"title":"Corporate investments in startups: CVC unit vs. direct investment","authors":"Sungjoung Kwon ,&nbsp;Nomalia Manna","doi":"10.1016/j.jbankfin.2025.107444","DOIUrl":"10.1016/j.jbankfin.2025.107444","url":null,"abstract":"<div><div>A significant fraction of corporate investments in startups are made directly without relying on corporate venture capital (CVC) units. Moreover, most firms making investments via CVC programs also make direct investments. We show that such direct investments are utilized to flexibly respond to investment opportunities over a short period of time: (1) firms respond to a competition shock by sharply increasing direct investments; (2) firms rely on direct investments when startups are easier to evaluate in the short term; and (3) direct investments are less likely to be followed up. We find no evidence that direct investments are used to entrench managers.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107444"},"PeriodicalIF":3.6,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777710","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
De-SPAC performance under better aligned sponsor contracts 在更一致的赞助商合同下的De-SPAC表现
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-27 DOI: 10.1016/j.jbankfin.2025.107440
Yao-Min Chiang , Woojin Kim , Bokyung Park , Tae Jun Yoon
{"title":"De-SPAC performance under better aligned sponsor contracts","authors":"Yao-Min Chiang ,&nbsp;Woojin Kim ,&nbsp;Bokyung Park ,&nbsp;Tae Jun Yoon","doi":"10.1016/j.jbankfin.2025.107440","DOIUrl":"10.1016/j.jbankfin.2025.107440","url":null,"abstract":"<div><div>We examine the implications of special purpose acquisition companies (SPACs) in South Korea, where sponsor contracts are better aligned than in the U.S. Unlike in U.S. where SPAC targets (de-SPACs)' post-merger prices generally fall below the SPAC IPO offer price due to distorted incentives of the SPAC sponsors, Korean de-SPACs' prices tend to remain above the initial SPAC price. The better alignment of incentives results in positive or at least non-negative average buy-and-hold returns and excess portfolio returns in Korean de-SPACs, which contrast with the negative long-run performance observed in the U.S. Korean de-SPACs also increase investment more than matched private firms following the listing. Overall, our results suggest that better aligned sponsor contracts may incentivize sponsors to target high-quality firms, enhancing post-merger performance.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107440"},"PeriodicalIF":3.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143817288","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
Renegotiation of international loans, capital regulation, and monetary policy 重新谈判国际贷款、资本监管和货币政策
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-27 DOI: 10.1016/j.jbankfin.2025.107443
Kerron Joseph , Ca Nguyen , John K. Wald
{"title":"Renegotiation of international loans, capital regulation, and monetary policy","authors":"Kerron Joseph ,&nbsp;Ca Nguyen ,&nbsp;John K. Wald","doi":"10.1016/j.jbankfin.2025.107443","DOIUrl":"10.1016/j.jbankfin.2025.107443","url":null,"abstract":"<div><div>We analyze how changes in capital requirements and policy rate shocks affect international lenders’ decisions to drop out of syndicated loans. Increases in capital requirements in the lender country and decreases in borrower country policy rates imply a greater likelihood that foreign lenders stop supplying capital in international syndicated loans. These results are robust to the inclusion of borrower country, lender country, and loan-round fixed effects. Using lender country capital regulations as instruments, we find evidence of significant economic spillover effects as international lender exits imply smaller loan amounts and shorter maturities. Economic Policy Uncertainty (EPU) and culture variables also help explain lenders’ decisions to exit a syndicate.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107443"},"PeriodicalIF":3.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143817173","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
Connections with investment banks and their value: Evidence from seasoned equity offerings 与投资银行的关系及其价值：来自经验丰富的股票发行的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-27 DOI: 10.1016/j.jbankfin.2025.107441
Ying Dou , Yulia Merkoulova , Betty Wu
{"title":"Connections with investment banks and their value: Evidence from seasoned equity offerings","authors":"Ying Dou ,&nbsp;Yulia Merkoulova ,&nbsp;Betty Wu","doi":"10.1016/j.jbankfin.2025.107441","DOIUrl":"10.1016/j.jbankfin.2025.107441","url":null,"abstract":"<div><div>External networks are usually believed to add value, but what happens when the connected parties have conflicting interests in a transaction? We study the impact of social connections between seasoned equity offering (SEO) issuers and their lead underwriters on SEO outcomes. We find that, during accelerated offerings, connected issuers profit substantially from their links to investment banks through both lower direct issuance costs and smaller SEO discounts. Results of an event study based on the sudden collapse of Lehman Brothers show that the effect of connections is causal. We present evidence supporting an information flow hypothesis that connections improve deal outcomes by facilitating more efficient information exchange.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107441"},"PeriodicalIF":3.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143761212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Are enhanced creditor rights in bankruptcy desirable to shareholders? Evidence from the cost of equity capital 破产案中债权人权利的增强是否对股东有利？证据来自权益资本成本
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-27 DOI: 10.1016/j.jbankfin.2025.107442
Xiaoran Ni , Jin Xu , David Yin
{"title":"Are enhanced creditor rights in bankruptcy desirable to shareholders? Evidence from the cost of equity capital","authors":"Xiaoran Ni ,&nbsp;Jin Xu ,&nbsp;David Yin","doi":"10.1016/j.jbankfin.2025.107442","DOIUrl":"10.1016/j.jbankfin.2025.107442","url":null,"abstract":"<div><div>Stronger creditor rights in bankruptcy are often viewed as adding deadweight costs and leading to inefficient liquidation. However, ex ante, they also increase firms' borrowing capacity and reduce financial constraints. This study investigates shareholders' overall attitudes toward enhanced creditor rights in bankruptcy by examining the impact of the staggered adoption of anti-recharacterization laws across U.S. states on the cost of equity capital. We find that the strengthening of creditor rights leads to a significant reduction in the cost of equity capital, with the effect being more pronounced among financially constrained firms and firms with more growth opportunities and volatile cash flows. The reduction is stronger among firms that are more likely to utilize securitized debt. Overall, our results suggest that enhanced creditor rights in bankruptcy improve shareholder value through increased borrowing capacity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107442"},"PeriodicalIF":3.6,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143769327","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
Measuring the impact of changing deposit insurance coverage levels: Findings from Colombia 衡量存款保险覆盖水平变化的影响：来自哥伦比亚的调查结果
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-25 DOI: 10.1016/j.jbankfin.2025.107435
Juan C. Quintero-V
{"title":"Measuring the impact of changing deposit insurance coverage levels: Findings from Colombia","authors":"Juan C. Quintero-V","doi":"10.1016/j.jbankfin.2025.107435","DOIUrl":"10.1016/j.jbankfin.2025.107435","url":null,"abstract":"<div><div>This paper examines the effects on social welfare of changes in coverage levels within deposit insurance schemes. It utilizes a solid theoretical framework and takes advantage of a quasi-natural experiment and bank-level data to measure the impact of an increase in Colombia’s deposit insurance coverage level. For the case studied, the benefits outweigh the costs, resulting in a positive net impact on welfare. However, some banks concentrate most of the gains. The size of a bank, its probability of default, and the change in the percentage of insured deposits that occurred due to the increase in the coverage level are critical. Two extensions of the main model are also analyzed. The first allows banks to be bailed out because of “too-big-to-fail” considerations, and the second incorporates banks’ reaction to the increase in the coverage level. The benefits of increasing the coverage level remain positive in both cases but are lower than using the main model.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"175 ","pages":"Article 107435"},"PeriodicalIF":3.6,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143746749","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
Inequality and capital structure 不平等与资本结构
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-22 DOI: 10.1016/j.jbankfin.2025.107432
Stefano Lugo
{"title":"Inequality and capital structure","authors":"Stefano Lugo","doi":"10.1016/j.jbankfin.2025.107432","DOIUrl":"10.1016/j.jbankfin.2025.107432","url":null,"abstract":"<div><div>High-income individuals direct a higher share of their savings toward the stock market and a lower share toward credit markets and bank deposits. An increase in income inequality thus translates into an expected decrease in the relative supply of debt capital. Nonfinancial corporations are predicted to cater to these shifts by adjusting their capital structure. Results from instrumental variable models estimated on a panel sample of either US or non-US corporations and several robustness checks empirically support this prediction. Consistent with the theorized household portfolio channel, the negative relation between leverage and local income inequality is driven by corporations less likely to have access to non-local capital markets. This result is confirmed when exploiting the introduction of the euro as an exogenous shock to European firms’ relative exposure to non-domestic investors.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"174 ","pages":"Article 107432"},"PeriodicalIF":3.6,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143695918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial misconduct and bank risk-taking: Evidence from US banks 金融不端行为与银行冒险：来自美国银行的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-03-21 DOI: 10.1016/j.jbankfin.2025.107433
John Thornton , Yener Altunbaş , Yurtsev Uymaz
{"title":"Financial misconduct and bank risk-taking: Evidence from US banks","authors":"John Thornton ,&nbsp;Yener Altunbaş ,&nbsp;Yurtsev Uymaz","doi":"10.1016/j.jbankfin.2025.107433","DOIUrl":"10.1016/j.jbankfin.2025.107433","url":null,"abstract":"<div><div>We test for a link between bank risk-taking and regulatory enforcements against US banks for financial misconduct. Misconduct-related enforcements are associated with increased bank risk-taking on several measures of risk, and there is some evidence that the impact of enforcements on risk-taking is accentuated in the presence of powerful CEOs and a higher proportion of institutional investor ownership and mitigated when executive boards are larger, older, more independent, more gender diverse, busier, and where independent directors are relatively inexperienced. The results are robust to alternative measures of bank risk-taking, and alternative estimation techniques, including controlling for endogeneity bias.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"177 ","pages":"Article 107433"},"PeriodicalIF":3.6,"publicationDate":"2025-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144221210","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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