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Trade liberalization and municipal financing costs 贸易自由化与市政融资成本
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107524
Chunbo Liu , Liang Xu , Liuming Yang , Yang Zhou
{"title":"Trade liberalization and municipal financing costs","authors":"Chunbo Liu ,&nbsp;Liang Xu ,&nbsp;Liuming Yang ,&nbsp;Yang Zhou","doi":"10.1016/j.jbankfin.2025.107524","DOIUrl":"10.1016/j.jbankfin.2025.107524","url":null,"abstract":"<div><div>This study examines the effects of trade liberalization on municipal financing costs. Using the granting of permanent normal trade relations (PNTR) to China as an exogenous shock, we find that U.S. counties that are more exposed to trade liberalization issue bonds with significantly higher tax-adjusted yield spreads. Moreover, these counties pay higher gross spreads and are less likely to issue bonds after PNTR. We also show that secondary market yield spreads increase significantly in response to the U.S. granting of PNTR to China. In addition, we provide evidence that a reduction in debt serving capacity serves as a channel underlying the trade shock effects. Our findings highlight the costs of trade liberalization for public finance.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107524"},"PeriodicalIF":3.6,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703901","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
Trading for good: How active mutual funds influence corporate social responsibility through stock trading 为善交易：活跃的共同基金如何通过股票交易影响企业的社会责任
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107523
Jie Jiao , Lin Tong , An Yan
{"title":"Trading for good: How active mutual funds influence corporate social responsibility through stock trading","authors":"Jie Jiao ,&nbsp;Lin Tong ,&nbsp;An Yan","doi":"10.1016/j.jbankfin.2025.107523","DOIUrl":"10.1016/j.jbankfin.2025.107523","url":null,"abstract":"<div><div>We hypothesize that active mutual funds can promote corporate social responsibility (CSR) in their portfolio firms through stock trading activities. Leveraging mutual fund family mergers to identify causal effects, we find that a firm’s CSR commitment increases when its mutual funds exhibit stronger CSR preferences through trading. This effect is stronger when mutual fund investors are more active or when the firm’s stock exhibits higher liquidity. Additionally, our results suggest that the trading channel complements non-trading mechanisms through which active mutual funds influence firm CSR.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107523"},"PeriodicalIF":3.6,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711426","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
Authorized participants’ regulatory constraints and limits to ETF arbitrage during market turmoil Evidence from the dash-for-cash episode 授权参与者在市场动荡期间对ETF套利的监管约束和限制来自套现事件的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-18 DOI: 10.1016/j.jbankfin.2025.107499
Claudio E. Raddatz K.
{"title":"Authorized participants’ regulatory constraints and limits to ETF arbitrage during market turmoil Evidence from the dash-for-cash episode","authors":"Claudio E. Raddatz K.","doi":"10.1016/j.jbankfin.2025.107499","DOIUrl":"10.1016/j.jbankfin.2025.107499","url":null,"abstract":"<div><div>This paper shows that authorized participants’ (APs) regulatory constraints weakened the arbitrage relationship between bond ETFs’ primary market activity and their premia during the market turmoil triggered by the dash-for-cash episode in March 2020. Arbitrage activity weakened more severely when those APs with a history of creating or redeeming an ETF’s shares had low regulatory capital ratios, consistent with persistence in arbitrage activity. The results also reveal that the direction of prior arbitrage activity matters, and show that the decline in arbitrage intensity was especially pronounced for ETFs holding less liquid bonds, whose lead market makers had lower regulatory capital ratios, and for those associated with non-bank-affiliated APs. Finally, the paper provides a novel estimate of the elasticity of primary market activity to ETF premia, contributing to the literature on limits to arbitrage and intermediary frictions.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107499"},"PeriodicalIF":3.8,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144851862","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
Hedge fund activism and loan loss provisioning in U.S. banks 对冲基金的激进主义和美国银行的贷款损失拨备
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-16 DOI: 10.1016/j.jbankfin.2025.107519
Dmytro Holod , Yuriy Kitsul , Gӧkhan Torna
{"title":"Hedge fund activism and loan loss provisioning in U.S. banks","authors":"Dmytro Holod ,&nbsp;Yuriy Kitsul ,&nbsp;Gӧkhan Torna","doi":"10.1016/j.jbankfin.2025.107519","DOIUrl":"10.1016/j.jbankfin.2025.107519","url":null,"abstract":"<div><div>In this study, we explore the hedge fund activist (HFA) influence on managerial decisions in the opaque banking industry. Focusing on loan loss provisions (LLPs), an accounting item that is subject to considerable managerial discretion as well as scrutiny from various regulatory agencies, we find that HFAs alleviate the agency problems associated with bank loan loss provisioning decisions. The findings show that HFA influence leads to a substantial reduction in overstatements, but not understatements, of LLPs at target banks. This results in a prompt increase in bottom-line profitability and stock returns, while pointing to no appreciable change in bank risk. We conclude that the disciplinary effect of HFAs contributes to shareholder value by leading to a reduction in excessive loan loss provisioning consistent with a realignment of LLP decisions with target bank shareholders’ interests.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107519"},"PeriodicalIF":3.6,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144711425","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
Trust in Founders 信任创始人
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-16 DOI: 10.1016/j.jbankfin.2025.107514
Murali Jagannathan , Brett W. Myers , Xu Niu
{"title":"Trust in Founders","authors":"Murali Jagannathan ,&nbsp;Brett W. Myers ,&nbsp;Xu Niu","doi":"10.1016/j.jbankfin.2025.107514","DOIUrl":"10.1016/j.jbankfin.2025.107514","url":null,"abstract":"<div><div>Do employees trust founders more than professional managers? We explore this question with employee actions that are indicative of their distrust in management. We document significant differences in unionization efforts, labor strikes, and unfair labor practice (ULP) complaints between founder-managed firms and professionally managed firms. We posit that these differences stem from the predictability of corporate culture in founder firms and the alignment of interests between founders and employees. Although we employ various methods to establish causation, drawing definitive conclusions regarding employee trust in management is challenging due to the vastly different characteristics of founder-led firms compared to professionally managed firms.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107514"},"PeriodicalIF":3.6,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661983","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
Trade policy sensitivity and global stock returns: Evidence from the 2016 U.S. Presidential election 贸易政策敏感性与全球股市回报：来自2016年美国总统大选的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.jbankfin.2025.107517
Dien Giau Bui , Iftekhar Hasan , Chih-Yung Lin , Ngoc Thuy Mai , Chris Vaike
{"title":"Trade policy sensitivity and global stock returns: Evidence from the 2016 U.S. Presidential election","authors":"Dien Giau Bui ,&nbsp;Iftekhar Hasan ,&nbsp;Chih-Yung Lin ,&nbsp;Ngoc Thuy Mai ,&nbsp;Chris Vaike","doi":"10.1016/j.jbankfin.2025.107517","DOIUrl":"10.1016/j.jbankfin.2025.107517","url":null,"abstract":"<div><div>This paper introduces a novel measure to quantify firms’ sensitivity to shifts in bilateral trade flows between the United States and its trading partners. We exploit the 2016 U.S. presidential election as an exogenous shock to trade policy expectations and assess the stock market reactions of firms across 52 countries. Our findings indicate that firms with higher trade policy sensitivity experienced significantly more negative stock returns surrounding the election. These results are robust to variations in event windows, return model specifications, and alternative estimations of trade policy sensitivity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107517"},"PeriodicalIF":3.6,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661981","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
Debt restructuring with multiple bank relationships 与多家银行关系的债务重组
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-10 DOI: 10.1016/j.jbankfin.2025.107503
Angelo Baglioni , Luca Colombo , Paola Rossi
{"title":"Debt restructuring with multiple bank relationships","authors":"Angelo Baglioni ,&nbsp;Luca Colombo ,&nbsp;Paola Rossi","doi":"10.1016/j.jbankfin.2025.107503","DOIUrl":"10.1016/j.jbankfin.2025.107503","url":null,"abstract":"<div><div>When the debt of firms in distress is dispersed, a restructuring agreement may be difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, and can threaten a punishment in case of free riding. As the number of lending banks grows, the chance of meeting again a bank and of being punished for free riding increases, improving the likelihood of cooperation. Looking at Italian firms in distress, we find that the estimated restructuring probability, as well as the probability of a positive outcome of financial distress, increases with the number of banks up to a threshold beyond which coordination problems prevail.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107503"},"PeriodicalIF":3.6,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144686409","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
Global foreign exchange volatility, ambiguity, and currency carry trades 全球外汇波动、模糊性和货币套息交易
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-04 DOI: 10.1016/j.jbankfin.2025.107508
Takao Asano , Xiaojing Cai , Ryuta Sakemoto
{"title":"Global foreign exchange volatility, ambiguity, and currency carry trades","authors":"Takao Asano ,&nbsp;Xiaojing Cai ,&nbsp;Ryuta Sakemoto","doi":"10.1016/j.jbankfin.2025.107508","DOIUrl":"10.1016/j.jbankfin.2025.107508","url":null,"abstract":"<div><div>This study investigates the relationships between currency portfolios and market conditions. We incorporate information on cross-sectional foreign exchange (FX) volatility and ambiguity to determine FX market regimes. Unlike previous studies, we find that high FX volatility leads to higher currency carry returns only when FX ambiguity is high, suggesting that investors avoid making trading decisions during these periods. As a result, the unwinding of currency carry trades, which is usually associated with high FX volatility and declining in carry trade returns, does not occur. We also observe that this pattern does not emerge in other currency portfolios.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107508"},"PeriodicalIF":3.6,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144580589","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
Country financial development and the extension of trade credit by firms with market power 国家金融发展和具有市场力量的公司扩大贸易信贷
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-03 DOI: 10.1016/j.jbankfin.2025.107516
Koresh Galil , Offer Moshe Shapir , Rodrigo Zeidan
{"title":"Country financial development and the extension of trade credit by firms with market power","authors":"Koresh Galil ,&nbsp;Offer Moshe Shapir ,&nbsp;Rodrigo Zeidan","doi":"10.1016/j.jbankfin.2025.107516","DOIUrl":"10.1016/j.jbankfin.2025.107516","url":null,"abstract":"<div><div>Prior research on the impact of market power on firms’ willingness to extend trade credit has produced inconsistent results, highlighting a critical gap in understanding firm behavior. This study addresses this issue by analyzing a comprehensive dataset of industrial firms across 26 countries, focusing on how the relationship between market power and trade credit depends on a country’s financial development level. Firms with monopolistic power often restrict credit provision to improve cash flow. However, our findings reveal a U-shaped relationship, where monopolistic firms in countries with either underdeveloped or highly developed financial sectors are more likely to extend trade credit than those in mid-level financial systems. This highlights the moderating role of financial development in shaping the interaction between market power and trade credit behavior.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107516"},"PeriodicalIF":3.6,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144661982","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
Global macro-financial cycles and spillovers 全球宏观金融周期及其溢出效应
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-07-02 DOI: 10.1016/j.jbankfin.2025.107512
Jongrim Ha , M. Ayhan Kose , Christopher Otrok , Eswar S. Prasad
{"title":"Global macro-financial cycles and spillovers","authors":"Jongrim Ha ,&nbsp;M. Ayhan Kose ,&nbsp;Christopher Otrok ,&nbsp;Eswar S. Prasad","doi":"10.1016/j.jbankfin.2025.107512","DOIUrl":"10.1016/j.jbankfin.2025.107512","url":null,"abstract":"<div><div>We develop a new dynamic factor model to jointly characterize global macroeconomic and financial cycles and the spillovers between them. The model decomposes macroeconomic cycles into the part driven by global and country-specific macro factors and the part driven by spillovers from financial variables. We consider cycles in macroeconomic aggregates (output, consumption, and investment) and financial variables (equity and house prices, and interest rates). The global macro factor plays a major role in explaining G-7 business cycles, but there are also discernible spillovers from equity and house price shocks onto macroeconomic aggregates, at least over the past two decades, accounting for up to 17 % of the variation in global business cycle fluctuations. These spillovers operate mainly through the global macro factor rather than the country-specific macro factors (i.e., these spillovers affect business cycles in all G-7 economies), and are stronger for output and investment fluctuations and more prominent in the period leading up to and following the global financial crisis. We find weaker evidence of spillovers from macroeconomic cycles to financial variables, perhaps reflecting the predictive power of global financial markets.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"178 ","pages":"Article 107512"},"PeriodicalIF":3.6,"publicationDate":"2025-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144614604","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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