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Banking prudentials, leverage, and innovation partnership choice in China
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107347
Fushu Luan , Yang Chen , Lin Lang , King Yoong Lim
{"title":"Banking prudentials, leverage, and innovation partnership choice in China","authors":"Fushu Luan ,&nbsp;Yang Chen ,&nbsp;Lin Lang ,&nbsp;King Yoong Lim","doi":"10.1016/j.jbankfin.2024.107347","DOIUrl":"10.1016/j.jbankfin.2024.107347","url":null,"abstract":"<div><div>In a theoretical context where innovators borrow loans or settle for state-owned enterprise (SOE) sponsorship for their projects, we examine the effects of banking prudential regulations and their interaction with corporate leverage on the patenting partnership choice in China using a unique matched patent-firm-bank loan dataset for 15,623 observations in the 2013–17 period. We use a unique instrumental variable (IV) strategy to identify idiosyncratic bank prudential reform shocks associated with the post-2012 Basel III regulation and find prudential metrics (corporate leverage) of the financiers (firms) to positively (negatively) influence SOE patenting partnership choice, though prudential regulation mitigates the latter. Prudential reforms therefore come at a cost of further SOE dominance. However, conditional on an innovation project being SOE sponsored, we find positive spillover effect from the SOE’s employment mandate to loan productivity. Our results are robust across different IV strategies, alternative measures, sub-sample and mechanism analyses.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107347"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102359","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 reforms and firm employment: Worldwide evidence
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107379
Yi Si , Minfeng Yu , Lei Zhang , Qing (Clara) Zhou
{"title":"Board reforms and firm employment: Worldwide evidence","authors":"Yi Si ,&nbsp;Minfeng Yu ,&nbsp;Lei Zhang ,&nbsp;Qing (Clara) Zhou","doi":"10.1016/j.jbankfin.2024.107379","DOIUrl":"10.1016/j.jbankfin.2024.107379","url":null,"abstract":"<div><div>Managers often overreact to revenue fluctuations, leading to unnecessary workforce adjustments and increased training costs. This study examines how board governance influences firms’ employment sensitivity to revenue fluctuations. Analyzing global board reforms, we find that board reforms significantly reduce managerial overreaction to revenue fluctuations. Utilizing recent difference-in-differences estimators that address heterogeneous treatment effects, we ensure the robustness of our results. The reduction in employment sensitivity is more pronounced when board reforms strengthen the independence of boards and audit committees, particularly in jurisdictions with weaker board efficacy, shareholder, and employment protection legislation. Enhanced effects are observed in firms with initially lower board independence and rapid reform compliance, in entities experiencing greater information asymmetry, marked by higher labor intensity, higher pre-reform agency costs and financial constraints, and in firms led by less experienced CEOs or boards with higher male representation.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107379"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102370","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
Political relations and media coverage
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107364
Jun Myung Song , Bohui Zhang , Thomas Ruf
{"title":"Political relations and media coverage","authors":"Jun Myung Song ,&nbsp;Bohui Zhang ,&nbsp;Thomas Ruf","doi":"10.1016/j.jbankfin.2024.107364","DOIUrl":"10.1016/j.jbankfin.2024.107364","url":null,"abstract":"<div><div>We study the impact of political relations on media coverage. Using a sample of 3,290 American Depository Receipts (ADRs) from 45 countries, we find that deteriorating political relations between the US and an ADR firm's home country induce negative coverage by the US media of the ADR firm. To alleviate endogeneity, we adopt France's and Germany's opposition to the Iraq War and the inauguration of the US president as two shocks to bilateral political relations between the US and foreign countries. In placebo tests, we show no negative effect of political relations on ADR firms’ press releases or non-US media coverage. We further document the three economic mechanisms underlying the impact of political relations on media coverage: US journalists’ country sentiment, a country's popularity among US readers, and the US media's political beliefs. Finally, we document two consequences of negative coverage by the US media: investors respond less to negative news of firms from countries with deteriorating political relations with the US, and negative coverage leads to a greater likelihood of firms terminating their ADRs.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107364"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102350","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
Information Dissemination and the Monetary Policy Uncertainty Premium: Evidence from China
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-02-01 DOI: 10.1016/j.jbankfin.2024.107371
Jianhao Lin , Jiacheng Fan , Yifan Zhang
{"title":"Information Dissemination and the Monetary Policy Uncertainty Premium: Evidence from China","authors":"Jianhao Lin ,&nbsp;Jiacheng Fan ,&nbsp;Yifan Zhang","doi":"10.1016/j.jbankfin.2024.107371","DOIUrl":"10.1016/j.jbankfin.2024.107371","url":null,"abstract":"<div><div>This paper proposes a novel monetary policy uncertainty (MPU) measure aggregating information from policy communication, policy operation and news coverage. We find that the aggregate MPU measure significantly commands a negative risk premium in the cross-section of the Chinese stock market. Stocks with higher (lower) MPU beta, favored (avoided) for hedging against MPU shocks, contribute to the premium through their under-performance (outperformance). Our results remain robust after controlling for economic uncertainty, economic policy uncertainty, and monetary policy surprises. We further show that the aggregate MPU measure outperforms its individual components in both portfolio- and stock-level asset pricing tests.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"171 ","pages":"Article 107371"},"PeriodicalIF":3.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143102390","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
Local boy does good: The effect of CSR activities on firm value
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-31 DOI: 10.1016/j.jbankfin.2025.107398
Zicheng Lei , Dimitris Petmezas , P. Raghavendra Rau , Chen Yang
{"title":"Local boy does good: The effect of CSR activities on firm value","authors":"Zicheng Lei ,&nbsp;Dimitris Petmezas ,&nbsp;P. Raghavendra Rau ,&nbsp;Chen Yang","doi":"10.1016/j.jbankfin.2025.107398","DOIUrl":"10.1016/j.jbankfin.2025.107398","url":null,"abstract":"<div><div>We examine the relation between home CEOs and corporate social responsibility (CSR). Our analysis shows home CEOs are associated with higher CSR engagement and increased firm value. These firms exhibit higher asset turnover, lower cost of equity, improved productivity, sales, and profit margins. Home CEOs focus more on community, environmental, and employee-related CSR, and are linked to reduced carbon emissions. This relationship is stronger in firms with higher local business concentration and investor monitoring. Firms led by home CEOs earn higher returns during recent crises. Our results suggest the value increase is not primarily due to agency effects and remain robust to endogeneity concerns. The study indicates a CEO’s community connection may influence CSR effectiveness, suggesting that mere CSR engagement may not suffice to boost trust and value. These results highlight the potential importance of local ties in corporate leadership and CSR strategy.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"173 ","pages":"Article 107398"},"PeriodicalIF":3.6,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143388495","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
Does FinTech coverage improve the pricing efficiency of capital market? Evidence from China
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.jbankfin.2025.107396
Kam C. Chan , Liangyin Chen , Jun Huang , Ya Li
{"title":"Does FinTech coverage improve the pricing efficiency of capital market? Evidence from China","authors":"Kam C. Chan ,&nbsp;Liangyin Chen ,&nbsp;Jun Huang ,&nbsp;Ya Li","doi":"10.1016/j.jbankfin.2025.107396","DOIUrl":"10.1016/j.jbankfin.2025.107396","url":null,"abstract":"<div><div>Analyzing a sample of Chinese firms, we find that when companies receive more coverage from FinTech advisory firms, their stock prices move less in tandem with the overall market. This suggests that FinTech coverage improves how accurately stock prices reflect firm-specific information. Our results hold true across multiple testing methods and alternative ways of measuring stock price synchronicity. Further analysis shows that FinTech coverage reduces stock price synchronicity primarily by addressing information gaps between companies and investors. Additionally, greater FinTech coverage improves stock liquidity and lowers the costs of raising debt or equity financing. When examining the topics covered by FinTech firms, we find that diverse coverage topics are linked to lower stock price synchronicity, with discussions on finance, corporate governance, and negative sentiment playing a particularly effective role. Finally, a textual analysis reveals that FinTech coverage includes significantly more firm-specific information than traditional analyst reports.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107396"},"PeriodicalIF":3.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097842","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
Air pollution and household stock market participation
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.jbankfin.2025.107397
Hongwu Gan , Mengmeng Guo , Jian Li , Geng Niu , Yang Zhou
{"title":"Air pollution and household stock market participation","authors":"Hongwu Gan ,&nbsp;Mengmeng Guo ,&nbsp;Jian Li ,&nbsp;Geng Niu ,&nbsp;Yang Zhou","doi":"10.1016/j.jbankfin.2025.107397","DOIUrl":"10.1016/j.jbankfin.2025.107397","url":null,"abstract":"<div><div>We investigate whether air pollution affects household stock market participation. Using representative household survey data in China, we find that households significantly reduce their financial risk taking when exposed to heavy air pollution. This finding is robust to an instrumental variable analysis and a regression discontinuity test based on the Huai River policy. To explore the underlying mechanisms, we find that air pollution significantly impairs health, increases unemployment risk, impedes cognitive performance, and dampens mood. We further show that these channels explain a non-trivial proportion of the relationship between air pollution and stock market participation. Our study sheds light on the far-reaching influence of air pollution on households’ well-being from the perspective of portfolio choice.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107397"},"PeriodicalIF":3.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097839","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
Racial violence, political representation, and the threat to banks as open access institutions
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-25 DOI: 10.1016/j.jbankfin.2025.107382
Virginia Traweek , Malcolm Wardlaw
{"title":"Racial violence, political representation, and the threat to banks as open access institutions","authors":"Virginia Traweek ,&nbsp;Malcolm Wardlaw","doi":"10.1016/j.jbankfin.2025.107382","DOIUrl":"10.1016/j.jbankfin.2025.107382","url":null,"abstract":"<div><div>Using detailed depositor arrival data from the Freedman’s Savings and Trust, we examine how the failure to prevent racial violence impacts bank participation. From 1866 to 1873, we find that events of racial violence perpetrated against Black Americans decrease new account openings at branches in the same region by 25% relative to other branches in the 30 days after the event. Alternatively, events that increased political representation and protections increase the relative arrival of new depositors at the bank by around 50% for the affected branches. We also show that those who opened accounts in the wake of a violent event were less likely to close an account before the bank’s eventual failure, suggesting that those who were resistant to the impact of political violence may have tragically been more exposed to other institutional failures.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107382"},"PeriodicalIF":3.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097841","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
Stock split signalling: Evidence from short interest
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-23 DOI: 10.1016/j.jbankfin.2025.107394
M. Fabricio Perez , Andriy Shkilko , Ning Tang , Paulan van Nes
{"title":"Stock split signalling: Evidence from short interest","authors":"M. Fabricio Perez ,&nbsp;Andriy Shkilko ,&nbsp;Ning Tang ,&nbsp;Paulan van Nes","doi":"10.1016/j.jbankfin.2025.107394","DOIUrl":"10.1016/j.jbankfin.2025.107394","url":null,"abstract":"<div><div>We test the split signaling hypothesis by examining the reaction of sophisticated investors to stock split announcements. Return-based tests of signaling used in earlier studies produce conflicting results and have been criticized as unreliable. We overcome this issue by focusing on the long-term post-split behavior of short sellers, who are widely regarded as sophisticated investors. Upon controlling for alternative hypotheses and conventional short selling determinants, we find a substantial reduction in short interest in reaction to split announcements. Furthermore, consistent with signaling, the degree of the reduction is positively related to signal strength and to the splitter's level of information asymmetry. Overall, our results are consistent with the view that firms use stock splits to relay positive value-relevant signals.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107394"},"PeriodicalIF":3.6,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143098265","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
Right-to-work laws and venture capital investment
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-17 DOI: 10.1016/j.jbankfin.2025.107383
Helena Sarkodie , Kwabena Boasiako , Michael O’Connor Keefe , Justin Nguyen , Bernard Tawiah
{"title":"Right-to-work laws and venture capital investment","authors":"Helena Sarkodie ,&nbsp;Kwabena Boasiako ,&nbsp;Michael O’Connor Keefe ,&nbsp;Justin Nguyen ,&nbsp;Bernard Tawiah","doi":"10.1016/j.jbankfin.2025.107383","DOIUrl":"10.1016/j.jbankfin.2025.107383","url":null,"abstract":"<div><div>Using state-level data from the United States covering the period 1980 to 2020, we explore the effect of right-to-work (RTW) laws on venture capital (VC) investment. Employing a difference-in-differences strategy, we find that the passage of right-to-work laws increases venture capital investment. The results are robust to omitted variable bias, reverse causality and unobservable local economic conditions. We find that the positive effect of RTW laws on VC investments remains significant in states that are highly unionized and technological.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107383"},"PeriodicalIF":3.6,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148805","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
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