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CEO relative age at school entry and corporate risk-taking CEO入学年龄与企业风险的关系
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-11 DOI: 10.1016/j.jbankfin.2025.107457
Junru Guo , Jia He , Sibo Liu , Yonglin Wang
{"title":"CEO relative age at school entry and corporate risk-taking","authors":"Junru Guo ,&nbsp;Jia He ,&nbsp;Sibo Liu ,&nbsp;Yonglin Wang","doi":"10.1016/j.jbankfin.2025.107457","DOIUrl":"10.1016/j.jbankfin.2025.107457","url":null,"abstract":"<div><div>We investigate the effect of CEO relative age, an early-life measure defined as age relative to others in the same school cohort determined by the cutoff date policy at primary school entry, on corporate risk-taking. We base our analysis on the arguable randomness of managers’ birth months and a novel data set containing the birth month information of 2,595 CEOs from 1,011 Chinese listed firms. We find that firms with “relatively older” CEOs, i.e., those who were older than their classmates at school entry, compared with firms with “relatively younger” CEOs, have greater volatility in their profitability and stock returns, use debt financing more aggressively, engage in more diversifying and value-destroying acquisitions, and experience deteriorating performance. The results are robust to a battery of alternative specifications.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107457"},"PeriodicalIF":3.6,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838164","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
How prevalent are short squeezes? Evidence from the US and Europe 短期挤压有多普遍？来自美国和欧洲的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-11 DOI: 10.1016/j.jbankfin.2025.107436
Franklin Allen , Marlene Haas , Matteo Pirovano , Angel Tengulov
{"title":"How prevalent are short squeezes? Evidence from the US and Europe","authors":"Franklin Allen ,&nbsp;Marlene Haas ,&nbsp;Matteo Pirovano ,&nbsp;Angel Tengulov","doi":"10.1016/j.jbankfin.2025.107436","DOIUrl":"10.1016/j.jbankfin.2025.107436","url":null,"abstract":"<div><div>We develop a novel measure to identify short squeezes triggered by sharp price increases. These “market squeezes” drive short sellers to close their positions early. To provide a comprehensive analysis of short squeeze dynamics, we also examine lender squeezes, identified through share recalls. We find that stock-day short-squeeze events are rare and short-lived. However, the quarterly proportion of unique stocks experiencing market squeezes is 9.9% (12.3%) in the US (EU), compared to 8.7% (5.4%), for lender squeezes. Our analysis shows that market and lender squeezes are driven by different determinants. We find that market squeezes impair price discovery, consistent with significant declines in short interest after these events. This contrasts with lender squeezes, after which short interest remains stable or increases, and price discovery remains unaffected.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107436"},"PeriodicalIF":3.6,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143854425","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
Government ownership of banks and corporate maturity mismatch: Evidence from China 政府对银行的持股与公司期限错配：来自中国的证据
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-10 DOI: 10.1016/j.jbankfin.2025.107458
Xiaotian Ma , Guanchun Liu , Yuanyuan Liu , Feng He
{"title":"Government ownership of banks and corporate maturity mismatch: Evidence from China","authors":"Xiaotian Ma ,&nbsp;Guanchun Liu ,&nbsp;Yuanyuan Liu ,&nbsp;Feng He","doi":"10.1016/j.jbankfin.2025.107458","DOIUrl":"10.1016/j.jbankfin.2025.107458","url":null,"abstract":"<div><div>In the 1990s and the 2000s, many urban credit cooperatives in China were reformed to city commercial banks with the introduction of government ownership. We exploit this bank ownership reform as a quasi-natural experiment to evaluate its impact on corporate maturity mismatch. We find that local firms reduced reliance on short-term debt for investments by obtaining greater long-term credit. The reduction of corporate maturity mismatch is more pronounced if the city has fewer financial resources, or if the firm has greater financial constraints, R&amp;D intensity, or market competition. Local firms’ capital allocation efficiency also increased. Our findings highlight the positive effect of government ownership in enhancing liquidity and promoting growth.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107458"},"PeriodicalIF":3.6,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838165","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 state-dependent impact of changes in bank capital requirements 银行资本要求变化对国家的影响
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-09 DOI: 10.1016/j.jbankfin.2025.107439
Jan Hannes Lang , Dominik Menno
{"title":"The state-dependent impact of changes in bank capital requirements","authors":"Jan Hannes Lang ,&nbsp;Dominik Menno","doi":"10.1016/j.jbankfin.2025.107439","DOIUrl":"10.1016/j.jbankfin.2025.107439","url":null,"abstract":"<div><div>Based on a non-linear structural banking sector model, we show that the impact of changes in bank capital requirements on lending is strongly state-dependent. When banks make profits or maintain voluntary capital buffers, the impact on lending works through a “pricing channel” which is small: 0.1% less loans for a 1pp capital requirement increase. When banks are capital-constrained, the impact on lending works through a “quantity channel” which is large: 10% more loans for a 1pp capital requirement reduction. Our results provide a theoretical justification for building up a positive neutral countercyclical capital buffer in “normal” macro-financial environments.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107439"},"PeriodicalIF":3.6,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143820875","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
Peer-to-peer lending: Shift of pricing regime and changes in risk sensitivity p2p借贷：定价机制的转变和风险敏感性的变化
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-04-09 DOI: 10.1016/j.jbankfin.2025.107459
Jiakai Chen , Wei Huang , Xinruo Wang
{"title":"Peer-to-peer lending: Shift of pricing regime and changes in risk sensitivity","authors":"Jiakai Chen ,&nbsp;Wei Huang ,&nbsp;Xinruo Wang","doi":"10.1016/j.jbankfin.2025.107459","DOIUrl":"10.1016/j.jbankfin.2025.107459","url":null,"abstract":"<div><div>We investigate the changes in risk sensitivities of interest rates following a shift in Prosper.com's pricing mechanism from auctions to posted prices. We find that the shift leads to reduced sensitivities of loan pricing to credit risk. Furthermore, this change results in higher profits for the platform while investors receive less compensation for the credit risk they undertake. Additionally, borrowers encounter less credit rationing. Analyses of repeat borrowers under both pricing regimes and tests with data under Prosper's upgraded posted prices confirm these findings. We argue that less risk-based pricing results from the incentives of the lending platform.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107459"},"PeriodicalIF":3.6,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143851747","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
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
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