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Local boy does good: The effect of CSR activities on firm value 本地男孩做好事：企业社会责任活动对企业价值的影响
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
Corporate voluntary disclosure via WeChat 通过微信进行企业自愿信息披露
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-27 DOI: 10.1016/j.jbankfin.2025.107393
Ying Li , Qianqian Huang , Tao Yuan
{"title":"Corporate voluntary disclosure via WeChat","authors":"Ying Li ,&nbsp;Qianqian Huang ,&nbsp;Tao Yuan","doi":"10.1016/j.jbankfin.2025.107393","DOIUrl":"10.1016/j.jbankfin.2025.107393","url":null,"abstract":"<div><div>This paper examines how Chinese firms use WeChat for voluntary disclosure. Using a topic model, we classify over 1.6 million WeChat articles into two categories: “relevant” and “noise” articles. We find that on days when firms publish value-relevant articles, there is a significant increase in abnormal returns and stock liquidity. Further analyses reveal that WeChat serves as an alternative disclosure channel for providing new information. Firms also use WeChat to complement mandatory disclosure. However, we find that firms with negative earnings tend to issue more noise articles around earnings announcements. These noise articles are associated with higher short-term announcement returns in cases of significantly negative earnings events. These results suggest that firms may engage in opportunistic WeChat disclosure behavior. Collectively, our study highlights the significant role of WeChat in the voluntary disclosure practices of Chinese companies.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"176 ","pages":"Article 107393"},"PeriodicalIF":3.6,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143825503","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
Does FinTech coverage improve the pricing efficiency of capital market? Evidence from China 金融科技覆盖是否提高了资本市场的定价效率？来自中国的证据
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 空气污染与家庭股票市场参与
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 种族暴力，政治代表，以及对银行作为开放机构的威胁
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 股票分割信号：来自空头的证据
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 工作权利法和风险投资
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
Family firms in entrepreneurial finance: The case of corporate venture capital 创业融资中的家族企业：以企业风险投资为例
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-12 DOI: 10.1016/j.jbankfin.2025.107391
Mario Daniele Amore , Samuele Murtinu , Valerio Pelucco
{"title":"Family firms in entrepreneurial finance: The case of corporate venture capital","authors":"Mario Daniele Amore ,&nbsp;Samuele Murtinu ,&nbsp;Valerio Pelucco","doi":"10.1016/j.jbankfin.2025.107391","DOIUrl":"10.1016/j.jbankfin.2025.107391","url":null,"abstract":"<div><div>We show that families are an engine of venturing activities: almost 30 percent of corporate venture capital (CVC) deals in the US from 2000 to 2017 originated from family firms. Family firms, primarily those led by family CEOs, orchestrate CVC activities differently than non-family firms: they syndicate more often and with more reputable investors, join larger syndicates, and make more proximate deals (geography- and industry-wise). This approach to corporate venturing maps into performance results: family CVC-backed ventures exhibit a higher likelihood of successful exit. Collectively, our results shed light on the important, and largely unexplored, role of family firms in CVC.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107391"},"PeriodicalIF":3.6,"publicationDate":"2025-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143148804","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
Retreating from risks: Household stock market participation in a protectionist era 从风险中撤退：保护主义时代的家庭股市参与
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-11 DOI: 10.1016/j.jbankfin.2025.107392
Jie Li , Wenchao Li
{"title":"Retreating from risks: Household stock market participation in a protectionist era","authors":"Jie Li ,&nbsp;Wenchao Li","doi":"10.1016/j.jbankfin.2025.107392","DOIUrl":"10.1016/j.jbankfin.2025.107392","url":null,"abstract":"<div><div>We examine the impact of the global trend towards trade protectionism on household stock market participation, focusing on the 2018–19 US-China trade war as an exogenous trade shock. We leverage cross-city variation in exposure to the trade war by combining industry-specific increases in US tariffs with variation in industry composition across cities. Using nationally representative household finance survey data collected around the trade war years, and a difference-in-differences design, results show that the onset of the trade war decreases the likelihood of households participating in the stock market and reduces the proportion of stocks in their portfolios. Further evidence reveals that these effects stem from the trade war's influence on decreasing household income, increasing income volatility, fostering risk aversion, and promoting negative views or beliefs about the economy. Our findings suggest that reduced stock market participation is a pathway through which trade protectionism affects the financial system and the economy.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107392"},"PeriodicalIF":3.6,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097840","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
Subjective expectations and house prices 主观预期和房价
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2025-01-08 DOI: 10.1016/j.jbankfin.2024.107377
Jeppe Bro , Jonas N. Eriksen
{"title":"Subjective expectations and house prices","authors":"Jeppe Bro ,&nbsp;Jonas N. Eriksen","doi":"10.1016/j.jbankfin.2024.107377","DOIUrl":"10.1016/j.jbankfin.2024.107377","url":null,"abstract":"<div><div>We study U.S. house price movements using a variance decomposition based on subjective expectations data from the University of Michigan’s Survey of Consumers. We find that households’ subjective cash flow (income) expectations account for the dominant share of the overall variation in house prices, whereas subjective discount rate (return) expectations are insignificant. This finding is robust across different samples and subgroups based on home ownership, census regions, income, and age. This contrasts previous evidence from VAR-based models for rational expectations. Households’ ex post forecast errors and ex ante expectational errors are predictable from housing market information and credit conditions.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"172 ","pages":"Article 107377"},"PeriodicalIF":3.6,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143097843","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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