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The price of realized extreme climate events in the implied cost of equity capital: International evidence 权益资本隐含成本中已实现极端气候事件的价格：国际证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-11-01 Epub Date: 2025-08-05 DOI: 10.1016/j.jbankfin.2025.107525
Weidong Xu , Danyu Zhu , Xin Gao , Lu Xing , Donghui Li
{"title":"The price of realized extreme climate events in the implied cost of equity capital: International evidence","authors":"Weidong Xu ,&nbsp;Danyu Zhu ,&nbsp;Xin Gao ,&nbsp;Lu Xing ,&nbsp;Donghui Li","doi":"10.1016/j.jbankfin.2025.107525","DOIUrl":"10.1016/j.jbankfin.2025.107525","url":null,"abstract":"<div><div>Using an international sample of 38 countries, we find that firms located in countries experiencing greater socioeconomic damage from extreme climate events have higher implied costs of equity capital. This finding is attributed to heightened operational uncertainty, greater information asymmetry, and intensified agency conflicts that arise in the wake of extreme climate events. The relation is stronger for firms that derive substantial revenue from domestic markets, operate in climate-vulnerable industries, or are closely held by domestic institutional investors. The effect also varies across countries and is concentrated in markets characterized by low transparency or limited integration into the global financial market. While extreme climate events negatively influence firm performance and valuation, they raise corporate awareness of climate risk.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"180 ","pages":"Article 107525"},"PeriodicalIF":3.8,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144922791","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
Wash trading and insider sales in NFT markets NFT市场的内幕交易和内幕交易
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-11-01 Epub Date: 2025-08-22 DOI: 10.1016/j.jbankfin.2025.107529
Shirui Wang , Nieyan Cheng , Tianyang Zhang
{"title":"Wash trading and insider sales in NFT markets","authors":"Shirui Wang ,&nbsp;Nieyan Cheng ,&nbsp;Tianyang Zhang","doi":"10.1016/j.jbankfin.2025.107529","DOIUrl":"10.1016/j.jbankfin.2025.107529","url":null,"abstract":"<div><div>With the recent evolution of the cryptocurrency market, financial misconduct has become a major concern. Using on-chain data from the 500 most traded NFT (non-fungible token) collections, this study investigates wash trading in NFT markets. We first detect suspicious wash trades that form closed loops and then validate the prices of these trades using Benford’s Law. Excluding token-incentivized wash trades, we propose a conceptual model and argue that collusion between wash traders and insiders is the primary motivation of wash trading. Empirical analysis reveals that insiders tend to sell during or shortly after wash trading. This manipulation creates a pump-and-dump effect, causing losses for buyers during the pump phase. Our research reveals the underlying mechanisms of such misconduct and highlights the need for regulation in the cryptocurrency market.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"180 ","pages":"Article 107529"},"PeriodicalIF":3.8,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144913000","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
Variation in the value of active share across regions of investments: Evidence from global equity funds 投资区域内活跃份额价值的变化：来自全球股票基金的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-11-01 Epub Date: 2025-09-01 DOI: 10.1016/j.jbankfin.2025.107545
Markus Broman , Jon Fulkerson
{"title":"Variation in the value of active share across regions of investments: Evidence from global equity funds","authors":"Markus Broman ,&nbsp;Jon Fulkerson","doi":"10.1016/j.jbankfin.2025.107545","DOIUrl":"10.1016/j.jbankfin.2025.107545","url":null,"abstract":"<div><div>Using a worldwide sample of 3250 global equity funds, we provide out-of-sample evidence of active share as a strong return predictor. However, a global fund’s within-region active share predicts superior performance in Europe and Asia-Pacific, but not in the United States. We reconcile this difference by showing that highly active global managers (whether based in the U.S. or elsewhere) have outperformed both in U.S. and international markets primarily when they are also betting on equity anomalies. The weak return predictability of active share alone in the U.S. stems from domestic anomalies and is not generalizable to global markets.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"180 ","pages":"Article 107545"},"PeriodicalIF":3.8,"publicationDate":"2025-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049697","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 up side of being down: Depression and crowdsourced forecasts 低迷的好处：萧条和众包预测
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-12 DOI: 10.1016/j.jbankfin.2025.107526
Sima Jannati , Sarah Khalaf , Du Nguyen
{"title":"The up side of being down: Depression and crowdsourced forecasts","authors":"Sima Jannati ,&nbsp;Sarah Khalaf ,&nbsp;Du Nguyen","doi":"10.1016/j.jbankfin.2025.107526","DOIUrl":"10.1016/j.jbankfin.2025.107526","url":null,"abstract":"<div><div>This study examines the role of non-severe depression as a psychological anchor against overoptimism. Using earnings forecasts from Estimize, we find that an increase in the proportion of the U.S. population with depression is associated with improved forecast accuracy among users. This effect is concentrated among forecasts that are optimistic and analysts who take longer time to issue forecasts, highlighting reduced optimism and slow information processing as economic mechanisms that explain our results. We also show that this effect is distinct from the influence of temporary seasonal depression or other sentiment measures on decision-making. Overall, our research establishes a link between depression and crowdsourced financial evaluations</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107526"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842572","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
V-shapes v字形
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-07 DOI: 10.1016/j.jbankfin.2025.107521
Maria Flora , Roberto Renò
{"title":"V-shapes","authors":"Maria Flora ,&nbsp;Roberto Renò","doi":"10.1016/j.jbankfin.2025.107521","DOIUrl":"10.1016/j.jbankfin.2025.107521","url":null,"abstract":"<div><div>We present a methodology for detecting flash crashes by identifying short-term V-shaped price reversals. Our approach, based on drift burst test statistics, aligns with the SEC’s forensic definition of market access rule violations, highlighting its potential as a market surveillance tool. Flash crashes have become more frequent over the past decade and are typically accompanied by high volumes, high volatility, and an increase in odd-lot trades. They are more likely to occur following periods of high volumes, elevated price impact, low volatility, and heightened algorithmic activity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107521"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144889742","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 gender diversity and equity-based compensation 董事会性别多样性和基于股权的薪酬
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-10 DOI: 10.1016/j.jbankfin.2025.107538
Matthew Imes , Kose John , Kyeong Hun Lee , Amir Shoham , Emma Xu
{"title":"Board gender diversity and equity-based compensation","authors":"Matthew Imes ,&nbsp;Kose John ,&nbsp;Kyeong Hun Lee ,&nbsp;Amir Shoham ,&nbsp;Emma Xu","doi":"10.1016/j.jbankfin.2025.107538","DOIUrl":"10.1016/j.jbankfin.2025.107538","url":null,"abstract":"<div><div>We examine the impact of board gender diversity on equity-based compensation in executive pay. We show that the presence of female directors is associated with lower equity-based compensation in executive pay—particularly when female directors serve on compensation committees or when boards are dominated by insiders. Our findings support the view that female directors serve as effective monitors, potentially substituting for other corporate governance mechanisms, such as incentive-based pay and board independence. Our results are not driven by lower pay-for-performance sensitivity induced by poor stock performance. We do not find evidence consistent with risk-aversion on the part of female directors.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107538"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144858091","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
Money Market Funds vulnerabilities and systemic liquidity crises 货币市场基金脆弱性与系统性流动性危机
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-14 DOI: 10.1016/j.jbankfin.2025.107530
Michel Baes , Antoine Bouveret , Eric Schaanning
{"title":"Money Market Funds vulnerabilities and systemic liquidity crises","authors":"Michel Baes ,&nbsp;Antoine Bouveret ,&nbsp;Eric Schaanning","doi":"10.1016/j.jbankfin.2025.107530","DOIUrl":"10.1016/j.jbankfin.2025.107530","url":null,"abstract":"<div><div>Despite regulatory reforms, Money Market Funds (MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short-term markets. We provide a model showing the trade-offs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run pre-emptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-March 2020. Unless short-term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107530"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144863218","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 inevitable disclosure doctrine: A facade or a curse in the CEO labor market 不可避免的披露原则：CEO劳动力市场的假象还是诅咒
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-20 DOI: 10.1016/j.jbankfin.2025.107540
Hung-Gay Fung , Tongxia Li , Chun Lu , Min-Ming Wen
{"title":"The inevitable disclosure doctrine: A facade or a curse in the CEO labor market","authors":"Hung-Gay Fung ,&nbsp;Tongxia Li ,&nbsp;Chun Lu ,&nbsp;Min-Ming Wen","doi":"10.1016/j.jbankfin.2025.107540","DOIUrl":"10.1016/j.jbankfin.2025.107540","url":null,"abstract":"<div><div>Our study examines how the adoption of the inevitable disclosure doctrine (IDD) across US state courts affects the relationship between leverage and CEO compensation. We find that the IDD adoption significantly attenuates the typically positive association between leverage and CEO pay. This effect is more pronounced for CEOs with higher ex-ante mobility, greater career concerns, weaker organizational influence, and higher firm-specific skills. Rejecting the IDD, on the other hand, amplifies the positive relationship between leverage and CEO pay. Our findings underscore the influence of labor market dynamics on CEO compensation.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107540"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144892809","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
Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments 投资者关注与股价操纵：来自日常准自然实验的证据
IF 3.8 2区 经济学
Journal of Banking & Finance Pub Date : 2025-10-01 Epub Date: 2025-08-06 DOI: 10.1016/j.jbankfin.2025.107528
Zhibing Li , Jia Liu , Jie Liu , Xiaoyu Liu , Chonglin Wu
{"title":"Investor attention and stock price manipulation: Evidence from daily quasi-natural experiments","authors":"Zhibing Li ,&nbsp;Jia Liu ,&nbsp;Jie Liu ,&nbsp;Xiaoyu Liu ,&nbsp;Chonglin Wu","doi":"10.1016/j.jbankfin.2025.107528","DOIUrl":"10.1016/j.jbankfin.2025.107528","url":null,"abstract":"<div><div>This study investigates the impact of heightened investor attention on stock price manipulation. To establish causality, we employ daily repeated quasi-natural experiments, where investors’ attention is influenced exogenously by price rounding rather than by stocks’ fundamental information. Our findings demonstrate that stocks included in the Winner List attract significant investor attention, which leads to increased stock price manipulation. A two-stage channel analysis reveals that this increased investor attention exacerbates stock price manipulation through noise trading. Moreover, the positive relationship between investor attention and stock price manipulation is more pronounced in stocks with higher firm-specific information asymmetry, fewer rational investors, weaker external monitoring, higher costs of arbitrage, and non-shortability. Additional analyses indicate that this positive relationship intensifies during periods of heightened investor sentiment, greater economic policy uncertainty and increased geopolitical risk. Our study provides original evidence that the saliency of information exacerbates stock price manipulation and destabilizes financial markets.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"179 ","pages":"Article 107528"},"PeriodicalIF":3.8,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144842573","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 : 2025-10-01 Epub 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":"2025-10-01","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
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