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On the cash-flow and control rights of contingent capital 关于或有资本的现金流和控制权
IF 3.6 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-22 DOI: 10.1016/j.jbankfin.2024.107198
Chris Mitchell
{"title":"On the cash-flow and control rights of contingent capital","authors":"Chris Mitchell","doi":"10.1016/j.jbankfin.2024.107198","DOIUrl":"10.1016/j.jbankfin.2024.107198","url":null,"abstract":"<div><p>Partial conversion of contingent capital (CC) provides its owners with a portfolio of equity and debt. Since the cash-flow rights on equity (debt) typically induce a preference for risk taking (safety), the net preference of CC-holders upon conversion will depend on their relative holdings of each asset, which in turn, depends on the amount of CC converted. Conversions also provide CC-holders with equity-control rights, which afford them greater influence over management. Taking into account these cash-flow/control rights, initial shareholders may find it optimal to: (1) select high-risk assets that create influential and risk-loving CC-holders, or (2) select low-risk assets that forestall the influence of safety-loving CC-holders.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"166 ","pages":"Article 107198"},"PeriodicalIF":3.6,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141630400","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
Crisis rescue via direct purchase: Evidence from China 通过直接购买进行危机救助：来自中国的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-22 DOI: 10.1016/j.jbankfin.2024.107223
Lu Li , Chunbo Liu , Yongxin Xu , Xiaoyan Zhang , Gaoping Zheng
{"title":"Crisis rescue via direct purchase: Evidence from China","authors":"Lu Li ,&nbsp;Chunbo Liu ,&nbsp;Yongxin Xu ,&nbsp;Xiaoyan Zhang ,&nbsp;Gaoping Zheng","doi":"10.1016/j.jbankfin.2024.107223","DOIUrl":"10.1016/j.jbankfin.2024.107223","url":null,"abstract":"<div><p>During the 2015 stock market crisis, the Chinese government used hundreds of billions of dollars to purchase shares directly in the secondary market. We find that compared with non-rescued firms, rescued firms have significantly lower liquidity after being rescued. Policy uncertainty regarding subsequent interventions better explains the reduction in liquidity than the liquidity dry-up and bad firm signaling hypotheses. Inconsistent with the potential moral hazards associated with government bailouts, the investment policies of rescued firms become more conservative after being rescued. Our evidence warns of the unintended consequences of direct purchase rescue programs.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"165 ","pages":"Article 107223"},"PeriodicalIF":3.7,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141134798","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 role of Japanese corporate governance features in explaining rating differences between global and Japanese rating agencies 日本公司治理特征在解释全球和日本评级机构评级差异中的作用
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-21 DOI: 10.1016/j.jbankfin.2024.107215
Yasuhiro Arikawa , Soku Byoun , Seung Hun Han , Michael S. Pagano , Yoon S. Shin
{"title":"The role of Japanese corporate governance features in explaining rating differences between global and Japanese rating agencies","authors":"Yasuhiro Arikawa ,&nbsp;Soku Byoun ,&nbsp;Seung Hun Han ,&nbsp;Michael S. Pagano ,&nbsp;Yoon S. Shin","doi":"10.1016/j.jbankfin.2024.107215","DOIUrl":"10.1016/j.jbankfin.2024.107215","url":null,"abstract":"<div><p>Many Japanese bond issuers believe that global credit rating agencies (CRAs)—Moody's and S&amp;P—do not consider the unique corporate governance structure in Japan and assign lower credit ratings even though the “main bank” relationship in Japan can significantly reduce the default risk of these companies. Using 5,814 rated corporate bonds issued by 558 non-financial firms in Japan from 2003 to 2021, we find that local CRAs (R&amp;I and JCR) weigh unique Japanese corporate governance features more heavily and assign higher ratings to Japanese corporate bonds relative to global CRAs. Our results further suggest that the degree of rating differences between local and global CRAs for individual issuers results from systematically different assessments of company-specific risk by these CRAs. Our data also reveal that the importance of main bank ties in Japanese corporate governance remains intact in more recent years, contrary to previous findings.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107215"},"PeriodicalIF":3.7,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141136608","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 peer influence on dividend payout decisions 当地同行对派息决策的影响
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-18 DOI: 10.1016/j.jbankfin.2024.107206
Joshua Cave, Sandra Lancheros
{"title":"Local peer influence on dividend payout decisions","authors":"Joshua Cave,&nbsp;Sandra Lancheros","doi":"10.1016/j.jbankfin.2024.107206","DOIUrl":"10.1016/j.jbankfin.2024.107206","url":null,"abstract":"<div><p>Using a large sample of US-listed firms, we examine how firms’ dividend payout decisions are influenced by the dividend policies of their local peers. We find that the decisions to increase and decrease dividends are both influenced by the payout choices of firms headquartered in the same locality. We show that local peer effects are driven by the desire to compete for local dividend clineteles, with local peer effects proving more pronounced in geographies with greater retail investors clienteles, institutional-tax clienteles, and agency-cost clienteles. In contrast to dividends, share repurchases are not influenced by local peer repurchase decisions. Our findings prove robust to various sampling methods, peer portfolios, model specifications, and estimation techniques.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107206"},"PeriodicalIF":3.7,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0378426624001237/pdfft?md5=be4c39d69502216ab9edd976e20342d4&pid=1-s2.0-S0378426624001237-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141131347","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
The acquisition motive of newly credit rated firms 新信用等级公司的收购动机
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-18 DOI: 10.1016/j.jbankfin.2024.107218
Magnus Blomkvist , Karl Felixson , Eva Liljeblom , Hitesh Vyas , Anup Basnet
{"title":"The acquisition motive of newly credit rated firms","authors":"Magnus Blomkvist ,&nbsp;Karl Felixson ,&nbsp;Eva Liljeblom ,&nbsp;Hitesh Vyas ,&nbsp;Anup Basnet","doi":"10.1016/j.jbankfin.2024.107218","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107218","url":null,"abstract":"<div><p>A large body of research documents an increased acquisition activity among credit rated firms. We examine whether firms seek an initial credit rating to conduct large scale acquisitions, and whether this acquisition activity is driven by empire building or value creation motives. First, we find that acquisitions are a credible motive for seeking a credit rating, initially rated firms are associated with 13.05pp greater acquisition likelihood and these transactions are more likely to be settled by cash. Second, to recoup the costs of becoming rated, firms conduct large-scale high-quality acquisitions associated with 1.52pp higher acquirer announcement returns, where the higher cumulative abnormal returns are concentrated among firms obtaining a speculative grade initial rating. Third, following the initial rating year, acquisition activity dampens to pre-rating levels. In sum our findings lend support to the notion that previously financial constrained firms enter the bond markets to complement bank financing when conducting large value enhancing acquisitions.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107218"},"PeriodicalIF":3.7,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0378426624001353/pdfft?md5=5380660fe49d3169c4e3948105300ed0&pid=1-s2.0-S0378426624001353-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141078522","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
Economic activity and the bank credit channel 经济活动和银行信贷渠道
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-18 DOI: 10.1016/j.jbankfin.2024.107216
Horacio Sapriza , Judit Temesvary
{"title":"Economic activity and the bank credit channel","authors":"Horacio Sapriza ,&nbsp;Judit Temesvary","doi":"10.1016/j.jbankfin.2024.107216","DOIUrl":"10.1016/j.jbankfin.2024.107216","url":null,"abstract":"<div><p>We study empirically the effect of growth in real economic activity on the strength of the bank credit channel of monetary policy in the United States using quarterly commercial bank-level panel data between 1986 and 2018, and bank-firm matched administrative data on loan volumes and terms between 2012 and 2018. We find that monetary policy is significantly more effective through the bank credit channel in spurring activity during periods of low economic growth than in cooling the economy when growth is high. Our results also suggest that the channel operates through a <em>broader</em> range of loan categories and banks than previously documented, that it is stronger for business than household lending, and that for some of the major loan categories it <em>only</em> operates in a low economic growth environment.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107216"},"PeriodicalIF":3.7,"publicationDate":"2024-05-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141131860","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
Preopening auctions and price discovery in initial public offerings 首次公开发行中的开盘前拍卖和价格发现
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-17 DOI: 10.1016/j.jbankfin.2024.107196
Keerat Bhurjee , Vishwanatha Saragur Ramanna
{"title":"Preopening auctions and price discovery in initial public offerings","authors":"Keerat Bhurjee ,&nbsp;Vishwanatha Saragur Ramanna","doi":"10.1016/j.jbankfin.2024.107196","DOIUrl":"10.1016/j.jbankfin.2024.107196","url":null,"abstract":"<div><p>Using a proprietary dataset for 97 IPO firms, we examine investors’ trading activities in newly listed firms during the one-hour preopening auction on the Bombay Stock Exchange on the listing day. We document significant price discovery during the preopen. We find that the offer-to-first quote returns largely explain IPO initial returns. The probability of informed trading is much higher during the preopen than during the trading day, and trades by institutional investors are more informative than those by other investors. We also find that illiquidity decreased after the introduction of the preopening auction.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"165 ","pages":"Article 107196"},"PeriodicalIF":3.7,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141025040","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 ownership concentration affect corporate bond volatility? Evidence from bond mutual funds 所有权集中会影响公司债券波动性吗？来自债券共同基金的证据
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-16 DOI: 10.1016/j.jbankfin.2024.107217
Jing-Zhi Huang , Yan Wang , Ying Wang
{"title":"Does ownership concentration affect corporate bond volatility? Evidence from bond mutual funds","authors":"Jing-Zhi Huang ,&nbsp;Yan Wang ,&nbsp;Ying Wang","doi":"10.1016/j.jbankfin.2024.107217","DOIUrl":"10.1016/j.jbankfin.2024.107217","url":null,"abstract":"<div><p>This paper examines the link between ownership concentration and corporate bond volatility. We show that more concentrated mutual fund ownership is associated with higher volatility of corporate bonds. This relation is stronger among more illiquid bonds, during periods of heightened bond market illiquidity, and among bonds held by corporate bond funds that invest in more illiquid bonds and experience higher or more correlated liquidity shocks. Using a sample of mutual fund mergers, we further show that increases in bond volatility are unlikely to be driven entirely by the endogenous ownership structure of corporate bonds. Our findings suggest that the concentrated ownership by corporate bond mutual funds provides another channel, apart from illiquidity, to help explain the excess volatility in corporate bonds.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"165 ","pages":"Article 107217"},"PeriodicalIF":3.7,"publicationDate":"2024-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141025152","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
Left behind: Partisan identity, stock market participation, and wealth inequality 落在后面：党派身份、股市参与和财富不平等
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-13 DOI: 10.1016/j.jbankfin.2024.107201
Da Ke
{"title":"Left behind: Partisan identity, stock market participation, and wealth inequality","authors":"Da Ke","doi":"10.1016/j.jbankfin.2024.107201","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107201","url":null,"abstract":"<div><p>This paper investigates whether and how opposing partisans differ in their wealth accumulation. Using microdata from a longitudinal U.S. household survey, I document that Democrats are on average 11% less likely than Republicans to participate in the stock market. Moreover, the partisan gap widens sharply, by 13%, under Democratic presidencies, precisely when the stock market returns are substantially higher. This dynamic pattern accounts for more than half of the discrepancy in wealth accumulation between Democrats and Republicans over presidential cycles. A decomposition exercise uncovers two underlying forces in opposite directions: while the partisan gap in stock market participation through directly held investment accounts narrows during Democratic presidencies, the narrowing gap is dominated by the widening partisan gap in stock market participation through retirement accounts during the same periods. I further provide speculative evidence that the widening gap is related to job changes, and in particular, entrepreneurship entry.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107201"},"PeriodicalIF":3.7,"publicationDate":"2024-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140950278","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
Competition, coinsurance and moral hazard in banking 银行业的竞争、共同保险和道德风险
IF 3.7 2区 经济学
Journal of Banking & Finance Pub Date : 2024-05-11 DOI: 10.1016/j.jbankfin.2024.107207
Augusto Hasman , Margarita Samartín
{"title":"Competition, coinsurance and moral hazard in banking","authors":"Augusto Hasman ,&nbsp;Margarita Samartín","doi":"10.1016/j.jbankfin.2024.107207","DOIUrl":"https://doi.org/10.1016/j.jbankfin.2024.107207","url":null,"abstract":"<div><p>This study examines the interaction between bank deposit market competition, incentives to take risks on the asset side, and willingness to participate in the interbank market for liquidity coinsurance. The interbank market in the model has two countervailing effects on risk-taking. First, it allows for more profitable long-term investment, which adds to a bank’s charter value and decreases risk-taking motives. Second, greater investment in the long-term asset also makes risk-taking potentially more profitable, thus eroding charter value. Finally, risk-taking motives also influence banks’ decisions to participate in the interbank market. We demonstrate how a combination of capital requirements and posting a surety bond can restore charter value, promote cooperation and boost economic activity. Additionally, this measure does not limit competition in generating charter value and implies lower costs than capital requirements alone.</p></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"164 ","pages":"Article 107207"},"PeriodicalIF":3.7,"publicationDate":"2024-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0378426624001249/pdfft?md5=77f25974542201184402b190adb07f81&pid=1-s2.0-S0378426624001249-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140950566","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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