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Measurement and effects of bank exit policies 银行退出政策的测度与效果
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-08-04 DOI: 10.1016/j.jfineco.2025.104129
Daniel Green , Boris Vallee
{"title":"Measurement and effects of bank exit policies","authors":"Daniel Green ,&nbsp;Boris Vallee","doi":"10.1016/j.jfineco.2025.104129","DOIUrl":"10.1016/j.jfineco.2025.104129","url":null,"abstract":"<div><div>We study whether exit policies by financial institutions have financial and real consequences on the firms they target, using bank coal exit policies as a laboratory. In contrast to theories assuming high capital substitutability, we find large effects of these policies. Bank exit policies negatively affect both the financing and operation of coal assets. Substitution to other sources and providers of capital appears to be limited. Coal power plants owned by firms exposed to exit policies are more likely to retire, translating into lower CO2 emissions. Exit policies have reduced CO2e emissions from energy production by an estimated 0.62 gigaton.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104129"},"PeriodicalIF":10.4,"publicationDate":"2025-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144766620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Polarization, purpose and profit 两极化，目的和利益
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-08-04 DOI: 10.1016/j.jfineco.2025.104147
Daniel Ferreira , Radoslawa Nikolowa
{"title":"Polarization, purpose and profit","authors":"Daniel Ferreira ,&nbsp;Radoslawa Nikolowa","doi":"10.1016/j.jfineco.2025.104147","DOIUrl":"10.1016/j.jfineco.2025.104147","url":null,"abstract":"<div><div>We present a model in which firms compete for workers who value nonpecuniary job attributes, such as purpose, sustainability, political stances, or working conditions. Firms adopt production technologies that enable them to offer jobs with varying levels of these desirable attributes. Firms’ profits are higher when they cater to workers with extreme preferences. In a competitive assignment equilibrium, firms become polarized and not only reflect but also <em>amplify</em> the polarized preferences of the general population. More polarized sectors exhibit higher profits, lower average wages, and a reduced labor share of value added. Sustainable investing amplifies firm polarization.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104147"},"PeriodicalIF":10.4,"publicationDate":"2025-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144766619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
When do short sellers trade? Evidence from intraday data and implications for informed trading models 卖空者什么时候交易？来自盘中数据的证据和对知情交易模型的影响
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-08-01 DOI: 10.1016/j.jfineco.2025.104148
Danqi Hu , Charles M. Jones , Xiaoyan Zhang , Xinran Zhang
{"title":"When do short sellers trade? Evidence from intraday data and implications for informed trading models","authors":"Danqi Hu ,&nbsp;Charles M. Jones ,&nbsp;Xiaoyan Zhang ,&nbsp;Xinran Zhang","doi":"10.1016/j.jfineco.2025.104148","DOIUrl":"10.1016/j.jfineco.2025.104148","url":null,"abstract":"<div><div>Using 2015–2019 intraday short sale data from CBOE, we show that shorting flows near the open, middle, and close all negatively predict future returns, but the shorting flows near the open and middle have stronger predictive power than shorting flows near the close. We relate our findings to three informed trading models with different predictions on the timing of the trades. The long term predictive power of shorting flows near the open and midday is consistent with Kyle’s (1985) model of steady trading; the intraday variation in shorting flows’ predictive power is more consistent with Holden and Subrahmanyam’s (1992) aggressive trading model, in the sense that predictive power of shorting flows is stronger when there is greater urgency to trade at open and when the securities lending market is more competitive; and the liquidity timing hypothesis from Collin-Dufresne and Fos (2016) is also supported by the finding that opening shorting flows increase for firms with better liquidity conditions.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104148"},"PeriodicalIF":10.4,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144757452","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Firm uncertainty and households: Spending, savings, and risks 企业不确定性与家庭：支出、储蓄和风险
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-30 DOI: 10.1016/j.jfineco.2025.104143
Iván Alfaro , Hoonsuk Park
{"title":"Firm uncertainty and households: Spending, savings, and risks","authors":"Iván Alfaro ,&nbsp;Hoonsuk Park","doi":"10.1016/j.jfineco.2025.104143","DOIUrl":"10.1016/j.jfineco.2025.104143","url":null,"abstract":"<div><div>Using daily banking and credit card data for thousands of households linked to U.S. publicly listed employers, we find novel evidence that firm-specific uncertainty persistently reduces future spending and spurs precautionary savings. A one-standard-deviation rise in option-implied firm volatility—akin to the S&amp;P 500 VIX—predicts a $106 monthly spending drop (8 hours of wages) and a $193 increase in bank balances, reflecting notable cutbacks in typical non-durable goods and services. The mechanism operates through heightened household risks: firm uncertainty expands both income and consumption risk over the next year, with the largest effects among lower and top earners (notably the top 1%). Employers only partly shield earnings, while households only partly self-insulate consumption risk via smoothing channels. Detrimental uncertainty effects on households are stronger than firm stock price declines.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104143"},"PeriodicalIF":10.4,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144724706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Maximal extractable value and allocative inefficiencies in public blockchains 公共区块链中的最大可提取价值和分配效率低下
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-29 DOI: 10.1016/j.jfineco.2025.104132
Agostino Capponi , Ruizhe Jia , Kanye Ye Wang
{"title":"Maximal extractable value and allocative inefficiencies in public blockchains","authors":"Agostino Capponi ,&nbsp;Ruizhe Jia ,&nbsp;Kanye Ye Wang","doi":"10.1016/j.jfineco.2025.104132","DOIUrl":"10.1016/j.jfineco.2025.104132","url":null,"abstract":"<div><div>The blockchain settlement layer facilitates systematic frontrunning, resulting in inefficient block-space allocation. Private transaction pools can reduce these inefficiencies and enhance welfare. However, full adoption is limited by misaligned incentives between users and validators. Validators are reluctant to forgo rents they earn from frontrunning – referred to as maximal extractable value – leading to a partial adoption equilibrium in which frontrunning persists. Our empirical analysis of Ethereum’s Flashbots private pool supports these findings: validators earn higher revenues, users facing greater frontrunning risk are more likely to use the private pool, and attackers’ cost-to-revenue ratios in private pools converge to one.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104132"},"PeriodicalIF":10.4,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144721158","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 marginal value of public pension wealth: Evidence from border house prices 公共养老金财富的边际价值：来自边境房价的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-28 DOI: 10.1016/j.jfineco.2025.104134
Darren Aiello , Asaf Bernstein , Mahyar Kargar , Ryan Lewis , Michael Schwert
{"title":"The marginal value of public pension wealth: Evidence from border house prices","authors":"Darren Aiello ,&nbsp;Asaf Bernstein ,&nbsp;Mahyar Kargar ,&nbsp;Ryan Lewis ,&nbsp;Michael Schwert","doi":"10.1016/j.jfineco.2025.104134","DOIUrl":"10.1016/j.jfineco.2025.104134","url":null,"abstract":"<div><div>We study how state pension windfalls affect property prices near state borders, where theory suggests real estate reflects the value of additional public resources. Windfalls, representing a source of state revenue about half the size of total taxes, provide economically significant and plausibly exogenous variation in fiscal conditions. We find that each dollar of pension asset returns increases border house prices by approximately two dollars, suggesting that governments allocate additional funds towards high-value projects or tax abatement rather than wasting incremental resources. Evidence of larger effects in financially constrained municipalities highlights how fiscal resources amplify welfare effects of economic shocks.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104134"},"PeriodicalIF":10.4,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Overvaluing simple bets: Evidence from the options market 高估简单押注：来自期权市场的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-28 DOI: 10.1016/j.jfineco.2025.104140
Aaron Goodman , Indira Puri
{"title":"Overvaluing simple bets: Evidence from the options market","authors":"Aaron Goodman ,&nbsp;Indira Puri","doi":"10.1016/j.jfineco.2025.104140","DOIUrl":"10.1016/j.jfineco.2025.104140","url":null,"abstract":"<div><div>We document a new anomaly that we prove standard preference models are unable to capture, regardless of functional form or parametric specification used. Analyzing trading behavior in the binary option market for retail investors, we find that market participants purchase binary options although strictly dominant bull spreads are available at lower prices: 15% of S&amp;P index, 19% of gold, and 25% of silver trades violate no-dominance conditions consistently across three different asset classes. Buyers of dominated binaries lose on average 34% of the contract price by forgoing the dominating product. We prove that neither prospect theory nor ambiguity aversion nor other popular theoretical justifications for retail anomalies such as rational inattention and salience, can capture these results. We also test for, and reject, standard financial explanations including trading costs, liquidity, exchange fixed effects, and noise trading. We show that our results are consistent with retail investors valuing simple, easy-to-understand binary bets. Our work provides a theoretically-grounded empirical impetus for research in behavioral finance which goes beyond historically pervasive utility frameworks.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104140"},"PeriodicalIF":10.4,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Household debt overhang and human capital investment 家庭债务积压和人力资本投资
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-28 DOI: 10.1016/j.jfineco.2025.104141
Gustavo Manso , Alejandro Rivera , Hui (Grace) Wang , Han Xia
{"title":"Household debt overhang and human capital investment","authors":"Gustavo Manso ,&nbsp;Alejandro Rivera ,&nbsp;Hui (Grace) Wang ,&nbsp;Han Xia","doi":"10.1016/j.jfineco.2025.104141","DOIUrl":"10.1016/j.jfineco.2025.104141","url":null,"abstract":"<div><div>Unlike labor income, human capital is inseparable from individuals and does not completely accrue to creditors. Therefore, human capital investment is more resilient to “debt overhang” than labor supply. We develop a dynamic model displaying this difference. We find that while both labor supply and human capital investment are hump-shaped in household indebtedness, human capital investment declines less aggressively as indebtedness builds up. Importantly, because human capital is only valuable when households expect to supply labor, the greater reduction in labor supply due to debt overhang back-propagates into ex-ante human capital investment. We provide empirical support for the model.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104141"},"PeriodicalIF":10.4,"publicationDate":"2025-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144714099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 retail habitat 零售栖息地
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-26 DOI: 10.1016/j.jfineco.2025.104144
Toomas Laarits , Marco Sammon
{"title":"The retail habitat","authors":"Toomas Laarits ,&nbsp;Marco Sammon","doi":"10.1016/j.jfineco.2025.104144","DOIUrl":"10.1016/j.jfineco.2025.104144","url":null,"abstract":"<div><div>Retail investors trade hard-to-value stocks. We document a large and persistent spread in the stock-level intensity of retail trading, even allowing for known biases in the attribution of retail trades. Stocks with a high share of retail-initiated trades exhibit higher shares of intangible capital, longer duration cash flows, and a higher likelihood of being mispriced. Consistent with retail-favored stocks being harder to value, we document that these stocks are less sensitive to earnings news and more sensitive to retail order imbalances. Such segmentation of trading intensity arises in a model where informed investors face a trade-off between the benefits of hiding their trades within noisy retail investor order flow and the costs of producing information about the fundamentals of hard-to-value stocks.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104144"},"PeriodicalIF":10.4,"publicationDate":"2025-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144713118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Stakes and investor behaviors 股权与投资者行为
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-07-25 DOI: 10.1016/j.jfineco.2025.104146
Pengfei Sui , Baolian Wang
{"title":"Stakes and investor behaviors","authors":"Pengfei Sui ,&nbsp;Baolian Wang","doi":"10.1016/j.jfineco.2025.104146","DOIUrl":"10.1016/j.jfineco.2025.104146","url":null,"abstract":"<div><div>We examine how stakes affect investor behaviors. In our unique setting, investors trade stocks in real accounts using their own money and simultaneously in a simulated setting. Our real-world within-investor estimation shows that investors exhibit stronger biases and perform worse in higher-stakes real accounts than in lower-stakes simulated accounts. Investors exhibit strong biases in both types of accounts, and the biases in both are strongly positively correlated. Such behavioral consistency suggests that low-stakes experiments are informative about real-world behaviors. Using additional account-level datasets, we demonstrate external validity by documenting a stronger (reverse) disposition effect on stocks (funds) with greater portfolio weights.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"172 ","pages":"Article 104146"},"PeriodicalIF":10.4,"publicationDate":"2025-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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