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How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements 企业对危机的适应有多大价值？根据Covid-19在家工作公告的估计
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-10-01 DOI: 10.1016/j.jfineco.2025.104168
Adlai Fisher , Jiří Knesl , Ryan C.Y. Lee
{"title":"How valuable is corporate adaptation to crisis? Estimates from Covid-19 work-from-home announcements","authors":"Adlai Fisher ,&nbsp;Jiří Knesl ,&nbsp;Ryan C.Y. Lee","doi":"10.1016/j.jfineco.2025.104168","DOIUrl":"10.1016/j.jfineco.2025.104168","url":null,"abstract":"<div><div>This article investigates predictors and benefits of corporate adaptation to crisis, adding a new dimension to studies of flexibility and resilience based on <em>ex ante</em> characteristics. We produce a unique sample of work-from-home announcements scraped from company websites during Covid-19. The announcers’ valuations increased by 3%–5% and risk declined versus matches, consistent with real-options theory under asymmetric information. We estimate characteristics, including subtle textual topics from 10-Ks, that predicted adaptation, show faster price response following Bloomberg coverage, and real advantages in subsequent operating performance. Corporate adaptation to crisis adds value and reduces risk, beyond information in firm characteristics.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"174 ","pages":"Article 104168"},"PeriodicalIF":10.4,"publicationDate":"2025-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145195802","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
Have CEOs changed? ceo们变了吗？
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-25 DOI: 10.1016/j.jfineco.2025.104169
Yann Decressin , Steven N. Kaplan , Morten Sorensen
{"title":"Have CEOs changed?","authors":"Yann Decressin ,&nbsp;Steven N. Kaplan ,&nbsp;Morten Sorensen","doi":"10.1016/j.jfineco.2025.104169","DOIUrl":"10.1016/j.jfineco.2025.104169","url":null,"abstract":"<div><div>Using more than 4900 personality assessments, we study changes in the characteristics of CEOs and top executives since 2001. The same four factors explain roughly half of the variation in executive characteristics in this larger sample of assessments as in Kaplan and Sorensen (2021). In later years, CEO candidates have shown declining general ability, are increasingly execution-oriented, less interpersonal, less charismatic, and less creative-strategic, and many of these differences persist for hired CEOs. We find no evidence of increasing prevalence or importance of interpersonal and softer skills. Executives assessed for the same company have positively correlated abilities, suggesting that high-ability executives complement each other. Finally, we consider corporate objectives and CEO characteristics.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104169"},"PeriodicalIF":10.4,"publicationDate":"2025-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158178","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
Taking sides on return predictability 在回报可预测性上站队
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-22 DOI: 10.1016/j.jfineco.2025.104158
R. David McLean , Jeffrey Pontiff , Christopher Reilly
{"title":"Taking sides on return predictability","authors":"R. David McLean ,&nbsp;Jeffrey Pontiff ,&nbsp;Christopher Reilly","doi":"10.1016/j.jfineco.2025.104158","DOIUrl":"10.1016/j.jfineco.2025.104158","url":null,"abstract":"<div><div>We assess how nine different categories of market participants trade relative to a comprehensive forecasted-return variable based on 193 predictors. Firms and short sellers tend to be the smart money—both sell stocks with low-forecasted returns, and their trades predict returns in the intended direction. Retail investors trade against forecasted returns. Retail investors’ and institutions’ trades predict returns opposite to the intended direction. This poor trading performance is driven by trades in stocks with either high- or low-forecasted returns. The forecasted-return variable predicts returns more strongly in stocks with more intense retail trading, consistent with retail investors exacerbating mispricing.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104158"},"PeriodicalIF":10.4,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145103962","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
Entrepreneurship and the gig economy: Evidence from U.S. tax returns 创业和零工经济：来自美国纳税申报表的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-12 DOI: 10.1016/j.jfineco.2025.104156
Matthew Denes , Spyridon Lagaras , Margarita Tsoutsoura
{"title":"Entrepreneurship and the gig economy: Evidence from U.S. tax returns","authors":"Matthew Denes ,&nbsp;Spyridon Lagaras ,&nbsp;Margarita Tsoutsoura","doi":"10.1016/j.jfineco.2025.104156","DOIUrl":"10.1016/j.jfineco.2025.104156","url":null,"abstract":"<div><div>Platform intermediation of goods and services has considerably transformed the U.S. economy. We use administrative data on U.S. tax returns to study the role of the gig economy on entrepreneurship. We find that gig workers are more likely to become entrepreneurs, particularly those who are lower income, younger, and benefit from flexibility. We track all newly created firms and show that gig workers start firms in similar industries as their gig experience, which are less likely to survive and demonstrate higher performance. Overall, our findings suggest on-the-job learning promotes entrepreneurial entry and shifts the types of firms started by entrepreneurs.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104156"},"PeriodicalIF":10.4,"publicationDate":"2025-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049572","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
Finance without exotic risk 没有外来风险的金融
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-11 DOI: 10.1016/j.jfineco.2025.104145
Pedro Bordalo , Nicola Gennaioli , Rafael La Porta , Andrei Shleifer
{"title":"Finance without exotic risk","authors":"Pedro Bordalo ,&nbsp;Nicola Gennaioli ,&nbsp;Rafael La Porta ,&nbsp;Andrei Shleifer","doi":"10.1016/j.jfineco.2025.104145","DOIUrl":"10.1016/j.jfineco.2025.104145","url":null,"abstract":"<div><div>We address the joint hypothesis problem in cross-sectional asset pricing by using measured analyst expectations of earnings growth. We construct a firm-level measure of Expectations Based Returns (EBRs) that uses analyst forecast errors and revisions and shuts down any cross-sectional differences in required returns. We obtain three results. First, variation in EBRs accounts for a large chunk of cross-sectional return spreads in value, investment, size, and momentum factors. Second, time variation in these spreads is predictable from that in EBRs, holding constant scaled price variables (as proxies for time varying required returns). Third, firm characteristics often seen as capturing risk premia predict disappointment of expectations and low EBRs. Overall, return spreads typically attributed to exotic risk factors are explained by predictable movements in non-rational expectations of firms’ earnings growth.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104145"},"PeriodicalIF":10.4,"publicationDate":"2025-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049571","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
Inflation and Trading 通货膨胀与贸易
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-10 DOI: 10.1016/j.jfineco.2025.104166
Philip Schnorpfeil , Michael Weber , Andreas Hackethal
{"title":"Inflation and Trading","authors":"Philip Schnorpfeil ,&nbsp;Michael Weber ,&nbsp;Andreas Hackethal","doi":"10.1016/j.jfineco.2025.104166","DOIUrl":"10.1016/j.jfineco.2025.104166","url":null,"abstract":"<div><div>We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors’ beliefs about the stock return–inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about prevailing inflation rates and asset returns. Consequently, whereas exogenous shifts in inflation expectations do not impact return expectations, information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104166"},"PeriodicalIF":10.4,"publicationDate":"2025-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049570","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
Pricing and constructing international government bond portfolios 国际政府债券投资组合的定价与构建
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-08 DOI: 10.1016/j.jfineco.2025.104152
Otto Randl, Giorgia Simion, Josef Zechner
{"title":"Pricing and constructing international government bond portfolios","authors":"Otto Randl,&nbsp;Giorgia Simion,&nbsp;Josef Zechner","doi":"10.1016/j.jfineco.2025.104152","DOIUrl":"10.1016/j.jfineco.2025.104152","url":null,"abstract":"<div><div>This paper derives a stochastic discount factor for currency-hedged government bonds of developed markets by projecting returns onto the unconditional mean–variance efficient (UMVE) portfolio. Priced risks of international bonds differ fundamentally from those of currencies. The UMVE portfolio achieves a Sharpe ratio over twice the average of individual markets, with the market price of risk peaking during crises and periods with high inflation dispersion. While bond returns exhibit a strong factor structure, common sources of variation are only weakly connected to priced risks. Hedging unpriced risks in naive or factor-based strategies significantly improves Sharpe ratios, even under portfolio weight constraints.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104152"},"PeriodicalIF":10.4,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145009251","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
ESG lending 环境、社会和治理贷款
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-04 DOI: 10.1016/j.jfineco.2025.104150
Sehoon Kim , Nitish Kumar , Jongsub Lee , Junho Oh
{"title":"ESG lending","authors":"Sehoon Kim ,&nbsp;Nitish Kumar ,&nbsp;Jongsub Lee ,&nbsp;Junho Oh","doi":"10.1016/j.jfineco.2025.104150","DOIUrl":"10.1016/j.jfineco.2025.104150","url":null,"abstract":"<div><div>Firms increasingly borrow via sustainability-linked loans (SLLs), contractually tying spreads to their ESG performance. SLLs vary widely in transparency of disclosure regarding sustainability-related contract details and tend to be issued to borrowers with superior ESG profiles. While high-transparency SLL borrowers maintain this performance, low-transparency SLL borrowers exhibit significantly deteriorating ESG performance after issuance. Both high- and low-transparency borrowers pay substantial fees to obtain SLLs. The results are consistent with high-transparency borrowers using SLLs to “certify” their preexisting ESG commitments, but low-transparency borrowers “greenwashing” with empty SLL labels. Evidence on drawdowns, renegotiations, and stock market reactions further supports these interpretations.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104150"},"PeriodicalIF":10.4,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144988885","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
Financial constraints and the racial housing gap 财政拮据和种族住房差距
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-09-01 DOI: 10.1016/j.jfineco.2025.104142
Arpit Gupta , Christopher Hansman , Pierre Mabille
{"title":"Financial constraints and the racial housing gap","authors":"Arpit Gupta ,&nbsp;Christopher Hansman ,&nbsp;Pierre Mabille","doi":"10.1016/j.jfineco.2025.104142","DOIUrl":"10.1016/j.jfineco.2025.104142","url":null,"abstract":"<div><div>We show that financial constraints lead to spatial misallocation and contribute to racial disparities in housing and wealth accumulation. Using bunching and difference-in-differences designs, we document that down payment constraints disproportionately limit the ability of Black households to access housing in high-opportunity areas. We build a dynamic life-cycle model to examine the long-term wealth effects of these leverage distortions on group differences in wealth accumulation. Black households are more affected by financial and spatial frictions, limiting wealth building opportunities. Improving mortgage access and housing supply in high-opportunity areas helps reduce racial wealth disparities, emphasizing the need for access to geographic opportunities rather than homeownership alone.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104142"},"PeriodicalIF":10.4,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144921192","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
Resilience in collective bargaining 集体谈判的弹性
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-08-29 DOI: 10.1016/j.jfineco.2025.104157
Carlos F. Avenancio-León , Alessio Piccolo , Roberto Pinto
{"title":"Resilience in collective bargaining","authors":"Carlos F. Avenancio-León ,&nbsp;Alessio Piccolo ,&nbsp;Roberto Pinto","doi":"10.1016/j.jfineco.2025.104157","DOIUrl":"10.1016/j.jfineco.2025.104157","url":null,"abstract":"<div><div>A central finding of the theoretical literature on bargaining is that parties’ attitudes towards delay influence bargaining outcomes. However, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. In the context of collective bargaining, we show firms actively attempt to become <em>financially</em> resilient in anticipation of labor negotiations. Firms adjust their financial resilience to respond to the passage of right-to-work laws (RWLs). Unions’ financial structure also responds to RWLs. Our findings suggest resilience is key to understanding the process through which collective bargaining determines wages.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"173 ","pages":"Article 104157"},"PeriodicalIF":10.4,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144912235","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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