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JAQ of all trades: Job mismatch, firm productivity and managerial quality 各行各业的JAQ：工作不匹配，企业生产力和管理质量
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103992
Luca Coraggio , Marco Pagano , Annalisa Scognamiglio , Joacim Tåg
{"title":"JAQ of all trades: Job mismatch, firm productivity and managerial quality","authors":"Luca Coraggio ,&nbsp;Marco Pagano ,&nbsp;Annalisa Scognamiglio ,&nbsp;Joacim Tåg","doi":"10.1016/j.jfineco.2024.103992","DOIUrl":"10.1016/j.jfineco.2024.103992","url":null,"abstract":"<div><div>We develop a novel measure of job-worker allocation quality (<span><math><mi>JAQ</mi></math></span>) by exploiting employer-employee data with machine learning techniques. Based on our measure, the quality of job-worker matching correlates positively with individual labor earnings and firm productivity, as well as with market competition, non-family firm status, and employees’ human capital. Management plays a key role in job-worker matching: when managerial hirings and firings persistently raise management quality, the matching of rank-and-file workers to their jobs improves. <span><math><mi>JAQ</mi></math></span> can be constructed from any employer–employee data set including workers’ occupations, and used to explore research questions in corporate finance and organization economics.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103992"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142929210","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Four facts about ESG beliefs and investor portfolios 关于ESG信念和投资者投资组合的四个事实
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103984
Stefano Giglio , Matteo Maggiori , Johannes Stroebel , Zhenhao Tan , Stephen Utkus , Xiao Xu
{"title":"Four facts about ESG beliefs and investor portfolios","authors":"Stefano Giglio ,&nbsp;Matteo Maggiori ,&nbsp;Johannes Stroebel ,&nbsp;Zhenhao Tan ,&nbsp;Stephen Utkus ,&nbsp;Xiao Xu","doi":"10.1016/j.jfineco.2024.103984","DOIUrl":"10.1016/j.jfineco.2024.103984","url":null,"abstract":"<div><div>We analyze survey data on ESG beliefs and preferences in a large panel of retail investors linked to administrative data on their investment portfolios. The survey elicits investors’ expectations of long-term ESG equity returns and asks about their motivations, if any, to invest in ESG assets. We document four facts. First, investors generally expected ESG investments to underperform the market. Between mid-2021 and late-2023, the average expected 10-year annualized return of ESG investments relative to the overall stock market was <span><math><mo>−</mo></math></span>2.1%. Second, there is substantial heterogeneity across investors in their ESG return expectations and their motives for ESG investing: 48% of survey respondents do not see any reason to invest in ESG, 24% are primarily motivated by ethical considerations, 22% are driven by climate hedging motives, and 6% are motivated by return expectations. Third, there is a strong link between individuals’ reported ESG investment motives and their actual investment behaviors, with the highest ESG portfolio holdings among individuals who report ethics-driven investment motives. Fourth, financial considerations matter independently of other investment motives: we find meaningful ESG holdings only for investors who expect these investments to outperform the market, even among those investors who reported that their most important ESG investment motives were ethical or hedging reasons.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103984"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873918","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
Strategic insider trading and its consequences for outsiders: Evidence from the eighteenth century 战略性内幕交易及其对局外人的影响：来自18世纪的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103974
Mathijs Cosemans , Rik Frehen
{"title":"Strategic insider trading and its consequences for outsiders: Evidence from the eighteenth century","authors":"Mathijs Cosemans ,&nbsp;Rik Frehen","doi":"10.1016/j.jfineco.2024.103974","DOIUrl":"10.1016/j.jfineco.2024.103974","url":null,"abstract":"<div><div>This paper uses hand-collected historical data to provide empirical evidence on the strategic trading behavior of insiders and its consequences for outsiders. Specifically, we collect all equity trades of all insiders and outsiders in an era without legal restrictions on insider trading and a market where trading is non-anonymous. We find that access to private information creates a significant gap between the post-trade returns of insiders and outsiders. Consistent with theory, insiders capitalize on their information advantage by hiding their identity and timing their trades. Both experienced and inexperienced outsiders face expected losses due to this strategic insider trading.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103974"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Regulating inattention in fee-based financial advice 规范收费型金融咨询的疏忽
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103985
Roger M. Edelen , Kingsley Y.L. Fong , Jingyi Han
{"title":"Regulating inattention in fee-based financial advice","authors":"Roger M. Edelen ,&nbsp;Kingsley Y.L. Fong ,&nbsp;Jingyi Han","doi":"10.1016/j.jfineco.2024.103985","DOIUrl":"10.1016/j.jfineco.2024.103985","url":null,"abstract":"<div><div>We study the impact of disclosure and inattention on the decision to retain fee-based financial advice using a two-tiered natural regulatory experiment. Increased salience in fee disclosure raises the drop rate for advice, implying improved attention — particularly for relatively sophisticated investors. However, a novel auto-drop requirement for inattentive investors generates far more drops, implying limited attention despite salient disclosure — particularly for the unsophisticated. Contrary to studies of commission-based advice, we find that investors benefit from fee-based advice. Benefits are higher for less sophisticated investors, who tend to be detrimentally auto-dropped. Drops triggered by salient disclosure tend to be beneficial.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103985"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889330","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 mobility and mortgage rate lock 家庭流动性和抵押贷款利率锁定
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103973
Jack Liebersohn , Jesse Rothstein
{"title":"Household mobility and mortgage rate lock","authors":"Jack Liebersohn ,&nbsp;Jesse Rothstein","doi":"10.1016/j.jfineco.2024.103973","DOIUrl":"10.1016/j.jfineco.2024.103973","url":null,"abstract":"<div><div>Rising interest rates can create “mortgage rate lock” for homeowners with fixed rate mortgages, who can hold onto their low rates as long as they stay in their homes but would have to take on new mortgages with higher rates if they moved. We show mobility rates fell in 2022 and 2023 for homeowners with mortgages, as market rates rose. We observe both absolute declines and declines relative to homeowners without mortgages, who are unaffected by mortgage rate lock. Mobility declines are not explained by changes in home values. Overall, our estimates imply that rising interest rates reduced mobility in 2022 and 2023 for households with mortgages by 16% and caused $20bn of deadweight loss.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103973"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142825477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Extracting extrapolative beliefs from market prices: An augmented present-value approach 从市场价格中提取推断信念：增强现值方法
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103986
Stefano Cassella , Te-Feng Chen , Huseyin Gulen , Yan Liu
{"title":"Extracting extrapolative beliefs from market prices: An augmented present-value approach","authors":"Stefano Cassella ,&nbsp;Te-Feng Chen ,&nbsp;Huseyin Gulen ,&nbsp;Yan Liu","doi":"10.1016/j.jfineco.2024.103986","DOIUrl":"10.1016/j.jfineco.2024.103986","url":null,"abstract":"<div><div>We propose a latent-variables approach to recover extrapolative beliefs from asset prices. We estimate a present-value model of the price–dividend ratio of the market that embeds both return extrapolation and cash-flow extrapolation, alongside discount rates and rational expectations of dividend growth. This approach allows us to measure extrapolation bias without having to rely on survey data, and it inherently guarantees that the researcher focuses on a set of beliefs that matter for price formation. We show that extrapolative beliefs extracted from prices are highly correlated with surveys and that survey-based and price-based extrapolative beliefs share similar predictive properties for future returns, with the former improving upon the latter.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103986"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142889325","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 SOFR discount
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103989
Sven Klingler, Olav Syrstad
{"title":"The SOFR discount","authors":"Sven Klingler,&nbsp;Olav Syrstad","doi":"10.1016/j.jfineco.2024.103989","DOIUrl":"10.1016/j.jfineco.2024.103989","url":null,"abstract":"<div><div>The transition from London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) affects the reference rate of floating-rate debt worth trillions of dollars. We provide the first evidence highlighting a <em>benefit</em> of the benchmark transition for debt markets. Focusing on the market for dollar-denominated floating rate notes (FRNs), we compare the yield spreads of FRNs linked to LIBOR and SOFR, issued by the same entity during the same month. After adjusting for the maturity-matched spreads from derivatives markets, we find significantly <em>lower</em> spreads for SOFR-linked FRNs. We link this <em>SOFR discount</em> to the enhanced price stability of SOFR-linked FRNs.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103989"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Biodiversity finance 生物多样性的金融
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-02-01 DOI: 10.1016/j.jfineco.2024.103987
Caroline Flammer , Thomas Giroux , Geoffrey M. Heal
{"title":"Biodiversity finance","authors":"Caroline Flammer ,&nbsp;Thomas Giroux ,&nbsp;Geoffrey M. Heal","doi":"10.1016/j.jfineco.2024.103987","DOIUrl":"10.1016/j.jfineco.2024.103987","url":null,"abstract":"<div><div>We study biodiversity finance—the use of private capital to finance biodiversity conservation and restoration—which is a new practice in sustainable finance. First, we provide a conceptual framework that lays out how biodiversity can be financed by pure private capital and blended financing structures. In the latter, private capital is blended with public or philanthropic capital, whose aim is to de-risk private capital investments. The main element underlying both types of financing is the “monetization” of biodiversity, that is, using investments in biodiversity to generate a financial return for private investors. Second, we provide empirical evidence using deal-level data from a leading biodiversity finance institution. Our findings are consistent with a three-dimensional efficient frontier (return, risk, and biodiversity impact)—deals with a favorable risk-return profile tend to be financed by pure private capital, whereas for other deals the biodiversity impact needs to be sufficiently large for blended finance to be used. Overall, our results suggest that blended finance is an important tool for improving the risk-return profile of these projects, thereby increasing their appeal to private investors and crowding in private capital. Finally, our results suggest that private capital is unlikely to substitute for effective public policies in addressing the biodiversity crisis.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"164 ","pages":"Article 103987"},"PeriodicalIF":10.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142873917","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 Inclusion Across the United States
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-01-31 DOI: 10.1016/j.jfineco.2025.104003
Motohiro Yogo , Andrew Whitten , Natalie Cox
{"title":"Financial Inclusion Across the United States","authors":"Motohiro Yogo ,&nbsp;Andrew Whitten ,&nbsp;Natalie Cox","doi":"10.1016/j.jfineco.2025.104003","DOIUrl":"10.1016/j.jfineco.2025.104003","url":null,"abstract":"<div><div>We study retirement and bank account participation for the universe of U.S. households with a member aged 50 to 59 in the administrative tax data. ZCTA-level average income, income inequality, and racial composition predict retirement account participation for low-income households, conditional on household income and regional price parities. Income inequality also predicts bank account participation for low-income households. We estimate the causal effect of access to an employer retirement plan on participation. Recent policy proposals for universal access with automatic enrollment could increase participation by 19 percentage points in the lowest income quintile over ten years.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"166 ","pages":"Article 104003"},"PeriodicalIF":10.4,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143077768","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
Central Bank–Driven Mispricing
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2025-01-30 DOI: 10.1016/j.jfineco.2025.104004
Loriana Pelizzon , Marti G. Subrahmanyam , Davide Tomio
{"title":"Central Bank–Driven Mispricing","authors":"Loriana Pelizzon ,&nbsp;Marti G. Subrahmanyam ,&nbsp;Davide Tomio","doi":"10.1016/j.jfineco.2025.104004","DOIUrl":"10.1016/j.jfineco.2025.104004","url":null,"abstract":"<div><div>We explore whether Quantitative Easing (QE) negatively affected the functioning of the treasury market. Focusing on the arbitrage between European sovereign bonds and their futures contracts, we show that the scarcity of treasuries created by QE led to a disconnect between the prices of identical assets. We identify three channels: reduced bond market liquidity, increased funding costs in the repo market, and a higher cost of carry. A change in a policy instrument allows us to identify scarcity as the main driver and rule out alternatives, such as balance sheet costs. Our results extend to other arbitrage relations involving treasuries.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"166 ","pages":"Article 104004"},"PeriodicalIF":10.4,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143077764","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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