发布求助
文献互助 智能选刊 最新文献

Journal of Financial Economics最新文献

筛选
英文 中文
Sequential credit markets 顺序信贷市场
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-02-01 Epub Date: 2025-11-23 DOI: 10.1016/j.jfineco.2025.104216
Ulf Axelson, Igor Makarov
{"title":"Sequential credit markets","authors":"Ulf Axelson,&nbsp;Igor Makarov","doi":"10.1016/j.jfineco.2025.104216","DOIUrl":"10.1016/j.jfineco.2025.104216","url":null,"abstract":"<div><div>Entrepreneurs typically seek financing in decentralized markets, where they approach investors sequentially. We develop a model of sequential capital markets with privately informed investors. The sequential market creates a dynamic adverse selection externality that leads to overinvestment and excessive rents to intermediaries, even as the number of competing investors becomes arbitrary large. The resulting rents lead to excessive entry of investors and insufficient entry of entrepreneurs. Moving to a centralized market structure or reducing transparency restores competitiveness but may harm efficiency. The model also explains how even a small skill advantage for an investor can lead to preferential deal flow and outsized returns.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"176 ","pages":"Article 104216"},"PeriodicalIF":10.4,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145583783","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
Demand disagreement 需求的分歧
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-10-31 DOI: 10.1016/j.jfineco.2025.104191
Christian Heyerdahl-Larsen , Philipp Illeditsch
{"title":"Demand disagreement","authors":"Christian Heyerdahl-Larsen ,&nbsp;Philipp Illeditsch","doi":"10.1016/j.jfineco.2025.104191","DOIUrl":"10.1016/j.jfineco.2025.104191","url":null,"abstract":"<div><div>Disagreement about macroeconomic fundamentals accounts for only part of the disagreement about future interest rates, creating a “disagreement correlation” puzzle. This puzzle arises because standard equilibrium models with belief differences predict a strong link between asset return disagreement and fundamental disagreement, a link not supported by the data. We address this puzzle by introducing a model where disagreement about future demand for savings—driven by disagreement over the prevalence of patient versus impatient investors in the economy—generates asset return disagreement. Our mechanism produces stochastic yield volatility, time-varying bond risk premia, and an upward-sloping yield curve. Empirically, we construct a proxy for demand disagreement by isolating the component of yield disagreement unrelated to disagreement about macro-fundamentals. This proxy is positively related to yields and their volatilities, and predicts future bond risk premia, consistent with the predictions of our demand disagreement model.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104191"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420510","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
How costly are cultural biases? Evidence from FinTech 文化偏见的代价有多大？来自FinTech的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-12 DOI: 10.1016/j.jfineco.2025.104202
Francesco D’Acunto , Pulak Ghosh , Alberto G. Rossi
{"title":"How costly are cultural biases? Evidence from FinTech","authors":"Francesco D’Acunto ,&nbsp;Pulak Ghosh ,&nbsp;Alberto G. Rossi","doi":"10.1016/j.jfineco.2025.104202","DOIUrl":"10.1016/j.jfineco.2025.104202","url":null,"abstract":"<div><div>We study the nature and effects of cultural biases in choice under risk and uncertainty by comparing peer-to-peer loans the same individuals (<em>lenders</em>) make alone and after observing robo-advised suggestions. When unassisted, lenders are more likely to choose co-ethnic borrowers, facing 8% higher defaults and 7.3pp lower returns. Robo-advising does not affect diversification but reduces lending to high-risk co-ethnic borrowers. Lenders in locations with high inter-ethnic animus drive the results, even when borrowers reside elsewhere. Biased beliefs explain these results better than a conscious taste for discrimination: lenders rarely override robo-advised matches to ethnicities they discriminated against when unassisted.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104202"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145509513","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
Discount factors and monetary policy: Evidence from dual-listed stocks 贴现因素与货币政策：来自两地上市股票的证据
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-08 DOI: 10.1016/j.jfineco.2025.104190
Quentin Vandeweyer , Minghao Yang , Constantine Yannelis
{"title":"Discount factors and monetary policy: Evidence from dual-listed stocks","authors":"Quentin Vandeweyer ,&nbsp;Minghao Yang ,&nbsp;Constantine Yannelis","doi":"10.1016/j.jfineco.2025.104190","DOIUrl":"10.1016/j.jfineco.2025.104190","url":null,"abstract":"<div><div>This paper studies the transmission of monetary policy to the stock market through investors’ discount factors. To isolate this channel, we investigate the effect of US monetary policy surprises on the ratio of prices of the same stock listed simultaneously in Hong Kong and Mainland China. We identify a strong discount rate channel driven exclusively by cycle-amplifying surprises, defined as rate cuts during easing cycles and surprise hikes during tightening cycles. A 100 basis point of such cycle-amplifying surprise induces a 30 basis point change in the price ratio within five days.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104190"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145468047","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
Implicit extrapolation and the beliefs channel of investment demand 隐性外推与投资需求的信念通道
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-10-28 DOI: 10.1016/j.jfineco.2025.104172
Haoyang Liu , Christopher Palmer
{"title":"Implicit extrapolation and the beliefs channel of investment demand","authors":"Haoyang Liu ,&nbsp;Christopher Palmer","doi":"10.1016/j.jfineco.2025.104172","DOIUrl":"10.1016/j.jfineco.2025.104172","url":null,"abstract":"<div><div>We document implicit extrapolation in investment decision-making that exceeds the extrapolation inferable from stated expectations. Locally experienced returns predict individual real-estate investment decisions even conditional on an investor’s forecasted home-price growth and risk aversion. Moreover, estimates of this experience effect on investment are larger than implied by the combined effect of past returns on stated expectations and stated expectations on investment. We demonstrate that heterogeneous forecast confidence helps explain why many investors rely on past returns over their survey-elicited forecasts. As their rationale, such survey respondents frequently cite intentional extrapolation or a lack of confidence in other belief factors.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104172"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145371061","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
Policy uncertainty reduces green innovation 政策的不确定性减少了绿色创新
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jfineco.2025.104189
Mengyu Wang , Jeffrey Wurgler , Hong Zhang
{"title":"Policy uncertainty reduces green innovation","authors":"Mengyu Wang ,&nbsp;Jeffrey Wurgler ,&nbsp;Hong Zhang","doi":"10.1016/j.jfineco.2025.104189","DOIUrl":"10.1016/j.jfineco.2025.104189","url":null,"abstract":"<div><div>Policy uncertainty can undermine the power of government subsidies to stimulate environmentally friendly research and development. We show that Chinese firms’ green R&amp;D falls as the uncertainty of environmental subsidies rises: Exogenous, weather-driven air pollution variability induces subsidies to fluctuate, and firms in areas with high weather-driven subsidy variability undertake less green R&amp;D and hire fewer technical employees, controlling for the average level of subsidies. Heavy emitters and environmental technology firms are more affected. The results also illustrate how policy uncertainty can arise when policymakers are influenced by conditions that are salient but with causes that are difficult to disentangle.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104189"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420509","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 canary in the coal decline: Appalachian household finance and the transition from fossil fuels 煤炭衰退的金丝雀：阿巴拉契亚地区的家庭财务状况和从化石燃料的过渡
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jfineco.2025.104167
Joshua Blonz , Brigitte Roth Tran , Erin Troland
{"title":"The canary in the coal decline: Appalachian household finance and the transition from fossil fuels","authors":"Joshua Blonz ,&nbsp;Brigitte Roth Tran ,&nbsp;Erin Troland","doi":"10.1016/j.jfineco.2025.104167","DOIUrl":"10.1016/j.jfineco.2025.104167","url":null,"abstract":"<div><div>We use individual-level credit data to study how recent declines in Appalachian coal mining affected household finances between 2011 and 2018. Using exogenous variation in electricity sector demand for coal, we find declines in coal demand decreased credit scores and increased financial distress within two years of coal shocks. These effects cannot be explained solely by job losses in coal mine worker households. Credit score declines and financial distress were largest among older individuals and people with lower-middle credit scores. Our results suggest the transition away from fossil fuels may impose meaningful costs on other fossil fuel extraction communities.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104167"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420507","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
Institutions’ return expectations across assets and time 机构跨资产和时间的回报预期
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jfineco.2025.104188
Magnus Dahlquist , Markus Ibert
{"title":"Institutions’ return expectations across assets and time","authors":"Magnus Dahlquist ,&nbsp;Markus Ibert","doi":"10.1016/j.jfineco.2025.104188","DOIUrl":"10.1016/j.jfineco.2025.104188","url":null,"abstract":"<div><div>We study the equity, cash, and corporate bond risk premium expectations of asset managers, investment consultants, wealth advisors, public pension funds, and professional forecasters. Subjective risk premia vary one-to-one with objective risk premia that are available in real time and countercyclical. Despite their significant time-series variation, several subjective equity premia vary more in the cross-section of institutions than in the time series. This heterogeneity persists both over time and across asset classes. We tie the heterogeneity in subjective equity return expectations to heterogeneous expectations about long-term equity valuations: some institutions believe that the price–earnings ratio behaves like a random walk, whereas others believe in varying degrees of mean reversion.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104188"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145420508","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
Securing technological leadership? The cost of export controls on firms 确保技术领先地位？出口管制给企业带来的成本
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-08 DOI: 10.1016/j.jfineco.2025.104192
Matteo Crosignani , Lina Han , Marco Macchiavelli , André F. Silva
{"title":"Securing technological leadership? The cost of export controls on firms","authors":"Matteo Crosignani ,&nbsp;Lina Han ,&nbsp;Marco Macchiavelli ,&nbsp;André F. Silva","doi":"10.1016/j.jfineco.2025.104192","DOIUrl":"10.1016/j.jfineco.2025.104192","url":null,"abstract":"<div><div>To safeguard its technological leadership, the U.S. has restricted domestic suppliers from exporting cutting-edge technologies to selected Chinese firms. Domestic firms affected by these export controls halt sales to Chinese customers, as intended, but struggle to establish new relations with alternative customers domestically or in politically aligned regions. Consequently, domestic suppliers experience sizable losses in market capitalization, along with reductions in profitability, employment, and bank lending. Chinese firms are more proactive in reconfiguring supply chains, though not without costs. Overall, export controls impose larger costs on U.S. firms developing the very technologies these policies aim to protect.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104192"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145468046","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
Policy news and stock market volatility 政策新闻和股市波动
IF 10.4 1区 经济学
Journal of Financial Economics Pub Date : 2026-01-01 Epub Date: 2025-11-01 DOI: 10.1016/j.jfineco.2025.104187
Scott R. Baker , Nicholas Bloom , Steven J. Davis , Kyle Kost
{"title":"Policy news and stock market volatility","authors":"Scott R. Baker ,&nbsp;Nicholas Bloom ,&nbsp;Steven J. Davis ,&nbsp;Kyle Kost","doi":"10.1016/j.jfineco.2025.104187","DOIUrl":"10.1016/j.jfineco.2025.104187","url":null,"abstract":"<div><div>We use newspapers to create Equity Market Volatility (EMV) trackers at daily and monthly frequencies. Our headline EMV tracker moves closely with the VIX and the S&amp;P500 returns volatility in and out of sample. We exploit the volume of newspaper text to construct forty category-specific EMV trackers. News about commodity markets, interest rates, real estate markets, aggregate activity, and inflation figure prominently in EMV articles. Policy news is another major source of market volatility: 30 % of EMV articles discuss tax policy, 30 % discuss monetary policy, and 25 % refer to some form of regulation. Combining our newspaper-based trackers with textual analysis of 10-K filings, we obtain monthly firm-level risk exposure measures. These measures help explain the cross-sectional structure of realized volatilities and its evolution over time, even after conditioning on firm and time fixed effects.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"175 ","pages":"Article 104187"},"PeriodicalIF":10.4,"publicationDate":"2026-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145424210","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书