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
The short-termism trap: Catering to informed investors with limited horizons 短期陷阱：迎合视野有限的知情投资者
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-14 DOI: 10.1016/j.jfineco.2024.103884
James Dow , Jungsuk Han , Francesco Sangiorgi
{"title":"The short-termism trap: Catering to informed investors with limited horizons","authors":"James Dow ,&nbsp;Jungsuk Han ,&nbsp;Francesco Sangiorgi","doi":"10.1016/j.jfineco.2024.103884","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103884","url":null,"abstract":"<div><p>Does the stock market exert short-term pressure on listed firms, do they respond, and is this response value reducing? We show that limited investor horizons indeed have those consequences, as follows. First, informative stock prices increase firm value; in our model, they reduce the agency cost of incentivizing managers. Second, short project maturity improves stock price informativeness by catering to informed investors with short horizons. Third, since informed trading capital is a scarce resource, attracting informed investors cannot increase an individual firm’s price informativeness in equilibrium: it simply destroys shareholder value. This “short-termism trap” can potentially destroy up to 100% of the benefits of stock market listing.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"159 ","pages":"Article 103884"},"PeriodicalIF":8.9,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304405X24001077/pdfft?md5=52635f01116d52cc8185a4c04d8a5ebc&pid=1-s2.0-S0304405X24001077-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141322619","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
Financial market concentration and misallocation 金融市场的集中和配置不当
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-14 DOI: 10.1016/j.jfineco.2024.103875
Daniel Neuhann, Michael Sockin
{"title":"Financial market concentration and misallocation","authors":"Daniel Neuhann,&nbsp;Michael Sockin","doi":"10.1016/j.jfineco.2024.103875","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103875","url":null,"abstract":"<div><p>How does financial market concentration affect capital allocation? We propose a complete-markets model in which real investment and financial price impact are jointly determined in general equilibrium. We identify a two-way feedback mechanism whereby price impact induces misallocation and misallocation raises price impact. The mechanism is stronger if productivity is low or productivity dispersion is high. Given rising dispersion, the model can rationalize trends in corporate discount rates, cash holdings, investment, asset prices, and capital reallocation over the last two decades, even when market concentration is relatively stable. Overall, our findings suggest that financial market concentration may hamper allocative efficiency.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"159 ","pages":"Article 103875"},"PeriodicalIF":8.9,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141322733","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
Concealed carry 隐蔽携带
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-08 DOI: 10.1016/j.jfineco.2024.103874
Spencer Andrews , Riccardo Colacito , Mariano M. Croce , Federico Gavazzoni
{"title":"Concealed carry","authors":"Spencer Andrews ,&nbsp;Riccardo Colacito ,&nbsp;Mariano M. Croce ,&nbsp;Federico Gavazzoni","doi":"10.1016/j.jfineco.2024.103874","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103874","url":null,"abstract":"<div><p>The slope carry takes a long (short) position in the long-term bonds of countries with steeper (flatter) yield curves. The traditional carry takes a long (short) position in countries with high (low) short-term rates. We document that: (i) the slope carry return is slightly negative (strongly positive) in the pre (post) 2008 period, whereas it is concealed over longer samples; (ii) the traditional carry return is lower post-2008; and (iii) expected global growth and inflation declined post-2008. We connect these findings through an equilibrium model in which countries feature heterogeneous exposure to news shocks about global output and global inflation.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"159 ","pages":"Article 103874"},"PeriodicalIF":8.9,"publicationDate":"2024-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304405X24000977/pdfft?md5=9c32d779882742b49f29c6fd0559c9ba&pid=1-s2.0-S0304405X24000977-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141298049","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
How do Treasury dealers manage their positions? 国库交易商如何管理其头寸？
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-07 DOI: 10.1016/j.jfineco.2024.103885
Michael Fleming , Giang Nguyen , Joshua Rosenberg
{"title":"How do Treasury dealers manage their positions?","authors":"Michael Fleming ,&nbsp;Giang Nguyen ,&nbsp;Joshua Rosenberg","doi":"10.1016/j.jfineco.2024.103885","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103885","url":null,"abstract":"<div><p>Using 31 years of data (1990–2020) on U.S. Treasury dealer positions, we find that Treasury issuance is the main driver of dealers’ weekly inventory changes. Such inventory fluctuations are only partially offset in adjacent weeks and not significantly hedged with futures. Dealers are compensated for inventory risk by means of subsequent price appreciation of their holdings. Amid increased balance sheet costs attributable to post-crisis regulatory changes, dealers significantly reduce their position taking and layoff inventory faster. Moreover, the increased participation of non-dealers (investment funds) in the primary market contributes to diminishing compensation for inventory risk taken on at auctions.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103885"},"PeriodicalIF":8.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141286514","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
Intermediation frictions in debt relief: Evidence from CARES Act forbearance 债务减免中的中介摩擦：CARES 法案》宽限措施的证据
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-07 DOI: 10.1016/j.jfineco.2024.103873
You Suk Kim , Donghoon Lee , Tess Scharlemann , James Vickery
{"title":"Intermediation frictions in debt relief: Evidence from CARES Act forbearance","authors":"You Suk Kim ,&nbsp;Donghoon Lee ,&nbsp;Tess Scharlemann ,&nbsp;James Vickery","doi":"10.1016/j.jfineco.2024.103873","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103873","url":null,"abstract":"<div><p>We study how intermediaries – mortgage servicers – shaped the implementation of mortgage forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the causal effects of forbearance on borrowers. Forbearance provision varied widely across servicers. Small servicers, nonbanks, and especially nonbanks with small liquidity buffers, facilitated fewer forbearances and saw a higher incidence of forbearance-related complaints. Easier access to forbearance substantially increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity from forbearance was used to reduce credit card debt, but most was saved or used for nondurable consumption.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103873"},"PeriodicalIF":8.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141286515","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 death of a regulator: Strict supervision, bank lending, and business activity 监管者之死严格监管、银行贷款和商业活动
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-07 DOI: 10.1016/j.jfineco.2024.103871
João Granja , Christian Leuz
{"title":"The death of a regulator: Strict supervision, bank lending, and business activity","authors":"João Granja ,&nbsp;Christian Leuz","doi":"10.1016/j.jfineco.2024.103871","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103871","url":null,"abstract":"<div><p>We exploit the extinction of the thrift supervisor (OTS) to analyze the effects of supervision on bank lending and bank management. We first show that the OTS replacement resulted in stricter supervision of former OTS banks. Next, we analyze the ensuing lending effects and show that former OTS banks on average increase small business lending by roughly 10 percent. This increase is concentrated in well-capitalized banks and especially in banks that changed management practices following the supervisory transition. These findings suggest that stricter supervision operates not only through the enforcement of loss recognition and capital adequacy, but can also act as a catalyst for operational changes that correct deficiencies in bank management and lending practices, which in turn increase lending.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103871"},"PeriodicalIF":8.9,"publicationDate":"2024-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141286513","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
Discrimination in the payments chain 支付链中的歧视
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-04 DOI: 10.1016/j.jfineco.2024.103872
Anna M. Costello , Michael Minnis , Irina Rabinovich
{"title":"Discrimination in the payments chain","authors":"Anna M. Costello ,&nbsp;Michael Minnis ,&nbsp;Irina Rabinovich","doi":"10.1016/j.jfineco.2024.103872","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103872","url":null,"abstract":"<div><p>We examine whether discrimination affects customers’ willingness to pay their suppliers. Using a dataset of detailed trade credit networks, we find that when facing a macroeconomic shock, customers delay payments to their suppliers with female or black trade credit officers at a 10%–20% higher rate relative to their payments to non-minorities. These results hold after controlling for a host of economic differences between minority groups and non-minority groups. In particular, we exploit the complexity of the supply chain network – wherein suppliers transact with multiple customers in each month and customers transact with multiple suppliers in each month – to estimate <em>within-relationship</em> changes in payment behavior during periods of financial hardship. Results indicate that the largest increases in payment delays are between customers that are classified as having racial or gender biases and suppliers that have minority lead credit officers. The results suggest that biased beliefs and preferences play a critical role in trade credit.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103872"},"PeriodicalIF":8.9,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141243056","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
Refinancing cross-subsidies in the mortgage market 抵押贷款市场中的再融资交叉补贴
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-04 DOI: 10.1016/j.jfineco.2024.103876
Jack Fisher , Alessandro Gavazza , Lu Liu , Tarun Ramadorai , Jagdish Tripathy
{"title":"Refinancing cross-subsidies in the mortgage market","authors":"Jack Fisher ,&nbsp;Alessandro Gavazza ,&nbsp;Lu Liu ,&nbsp;Tarun Ramadorai ,&nbsp;Jagdish Tripathy","doi":"10.1016/j.jfineco.2024.103876","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103876","url":null,"abstract":"<div><p>In household finance markets, inactive households can implicitly cross-subsidize active households who promptly respond to financial incentives. We assess the magnitude and distribution of cross-subsidies in the mortgage market. To do so, we build a structural model of household mortgage refinancing and estimate it on rich administrative data covering the stock of outstanding mortgages in the UK. We estimate sizeable cross-subsidies that flow from relatively poorer households and those located in less-wealthy areas towards richer households and those located in wealthier areas. Our work highlights how the design of household finance markets can contribute to wealth inequality.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103876"},"PeriodicalIF":8.9,"publicationDate":"2024-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304405X24000990/pdfft?md5=dcf6c9b2a9f252555891ffd851b0951c&pid=1-s2.0-S0304405X24000990-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141250491","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
The social signal 社会信号
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-06-03 DOI: 10.1016/j.jfineco.2024.103870
J. Anthony Cookson , Runjing Lu , William Mullins , Marina Niessner
{"title":"The social signal","authors":"J. Anthony Cookson ,&nbsp;Runjing Lu ,&nbsp;William Mullins ,&nbsp;Marina Niessner","doi":"10.1016/j.jfineco.2024.103870","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103870","url":null,"abstract":"<div><p>We examine social media attention and sentiment from three major platforms: Twitter, StockTwits, and Seeking Alpha. We find that, even after controlling for firm disclosures and news, attention is highly correlated across platforms, but sentiment is not: its first principal component explains little more variation than purely idiosyncratic sentiment. Using market events, we attribute differences across platforms to differences in users (e.g., professionals versus novices) and differences in platform design (e.g., character limits in posts). We also find that sentiment and attention contain different return-relevant information. Sentiment predicts positive next-day returns, but attention predicts negative next-day returns. These results highlight the importance of considering both social media sentiment and attention, and of distinguishing between different investor social media platforms.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"158 ","pages":"Article 103870"},"PeriodicalIF":8.9,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141244514","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
Tiny trades, big questions: Fractional shares 小交易，大问题：零碎股份
IF 8.9 1区 经济学
Journal of Financial Economics Pub Date : 2024-05-28 DOI: 10.1016/j.jfineco.2024.103836
Robert P. Bartlett , Justin McCrary , Maureen O'Hara
{"title":"Tiny trades, big questions: Fractional shares","authors":"Robert P. Bartlett ,&nbsp;Justin McCrary ,&nbsp;Maureen O'Hara","doi":"10.1016/j.jfineco.2024.103836","DOIUrl":"https://doi.org/10.1016/j.jfineco.2024.103836","url":null,"abstract":"<div><p>This paper investigates fractional share trading. We develop a latency-based method for identifying a large sample of fractional share trades. We find that high-priced stocks, meme stocks, IPOs, SPACs, and popular retail stocks exhibit considerable numbers of these tiny trades. We surmise that this reflects dollar-based order entry, with many tiny trades being fractional components of larger orders. We show that our fractional trade measure is predictive of future liquidity and volatility, suggesting a new metric to capture the information in retail trades. We identify how data and reporting protocols preclude knowing the extent of fractional share trading, inflate volume data, and provide censured samples of these off-exchange trades.</p></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"157 ","pages":"Article 103836"},"PeriodicalIF":8.9,"publicationDate":"2024-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141163723","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：481959085
Book学术官方微信