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Correction to: Nondilutive CoCo Bonds: A Necessary Evil? 更正：非ilutive CoCo Bonds：必要之恶？
The review of corporate finance studies Pub Date : 2024-04-24 DOI: 10.1093/rcfs/cfae007
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引用次数: 0
Returns to Scale from Labor Specialization: Evidence from Asset Management Mergers 劳动专业化带来的规模收益:来自资产管理合并的证据
The review of corporate finance studies Pub Date : 2023-10-18 DOI: 10.1093/rcfs/cfad024
Mancy Luo, Alberto Manconi, David Schumacher
{"title":"Returns to Scale from Labor Specialization: Evidence from Asset Management Mergers","authors":"Mancy Luo, Alberto Manconi, David Schumacher","doi":"10.1093/rcfs/cfad024","DOIUrl":"https://doi.org/10.1093/rcfs/cfad024","url":null,"abstract":"Abstract We study human capital synergies in asset management mergers that stem from the improved ability to assign fund managers to more specialized tasks in larger firms. More specialized task assignment allows rotated managers to focus on their investment expertise and leads to incremental $54 million of value added per deal per year on average. The effects are concentrated in mergers that lead to a large increase in firm size and in funds whose management appears less specialized prior to the merger. Our results provide direct evidence on the role of firms in the assignment of tasks to fund managers.","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135824271","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Correction to: Funding Contagion through Common Owners 更正:通过共同所有者的资金传染
The review of corporate finance studies Pub Date : 2023-09-24 DOI: 10.1093/rcfs/cfad022
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引用次数: 0
How Does Policy Uncertainty Affect Venture Capital? 政策不确定性如何影响风险投资?
The review of corporate finance studies Pub Date : 2023-09-22 DOI: 10.1093/rcfs/cfad023
Xuan Tian, Yichu Wang, Kailei Ye
{"title":"How Does Policy Uncertainty Affect Venture Capital?","authors":"Xuan Tian, Yichu Wang, Kailei Ye","doi":"10.1093/rcfs/cfad023","DOIUrl":"https://doi.org/10.1093/rcfs/cfad023","url":null,"abstract":"Abstract This paper examines the effect of policy uncertainty on venture capital (VC) investment. Relying on plausibly exogenous variation in policy uncertainty caused by closely contested U.S. gubernatorial elections, we find that policy uncertainty negatively affects VC investment. The effect is more pronounced if VC investment is subject to higher illiquidity. However, some distinctive features of VCs (strategic motives, intensive post-investment monitoring, and preferences for early-stage and high-tech ventures) mitigate the effect of policy uncertainty, distinguishing the effect of policy uncertainty on VC investments (in private markets) from that in public markets. Our findings shed new light on the real effects of policy uncertainty in private markets. (JEL G24, D81, M13) Received: June 17, 2020; Editorial decision: June 27, 2023 by Editor: Andrew Ellul","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136061781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Banking Integration and Capital Misallocation: Evidence from China 银行业整合与资本错配:来自中国的证据
The review of corporate finance studies Pub Date : 2023-08-12 DOI: 10.1093/rcfs/cfad020
Naide Ye, Dongmin Kong
{"title":"Banking Integration and Capital Misallocation: Evidence from China","authors":"Naide Ye, Dongmin Kong","doi":"10.1093/rcfs/cfad020","DOIUrl":"https://doi.org/10.1093/rcfs/cfad020","url":null,"abstract":"Abstract Using the staggered intercity but within-province deregulation of local banks in China as exogenous variations, we evaluate the effect of banking integration across geographical segmentation on capital misallocation. Based on an administrative data set comprehensively covering Chinese manufacturing firms, we find that for firms with initially high marginal revenue products of capital (MRPK), the integration increases physical capital by 19.3%, and reduces MRPK by 33.1% relative to low MRPK firms. Our findings are more pronounced for non-state-owned firms and firms with higher exposure to integrated banks. Integration also significantly increases the responsiveness of firms’ investments to deposit shock on other cities within the same province. (JEL G21, G32, D24) Received October 12, 2022; editorial decision July 11, 2023 by Editor Isil Erel","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135308915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Determinants of the Intensity of Bank-Firm Relationships: Evidence from Japan 银企关系强度的决定因素:来自日本的证据
The review of corporate finance studies Pub Date : 2023-07-31 DOI: 10.1093/rcfs/cfad017
Yasuharu Aoki
{"title":"Determinants of the Intensity of Bank-Firm Relationships: Evidence from Japan","authors":"Yasuharu Aoki","doi":"10.1093/rcfs/cfad017","DOIUrl":"https://doi.org/10.1093/rcfs/cfad017","url":null,"abstract":"Abstract Focusing on the Japanese setting, this study investigates the standard firm characteristics that affect the intensity of bank-firm relationships (IBR) and how these characteristics relate to the decline in IBR. The regression results show that firm size, credit quality, investment opportunities, and ownership concentration are negatively associated with IBR, while firm age, pledgeability, and managerial ownership are positively associated. This study also finds that (1) an increase in credit quality, (2) a decrease in the positive impact of managerial ownership, and (3) an increase in the negative impact of ownership concentration cause the decline in IBR. (JEL G21, G32, L14) Received March 15, 2023; editorial decision July 11, 2023 by Editor Isil Erel. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135209760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
FinTech, Investor Sophistication, and Financial Portfolio Choices 金融科技、投资者成熟度和金融投资组合选择
The review of corporate finance studies Pub Date : 2023-06-08 DOI: 10.1093/rcfs/cfad014
Leonardo Gambacorta, Romina Gambacorta, Roxana Mihet
{"title":"FinTech, Investor Sophistication, and Financial Portfolio Choices","authors":"Leonardo Gambacorta, Romina Gambacorta, Roxana Mihet","doi":"10.1093/rcfs/cfad014","DOIUrl":"https://doi.org/10.1093/rcfs/cfad014","url":null,"abstract":"Abstract This paper analyzes the links between advances in financial technology, investors’ sophistication, and the composition and returns of their financial portfolios. We develop a simple portfolio choice model under asymmetric information and derive some theoretical predictions. Using detailed microdata from Banca d’Italia, we test these predictions for Italian households over the period 2004-2020. In general, heterogeneity in portfolio composition and in returns between sophisticated and unsophisticated investors grows with improvements in financial technology. This heterogeneity is reduced only if financial technology is accessible to everyone and if investors have a similar capacity to use it. (JEL: G1, G5, G4, D83, L8, O3) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135215342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Can Banks Save Mountains? 银行能拯救山脉吗?
The review of corporate finance studies Pub Date : 2023-05-23 DOI: 10.1093/rcfs/cfad013
David Haushalter, Joseph J Henry, Peter Iliev
{"title":"Can Banks Save Mountains?","authors":"David Haushalter, Joseph J Henry, Peter Iliev","doi":"10.1093/rcfs/cfad013","DOIUrl":"https://doi.org/10.1093/rcfs/cfad013","url":null,"abstract":"Abstract We study bank policies to limit lending to companies engaged in mountaintop removal (MTR) coal mining, a form of coal extraction that has raised many environmental concerns. Using the staggered introduction of these policies, we document that these policies did not lead to meaningful changes in average bank lending or MTR mining. However, larger banks, banks that are under media pressure, and banks operating in the affected states are more likely to reduce MTR loans. Our results are consistent with the hypothesis that banks announced these policies under pressure and to improve their green credentials. (JEL G21, G28, G32) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"227 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135140534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
ESG-Linked Compensation, CEO Skills, and Shareholder Welfare esg相关薪酬、CEO技能与股东福利
The review of corporate finance studies Pub Date : 2023-05-15 DOI: 10.1093/rcfs/cfad012
Swarnodeep Homroy, Taylan Mavruk, Van Diem Nguyen
{"title":"ESG-Linked Compensation, CEO Skills, and Shareholder Welfare","authors":"Swarnodeep Homroy, Taylan Mavruk, Van Diem Nguyen","doi":"10.1093/rcfs/cfad012","DOIUrl":"https://doi.org/10.1093/rcfs/cfad012","url":null,"abstract":"Abstract Executive compensation is increasingly being linked to ESG outcomes. This paper examines whether ESG targets are consistent with shareholder welfare. Using granular information on compensation contracts of Swedish CEOs, we show that ESG and financial targets are competing. ESG-linked compensation is 5 percentage points more common in well-governed firms and 6.3 percentage points more likely for CEOs with broader skill sets (generalist CEOs). ESG scores of well-governed firms improve when generalist CEOs have ESG-linked pay, but there is no effect on profitability. These results suggest that boards set ESG contracts because shareholders derive utility from ESG in addition to wealth, and ESG may not be produced without these incentives. (JEL M14, G14, D21, L21) Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136216137","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Greening the Swiss National Bank’s Portfolio 绿化瑞士国家银行的投资组合
The review of corporate finance studies Pub Date : 2023-05-03 DOI: 10.1093/rcfs/cfad011
Rüdiger Fahlenbrach, Eric Jondeau
{"title":"Greening the Swiss National Bank’s Portfolio","authors":"Rüdiger Fahlenbrach, Eric Jondeau","doi":"10.1093/rcfs/cfad011","DOIUrl":"https://doi.org/10.1093/rcfs/cfad011","url":null,"abstract":"Abstract Central banks are increasingly concerned about climate-related risks and want to ensure that the financial system is resilient to them. As they integrate these risks into financial stability monitoring, they also discuss how to apply environmental criteria to their own policy portfolio management, without compromising their policy mandate. We describe different strategies and assess their relevance for central banks, using the Swiss National Bank’s (SNB) equity portfolio as a laboratory. We develop a carbon-conscious screening approach that is likely consistent with its policy mandate. The approach reduces the portfolio’s carbon footprint by 20%, with little impact on diversification or performance. (JEL E58, G11)","PeriodicalId":75179,"journal":{"name":"The review of corporate finance studies","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134922895","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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