在竞争激烈的产品市场中实现目标

IF 7.6 1区 经济学 Q1 BUSINESS, FINANCE
EMILIO BISETTI, STEPHEN A. KAROLYI
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引用次数: 0

摘要

我们的研究表明,上市银行在未达到每股收益(EPS)目标后会面临负的股票收益率跳跃,并从理论和定量上将这些跳跃与 EPS 意外分布中的扎堆行为联系起来。扎堆银行会下调存款利率以达到目标,但这是以存款外流和特许权价值损失为代价的。当地的竞争者,包括未受到资本市场压力的私人银行,会提高存款利率,以补偿储户的转换。我们的研究结果提供了新的证据,证明业绩目标激励机制会影响消费品价格,并表明竞争可能会对上市公司的目标努力起到制衡作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Meeting Targets in Competitive Product Markets

Meeting Targets in Competitive Product Markets

We show that public banks face negative stock return jumps after missing their earnings per share (EPS) targets, and theoretically and quantitatively link these jumps to bunching behavior in the EPS surprise distribution. Bunching banks cut deposit rates to meet their targets, but do so at the expense of deposit outflows and franchise value losses. Local competitors, including private banks unexposed to capital market pressure, increase deposit rates, compensating depositors for switching. Our results provide new evidence that performance targeting incentives can affect consumer product prices, and suggest that competition may provide a check on public firms' targeting efforts.

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来源期刊
Journal of Finance
Journal of Finance Multiple-
CiteScore
12.90
自引率
2.50%
发文量
88
期刊介绍: The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.
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