金融/财会, 本领域期刊类期刊, -365足球

we examine how relative performance evaluation (rpe) affects industry competition—a question relevant for corporate boards interested in incentivizing executives. using u.s. airline data, we estimate a dynamic game of competition between heterogeneous firms in an oligopolistic market, with managers incentivized by rpe contracts. while rpe can induce a firm to compete more intensely by smoothing compensation

we show that financial constraints lead to spatial misallocation and contribute to racial disparities in housing and wealth accumulation. using bunching and difference-in-differences designs, we document that down payment constraints disproportionately limit the ability of black households to access housing in high-opportunity areas. we build a dynamic life-cycle model to examine the long-term wealth

a central finding of the theoretical literature on bargaining is that parties’ attitudes towards delay influence bargaining outcomes. however, the ability to endure delays, resilience, is often private information and hard to measure in most real-world contexts. in the context of collective bargaining, we show firms actively attempt to become financially resilient in anticipation of labor negotiations

risk management under uncertainty is crucial for equity-linked securities (els) with complex nonlinear payoffs that challenge traditional hedging methods. we propose a robust dynamic hedging framework for step-down els using deep neural networks and stochastic optimization, incorporating covariance ambiguity. by minimizing a weighted combination of cvar and loss probability, our method reduces tail

we model how investor learning about monetary-policy transmission impacts asset prices. in an asset-pricing model, investors learn from realized inflation surprises how effectively monetary policy steers future inflation. downward revisions in perceived effectiveness raise expected inflation persistence, increasing return volatility and risk premia. these effects intensify when policy deviates significantly

this article quantifies the effects of a multiday cyberattack that forced offline a technology service provider (tsp) to the banking sector. the attack impaired customers’ ability to send payments through the tsp, but the business continuity plans of banks and the tsp reduced the effect by more than half. large banks performed better. through contagion, banks not directly exposed to the attack experienced

aggregate u.s. bank lending to firms expanded following the outbreak of covid‐19. using loan‐level supervisory data, we show that this expansion was driven by draws on credit lines by large firms. banks that experienced larger credit line drawdowns restricted term lending more, crowding out credit to smaller firms, which reacted by reducing investment. a structural model calibrated to match our empirical

we study a search and bargaining model of over‐the‐counter markets for nonstandardized assets of heterogeneous quality. once matched, investors privately learn their values positively correlated with asset quality. bargaining results in delay that is hump‐shaped in quality and u‐shaped in asset turnover. we document these patterns in commercial real estate and corporate bonds markets. extreme qualities

this study develops a data asset dictionary based on the data value chain framework, and examines how corporate data assets affect outward foreign direct investment (ofdi) and how government subsidies moderate this relationship. the results show that data assets significantly increase both the likelihood and scale of ofdi, highlighting their strategic value in driving international expansion. specifically

amid the escalating trend of trade protectionism, an increasing number of firms have been exposed to critical technological deficiencies following the disruption of their long-term supplier relationships. to explain this phenomenon, this paper explores the impact of supplier stability on corporate innovation from the perspective of path dependence theory. the findings suggest that while stable suppliers

this study systematically analyzes the inhibitory effect of ceo financial experience on corporate innovation decisions and its mechanisms using listed companies from 2012 to 2023. results indicate that ceos with financial backgrounds considerably reduce corporate innovation, confirming the short-term investment preference and risk aversion tendency associated with financial experience. the degree of

farmer, schmidt, and timmermann (fst) document time‐variation in market return predictability, identifying “pockets” of significant predictability through kernel regressions. however, our analysis reveals a critical discrepancy between the method outlined by fst and the code actually implemented. instead of using a one‐sided kernel, which guarantees out‐of‐sample forecasts, they perform in‐sample estimation

this study examines the dynamic effects of geopolitical risks on the crypto exchange rate premium. defined as the percentage difference between the bitcoin price on domestic exchanges and its price on global exchanges, this recently developed measure could serve as a proxy for capital flight. employing the local projection method on a monthly panel dataset of 24 countries from 1/2019 to 1/2025, this

this study is the first to integrate recurrence plots, recurrence quantification analysis (rqa) and short-time fourier transform (stft) to predict cryptocurrency market behaviour. recurrence plots, rqa statistics and stft spectrograms were calculated from return data and used as input in random forest algorithms as they are optimal tools for identifying non-linear dynamics in market data and analyse

we introduce the quantum finance index (qfi), a novel metric designed to quantify the intensity of quantum computing and algorithmic innovation at the global, u.s., and firm-specific levels. the index integrates two complementary components: a sentiment-based measure, constructed from google search trends, and an innovation-based measure, derived from quantum-related patent activity. both components

although market preferences appear to have shifted toward sustainability, sin stocks, linked to activities such as gambling, tobacco, alcohol, or weapons, continue to outperform sustainable stocks in returns and resilience to market shocks. however, their relationship with other asset classes remains underexplored. thus, this paper examines the connections and diversification benefits of sin stocks

based on a comprehensive data set of classified (staggered) boards covering nearly all u.s. public firms from 1991 to 2020, we show that contrary to conventional wisdom, the use of classified boards remains widespread. moreover, classified board usage over a firm's life cycle depends significantly on the decade the firm matured or year it went public. while classified boards were rarely removed in

this study demonstrates that enhanced supply chain cost-sharing capabilities catalyze accelerating firm internationalization, effectively transforming cost burdens into strategic facilitators of global market expansion. rooted in the amalgamation of the resource-based view, transaction cost economics, and network theory, the study demonstrates that firms possessing advanced cost-sharing capabilities

the disposition effect is a well-documented behavioral bias. while investigated with other biases, little is known about how this effect interacts with home bias, the preference for familiar domestic assets. using a proprietary dataset of over one million retail forex trades by 4,226 investors across 126 countries, we investigate how currency familiarity interacts with return realization behavior.

against the backdrop of rapid development of the digital economy, digital transformation provides new opportunities and impetus for the innovative development of capital appreciation models in property management enterprises through optimizing internal management processes, improving service efficiency and quality, and enhancing data governance capabilities. based on data from 98 property management

we propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. for a sample of u.s. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. we then apply our measure to the study of

stock returns exhibit reversals at short horizons but slowly transition to momentum over longer horizons. to help understand this pattern, we develop a multiperiod model with short- and long-horizon noise traders, and active investors who underreact to information they do not themselves produce. the model accords with the transition from reversals to momentum and yields the following novel predictions:

this paper investigates the impact of green financing for environmental, social, and governance (esg) investments on business dynamism and wages within the economy. green financing for emission reductions involves certain abatement costs, while the associated green financing can offset these cost increases. the effects on wage inequality and firm dynamics hinge on which effect predominates. green financing

this work studies the impact of equity pledge by controlling shareholders on the quality of corporate esg disclosures and the mechanism through which digital transformation plays a role, utilizing data from a-share companies listed in shanghai and shenzhen between 2013 and 2022. empirical findings reveal that the overall quality of esg disclosure is considerably reduced by the presence of equity pledges

twitter, with its large subscriber base, has become a prominent platform for real-time economic debate and discussions on financial assets. this study analyzes the impact of twitter-based economic uncertainty (teu) on the corporate bond market, a major asset class characterized by institutional dominance and dealer intermediation. we find a positive and significant relationship between teu and corporate

this paper examines the relationship between cybersecurity risk and firm investment efficiency. it documents that cybersecurity risk contributes to overinvestment but does not influence underinvestment. the results remain robust after considering endogeneity concerns and alternative model specifications. we also identify key underlying mechanisms driving the relationship, including empire-building

this paper discusses an optimal investment–consumption-insurance problem for a wage earner incorporating information learning and health shocks. the information learning mechanism is designed based on the historical investment performance. critical illness insurance and life insurance can be purchased to hedge against health risk and mortality risk, respectively. moreover, the wage earner allocates

we analyze the effect of msci’s environmental rating changes on stock returns for u.s.-listed firms. we consider the aggregate environmental rating, its four underlying theme ratings, and thirteen environmental key issue ratings from which both the aggregate and theme ratings are constructed. we find that the positive effect of aggregate environmental rating changes on subsequent stock returns is driven

we introduce a pricing kernel with time-varying volatility risk aversion to explain the observed time variations in the shape of the pricing kernel. when combined with the heston-nandi garch model, this framework yields a tractable option pricing model in which the variance risk ratio (vrr) emerges as a key variable. we show that the vrr is closely linked to economic fundamentals, as well as sentiment

we investigate a “size anomaly” in european banking—namely, whether very large banks earn significantly lower risk-adjusted stock returns than smaller peers, even when those peers are systemically important. to better understand this phenomenon, we construct a bank-specific size factor using principal component analysis on residual stock returns and introduce a new measure of economies of scale, based

we examine the value effects of exclusions by the ngpf-g, the world's largest ethical sovereign wealth fund and find that the exclusions elicited mixed response from investors in the short term. the excluded firm experienced significantly negative returns on the announcement date and the week following the exclusions. however, the firms realized higher returns over the three weeks after the exclusion

with the growth of digital technologies, tourism companies have accelerated their digital transformation in recent years to improve efficiency and profitability. in this research, we explore the implications of digital transformation for tourism firms' green finance efficiency. grounded in a comprehensive panel of publicly traded tourism enterprises from 2000 to 2024, this paper offers strong evidence

this study addresses the pressing issue of widespread unethical conduct among financial advisors, impacting both households and the broader economy. utilizing a panel dataset of u.s. investment advisors and natural disaster occurrences, this research underscores a significant positive link between experiences of natural disasters and the likelihood of financial advisor misconduct. notably, experiences

this study examines whether and how social media use influences retail investors’ short-termism in investment. using data from the 2021 national financial capability study, social media use to obtain investment information is found to be associated with short-termism. the relationship is supported by various robustness tests. the effect is particularly pronounced among younger investors and those exhibiting

this study examines the profitability effects of indonesia’s 2017 sustainable-finance regulations. monthly data for 91 commercial banks (2013–2023) are analyzed with a dynamic common correlated effects estimator. three results emerge. first, average returns on assets and equity rise after the mandate, pointing to a net gain from compliance. second, the interaction between the regulation and the geopolitical-risk

we apply dynamic capability theory to define and operationalize firm resilience as the ability to leverage internal strengths while adapting to external challenges. our findings reveal that firm resilience not only enhances firm value but also mitigates risk, with these results holding robust across extensive testing. specifically, firm resilience fortifies internal controls and enhances information

financial economics generally claims that financial management is either irrelevant or relevant merely because of supposed market imperfections. this study presents an alternative explanation: ‘in our monetary societies financial management is a significant activity for organizations, societies, and the human-relationship with the biosphere’. accordingly, it discusses two hypotheses with excess content

the pricing of firms' biodiversity risk exposure, as an emerging dimension of environmental risk, remains a contentious topic. this study employs the international syndicated long loan data from 2013 to 2023 and adopts the exogenous shock of the kunming declaration as an identification strategy to examine the effects of biodiversity risk on firms' loan spreads. the findings reveal that: (1) following

recently, the imbalance between the development of the real economy and the financial industry has intensified, which restricted economic growth and financial development. therefore, this paper attempts to measure the level of financialization and analyze its dynamic relevance with the real economy. on the one hand, we select sub-indicators representing the generalized financial sector and use the

this paper investigates the impact of tax incentive policies on the upgrading of corporate human capital structure and its underlying mechanisms. based on data from shanghai and shenzhen listed companies from 2011 to 2023, we employ the difference-in-differences (did) model, using the accelerated depreciation policy for fixed assets as a quasi-natural experiment. we find that: tax incentives significantly

this paper utilizes matched data from the wind and csmar databases from 2010 to 2022 to examine the impact of data assets on firm investment at different levels, such as firm and industry. it is found that (1) we constructs an analytical framework based on financial data of data assets and firm investment; (2) we find that data assets help to significantly enhance firm investment, and the larger the

prior research suggests that firms' electronic word-of-mouth (ewom) can influence institutional investors' decisions and firm value, making it a relevant issue in finance. this study examines potential biases in ewom evaluations due to buyer–seller interactions in online transactions. our model shows that sellers' online satisfaction ratings systematically overestimate their true quality, with the

we leverage the chinese zodiac-year belief to examine whether insider trading could be restrained by increasing risk aversion of managers. according to the zodiac-year belief, individuals perceive themselves as more vulnerable to misfortune during their zodiac years, leading to greater caution and risk-aversion in decision-making. on this basis, we hypothesize that managers are less inclined to engage

we use newly assembled data overall encompassing up to 75 countries and starting circa 1910, to study impediments to the schumpeterian process of creative destruction as it “proceeds by competitively destroying old businesses.” political connections appear to represent an obstacle to the destructive part of the schumpeterian process in the replacement of large firms. when accompanied by regulations

organisations adopting digital technologies are seeing alterations in the structure and nature of data they track and process. within this landscape of change, accounting systems tend to focus on the collection and aggregation of financial transaction data and the provision of quantitative and non-financial information to support decision-making processes. evidence is, however, emerging that accounting

short sellers are widely known to be informed, which would typically suggest that they demand liquidity. we obtain comprehensive transaction-level data to decompose daily short volume into liquidity-demanding and liquidity-supplying components. contrary to conventional wisdom, we show that the most informed short sellers are actually liquidity suppliers, not liquidity demanders. they are particularly

we examine the effect of undiagnosed memory disorders on credit outcomes using individually-matched nationally representative credit reporting and medicare data. we find effects of early stage disease, years before diagnosis, on a wide range of financial outcomes, including credit card account payment delinquency and amount of delinquent balance, credit utilization among credit card account holders

the cryptocurrency market is characterized by rapid risk transmission, strong interconnectedness, and substantial downside risk, driven by technical similarities among major cryptocurrencies and herd behavior of investors. to analyze these dynamics, we construct a directed, weighted cryptocurrency risk spillover network consisting of 20 leading cryptocurrencies, using the dcc-garch-copula-δcovar model

this paper investigates the board-network peer effects of enterprise, social, and governance (esg) greenwashing. we find that esg greenwashing behaviors exhibit significant peer effects across board networks, primarily driven by information transmission through interlocking directors, social pressure, and industry competition. using robust identification strategies to address endogeneity concerns and

amid escalating environmental challenges, green manufacturing processes within enterprises increasingly require external incentives. historically, such incentive policies have primarily focused on the supply side of green manufacturing, often neglecting the demand-side pull effect. moreover, the effectiveness of green incentive policies differs markedly between traditional green products and third-party

this paper makes the first comprehensive attempt to study within‐country heterogeneity of housing returns. we introduce a new city‐level data set covering 15 oecd countries over 150 years and show that national housing markets are characterized by systematic spatial variation in housing returns. total returns in large agglomerations are close to 100 basis points lower per year than in other parts of

do asset and credit shocks affect sovereign risk? we find new factors suggesting that a part of sovereign risk is exogenously determined. we observe that the financial and economic impact of asset price shocks have changed over time, even though the magnitude of the shocks is similar across different episodes. to explain this change, we suggest that the magnitude of the effect is different in 2008

this study explores credit constraints within business networks and emphasizes the impact of supply chain linkages and financial uncertainty on firm financing. findings indicate that supply chain linkages mitigate credit constraints, particularly during periods of high financial uncertainty. this is attributed to enhanced information-sharing and trust, thereby reducing transaction costs and improving

we examine the impact of geopolitical risk on firms’ cost stickiness using a large sample of listed u.s. firms. our findings reveal that geopolitical risk negatively affects cost stickiness, leading to lower cost stickiness. channel analysis suggests that geopolitical risk influences cost stickiness behavior by tightening firms’ financial constraints. furthermore, we demonstrate that managerial ability

this study investigates the impact of corporate biodiversity risk disclosures on analysts’ forecasts by taking advantage of quasi-exogenous variation in media coverage. we employ the new york times biodiversity news index as an instrument for firms’ raw disclosure counts and estimate a 2sls model. our results show that analysts systematically incorporate biodiversity risk disclosures into their forecasts

we conduct a textural analysis of firms' annual reports to measure firm-level climate risks exposure and examine the impact of climate risks on firms' leverage. we find that firms with greater climate risks tend to have lower leverage. our evidence show that the plausible mechanisms involve increased operating risks as well as financing constrains arise from climate risks. additionally, this negative

we study the impact of an mba‐style executive education course in finance on corporate policies and firm performance targeting top managers of medium and large mozambican enterprises. using a randomized controlled trial, we find that the educational treatment induces changes in financial policies that improve firm performance. specifically, a reduction in working capital (0.4 to 0.5 standard deviations)

we study the impact of the u.s. money market fund reform implemented in october 2016 on global banks' funding supply and business activities. we show that the reform induced a large negative wholesale funding shock for global banks. in contrast to the conventional bank lending channel, the primary response of global banks to the reform was a cutback in arbitrage positions that relied on unsecured funding

drawing on actor-network theory (ant) and the concept of translation (callon, 1984), this study examines the construction of accountability, which revolves around the interactions between a non-governmental organisation (ngo) and its stakeholder groups. as ngos were forced to alter their modus operandi to survive the covid-19 pandemic while maintaining accountability, we set an ethnographic field study