Journal of Corporate Finance最新文献

英文中文

Local peer effects and corporate investment 本地同伴效应和企业投资

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-12 DOI: 10.1016/j.jcorpfin.2025.102935

Yangming Bao , Martin R. Goetz

We examine peer effects in corporate finance by assessing how a firm’s investment influences its neighboring peer firms’ investment. To uncover the exogenous component of investment, we exploit time variation in the increases in state corporate income taxes across the United States and utilize heterogeneity in local peer firms’ exposure to these tax increases to construct an instrumental variable. We identify a positive and robust causal effect of local peer firms’ investment decisions on firm investment. Distinguishing between physical and intangible investment, we find that peer firms’ investment in physical (intangible) capital only influences firm investment in the same type of capital, particularly when that capital is central to operations. Further evidence indicates that learning from peers is an important factor, as peer effects are more pronounced for firms with stronger learning motives.

我们通过评估一家公司的投资如何影响其邻近同行公司的投资来检验公司融资中的同伴效应。为了揭示投资的外生成分，我们利用美国各州企业所得税增加的时间变化，并利用当地同行公司对这些税收增加的暴露的异质性来构建工具变量。我们确定了本地同行企业的投资决策对企业投资的积极和强大的因果效应。区分有形和无形投资，我们发现同行公司对有形（无形）资本的投资只会影响公司对同一类型资本的投资，特别是当该资本对运营至关重要时。进一步的证据表明，向同伴学习是一个重要因素，因为同伴效应在学习动机更强的公司中更为明显。

引用次数: 0

Understanding outlier opinions: Evidence from financial analysts 理解异常意见：来自金融分析师的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-02 DOI: 10.1016/j.jcorpfin.2025.102933

Qianqian Du , Frank Yu , Xiaoyun Yu

We study the impact of outlier opinions—extreme views voiced by individuals—in financial markets. Using analyst forecasts as a laboratory, we show that the arrival of an outlier forecast subsequently shifts group consensus and prompts more extreme forecasts from peers. Outlier forecasts also elicit stronger market reactions from investors, increased media coverage, and more conservative management guidance. Further analyses reveal that issuing outlier forecasts enhances an analyst's likelihood of being assigned to cover more prominent clients. Outlier forecasts are more prevalent when an analyst's reputation cost is low and information uncertainty is high. These findings suggest that an individual's outlier opinions, despite being rare and extreme, can generate a broad range of market reactions, and the tendency to express such views is situational, likely driven by personal career motives.

我们研究了金融市场中异常观点（个人表达的极端观点）的影响。使用分析师预测作为实验室，我们表明，异常预测的到来随后改变了群体共识，并促使同行做出更极端的预测。异常预测还会引起投资者更强烈的市场反应、媒体报道的增加以及更保守的管理层指引。进一步的分析表明，发布异常值预测增加了分析师被分配到更多重要客户的可能性。当分析师的声誉成本较低而信息不确定性较高时，异常值预测更为普遍。这些发现表明，个人的异常观点，尽管是罕见和极端的，但可以产生广泛的市场反应，并且表达这种观点的倾向是情境性的，可能是由个人职业动机驱动的。

引用次数: 0

Revealing or concealing? The competitive landscape of bad news disclosure 揭示还是隐藏？坏消息披露的竞争格局

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-02 DOI: 10.1016/j.jcorpfin.2025.102930

Rui Dai , Rui Duan , Lilian Ng

We examine how product market competition influences corporate disclosure of adverse news. Our results indicate that firms facing intense competition from existing rivals tend to withhold unfavorable information from stakeholders such as competitors, customers, and investors. In contrast, the threat of new entrants encourages firms to disclose more adverse news as a strategy to deter competition and preserve customer relationships. Our study reconciles seemingly contradictory findings from prior research on competition and disclosure strategies. We highlight that the relationship is shaped by a broader set of corporate strategic considerations, encompassing competitor, customer, and investor dynamics, beyond managerial self-interest.

研究了产品市场竞争对企业不利消息披露的影响。我们的研究结果表明，面对来自现有竞争对手的激烈竞争的公司倾向于向竞争对手、客户和投资者等利益相关者隐瞒不利信息。相比之下，新进入者的威胁鼓励公司披露更多的负面消息，作为一种阻止竞争和维护客户关系的策略。我们的研究调和了先前关于竞争和信息披露策略的研究中看似矛盾的发现。我们强调，这种关系是由一系列更广泛的企业战略考虑所塑造的，包括竞争对手、客户和投资者的动态，而不仅仅是管理层的自身利益。

引用次数: 0

Do carbon emissions affect the cost of capital? Primary versus secondary corporate bond markets 碳排放会影响资本成本吗？一级和二级公司债券市场

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-29 DOI: 10.1016/j.jcorpfin.2025.102932

Daniel Kim , Sébastien Pouget

We empirically study whether carbon emissions affect firms’ cost of capital raised on conventional bond markets. We find that firms with higher carbon emissions face higher spreads in the secondary market but not in the primary market. We show that this gap is related to uncertainty about climate concerns that affects differently primary and secondary market. This gap is also affected by the reputation of underwriting dealers: high reputation promotes the incorporation of climate concerns into bond yields. Our findings imply that, on average, carbon emissions do not affect the cost of capital in bond markets, thereby reducing firms’ financial incentives for decarbonization.

我们实证研究了碳排放是否会影响企业在传统债券市场上的融资成本。我们发现，碳排放量高的企业在二级市场面临更高的价差，而在一级市场则不然。我们表明，这一差距与气候问题的不确定性有关，气候问题对一级和二级市场的影响不同。这一差距还受到承销商声誉的影响：高声誉促使将气候问题纳入债券收益率。我们的研究结果表明，平均而言，碳排放不会影响债券市场的资本成本，从而降低了企业对脱碳的财务激励。

引用次数: 0

It's all about timing: Analyst forecasts during weekday non-trading hours 关键在于时机：分析师在工作日非交易时间的预测

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-28 DOI: 10.1016/j.jcorpfin.2025.102931

Xunzhuo Xi , Yangyang Chen , Feng Tang , Desmond Chun Yip Yuen

This study examines whether financial analysts purposefully issue more pessimistic earnings forecasts during weekday non-trading hours. We show that downward forecast revisions released during weekday non-trading hours draw less market attention, resulting in weaker negative stock price reactions than those released on weekends or trading hours. Such differential market responses to bad news provide analysts with an opportunity to minimize the adverse market impacts of their negative forecasts. In line with this notion, we find that analysts are more likely to issue downward forecast revisions during weekday non-trading hours than during weekends or trading hours. The documented timing phenomenon is more prominent for analysts who are less certain about their negative earnings forecasts either because the forecasted firms operate in a more opaque information environment or because the analysts have less forecasting experience and knowledge specific to these firms. The phenomenon is less pronounced for analysts affiliated with large brokerage firms and low-leverage firms. Collectively, our findings offer new insights into analysts' strategic forecasting behaviors.

本研究考察了金融分析师是否有意在工作日非交易时间发布更悲观的盈利预测。我们发现，在工作日非交易时间发布的向下预测修正引起的市场关注较少，导致负面股价反应比周末或交易时间发布的反应弱。市场对坏消息的不同反应为分析师提供了一个机会，以尽量减少他们的负面预测对市场的不利影响。与这个概念一致，我们发现分析师在工作日非交易时间比在周末或交易时间更有可能发布向下的预测修正。对于那些对其负面收益预测不太确定的分析师来说，记录的时机现象更为突出，这要么是因为被预测的公司在一个更不透明的信息环境中运作，要么是因为分析师对这些公司的预测经验和知识较少。对于隶属于大型经纪公司和低杠杆公司的分析师来说，这种现象不那么明显。总的来说，我们的研究结果为分析师的战略预测行为提供了新的见解。

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引用次数: 0

The double-edged sword of corporate net zero commitment on the carbon risk premium 企业净零承诺对碳风险溢价的双刃剑

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-20 DOI: 10.1016/j.jcorpfin.2025.102920

Keith Jin Deng Chan, Wilson Tsz Shing Wan

To address climate change, an increasing number of firms have declared net zero commitments. In this article, we theoretically and empirically demonstrate that a firm's net zero commitment may present a double-edged sword on its cost of equity. By modelling a firm's optimal transition pathway, we theoretically elucidate the relationship between transition ambition, transition readiness, and enterprise value. By estimating the carbon risk premium for 1100 listed firms that had declared net zero commitments globally by 2022, we empirically show that such commitments can either increase or decrease a firm's carbon risk premium, depending on its transition readiness. Specifically, among firms with the same greenhouse gas emissions intensity, those with lower transition readiness may experience a higher cost of equity from declaring net zero commitments. These results align with our theoretical analysis and cannot be explained solely by values investors' green preferences nor the discounted transition credibility of high-emitting firms. Additionally, we show that institutional investors effectively channel carbon risk into the stock market by divesting from high-emitting firms that have declared net zero commitments. Our findings have important implications: firms whose transition readiness do not measure up to their transition ambition may paradoxically expose themselves to greater transition risk and, consequently, a higher cost of equity. To alleviate the accumulation of carbon risk premium in the stock market, policymakers should support the transition readiness of firms in their jurisdictions. This involves building transition capacity, raising transition urgency, and lowering investors' discount rates.

为了应对气候变化，越来越多的公司宣布了净零排放的承诺。在本文中，我们从理论和实证两方面论证了企业净零承诺对其权益成本可能是一把双刃剑。通过建立企业最优转型路径模型，我们从理论上阐明了转型雄心、转型准备和企业价值之间的关系。通过对全球1100家已宣布到2022年净零排放承诺的上市公司的碳风险溢价进行估算，我们实证地表明，此类承诺可以增加或减少公司的碳风险溢价，这取决于其转型准备程度。具体而言，在温室气体排放强度相同的企业中，那些转型准备程度较低的企业可能会因宣布净零承诺而经历更高的权益成本。这些结果与我们的理论分析一致，不能仅仅用价值投资者的绿色偏好或高排放企业的贴现转型可信度来解释。此外，我们表明，机构投资者通过从已宣布净零排放承诺的高排放公司撤资，有效地将碳风险引入股市。我们的研究结果具有重要的意义：那些转型准备不符合其转型雄心的公司可能会自相矛盾地使自己面临更大的转型风险，从而导致更高的股权成本。为了缓解股票市场中碳风险溢价的积累，政策制定者应支持其管辖范围内企业的转型准备。这包括建设转型能力、提高转型紧迫性和降低投资者的贴现率。

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引用次数: 0

Pension fund investment and firm innovation 养老基金投资与企业创新

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-19 DOI: 10.1016/j.jcorpfin.2025.102918

David Pinkus , Dario Pozzoli , Cédric Schneider

We use a unique dataset on domestic pension fund investments to estimate the relationship between pension fund investment and innovation within Danish unlisted firms. We find a significant positive association between pension fund investment and various measures of innovation, including those targeting green technologies. However, this association is attenuated in highly competitive industries, consistent with a governance channel through which pension funds exert discipline on managers. Overall, our study underscores the important role of pension funds in supporting firm innovation, particularly by reducing managerial slack and by supplying stable, long-term capital to unlisted firms.

我们使用国内养老基金投资的独特数据集来估计丹麦非上市公司养老基金投资与创新之间的关系。我们发现养老基金投资与各种创新措施之间存在显著的正相关关系，包括那些以绿色技术为目标的措施。然而，在竞争激烈的行业，这种关联减弱了，这与养老基金对管理者施加纪律的治理渠道是一致的。总体而言，我们的研究强调了养老基金在支持企业创新方面的重要作用，特别是通过减少管理松懈和向非上市公司提供稳定的长期资本。

引用次数: 0

Ruling with ideology: Politicians’ beliefs and privatizations 意识形态统治：政治家的信仰与私有化

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-17 DOI: 10.1016/j.jcorpfin.2025.102919

Linxiang Ma

I examine how political ideology shapes China’s privatization wave around 2000. Using a novel ideology measure constructed based on belief formation mechanisms, I show that provincial governors with above-median communist beliefs privatize 2.8% fewer state-owned enterprises (SOEs) each year than their below-median-belief colleagues. Firms privatized under such governors also achieve fewer efficiency gains after the sale. Mechanism analysis finds evidence that this performance gap arises from ideologically driven choices: pro-communist governors are more likely to privatize weaker or less important firms, adopt transaction structures associated with inferior outcomes, and manage subsidies in ways that exacerbate post-privatization challenges. Moreover, ideology moderates how governors learn from experience and respond to signals, shaping their adaptation in managing privatization. Jointly, these results demonstrate that political leaders’ beliefs can substantially influence the trajectory and outcome of major economic reforms. It also highlights the importance of ideology in driving politicians’ decisions under authoritarian regimes.

我研究了政治意识形态是如何影响2000年前后中国的私有化浪潮的。使用一种基于信念形成机制构建的新型意识形态度量，我发现拥有高于中位数的共产主义信念的省长每年比其低于中位数的同僚少私有化2.8%的国有企业。在这样的监管下私有化的公司在出售后获得的效率收益也更少。机制分析发现，有证据表明，这种绩效差距源于意识形态驱动的选择：亲共产主义的州长更有可能将较弱或不太重要的公司私有化，采用与劣质结果相关的交易结构，并以加剧私有化后挑战的方式管理补贴。此外，意识形态缓和了州长从经验中学习和对信号做出反应的方式，塑造了他们在管理私有化方面的适应能力。总之，这些结果表明，政治领导人的信念可以实质性地影响重大经济改革的轨迹和结果。这也凸显了在专制政权下，意识形态在推动政治家决策方面的重要性。

引用次数: 0

What data have told us about decentralized finance 关于去中心化金融，数据告诉了我们什么

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-10 DOI: 10.1016/j.jcorpfin.2025.102916

Jaime Castillo León, Alfred Lehar

This paper surveys the growing empirical literature on decentralized finance (DeFi), emphasizing how protocol design and incentive structures shape economic outcomes in blockchain-based financial systems. We review evidence on tokens, decentralized exchanges, lending platforms, yield farming, derivatives, governance, infrastructure, and regulation. Across these domains, research highlights mechanisms of liquidity provision, price discovery, leverage, systemic fragility, and investor behavior, as well as vulnerabilities stemming from arbitrage frictions, liquidation dynamics, and maximal extractable value. We also examine the roles of audits, oracle networks, settlement mechanisms, and transparency tools in substituting for traditional oversight. The findings indicate that DeFi replicates many functions of traditional finance while introducing new risks linked to pseudonymity, smart contracts, and composability. The survey concludes by outlining open questions for research and policy on market efficiency, governance, systemic risk, and long-term sustainability.

本文调查了越来越多的关于去中心化金融（DeFi）的实证文献，强调了协议设计和激励结构如何在基于区块链的金融体系中塑造经济结果。我们回顾了代币、去中心化交易所、借贷平台、收益农业、衍生品、治理、基础设施和监管方面的证据。在这些领域，研究重点是流动性提供、价格发现、杠杆、系统脆弱性和投资者行为的机制，以及源于套利摩擦、清算动态和最大可提取价值的脆弱性。我们还研究了审计、oracle网络、结算机制和透明度工具在替代传统监督方面的作用。研究结果表明，DeFi复制了传统金融的许多功能，同时引入了与假名、智能合约和可组合性相关的新风险。调查最后概述了市场效率、治理、系统性风险和长期可持续性方面有待研究和政策的开放性问题。

引用次数: 0

When does a generalist CEO create shareholder value? The effect of managerial challenge 通才型CEO何时能为股东创造价值？管理挑战的影响

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-11-08 DOI: 10.1016/j.jcorpfin.2025.102917

Sergey Gelman , Russell Fralich , Alex Bitektine , Sara Zahraei

We find that the expected contribution of new CEO's experience to firm value depends on the degree of managerial challenge faced in the hiring firm. We identify two firm dimensions of such challenge: 1) firm complexity and 2) prior poor performance of the firm. Using a multi-industry 15-year sample of 1095 newly appointed CEOs of U.S. public firms, we find that CEO's experience benefits investors only when the firm is complex and/or struggling. The more complexity or performance challenge the firm is facing, the greater is the positive effect of CEO generalist experience on shareholder value.

我们发现，新CEO经验对企业价值的预期贡献取决于招聘公司所面临的管理挑战程度。我们确定了这种挑战的两个公司维度：1)公司复杂性和2)公司先前的不良业绩。通过对美国上市公司1095名新上任CEO的15年多行业样本分析，我们发现CEO的经验只有在公司复杂和/或挣扎时才会对投资者有利。企业所面临的复杂性或绩效挑战越大，CEO通才经验对股东价值的正向影响就越大。

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Journal of Corporate Finance

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