Journal of Corporate Finance最新文献

英文中文

Corporate green revenue and syndicated loan pricing 企业绿色收入与银团贷款定价

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-27 DOI: 10.1016/j.jcorpfin.2026.102967

Jiali Yan , Junyang Yin

How do banks contribute to the green economy? Using a unique dataset detailing firms' revenue exposure to green business activities, we present new evidence that firms generating revenue from green products and services are associated with lower syndicated loan spreads. We find that the green revenue effects on loan spreads are attributable to firms' prospects tied to climate change-related opportunities and banks' environmental orientation. Foreign banks subject to mandatory environmental, social, and governance (ESG) disclosure regulations reduce the loan spreads to green revenue firms. We also find suggestive evidence that firms with green revenue tend to file more green patents following loan origination. While banks typically perceive green innovation as riskier and demand higher loan spreads, this effect is offset if a firm also generates green revenue. Collectively, our results highlight the pivotal role that banks play in channeling financial resources toward green business practices.

银行如何为绿色经济做出贡献？我们使用了一个独特的数据集，详细说明了企业在绿色商业活动中的收入，并提供了新的证据，证明从绿色产品和服务中获得收入的企业与较低的银团贷款利差有关。我们发现，绿色收入对贷款息差的影响可归因于企业与气候变化相关机会相关的前景和银行的环境取向。受强制性环境、社会和治理（ESG）披露法规约束的外资银行，会减少向绿色收益公司提供的贷款利差。我们还发现，具有绿色收入的企业倾向于在贷款发放后申请更多的绿色专利。虽然银行通常认为绿色创新风险更大，要求更高的贷款利差，但如果企业也产生绿色收入，这种影响就会被抵消。总的来说，我们的结果突出了银行在引导金融资源走向绿色商业实践方面发挥的关键作用。

引用次数: 0

Worldwide board reforms and cross-border M&A flows 全球董事会改革和跨国并购流动

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-26 DOI: 10.1016/j.jcorpfin.2026.102970

Qi Dong , Gianluca Marcato , Chen Zheng

This study examines the influence of global board reforms on cross-border mergers and acquisitions (CBMAs). Using a difference-in-differences methodology, we find that CBMA flows increase significantly following board reforms in both home and host countries. The effect is more pronounced for countries with relatively weaker external governance mechanisms compared to their counterparts. Our findings suggest that board reforms enhance board functions, thereby facilitating firms' outbound investments. Simultaneously, improved board governance mitigates acquisition risks, attracting inward investments and, consequently, stimulating CBMA flows.

本研究探讨全球董事会改革对跨国并购（cbma）的影响。使用差异中的差异方法，我们发现在母国和东道国的董事会改革后，CBMA流量显著增加。对于外部治理机制相对较弱的国家，这种影响更为明显。我们的研究结果表明，董事会改革增强了董事会职能，从而促进了企业的对外投资。同时，改善董事会治理可以降低收购风险，吸引外来投资，从而刺激CBMA流动。

引用次数: 0

Risk management and corporate lifecycles: Evidence from reinsurance purchases 风险管理和公司生命周期：来自再保险购买的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-23 DOI: 10.1016/j.jcorpfin.2026.102961

Cassandra R. Cole, Evan M. Eastman

Theory suggests that firms move through distinct lifecycle stages that are determined by internal and external factors. Empirical evidence indicates that firm behavior differs across lifecycle stages. Using a sample of financial firms, specifically insurance companies, and a cashflow-based measure of lifecycle stages, we examine how demand for risk management varies across the corporate lifecycle. Employing reinsurance as our proxy for risk management, our results suggest that demand for risk management differs across lifecycle stages, with firms using more reinsurance in the introduction, growth, shake-out, and decline stages. We also find evidence that there are observable differences in the relation between reinsurance use and lifecycle stages when considering external and internal reinsurance separately. Finally, when we jointly consider the impact of lifecycles and factors capturing the main theoretical motives for reinsurance use, we continue to observe differences in the relation between lifecycle stages and the demand for internal and external reinsurance.

理论认为，企业会经历由内部和外部因素决定的不同生命周期阶段。经验证据表明，企业行为在不同的生命周期阶段有所不同。使用金融公司的样本，特别是保险公司，以及基于现金流的生命周期阶段度量，我们检查了风险管理需求在企业生命周期中的变化情况。采用再保险作为风险管理的代理，我们的研究结果表明，不同生命周期阶段对风险管理的需求不同，公司在引入、成长、洗牌和衰退阶段使用更多的再保险。我们还发现，当单独考虑外部和内部再保险时，再保险使用与生命周期阶段之间的关系存在显著差异。最后，当我们共同考虑生命周期的影响和捕获再保险使用主要理论动机的因素时，我们继续观察到生命周期阶段与内部和外部再保险需求之间关系的差异。

引用次数: 0

Insider trading with options: Evidence from rank-and-file employees 期权内幕交易：来自普通员工的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-22 DOI: 10.1016/j.jcorpfin.2026.102963

Matteo Vacca

Using trading data from Finland, I document that some rank-and-file employees purchase options written on their employers’ stocks. These purchases are associated with subsequent weekly excess returns of approximately 60 basis points in the underlying stocks. The association is most pronounced before earnings announcements, extends to firms in the employer’s supply chain, is not explained by industry knowledge or trading skill, and weakens upon job separation. The results suggest that some rank-and-file employees attempt to exploit informational advantages by trading in the option market, raising questions about firms’ disclosure policies and the alignment of employee incentives with market efficiency.

使用芬兰的交易数据，我证明了一些普通员工购买了写在雇主股票上的期权。这些购买与随后相关股票的每周超额回报约60个基点有关。这种联系在业绩公布前最为明显，延伸到雇主供应链中的公司，无法用行业知识或交易技能来解释，并在离职时减弱。研究结果表明，一些普通员工试图通过期权市场交易来利用信息优势，这对公司的信息披露政策和员工激励与市场效率的一致性提出了质疑。

引用次数: 0

Real estate collateral, lender screening, and M&A performance 房地产抵押、贷款人筛选与并购绩效

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-22 DOI: 10.1016/j.jcorpfin.2026.102962

Mingze Gao , Thanh Son Luong , Buhui Qiu

We study whether and how the market value of corporate real estate (REMV) shapes acquirer M&A performance. Using hand-collected loan agreements linked to M&A deals, we show that financing secured by real estate embeds tighter acquisition covenants and that, unlike other collateral, real estate collateral is associated with higher announcement returns. Instrumental-variables estimates based on headquarters-state property taxes, crime rates, and local natural-disaster exposure support a causal link from REMV to M&A deal performance. A two-by-two design crossing industry growth opportunities with acquisition covenants shows that both lender screening and financial flexibility mechanisms operate: returns are strongest when growth opportunities are high and covenants are restrictive, remain positive but smaller when only one channel is active, and vanish when both are weak. Consistent with ex-ante screening, acquirers borrowing against real estate are more likely to withdraw deals with negative announcement reactions. Our findings highlight the importance of real estate collateral in shaping corporate investment outcomes and suggest that real estate appreciation enhances firms' capacity to undertake more disciplined and value-creating acquisitions.

本文研究了企业房地产市场价值是否以及如何影响并购方的并购绩效。利用与并购交易相关的手收贷款协议，我们表明，以房地产为担保的融资嵌入了更严格的收购契约，而且与其他抵押品不同，房地产抵押品与更高的公告回报相关。基于总部州财产税、犯罪率和当地自然灾害风险的工具变量估计支持REMV与M&； a交易绩效之间的因果关系。一个带有收购契约的跨行业增长机会的二乘二设计表明，贷款人筛选和财务灵活性机制都在发挥作用：当增长机会高而契约有限制性时，回报率最高；当只有一个渠道活跃时，回报率仍为正，但较小；当两个渠道都薄弱时，回报率就会消失。与事前筛选一致，以房地产为抵押贷款的收购方更有可能因负面的公告反应而撤回交易。我们的研究结果强调了房地产抵押品在塑造企业投资结果中的重要性，并表明房地产升值增强了企业进行更有纪律、更能创造价值的收购的能力。

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引用次数: 0

Exploring the profitability in analyst collective opinions: The role of analyst crowd characteristics 分析人员集体意见中的盈利能力：分析人员群体特征的作用

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-19 DOI: 10.1016/j.jcorpfin.2026.102959

Xianjiao Wu , Qiang Ye , Xiaochen Liu , Xudong Liu

A substantial literature studies the profitability of analyst crowds' consensus recommendations in predicting stock price changes. Nonetheless, uncertainties remain about whether the profitability is contingent upon specific factors, particularly the characteristics of the analyst crowd. This study specifically examines the impact of crowd network structure (crowd size, connection density) and crowd network content (opinion diversity, professional experience diversity) on consensus recommendation profitability. Using comprehensive data from the Chinese stock market, including stock prices, analyst recommendations, and employment histories, we find that consensus recommendations are profitable when they come from larger analyst crowds and when the diversity within these crowds is higher, both in terms of opinion diversity and professional experience diversity. Conversely, consensus recommendations are less likely to be profitable when the analyst crowds maintain denser connections. Moreover, these effects vary across different information environments, including information tone (upgrades or downgrades), stock-level information uncertainty (high versus low), and information disruptions caused by the COVID-19 pandemic.

大量文献研究了分析师群体的共识建议在预测股价变化中的盈利能力。尽管如此，盈利能力是否取决于特定因素，特别是分析师群体的特征，仍存在不确定性。本研究具体考察了人群网络结构（人群规模、连接密度）和人群网络内容（意见多样性、专业经验多样性）对共识推荐盈利能力的影响。利用中国股票市场的综合数据，包括股票价格、分析师推荐和就业历史，我们发现，当共识建议来自较大的分析师群体时，当这些群体中的多样性更高时，无论是在意见多样性还是专业经验多样性方面，共识建议都是有利可图的。相反，当分析师群体保持更紧密的联系时，共识建议就不太可能有利可图。此外，这些影响因不同的信息环境而异，包括信息基调（升级或降级）、库存信息不确定性（高与低）以及COVID-19大流行造成的信息中断。

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引用次数: 0

Deregulation and bank stability: Evidence from loan-to-deposit ratio requirement in China 放松管制与银行稳定性：来自中国存贷比要求的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-13 DOI: 10.1016/j.jcorpfin.2026.102956

Jie Li , Liping Lu , Jin Wu , Tianhang Zhou

This paper examines the impact of financial deregulation, specifically, the removal of China's loan-to-deposit ratio (LDR) cap in 2015, on bank stability. We show that LDR deregulation strengthens the stability of LDR-constrained banks through three mechanisms. First, it alleviates competition for deposits, allowing banks to enhance their franchise value. Second, it enables banks to issue more long-term loans, supported by a more diversified funding base. Third, it reduces reliance on off-balance-sheet activities, such as principal-floating wealth management products, thereby lowering exposure to shadow banking risks. Collectively, these changes reinforce banks' maturity transformation abilities, ultimately improving their overall stability.

本文考察了金融放松管制对银行稳定性的影响，特别是2015年中国取消了存贷比上限。我们通过三种机制证明了解除LDR管制加强了LDR约束银行的稳定性。首先，它缓解了对存款的竞争，使银行能够提高其特许经营价值。其次，它使银行能够在更多元化的融资基础上发放更多的长期贷款。第三，它减少了对资产负债表外活动（如本金浮动理财产品）的依赖，从而降低了对影子银行风险的敞口。总的来说，这些变化增强了银行的期限转换能力，最终提高了银行的整体稳定性。

引用次数: 0

Analyst coverage of innovative firms and patent market values 分析师对创新公司和专利市场价值的报道

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-13 DOI: 10.1016/j.jcorpfin.2026.102957

Jing He , Michael J. Jung , Xiaodi Zhang

We investigate the influence of sell-side equity analyst coverage on corporate innovation from a market value perspective. While prior studies show that analyst coverage may impede firms' scientific output, as measured by fewer patents and citations, we use a more comprehensive sample over an extended period to provide evidence that analyst coverage is positively associated with patent market values. The positive association is robust to a battery of regression specifications and research designs to address endogeneity. We explore the underlying mechanisms and identify reduced information asymmetry by analysts, rather than increased monitoring, as the key driver of the positive association. Additional tests suggest that more published analyst reports, more reports authored by analysts with scientific education, and more reports that contain patent-related keywords are associated with higher patent market values.

我们从市场价值的角度研究卖方股票分析师覆盖率对企业创新的影响。虽然先前的研究表明，分析师覆盖率可能会阻碍公司的科学产出，通过较少的专利和引用来衡量，但我们在较长一段时间内使用更全面的样本来提供证据，证明分析师覆盖率与专利市场价值呈正相关。正关联对于一系列回归规范和研究设计是稳健的，以解决内生性问题。我们探索了潜在的机制，并确定了分析师减少信息不对称，而不是增加监控，作为积极关联的关键驱动因素。其他测试表明，发表的分析报告越多，受科学教育的分析师撰写的报告越多，包含与专利相关关键字的报告越多，专利市场价值就越高。

引用次数: 0

Management faultlines and the cost of bank loans 管理断层和银行贷款成本

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-12 DOI: 10.1016/j.jcorpfin.2026.102955

Hanzhong Shi , Min Teng , Wenming Wang , Kerui Zhai , Tianhui Li

This study investigates the impact of faultlines within the top management team (TMT) on the cost of bank loans. TMT faultlines divide a TMT into relatively homogeneous subgroups based on the alignment of members' demographic attributes, which can affect TMT functioning. We find that firms with stronger TMT faultlines incur higher loan spreads when seeking bank financing. The path analysis reveals that strong TMT faultlines increase both default risk and information risk, which in turn raise loan spreads charged by banks. Further tests show that the adverse effect of TMT faultlines on bank loan costs is mitigated when borrowing firms have strong corporate governance or borrow from relationship lenders, whereas this adverse effect is more pronounced during financial crisis period with credit tightening. Additionally, we find that borrowing firms with stronger TMT faultlines face higher facility and commitment fees and shorter loan maturities. Overall, this study contributes to the corporate governance literature by highlighting the economic consequences of TMT faultlines in debt contracting and offers practical implications for both debtors and creditors.

本研究探讨高层管理团队（TMT）内部断层对银行贷款成本的影响。TMT断层线根据成员人口统计属性的一致性将TMT划分为相对同质的子群体，这可能会影响TMT的功能。我们发现，TMT断层线较强的公司在寻求银行融资时会产生更高的贷款利差。路径分析表明，较强的TMT断层线增加了违约风险和信息风险，进而提高了银行的贷款利差。进一步的测试表明，当借款公司具有强大的公司治理或从关系贷方借款时，TMT断层线对银行贷款成本的不利影响会得到缓解，而在信贷紧缩的金融危机期间，这种不利影响更为明显。此外，我们发现TMT断层线较强的借款公司面临更高的便利和承诺费用以及更短的贷款期限。总体而言，本研究通过强调TMT断层线在债务承包中的经济后果，为公司治理文献做出了贡献，并为债务人和债权人提供了实际意义。

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引用次数: 0

Executive live streaming 行政直播

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-09 DOI: 10.1016/j.jcorpfin.2026.102954

Zuben Jin , Zhewei Cheng

This paper explores the emerging phenomenon of executive live streaming, in which corporate executives engage directly with broad audiences through live-streamed events. Using a manually collected dataset of executive live streaming events from 2016 to 2023, we explore the factors influencing the adoption of live streaming and its real effect on firm sales. Our findings show that firms with lower returns, higher stock volatility, and better disclosure quality are more likely to adopt live streaming, while an overseas background hinders adoption. Using propensity score matching (PSM) and difference-in-differences (DiD) methods, we find that executive live streaming leads to a 39.2% increase relative to the standard deviation of monthly online sales. Cross-sectional regressions of percentage changes of quarterly sales reveal a 17.9% increase in online sales and a 7.4% increase in total sales. The effect is stronger for male and younger executives and for firms with higher information asymmetry. Additionally, we find that executive live streaming significantly boosts firm visibility, as measured by increases in search volume index. Overall, these results underscore the strategic value of executive live streaming in enhancing stakeholder communication, consumer engagement and sales growth.

本文探讨了新兴的高管直播现象，即企业高管通过直播活动直接与广大受众互动。本文利用人工收集的2016年至2023年高管直播事件数据集，探讨了影响直播采用的因素及其对公司销售的实际影响。我们的研究结果表明，回报率较低、股票波动率较高、披露质量较好的公司更有可能采用直播，而海外背景则会阻碍采用直播。使用倾向得分匹配（PSM）和差异中差异（DiD）方法，我们发现高管直播导致每月在线销售的标准差增加39.2%。季度销售额百分比变化的横截面回归显示，在线销售额增长了17.9%，总销售额增长了7.4%。这种效应在男性和年轻高管以及信息不对称程度较高的公司中更为明显。此外，我们发现，通过搜索量指数的增加，高管直播显著提高了公司的知名度。总的来说，这些结果强调了高管直播在加强利益相关者沟通、消费者参与和销售增长方面的战略价值。

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