Journal of Corporate Finance最新文献

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Curbing stock price crash: The bright side of regulatory fragmentation 抑制股价暴跌：监管分散的积极一面

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-06 DOI: 10.1016/j.jcorpfin.2026.102950

Ming Gu , Dongxu Li , Zhitao Xiong

Complementing existing research on the inefficiencies of regulatory fragmentation, this study identifies a potential benefit: firms facing greater regulatory fragmentation experience lower stock price crash risk. Mechanism analyses suggest that such fragmentation enhances financial reporting quality, mitigates stock overpricing, and improves the accuracy of analyst forecasts. Firms subject to regulatory fragmentation also hold more cash and are less likely to pay dividends or repurchase shares. These findings indicate that the reduction in crash risk is associated with improved information disclosure and more conservative financial policies. Consistent with this notion, the effect is more pronounced among firms with high information uncertainty and tight financial constraints. Overall, this study sheds light on the ongoing discussion regarding optimal regulatory oversight schemes.

作为对监管碎片化效率低下的现有研究的补充，本研究发现了一个潜在的好处：面临更大监管碎片化的公司，其股价崩盘的风险更低。机制分析表明，这种碎片化提高了财务报告质量，减轻了股票定价过高，提高了分析师预测的准确性。受监管分散的公司还持有更多现金，不太可能支付股息或回购股票。这些发现表明，坠机风险的降低与信息披露的改善和更保守的财务政策有关。与这一观点一致的是，这种效应在信息不确定性高、财务约束严格的企业中更为明显。总的来说，这项研究揭示了正在进行的关于最佳监管监督方案的讨论。

引用次数: 0

Monetary policy, intangible capital, and debt contracts 货币政策、无形资本和债务合同

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-06 DOI: 10.1016/j.jcorpfin.2026.102943

Renbin Zhang , Weimin Zhou

This paper examines the role of debt contracts and intangible capital in the transmission of monetary policy to firm-level investment. Based on an analysis of US non-financial firm-level data, we find that, in response to a contractionary monetary shock, cash flow-based borrowers with a relatively higher proportion of intangible assets experience a sharper contraction in investment than others. However, for asset-based borrowers, firms’ investment responses to monetary policy shocks do not vary with the proportion of intangible assets. A heterogeneous firm model, which features the coexistence of multiple debt contracts and investment portfolio choices, can explain our empirical findings.

本文考察了债务契约和无形资本在货币政策传导到企业层面投资中的作用。基于对美国非金融企业层面数据的分析，我们发现，在应对紧缩性货币冲击时，无形资产比例相对较高的以现金流为基础的借款人的投资收缩幅度比其他借款人更大。然而，对于以资产为基础的借款人，企业对货币政策冲击的投资反应并不随无形资产的比例而变化。多元债务契约和投资组合选择并存的异质性企业模型可以解释我们的实证研究结果。

引用次数: 0

New event and old antidote: Can ex-ante disclosure mitigate regulatory risk? 新事件与旧解药：事前披露能否减轻监管风险？

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-05 DOI: 10.1016/j.jcorpfin.2025.102936

Ziyi Li , Rui Ruan , Yuchen Sun , Yue Tang

This paper addresses the growing concern over the uncertainty caused by unforeseen regulatory events and asymmetric information between firms and investors. By exploiting China's Central Environmental Protection Inspection (CEPI) as a quasi-experiment, we examine the role of voluntary risk disclosure in mitigating adverse selection problems and stock price distortions. We demonstrate that ex-ante environmental risk disclosure significantly reduces the post-shock widening of bid-ask spreads, highlighting its role in alleviating information asymmetry. Furthermore, we find that the effectiveness of such disclosure depends on the information environment, disclosure quality, and corporate risk management capability.

本文讨论了由不可预见的监管事件和企业与投资者之间的信息不对称所引起的不确定性问题。本文以中国中央环境保护督察（CEPI）为准实验，考察了自愿风险披露在缓解逆向选择问题和股价扭曲中的作用。我们证明，事前环境风险披露显著降低了冲击后买卖价差的扩大，突出了其在缓解信息不对称方面的作用。此外，我们发现此类披露的有效性取决于信息环境、披露质量和企业风险管理能力。

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A minimum buyback requirement in open market repurchases: Impact on the signaling role 公开市场回购中的最低回购要求：对信号作用的影响

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-03 DOI: 10.1016/j.jcorpfin.2025.102941

Pranjal Srivastava , Joshy Jacob , Ajay Pandey

The paper investigates the impact of the imposition of a minimum buyback requirement on open market repurchases (OMRs) in India. We extend the signaling model of Oded (2005) by including a minimum buyback requirement and show that it increases the stock price during the repurchase period, relative to a no minimum buyback regime. Accordingly, we find that the regulatory change has led to a significant increase in the abnormal stock returns earned around buyback announcements. Also, insiders increase their purchase of firms’ stock during the buyback execution period relative to the pre-reform period. These findings are consistent with a higher information value of OMR announcements in the minimum buyback regime. We further observe lower market timing through buyback execution, accompanied by a change in the execution-style, implying a weaker instinct for opportunistic buybacks. Our findings suggest that the regulatory change has lowered the “cheap-talk” motives associated with the announcement of open market buybacks.

本文研究了印度实施最低回购要求对公开市场回购（OMRs）的影响。我们扩展了Oded（2005）的信号模型，加入了最低回购要求，并表明它在回购期间提高了股票价格，相对于没有最低回购制度。因此，我们发现，监管变化导致了回购公告前后的异常股票收益显著增加。此外，在回购执行期间，内部人士对公司股票的购买量也相对于改革前有所增加。这些发现与最低回购制度下OMR公告具有更高的信息价值是一致的。我们进一步观察到，通过回购执行，伴随着执行风格的变化，市场时机较低，这意味着机会性回购的本能较弱。我们的研究结果表明，监管变化降低了与公开市场回购公告相关的“廉价言论”动机。

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Twin threats: The compound effect of transition and physical climate risks on firms' credit ratings 双重威胁：转型和物理气候风险对企业信用评级的复合效应

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-01-02 DOI: 10.1016/j.jcorpfin.2025.102942

Marcin Borsuk , Zhuoya Du , Tinghua Duan , Oskar Kowalewski , Jianping Qi , Gireesh Shrimali

Examining the effects of climate risks on credit ratings, we find that the adverse impact of transition risk is greater for firms that are also exposed to higher physical risk. We exploit the first Trump administration's withdrawal from the Paris Agreement as a shock and show that, following the withdrawal announcement, high-emitting U.S. firms improve credit ratings by more than low-emitting U.S. firms and non-U.S. counterparts. This improvement is also larger for firms with greater exposure to physical risk. While firms' environmental and green activities alleviate the effect of transition risk on credit ratings, their climate-adaptation efforts affect the role of physical risk. Our results shed light on the compound effect of joint exposures to twin climate risks that amplify a firm's financial distress and default risk.

研究了气候风险对信用评级的影响，我们发现，对于同样面临较高物理风险的企业，转型风险的不利影响更大。我们利用第一届特朗普政府退出《巴黎协定》作为一个冲击，并表明，在宣布退出后，高排放的美国公司比低排放的美国公司和非美国公司提高了更多的信用评级。同行。对于实体风险敞口较大的公司，这种改善也更大。虽然企业的环境和绿色活动减轻了转型风险对信用评级的影响，但其气候适应努力影响了物理风险的作用。我们的研究结果揭示了双重气候风险联合暴露的复合效应，这些双重风险放大了公司的财务困境和违约风险。

引用次数: 0

“May the road ahead be smooth”: Cultural continuity and CEO succession “愿未来的道路一帆风顺”：文化的连续性和CEO的继任

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-26 DOI: 10.1016/j.jcorpfin.2025.102940

Ran Tao, Hong Zhao

This paper studies the cultural continuity between consecutive CEOs by examining its role in CEO selection and its effects on post-turnover outcomes. Using the epidemiological approach to identify cultural heritage and the Hofstede dimensions to measure cultural distance, we find that firms tend to preserve cultural continuity by favoring candidates who are culturally closer to the outgoing CEO. We also observe that cultural distance tends to be smaller in voluntary turnovers, inside successions, and firms with better pre-turnover performance. In examining post-turnover outcomes, we find that smaller CEO cultural distance is associated with fewer executive departures, less investment restructuring, smaller increase in volatility, and better performance after the turnover. Our results highlight CEO cultural continuity as a smoothing mechanism that supports leadership and strategic stability during CEO transitions.

本文通过考察文化连续性在CEO选择中的作用及其对离职后结果的影响，研究了连续CEO之间的文化连续性。我们使用流行病学方法来识别文化遗产，并使用Hofstede维度来测量文化距离，我们发现企业倾向于通过青睐与即将离任的首席执行官在文化上更接近的候选人来保持文化连续性。我们还观察到，在自愿离职、内部继任和离职前绩效较好的企业中，文化距离往往较小。在考察离职后的结果时，我们发现，CEO文化距离越小，离职后高管离职率越低，投资重组越少，波动性增加越小，业绩越好。我们的研究结果突出了CEO文化连续性作为一种平滑机制，在CEO过渡期间支持领导力和战略稳定性。

引用次数: 0

How you measure transition risk matters: comparing and evaluating climate transition risk metrics 如何衡量转型风险：比较和评估气候转型风险指标

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-24 DOI: 10.1016/j.jcorpfin.2025.102939

Philip Fliegel

I investigate how to best measure firms' climate transition risk. Therefore, I gather a new dataset of firm-level climate transition risk metrics including reported EU taxonomy alignments of capex and revenues as well as emission intensities, E-scores from Refinitiv and MSCI, The Refinitiv Business Classification (TRBC), and text-based metrics. I find a strong divergence in transition risk metrics for companies. Thus, depending on the transition risk metric – a portfolio's transition risk profile will differ substantially. To evaluate the transition risk metrics, I measure the return sensitivity of nine brown and green portfolios– each constructed using a specific firm-level transition risk metric – to market-wide news indices that track transition risk shocks: the higher the sensitivity, the more effective the transition risk proxy. For green portfolios, I find that taxonomy and TRBC portfolios react most strongly to climate transition risk shocks. Forward-looking metrics seem to be particularly useful. For brown portfolios, only the MSCI E-score portfolio reacts significantly negative to transition risk shocks. The findings are robust across different world regions, different weighting and sampling methodologies and in an event-study setting. I conclude that markets currently price the upside risk for green firms stronger than the downside risk for brown firms.

我研究了如何最好地衡量企业的气候转型风险。因此，我收集了公司层面气候转型风险指标的新数据集，包括报告的欧盟资本支出和收入分类以及排放强度、Refinitiv和MSCI的e -score、Refinitiv业务分类（TRBC）和基于文本的指标。我发现公司在转型风险指标上存在很大的差异。因此，依赖于转换风险度量-一个投资组合的转换风险概况将会有很大的不同。为了评估转型风险指标，我测量了九个棕色和绿色投资组合的回报敏感性——每个投资组合都使用特定的公司级转型风险指标构建——对跟踪转型风险冲击的市场新闻指数的敏感性：敏感性越高，转型风险代理越有效。对于绿色投资组合，我发现分类法和TRBC投资组合对气候转型风险冲击的反应最强烈。前瞻性指标似乎特别有用。对于棕色投资组合，只有MSCI E-score投资组合对转型风险冲击的反应显著为负。这些发现在不同的世界地区、不同的加权和抽样方法以及在事件研究环境中都是强有力的。我的结论是，目前市场对绿色企业上行风险的定价高于对棕色企业下行风险的定价。

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引用次数: 0

Friend or foe? Bilateral political relations and the portfolio allocation of foreign institutional investors 是敌是友？双边政治关系与外国机构投资者的投资组合配置

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-23 DOI: 10.1016/j.jcorpfin.2025.102937

Stefano Lugo, Maurizio Montone

We study the role of bilateral political relations in explaining variations in the equity portfolio allocation of foreign institutional investors. Using a large sample at the fund–firm–year level, we find that political distance between countries leads to significant retrenchment of foreign institutional investors from local firms. Consistent with our theorized mechanisms, we find that the effect is stronger for stocks that are more exposed to geopolitical risk, dividend-paying, and less liquid, as foreign investors sell off local securities perceived to become riskier to hold. Overall, our findings identify a novel financial channel through which geopolitical risk affects international equity markets.

我们研究了双边政治关系在解释外国机构投资者股票投资组合配置变化中的作用。在基金-公司-年水平上使用大样本，我们发现国家之间的政治距离导致外国机构投资者从当地公司显著缩减。与我们的理论机制一致，我们发现，随着外国投资者抛售被认为持有风险更大的本地证券，对那些更容易受到地缘政治风险、派息和流动性较差影响的股票的影响更强。总体而言，我们的研究结果确定了地缘政治风险影响国际股票市场的一个新的金融渠道。

引用次数: 0

“Death becomes her”: Market reaction to the death of controlling inside blockholders “死亡成为她”：市场对内部控股股东死亡的反应

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-12-18 DOI: 10.1016/j.jcorpfin.2025.102938

Massimiliano Barbi, Marco Bigelli

The death of a controlling inside blockholder triggers market expectations of possible changes in corporate control, which would extend the control premium to minority shareholders under the European Equal Opportunity Rule (EOR). Using data from Italy (1992–2023), we find cumulative average abnormal returns around the death announcement of +4.3 % over [−5,+1] and +3.6 % over [−1,+1]. Reactions are negligible when the deceased held a non-controlling stake, and stronger when a second relevant blockholder is present. We find no evidence of a stronger reaction for older blockholders or firms with weaker performance or valuation. Within 10 years, over one-third of firms formerly controlled by the deceased undergo a control transition, typically via tender offer under the EOR. Succession does not lead to ownership dispersion, but rather preserves or further concentrates control.

控股内部大股东的死亡引发了市场对公司控制权可能发生变化的预期，根据欧洲平等机会规则（EOR），这将把控制权溢价扩大到少数股东。利用意大利（1992-2023）的数据，我们发现死亡公告前后的累积平均异常收益比[- 5，+1]高+ 4.3%，比[- 1，+1]高+ 3.6%。当死者持有非控股权时，反应可以忽略不计，而当第二个相关股东在场时，反应会更强烈。我们没有发现证据表明，老股东或业绩或估值较弱的公司的反应更强烈。在10年内，超过三分之一以前由死者控制的公司会进行控制权过渡，通常是通过EOR下的收购要约。继承不会导致所有权分散，而是保留或进一步集中控制权。

引用次数: 0

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。

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