Journal of Corporate Finance最新文献

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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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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

Fintech market and regulation: Lessons from China’s peer-to-peer lending platforms 金融科技市场与监管：中国p2p借贷平台的经验教训

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-05 DOI: 10.1016/j.jcorpfin.2026.102969

Dingwei Gu, Zhengqing Gui, Yangguang Huang

We propose a theoretical model to investigate the competition and regulation of peer-to-peer lending platforms. We demonstrate that intense competition, combined with investor naivety, prompts some platforms to offer principal guarantee terms to investors. As these platforms deviate from their role as information intermediaries, investors become vulnerable to losses resulting from moral hazard and the risk of platform collapse. We investigate the welfare implications of adjusting entry costs, reducing platforms’ private benefits, and implementing financial education. Our model elucidates the stylized facts observed during the boom and bust of China’s peer-to-peer lending market and provides valuable policy guidance.

我们提出了一个理论模型来研究p2p借贷平台的竞争和监管。我们证明，激烈的竞争加上投资者的天真，促使一些平台向投资者提供本金担保条款。由于这些平台偏离了信息中介的角色，投资者容易受到道德风险和平台倒闭风险的影响。我们研究了调整进入成本、降低平台私人利益和实施金融教育对福利的影响。我们的模型阐明了在中国p2p借贷市场繁荣和萧条期间观察到的程式化事实，并提供了有价值的政策指导。

引用次数: 0

Do lenders price firms’ cybersecurity risk? 贷款机构是否为公司的网络安全风险定价？

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-30 DOI: 10.1016/j.jcorpfin.2026.102958

Bok Min Choi , Hans Degryse , Kristien Smedts

Firms are increasingly exposed to cybersecurity risk. Using syndicated loan data covering US firms, we examine how lenders price firms’ ex-ante cybersecurity risk. Our findings indicate that lenders charge, on average, a 4 to 13 basis points higher loan rate when a firm exhibits greater cybersecurity risk over time. Furthermore, we document that the pricing of cybersecurity risk differs between lender types. Commercial banks tend to adopt a more stringent approach to pricing cybersecurity risk compared to non-bank lenders. They also attach more financial covenants as firms become riskier. Even within commercial banks, the pricing of cybersecurity risk is primarily driven by lenders who show awareness of their own cybersecurity risk and have considered an insurance policy. These findings highlight the importance of lender awareness in pricing borrower risks, especially for risks that are not typically assessed in standard evaluations. Lastly, purchasing cybersecurity insurance does not mitigate higher loan spreads for borrowers.

企业面临的网络安全风险越来越大。使用涵盖美国公司的银团贷款数据，我们研究了贷方如何为公司的事前网络安全风险定价。我们的研究结果表明，随着时间的推移，当企业表现出更大的网络安全风险时，贷款人平均收取4至13个基点的贷款利率。此外，我们记录了网络安全风险的定价在贷方类型之间是不同的。与非银行贷款机构相比，商业银行倾向于采用更严格的方法来定价网络安全风险。随着公司风险的增加，它们还附加了更多的金融契约。即使在商业银行内部，网络安全风险的定价主要是由贷款人驱动的，他们意识到自己的网络安全风险，并考虑了一项保险政策。这些发现强调了贷款人对借款人风险定价的重要性，特别是对那些通常不在标准评估中评估的风险。最后，购买网络安全保险并不能缓解借款人更高的贷款利差。

引用次数: 0

Mandatory CSR spending and firm risk: New evidence from regulatory intervention in India 强制性CSR支出与企业风险：来自印度监管干预的新证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-03-01 Epub Date: 2026-01-25 DOI: 10.1016/j.jcorpfin.2026.102965

Yogesh Chauhan , Chinmoy Ghosh , Nemiraja Jadiyappa

We investigate the effect of mandatory Corporate Social Responsibility (henceforth CSR) spending regulation on firms' systematic risk. Using a difference-in-differences identification strategy, we find that firms subject to CSR regulation exhibit higher levels of systematic risk than firms not subject to CSR regulation. Furthermore, our analyses reveal that operating leverage is a potential mechanism by which mandatory CSR spending increases systematic risk. Overall, our findings show that a CSR-induced differentiation strategy is ineffective if all firms are mandated to engage in CSR. Instead, it imposes societal costs on firms at the expense of shareholders.

本文研究了强制性企业社会责任（以下简称CSR）支出监管对企业系统风险的影响。运用差异中的差异识别策略，我们发现受到企业社会责任监管的企业比没有受到企业社会责任监管的企业表现出更高的系统风险水平。此外，我们的分析表明，经营杠杆是强制性企业社会责任支出增加系统性风险的潜在机制。总体而言，我们的研究结果表明，如果所有企业都被要求参与企业社会责任，企业社会责任诱导的差异化战略是无效的。相反，它以股东的利益为代价，将社会成本强加给企业。

引用次数: 0

Bank municipal bond holdings and mortgage lending standards 银行持有市政债券和抵押贷款标准

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-09 DOI: 10.1016/j.jcorpfin.2026.102968

Omar Rachedi , Vahid Saadi

We provide evidence that the geographical segmentation of the municipal bond market — induced by state tax exemptions — leads banks to diversify their mortgage lending across states. Municipal bond holdings expose banks to local real-estate risk: these securities are largely backed by property-tax revenues with high elasticity to house prices. Consistent with a diversification motive, the effect is stronger for banks with weaker balance sheets, for those whose mortgage lending is highly concentrated in their home state, and towards areas whose housing markets are less correlated with those of the home state. Interestingly, this out-of-state expansion is accompanied by a relaxation of lending standards, as banks approve mortgages with lower FICO scores and higher debt-to-income ratios, which subsequently results in more non-performing loans. The relaxation of lending standards emerges in states where banks lack branch presence and in highly competitive markets, where expanding requires attracting borrowers through looser screening. Diversification thus may generate risk-taking as a by-product.

我们提供的证据表明，市政债券市场的地理分割——由州免税引起——导致银行在各州之间分散抵押贷款。持有市政债券使银行面临当地房地产风险：这些证券主要由对房价具有高度弹性的财产税收入支持。与多元化动机一致，对于资产负债表较弱的银行、抵押贷款高度集中在其所在州的银行，以及住房市场与所在州相关性较低的地区，这种影响更强。有趣的是，这种州外扩张伴随着贷款标准的放松，因为银行批准了FICO评分较低、债务收入比较高的抵押贷款，这随后导致了更多的不良贷款。贷款标准的放松出现在银行缺乏分行的州，以及竞争激烈的市场，在这些市场，扩张需要通过更宽松的筛选来吸引借款人。因此，多元化可能会产生冒险的副产品。

引用次数: 0

Corporate agility and monetary policy transmission 企业敏捷性与货币政策传导

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2026-03-01 Epub Date: 2026-02-03 DOI: 10.1016/j.jcorpfin.2026.102973

Gonul Colak , Sinh Thoi Mai

Corporate agility – the ability to respond quickly and effectively to changing business conditions – is crucial for firms' success. While important, this concept is difficult to measure and use in quantitative research. By applying machine learning techniques, we develop reliable measures of agility and analyse how agile firms manage exposure to monetary policy uncertainty, a significant and frequently occurring form of threat. Agile firms' stocks are significantly less exposed to this uncertainty as they proactively apply risk management techniques to reduce their exposure. This has real consequences: agile firms' investments are less affected by monetary policy tightening episodes.

企业的敏捷性——对不断变化的商业环境做出快速有效反应的能力——对企业的成功至关重要。虽然这个概念很重要，但在定量研究中很难测量和使用。通过应用机器学习技术，我们开发了可靠的敏捷性衡量标准，并分析了敏捷企业如何管理货币政策不确定性（一种重要且经常发生的威胁形式）的风险。敏捷公司的股票受到这种不确定性的影响较小，因为他们主动应用风险管理技术来减少风险。这产生了切实的后果：灵活的公司的投资较少受到货币政策收紧的影响。

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 : 2026-03-01 Epub 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

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 : 2026-03-01 Epub 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

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 : 2026-02-01 Epub 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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Journal of Corporate Finance

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