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Advances in blockchain-based finance: Insights from the special issue 基于区块链的金融进展：来自特刊的见解
IF 5.9 1区 经济学 Q1 BUSINESS, FINANCE
Journal of Corporate Finance
Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI: 10.1016/j.jcorpfin.2025.102934
Evgeny Lyandres
This special issue of the Journal of Corporate Finance brings together eleven papers that examine how blockchain technologies are reshaping modern financial systems. The contribu- tions analyze decentralized markets, information provision, digital asset pricing, governance via smart contracts, and corporate implications of central bank digital currencies.The papers offer new empirical evidence on liquidity provision, oracle accuracy, investor behavior, and cross-asset information flows. They also develop theoretical foundations for automated market makers and for the incentive structures arising under proof-of-stake consensus. Finally, studies of China's e-CNY pilot provide the first large-sample evidence on how programmable digital money af- fects firms' liquidity management and adoption dynamics. Together, the papers highlight how blockchain creates new forms of intermediation, governance, and policy interaction that expand the research frontier in corporate finance.
本期《企业金融杂志》特刊汇集了11篇论文，探讨区块链技术如何重塑现代金融体系。这些贡献分析了去中心化市场、信息提供、数字资产定价、通过智能合约进行治理以及央行数字货币对企业的影响。本文为流动性供给、oracle准确性、投资者行为和跨资产信息流提供了新的实证证据。他们还为自动做市商和权益证明共识下产生的激励结构提供了理论基础。最后，对中国e-CNY试点的研究提供了第一个大样本证据，证明可编程数字货币如何影响企业的流动性管理和采用动态。这两篇论文共同强调了b区块链如何创造新的中介、治理和政策互动形式，从而拓展了公司融资的研究前沿。
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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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。
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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 : 2026-02-01 Epub 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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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 : 2026-02-01 Epub 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。
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引用次数: 0
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