Journal of Corporate Finance最新文献

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The real effects of tick-size adjustments: Evidence from the 2016 tick-size pilot 滴答大小调整的真实影响：来自2016年滴答大小试点的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-05 DOI: 10.1016/j.jcorpfin.2025.102890

Chen Lin , Wentao Yao , Hong Zou

We examine the real effects of the SEC's 2016 Tick Size Pilot on firms' M&A activities. Following the exogenous shock to stock liquidity, treated firms significantly reduce M&A intensity. The reduction is more pronounced for treated firms with a lower level of information asymmetry and higher valuation before the pilot or for firms experiencing a larger drop in price around the pilot. Affected firms also reduce stock payments, avoid large or public-target deals, but exhibit higher deal completion rates. The drop in M&A deals is concentrated in horizontal and diversifying mergers, which are more likely to destroy value. Treated firms generate greater higher deal announcement returns. M&A activities reverse partially after the completion of the pilot. Overall, our findings are consistent with the information asymmetry and valuation hypothesis and suggest that negative liquidity shocks can discipline corporate acquisition decisions by curbing lower-quality deals and promoting more cautious deal structuring.

我们检验了美国证券交易委员会2016年Tick Size试点对公司并购活动的实际影响。在股票流动性受到外源冲击后，处理过的公司显著降低了并购强度。对于信息不对称水平较低且在试点前估值较高的公司，或在试点前后经历较大价格下跌的公司，这种降低更为明显。受影响的公司还会减少股票支付，避免大型或公开目标交易，但交易完成率更高。并购交易的减少主要集中在横向和多元化并购，这类并购更有可能破坏价值。经过处理的公司产生了更高的交易公告回报。A活动在试点完成后部分逆转。总体而言，我们的研究结果与信息不对称和估值假设一致，并表明负流动性冲击可以通过抑制低质量交易和促进更谨慎的交易结构来约束公司收购决策。

引用次数: 0

Reputation acquisition and abnormal performance in IPO underwriting IPO承销中的声誉获取与异常绩效

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-04 DOI: 10.1016/j.jcorpfin.2025.102883

Walid Y. Busaba , Zheng Liu , Felipe Restrepo

We examine how an underwriter's reputation accumulates upon each attempt to take a firm public, conditional on the bank demonstrating abnormal performance bringing—or failing to bring—the offering to market. We develop a novel measure of abnormal underwriting performance by weighing the ex-ante difficulty of completing the offering against the actual outcome. We show this measure positively associates with future changes in the underwriter's market share and issuing volume. The effect manifests as access to more offerings and is prominent when difficult offerings are completed, for abnormal performance demonstrated in midmarket ($20–$100 million) and large IPOs, and for both the primary lead and co‑lead underwriters. Abnormal performance is associated with a higher underwriting spread and aggressive IPO pricing.

我们研究了承销商的声誉是如何在每次尝试将公司上市时积累起来的，条件是银行表现出异常的表现，将股票推向市场或未能将其推向市场。我们通过权衡完成发行的事前困难与实际结果，开发了一种新的异常承销绩效衡量标准。我们表明，这一措施与承销商的市场份额和发行量的未来变化呈正相关。这种影响表现为获得更多的发行机会，在困难的发行完成时，在中端市场（2000 - 1亿美元）和大型ipo中表现出的异常表现，以及在主承销商和联席承销商中都表现得尤为突出。异常表现与较高的承销价差和激进的IPO定价有关。

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Negative effects of delayed retirement: Employment protection of older workers and firm value 延迟退休的负面影响：高龄员工的就业保护与企业价值

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-04 DOI: 10.1016/j.jcorpfin.2025.102886

Atsushi Chino

Does protecting the employment of older workers affect firm value? We investigate this question by leveraging a labor-market reform in Japan that mandated firms to retain older employees beyond the statutory retirement age if those employees wished to continue working. An event study analysis reveals that firms with higher exposure to the reform experienced lower short-run abnormal stock returns around the announcement date. Long-run difference-in-differences estimates provide supporting evidence. In affected firms, average wages rose following the reform, but worker productivity remained unchanged. We also find that the number of patent applications declined in the affected firms. These findings suggest that mandatory employment protection for older workers—when not accompanied by productivity gains—can negatively impact firm value.

保护年长员工的就业会影响公司价值吗？我们通过利用日本的劳动力市场改革来调查这个问题，日本的劳动力市场改革要求企业保留超过法定退休年龄的老年员工，如果这些员工希望继续工作。一项事件研究分析显示，受改革影响越大的企业，其股票在改革公布日期前后的短期异常收益越低。长期的差异中差异估计提供了支持性证据。在受影响的企业中，平均工资在改革后上涨，但工人的生产率保持不变。我们还发现，受影响企业的专利申请数量有所下降。这些发现表明，对年长员工的强制性就业保护——如果没有伴随着生产率的提高——会对公司价值产生负面影响。

引用次数: 0

Does brand capital influence corporate environmental policies? Evidence from toxic release inventory data 品牌资本会影响企业的环境政策吗？来自有毒物质释放清单数据的证据

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-09-03 DOI: 10.1016/j.jcorpfin.2025.102885

Md Ismail Haidar , Mark Kroll , Nam H. Nguyen

We investigate the relationship between brand capital and corporate environmental policies using toxic chemical release data. Using a sample of 4752 publicly listed U.S. firm-year observations from 1991 to 2020, we find that brand capital is significantly and negatively related to firm's toxic emissions, suggesting that firms with stronger brand capital tend to exhibit more environmentally responsible behavior. Further evidence reveals that the effect of brand capital on corporate environmental policies is more pronounced for firms in communities that prefer stringent environmental regulations. Additional analysis points to increased financial stability, environmental innovations, and environmental abatement investments as the mechanisms behind the documented effect of brand capital on firms' environmental policies. The results are robust to numerous robustness tests, including the use of alternative measures of brand capital, environmental policies, and several endogeneity tests. The results support the idea that strong brand capital can promote environmental responsibility in firms.

我们使用有毒化学物质释放数据来研究品牌资本与企业环境政策之间的关系。利用1991年至2020年4752家美国上市公司的年度观察样本，我们发现品牌资本与公司有毒气体排放呈显著负相关，这表明品牌资本越强的公司往往表现出更负责任的环境行为。进一步的证据表明，品牌资本对公司环境政策的影响对于那些更喜欢严格环境法规的社区的公司来说更为明显。其他分析指出，增加的金融稳定性、环境创新和环境减排投资是品牌资本对企业环境政策的影响背后的机制。结果是稳健的许多稳健性测试，包括使用替代措施的品牌资本，环境政策，和几个内生性测试。研究结果支持强品牌资本可以促进企业环境责任的观点。

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引用次数: 0

Supervisory arbitrage and real effects 监管套利及其实际效应

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-29 DOI: 10.1016/j.jcorpfin.2025.102861

Thorsten Beck , Consuelo Silva-Buston , Wolf Wagner

We examine the effects of cross-border supervisory arbitrage on corporate lending and firm performance. We show that subsidiaries of banking groups improve loan conditions for firms when the group’s opportunities to take risks in other countries are curbed. The expansion in lending is targeted towards firms of higher quality and firms that the group is already familiar with. The improved lending conditions have positive real effects, allowing recipient firms to increase capital spending and leading to higher profits. Taken together, our results suggest that there can be benefits for firms in countries that receive lending inflows due to the supervisory arbitrage.

我们研究了跨境监管套利对企业贷款和企业绩效的影响。我们表明，当集团在其他国家承担风险的机会受到限制时，银行集团的子公司改善了公司的贷款条件。扩大贷款的目标是质量较高的公司和该集团已经熟悉的公司。贷款条件的改善具有积极的实际影响，允许接受贷款的企业增加资本支出，并导致更高的利润。综上所述，我们的研究结果表明，由于监管套利而获得贷款流入的国家的公司可能会受益。

引用次数: 0

Shareholder litigation rights, CEO turnover, and board monitoring 股东诉讼权利、CEO离职、董事会监督

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-29 DOI: 10.1016/j.jcorpfin.2025.102882

Hue Hwa Au Yong, Blake Loriot, Yulia Merkoulova

We investigate how shareholder litigation rights impact CEO turnover decisions and board oversight. We exploit an unexpected court ruling that increased hurdles for shareholders of Ninth Circuit firms to initiate securities class action lawsuits. After the ruling, the sensitivity of forced CEO turnover to performance decreases for firms in the Ninth Circuit. Additionally, board independence declines and directors of Ninth Circuit firms attend fewer meetings and hold more external board positions after the decision. These effects are exacerbated in firms that lack monitoring from institutional shareholders. For firms dependent on shareholder litigation, the reduction in litigation rights was economically significant and led to a 9.72 % decline in firm value.

我们研究股东诉讼权利如何影响CEO离职决策和董事会监督。我们利用了一个意想不到的法院裁决，该裁决增加了第九巡回法院公司股东发起证券集体诉讼的障碍。在判决之后，第九巡回法院的公司对强制CEO离职的敏感性降低了。此外，董事会独立性下降，第九巡回法院公司的董事出席会议的次数减少，并在判决后担任更多的外部董事会职位。在缺乏机构股东监督的公司中，这些影响会加剧。对于依赖股东诉讼的公司来说，诉讼权利的减少在经济上意义重大，并导致公司价值下降9.72%。

引用次数: 0

Democracy, dividends, and corporate valuation 民主、股息和公司估值

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-25 DOI: 10.1016/j.jcorpfin.2025.102879

Loc T. Bui

We examine the impact of institutional democracy on firm value through the lens of dividend policies. Using instrumental variables, we find strong evidence that democracy improves dividends in an international sample of 18,410 unique firms across 63 countries over the 1991–2018 period. This effect is more pronounced for firms with high agency costs, or those in countries with weak legal protection for shareholders. Our evidence is robust to alternative measures of democracy and a battery of tests addressing the challenges associated with the instruments. Furthermore, dividends are capitalized at a higher rate in more democratic countries, especially for firms with high growth options. To the extent that investors are willing to pay a premium for firms that distribute more dividends, the democracy-induced dividends add to corporate value beyond the premium associated with shareholder rights-induced dividends. Overall, our results highlight that institutional democracy is an important, yet unexplored, determinant of corporate valuation.

我们通过股利政策的视角考察制度民主对公司价值的影响。使用工具变量，我们发现强有力的证据表明，在1991年至2018年期间，在63个国家的18,410家独特公司的国际样本中，民主提高了股息。对于代理成本高的公司，或者那些对股东法律保护薄弱的国家的公司，这种影响更为明显。我们的证据对于民主的替代措施和解决与这些工具相关的挑战的一系列测试是强有力的。此外，在更民主的国家，股息的资本化率更高，特别是对于那些拥有高增长期权的公司。在某种程度上，投资者愿意为分配更多股息的公司支付溢价，民主诱导的股息增加了公司价值，超出了与股东权利诱导的股息相关的溢价。总体而言，我们的研究结果强调，制度民主是企业估值的重要决定因素，但尚未得到探索。

引用次数: 0

Bankers’ pay and the evolving structure of US banking 银行家的薪酬与美国银行业结构的演变

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-25 DOI: 10.1016/j.jcorpfin.2025.102864

Ronald W. Anderson , Karin Jõeveer

We consider the determinants of pay in US banks since 1986 using a new structural model in which banking firms are matched in rank order with management teams of varying talent. We calibrate the model to data from US bank holding companies focussing on labor’s share of bank value-added, the level of bankers’ pay and its sensitivity to bank performance. We find that three changes in banking regulation have shaped bankers’ pay in the last three decades: (1) removal of obstacles to interstate banking set off a process of banking consolidation in the 1990s, (2) deregulation at the end of the 1990’s allowing banks to pursue non-interest income has driven a trend toward higher pay and higher incentive pay, (3) tougher regulations following the financial crisis imposing an implicit tax on size and complexity has moderated pay in large banks but in so-doing has allowed smaller banks to take on business outside of standard credit intermediation resulting higher pay in those banks. Taking these structural changes into account we find a tendency over three decades for a decline in labor’s share, in line with superstar effects implied by our structural model.

我们使用一种新的结构模型，对1986年以来美国银行薪酬的决定因素进行了研究，在这种模型中，银行按等级顺序与不同人才的管理团队相匹配。我们根据美国银行控股公司的数据对模型进行了校准，这些数据关注的是劳动力在银行增值中所占的份额、银行家的薪酬水平及其对银行业绩的敏感性。我们发现，在过去三十年中，银行业监管的三个变化影响了银行家的薪酬：(1) 20世纪90年代，州际银行业务障碍的消除引发了银行业整合的进程；(2)20世纪90年代末放松管制，允许银行追求非利息收入，推动了薪酬和激励性薪酬的上升趋势；(3)金融危机后更严格的监管规定对规模和复杂性征收隐性税，这减缓了大银行的薪酬，但这样做使小银行能够承担标准信贷中介之外的业务，从而提高了这些银行的薪酬。考虑到这些结构性变化，我们发现在过去的三十年中，劳动力的收入份额呈下降趋势，这与我们的结构模型所隐含的超级明星效应是一致的。

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引用次数: 0

Corporate share repurchases and the 2023 excise tax 公司股票回购和2023年消费税

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-21 DOI: 10.1016/j.jcorpfin.2025.102881

Don M. Autore , Spencer Barnes , Nicholas Clarke , Andrew Schrowang

The Inflation Reduction Act of 2022 imposes a 1 % excise tax on US corporate share repurchases, effective January 1, 2023. The tax's implementation is associated with a significant decline in corporate repurchases that is not offset by a corresponding increase in dividends. Aggregate repurchases decline from about $1 trillion in 2022 to just over $800 billion in 2023, and the average firm reduces quarterly repurchases (as a fraction of market capitalization) by roughly 25 %. The decline in repurchases by US firms far exceeds a contemporaneous decline in repurchases by Canadian firms, is large in a historical context, and is not driven by firm fundamentals. Tax-induced cuts to repurchases are associated with an increase in cash but no increase in investment, implying that the tax has not generated the stated policy objective.

《2022年通货膨胀削减法案》对美国公司股票回购征收1%的消费税，从2023年1月1日起生效。该税的实施与公司回购的大幅下降有关，而这并没有被股息的相应增加所抵消。回购总额从2022年的约1万亿美元下降到2023年的略高于8000亿美元，平均每家公司将季度回购（占市值的一部分）减少了约25%。美国公司的回购降幅远远超过加拿大公司同期的回购降幅，在历史背景下是很大的，并且不是由坚实的基本面驱动的。税收导致的回购减少与现金增加有关，但与投资没有增加有关，这意味着税收没有实现既定的政策目标。

引用次数: 0

The ripple effect: How subsidies transform firm behavior 连锁反应：补贴如何改变企业行为

IF 5.9 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance

Pub Date : 2025-08-21 DOI: 10.1016/j.jcorpfin.2025.102880

José Antonio Pérez-Amuedo , M. Kabir Hassan , Reza Houston

This study examines how government support influences firm behavior across profitability, investment, and employment. Using a comprehensive database linking local, state, and federal subsidies to firm-level financial data, we assess how different subsidy types shape firm decisions. We find that cost-reducing subsidies are more effective than revenue-increasing ones in boosting profitability, employment, and strategic investment. Firms that commit to hiring or capital investment upon receiving subsidies achieve superior outcomes. These findings highlight the importance of aligning subsidy design with firm-level incentives and broader economic goals.

本研究考察了政府支持如何影响企业在盈利能力、投资和就业方面的行为。利用一个综合数据库，将地方、州和联邦补贴与企业层面的财务数据联系起来，我们评估了不同类型的补贴如何影响企业决策。我们发现，在提高盈利能力、就业和战略投资方面，降低成本的补贴比增加收入的补贴更有效。企业在获得补贴后承诺雇佣员工或进行资本投资，会取得更好的成果。这些发现强调了将补贴设计与企业层面的激励和更广泛的经济目标相结合的重要性。

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