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Firm-level climate sentiments, climate politics and implied cost of equity capital 企业层面的气候情绪、气候政治和隐含的权益资本成本
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102846
Katsiaryna Salavei Bardos , Dev R. Mishra , Hyacinthe Y. Somé
In a sample of U.S. firms, we find strong evidence that firms' implied cost of equity is decreasing in a novel proxy of firm-level climate change sentiments of earnings call participants, supporting prior literature that shows investors demand higher returns from their investments in brown firms and lower returns from that in green firms. This effect, however, is particularly pronounced for the firm-years headquartered in the states experiencing higher than median per-capita energy related CO2 emissions, those headquartered in climate related disaster intensive counties and those headquartered in RED and SWING states, supporting “boomerang hypothesis” that green firms are hedged against potential changes in local climate standards and thus enjoy considerably cheaper financing in the localities marred with greenhouse gas emission concerns, climate related physical disasters, and climate unfriendly political environment. We utilize the variation in regionwide and statewide public beliefs about scientists' beliefs regarding the occurrence of global warming as an instrument to address endogeneity issues, among other tests.
在美国公司的样本中,我们发现了强有力的证据,表明公司的隐含股权成本在公司层面的盈利电话会议参与者的气候变化情绪的新代理中正在下降,这支持了先前的文献,表明投资者要求从他们对棕色公司的投资中获得更高的回报,而从绿色公司的投资中获得更低的回报。然而,对于总部位于人均能源相关二氧化碳排放量高于中位数的州的公司,总部位于气候相关灾害密集县的公司以及总部位于红色和摇摆州的公司来说,这种影响尤为明显。支持“回旋镖假说”,即绿色企业可以规避当地气候标准的潜在变化,从而在存在温室气体排放问题、与气候相关的自然灾害和气候不友好的政治环境的地方享受相当低的融资成本。我们利用在区域和国家范围内的变化公众信念的科学家关于全球变暖的发生的信念作为一种工具来解决内生性问题,在其他测试。
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引用次数: 0
Central bank digital currency and corporate cash holdings: Evidence from China's e-CNY pilot 央行数字货币与企业现金持有量:来自中国e-CNY试点的证据
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-28 DOI: 10.1016/j.jcorpfin.2025.102847
Guanglong Zhang , Kam C. Chan
We examine the impact of a central bank digital currency (CBDC) on corporate cash holding decisions, utilizing China's staggered e-CNY pilot program as a quasi-natural experiment. Our findings demonstrate that firms operating in pilot areas significantly decrease their cash holdings following the introduction of e-CNY. Mechanism tests indicate that e-CNY serves as a novel governance mechanism that reduces firm agency costs, thereby diminishing agency motives for cash hoarding. It also acts as a powerful surveillance tool that leads to greater government subsidies, broader access to bank loans, and lower debt financing costs, thus reducing precautionary and transactional motives for holding cash. Additionally, dynamic tests suggest that e-CNY increases firms' cash adjustment speed. This study provides initial evidence that CBDCs, through their inherent characteristics of transparency, traceability, immutability, and programmability, can mitigate agency problems, reduce information asymmetry, and enhance economic transparency. However, this may also raise concerns about privacy and government overreach that require further study.
我们研究了央行数字货币(CBDC)对企业现金持有决策的影响,利用中国的错开e-CNY试点计划作为准自然实验。我们的研究结果表明,试点地区的企业在引入e-CNY后,其现金持有量显著减少。机制检验表明,e-CNY作为一种新的治理机制,降低了企业的代理成本,从而降低了企业囤积现金的代理动机。它还可以作为一种强有力的监督工具,带来更多的政府补贴,更广泛地获得银行贷款,降低债务融资成本,从而降低持有现金的预防性和交易性动机。此外,动态测试表明,e-CNY提高了企业的现金调整速度。该研究提供了初步证据,表明cbdc通过其固有的透明度、可追溯性、不变性和可编程性等特征,可以缓解代理问题,减少信息不对称,提高经济透明度。然而,这也可能引起人们对隐私和政府越权的担忧,这需要进一步研究。
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引用次数: 0
Peer effects of star-analysts' departure: New evidence from China 明星分析师离职的同行效应:来自中国的新证据
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-27 DOI: 10.1016/j.jcorpfin.2025.102844
Zhifan Tian , Cheng (Colin) Zeng , Chaofan Li , Yi Wu
This paper examines how the departure of star analysts influences the performance of their non-star peers. Using manually collected data from China, we observe that non-star analysts enhance their forecast accuracy after a star analyst leaves. This effect is particularly pronounced when non-star analysts have previously worked within hierarchical teams or when the departing star analyst held significant internal resources within the brokerage. Additionally, the performance improvements are more substantial in environments with greater promotion opportunities and in brokerages characterized by a collective organizational culture. To establish causality, we leverage the suspension and subsequent reform of the star analyst voting system as an exogenous shock. A difference-in-difference (DID) analysis demonstrates that brokerages more affected by this shock exhibit larger improvements in analyst forecast accuracy. These findings offer new insights into the celebrity effect, highlighting how changes in team structure and internal competition influence analyst performance.
本文考察了明星分析师的离职对非明星同行业绩的影响。利用人工收集的中国数据,我们观察到,在明星分析师离开后,非明星分析师的预测准确性会提高。当非明星分析师曾在分级团队中工作过,或者即将离职的明星分析师在经纪公司拥有重要的内部资源时,这种影响尤为明显。此外,在有更多晋升机会的环境和以集体组织文化为特征的经纪公司中,绩效改善更为显著。为了建立因果关系,我们利用明星分析师投票制度的暂停和随后的改革作为外生冲击。差中差(DID)分析表明,受此次冲击影响更大的券商在分析师预测准确性方面表现出更大的提高。这些发现为名人效应提供了新的见解,突出了团队结构和内部竞争的变化如何影响分析师的绩效。
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引用次数: 0
Special issue on non-significant results 关于非显著结果的特刊
IF 5.9 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-25 DOI: 10.1016/j.jcorpfin.2025.102842
Matthew C. Ringgenberg
Academic journals are biased towards publishing results that are statistically significant and this bias can lead to incorrect inferences about economic parameters of interest. This special issue was created as a counter to this bias. The issue contains a mix of articles on important economic questions regardless of whether they document statistically significant results. Some of these articles provide evidence that a well-established result in the literature is not reliably confirmed in existing data, some provide novel empirical evidence that a theorized result is not statistically significant, and some of the articles provide methodological improvements to assist future research. In this preface to the special issue, I provide a brief overview of the literature on publication bias and discuss some of the proposed remedies with a goal of improving inference about important economic questions and encouraging academics to pursue research even if the results are not statistically significant.
学术期刊倾向于发表具有统计意义的结果,这种偏见可能导致对感兴趣的经济参数的错误推断。这期特刊就是为了对抗这种偏见而创造的。这期杂志包含了一些关于重要经济问题的文章,而不管它们是否记录了统计上显著的结果。其中一些文章提供的证据表明,文献中已确立的结果在现有数据中无法得到可靠的证实;一些文章提供了新的经验证据,表明理论化的结果在统计上不显著;还有一些文章提供了方法上的改进,以协助未来的研究。在这篇特刊的序言中,我简要概述了关于发表偏倚的文献,并讨论了一些拟议的补救措施,目的是改进对重要经济问题的推断,并鼓励学者继续研究,即使结果在统计上不显著。
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引用次数: 0
Voluntary disclosures and climate change uncertainty: Evidence from CDS premiums 自愿披露与气候变化不确定性:来自CDS溢价的证据
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-24 DOI: 10.1016/j.jcorpfin.2025.102831
Michael B. Imerman , Xiaoxia Ye , Ran Zhao
We examine the effect of voluntary climate risk disclosure on Credit Default Swap (CDS) premiums. We develop a structural model, in which climate-related disclosures serve as an information source reducing climate change uncertainty. The model predicts a negative relation between the informativeness of climate risk disclosure and the CDS premium, and asymmetric effects of positive and negative disclosure tone on the CDS premium. Using climate risk measures quantified from earnings call transcripts, we provide evidence supporting these predictions with causal inference. Our study suggests that climate risk is priced in the CDS market, where investors pay attention to climate risk disclosures.
我们研究了自愿气候风险披露对信用违约互换(CDS)溢价的影响。我们开发了一个结构模型,其中与气候相关的披露作为信息源,减少了气候变化的不确定性。该模型预测气候风险披露的信息量与CDS溢价呈负相关关系,积极和消极披露基调对CDS溢价的影响不对称。利用从收益电话会议记录中量化的气候风险措施,我们提供了支持这些预测的因果推理的证据。我们的研究表明,气候风险在CDS市场中定价,投资者关注气候风险披露。
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引用次数: 0
The impact of local corruption on firms' narrative R&D disclosures 地方腐败对企业叙述性研发披露的影响
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-23 DOI: 10.1016/j.jcorpfin.2025.102841
Rui Huang , Xuejun Jiang , Leonard Leye Li , Louise Yi Lu , Yangxin Yu
This study examines the impact of local corruption on firms' narrative research and development (R&D) disclosures in the United States. We find that firms in more corrupt areas include fewer R&D sentences in their 10-K filings, and these sentences contain less numerical and forward-looking information. Our results hold across various measures of local corruption and R&D disclosures and remain robust after controlling for firms' R&D activities, implementing fixed effects, using difference-in-differences tests, and applying instrumental variable analysis. Additionally, the effects are more pronounced for firms with concentrated operations in their headquarters states and for firms whose R&D disclosures closely relate to future earnings. However, they are less pronounced for firms with CEOs politically aligned with the state's incumbent party and when the benefit of resolving market dispersion from firms' R&D disclosure is high. Overall, our findings indicate that local corruption adversely affects firms' narrative R&D disclosures.
本研究考察了美国地方腐败对公司叙述性研发披露的影响。我们发现,在腐败程度较高的地区,公司在其10-K文件中包含的研发语句较少,这些语句包含的数字和前瞻性信息较少。我们的研究结果适用于地方腐败和研发披露的各种衡量标准,并且在控制了企业的研发活动、实施固定效应、使用差异中差异检验和应用工具变量分析后仍然稳健。此外,对于业务集中在总部所在州的公司,以及研发披露与未来收益密切相关的公司,这种影响更为明显。然而,对于那些首席执行官在政治上与国家执政党结盟的公司,以及当公司披露研发信息对解决市场分散的好处很高时,这种影响就不那么明显了。总体而言,我们的研究结果表明,地方腐败对公司的叙事研发披露产生了不利影响。
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引用次数: 0
Subsidizing uncertain investments: The role of production technology and imprecise learning 补贴不确定投资:生产技术和不精确学习的作用
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-20 DOI: 10.1016/j.jcorpfin.2025.102829
Christian Riis Flor , Kevin Berg Grell
This paper investigates the interplay between government subsidies, production technology, and learning through imprecise signals in shaping a firm’s investment strategy. Utilizing a real options framework with complementary investments, we address uncertainty in different investment stages and the limited informativeness of signals. Our findings reveal that optimal subsidization aligns a firm’s incentives with the evolving knowledge gained during the investment process. Specifically, the interaction between production technology elasticity and signal quality is crucial. Subsidies prove most effective when signals are highly informative, particularly when the technology’s returns are dependent on later-stage investments. This analysis highlights the need to manage uncertainty at each stage to maximize social net benefits, offering insights for policymakers on structuring subsidies under uncertainty.
本文研究了政府补贴、生产技术和通过不精确信号学习在形成企业投资策略中的相互作用。利用具有互补投资的实物期权框架,我们解决了不同投资阶段的不确定性和信号的有限信息。我们的研究结果表明,最优补贴使企业的激励与在投资过程中获得的不断发展的知识保持一致。具体而言,生产技术弹性与信号质量之间的相互作用至关重要。事实证明,当信号信息量很大时,尤其是当技术的回报依赖于后期投资时,补贴是最有效的。该分析强调了在每个阶段管理不确定性以实现社会净效益最大化的必要性,为政策制定者在不确定性下构建补贴提供了见解。
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引用次数: 0
Demand-driven corporate social responsibility: Symbolic versus substantive change after environmental disasters 需求驱动的企业社会责任:环境灾难后的象征性变革与实质性变革
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-18 DOI: 10.1016/j.jcorpfin.2025.102816
Juan Manuel García Lara , Beatriz García Osma , Irina Gazizova , Akram Khalilov
We examine disasters caused by individual firms with severe environmental impacts. These disasters trigger industry-wide demand for corporate social responsibility (CSR). We analyze whether affected firms respond by adopting substantive or symbolic CSR measures. We find that firms increase overall CSR performance through improvements in diversity and human rights rather than decreasing environmental concerns. This suggests firms prioritize symbolic CSR to legitimize their operations rather than substantive measures to mitigate environmental harm. We also document diverging costs and welfare effects. On average, substantive CSR actions are costlier and cause lower margins but avoid divestments by ESG-oriented funds while improving long-term credit ratings. Some of these benefits of substantive actions also accrue through symbolic actions at a lower cost.
我们考察了具有严重环境影响的个别企业所造成的灾难。这些灾难引发了全行业对企业社会责任(CSR)的需求。我们分析受影响的企业是否采取实质性或象征性的企业社会责任措施。我们发现,企业通过改善多样性和人权,而不是减少对环境的关注,来提高企业社会责任的总体绩效。这表明企业优先考虑象征性的企业社会责任,以使其运营合法化,而不是采取实质性措施减轻环境危害。我们还记录了不同的成本和福利效应。平均而言,实质性的企业社会责任行动成本更高,利润率更低,但可以避免esg导向的基金撤资,同时提高长期信用评级。实质性行动的某些好处也可以通过象征性行动以较低的成本获得。
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引用次数: 0
Reconciling the evidence on board diversity mandates 调和董事会多元化要求的证据
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-17 DOI: 10.1016/j.jcorpfin.2025.102838
Daniel T. Greene , JiHoon Hwang , Vincent J. Intintoli , Kathleen M. Kahle
We examine California Assembly Bill No. 979 (AB 979), the first law mandating racial, ethnic, and other forms of diversity on corporate boards. Conventional t-tests show that stock returns around the enactment of the law are negative, economically large, and statistically significant; returns are more negative for smaller firms and firms with no diverse directors, suggesting higher compliance costs. However, statistical significance disappears after controlling for event date cross-correlation, when comparing returns on event dates to the pre-event distribution of returns, and in multivariate regressions. At least 90 % of firms comply with the first stage of AB 979 and the qualifications of mandated directors are largely similar to those of benchmarks, suggesting compliance costs are low. We also find no evidence that compliance affects firm operating performance. Overall, our results suggest that the diversity mandate has statistically and economically small effects relative to typical variation in stock returns and firm outcomes, which highlights the importance of considering appropriate counterfactuals and examining multiple dimensions when analyzing the impact of such mandates.
我们研究了加州议会第979号法案(AB 979),这是第一部规定公司董事会中种族、民族和其他形式多样性的法律。传统的t检验表明,法律颁布前后的股票回报是负的,经济上很大,统计显著;较小的公司和没有多元化董事的公司的回报更负,这意味着更高的合规成本。然而,在控制事件日期的相互关系后,在比较事件日期的收益与事件前的收益分布时,以及在多元回归中,统计显著性消失。至少有90%的公司遵守了AB 979的第一阶段,授权董事的资格基本与基准相似,这表明合规成本很低。我们也没有发现合规影响公司经营绩效的证据。总体而言,我们的研究结果表明,相对于股票收益和公司业绩的典型变化,多样性任务在统计上和经济上的影响都很小,这凸显了在分析此类任务的影响时考虑适当的反事实和检查多个维度的重要性。
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引用次数: 0
The good and evil of algos: Investment-to-price sensitivity and the learning hypothesis 算法的善与恶:投资对价格的敏感性和学习假设
IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2025-06-11 DOI: 10.1016/j.jcorpfin.2025.102834
Nihad Aliyev , Fariz Huseynov , Khaladdin Rzayev
We investigate how firm managers’ learning from share prices is influenced by two different types of algorithmic trading (AT) activities in their shares. We find that liquidity-supplying AT enhances managers’ ability to learn from share prices by encouraging information acquisition in markets, leading to increased investment sensitivity to share prices. However, liquidity-demanding AT impairs this learning process by discouraging information acquisition. Firm operating performance correspondingly improves with liquidity-supplying AT and deteriorates with liquidity-demanding AT. To establish causality, we use NYSE’s Autoquote implementation as a source of exogenous variation in AT. Our findings demonstrate AT’s significant impact on real economic outcomes.
我们研究了公司经理从股价中学习如何受到两种不同类型的算法交易(AT)活动的影响。我们发现,流动性供给的AT通过鼓励市场上的信息获取,增强了经理人从股价中学习的能力,从而增加了对股价的投资敏感性。然而,流动性要求的AT阻碍了信息获取,从而损害了这一学习过程。企业经营绩效在提供流动性的条件下相应提高,在需要流动性的条件下相应恶化。为了建立因果关系,我们使用纽约证券交易所的自动报价实现作为AT的外生变化的来源。我们的研究结果表明,AT对实际经济结果有重大影响。
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引用次数: 0
期刊
Journal of Corporate Finance
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