Journal of Empirical Finance最新文献

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Short-term institutional investors and the diffusion of supply chain information 短期机构投资者与供应链信息扩散

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance

Pub Date : 2025-01-23 DOI: 10.1016/j.jempfin.2025.101581

Rui Duan , Yelena Larkin

What informational advantage do short-term investors have? This paper demonstrates that short-term investors can benefit from the ability to process public, but slowly diffusing, supply chain information ahead of other market participants. In support of this argument, we find that short-term investors establish larger long and short positions in firms with high customer concentration. In addition, an increase in short-term institutional ownership is associated with higher stock returns in firms with high customer concentration, supporting the informational advantage hypothesis. Finally, the relationship between customer concentration and short-term institutional ownership strengthens in high information asymmetry environment. In contrast, we do not find preference towards high customer concentration firms among long-term institutions, who are less positioned to exploit short-lived informational benefits.

短期投资者有什么信息优势？本文表明，短期投资者可以从处理公开但缓慢扩散的供应链信息的能力中受益于其他市场参与者。为了支持这一论点，我们发现短期投资者在客户集中度高的公司中建立了更大的多头和空头头寸。此外，在客户集中度高的公司中，短期机构所有权的增加与更高的股票回报有关，这支持了信息优势假说。最后，在高度信息不对称的环境下，客户集中度与短期机构所有权之间的关系增强。相比之下，我们没有发现长期机构对客户集中度高的公司的偏好，这些公司不太可能利用短期信息利益。

引用次数: 0

Social connectedness and cross-border mergers and acquisitions 社会联系和跨国并购

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Empirical Finance

Pub Date : 2025-01-16 DOI: 10.1016/j.jempfin.2025.101582

Zhonghao Jiang , Yukun Shi , Lu Xing

We investigate the role of social connectedness in cross-border mergers and acquisitions (M&As) using the Facebook social connectedness index. We show that stronger social connectedness between countries leads to higher announcement returns for acquirers in cross-border M&As. This effect is attributed to improved information dissemination, which reduces target premiums, increases deal completion likelihood, and supports acquirers to achieve long-term success. Furthermore, social connectedness increases the frequency and dollar value of cross-border M&As between countries. This relation is weaker for countries in the same customs union, but stronger in the presence of greater political disagreement or significant time zone differences. Extending our analysis to domestic M&As in the U.S., we find that social connectedness between the headquarters’ cities of acquirers and targets improves acquirers’ announcement returns.

我们使用Facebook社交连通性指数来研究社交连通性在跨境并购中的作用。我们的研究表明，国家之间更强的社会联系导致收购方在跨境并购中获得更高的公告回报。这种效应归因于信息传播的改善，这降低了目标溢价，增加了交易完成的可能性，并支持收购方取得长期成功。此外，社会联系增加了国家间跨境并购的频率和美元价值。这种关系在同一关税同盟的国家中较弱，但在存在较大政治分歧或重大时区差异的情况下更强。将我们的分析扩展到美国国内的并购，我们发现收购方和被收购方的总部城市之间的社会联系提高了收购方的公告回报。

引用次数: 0