Pub Date : 2024-06-02DOI: 10.1016/j.jempfin.2024.101512
Jeong-Bon Kim , Kevin Tseng , Jundong (Jeff) Wang , Yaoyi Xi
This paper documents that economic policy uncertainty reduces future stock price crash risk by increasing firms’ disclosure of bad news. Our tests show that firms release more bad news during periods of high policy uncertainty – they use more conservatism accounting, exhibit stronger future earnings response coefficients, use more negative tones in their financial reports, and have managers that express more negative sentiment in earnings conference calls than during periods of low policy uncertainty. Additional analyses show that the negative relation between EPU and future stock price crash risk is more pronounced among firms with more short-sale constraints, with no actively traded credit default swap contracts, with lower options-implied negative skewness, or with higher firm-level political risks. The results from regressions adopting the instrumental variable approach and from a quasi-natural experiment suggest that the negative relation observed between policy uncertainty and stock price crash risk is unlikely to be driven by potential endogeneity.
{"title":"Policy uncertainty, bad news disclosure, and stock price crash risk","authors":"Jeong-Bon Kim , Kevin Tseng , Jundong (Jeff) Wang , Yaoyi Xi","doi":"10.1016/j.jempfin.2024.101512","DOIUrl":"https://doi.org/10.1016/j.jempfin.2024.101512","url":null,"abstract":"<div><p>This paper documents that economic policy uncertainty reduces future stock price crash risk by increasing firms’ disclosure of bad news. Our tests show that firms release more bad news during periods of high policy uncertainty – they use more conservatism accounting, exhibit stronger future earnings response coefficients, use more negative tones in their financial reports, and have managers that express more negative sentiment in earnings conference calls than during periods of low policy uncertainty. Additional analyses show that the negative relation between EPU and future stock price crash risk is more pronounced among firms with more short-sale constraints, with no actively traded credit default swap contracts, with lower options-implied negative skewness, or with higher firm-level political risks. The results from regressions adopting the instrumental variable approach and from a quasi-natural experiment suggest that the negative relation observed between policy uncertainty and stock price crash risk is unlikely to be driven by potential endogeneity.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141329265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-31DOI: 10.1016/j.jempfin.2024.101515
Hyemin Kim
This study examines whether suppliers modify trading strategies upon their customers’ unionization. The study demonstrates that when customers unionize, suppliers experience negative stock returns and rely less on the unionized customers for sales. Results are robust for alternatively using a regression discontinuity design. Suppliers reduce their exposure to unionized customers due to the demand uncertainty arising from potential labor disruptions, the customers’ reduced competitiveness in the product market, and customers’ potential shifting of unionization costs to suppliers. Furthermore, suppliers with unionized customers mitigate risks by seeking new customers and diversifying their customer concentration.
{"title":"Effects of customer unionization on supplier relationships and supplier value","authors":"Hyemin Kim","doi":"10.1016/j.jempfin.2024.101515","DOIUrl":"https://doi.org/10.1016/j.jempfin.2024.101515","url":null,"abstract":"<div><p>This study examines whether suppliers modify trading strategies upon their customers’ unionization. The study demonstrates that when customers unionize, suppliers experience negative stock returns and rely less on the unionized customers for sales. Results are robust for alternatively using a regression discontinuity design. Suppliers reduce their exposure to unionized customers due to the demand uncertainty arising from potential labor disruptions, the customers’ reduced competitiveness in the product market, and customers’ potential shifting of unionization costs to suppliers. Furthermore, suppliers with unionized customers mitigate risks by seeking new customers and diversifying their customer concentration.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141290529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-31DOI: 10.1016/j.jempfin.2024.101516
Geoffrey Peter Smith
The leverage effect hypothesis of Black (1976) and Christie (1982) posits that time-series variation in debt causes an inverse relation between stock return volatility and stock returns. Hasanhodzic and Lo (2019) test this hypothesis in a novel sample of firms with no debt and yet they still find an inverse relation, motivating them to espouse volatility feedback as an alternative. Under standard assumptions governing the risk-return relation from the asset pricing literature, I explain why the stock returns of all-equity-financed firms will still have leverage effects on par with those of debt-financed firms and why the absence of debt at the firm level has no bearing on the leverage and volatility feedback hypotheses.
{"title":"Why do firms with no leverage still have leverage and volatility feedback effects?","authors":"Geoffrey Peter Smith","doi":"10.1016/j.jempfin.2024.101516","DOIUrl":"https://doi.org/10.1016/j.jempfin.2024.101516","url":null,"abstract":"<div><p>The leverage effect hypothesis of Black (1976) and Christie (1982) posits that time-series variation in debt causes an inverse relation between stock return volatility and stock returns. Hasanhodzic and Lo (2019) test this hypothesis in a novel sample of firms with no debt and yet they still find an inverse relation, motivating them to espouse volatility feedback as an alternative. Under standard assumptions governing the risk-return relation from the asset pricing literature, I explain why the stock returns of all-equity-financed firms will still have leverage effects on par with those of debt-financed firms and why the absence of debt at the firm level has no bearing on the leverage and volatility feedback hypotheses.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141325825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-29DOI: 10.1016/j.jempfin.2024.101514
Douglas Cumming , Na Dai
Non-venture capital private equity funds (PEs) have become increasingly interested in investing in entrepreneurial firms. We investigate how PEs invest and perform in comparison to VCs, and the implication of PEs’ participation on ventures. We show that PEs are more likely to invest in ventures after typical investment period and when there was substantial capital overhang. PEs prefer the expansion and late-stage ventures. Investment size and valuation are larger/higher with PEs’ participation. We further find that IPOs and secondary buyout are more prevalent among ventures with PE investments. PEs’ participation also allows ventures more time to get ready for exit.
非风险资本私募股权基金(PE)对投资创业企业的兴趣与日俱增。与风险投资相比,我们研究了私募股权基金的投资方式和表现,以及私募股权基金的参与对创业企业的影响。我们的研究表明,私募股权基金更倾向于在典型投资期之后和存在大量资本悬置的情况下投资创业企业。私募股权投资偏好扩张期和晚期风险企业。在 PE 参与的情况下,投资规模和估值会更大或更高。我们还发现,在有 PE 投资的风险企业中,IPO 和二次收购更为普遍。私募股权投资的参与也使风险企业有更多时间为退出做好准备。
{"title":"Shadow capital in venture financing: Selection, valuation, and exit dynamic","authors":"Douglas Cumming , Na Dai","doi":"10.1016/j.jempfin.2024.101514","DOIUrl":"https://doi.org/10.1016/j.jempfin.2024.101514","url":null,"abstract":"<div><p>Non-venture capital private equity funds (PEs) have become increasingly interested in investing in entrepreneurial firms. We investigate how PEs invest and perform in comparison to VCs, and the implication of PEs’ participation on ventures. We show that PEs are more likely to invest in ventures after typical investment period and when there was substantial capital overhang. PEs prefer the expansion and late-stage ventures. Investment size and valuation are larger/higher with PEs’ participation. We further find that IPOs and secondary buyout are more prevalent among ventures with PE investments. PEs’ participation also allows ventures more time to get ready for exit.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141325824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-23DOI: 10.1016/j.jempfin.2024.101502
Xu Niu
Activist hedge funds are more likely to target unionized firms. When they do, the short-term stock performance is higher, especially when the hedge funds’ targeting strategy is hostile. Employees and labor organizations at target firms tend to oppose activist hedge funds. Firms are more likely to unionize after being targeted by hedge funds, and employee satisfaction deteriorates at target firms. Moreover, unionized firms are more likely to strike after being targeted, and those strikes in opposition to hedge fund intervention are more severe and more detrimental to the firms. This paper further explores potential costs and harmful consequences to the firm value due to the tension between activist hedge funds and labor unions. After being targeted, unionized firms tend to have lower profitability, weakened corporate governance, exposure to a higher degree of competitive and product market threats, and a higher crash risk in stock prices.
{"title":"The battle between activist hedge funds and labor unions","authors":"Xu Niu","doi":"10.1016/j.jempfin.2024.101502","DOIUrl":"10.1016/j.jempfin.2024.101502","url":null,"abstract":"<div><p>Activist hedge funds are more likely to target unionized firms. When they do, the short-term stock performance is higher, especially when the hedge funds’ targeting strategy is hostile. Employees and labor organizations at target firms tend to oppose activist hedge funds. Firms are more likely to unionize after being targeted by hedge funds, and employee satisfaction deteriorates at target firms. Moreover, unionized firms are more likely to strike after being targeted, and those strikes in opposition to hedge fund intervention are more severe and more detrimental to the firms. This paper further explores potential costs and harmful consequences to the firm value due to the tension between activist hedge funds and labor unions. After being targeted, unionized firms tend to have lower profitability, weakened corporate governance, exposure to a higher degree of competitive and product market threats, and a higher crash risk in stock prices.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141133709","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-17DOI: 10.1016/j.jempfin.2024.101501
Fuwei Jiang , Jie Kang , Lingchao Meng
Uncertainty is known to be crucial in asset pricing, yet evidence from a comprehensive analysis of various uncertainty measures remains sparse. By machine learning, we construct a novel economic uncertainty index derived from a heterogeneous range of uncertainty measures and investigate its predictability of stock returns. Our composite uncertainty index exhibits robust in- and out-of-sample predictability of stock market returns over the one- to 12-month horizon. The predictive power stems from the volatility-orthogonal components of individual uncertainty measures and becomes more pronounced during high uncertainty and high sentiment periods. The predictability of our economic uncertainty index aligns with theoretical frameworks linking uncertainty to future investment, cash flows, and market expectations.
{"title":"Certainty of uncertainty for asset pricing","authors":"Fuwei Jiang , Jie Kang , Lingchao Meng","doi":"10.1016/j.jempfin.2024.101501","DOIUrl":"10.1016/j.jempfin.2024.101501","url":null,"abstract":"<div><p>Uncertainty is known to be crucial in asset pricing, yet evidence from a comprehensive analysis of various uncertainty measures remains sparse. By machine learning, we construct a novel economic uncertainty index derived from a heterogeneous range of uncertainty measures and investigate its predictability of stock returns. Our composite uncertainty index exhibits robust in- and out-of-sample predictability of stock market returns over the one- to 12-month horizon. The predictive power stems from the volatility-orthogonal components of individual uncertainty measures and becomes more pronounced during high uncertainty and high sentiment periods. The predictability of our economic uncertainty index aligns with theoretical frameworks linking uncertainty to future investment, cash flows, and market expectations.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.1,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141047505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-14DOI: 10.1016/j.jempfin.2024.101499
Walter I. Boudry , Crocker H. Liu , Tobias Mühlhofer , Walter N. Torous
Pseudo-market prices of infrequently traded assets with scheduled cash flows – commercial real estate appraisals and matrix prices of commercial mortgage backed securities – are compared against a VAR model to assess the extent to which these widely-used proxies are grounded in economic fundamentals. Property appraisals fail to fully incorporate the economic fundamentals underlying commercial real estate transactions. During the financial crisis, CMBS matrix prices captured underlying economic fundamentals and exhibited little pricing bias. However, matrix prices no longer exhibited such economic discipline after the financial crisis. Incorporating VAR forecasts considerably improves the predictive ability of appraisals and matrix prices.
将具有预定现金流的非经常交易资产的伪市场价格--商业房地产评估和商业抵押贷款支持证券的矩阵价格--与 VAR 模型进行比较,以评估这些广泛使用的替代物在多大程度上以经济基本面为基础。财产评估未能充分纳入商业房地产交易的经济基本面。在金融危机期间,CMBS 矩阵价格捕捉到了基本的经济基本面,几乎没有表现出定价偏差。然而,金融危机之后,矩阵价格不再表现出这种经济规律。纳入 VAR 预测大大提高了评估和矩阵价格的预测能力。
{"title":"Assessing proxies for market prices of thinly traded assets with scheduled cash flows","authors":"Walter I. Boudry , Crocker H. Liu , Tobias Mühlhofer , Walter N. Torous","doi":"10.1016/j.jempfin.2024.101499","DOIUrl":"10.1016/j.jempfin.2024.101499","url":null,"abstract":"<div><p>Pseudo-market prices of infrequently traded assets with scheduled cash flows – commercial real estate appraisals and matrix prices of commercial mortgage backed securities – are compared against a VAR model to assess the extent to which these widely-used proxies are grounded in economic fundamentals. Property appraisals fail to fully incorporate the economic fundamentals underlying commercial real estate transactions. During the financial crisis, CMBS matrix prices captured underlying economic fundamentals and exhibited little pricing bias. However, matrix prices no longer exhibited such economic discipline after the financial crisis. Incorporating VAR forecasts considerably improves the predictive ability of appraisals and matrix prices.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141030501","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-10DOI: 10.1016/j.jempfin.2024.101500
Yaqing Xiao , Hongjun Yan , Jinfan Zhang
The global version of Samuelson's Dictum is the conjecture that there is more informational inefficiency for global information than for country-specific information. Consistent with this conjecture, we find that sovereign CDS spreads can predict future sovereign bond yields of their underlying countries and this predictive power arises almost entirely from CDS spread's global—rather than country-specific—component. Noting the striking similarities between the evidence in stock and sovereign bond markets, we examine the underlying mechanism for the results in both markets in parallel and find further similarities across these two markets. In both cases, information appears to flow in one direction: from the sovereign CDS market to stock and sovereign bond markets and not the other way around. Information transmission occurs mostly during the days surrounding announcements of credit-rating or outlook changes, especially downgrades. These results are broadly consistent with a setup in which information acquisition and processing is costly.
{"title":"Global and local information efficiency: An examination of samuelson's dictum","authors":"Yaqing Xiao , Hongjun Yan , Jinfan Zhang","doi":"10.1016/j.jempfin.2024.101500","DOIUrl":"10.1016/j.jempfin.2024.101500","url":null,"abstract":"<div><p>The global version of Samuelson's Dictum is the conjecture that there is more informational inefficiency for <em>global</em> information than for <em>country-specific</em> information. Consistent with this conjecture, we find that sovereign CDS spreads can predict future sovereign bond yields of their underlying countries and this predictive power arises almost entirely from CDS spread's global—rather than country-specific—component. Noting the striking similarities between the evidence in stock and sovereign bond markets, we examine the underlying mechanism for the results in both markets in parallel and find further similarities across these two markets. In both cases, information appears to flow in one direction: from the sovereign CDS market to stock and sovereign bond markets and not the other way around. Information transmission occurs mostly during the days surrounding announcements of credit-rating or outlook changes, especially downgrades. These results are broadly consistent with a setup in which information acquisition and processing is costly.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141057718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-28DOI: 10.1016/j.jempfin.2024.101486
Yuanyuan Zhang , Qian Zhang , Zerong Wang , Qi Wang
This paper evaluates the improvement in option pricing brought about by realized volatility (RV) through nonaffine dynamics as advocated by Christoffersen et al. (2014). We complement their studies by developing a closed-form approximation of option pricing for the nonaffine models with RV, and then study the trade-off between the degradation in data fitting and the computational convenience offered by the analytical formula. Our studies confirm the literature that the nonaffine dynamics consistently outperform the affine in option pricing. In particular, we find that RV can significantly improve return fitting and option pricing through both affine and nonaffine models. For the affine models, we find strong evidence in favor of the RV information for both returns and options; for the nonaffine models, the evidence is less convincing for option pricing. We also provide additional new evidence that RV and nonaffine structures are equally competent at improving option pricing; moreover, these two features are complements rather than substitutes for GARCH option pricing, and the importance of one feature for option pricing is further enhanced when the other is present. All of these results are robust across moneyness, maturity, and volatility levels, and point to the necessity of including RV in nonaffine option pricing models.
{"title":"Option valuation via nonaffine dynamics with realized volatility","authors":"Yuanyuan Zhang , Qian Zhang , Zerong Wang , Qi Wang","doi":"10.1016/j.jempfin.2024.101486","DOIUrl":"10.1016/j.jempfin.2024.101486","url":null,"abstract":"<div><p>This paper evaluates the improvement in option pricing brought about by realized volatility (RV) through nonaffine dynamics as advocated by Christoffersen et al. (2014). We complement their studies by developing a closed-form approximation of option pricing for the nonaffine models with RV, and then study the trade-off between the degradation in data fitting and the computational convenience offered by the analytical formula. Our studies confirm the literature that the nonaffine dynamics consistently outperform the affine in option pricing. In particular, we find that RV can significantly improve return fitting and option pricing through both affine and nonaffine models. For the affine models, we find strong evidence in favor of the RV information for both returns and options; for the nonaffine models, the evidence is less convincing for option pricing. We also provide additional new evidence that RV and nonaffine structures are equally competent at improving option pricing; moreover, these two features are complements rather than substitutes for GARCH option pricing, and the importance of one feature for option pricing is further enhanced when the other is present. All of these results are robust across moneyness, maturity, and volatility levels, and point to the necessity of including RV in nonaffine option pricing models.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140398979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-28DOI: 10.1016/j.jempfin.2024.101498
Zigan Wang , Qie Ellie Yin , Luping Yu
We use a new international setting to test and strengthen identification of the “target leverage” hypothesis in the payout policy literature. We conduct a quasi-natural experiment induced by staggered share repurchase legalization in 17 economies and analyze its influences on leverage dynamics. After controlling for other repurchasing motives, firms under-leveraged before legalization are more likely to buy back shares immediately after legalization. Post-legalization repurchases also facilitate firms’ movement toward target leverage, especially when firms are under-leveraged. This facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint.
{"title":"Do share repurchases facilitate movement toward target capital structure? International evidence","authors":"Zigan Wang , Qie Ellie Yin , Luping Yu","doi":"10.1016/j.jempfin.2024.101498","DOIUrl":"https://doi.org/10.1016/j.jempfin.2024.101498","url":null,"abstract":"<div><p>We use a new international setting to test and strengthen identification of the “target leverage” hypothesis in the payout policy literature. We conduct a quasi-natural experiment induced by staggered share repurchase legalization in 17 economies and analyze its influences on leverage dynamics. After controlling for other repurchasing motives, firms under-leveraged before legalization are more likely to buy back shares immediately after legalization. Post-legalization repurchases also facilitate firms’ movement toward target leverage, especially when firms are under-leveraged. This facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint.</p></div>","PeriodicalId":15704,"journal":{"name":"Journal of Empirical Finance","volume":null,"pages":null},"PeriodicalIF":2.6,"publicationDate":"2024-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140620984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}