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The effects of FinTech adoption on bank loan spreads 采用金融科技对银行贷款利差的影响
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-19 DOI: 10.1108/mf-03-2024-0238
Jieying Hong, Na Wang, Tianpeng Zhou

Purpose

This paper aims to examine the impact of traditional banks’ financial technology (FinTech) adoption on corporate loan spreads and lending practices.

Design/methodology/approach

This study examines the impact of FinTech adoption by banks on corporate loan spreads and lending practices. By analyzing data from bank 10-K filings, we develop a novel metric to assess FinTech adoption at the individual bank level. Our analysis reveals a significant positive correlation between increased FinTech adoption and higher corporate loan spreads, particularly for loans that are relatively informationally opaque. This causality is further validated through a quasi-natural experiment. Additionally, we identify trends toward loans with smaller sizes and longer maturities in banks with advanced FinTech integration.

Findings

Using a sample of corporate loans issued from 1993 to 2020, this paper documents a significant positive relationship between a bank’s increased FinTech adoption and higher loan spreads. This correlation is especially noticeable for loans that are informationally opaque. Moreover, the paper reveals trends toward smaller loan sizes and longer maturities with advanced FinTech integration in banks. Overall, these findings indicate FinTech enhances efficiency in processing hard information and holds the potential to enhance financial inclusion.

Originality/value

This paper contributes to two significant strands of finance literature. First, it highlights how banks with advanced FinTech integration gain advantages through enhanced processing of hard information. Furthermore, it underscores the role of FinTech in promoting financial inclusion, particularly for those borrowers facing informational opacity.

本文旨在研究传统银行采用金融科技(FinTech)对企业贷款息差和贷款行为的影响。本研究探讨了银行采用金融科技对企业贷款息差和贷款行为的影响。通过分析银行 10-K 申报文件中的数据,我们开发了一种新的指标来评估单个银行采用金融科技的情况。我们的分析表明,金融科技应用的增加与企业贷款利差的提高之间存在明显的正相关关系,尤其是对于信息相对不透明的贷款而言。这一因果关系通过准自然实验得到了进一步验证。此外,我们还发现,在金融科技整合程度较高的银行中,贷款的规模趋向于更小,期限趋向于更长。研究结果通过对 1993 年至 2020 年期间发放的企业贷款进行抽样调查,本文记录了银行更多地采用金融科技与更高的贷款利差之间存在显著的正相关关系。这种相关性在信息不透明的贷款中尤为明显。此外,本文还揭示了随着金融科技在银行中的进一步融合,贷款规模越来越小、期限越来越长的趋势。总体而言,这些研究结果表明,金融科技提高了处理硬信息的效率,并具有增强金融包容性的潜力。首先,它强调了具有先进金融科技整合能力的银行如何通过加强对硬信息的处理来获得优势。此外,它还强调了金融科技在促进金融包容性方面的作用,尤其是对那些面临信息不透明问题的借款人而言。
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引用次数: 0
Twitter-based economic uncertainties and time-frequency connectedness among cryptocurrencies 基于 Twitter 的经济不确定性和加密货币之间的时频关联性
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-17 DOI: 10.1108/mf-03-2024-0229
Mustafa Kocoglu, Xuan-Hoa Nghiem, Ehsan Nikbakht
<h3>Purpose</h3><p>In this study, we aim to investigate the connectedness spillovers among major cryptocurrency markets. Moreover, we also explore to identify factors driving this connectedness, particularly focusing on the sentimentality of total, short-term, and long-term return connectedness spillovers among cryptocurrencies under Twitter-based economic uncertainties and US economic policy uncertainty. Finally, we investigate the extent to which cryptocurrency markets serve as a safe haven, hedge, and diversifier from news-based uncertainties.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>This study employs the connectedness approach following the combination of Ando <em>et al</em>. (2022) QVAR and Baruník and Krehlík's (2018) frequency connectedness methodologies into the framework proposed by Diebold and Yilmaz (2012, 2014). The data covered from November 10, 2017, to April 21, 2023, and the factors driving cryptocurrency connectedness spillovers are identified and examined. The sentimentality of total, short-term, and long-term return connectedness spillovers among cryptocurrencies, concerning Twitter-based economic uncertainties and US economic policy uncertainty, are analyzed. We apply the Wavelet quantile correlation (WQC) method developed by Kumar and Padakandla (2022) to explore the effects of Twitter-based economic uncertainties and US economic policy uncertainty on Cryptocurrency market connectedness risk spillovers. Besides, we check and present the robustness of WQC findings with the multivariate stochastic volatility method.</p><!--/ Abstract__block --><h3>Findings</h3><p>Our findings indicate that Ethereum and Bitcoin are net shock transmitters at the center of the connectedness return network. Ethereum and Bitcoin hold the highest market capitalization and value in the cryptocurrency market, respectively. This suggests that return shocks originating from these two cryptocurrencies have the most significant impact on other cryptocurrencies. Tether and Monero are the net receivers of return shocks, while Cardano and XRP exhibit weak shock-transmitting characteristics through returns. In terms of return spillovers, Ethereum is the most effective, followed by Bitcoin and Stellar. Further analysis reveals that Twitter economic policy uncertainty and US economic policy uncertainty are effective drivers of short-term and total directional spillovers. These uncertainty indices exhibit positive coefficient signs in short-term and total directional spillovers, which turn predominantly negative in different magnitudes and frequency ranges in the long term. In addition, we also document that as the Total Connectedness Index (TCI) value increases, market risk also rises. Also, our empirical findings provide significant evidence of Twitter-based economic uncertainties and US economic policy uncertainty that affect short-term market risks. Hence, we state that risk-connectedness spillovers in cryptocurrency markets en
目的 在本研究中,我们旨在调查主要加密货币市场之间的关联性溢出效应。此外,我们还探讨了驱动这种关联性的因素,尤其关注在基于 Twitter 的经济不确定性和美国经济政策不确定性下,加密货币之间的总回报、短期回报和长期回报关联性溢出的情绪性。最后,我们研究了加密货币市场在多大程度上起到了避风港、对冲和分散新闻不确定性的作用。本研究采用了连通性方法,将 Ando 等人(2022 年)的 QVAR 以及 Baruník 和 Krehlík(2018 年)的频率连通性方法结合到 Diebold 和 Yilmaz(2012 年,2014 年)提出的框架中。数据涵盖 2017 年 11 月 10 日至 2023 年 4 月 21 日,并确定和研究了驱动加密货币连通性溢出的因素。我们分析了加密货币间总回报、短期回报和长期回报连通性溢出的情绪性,涉及基于推特的经济不确定性和美国经济政策不确定性。我们应用 Kumar 和 Padakandla(2022 年)开发的小波量化相关性(WQC)方法,探讨了 Twitter 经济不确定性和美国经济政策不确定性对加密货币市场关联性风险溢出的影响。我们的研究结果表明,以太坊和比特币是互联性回报网络中心的净冲击传播者。以太坊和比特币分别拥有加密货币市场最高的市值和价值。这表明,源自这两种加密货币的回报冲击对其他加密货币的影响最大。Tether 和 Monero 是回报冲击的净接收者,而 Cardano 和 XRP 通过回报表现出微弱的冲击传递特性。就回报溢出效应而言,以太坊是最有效的,其次是比特币和恒星币。进一步分析表明,推特经济政策不确定性和美国经济政策不确定性是短期和总体方向性溢出效应的有效驱动因素。这些不确定性指数在短期和总体方向性溢出效应中表现出正的系数符号,而在长期溢出效应中,这些不确定性指数在不同的幅度和频率范围内主要转为负值。此外,我们还发现,随着总关联度指数(TCI)值的增加,市场风险也会上升。同时,我们的实证研究结果还提供了重要证据,证明基于 Twitter 的经济不确定性和美国经济政策的不确定性会影响短期市场风险。因此,我们认为加密货币市场的风险-关联性溢出效应包含永久性或暂时性的冲击变化。此外,长期溢出效应的低值结果表明,加密货币市场的风险冲击并非永久性的,这表明长期变化需要对市场动态进行仔细监测和控制。此外,我们观察到,加密货币市场的高风险溢出与一些事件发生的时期相吻合,如 2018 年 1 月的中美贸易紧张局势、2019 年 2 月的英国脱欧进程和 2019 年 11 月的 COVID-19 爆发。接下来,我们观察到加密货币市场风险溢出效应在 2020 年 3 月后有所下降。市场风险溢出减轻的原因可能是美联储的量化宽松信号启动了市场的放松过程。因为美联储在 2022 年 3 月发出的对抗通胀的信号也恰好是加密货币市场风险溢出增加的时期。基于此,我们提出证据表明,美联储与市场的沟通机制有可能影响短期和长期预期。在这种情况下,我们可以说,我们关于新闻的不确定性会导致短期风险增加的假设得到了证实。我们的研究结果可能会对投资组合经理和广大投资者降低金融风险的投资政策产生影响。原创性/价值我们的论文通过研究主要加密货币之间的相互联系及其背后的驱动因素,特别是关注基于新闻的经济不确定性的作用,为相关文献做出了贡献。更广泛地说,我们计算了先进方法的使用情况,并纳入了实时经济不确定性数据,从而提高了研究的原创性和价值,为加密货币市场的动态提供了见解。
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引用次数: 0
Charity begins at the office: issuing cheap stock and stock options to employees and insiders before going public 慈善从办公室开始:上市前向员工和内部人员发行廉价股票和股票期权
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-16 DOI: 10.1108/mf-09-2023-0540
John D. Finnerty
<h3>Purpose</h3><p>Press reports have indicated that firms frequently underprice restricted stock and employee stock options. I test for underpricing of stock and options.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>I examined a sample of 5,333 private firm stock and option issuances between 1985 and 2017. I tested for underpricing using two approaches: assuming investors have no special market-timing ability and assuming instead they have perfect market-timing ability.</p><!--/ Abstract__block --><h3>Findings</h3><p>I find evidence of widespread stock and option underpricing by private firms before they go public reflecting large discounts that exceed reasonable compensation for lack of marketability. Unreported underpricing is more frequent in the last pre-IPO private equity transactions that offer the last opportunity to give such discounts before the stock is publicly traded, but the discounts are greater in the earlier pre-IPO transactions where unreported discounts are presumably tougher for the SEC to detect. Underpricing is still detected even when the actual DLOMs are tested against a benchmark that assumes investors have perfect market-timing ability.</p><!--/ Abstract__block --><h3>Research limitations/implications</h3><p>Firms frequently underprice restricted stock and employee stock options. Firms tend to underprice stock options more frequently than restricted stock, but restricted stock tends to be priced at deeper discounts when recipients are assumed not to have any special market-timing ability.</p><!--/ Abstract__block --><h3>Practical implications</h3><p>Private firms issue restricted stock and options as incentive compensation. Lowballing the valuation transfers wealth from outside stockholders to employees/insiders. Wealth transfers take place through the issuance of equity claims to employees/insiders before firms go public. I found that more than a quarter of the DLOMs exceed the theoretical maximum by, on average, between 16% (median) and 20% (mean). This finding raises two questions worthy of investigation. First, to what extent do the frequency and magnitude of DLOMs above the theoretical maximum depend on whether a board of directors obtains an independent appraisal of a stock’s fair market value? Second, if DLOMs above the theoretical maximum are observed even when the stock is independently appraised, how do appraisers justify such large DLOMs?</p><!--/ Abstract__block --><h3>Social implications</h3><p>The wealth transfers that take place through the issuance of equity claims to employees/insiders before firms go public benefit employees/insiders at the expense of outside shareholders.</p><!--/ Abstract__block --><h3>Originality/value</h3><p>My paper is the first to furnish evidence of widespread stock and option underpricing by private firms before they go public; demonstrate that the unreported underpricing is more frequent in the last pre-IPO private equity transactions that off
目的新闻报道指出,公司经常对限制性股票和员工股票期权定价过低。我对 1985 年至 2017 年间发行的 5333 份私营公司股票和期权进行了抽样调查。我采用两种方法对定价不足进行了检验:假设投资者没有特殊的市场时机把握能力,以及假设投资者具有完美的市场时机把握能力。研究结果我发现了私营企业在上市前普遍存在股票和期权定价不足的证据,反映出其缺乏市场性所带来的大幅折扣超过了合理的补偿。在上市前的最后一次私募股权交易中,未报告的定价偏低现象更为常见,因为这是在股票公开交易前给予此类折扣的最后一次机会,但在上市前的早期交易中,折扣幅度更大,而在这些交易中,未报告的折扣可能更难被美国证券交易委员会发现。即使将实际的 DLOM 与假定投资者具有完美的市场时机把握能力的基准进行对比测试,仍会发现定价过低的情况。与限制性股票相比,公司更倾向于低估股票期权的价格,但当假定接受者不具备任何特殊的市场时机把握能力时,限制性股票的价格往往会有更大的折扣。压低估值会将财富从外部股东转移到员工/内部人手中。财富转移是在企业上市前通过向员工/内部人士发行股票实现的。我发现,超过四分之一的 DLOM 超过理论最大值,平均超出 16%(中位数)至 20%(平均数)。这一发现提出了两个值得研究的问题。首先,超过理论最大值的 DLOM 的频率和规模在多大程度上取决于董事会是否对股票的公平市场价值进行了独立评估?其次,如果即使对股票进行了独立评估,也能观察到高于理论最大值的 DLOM,那么评估师如何证明如此大的 DLOM 是合理的?社会影响公司上市前通过向员工/内部人发行股票债权而发生的财富转移有利于员工/内部人,但却牺牲了外部股东的利益。原创性/价值 本文首次提供证据证明私募公司在上市前普遍存在股票和期权定价过低的现象;证明未报告的定价过低现象在首次公开发行前的最后一次私募股权交易中更为频繁,因为这些交易提供了在股票公开交易前给予此类折扣的最后机会;还证明在首次公开发行前的早期交易中,折扣幅度更大,因为在这些交易中,未报告的折扣可能更难被美国证券交易委员会发现。
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引用次数: 0
Dividend omissions and dividend cuts behaviour: a dynamic random-effect probit panel regression analysis 股息遗漏与股息削减行为:动态随机效应 probit 面板回归分析
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-10 DOI: 10.1108/mf-06-2024-0433
Samveg Patel

Purpose

The study aims to examine the dividend omissions and dividend cuts behaviour of manufacturing and non-financial services firms to identify the determinants of dividend omissions and dividend cuts.

Design/methodology/approach

The study analyses the financial data of 3,546 firms from 2011 to 2020 (35,460 firm-year observations) using a dynamic random-effect probit panel regression model.

Findings

The results suggest that profitability, growth opportunity, leverage, liquidity, risk, extraordinary income, shareholding pattern and buyback are major determinants of dividend omissions. Similarly, dividend cut in the previous year, profitability, operating cash flow, risk and extraordinary income are major factors leading to dividend cuts.

Research limitations/implications

Firms which omit the dividend are less likely to start paying dividend in subsequent years, whereas firms which cut the dividend may increase dividend in later years. Also, profitability decreases for a significant number of firms post dividend omission and cut. This indicates that dividend omission is a more prominent signal than a dividend cut for the financial health of a firm.

Practical implications

The determinants identified in the study enable analysts and portfolio managers to decide the propensity of dividend omission and cut even before actual announcements and can alleviate the significant loss in the portfolio. Also, managers and the board of directors would be able to monitor the firm’s financial performance to avoid the situation leading to dividend omissions and cuts.

Social implications

The study strongly recommends that firms should voluntarily pay dividends to shareholders to encourage the healthy participation of retail shareholders in the equity market and create a long-term win–win situation for all stakeholders in society. If a large number of firms continue not to pay the dividend, the study appeals to the regulators to intervene to protect shareholders' interests for the greater good of society.

Originality/value

To the best of author’s knowledge, this is the first study to empirically identify the determinants of dividend omission and cut in the unique setting like India where dividend taxation had undergone a significant change.

研究目的本研究旨在考察制造业和非金融服务企业的股利遗漏和股利削减行为,以确定股利遗漏和股利削减的决定因素。研究结果研究结果表明,盈利能力、增长机会、杠杆率、流动性、风险、非经常性收入、持股模式和回购是股利遗漏的主要决定因素。同样,前一年的股息削减、盈利能力、经营现金流、风险和非经常性收入也是导致股息削减的主要因素。研究局限性/意义漏发股息的公司不太可能在以后几年开始支付股息,而削减股息的公司可能会在以后几年增加股息。此外,相当多的公司在不派发股息和削减股息后盈利能力会下降。实际意义本研究中确定的决定因素使分析师和投资组合经理能够在实际公布之前就决定不分红和削减分红的倾向,从而减少投资组合中的重大损失。社会影响本研究强烈建议公司应自愿向股东支付股息,以鼓励散户股东健康地参与股票市场,并为社会所有利益相关者创造一个长期双赢的局面。如果大量公司继续不支付股息,本研究呼吁监管机构进行干预,以保护股东利益,造福社会。 原创性/价值 据作者所知,在印度这种股息税已发生重大变化的独特环境中,本研究是首次以实证方法确定股息遗漏和削减的决定因素。
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引用次数: 0
Corporate spin-offs and stock performance: a comparative study of pure and composite schemes 公司分拆与股票表现:纯粹计划与复合计划的比较研究
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-10 DOI: 10.1108/mf-05-2024-0398
Meghana Bhat, A.S. Shiralashetti

Purpose

Several studies have examined the relationship between spin-off announcements and stock performance. However, a comparison of the announcement effect of different schemes of spin-offs remains relatively underexplored in the literature. This study aims to find the differential impact of pure scheme and composite schemes of spin-offs on parent company stock performance. A pure scheme includes only the separation of business into independent companies, while a composite scheme includes a simultaneous merger of one of the companies with another company along with separation.

Design/methodology/approach

A total of 109 pure and 51 composite spin-off announcements made by Indian listed companies from 2010 to 2023 are examined using event study methodology. The cross-sectional t-test is used to measure the significance of abnormal returns. The t-test for two sample means (right-tailed) is incorporated to test the significance of variations in the stock returns of pure and composite schemes of spin-off announcements. Cross-sectional regression is also done to evaluate the impact of the type of scheme on the spin-off return.

Findings

The study found a cumulative average abnormal return of −1.06% for the pure spin-off and 8.27% for the composite spin-off over a 41-day event window. The univariate analysis revealed that the composite scheme generates a significantly higher cumulative average abnormal return than the pure scheme. Regression analysis also confirmed that the composite scheme significantly positively impacts the stock return. It can be concluded that investors favour the composite scheme, expecting that it will deliver a better strategic fit and generate synergy.

Originality/value

This paper makes a valuable contribution to the existing literature on corporate spin-offs. The study by analysing and comparing how the spin-off and merger combination differently affects the stock performance, helps the investor who wants to capitalize on the market imperfections and the managers to make complex business decisions.

目的 有多项研究探讨了分拆公告与股票表现之间的关系。然而,对不同分拆方案的公告效应进行比较的文献仍相对较少。本研究旨在发现纯粹分拆方案和复合分拆方案对母公司股票表现的不同影响。纯粹计划只包括将业务分拆成独立公司,而复合计划则包括其中一家公司与另一家公司同时合并,并同时分拆。设计/方法/途径 采用事件研究方法,对 2010 年至 2023 年印度上市公司发布的 109 个纯粹分拆公告和 51 个复合分拆公告进行了研究。采用横截面 t 检验来衡量异常回报的显著性。采用两个样本均值(右尾)的 t 检验来检验分拆公告的纯粹计划和综合计划的股票回报率变化的显著性。研究发现,在 41 天的事件窗口期内,纯粹分拆计划的累计平均异常回报率为-1.06%,综合分拆计划的累计平均异常回报率为 8.27%。单变量分析显示,复合方案产生的累计平均异常回报率明显高于纯方案。回归分析也证实,综合方案对股票回报率有显著的正面影响。由此可以得出结论,投资者青睐综合方案,期望它能带来更好的战略契合并产生协同效应。 原创性/价值 本文对有关企业分拆的现有文献做出了宝贵贡献。该研究通过分析和比较分拆与合并组合对股票表现的不同影响,帮助希望利用市场缺陷的投资者和管理者做出复杂的商业决策。
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引用次数: 0
Institutional, macroeconomic and firm-specific determinants of financial leverage: the case of Vietnam 金融杠杆的制度、宏观经济和特定企业决定因素:越南案例
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-04 DOI: 10.1108/mf-05-2024-0409
Vu Hiep Hoang

Purpose

This study aims to investigate the institutional, macroeconomic and firm-specific determinants of financial leverage in Vietnam and provides new evidence from the dynamic panel fractional estimator.

Design/methodology/approach

This study uses a panel dataset of 859 Vietnamese firms from 2008 to 2022 and employs three estimators: Feasible Generalized Least Squares (FGLS), System Generalized Method of Moments (SysGMM) and Dynamic Panel Fractional (DPF), with DPF being particularly suitable for handling fractional dependent variables and the dynamic nature of financial leverage.

Findings

The results confirm the dynamic nature of the financial leverage model, with firm-specific factors, institutional factors and macroeconomic factors playing significant roles in shaping firms' financing decisions. The DPF estimator highlights the positive impact of stock market development on leverage. This study contributes to the literature by providing new evidence on the determinants of leverage in Vietnam, using the DPF estimator for more accurate estimation and revealing the significant impact of the size of the banking sector, the size of the stock market, the stock market development index, the financial development index and the corruption perception index on leverage.

Originality/value

This study contributes to the literature by providing new evidence on the dynamic nature of the financial leverage model and the impact of institutional, macroeconomic and firm-specific factors on financial leverage in the context of Vietnam. The use of the DPF estimator allows for a more accurate and reliable estimation of the determinants of leverage, considering the fractional nature of the dependent variable and the persistence of capital structure decisions over time.

目的 本研究旨在探讨越南金融杠杆的制度、宏观经济和特定企业的决定因素,并通过动态面板分数估计法提供新的证据:结果结果证实了财务杠杆模型的动态性质,企业特定因素、制度因素和宏观经济因素在影响企业融资决策方面发挥了重要作用。DPF 估计器强调了股市发展对杠杆率的积极影响。本研究提供了有关越南杠杆率决定因素的新证据,使用 DPF 估算器进行了更精确的估算,揭示了银行业规模、股票市场规模、股票市场发展指数、金融发展指数和腐败感知指数对杠杆率的显著影响,从而为相关文献做出了贡献。考虑到因变量的分数性质和资本结构决策随时间变化的持久性,使用 DPF 估算器可以更准确、更可靠地估算杠杆率的决定因素。
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引用次数: 0
Does litigation contingency disclosure in corporate filings matter? Evidence from securities class action lawsuits 公司文件中的诉讼或有事项披露重要吗?证券集体诉讼的证据
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-09-03 DOI: 10.1108/mf-12-2023-0758
Zhanel DeVides, Hyoseok (David) Hwang

Purpose

We investigate the information content of legal contingency disclosures in corporate filings, specifically their usefulness in predicting settlement amounts and mitigation of market response to litigation resolution news.

Design/methodology/approach

Using a hand-collected sample of disclosures for settled US securities class action lawsuits, we analyze the contents of the contingent liabilities disclosure before future settlements and classify them into two categories: “pessimistic” and “optimistic” disclosures. We examine whether the tone of disclosure is associated with litigation outcomes, such as settlement amounts and likelihood of incurring material losses, and its effect on market reaction to settlement announcements.

Findings

Disclosures with optimistic views on lawsuits are settled for lower amounts, whereas those with more pessimistic views result in higher settlements. Furthermore, while, on average, investors react negatively to litigation resolutions, the market reaction is attenuated (exacerbated) when a prior legal liability disclosure was pessimistic (optimistic). Additionally, investors value disclosure consistency when a litigation outcome is aligned with its legal contingency disclosure. Finally, disclosure consistency is positively associated with managerial ownership as well as the largest shareholder ownership.

Originality/value

This study highlights that the overall tone in legal contingency disclosures is informative and has valuation implications for capital markets. It also highlights the benefits of consistent disclosure, i.e. litigation disclosure aligned with litigation outcomes, as it is viewed positively by investors.

目的我们研究了公司文件中法律或有负债披露的信息内容,特别是它们在预测和解金额和减轻市场对诉讼解决消息的反应方面的作用。设计/方法/途径我们利用手工收集的已解决的美国证券集体诉讼的披露样本,分析了未来和解前或有负债披露的内容,并将其分为两类:"悲观 "和 "乐观 "两类。我们研究了信息披露的基调是否与诉讼结果(如和解金额和遭受重大损失的可能性)相关,以及其对和解公告的市场反应的影响。研究结果对诉讼持乐观态度的信息披露,和解金额较低,而持悲观态度的信息披露,和解金额较高。此外,虽然平均而言,投资者对诉讼解决方案的反应是负面的,但如果之前披露的法律责任信息是悲观的(乐观的),市场反应就会减弱(加剧)。此外,当诉讼结果与其法律或有事项披露一致时,投资者会重视披露的一致性。最后,信息披露的一致性与管理者所有权以及最大股东所有权呈正相关。研究还强调了一致披露的好处,即诉讼披露与诉讼结果一致,因为投资者会积极看待这一点。
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引用次数: 0
Nexus between geopolitical risk, female CEOs and firm performance relationship: an international evidence 地缘政治风险、女性首席执行官与公司业绩关系之间的关联:国际证据
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-08-30 DOI: 10.1108/mf-05-2024-0353
Siddhartha Barman, Jitendra Mahakud

Purpose

The purpose of this study is to examine the nexus between geopolitical risk, female CEOs and firm performance through a cross-country analysis.

Design/methodology/approach

The study period ranges from 2014 to 2021, and the dataset uses an unbalanced panel of 4,955 companies across 50 nations comprising both developed and emerging economies. Our study has employed a fixed-effect panel regression model, to examine this issue. This analysis was supplemented with applying a dynamic panel technique, i.e. System generalized method of moments (SGMM), to address any endogeneity problems.

Findings

The study reveals that female CEOs positively impact firm performance, while geopolitical risks decrease it. Gender plays a significant role in this relationship, with firms with female executives tending to make conservative financial decisions amidst increased risks. The study also shows that geopolitical threats (GPRT) have a greater impact on female CEOs-firm performance relationship in developed nations.

Originality/value

This study is a new investigation that explores the intertwining relationship between geopolitical risk, female CEOs and firm performance across the countries.

本研究的目的是通过跨国分析,研究地缘政治风险、女性首席执行官和公司业绩之间的关系。研究时间跨度为 2014 年至 2021 年,数据集采用了一个非平衡面板,包含 50 个国家的 4,955 家公司,其中既有发达国家,也有新兴经济体。我们的研究采用了固定效应面板回归模型来检验这一问题。研究结果表明,女性首席执行官会对公司业绩产生积极影响,而地缘政治风险则会降低公司业绩。性别在这种关系中起着重要作用,女性高管的公司在风险增加的情况下倾向于做出保守的财务决策。研究还表明,在发达国家,地缘政治威胁(GPRT)对女性首席执行官与公司业绩之间的关系影响更大。 原创性/价值 本研究是一项新的调查,探讨了地缘政治风险、女性首席执行官和各国公司业绩之间的交织关系。
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引用次数: 0
CEO pay-performance sensitivity and pay for luck and asymmetry 首席执行官薪酬-绩效敏感性和薪酬运气与不对称
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-08-28 DOI: 10.1108/mf-04-2024-0313
Yixi Ning, Bill Hu, Zhi Xu
<h3>Purpose</h3><p>This paper studies the relationship between CEO pay-performance sensitivity and CEO pay for luck as well as the asymmetric benchmarking of CEO pay in which good luck is rewarded but bad luck is not penalized symmetrically. We further explore the impact of the regulatory changes on executive compensation taking effect in the 2000s on CEO pay for luck and asymmetry.</p><!--/ Abstract__block --><h3>Design/methodology/approach</h3><p>In this study, we examine the relationship between CEO pay-performance sensitivity and CEO pay for luck and the asymmetric benchmarking of CEO compensation. The sample consists of DJIA component companies over a 71-year period from 1950 to 2020. CEO pay-performance sensitivity is measured by both delta and Jensen-Murphy pay-performance sensitivity.</p><!--/ Abstract__block --><h3>Findings</h3><p>We find that an increase in CEO pay-performance sensitivity as measured by both delta and Jensen-Murphy pay-performance sensitivity leads to an increase in the degree of CEO pay for luck but tends to reduce the level of CEO pay for luck asymmetry. In addition, we find that the major pay-related regulatory changes in recent years have mitigated the degree of CEO pay for luck and pay asymmetry, in which CEO pay structure and the associated CEO pay-performance sensitivity are major mechanisms through which the regulatory changes take effect.</p><!--/ Abstract__block --><h3>Research limitations/implications</h3><p>Our findings provide empirical evidence supporting the argument that both optimal contracting and rent extraction should be considered as important determinants of CEO compensation.</p><!--/ Abstract__block --><h3>Practical implications</h3><p>When a firm designs the pay packages for its CEO to align CEO wealth to firm performance, CEO pay-performance sensitivity is expected to improve. However, the improved CEO PPS can also lead to an increased CEO pay for non-performance (Luck), which is an undesired outcome from the shareholder view. Therefore, a firm should thoroughly consider various advantages and disadvantages when compensating its top executives. Third, pay-related regulations have indeed achieved some intended outcomes such as the diminished pay for luck and asymmetry, but they also exacerbated the positive relationship between CEO pay-performance sensitivity and the asymmetric benchmarking of CEO pay. It seems that executive pay-related regulations cannot achieve perfect outcomes without side effects. Continuous reforms and regulations on corporate governance should be a dynamic process under various changing situations.</p><!--/ Abstract__block --><h3>Originality/value</h3><p>This study contributes to the literature on executive pay for luck and asymmetry in several ways. First, our study is among the few studies empirically testing the relationship between CEO pay-performance sensitivity and pay for luck and asymmetry. We find that CEO pay-performance sensitivity tends to increase t
目的 本文研究了首席执行官薪酬-绩效敏感度与首席执行官因运气而支付薪酬之间的关系,以及首席执行官薪酬的非对称基准,即好运气得到奖励,而坏运气没有受到对称惩罚。我们进一步探讨了 2000 年代生效的高管薪酬监管变革对首席执行官运气薪酬和非对称薪酬的影响。设计/方法/途径在本研究中,我们考察了首席执行官薪酬-绩效敏感度与首席执行官运气薪酬以及首席执行官薪酬非对称基准之间的关系。样本包括道琼斯工业平均指数(DJIA)成分股公司,时间跨度为 1950 年至 2020 年,共 71 年。研究结果我们发现,根据德尔塔和詹森-墨菲薪酬绩效敏感性衡量的 CEO 薪酬绩效敏感性的增加会导致 CEO 因运气而支付薪酬的程度增加,但往往会降低 CEO 因运气而支付薪酬的不对称程度。此外,我们还发现,近年来与薪酬相关的重大监管变化减轻了首席执行官的运气薪酬和薪酬不对称程度,其中首席执行官薪酬结构和相关的首席执行官薪酬-绩效敏感性是监管变化生效的主要机制。研究局限/意义我们的研究结果提供了经验证据,支持了应将最优契约和租金提取视为首席执行官薪酬重要决定因素的论点。然而,CEO 薪酬绩效敏感度的提高也可能导致 CEO 非绩效薪酬(Luck)的增加,这在股东看来是不希望看到的结果。因此,企业在对高管进行薪酬时应全面考虑各种利弊。第三,薪酬相关规定确实达到了一些预期效果,如减少了运气薪酬和不对称薪酬,但也加剧了 CEO 薪酬-绩效敏感性与 CEO 薪酬基准不对称之间的正相关关系。由此看来,与高管薪酬相关的法规不可能达到完美的效果而没有副作用。在各种不断变化的情况下,公司治理的持续改革和监管应该是一个动态的过程。 原创性/价值 本研究从几个方面为有关高管薪酬运气和不对称的文献做出了贡献。首先,我们的研究是为数不多的实证检验首席执行官薪酬-绩效敏感性与幸运薪酬和不对称薪酬之间关系的研究之一。我们发现,首席执行官薪酬-绩效敏感性往往会增加首席执行官的 "运气薪酬 "程度,但会降低首席执行官薪酬的非对称基准水平。这些发现部分支持了基于管理权力假说的租金提取理论,部分支持了最优契约理论。我们的研究结果证实,最优契约理论和租金提取理论对于解释 CEO 薪酬的实践和历史趋势都很重要。
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引用次数: 0
The cost of debt around the IPO 首次公开募股前后的债务成本
IF 1.6 Q2 BUSINESS, FINANCE Pub Date : 2024-08-28 DOI: 10.1108/mf-01-2022-0046
David Suleiman

Purpose

The purpose of this study is to provide empirical evidence on a possible economic explanation for changes in borrowing costs of US private firms that are going public.

Design/methodology/approach

Using an OLS regression with firm fixed effects and the IPO as an information releasing event that alters information asymmetries between borrowers and lenders and relying on several proxies for pre-IPO information asymmetries, I analyze the impact of the IPO on changes in borrowing costs from before to right after an IPO of firms with high pre-IPO information asymmetries.

Findings

My findings indicate that small firms, firms with high R&D, firms with negative EBITDA and firms with a single lending relationship benefit more from going public by realizing larger decreases in borrowing costs after an IPO than firms with lower pre-IPO information asymmetries. The results are consistent with changing information asymmetries caused by the IPO event playing a role in changes in borrowing costs after the IPO. Furthermore, I provide empirical evidence that a reduction in the lender’s bargaining power due to the IPO event plays an important role in explaining changes in borrowing costs around that time.

Originality/value

This study uses a hand-collected data set of loans obtained from financial statements issued by US firms at the time of their IPO. As a result, I am able to comprehensively document changes of borrowing costs of US private firms going public and shed light on one of the economic forces behind those changes.

本研究的目的是为即将上市的美国私营企业借贷成本的变化提供可能的经济学解释的经验证据。设计/方法/途径我利用带有企业固定效应的 OLS 回归法,将首次公开募股作为改变借贷双方信息不对称的信息释放事件,并依靠首次公开募股前信息不对称的若干代理变量,分析了首次公开募股对首次公开募股前信息不对称程度较高的企业从首次公开募股前到首次公开募股后借贷成本变化的影响。我的研究结果表明,与上市前信息不对称程度较高的公司相比,小型公司、研发费用较高的公司、息税折旧摊销前利润为负值的公司以及只有单一借贷关系的公司从上市中获益更多,上市后借贷成本下降幅度更大。这些结果与 IPO 事件导致的信息不对称变化对 IPO 后借贷成本变化的影响是一致的。此外,我还提供了实证证据,证明 IPO 事件导致的贷款人议价能力下降在解释 IPO 前后借款成本变化方面发挥了重要作用。因此,我能够全面记录美国私营企业上市时借贷成本的变化,并揭示这些变化背后的经济力量之一。
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引用次数: 0
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Managerial Finance
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