Journal of Multinational Financial Management最新文献

英文中文

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

IF 4 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2025-01-01

引用次数: 0

Why do companies reincorporate abroad? Evidence from Europe 为什么公司要在国外重新注册？来自欧洲的证据

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2024-12-19 DOI: 10.1016/j.mulfin.2024.100895

Massimo Belcredi , Lara Faverzani , Andrea Signori

We take advantage of the institutional, fiscal, and regulatory differences across European countries to investigate why firms decide to reincorporate. Reincorporations within Europe have become increasingly common over the last decade, with Italy experiencing the largest outflow of firms and the Netherlands being the preferred destination. We investigate the expansion, tax saving, and regulatory arbitrage explanations. The evidence does not support the expansion and tax saving motivations as we observe no significant changes in firms’ investments and effective tax rates. On the other hand, we find that firms reincorporate in countries with a permissive legislative approach towards the adoption of control-enhancing mechanisms, as predicted by the regulatory arbitrage explanation. This is especially the case of Italian firms reincorporating in the Netherlands as they implement a degree of separation between ownership and control that goes beyond what their country of origin would allow. We discuss the governance implications of such decision.

我们利用欧洲各国在制度、财政和监管方面的差异来调查企业决定重组的原因。在过去的十年里，欧洲内部的重组变得越来越普遍，意大利经历了最大的公司外流，荷兰是首选的目的地。我们研究了扩张、税收节约和监管套利的解释。证据不支持扩张和税收节约的动机，因为我们观察到公司的投资和有效税率没有显著变化。另一方面，我们发现，正如监管套利解释所预测的那样，公司在对采用控制增强机制采取宽松立法的国家重组。在荷兰重新注册的意大利公司尤其如此，因为他们在所有权和控制权之间实施了一定程度的分离，这超出了他们的原籍国所允许的范围。我们将讨论此类决策的治理含义。

引用次数: 0

Stock market returns and climate risk in the U.S. 美国股市回报与气候风险

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2024-11-28 DOI: 10.1016/j.mulfin.2024.100887

Yiyang Chen , Rogemar Mamon , Fabio Spagnolo , Nicola Spagnolo

Using a data set for all companies forming the S&P 500 index, we investigate the stock price responses to acute physical risks, chronic physical risks, and transition risks. Our findings reveal that certain sectors are more vulnerable to climate risks, whereas others appear to be relatively unaffected. In addition, our results show that listed firms with poor environmental performance scores are more exposed to climate risk, as indicated by their stock returns being negatively affected, compared to firms with higher environmental performance scores. This suggests that improving environmental performance may help companies to better cope with climate risks and improve their financial performances. Our analysis provides evidence that the short-term systematic risk is more vulnerable to the climate risk events, whereas effects on long-term systematic risk do not appear to be statistically significant. These findings indicate that investors and firms should pay a particular attention to short-term systematic risk when considering the potential impact of climate risk on stock market performances.

使用标准普尔500指数所有公司的数据集，我们研究了股票价格对急性物理风险、慢性物理风险和过渡风险的反应。我们的研究结果表明，某些部门更容易受到气候风险的影响，而其他部门似乎相对不受影响。此外，我们的研究结果表明，与环境绩效得分较高的公司相比，环境绩效得分较低的上市公司更容易受到气候风险的影响，这表明它们的股票收益受到负面影响。这表明，改善环境绩效可能有助于企业更好地应对气候风险，并改善其财务绩效。我们的分析提供了证据，表明短期系统风险更容易受到气候风险事件的影响，而对长期系统风险的影响似乎没有统计学意义。这些发现表明，投资者和企业在考虑气候风险对股市表现的潜在影响时，应特别注意短期系统风险。

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引用次数: 0

Mutual fund flow-driven trading and the mispricing of cross-listed stocks 共同基金流量驱动交易与交叉上市股票的错误定价

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2024-11-23 DOI: 10.1016/j.mulfin.2024.100888

David Rakowski , J. David Diltz , Anh Tuan Nguyen

We explore cross-border divergence in pricing of cross-listed stocks driven by mutual fund flow–driven trading. Drawing on data from the US and forty-four international markets, we find the following: 1) Non-US stock returns are highly correlated with US stock returns and only weakly associated with liquidity-driven US-based mutual fund trading; 2) Approximately 69 % of the variation in non-US stock returns may be attributed to flow-driven trading, controlling for a variety of factors; 3) Stock return divergence is greater for small-cap, narrowly-held, and actively traded stocks; 4) Divergence is greater for stocks cross-listed in Latin American, Caribbean, and Asian-Pacific emerging markets; 5) Divergence is greater for stocks in funds experiencing outflows; and finally 6) Large outflows (i.e., fire sales) have no effect on price divergence across markets.

This draft: October 31, 2024

我们探讨了由共同基金流量驱动的交易导致的交叉上市股票定价的跨境分化。利用来自美国和 44 个国际市场的数据，我们发现了以下几点：1）非美股回报率与美股回报率高度相关，而与流动性驱动的美国共同基金交易仅有微弱关联；2）在控制各种因素的情况下，非美股回报率约 69% 的变化可归因于流动性驱动的交易；3) 小盘股、窄幅持股和交易活跃的股票回报率差异更大；4) 在拉丁美洲、加勒比海和亚太新兴市场交叉上市的股票回报率差异更大；5) 资金外流的基金中的股票回报率差异更大；最后，6) 资金大量外流（即 "资金外流"）。e.,本草案：2024 年 10 月 31 日

引用次数: 0

How informed are international short sellers? Global and local industry concentration of short sellers 国际卖空者的信息量有多大？做空者的全球和本地行业集中度

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management

Pub Date : 2024-11-12 DOI: 10.1016/j.mulfin.2024.100885

Truong X. Duong , Zsuzsa R. Huszár , Ruth S.K. Tan

Internationally, documenting the information content from short sellers at the stock level is rather challenging because of various direct and indirect short sale constraints as suggested by Boehmer et al. (2022). To account for stock level short sale constraints and the cross-country variation in short sale feasibility, we focus on short sellers’ information at the aggregate industry and country levels and show that the value-weighted portfolio consisting of stocks from the topmost shorted and top three most shorted industries are associated with 45 bps and 42 bps lower returns over the next 20 days in a sample of 37 countries. The aggregate industry level also shows significant negative information from short sellers in more countries compared to Boehmer et al. (2022), especially in less developed markets. In addition to the industry information, we also find market level information from short sellers and show that high short selling predicts lower future market returns when short sellers target the country’s largest industries. We furthermore document evidence of short sellers' role in global information propagation.

在国际上，由于 Boehmer 等人（2022 年）提出的各种直接和间接卖空限制，在股票层面记录卖空者的信息内容相当具有挑战性。为了考虑股票层面的卖空限制和卖空可行性的跨国差异，我们重点研究了卖空者在总体行业和国家层面的信息，结果表明，在 37 个国家的样本中，由做空最多行业和做空最多行业前三名的股票组成的价值加权投资组合在未来 20 天内的回报率分别低 45 个基点和 42 个基点。与 Boehmer 等人（2022 年）的研究相比，更多国家的总体行业水平也显示出来自做空者的显著负面信息，尤其是在欠发达市场。除行业信息外，我们还发现了来自做空者的市场层面信息，并表明当做空者以国家最大的行业为目标时，高卖空率可预测未来较低的市场回报。我们还记录了卖空者在全球信息传播中发挥作用的证据。

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引用次数: 0

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