JOURNAL OF ECONOMICS AND BUSINESS最新文献

英文中文

An option-based approach to examining the relationship between uncertainty and real estate investment: Evidence from fifteen European countries 研究不确定性与房地产投资之间关系的基于期权的方法：来自15个欧洲国家的证据

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-11-01 DOI: 10.1016/j.jeconbus.2025.106272

Maria I. Chondrokouki, Andrianos E. Tsekrekos

The neoclassical investment model predicts that only systematic risk affects the rate of investment through developed asset price, whereas the option-based investment model predicts that total investment risk directly affects investment behavior. This study empirically tests the total uncertainty-investment relationship using aggregate construction data on residential real estate from fifteen European countries. We specify and empirically estimate a structural model of asset-market equilibrium and, after controlling for built-asset price, construction cost, expected rent, interest rate levels, expected growth of real rents and systematic risk, we find evidence of an independent role for total uncertainty in the supply of residential real estate. In particular, panel estimation shows that total uncertainty is significantly negatively related to the rate of investment across all sample countries included in our study. This finding appears robust to two alternative measures that we use to proxy aggregate investment. Supplementary analysis suggests that our main finding is unaffected by the global recession of 2008–2009 and the recent Covid pandemic. We conclude that our empirical results provide support for the option-based model and, thus, for the notion that the ability to delay decisions in the face of uncertainty and irreversibility are important aspects of investment in real estate.

新古典投资模型预测只有系统风险通过发达的资产价格影响投资率，而基于期权的投资模型预测总投资风险直接影响投资行为。本研究利用欧洲15个国家住宅房地产的总建设数据，实证检验了总不确定性与投资的关系。在控制了建筑资产价格、建筑成本、预期租金、利率水平、实际租金的预期增长和系统风险之后，我们指定并经验地估计了资产市场均衡的结构模型，我们发现了住宅房地产供应中总不确定性独立作用的证据。特别是，面板估计表明，总不确定性与我们研究中所有样本国家的投资率显着负相关。这一发现对于我们用来代表总投资的两种替代指标似乎是强有力的。补充分析表明，我们的主要发现未受到2008-2009年全球衰退和最近的Covid大流行的影响。我们的结论是，我们的实证结果为基于期权的模型提供了支持，因此，在面对不确定性和不可逆性时延迟决策的能力是房地产投资的重要方面。

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引用次数: 0

Introduction to the special issue on recent developments and challenges in real options 介绍关于实物期权的最新发展和挑战的特刊

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-11-01 DOI: 10.1016/j.jeconbus.2025.106286

Francesco Baldi

引用次数: 0

Competitive equilibrium, investment runs, and renewable energy subsidies: A real options analysis 竞争均衡、投资挤兑和可再生能源补贴：实物期权分析

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-11-01 DOI: 10.1016/j.jeconbus.2025.106261

Yishay D. Maoz , Richard Ruble

Foreseeable policy changes like a subsidy phaseout lead to competitive runs where a mass of investment suddenly occurs. We characterize this phenomenon, observed in several renewable energy markets, and provide a novel interpretation based on rational expectations of future entries. We show that the size of runs increases with the magnitude of the policy change and market uncertainty but decreases with policy uncertainty, and that runs are smaller when the policy change applies to both new and existing firms. Runs accelerate investment and lower welfare, with implications for the conduct of policy changes like subsidy phaseouts.

可预见的政策变化，如补贴的逐步取消，会导致突然出现大量投资的竞争性挤兑。我们描述了这一现象，在几个可再生能源市场中观察到，并基于对未来进入的理性预期提供了一种新的解释。研究表明，挤兑规模随着政策变化和市场不确定性的增加而增加，但随着政策不确定性的增加而减少，当政策变化同时适用于新公司和现有公司时，挤兑规模较小。挤兑加速了投资，降低了福利，对补贴逐步取消等政策变化的实施产生了影响。

引用次数: 0

How to incentivize CEOs to boost payouts? The role of inside debt 如何激励首席执行官提高薪酬？内部债务的作用

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-06-23 DOI: 10.1016/j.jeconbus.2025.106259

Artem Anilov, Irina Ivashkovskaya

This paper examines the role of inside debt in shaping payout decisions in corporations. We show that higher CEO ownership of debt-like components of managerial compensation known as inside debt is associated with an increased likelihood and level of share repurchases, as well it motivates CEOs to choose share repurchases as a primary channel for payout policies. Furthermore, boards utilize different components of inside debt to provide different incentives in terms of payout decisions: deferred compensation incentivizes repurchases, while pension benefits encourage cash dividends. We argue that several special arrangements included in deferred compensation move this type of compensation closer to equity-based compensation, while most effects expected from inside debt seem to come from pension benefits.

本文考察了内部债务在公司股利决策中的作用。我们的研究表明，CEO对管理层薪酬中类似债务部分（即内部债务）的所有权越高，股票回购的可能性和水平就越高，这也促使CEO选择股票回购作为支付政策的主要渠道。此外，董事会利用内部债务的不同组成部分，在支付决策方面提供不同的激励：递延薪酬激励回购，而养老金福利鼓励现金股息。我们认为，递延薪酬中包含的一些特殊安排使这类薪酬更接近于基于股权的薪酬，而内部债务预期的大多数影响似乎来自养老金福利。

引用次数: 0

Is mixed-ownership a profitable ownership structure?—Empirical evidence from China 混合所有制是一种有利可图的所有制结构吗？——来自中国的经验证据

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-06-14 DOI: 10.1016/j.jeconbus.2025.106257

Yufei Zhang , Li Wang

Despite nearly twenty years of privatization, mixed-ownership reform has recently been China's mainstay of SOE reform. This raises the question of whether the financial performance of mixed-ownership firms (Mixed firms) is better than that of private-owned enterprises (POEs). Although Mixed firms suffer more from government intervention, unclear property rights, and interest conflicts between state and private shareholders, they can also benefit from the external resources controlled by the state. Therefore, the performance of Mixed firms is still unclear. Collecting data from the Chinese A-share listed market, we divide the firms into POEs, Mixed firms controlled by the state (MixedSOEs), and Mixed firms controlled by the private sectors (MixedPOEs). Measuring profitability using ROA and ROE, we find that POEs perform better than Mixed firms, and MixedPOEs have a higher profitability than MixedSOEs. Better corporate governance is the primary channel that can explain our results. We address the endogeneity challenge in several ways and get similar results. Overall, our analysis provides new evidence on the financial performance of mixed-ownership firms.

尽管私有化已经进行了近20年，但混合所有制改革最近一直是中国国有企业改革的主要内容。这就提出了一个问题，即混合所有制企业（Mixed companies）的财务绩效是否优于私营企业（POEs）。尽管混合企业更容易受到政府干预、产权不清、公私股东利益冲突的影响，但它们也能从国家控制的外部资源中受益。因此，混合企业的绩效仍不明朗。我们从中国a股上市市场收集数据，将企业分为国有控股企业、国有控股的混合企业（mixedsoe）和私营控股的混合企业（MixedPOEs）。使用ROA和ROE衡量盈利能力，我们发现POEs的表现优于混合公司，混合POEs的盈利能力高于混合国企。更好的公司治理是解释我们业绩的主要渠道。我们用几种方法解决了内生性挑战，并得到了类似的结果。总的来说，我们的分析为混合所有制企业的财务绩效提供了新的证据。

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引用次数: 0

Text similarity in analyst reports and stock price synchronization 分析报告中的文本相似度和股票价格同步

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-06-12 DOI: 10.1016/j.jeconbus.2025.106258

Yanqi Wang , Runyu Chen , Xiang Gao , Wenhao Qi

Security analysts play key information intermediary roles in the capital market, and their analysis may reveal firm-specific facts that can enhance pricing efficiency. Using analyst research reports on listed Chinese companies, we empirically examine how text (dis)similarity among the reports written about a target company affects the company’s stock price synchronization. We perform such textual analysis on the premise that text (dis)similarity can measure the degree of incremental information in research reports. The results show a significant positive relationship between text similarity and price synchronization, a conclusion that holds after a series of robustness tests. The effect becomes more prominent with higher information asymmetry between firms and investors, more influential analyst reports, and better analysts’ ability to obtain new information. The mechanism lies in attention. As text similarity decreases, more analysts pay attention to the target company, incentivizing it to make more public announcements, which causes stock price synchronization to decrease. Our findings highlight a need for information diversity in the research analyst industry.

证券分析师在资本市场中扮演着关键的信息中介角色，他们的分析可以揭示企业特有的事实，从而提高定价效率。本文利用中国上市公司的分析师研究报告，实证检验了目标公司报告的文本相似性对公司股价同步性的影响。我们进行这种文本分析的前提是文本（非）相似度可以衡量研究报告中增量信息的程度。结果表明，文本相似度与价格同步性之间存在显著的正相关关系，这一结论经过一系列稳健性检验后成立。企业与投资者之间的信息不对称程度越高，分析师报告的影响力越大，分析师获取新信息的能力越强，这种效应就越突出。机制在于注意力。随着文本相似度的降低，更多的分析师关注目标公司，激励其发布更多的公告，从而导致股价同步度降低。我们的研究结果强调了研究分析师行业对信息多样性的需求。

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引用次数: 0

Private information dissemination and the underpricing of seasoned equity offerings 私人信息传播和经验丰富的股票发行定价过低

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-06-11 DOI: 10.1016/j.jeconbus.2025.106256

Dylan A. Howell

Non-Deal Roadshows (NDRs) are an important investor relations activity where institutional investors gain access to the management of firms in whom they may invest. However, little is known about the firm-specific implications of the information conveyed from firms to institutional investors, by way of these private meetings. Therefore, I employ a novel dataset of NDR meetings to examine the relationship between NDR activity and the underpricing of seasoned equity offerings (SEOs) and show that NDR activity is associated with a reduction in SEO underpricing. This relationship is strengthened in firms with infrequent NDR activity, smaller firms, firms with greater analyst forecast errors, and in firms whose SEO underwriter was not the sponsor of their NDR meeting(s). The findings suggest that NDRs reduce the level of asymmetric information between firms and investors, resulting in a lower cost of raising new equity. The findings highlight the relevance of the NDR as an often overlooked mechanism through which firm-specific information is revealed, and they emphasize the need to further understand how private information dissemination affects capital market outcomes.

非交易路演（ndr）是一种重要的投资者关系活动，在这种活动中，机构投资者可以接触到他们可能投资的公司的管理层。然而，人们对公司通过这些私人会议向机构投资者传达的信息对公司的具体影响知之甚少。因此，我采用了一个新的NDR会议数据集来研究NDR活动与经验丰富的股票发行（SEO）的低估之间的关系，并表明NDR活动与SEO低估的减少有关。这种关系在NDR活动不频繁的公司、规模较小的公司、分析师预测误差较大的公司以及SEO承销商不是其NDR会议赞助商的公司中得到加强。研究结果表明，ndr降低了公司与投资者之间的信息不对称水平，从而降低了筹集新股本的成本。研究结果强调了NDR作为一种经常被忽视的企业特定信息披露机制的相关性，并强调有必要进一步了解私人信息传播如何影响资本市场结果。

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引用次数: 0

Does location matter in corporate finance? An empirical investigation on manufacturing SMEs and the consequences of being on the “wrong” side of the institutional border 地理位置对企业融资有影响吗？对制造业中小企业的实证调查及其在制度边界“错误”一侧的后果

IF 3.4 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-05-09 DOI: 10.1016/j.jeconbus.2025.106245

G. Falavigna , R. Ippoliti

Considering a population of manufacturing SMEs located in a common socio-cultural environment and divided by an institutional border, this work investigates the potential consequences of being sited on the “wrong” side of that border (i.e., the area with a longer delay in enforcing credit rights). According to our results, we cannot reject the hypothesis that locations affect the financing of SMEs, providing a contribution to the current debate on whether institutions are a source of comparative advantage (or disadvantage) in regional growth. Indeed, crossing that institutional border and assuming we detect a 10 % higher inefficiency, we expect to observe a lower financial debt ratio (-0.03) and a lower trade credit ratio (-0.06), as well as a higher shareholders’ loan ratio (+0.08) and lower investments in tangible fixed assets (-2733 TEUR). Policy implications concern the opportunity for a structural reform of the national institutional system, as well as the adoption of specific policies to support the SMEs located on the “wrong” side of the border, supporting their access to the capital market.

考虑到制造业中小企业的人口位于共同的社会文化环境中，并被制度边界划分，这项工作调查了位于边界“错误”一侧的潜在后果（即，执行信贷权利延迟较长的地区）。根据我们的研究结果，我们不能拒绝区位影响中小企业融资的假设，这为当前关于制度是否是区域增长中比较优势（或劣势）的来源的辩论提供了贡献。事实上，跨越机构边界，假设我们检测到10 %的高效率，我们预计会观察到更低的金融负债率（-0.03）和更低的贸易信贷比率（-0.06），以及更高的股东贷款比率（+0.08）和更低的有形固定资产投资（-2733 TEUR）。所涉政策问题涉及对国家体制系统进行结构性改革的机会，以及采取具体政策支持位于边界“错误”一侧的中小企业，支持它们进入资本市场。

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引用次数: 0

The impact of environmental disclosure and controversies on bank value 环境信息披露与争议对银行价值的影响

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106221

Simona Galletta , John W. Goodell , Sebastiano Mazzù , Andrea Paltrinieri

We investigate the effect of green investment communication on the relationship between environmental controversies and bank value. Using a dataset of listed banks from 45 countries for 2012–2021, the main results show a positive moderating effect of green disclosure on banks’ controversial value relationship. The moderating effect is greater for banks with the highest number of environmental controversies. These results are also confirmed when addressing endogeneity bias with the generalised method of moments. Our evidence provides new insights for regulators to check the actual green behaviour of banks that are most exposed to environmental controversies. The results highlight the need for policymakers to take proactive measures to develop and strengthen governance that can enhance bank value by taking into account the needs and interests of different stakeholders and local communities.

我们研究了绿色投资沟通对环境争议与银行价值之间关系的影响。利用2012-2021年45个国家上市银行的数据集，主要结果显示绿色披露对银行有争议的价值关系具有正向调节作用。对于环境争议最多的银行，其调节作用更大。这些结果也证实，当处理内生性偏差与矩的广义方法。我们的证据为监管机构检查最容易受到环境争议影响的银行的实际绿色行为提供了新的见解。研究结果表明，决策者需要采取积极措施，发展和加强治理，通过考虑不同利益相关者和当地社区的需求和利益来提高银行价值。

引用次数: 0

Is the market tougher with riskier banks? Evidence from the pricing of bank debt securities during a financial turmoil episode 市场对风险更高的银行更苛刻吗？来自金融动荡时期银行债券定价的证据

IF 3.3 Q1 BUSINESS, FINANCE

JOURNAL OF ECONOMICS AND BUSINESS

Pub Date : 2025-03-01 DOI: 10.1016/j.jeconbus.2024.106223

Adrian Pop, Diana Pop

The philosophy behind the indirect channel of market discipline in banking regulation presumes that the pricing of bank securities, if accurate, conveys reliable signals to supervisors. In this paper, we explore empirically the possibility that markets price differently the risk profile of bank issuers along the empirical distribution of security prices. The paper uses a quantile regression framework to draw novel inferences about the functioning of debt market discipline and the quality of private monitoring in European banking during a severe financial turmoil episode: 1995--2002. This period is characterized by large swings in yields due to the Russian default and LTCM crisis, the burst of the dot-com bubble, and Enron’s failure. We find that the yield spread-risk relationship is systematically steeper at the “right-tail” of the conditional distribution of the credit spread. This result suggests that the market is somewhat “tougher” with riskier banks; that is, riskier bank issuers borrow at higher interest rates, which are increasing in their degree of riskiness.

银行监管中市场纪律的间接渠道背后的理念是，银行证券的定价如果准确，就会向监管机构传递可靠的信号。在本文中，我们实证地探讨了市场在证券价格的经验分布上对银行发行人的风险特征进行不同定价的可能性。本文使用分位数回归框架，对1995- 2002年严重金融动荡期间欧洲银行业债务市场纪律的运作和私人监督的质量得出了新的推论。这一时期的特点是，由于俄罗斯违约和长期资本管理公司（LTCM）危机、互联网泡沫破裂和安然（Enron）破产，收益率大幅波动。我们发现，在信用利差条件分布的“右尾”处，收益率-利差-风险关系系统地更陡峭。这一结果表明，市场对风险较高的银行有些“严厉”；也就是说，风险较高的银行发行者以更高的利率借款，其风险程度正在上升。

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