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Social media as an amplifier of insider trading profits 社交媒体是内幕交易利润的放大器
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-25 DOI: 10.1016/j.intfin.2024.102059
Yi Li , Wei Zhang , Pengfei Wang , John W. Goodell
Our study investigates the relationship between stock forum posts and insider trading profitability. Using regression analysis, we find a positive relationship between the number of posts on a firm’s stock forum and insider trading profitability, particularly for sales transactions. A difference-in-differences analysis based on the launch of the mobile app for stock forums further confirms these results. This profit-amplifying effect of stock forum posts is likely due to the pervasive noise on social media, as it weakens following the introduction of regulations aimed at cleaning up the internet’s information environment. Additionally, we observe distinctions in post tone around insider trades, with the profit-amplifying effect more pronounced in firms with high information asymmetry, substantial retail holdings, and less foreign ownership. Overall, our study highlights a potential dark side of social media in amplifying insider trading profits, emphasizing the need for regulatory measures.
我们的研究调查了股票论坛帖子与内幕交易盈利能力之间的关系。通过回归分析,我们发现公司股票论坛上的帖子数量与内幕交易盈利能力之间存在正相关关系,尤其是在销售交易方面。基于股票论坛移动应用程序发布时间的差异分析进一步证实了这些结果。股票论坛帖子的利润放大效应很可能是由于社交媒体上普遍存在的噪音造成的,因为在旨在净化互联网信息环境的法规出台后,这种效应会减弱。此外,我们还观察到围绕内幕交易的帖子基调有所不同,在信息高度不对称、大量散户持股和外资持股较少的公司中,利润放大效应更为明显。总之,我们的研究凸显了社交媒体在放大内幕交易利润方面潜在的阴暗面,强调了采取监管措施的必要性。
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引用次数: 0
Does ESG contracting align or compete with stakeholder interests? ESG 合同与利益相关者的利益是一致还是竞争?
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-19 DOI: 10.1016/j.intfin.2024.102058
Maria Gaia Soana

The paper investigates whether ESG-linked managerial incentives, also known as ESG contracting, align or compete with stakeholder interests in the banking sector. The few related literature, focussed on non-financial companies, shows arguments both pro and against pay for sustainability. Using a panel data set of 595 worldwide listed banks for the period 2010–2021, the paper studies the effectiveness of ESG incentives in improving ESG performance and limiting ESG controversies. ESG contracting is shown to improve both ESG performance and ESG disputes, thus suggesting that it is more symbolic than substantial in meeting stakeholder interests. ESG strategy, ESG committee and managerial risk-taking are significant channels through which ESG incentives affect ESG performance and ESG controversies in the banking sector.

本文研究了与环境、社会和公司治理挂钩的管理激励机制(也称为环境、社会和公司治理契约)是与银行业利益相关者的利益相一致还是相竞争。为数不多的以非金融公司为研究对象的相关文献显示,支持和反对可持续发展薪酬的论点都有。本文利用 2010-2021 年期间全球 595 家上市银行的面板数据集,研究了 ESG 激励机制在提高 ESG 业绩和限制 ESG 争议方面的有效性。结果表明,ESG 合同既能提高 ESG 业绩,也能减少 ESG 争议,因此在满足利益相关者利益方面,ESG 合同的象征意义大于实质意义。ESG战略、ESG委员会和管理风险承担是ESG激励机制影响银行业ESG绩效和ESG争议的重要渠道。
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引用次数: 0
The Shock of US-China trade war and the job Market: Downstream shrinkage and upstream employment 中美贸易战的冲击与就业市场:下游萎缩与上游就业
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-13 DOI: 10.1016/j.intfin.2024.102057
Yunqing Tao , Wei Yang , Yongwei Ye , Dongmin Kong

Using the 2018 US-China trade war as a quasi-natural experiment, we investigate how downstream shrinkage affects upstream employment. Utilizing a difference-in-differences (DID) approach, we reveal a negative effect of downstream shrinkage on upstream firm employment. Our mechanism analysis indicates that trade wars increase the tax burden, inventories, and accounts payable for downstream firms while reducing their employment. This shrinkage of downstream firms limits the scale of investment and operations for upstream firms through supply chain transmission, thereby decreasing employment of upstream firms. Moreover, our finding is more pronounced for specific types of firms, such as non-state-owned firms, firms operating across multiple industries. Our study provides an essential reference for firms in building resilient supply chain networks to better cope with potential negative shocks.

我们以 2018 年中美贸易战为准自然实验,研究了下游萎缩如何影响上游就业。利用差分法(DID),我们揭示了下游萎缩对上游企业就业的负面影响。我们的机制分析表明,贸易战会增加下游企业的税负、库存和应付账款,同时减少其就业。下游企业的萎缩通过供应链传导限制了上游企业的投资和经营规模,从而减少了上游企业的就业。此外,我们的发现对特定类型的企业更为明显,如非国有企业、跨行业经营的企业等。我们的研究为企业建立弹性供应链网络以更好地应对潜在负面冲击提供了重要参考。
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引用次数: 0
Beyond the target: The spillover effect of shareholder activism on corporate tax avoidance 目标之外:股东激进主义对企业避税的溢出效应
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-06 DOI: 10.1016/j.intfin.2024.102054
Haowen Tian , Junkai Wang , Sirui Wu

This study explores how shareholder activism affects the behaviors of non-target companies with the same investment portfolio. Employing a matching-DiD methodology, we find that the portfolio non-target treatment firms tend to conduct greater tax avoidance compared to the control firms. This effect is stronger for firms facing financial constraints, under experienced activist scrutiny, involved in hostile campaigns, targeting financial and M&A matters, and with higher activist shareholdings. Increased tax avoidance is attributed to improved tax planning, enhancing firm value, and reducing future targeting risks. These findings align with the threat effect, where both fortification and fire-drill channels can be at play. Overall, this study sheds light on how companies balance financial demands of shareholders with the tax obligations to the government in their tax strategy decisions, which may provide valuable insights into how businesses keep the balance between multiple stakeholders.

本研究探讨了股东激进主义如何影响具有相同投资组合的非目标公司的行为。通过采用匹配-DiD 方法,我们发现与对照公司相比,投资组合中的非目标处理公司倾向于采取更多的避税行为。对于面临财务限制、受到激进分子审查、卷入敌对运动、针对财务和并购事项以及激进分子持股比例较高的公司,这种效应更强。避税行为的增加可归因于税收筹划的改善、公司价值的提高以及未来目标风险的降低。这些发现与威胁效应相吻合,在威胁效应中,强化和火力演练两种渠道都可能发挥作用。总之,本研究揭示了公司在税收战略决策中如何平衡股东的财务要求和对政府的纳税义务,这为企业如何在多个利益相关者之间保持平衡提供了有价值的见解。
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引用次数: 0
The bind and the slack of Basel III liquidity regulations: Evidence from Indonesia 巴塞尔协议 III》流动性法规的约束与松弛:印度尼西亚的证据
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-05 DOI: 10.1016/j.intfin.2024.102046
Zaäfri A. Husodo, Arisyi F. Raz, Dwi Nastiti Danarsari

Liquidity regulation framework is one of the pillars of Basel III implementation. In this paper, we evaluate how Basel III liquidity regulations, namely the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR), as well as their interactions affect financial stability. Theory suggests that, in maintaining financial stability, liquidity regulations may not act as complements. If one regulation is a binding constraint, the other may become a slack. Using Indonesia, an early adopter of the LCR and the NSFR, as a testing ground, we find that the LCR significantly reduces bank systemic risk, thus acting as a binding liquidity regulation. Lower systemic risk reflects lower fire-sale spillover implications in the financial system after the implementation of the LCR. The NSFR, however, does not have a significant effect on systemic risk, confirming its role as a slack.

流动性监管框架是《巴塞尔协议 III》实施的支柱之一。在本文中,我们将评估《巴塞尔协议 III》的流动性监管规定(即流动性覆盖率和净稳定资金比率)及其相互作用如何影响金融稳定性。理论表明,在维护金融稳定的过程中,流动性法规可能无法起到互补作用。如果其中一项法规是约束性的,另一项法规就可能成为束缚性的。印度尼西亚是较早采用 LCR 和 NSFR 的国家,以印度尼西亚为试验场,我们发现 LCR 显著降低了银行的系统性风险,从而成为具有约束力的流动性法规。系统性风险的降低反映了在实施《流动性补偿条例》后,金融体系中的火灾溢出影响降低了。然而,《国家净资产收益率法》对系统风险的影响并不显著,这证实了它的松弛作用。
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引用次数: 0
A more sustainable future: Can politically connected CEOs spur the nexus between ESG performance and firm financial performance? 更可持续的未来:与政治有关联的首席执行官能否促进环境、社会和公司治理绩效与公司财务绩效之间的联系?
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-05 DOI: 10.1016/j.intfin.2024.102056
Mohamed Marie , Baolei Qi , Mohammed Elgammal , Marwa Elnahass

This study examines how politically connected CEOs moderate the relationship between ESG and financial performance in Chinese A-share listed companies from 2015 to 2022. The results demonstrate that companies with strong ESG performance tend to have better financial performance. The connection between ESG performance and financial performance is influenced by the political ties of the CEO. Specifically, companies led by highly politically connected CEOs exhibit a weaker link between ESG practices and financial performance when compared with less politically affiliated firms. Our heterogeneity tests demonstrate that companies with low technology and cross-listing, along with companies audited by firms outside the Big 4 and led by highly politically connected CEOs, show a more significant impact of ESG practices on their financial performance compared to those with fewer political connections. Further examination reveals that political connections exacerbate the adverse effect of the environmental aspect on financial performance. This study contributes to the ongoing discussions surrounding ESG issues, especially in the context of Net-Zero and climate change actions following the international Climate Change Conferences (COPs). Overall, this study contributes valuable insights and policy implications into the multifaceted dynamics of ESG factors and their impact on corporate financial decisions.

本研究探讨了在 2015 年至 2022 年期间,与政治有关联的首席执行官如何调节中国 A 股上市公司的环境、社会和公司治理与财务绩效之间的关系。研究结果表明,ESG表现优异的公司往往拥有更好的财务表现。CEO的政治关系会影响ESG绩效与财务绩效之间的关系。具体来说,与政治关系较少的公司相比,政治关系密切的首席执行官领导的公司在环境、社会和公司治理实践与财务业绩之间的联系较弱。我们的异质性检验表明,与政治关系较少的公司相比,技术含量低和交叉上市的公司,以及由四大之外的公司审计和由政治关系密切的首席执行官领导的公司,ESG实践对其财务业绩的影响更为显著。进一步研究发现,政治关系加剧了环境方面对财务业绩的不利影响。本研究为目前围绕环境、社会和公司治理问题的讨论做出了贡献,尤其是在国际气候变化大会(COPs)之后的零净排放和气候变化行动背景下。总之,本研究对环境、社会和治理因素的多方面动态及其对企业财务决策的影响提出了宝贵的见解和政策影响。
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引用次数: 0
Are state-owned enterprises more responsible for carbon neutrality? Evidence from stock market reactions to China’s commitment to carbon neutrality 国有企业对碳中和是否负有更大责任?从股市对中国碳中和承诺的反应看证据
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-09-04 DOI: 10.1016/j.intfin.2024.102055
Qing Yu , Eddie C.M. Hui , Jianfu Shen

This study investigates whether state-owned enterprises (SOEs) are more responsible for carbon neutrality in the context of a country that produces the most carbon dioxide. It examines listed firms’ market reactions to carbon neutrality commitment for China that was announced first time on 22 September 2020. Using the event study method and based on 2,792 listed firms, we find that overall market reactions to the carbon neutrality commitment is significantly negative, suggesting that firms are expected to exert genuine efforts towards attaining the national goal of carbon neutrality. Furthermore, our results indicate that SOEs encounter more substantial negative market reactions compared to non-SOEs, indicative of higher expectations placed on them for realizing the carbon neutrality commitment. Further analysis reveals that negative market reactions are particularly pronounced for central SOEs as opposed to local SOEs, as the former are perceived to bear a heavier responsibility in achieving national goals. Additionally, SOEs with higher corporate social responsibility scores experience stronger negative market reactions in comparison to those with lower scores. Further analysis based on a difference-in-differences method and a firm-year sample shows that SOEs reduce firm value and carbon emissions intensity more than non-SOEs after the carbon neutrality commitment. Overall, our study supports the argument that SOEs take more responsibility than non-SOEs in achieving carbon neutrality.

本研究探讨了在二氧化碳排放量最大的国家,国有企业是否对碳中和负有更大责任。研究考察了上市公司对 2020 年 9 月 22 日首次公布的中国碳中和承诺的市场反应。采用事件研究法,以 2,792 家上市公司为研究对象,我们发现市场对碳中和承诺的总体反应为显著负值,表明企业有望为实现碳中和的国家目标做出真正的努力。此外,我们的研究结果表明,与非国有企业相比,国有企业遇到的负面市场反应更大,这表明人们对其实现碳中和承诺的期望更高。进一步的分析表明,与地方国有企业相比,中央国有企业的负面市场反应尤为明显,因为前者被认为在实现国家目标方面承担着更重的责任。此外,企业社会责任得分较高的国有企业与得分较低的国有企业相比,市场负面反应更强烈。基于差分法和企业年样本的进一步分析表明,在做出碳中和承诺后,国有企业比非国有企业更能降低企业价值和碳排放强度。总体而言,我们的研究支持了国有企业在实现碳中和方面比非国有企业承担更多责任的观点。
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引用次数: 0
How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market 标准化如何长期影响场外交易市场?来自 CDS 市场小爆炸改革的证据
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-08-30 DOI: 10.1016/j.intfin.2024.102043
Radu-Dragomir Manac, Chiara Banti, Neil Kellard

Focusing on the most liquid segment of the European CDS market, this paper studies the impact of a key standardization reform, known as the CDS Small Bang. We document that the reform provided unexpected long-term consequences. Particularly, we show that the introduction of an upfront fee to standardize the cash flow of CDS contracts created an initial capital cost for traders, which acts as a friction that increases CDS prices. This relation holds after accounting for well-known determinants of spreads, suggesting a separate funding channel driven by the greater capital intensity of trading. This effect grows in magnitude for several years following the implementation of the reform, becomes stronger when dealers are likely to bear the initial capital cost and is present across all industries, except for swaps written on financials shortly after the reform was introduced.

本文以欧洲 CDS 市场中流动性最强的部分为重点,研究了被称为 "CDS 小爆炸 "的关键标准化改革的影响。我们发现,改革带来了意想不到的长期后果。特别是,我们发现,为规范 CDS 合同的现金流而引入的预付费为交易者带来了初始资本成本,而这又成为了提高 CDS 价格的摩擦因素。在考虑了众所周知的利差决定因素后,这种关系依然存在,这表明交易的资本密集度增加驱动了一个独立的融资渠道。这种效应在改革实施后的几年内不断扩大,在交易商有可能承担初始资本成本时变得更加强烈,并且存在于所有行业,但改革实施后不久的金融掉期除外。
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引用次数: 0
Secrecy culture and sensitivity of investment to stock prices: Evidence from emerging markets 保密文化与投资对股票价格的敏感性:新兴市场的证据
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-08-28 DOI: 10.1016/j.intfin.2024.102045
Barbara Abou Tanos , Omar Farooq , Neveen Ahmed

This paper investigates the effect of secrecy culture on the relationship between corporate investments and stock prices. We argue that managers from secretive cultures are more likely to rely on stock prices as an additional source of information, thereby leading to greater sensitivity of their investments to stock prices. Consistent with our arguments, we show that firms headquartered in countries with higher levels of secrecy culture exhibit stronger sensitivity of corporate investments to stock prices. Our results hold across various estimation strategies, in different sub-samples and for alternative proxies of secrecy culture and corporate investments. Furthermore, we show that investments exhibit greater sensitivity to stock prices of peer firms in countries that score high on secrecy.

本文研究了保密文化对企业投资与股票价格之间关系的影响。我们认为,来自保密文化的管理者更有可能依赖股票价格作为额外的信息来源,从而导致其投资对股票价格更加敏感。与我们的论点一致,我们的研究表明,总部位于保密文化水平较高国家的公司,其企业投资对股票价格的敏感性更高。我们的结果在不同的估计策略、不同的子样本以及保密文化和企业投资的替代代用指标中都是成立的。此外,我们还发现,在保密程度较高的国家,企业投资对同行企业股票价格的敏感性更高。
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引用次数: 0
Global climate policy uncertainty and financial markets 全球气候政策的不确定性与金融市场
IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Pub Date : 2024-08-20 DOI: 10.1016/j.intfin.2024.102047
Qiang Ji , Dandan Ma , Pengxiang Zhai , Ying Fan , Dayong Zhang

This paper aims to examine whether and to what extent global climate policy uncertainty can impact financial markets. We first construct a novel index of global climate policy uncertainty by performing textual analysis of two million news articles over the period 2013–2021. We then use a time–frequency spillover and network analysis to show how the impacts of shocks from global climate policy uncertainty on five key international financial markets evolve over time and to characterize the underlying risk transmission channels. We find significant spillovers from global climate policy uncertainty to the financial markets, while the impacts of global climate policy uncertainty are heterogenous across financial markets and more profound in the bond market. Our results also show that spillovers from global climate policy uncertainty to the financial markets are mostly concentrated in the short term, underscoring the need for investors to adjust strategies and regulators to implement measures mitigating short-term market reactions to climate policy shocks.

本文旨在研究全球气候政策的不确定性是否以及在多大程度上会影响金融市场。我们首先通过对 2013-2021 年间的 200 万篇新闻报道进行文本分析,构建了全球气候政策不确定性的新指数。然后,我们使用时频溢出效应和网络分析来说明全球气候政策不确定性的冲击对五个主要国际金融市场的影响是如何随时间演变的,并描述潜在的风险传导渠道。我们发现全球气候政策的不确定性对金融市场产生了巨大的溢出效应,而全球气候政策的不确定性对不同金融市场的影响是不同的,对债券市场的影响更为深远。我们的研究结果还表明,全球气候政策不确定性对金融市场的溢出效应主要集中在短期内,这突出表明投资者需要调整策略,监管机构需要采取措施减轻市场对气候政策冲击的短期反应。
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引用次数: 0
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Journal of International Financial Markets Institutions & Money
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