Pub Date : 2023-12-06DOI: 10.1017/s0022109023001205
Jamie Y. Tong, Feida (Frank) Zhang
{"title":"Do Capital Markets Punish Managerial Myopia? Evidence from Myopic Research and Development Cuts","authors":"Jamie Y. Tong, Feida (Frank) Zhang","doi":"10.1017/s0022109023001205","DOIUrl":"https://doi.org/10.1017/s0022109023001205","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"18 3","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138596814","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 : 2023-12-05DOI: 10.1017/s0022109023001382
Swarnodeep Homroy, Shubhashis Gangopadhyay
In this article, we show that statements of U.S. CEOs on contentious social issues are not necessarily an expression of their political views. Republican-donor CEOs are three times more likely to make social statements with a liberal slant. CEO activism is more likely if firms’ operating environment is politically polarized and employees are Democrat-leaning. Such statements are associated with a 3% increase in consumer visits to a firm’s Democrat County stores without significantly reducing them in Republican counties. CEO activism is associated with a 0.12% gain in firm value, increased quarterly sales, and a reduced likelihood of shareholder activism on social issues.
在本文中，我们表明，美国首席执行官就有争议的社会问题发表的声明并不一定表达了他们的政治观点。共和党捐赠的首席执行官发表带有自由主义倾向的社会声明的可能性要高出三倍。如果公司的经营环境政治两极分化，员工倾向于民主党，那么 CEO 更有可能采取激进主义。这种言论会使消费者到公司在民主党县的门店消费的次数增加 3%，而在共和党县的消费次数不会明显减少。首席执行官的激进主义与公司价值增加 0.12%、季度销售额增加以及股东在社会问题上的激进主义可能性降低有关。
{"title":"Strategic CEO Activism in Polarized Markets","authors":"Swarnodeep Homroy, Shubhashis Gangopadhyay","doi":"10.1017/s0022109023001382","DOIUrl":"https://doi.org/10.1017/s0022109023001382","url":null,"abstract":"<p>In this article, we show that statements of U.S. CEOs on contentious social issues are not necessarily an expression of their political views. Republican-donor CEOs are three times more likely to make social statements with a liberal slant. CEO activism is more likely if firms’ operating environment is politically polarized and employees are Democrat-leaning. Such statements are associated with a 3% increase in consumer visits to a firm’s Democrat County stores without significantly reducing them in Republican counties. CEO activism is associated with a 0.12% gain in firm value, increased quarterly sales, and a reduced likelihood of shareholder activism on social issues.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"39 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140636039","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 : 2023-12-01DOI: 10.1017/S0022109023001254
{"title":"JFQ volume 58 issue 8 Cover and Front matter","authors":"","doi":"10.1017/S0022109023001254","DOIUrl":"https://doi.org/10.1017/S0022109023001254","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":" 7","pages":"f1 - f4"},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138613312","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 : 2023-12-01DOI: 10.1017/s0022109023001357
Stephan Luck, João A. C. Santos
{"title":"The Valuation of Collateral in Bank Lending – CORRIGENDUM","authors":"Stephan Luck, João A. C. Santos","doi":"10.1017/s0022109023001357","DOIUrl":"https://doi.org/10.1017/s0022109023001357","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"30 34","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138624594","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 : 2023-12-01DOI: 10.1017/S0022109023001242
{"title":"JFQ volume 58 issue 8 Cover and Back matter","authors":"","doi":"10.1017/S0022109023001242","DOIUrl":"https://doi.org/10.1017/S0022109023001242","url":null,"abstract":"","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"61 1","pages":"b1 - b2"},"PeriodicalIF":3.9,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138622746","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 : 2023-11-20DOI: 10.1017/s0022109023001370
Yifei Zhang
This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two text-based measures of firm scope, I provide evidence that CVC investments are strongly correlated with subsequent changes in firm scope among CVC parent firms, including seeding emerging businesses and creating new segments or divisions. Further evidence is consistent with an experimentation view, with more promising ventures having a stronger strategic impact on the scope changes of parent firms. Moreover, the study finds that post-CVC scope changes are primarily built internally and rarely involve killer acquisitions. These changes create value for CVC parents.
{"title":"Corporate Venture Capital and Firm Scope","authors":"Yifei Zhang","doi":"10.1017/s0022109023001370","DOIUrl":"https://doi.org/10.1017/s0022109023001370","url":null,"abstract":"<p>This study examines whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two text-based measures of firm scope, I provide evidence that CVC investments are strongly correlated with subsequent changes in firm scope among CVC parent firms, including seeding emerging businesses and creating new segments or divisions. Further evidence is consistent with an experimentation view, with more promising ventures having a stronger strategic impact on the scope changes of parent firms. Moreover, the study finds that post-CVC scope changes are primarily built internally and rarely involve killer acquisitions. These changes create value for CVC parents.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"56 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140033709","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 : 2023-11-15DOI: 10.1017/s0022109023001369
Paul Glasserman, Fulin Li, Harry Mamaysky
The speed of stock price reaction to news exhibits substantial time variation. Higher risk-bearing capacity of financial intermediaries, lower passive ownership of stocks, and more informative news increase price responses to contemporaneous news; surprisingly, these interaction variables also increase price responses to lagged news (underreaction). A simple model with limited attention and three investor types (institutional, noninstitutional, and passive) predicts the observed variation in news responses. A long–short trading strategy based on news sentiment earns high returns, which increase when conditioning on the interaction variables. The interactions we document are robust to the choice of news source.
{"title":"Time Variation in the News–Returns Relationship","authors":"Paul Glasserman, Fulin Li, Harry Mamaysky","doi":"10.1017/s0022109023001369","DOIUrl":"https://doi.org/10.1017/s0022109023001369","url":null,"abstract":"<p>The speed of stock price reaction to news exhibits substantial time variation. Higher risk-bearing capacity of financial intermediaries, lower passive ownership of stocks, and more informative news increase price responses to contemporaneous news; surprisingly, these interaction variables also increase price responses to lagged news (underreaction). A simple model with limited attention and three investor types (institutional, noninstitutional, and passive) predicts the observed variation in news responses. A long–short trading strategy based on news sentiment earns high returns, which increase when conditioning on the interaction variables. The interactions we document are robust to the choice of news source.</p>","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"72 1","pages":""},"PeriodicalIF":3.9,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140926152","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 : 2023-11-14DOI: 10.1017/s002210902300073x
Peter Haslag, Daniel Weagley
Abstract We examine how broad changes in work arrangements and lifestyles brought on by the COVID-19 pandemic have affected households’ location decisions. Using data on over 360,000 residential, interstate moves over the last 5 years, we find that more than 12% of moves were directly influenced by the pandemic. Among pandemic-influenced movers, over 15% of households cite that remote work influenced their move. Lifestyle-related (job-related) migration increased (decreased) significantly, particularly for the set of households who are likely to have access to remote work. We further find that these changes in migration patterns are positively related to post-pandemic economic growth.
{"title":"From L.A. to Boise: How Migration Has Changed During the COVID-19 Pandemic","authors":"Peter Haslag, Daniel Weagley","doi":"10.1017/s002210902300073x","DOIUrl":"https://doi.org/10.1017/s002210902300073x","url":null,"abstract":"Abstract We examine how broad changes in work arrangements and lifestyles brought on by the COVID-19 pandemic have affected households’ location decisions. Using data on over 360,000 residential, interstate moves over the last 5 years, we find that more than 12% of moves were directly influenced by the pandemic. Among pandemic-influenced movers, over 15% of households cite that remote work influenced their move. Lifestyle-related (job-related) migration increased (decreased) significantly, particularly for the set of households who are likely to have access to remote work. We further find that these changes in migration patterns are positively related to post-pandemic economic growth.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"86 15","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134900849","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 : 2023-11-06DOI: 10.1017/s0022109023001321
Praveen Kumar, Vijay Yerramilli
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{"title":"Firm Size, Capital Investment and Debt Financing over Industry Business Cycles","authors":"Praveen Kumar, Vijay Yerramilli","doi":"10.1017/s0022109023001321","DOIUrl":"https://doi.org/10.1017/s0022109023001321","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135637221","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 : 2023-11-06DOI: 10.1017/s0022109023001230
Richard Evans, Juan-Pedro Gómez, Linlin Ma, Yuehua Tang
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{"title":"Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers","authors":"Richard Evans, Juan-Pedro Gómez, Linlin Ma, Yuehua Tang","doi":"10.1017/s0022109023001230","DOIUrl":"https://doi.org/10.1017/s0022109023001230","url":null,"abstract":"An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.","PeriodicalId":48380,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135636463","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}
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