Pub Date : 2026-01-02DOI: 10.1016/j.jbankfin.2025.107622
David A. Lesmond , Xuhui (Nick) Pan
We establish the bid–ask spread bias embedded in the Campbell et al. (2001; 2022) (CLMX) estimate of idiosyncratic variance (IV). Minimizing the bid–ask spread effect by using quote midpoints or increasing the return horizon eliminates the upward (CLMX) and downward time trend (Bekaert et al., 2012) in IV. Five natural experiments illustrate that an exogenous shock in the recording of transaction prices significantly affects the resulting time trend in IV. Cross-sectional and time-series regressions show that the bid–ask spread subsumes the CLMX IV time trend.
我们在Campbell et al. (2001; 2022) （CLMX）对特质方差（IV）的估计中建立了买卖价差偏差。通过使用报价中点或增加收益水平来最小化买卖价差效应，消除了IV中的向上（CLMX）和向下的时间趋势（Bekaert et al., 2012）。五个自然实验表明，交易价格记录中的外生冲击显著影响IV中产生的时间趋势。横截面回归和时间序列回归表明，买卖价差包含CLMX IV时间趋势。
{"title":"Can the bid–ask spread explain the trend in aggregate idiosyncratic variance?","authors":"David A. Lesmond , Xuhui (Nick) Pan","doi":"10.1016/j.jbankfin.2025.107622","DOIUrl":"10.1016/j.jbankfin.2025.107622","url":null,"abstract":"<div><div>We establish the bid–ask spread bias embedded in the Campbell et al. (2001; 2022) (CLMX) estimate of idiosyncratic variance (IV). Minimizing the bid–ask spread effect by using quote midpoints or increasing the return horizon eliminates the upward (CLMX) and downward time trend (Bekaert et al., 2012) in IV. Five natural experiments illustrate that an exogenous shock in the recording of transaction prices significantly affects the resulting time trend in IV. Cross-sectional and time-series regressions show that the bid–ask spread subsumes the CLMX IV time trend.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"184 ","pages":"Article 107622"},"PeriodicalIF":3.8,"publicationDate":"2026-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145979530","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 : 2025-12-30DOI: 10.1016/j.jbankfin.2025.107625
Mariem Khalifa , Mehdi Khedmati , Mohammed Aminu Sualihu , Alfred Yawson
We examine the impact of CEOs’ public charity affiliations on corporate labor violations and find that public-charity-affiliated CEOs have a lower likelihood of engaging in labor violations than their non-affiliated peers. In a disaggregated analysis, we find the result to be driven primarily by wage and hour violations. This finding is validated when we compare changes in wage and hour violations around different types of CEO turnover. We further identify the promotion of a positive corporate culture and an increase in labor-related expenditures as the main channels through which CEOs’ public charity affiliations affect wage and hour violations. In addition, we find that firms led by public-charity-affiliated CEOs experience lower employee turnover. The impact of public-charity-affiliated CEOs on reducing the likelihood of wage and hour violations is persistent and is more pronounced for CEOs who exhibit more altruistic behavior prior to assuming office. Overall, we provide persuasive evidence that CEOs’ public charity affiliations are beneficial to firms.
{"title":"Corporate labor violations: Do CEOs’ public charity affiliations matter?","authors":"Mariem Khalifa , Mehdi Khedmati , Mohammed Aminu Sualihu , Alfred Yawson","doi":"10.1016/j.jbankfin.2025.107625","DOIUrl":"10.1016/j.jbankfin.2025.107625","url":null,"abstract":"<div><div>We examine the impact of CEOs’ public charity affiliations on corporate labor violations and find that public-charity-affiliated CEOs have a lower likelihood of engaging in labor violations than their non-affiliated peers. In a disaggregated analysis, we find the result to be driven primarily by wage and hour violations. This finding is validated when we compare changes in wage and hour violations around different types of CEO turnover. We further identify the promotion of a positive corporate culture and an increase in labor-related expenditures as the main channels through which CEOs’ public charity affiliations affect wage and hour violations. In addition, we find that firms led by public-charity-affiliated CEOs experience lower employee turnover. The impact of public-charity-affiliated CEOs on reducing the likelihood of wage and hour violations is persistent and is more pronounced for CEOs who exhibit more altruistic behavior prior to assuming office. Overall, we provide persuasive evidence that CEOs’ public charity affiliations are beneficial to firms.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"184 ","pages":"Article 107625"},"PeriodicalIF":3.8,"publicationDate":"2025-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145929231","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 : 2025-12-29DOI: 10.1016/j.jbankfin.2025.107623
Junru Zhang , Le Luo , Joey Wenling Yang
Despite the growing integration of artificial intelligence (AI) into business models, studies of its impact on corporate climate change exposure remain scarce. Through an examination of AI-related innovations among US-listed firms from 2001 to 2019, we present compelling evidence that AI innovation effectively mitigates firms’ climate change exposure. In particular, it reduces firms’ exposure to regulatory and physical risks related to climate change through improved carbon management efficiency, with computer vision and control and planning being the most effective types in this context. Our findings are particularly pronounced for mature firms and those facing greater regulatory intervention. The results withstand rigorous tests that address endogeneity concerns. Our study provides strong support for firms to adopt AI innovations to achieve carbon neutrality, contributing to the ongoing discourse regarding AI trade-offs. Our findings also offer valuable insights into the development of climate risk mitigation strategies.
{"title":"Does artificial intelligence mitigate climate change exposure?","authors":"Junru Zhang , Le Luo , Joey Wenling Yang","doi":"10.1016/j.jbankfin.2025.107623","DOIUrl":"10.1016/j.jbankfin.2025.107623","url":null,"abstract":"<div><div>Despite the growing integration of artificial intelligence (AI) into business models, studies of its impact on corporate climate change exposure remain scarce. Through an examination of AI-related innovations among US-listed firms from 2001 to 2019, we present compelling evidence that AI innovation effectively mitigates firms’ climate change exposure. In particular, it reduces firms’ exposure to regulatory and physical risks related to climate change through improved carbon management efficiency, with computer vision and control and planning being the most effective types in this context. Our findings are particularly pronounced for mature firms and those facing greater regulatory intervention. The results withstand rigorous tests that address endogeneity concerns. Our study provides strong support for firms to adopt AI innovations to achieve carbon neutrality, contributing to the ongoing discourse regarding AI trade-offs. Our findings also offer valuable insights into the development of climate risk mitigation strategies.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"183 ","pages":"Article 107623"},"PeriodicalIF":3.8,"publicationDate":"2025-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145885271","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 : 2025-12-28DOI: 10.1016/j.jbankfin.2025.107620
Kebin Deng , Zhong Ding , Xu Liu
This paper proposes a clan-based investment hypothesis regarding household stock investment, specifically emphasizing the role of Confucian clan culture in deterring both the probability of stock investment participation and the stock investment ratio in China. Our findings reveal that households strongly influenced by Confucian clan culture are 17.6 % less likely to participate in stock investment and exhibit an 11.8 % lower ratio of stock investment to bank deposits, compared to other households. Moreover, we document that households dominated by Confucian clan culture are more likely to receive informal financial support for real estate investment, further reducing their participation in the stock market. These results suggest that clan-based investment opportunities play a significant role in discouraging household participation in stock investment.
{"title":"The clan-based investment hypothesis in household stock investment","authors":"Kebin Deng , Zhong Ding , Xu Liu","doi":"10.1016/j.jbankfin.2025.107620","DOIUrl":"10.1016/j.jbankfin.2025.107620","url":null,"abstract":"<div><div>This paper proposes a clan-based investment hypothesis regarding household stock investment, specifically emphasizing the role of Confucian clan culture in deterring both the probability of stock investment participation and the stock investment ratio in China. Our findings reveal that households strongly influenced by Confucian clan culture are 17.6 % less likely to participate in stock investment and exhibit an 11.8 % lower ratio of stock investment to bank deposits, compared to other households. Moreover, we document that households dominated by Confucian clan culture are more likely to receive informal financial support for real estate investment, further reducing their participation in the stock market. These results suggest that clan-based investment opportunities play a significant role in discouraging household participation in stock investment.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"183 ","pages":"Article 107620"},"PeriodicalIF":3.8,"publicationDate":"2025-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145927030","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 : 2025-12-27DOI: 10.1016/j.jbankfin.2025.107618
Siyi He , Ceng Zeng
We provide firm-level evidence that reduced availability of shadow banking financing affects firms’ employment decisions. Using China’s 2017 shadow banking regulations as an exogenous shock to constrain the availability of shadow banking, we find that the employment level and the ratio of highly skilled employees in affected firms significantly decrease after the regulations are instituted. The plausible underlying channels are intensification of financial constraints and reduction of R&D investment. The effects are more pronounced for non-state-owned enterprises, labor-intensive firms, and firms in provinces that are more dependent on shadow banking. Furthermore, affected firms strategically adopt outsourcing of their human resources, but the firms’ employment changes still harm their financial performance and total factor productivity.
{"title":"The effects of reduced availability of shadow banking financing: Evidence from employment","authors":"Siyi He , Ceng Zeng","doi":"10.1016/j.jbankfin.2025.107618","DOIUrl":"10.1016/j.jbankfin.2025.107618","url":null,"abstract":"<div><div>We provide firm-level evidence that reduced availability of shadow banking financing affects firms’ employment decisions. Using China’s 2017 shadow banking regulations as an exogenous shock to constrain the availability of shadow banking, we find that the employment level and the ratio of highly skilled employees in affected firms significantly decrease after the regulations are instituted. The plausible underlying channels are intensification of financial constraints and reduction of R&D investment. The effects are more pronounced for non-state-owned enterprises, labor-intensive firms, and firms in provinces that are more dependent on shadow banking. Furthermore, affected firms strategically adopt outsourcing of their human resources, but the firms’ employment changes still harm their financial performance and total factor productivity.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"183 ","pages":"Article 107618"},"PeriodicalIF":3.8,"publicationDate":"2025-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145885272","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 : 2025-12-27DOI: 10.1016/j.jbankfin.2025.107619
Vanya Horneff , David Love , Raimond Maurer
We examine the welfare costs of using common rules of thumb for saving, investing, 401k contributions, and withdrawals in a realistic environment with taxes, Social Security, 401k plan details, and uncertainty in income, lifespan, and returns. We assess common heuristics such as allocating 100 minus age to stocks, contributing 6–10% of income to a 401k, and withdrawing only the required minimum distribution (RMD) in retirement. Target-date rules lead to moderate welfare losses, with one-time compensating variations ranging from $59–$2514 for 401k allocation and $66–$873 for other savings. Contribution rules cause smaller losses ($22–$772), reflecting the importance of the 401k matching incentives. Withdrawing only the RMD leads to substantial welfare losses, ranging between $1321–$9919 from the perspective of a 66-year-old. But a hybrid rule—taking the maximum of a fixed percentage and the RMD—generates welfare losses about half as large as those associated with the RMD rule. We also compare these rules to more clearly suboptimal behaviors, such as avoiding the stock market, delaying saving, or contributing below the matching threshold. In these cases, rules of thumb look far more attractive, often avoiding substantial welfare losses. Overall, we find mixed support for the effectiveness of rules of thumb. While the welfare losses associated with such rules are modest, there may be substantial benefits to more detailed financial planning.
{"title":"Rules of thumb and retirement accounts","authors":"Vanya Horneff , David Love , Raimond Maurer","doi":"10.1016/j.jbankfin.2025.107619","DOIUrl":"10.1016/j.jbankfin.2025.107619","url":null,"abstract":"<div><div>We examine the welfare costs of using common rules of thumb for saving, investing, 401k contributions, and withdrawals in a realistic environment with taxes, Social Security, 401k plan details, and uncertainty in income, lifespan, and returns. We assess common heuristics such as allocating 100 minus age to stocks, contributing 6–10% of income to a 401k, and withdrawing only the required minimum distribution (RMD) in retirement. Target-date rules lead to moderate welfare losses, with one-time compensating variations ranging from $59–$2514 for 401k allocation and $66–$873 for other savings. Contribution rules cause smaller losses ($22–$772), reflecting the importance of the 401k matching incentives. Withdrawing only the RMD leads to substantial welfare losses, ranging between $1321–$9919 from the perspective of a 66-year-old. But a hybrid rule—taking the maximum of a fixed percentage and the RMD—generates welfare losses about half as large as those associated with the RMD rule. We also compare these rules to more clearly suboptimal behaviors, such as avoiding the stock market, delaying saving, or contributing below the matching threshold. In these cases, rules of thumb look far more attractive, often avoiding substantial welfare losses. Overall, we find mixed support for the effectiveness of rules of thumb. While the welfare losses associated with such rules are modest, there may be substantial benefits to more detailed financial planning.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"183 ","pages":"Article 107619"},"PeriodicalIF":3.8,"publicationDate":"2025-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145885274","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 : 2025-12-26DOI: 10.1016/j.jbankfin.2025.107615
Caio Machado , Ana Elisa Pereira
This paper analyzes the role of guarantees when a policymaker wants to avoid a credit crunch, but at the same time is concerned that its policies may lead to excessive risk taking. Banks face a coordination problem in their investment decisions and are allowed to risk-shift to projects with smaller expected return and higher volatility. Government guarantees can avoid a freeze in funding at the cost of increasing risk-shifting behavior. When fundamentals are sufficiently low, the policymaker prefers not to intervene and a credit crunch happens. The moral hazard problem makes guarantees more powerful, reducing the amount of guarantees needed to avoid a coordination failure.
{"title":"Guarantees, risk shifting and credit crunches","authors":"Caio Machado , Ana Elisa Pereira","doi":"10.1016/j.jbankfin.2025.107615","DOIUrl":"10.1016/j.jbankfin.2025.107615","url":null,"abstract":"<div><div>This paper analyzes the role of guarantees when a policymaker wants to avoid a credit crunch, but at the same time is concerned that its policies may lead to excessive risk taking. Banks face a coordination problem in their investment decisions and are allowed to risk-shift to projects with smaller expected return and higher volatility. Government guarantees can avoid a freeze in funding at the cost of increasing risk-shifting behavior. When fundamentals are sufficiently low, the policymaker prefers not to intervene and a credit crunch happens. The moral hazard problem makes guarantees more powerful, reducing the amount of guarantees needed to avoid a coordination failure.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"184 ","pages":"Article 107615"},"PeriodicalIF":3.8,"publicationDate":"2025-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145929232","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 : 2025-12-25DOI: 10.1016/j.jbankfin.2025.107612
Da-Hea Kim
We study the relation between options trading volume and stock price volatility, providing causal evidence that options trading stabilizes underlying stock prices. Exploiting the implementation of the Penny Pilot Program as an exogenous shock to options trading, we find that increased options trading reduces stock price volatility. We identify two mechanisms driving the volatility-reducing effect of options trading: (1) providing a buffer for liquidity shocks to stocks, which mitigates extreme price movements, and (2) correcting mispricing, thereby anchoring stock prices closer to their intrinsic values. Our findings support the beneficial role of options trading in enhancing price stability and efficiency.
{"title":"Does options trading stabilize stock prices? : Evidence from a natural experiment","authors":"Da-Hea Kim","doi":"10.1016/j.jbankfin.2025.107612","DOIUrl":"10.1016/j.jbankfin.2025.107612","url":null,"abstract":"<div><div>We study the relation between options trading volume and stock price volatility, providing causal evidence that options trading stabilizes underlying stock prices. Exploiting the implementation of the Penny Pilot Program as an exogenous shock to options trading, we find that increased options trading reduces stock price volatility. We identify two mechanisms driving the volatility-reducing effect of options trading: (1) providing a buffer for liquidity shocks to stocks, which mitigates extreme price movements, and (2) correcting mispricing, thereby anchoring stock prices closer to their intrinsic values. Our findings support the beneficial role of options trading in enhancing price stability and efficiency.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"185 ","pages":"Article 107612"},"PeriodicalIF":3.8,"publicationDate":"2025-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146015805","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 : 2025-12-24DOI: 10.1016/j.jbankfin.2025.107613
Katherine Wood
Community banks are a crucial part of the economy, so evaluating the consequences of regulatory changes impacting this subset of banks is important. Using amendments in 2005 to the FDIC Improvement Act (FDICIA) and the Community Reinvestment Act (CRA), I examine how changes to a community bank’s regulatory requirements affect liquidity creation. I show that treating each regulatory change as a separate event leads to confounding results. When ignoring the overlap of the regulatory requirement, the results suggest that both regulations lead to increases in liquidity creation. However, after disentangling the effects of the two regulatory changes, I show that only the amendment to the CRA drives the results. Failure to disentangle the two changes leads to an overstatement of the increase in liquidity creation. Additionally, I find no evidence that the regulatory change leads to outcomes contradictory to the purposes of the CRA.
{"title":"A tale of two banking regulations: Impact of regulatory overlap on the analysis of liquidity creation","authors":"Katherine Wood","doi":"10.1016/j.jbankfin.2025.107613","DOIUrl":"10.1016/j.jbankfin.2025.107613","url":null,"abstract":"<div><div>Community banks are a crucial part of the economy, so evaluating the consequences of regulatory changes impacting this subset of banks is important. Using amendments in 2005 to the FDIC Improvement Act (FDICIA) and the Community Reinvestment Act (CRA), I examine how changes to a community bank’s regulatory requirements affect liquidity creation. I show that treating each regulatory change as a separate event leads to confounding results. When ignoring the overlap of the regulatory requirement, the results suggest that both regulations lead to increases in liquidity creation. However, after disentangling the effects of the two regulatory changes, I show that only the amendment to the CRA drives the results. Failure to disentangle the two changes leads to an overstatement of the increase in liquidity creation. Additionally, I find no evidence that the regulatory change leads to outcomes contradictory to the purposes of the CRA.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"183 ","pages":"Article 107613"},"PeriodicalIF":3.8,"publicationDate":"2025-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145885273","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 : 2025-12-23DOI: 10.1016/j.jbankfin.2025.107610
Marcel Fischer , Patrick Hauf , Simon Stehle
Property taxes are commonly levied as a percentage of a home’s assessed value (AV). AVs should affect home prices through opposing channels. An unexpected increase in AV implies higher tax payments, which should hurt a home’s selling price (tax channel). On the other hand, the increase should have a positive effect since AVs serve as reference prices (anchoring channel). In a quasi-experimental setting exploiting geographic variations in AV-publication dates and reassessment frequencies, we find that a higher AV leads to a lower transaction price, indicating that the tax channel prevails. Disentangling the aggregate effect, we document that empirically, the anchoring channel does not play a major role. Our results thus suggest an exacerbation of previously documented inequities caused by taxation.
{"title":"How do assessed values affect the transaction prices of homes?","authors":"Marcel Fischer , Patrick Hauf , Simon Stehle","doi":"10.1016/j.jbankfin.2025.107610","DOIUrl":"10.1016/j.jbankfin.2025.107610","url":null,"abstract":"<div><div>Property taxes are commonly levied as a percentage of a home’s assessed value (AV). AVs should affect home prices through opposing channels. An unexpected increase in AV implies higher tax payments, which should hurt a home’s selling price (tax channel). On the other hand, the increase should have a positive effect since AVs serve as reference prices (anchoring channel). In a quasi-experimental setting exploiting geographic variations in AV-publication dates and reassessment frequencies, we find that a higher AV leads to a lower transaction price, indicating that the tax channel prevails. Disentangling the aggregate effect, we document that empirically, the anchoring channel does not play a major role. Our results thus suggest an exacerbation of previously documented inequities caused by taxation.</div></div>","PeriodicalId":48460,"journal":{"name":"Journal of Banking & Finance","volume":"184 ","pages":"Article 107610"},"PeriodicalIF":3.8,"publicationDate":"2025-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145898050","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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