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The role of inventory in firm resilience to the Covid‐19 pandemic 库存对企业抵御 Covid-19 大流行病的作用
Pub Date : 2024-09-13 DOI: 10.1111/eufm.12517
Olga Dodd, Shushu Liao
We study the role of inventory in corporate resilience to Covid‐19 in 2020, which triggered exogenous shocks to consumer demand, commodity prices and supply chains. Unexpected drops in consumer demand and commodity prices increase the costs of inventory. Conversely, inventory holdings can buffer against supply disruptions. Empirically, US firms with higher inventory experienced more negative stock market responses early in the crisis due to falling consumer demand. However, since May 2020, inventory has become valuable as a hedge against supply disruptions, improving firm performance. During Covid‐19, unlike other crises, inventory played a unique role as a hedge against supply disruptions.
2020 年 "科维德-19 "事件引发了对消费者需求、商品价格和供应链的外生冲击,我们研究了库存在企业抵御 "科维德-19 "事件中的作用。消费者需求和商品价格的意外下降会增加库存成本。相反,持有库存可以缓冲供应中断。从经验上看,由于消费者需求下降,库存较高的美国公司在危机初期经历了更消极的股市反应。然而,自 2020 年 5 月以来,库存作为对冲供应中断的工具变得越来越有价值,从而改善了公司业绩。在科维德-19 危机期间,与其他危机不同,库存在对冲供应中断方面发挥了独特的作用。
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引用次数: 0
The impact of social media influencers on the financial market performance of firms 社交媒体影响力对企业金融市场表现的影响
Pub Date : 2024-09-13 DOI: 10.1111/eufm.12513
Kevin Keasey, Costas Lambrinoudakis, Danilo V. Mascia, Zhengfa Zhang
Despite the huge growth in the number of influencers and their use by firms, there is a lack of analysis of how social media influencers affect the financial market performance of firms. Anecdotal evidence suggests mega influencers can impact the stock prices of firms via social media. We ask whether such an effect is generalizable to all mega influencers and other financial market characteristics of firms. Using a hand‐collected data set of 16,156,419 mega influencer posts on Instagram, we find that mega influencers affect investors' attention, volatility and trading volume but not stock returns. It takes top influencers with extreme sentiment posts to affect returns and, even here, the effect is short‐lived.
尽管有影响力者的数量和企业对他们的使用大幅增长,但对社交媒体有影响力者如何影响企业的金融市场表现却缺乏分析。轶事证据表明,巨型影响者可以通过社交媒体影响公司的股票价格。我们要问的是,这种影响是否可以推广到所有巨型影响者以及企业的其他金融市场特征。我们使用手工收集的 Instagram 上 16,156,419 个超大影响力者帖子的数据集,发现超大影响力者会影响投资者的关注度、波动性和交易量,但不会影响股票回报。顶级影响者发布的极端情绪帖子才会影响回报率,即使在这种情况下,影响也是短暂的。
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引用次数: 0
How to green the European auto ABS market? A literature survey 如何绿化欧洲汽车 ABS 市场?文献调查
Pub Date : 2024-09-10 DOI: 10.1111/eufm.12515
Carmelo Latino, Loriana Pelizzon, Max Riedel
This literature survey explores the potential avenues for the design of a green auto asset‐backed security (Green Auto ABS) by focusing on the European auto securitization market. In this context, we examine the entire value chain of the securitization process to understand the incentives and interests involved at various stages of the transaction. We review recent regulatory developments, feasibility concerns, and potential designs of a sustainable securitization framework. Our study suggests that a Green Auto ABS could be based on both a green use of proceeds and a green collateral‐based methodology.
本文献调查以欧洲汽车证券化市场为重点,探讨了设计绿色汽车资产支持证券(绿色汽车资产支持证券)的潜在途径。在此背景下,我们研究了证券化过程的整个价值链,以了解交易各个阶段所涉及的激励机制和利益。我们回顾了近期的监管发展、可行性问题以及可持续证券化框架的潜在设计。我们的研究表明,绿色汽车资产证券化可以基于收益的绿色使用和基于绿色抵押品的方法。
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引用次数: 0
Like a moth to a flame: Do stock market bubbles exacerbate credit risks of peer‐to‐peer lending? 飞蛾扑火股市泡沫会加剧点对点借贷的信贷风险吗?
Pub Date : 2024-09-10 DOI: 10.1111/eufm.12516
Xin Liu, Xiaoran Ni, Zhigang Qiu, Wang Xiang, Kailun Zhang
We establish a causal link between stock market bubbles and credit risks from peer‐to‐peer lending. Employing a fuzzy regression discontinuity design based on retail investors' disproportional increase in stock market participation when the Shanghai Stock Exchange composite index exceeds 3500, we find that both the default rate and the degree of delinquency rise disproportionately for loans borrowed above the 3500 threshold. This effect is more pronounced among loans of lower quality and when borrowers are more overconfident and less risk averse. Overall, our results suggest that FinTech developments could amplify financial risks and induce contagion across markets.
我们建立了股市泡沫与点对点借贷信用风险之间的因果联系。我们根据散户投资者在上海证券交易所综合指数超过 3500 点时对股市参与度的不成比例增长,采用模糊回归不连续设计,发现高于 3500 点临界值的借款的违约率和拖欠程度都不成比例地上升。在贷款质量较低、借款人过于自信且风险规避能力较弱的情况下,这种影响更为明显。总体而言,我们的研究结果表明,金融科技的发展可能会放大金融风险,诱发跨市场传染。
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引用次数: 0
Pricing dynamics and herding behaviour of NFTs 非金融产品的定价动态和羊群行为
Pub Date : 2024-09-10 DOI: 10.1111/eufm.12506
Gilbert Fridgen, Roman Kräussl, Orestis Papageorgiou, Alessandro Tugnetti
This paper analyzes the sales of 875,389 art nonfungible tokens (NFTs) on the Ethereum blockchain to identify the key determinants influencing NFT pricing and market dynamics. We find that market liquidity and trade volume are strong predictors of NFT prices. Contrarily, social media activity negatively correlates with prices. Introducing an artist ranking system, our study reveals a “superstar effect”, with a few artists dominating sales, and herding behaviour within the NFT market.
本文分析了以太坊区块链上 875,389 枚艺术品不可兑换代币(NFT)的销售情况,以确定影响 NFT 定价和市场动态的关键决定因素。我们发现,市场流动性和交易量是 NFT 价格的有力预测因素。相反,社交媒体活动与价格呈负相关。通过引入艺术家排名系统,我们的研究揭示了一种 "巨星效应",即少数艺术家主导了 NFT 市场的销售和羊群行为。
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引用次数: 0
An announcement effect in reverse? Evidence from cash‐settled convertible bonds 反向公告效应?现金结算可转换债券的证据
Pub Date : 2024-09-02 DOI: 10.1111/eufm.12514
Stefano Gatti, Ulrich Sperl
We analyze the trading activity of underlying shares at the maturity of convertible bonds with cash‐settlement provisions. Our findings indicate that arbitrageurs and option dealers engage in systematic trading that leads to an increase in trading volumes and changes in the level of short interest in the affected underlying equities. We find significantly positive abnormal returns for the affected stocks if convertible bond‐related trading is not contaminated by opposing option‐related flows. This finding supports the notion that arbitrageurs can create a substantial market impact on shares underlying convertible bonds even without any relevant news dissemination.
我们分析了附带现金结算条款的可转换债券到期时相关股票的交易活动。我们的研究结果表明,套利者和期权交易商进行的系统性交易会导致交易量的增加和受影响相关股票的利空水平的变化。我们发现,如果与可转债相关的交易没有受到与期权相关的对立资金流的影响,受影响股票的异常收益率会明显为正。这一发现支持了套利者即使在没有任何相关新闻传播的情况下也能对可转换债券相关股票产生巨大市场影响的观点。
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引用次数: 0
Social networks and reputation incentives: Does directorship prestige influence effort? 社会网络和声誉激励:董事声望会影响努力吗?
Pub Date : 2024-08-16 DOI: 10.1111/eufm.12512
Vincent J. Intintoli, Reda M. Moursli
Using social network theory, we measure the reputation of boards and directors based on the centrality of their respective networks. Directors commit greater effort, as measured by actual director attendance rates, to directorships they consider more prestigious. Results are robust to controlling for standard proxies of reputation as well as using alternative measures of centrality to identify prestigious directorships. We find similar results when examining exogenous shocks to relative directorship rankings; effort improves for directorships that increase in ranking following the shock. Our findings outline the importance directors place on the perceived reputational value of their directorships.
我们利用社会网络理论,根据董事会和董事各自网络的中心地位来衡量他们的声誉。根据实际的董事出席率,董事们会在他们认为更有声望的董事职位上投入更多精力。通过控制声誉的标准替代指标以及使用其他中心性衡量标准来识别声誉较高的董事职位,结果都是稳健的。在研究相对董事职位排名的外生冲击时,我们也发现了类似的结果;对于在冲击后排名上升的董事职位,努力程度有所提高。我们的研究结果概括了董事们对其董事职位声誉价值的重视程度。
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引用次数: 0
The impact of blockchain on firms' environmental and social performance 区块链对企业环境和社会绩效的影响
Pub Date : 2024-08-06 DOI: 10.1111/eufm.12510
Carole Bernard, Rebecca Cardot, Jamil Jaballah
This paper studies the relationship between blockchain patents and firms' environmental and social performance. Using data from USPTO, we assess the effect of these patents on subcategories and aggregate grades for social and environmental dimensions. Our results show a negative main effect of blockchain‐related patents on social and environmental grades. However, this effect is moderated by company size and focus on R&D. We exploit the first legislation favorable to blockchain in the United States and find a positive effect of blockchain patents on environmental grades, showing a change in corporate behavior regarding the use of blockchain.
本文研究了区块链专利与企业环境和社会绩效之间的关系。利用美国专利商标局的数据,我们评估了这些专利对社会和环境维度的子类别和综合等级的影响。我们的结果显示,区块链相关专利对社会和环境等级有负面的主要影响。然而,公司规模和对研发的重视程度会缓和这种影响。我们利用美国首部有利于区块链的立法,发现区块链专利对环境等级有积极影响,这表明企业在使用区块链方面的行为发生了变化。
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引用次数: 0
Foreign versus domestic SPACs in the US Market 美国市场上的外国 SPAC 与国内 SPAC
Pub Date : 2024-07-26 DOI: 10.1111/eufm.12511
Yao‐Min Chiang, Bokyung Park, S. Ghon Rhee, Hui‐Ju Tsai
This study compares domestic and foreign special purpose acquisition companies (SPACs) listed in the US market. Compared with domestic SPACs, we find that foreign SPACs raise lower proceeds from initial public offerings and private investments in public equity funding. Additionally, redemption rates of foreign SPACs are higher than those of domestic SPACs. Our findings suggest that foreign SPACs face a competitive disadvantage due to their limited networks in the US market.
本研究比较了在美国市场上市的国内外特殊目的收购公司(SPAC)。与国内特殊目的收购公司相比,我们发现国外特殊目的收购公司从首次公开募股和私人投资中募集的公共股权资金较少。此外,外国 SPAC 的赎回率也高于国内 SPAC。我们的研究结果表明,由于在美国市场的网络有限,外国 SPACs 在竞争中处于劣势。
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引用次数: 0
Gender inequality, institutional quality and economic outcomes in the European Union 欧盟的性别不平等、机构质量和经济成果
Pub Date : 2024-07-20 DOI: 10.1111/eufm.12508
Hyun‐Jung Nam, Doojin Ryu, Peter G. Szilagyi
Our model, which analyses multi‐decade annual data from the European Union, suggests that gender inequality mediates the relationship between institutional quality and economic outcomes. We find that institutional quality significantly influences these outcomes, with positive associations with trade and per capita GDP, and negative associations with innovation. Institutional quality positively (negatively) impacts labour force (educational) inequality. Institutions prioritize reducing labour force inequality to boost trade and per capita GDP but struggle to address educational inequality, which does not similarly contribute to economic growth. Whereas labour force inequality negligibly impacts innovation, educational inequality significantly impedes it.
我们的模型分析了欧盟几十年的年度数据,结果表明,性别不平等在制度质量和经济成果之间起着中介作用。我们发现,制度质量对这些结果有重大影响,与贸易和人均 GDP 呈正相关,与创新呈负相关。制度质量对劳动力(教育)不平等产生积极(消极)影响。制度优先考虑减少劳动力不平等,以促进贸易和人均 GDP,但却难以解决教育不平等问题,因为教育不平等同样不会促进经济增长。劳动力不平等对创新的影响可以忽略不计,而教育不平等则严重阻碍了创新。
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European Financial Management 
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