Pub Date : 2024-02-29DOI: 10.1017/s0022109024000164
Allen H. Huang, Kai Wai Hui, Yue Zheng
{"title":"Judge Ideology and Opportunistic Insider Trading","authors":"Allen H. Huang, Kai Wai Hui, Yue Zheng","doi":"10.1017/s0022109024000164","DOIUrl":"https://doi.org/10.1017/s0022109024000164","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140412051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-23DOI: 10.1017/s0022109024000127
Marco Elia
{"title":"Loss-Driven Activism","authors":"Marco Elia","doi":"10.1017/s0022109024000127","DOIUrl":"https://doi.org/10.1017/s0022109024000127","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140437580","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-15DOI: 10.1017/s0022109024000097
Po-Hsuan Hsu, Ioannis Kyriakou, Tren Ma, Georgios Sermpinis
{"title":"Mutual Funds’ Conditional Performance Free of Data Snooping Bias","authors":"Po-Hsuan Hsu, Ioannis Kyriakou, Tren Ma, Georgios Sermpinis","doi":"10.1017/s0022109024000097","DOIUrl":"https://doi.org/10.1017/s0022109024000097","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139775977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-15DOI: 10.1017/s0022109024000097
Po-Hsuan Hsu, Ioannis Kyriakou, Tren Ma, Georgios Sermpinis
{"title":"Mutual Funds’ Conditional Performance Free of Data Snooping Bias","authors":"Po-Hsuan Hsu, Ioannis Kyriakou, Tren Ma, Georgios Sermpinis","doi":"10.1017/s0022109024000097","DOIUrl":"https://doi.org/10.1017/s0022109024000097","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139835508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-14DOI: 10.1017/s0022109024000012
Kizkitza Biguri, Jörg R. Stahl
We analyze meetings of firms with policymakers at the European Commission (EC). Meetings with Commissioners are associated with positive abnormal equity returns for US firms. Firms of the European Union (EU), however, do not experience significant value increases. We identify regulatory outcomes as a channel that can rationalize this difference in value effects of political access. US firms with meetings are more likely to receive favorable decisions in their EC merger decisions than their EU peers. The results suggest that cross-border political access can alleviate uncertainties and alleged discriminatory behavior of regulators in foreign markets.
{"title":"Who Pays a Visit to Brussels? Firm Value Effects of Cross-Border Political Access to European Commissioners","authors":"Kizkitza Biguri, Jörg R. Stahl","doi":"10.1017/s0022109024000012","DOIUrl":"https://doi.org/10.1017/s0022109024000012","url":null,"abstract":"We analyze meetings of firms with policymakers at the European Commission (EC). Meetings with Commissioners are associated with positive abnormal equity returns for US firms. Firms of the European Union (EU), however, do not experience significant value increases. We identify regulatory outcomes as a channel that can rationalize this difference in value effects of political access. US firms with meetings are more likely to receive favorable decisions in their EC merger decisions than their EU peers. The results suggest that cross-border political access can alleviate uncertainties and alleged discriminatory behavior of regulators in foreign markets.","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139778171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-14DOI: 10.1017/s0022109024000012
Kizkitza Biguri, Jörg R. Stahl
We analyze meetings of firms with policymakers at the European Commission (EC). Meetings with Commissioners are associated with positive abnormal equity returns for US firms. Firms of the European Union (EU), however, do not experience significant value increases. We identify regulatory outcomes as a channel that can rationalize this difference in value effects of political access. US firms with meetings are more likely to receive favorable decisions in their EC merger decisions than their EU peers. The results suggest that cross-border political access can alleviate uncertainties and alleged discriminatory behavior of regulators in foreign markets.
{"title":"Who Pays a Visit to Brussels? Firm Value Effects of Cross-Border Political Access to European Commissioners","authors":"Kizkitza Biguri, Jörg R. Stahl","doi":"10.1017/s0022109024000012","DOIUrl":"https://doi.org/10.1017/s0022109024000012","url":null,"abstract":"We analyze meetings of firms with policymakers at the European Commission (EC). Meetings with Commissioners are associated with positive abnormal equity returns for US firms. Firms of the European Union (EU), however, do not experience significant value increases. We identify regulatory outcomes as a channel that can rationalize this difference in value effects of political access. US firms with meetings are more likely to receive favorable decisions in their EC merger decisions than their EU peers. The results suggest that cross-border political access can alleviate uncertainties and alleged discriminatory behavior of regulators in foreign markets.","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139837986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-13DOI: 10.1017/s0022109024000061
Zhong Chen, Zicheng Lei, Chunling Xia
{"title":"Does CFO Board Membership Benefit Shareholders? The Case of Corporate Acquisitions","authors":"Zhong Chen, Zicheng Lei, Chunling Xia","doi":"10.1017/s0022109024000061","DOIUrl":"https://doi.org/10.1017/s0022109024000061","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139781767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-13DOI: 10.1017/s0022109024000061
Zhong Chen, Zicheng Lei, Chunling Xia
{"title":"Does CFO Board Membership Benefit Shareholders? The Case of Corporate Acquisitions","authors":"Zhong Chen, Zicheng Lei, Chunling Xia","doi":"10.1017/s0022109024000061","DOIUrl":"https://doi.org/10.1017/s0022109024000061","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139841399","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-12DOI: 10.1017/s0022109024000103
Benjamin L. Collier, Lawrence S. Powell, Marc A. Ragin, Xuesong You
{"title":"Financing Negative Shocks: Evidence from Hurricane Harvey","authors":"Benjamin L. Collier, Lawrence S. Powell, Marc A. Ragin, Xuesong You","doi":"10.1017/s0022109024000103","DOIUrl":"https://doi.org/10.1017/s0022109024000103","url":null,"abstract":"","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139782842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-12DOI: 10.1017/s0022109024000085
Charles M. Jones, Donghui Shi, Xiaoyan Zhang, Xinran Zhang
Charles M. Jones, cj88@gsb.columbia.edu, was with Columbia Business School, Donghui Shi, dhshi@fudan.edu.cn, is with Fudan University Fanhai International School of Finance, Xiaoyan Zhang (corresponding author), zhangxiaoyan@pbcsf.tsinghua.edu.cn, is with Tsinghua University PBC School of Finance, and Xinran Zhang, zhangxinran@cufe.edu.cn, is with the Central University of Finance and Economics School of Finance. Xiaoyan Zhang acknowledges the financial support from the National Natural Science Foundation of China [Grant No. 72350710220] and [Grant No.71790605]. Xinran Zhang acknowledges the financial support from the National Natural Science Foundation of China [Grant No. 72303268]. We thank an anonymous referee, Terrance Odean, Laruen Cohen, Ron Kaniel, Hao Zhou, Utpal Bhattacharya, Xintong Zhan, Darwin Choi, and seminar participants at Tsinghua PBC School of Finance, Renmin University, Shanghai Jiaotong University, Fudan University, Shanghai University of Finance and Economics, and conference audiences at the CIFFP, CFRC, CICF, and ABFER Annual Conference for their helpful comments and suggestions. All remaining errors are our own. Using comprehensive account-level data, we separate Chinese retail investors into five groups and document strong heterogeneity in trading dynamics and performances. Retail investors with smaller account sizes cannot predict future returns correctly, display daily momentum patterns, fail to process public news, and show overconfidence and gambling preferences; while retail investors with larger account balances predict future returns correctly, display contrarian patterns, and incorporate public news in trading. With Barber et al. (2009) performance measures, smaller retail investors suffer from poor stock selection abilities and trading costs, while large retail investors’ stock selection abilities are offset by trading costs.
{"title":"Retail Trading and Return Predictability in China","authors":"Charles M. Jones, Donghui Shi, Xiaoyan Zhang, Xinran Zhang","doi":"10.1017/s0022109024000085","DOIUrl":"https://doi.org/10.1017/s0022109024000085","url":null,"abstract":"Charles M. Jones, cj88@gsb.columbia.edu, was with Columbia Business School, Donghui Shi, dhshi@fudan.edu.cn, is with Fudan University Fanhai International School of Finance, Xiaoyan Zhang (corresponding author), zhangxiaoyan@pbcsf.tsinghua.edu.cn, is with Tsinghua University PBC School of Finance, and Xinran Zhang, zhangxinran@cufe.edu.cn, is with the Central University of Finance and Economics School of Finance. Xiaoyan Zhang acknowledges the financial support from the National Natural Science Foundation of China [Grant No. 72350710220] and [Grant No.71790605]. Xinran Zhang acknowledges the financial support from the National Natural Science Foundation of China [Grant No. 72303268]. We thank an anonymous referee, Terrance Odean, Laruen Cohen, Ron Kaniel, Hao Zhou, Utpal Bhattacharya, Xintong Zhan, Darwin Choi, and seminar participants at Tsinghua PBC School of Finance, Renmin University, Shanghai Jiaotong University, Fudan University, Shanghai University of Finance and Economics, and conference audiences at the CIFFP, CFRC, CICF, and ABFER Annual Conference for their helpful comments and suggestions. All remaining errors are our own. Using comprehensive account-level data, we separate Chinese retail investors into five groups and document strong heterogeneity in trading dynamics and performances. Retail investors with smaller account sizes cannot predict future returns correctly, display daily momentum patterns, fail to process public news, and show overconfidence and gambling preferences; while retail investors with larger account balances predict future returns correctly, display contrarian patterns, and incorporate public news in trading. With Barber et al. (2009) performance measures, smaller retail investors suffer from poor stock selection abilities and trading costs, while large retail investors’ stock selection abilities are offset by trading costs.","PeriodicalId":509387,"journal":{"name":"Journal of Financial and Quantitative Analysis","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139844400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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