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Outputs (160)

Parental death in childhood and stock market participation: Cross-cultural insights (2025)
Journal Article
Wang, Y., Driouchi, T., & Nguyen, D. D. (2025). Parental death in childhood and stock market participation: Cross-cultural insights. Journal of Economic Behavior and Organization, 236, Article 107078. https://doi.org/10.1016/j.jebo.2025.107078

This paper examines cross-country differences in the relationship between traumatic experience in childhood and household stock market participation. We find that US households that experience the death of a parent during childhood are less likely to... Read More about Parental death in childhood and stock market participation: Cross-cultural insights.

Pastures Green: Corporate Investments in Green Skills and Toxic Chemical Releases (2025)
Journal Article
Hagendorff, J., Nguyen, D. D., & Sila, V. (online). Pastures Green: Corporate Investments in Green Skills and Toxic Chemical Releases. British Journal of Management, https://doi.org/10.1111/1467-8551.12909

Firms face pressure to improve their environmental performance. However, in addition to making substantive investments that enhance environmental outcomes, firms may also engage in investments that are green but mostly symbolic and not effective in i... Read More about Pastures Green: Corporate Investments in Green Skills and Toxic Chemical Releases.

Local boy does good: The effect of CSR activities on firm value (2025)
Journal Article
Lei, Z., Petmezas, D., Rau, P. R., & Yang, C. (2025). Local boy does good: The effect of CSR activities on firm value. Journal of Banking and Finance, 173, Article 107398. https://doi.org/10.1016/j.jbankfin.2025.107398

We examine the relation between home CEOs and corporate social responsibility (CSR). Our analysis shows home CEOs are associated with higher CSR engagement and increased firm value. These firms exhibit higher asset turnover, lower cost of equity, imp... Read More about Local boy does good: The effect of CSR activities on firm value.

Corporate Hiring under Uncertainty (2025)
Journal Article
Nguyen, L., & Sila, V. (in press). Corporate Hiring under Uncertainty. The Review of Corporate Finance Studies,

Using granular data on job postings and employee flows, we examine how firms adjust human capital investments during periods of uncertainty brought on by gubernatorial elections. We find
that firms reduce job postings in the six months leading up to... Read More about Corporate Hiring under Uncertainty.

Shared occupancy and property tax arrears (2024)
Journal Article
Anim-Odame, W. K., Brenni, P. A., Damianov, D. S., & Philip, D. (online). Shared occupancy and property tax arrears. Real Estate Economics, https://doi.org/10.1111/1540-6229.12522

Shared occupancy arrangements are on the rise in recent years due to affordability constraints in homeownership. This article examines for the first time the property tax compliance behavior of shared dwellings, where homeowners rent out part of thei... Read More about Shared occupancy and property tax arrears.

Three Decades of Failed Bank Acquisitions (2024)
Journal Article
Spokeviciute, L., Jahanshahloo, H., Keasey, K., & Vallascas, F. (2025). Three Decades of Failed Bank Acquisitions. Journal of Banking and Finance, 170, Article 107336. https://doi.org/10.1016/j.jbankfin.2024.107336

Using more than 30 years of data, we document that the acquisition of failed US commercial banks through FDIC-managed Purchase and Assumption (P&A) transactions leads to long-term improvements in the profitability and loan risk of the combined entity... Read More about Three Decades of Failed Bank Acquisitions.

Technology rhetoric and institutional ownership (2024)
Journal Article
Andreou, P. C., Drivas, K., Philip, D., & Wood, G. (2025). Technology rhetoric and institutional ownership. Cambridge Journal of Economics, 49(1), 67-93. https://doi.org/10.1093/cje/beae035

This article compares actual R&D spend with the managerial rhetoric around technology and innovation contained within corporate disclosures of US-listed firms. We find that, whilst actual R&D spend and patents do not entice institutional investors to... Read More about Technology rhetoric and institutional ownership.

The 2008 short-selling Ban’s impact on tail risk (2024)
Journal Article
Bartl, J., Bostandzic, D., Irresberger, F., Weiß, G., & Yang, R. (2024). The 2008 short-selling Ban’s impact on tail risk. Journal of Empirical Finance, 78, Article 101532. https://doi.org/10.1016/j.jempfin.2024.101532

We examine how the 2008 U.S. short-selling ban on the stocks of financial institutions impacted their equity tail risk. Using propensity score matching and difference-in-difference regressions, we show that the ban was not effective... Read More about The 2008 short-selling Ban’s impact on tail risk.

Generalist CEOs and stock price crash risk (2024)
Journal Article
Fang, X., Girardone, C., Li, Y., & Zeng, Y. (2024). Generalist CEOs and stock price crash risk. Journal of Business Finance and Accounting, https://doi.org/10.1111/jbfa.12804

We investigate whether generalist chief executive officers (CEOs), that is, CEOs who gain transferable skills across firms and industries, have less incentive to hoard bad news. To address endogeneity concerns stemming from firm–CEO matching, we depl... Read More about Generalist CEOs and stock price crash risk.

Proximity to Bank Headquarters and Branch Efficiency: Evidence from Mortgage Lending (2024)
Journal Article
Lim, I., Nguyen, L. D. D., Nguyen, L., & Wilson, J. O. (2024). Proximity to Bank Headquarters and Branch Efficiency: Evidence from Mortgage Lending. Journal of Money, Credit and Banking, https://doi.org/10.1111/jmcb.13142

We use the staggered introduction of new flight routes to identify reductions in travel time between banks’ headquarters and branches to examine their effects on branch outputs and efficiency. Reductions in headquarters–branch travel time increases b... Read More about Proximity to Bank Headquarters and Branch Efficiency: Evidence from Mortgage Lending.

A model of managerial compensation, firm leverage and credit stimulus (2024)
Journal Article
Chakraborti, R., Dahiya, S., Ge, L., & Gete, P. (2024). A model of managerial compensation, firm leverage and credit stimulus. Journal of Financial Stability, 72, Article 101248. https://doi.org/10.1016/j.jfs.2024.101248

We study a model in which leverage and compensation are both choice variables for the firm and borrowing spreads are endogenous. First, we analyze the correlation between leverage and variable compensation. We show that allowing for... Read More about A model of managerial compensation, firm leverage and credit stimulus.

Do young CEOs matter for corporate digital transformation? (2024)
Journal Article
Zou, Z., Fu, J., Zeng, Y., & Huang, Y. (2024). Do young CEOs matter for corporate digital transformation?. Economics Letters, 237, Article 111636. https://doi.org/10.1016/j.econlet.2024.111636

This paper investigates the empirical relation between CEO age and corporate digital transformation. Using a sample of Chinese listed firms between 2007 and 2022, we find that younger CEOs exhibit a higher propensity to engage in di... Read More about Do young CEOs matter for corporate digital transformation?.

The Effects of Regulatory Office Closures on Bank Behavior (2024)
Journal Article
Lim, I., Hagendorff, J., & Armitage, S. (online). The Effects of Regulatory Office Closures on Bank Behavior. Journal of Money, Credit and Banking, https://doi.org/10.1111/jmcb.13126

We investigate if the decentralized structure of regulatory office networks influences supervisory outcomes and bank behavior. Following the closure of an office, banks previously supervised by that office increase their lending and risk-taking. As a... Read More about The Effects of Regulatory Office Closures on Bank Behavior.

Managing liquidity along the supply chain: Supplier-base concentration and corporate cash policy (2024)
Journal Article
Di, L., Jiang, W., Mao, J., & Zeng, Y. (2024). Managing liquidity along the supply chain: Supplier-base concentration and corporate cash policy. European Financial Management, 30(4), 2376-2421. https://doi.org/10.1111/eufm.12479

We find that customer firms with more concentrated supplier bases tend to hold higher levels of cash reserves. The positive relation between supplier-base concentration and cash holdings is more pronounced for firms with non-state ownership, higher m... Read More about Managing liquidity along the supply chain: Supplier-base concentration and corporate cash policy.

Arbitrage problems with reflected geometric Brownian motion (2023)
Journal Article
Buckner, D., Dowd, K., & Hulley, H. (2024). Arbitrage problems with reflected geometric Brownian motion. Finance and Stochastics, 28(1), 1-26. https://doi.org/10.1007/s00780-023-00525-x

Contrary to the claims made by several authors, a financial market model in which the price of a risky security follows a reflected geometric Brownian motion is not arbitrage-free. In fact, such models violate even the weakest no-arbitrage condition... Read More about Arbitrage problems with reflected geometric Brownian motion.

Your gender identity is who you are: Female chief executive officers and corporate debt structure (2023)
Journal Article
Huang, Y., Zhu, Q., Yan, C., & Zeng, Y. (online). Your gender identity is who you are: Female chief executive officers and corporate debt structure. International Journal of Finance and Economics, https://doi.org/10.1002/ijfe.2923

By leveraging sample data from S&P 1500 companies for the 1993–2021 period, we execute an empirical examination of the effects of chief executive officer (CEO) gender on a company’s debt structure. We find that after endogeneity is controlled, compan... Read More about Your gender identity is who you are: Female chief executive officers and corporate debt structure.

Sukūk Development and Income Inequality (2023)
Journal Article
Jatmiko, W., Ebrahim, M., & Smaoui, H. (2023). Sukūk Development and Income Inequality. Journal of International Financial Markets, Institutions and Money, 88, Article 101852. https://doi.org/10.1016/j.intfin.2023.101852

This paper investigates the link between sukūk development and income inequality by scrutinizing twenty-two countries’ data from 1995 to 2019. We employ the two-stage Fractional Regression Model to illustrate that sukūk issuance is associated with in... Read More about Sukūk Development and Income Inequality.

Uncertainty and Bubbles in Cryptocurrencies: Evidence from Newly Developed Uncertainty Indices (2023)
Journal Article
Chowdhury, M. S. R., & Damianov, D. S. (online). Uncertainty and Bubbles in Cryptocurrencies: Evidence from Newly Developed Uncertainty Indices. International Review of Financial Analysis, 91, Article 102949. https://doi.org/10.1016/j.irfa.2023.102949

In this paper, we examine whether newly developed crypto price and policy uncertainty indices based on news coverage (Lucey et al., 2022) are associated with the emergence of bubbles in cryptocurrencies. Using probit regressions, we show that these i... Read More about Uncertainty and Bubbles in Cryptocurrencies: Evidence from Newly Developed Uncertainty Indices.

Bond Issuance and the Funding Choices of European Banks: The Consequences of Public Debt (2023)
Journal Article
Rancan, M., Cariboni, J., Keasey, K., & Vallascas, F. (2023). Bond Issuance and the Funding Choices of European Banks: The Consequences of Public Debt. Journal of Empirical Finance, 74, Article 101417. https://doi.org/10.1016/j.jempfin.2023.101417

European banks raise less funds in the bond market when there is a larger public debt in their national economies and this is reflected in lower leverage. We exploit numerous sources of heterogeneity in our data to demonstrate this result is driven b... Read More about Bond Issuance and the Funding Choices of European Banks: The Consequences of Public Debt.