One explanation for the emergence of the housing market bubble and the subprime crisis is that increases in individuals’ income led to higher increases in the amount of mortgage loans demanded, especially for the middle class. This hypothesis translates to an increase in the income elasticity of mortgage loan demand before 2007. Using applicant‐level data, we test this hypothesis and find that the income elasticity of mortgage loan demand in fact declines in the years before 2007, especially for the mid‐ and lower‐middle income groups. Our finding implies that increases in house prices were not matched by increases in loan applicants’ income. 相似文献
This study contributes to research on core job characteristics by examining when employees may perceive enriched jobs as a hindrance stressor and in turn may experience lower performance at work. Utilizing time-lagged data collected from a sample of 386 employee–coworker dyads and drawing on cognitive appraisal theory of stress and coping, we explore the mediating role of hindrance stressors on the relationship between core job characteristics and key employee performance outcomes (i.e., creativity, counterproductive work behaviors, in-role performance, and organizational citizenship behaviors) and the moderating roles of cultural values (i.e., power distance and uncertainty avoidance) in influencing this mediation. The results supported the hypotheses, providing evidence that the experience of hindrance stressors mediates the relationship between core job characteristics and job performance outcomes when employees score high on power distance and uncertainty avoidance cultural values, and not when their scores on these cultural values were low. Practical implications and future research are discussed. 相似文献
This paper provides evidence that the managerial effect is a key determinant of firms’ cost of capital, in the context of private debt contracting. Applying the novel empirical method developed by an earlier study to a large sample that tracks the job movement of top managers, we find that the managerial effect is a critical and significant factor that explains a large part of the variation in loan contract terms more accurately than firm fixed effects. Additional evidence shows that banks “follow” managers when they change jobs and offer loan contracts with preferential terms to their new firms. 相似文献
We examine the influence of takeover competition on three acquisition choices: (i) public versus private target acquisitions; (ii) stock versus cash financed acquisitions; and (iii) related versus unrelated acquisitions. We find strong evidence of acquirers’ preference for public targets, stock swaps and business focus, in the face of takeover competition. Further, we find that the takeover competition has a positive influence on the bid premium paid to acquirer public targets and those financed with stock issues; competitive bids offered to acquire related targets are associated with significantly low bid premiums. In the short-term announcement window, competition-induced bids to acquire public targets and those financed with stock are penalised by the capital market. However, only stock-financed takeovers undertaken in a competitive takeover market show a long-run decline in performance of acquirers. 相似文献
Although previous studies revealed the positive effect of CSR perceptions on customer behaviour, the relationship between CSR and perceived firm innovativeness (PFI) has been underexplored. The purpose of this paper is twofold. First, it attempts to propose and validate a model to comprehend the relationship between CSR and PFI. Second, it aims to investigate the mediating role of corporate image stemming from CSR and PFI in order to foster customer advocacy intentions. Data were collected from 360 customers of the retail banking industry in Pakistan, and the results indicate that customers’ CSR perceptions directly and positively influence PFI. Interestingly, corporate image fully mediates the relationship between PFI and advocacy intentions, whereas it plays a partial mediation role in the CSR-advocacy intentions relationship. The findings of this research expand the corpus regarding the roles of CSR and PFI in creating advocacy intentions among customers through the corporate image.
We examine the impact of a scandal on the information content in the “Heard on the Street” column of the Wall Street Journal. Following the scandal in 1984, the column is found to have a reduced impact on stock prices for both buy and sell recommendations. However, the stock price response to information later published in the column before the publication day is smaller for the post-scandal period. This result suggests that after the scandal, editors and authors may have become more cautious in guarding against information leaks in the column. The scandal does not appear to have changed the impact of the column on trading volume. 相似文献
We examine whether ambiguity in the market leads to an increase in information demand by individual investors. Drawing on the asset-pricing model proposed by Mele and Sangiorgi (2015), which incorporates market ambiguity, we measure individual information demand using daily Google searches and measure market ambiguity using a metric based on the market trades of institutional investors. We find that individual investors increase their information demand during periods of greater market ambiguity. We also provide evidence that information demand from individual investors spikes around earnings announcement days primarily when market uncertainty is driven by net-selling activity. Overall, these results suggest that the disagreement among institutional investors either represents uncertainty or contributes to the uncertainty related to a stock, leading to increased demand for information from individual investors. 相似文献
We study the impact of firms’ abnormal business operations on their future crash risk in stock prices. Computed based on real earnings management (REM) models, firms’ deviation in real operations (DROs) from industry norms is shown to be positively associated with their future crash risk. This association is incremental to that between discretionary accruals (DAs) and crash risk found by prior studies. Moreover, after Sarbanes–Oxley Act (SOX) of 2002, DRO’s predictive power for crash risk strengthens substantially, while DA’s predictive power essentially dissipates. These results are consistent with the prior finding that managers shift from accrual earnings management to REM after SOX. We further develop a suspect-firm approach to capture firms’ use of DRO for REM purposes. This analysis shows that REM-firms experience a significant increase in crash risk in the following year. These findings suggest that the impact of DRO on crash risk is at least partially through REM. 相似文献