本期主要包括三篇來自國際頂級刊物Journal of Financial Economics的論文，具體如下：
1.Internalizing governance externalities: The role of institutional cross-ownership
Journal of Financial Economics
Volume 134, Issue 2
November 2019, Pages 400-418
He Jie?(Jack)
University of Georgia
Huang Jiekun
University of Illinois at Urbana-Champaign
Zhao Shan
City University of Hong Kong
We analyze the role of institutional cross-ownership in internalizing corporate governance externalities using granular mutual fund proxy voting data. Exploiting within-proposal and within-institution variation, we show that an institution's holdings in peer firms are positively associated with the likelihood that the institution votes against management on shareholder-sponsored governance proposals. We further find that high aggregate cross-ownership positively predicts management losing a vote. Overall, our results provide evidence that cross-ownership incentivizes institutional investors to play a more active monitoring role, suggesting that institutional cross-ownership serves as a market-based mechanism to alleviate the inefficiency induced by governance externalities.
https://www.sciencedirect.com/science/article/pii/S0304405X19300844
2.Channels of US monetary policy spillovers to international bond markets
Journal of Financial Economics
Volume 134, Issue 2
November 2019, Pages 447-473
lElias Albagli
Central Bank of Chile
Luis Ceballos
Central Bank of Chile
Sebastian Claro
Pontificia Universidad Católica de Chile
Damian Romero
Central Bank of Chile
We show significant US monetary policy (MP) spillovers to international bond markets. Our methodology identifies US MP shocks as the change in short-term Treasury yields around Federal Open Market Committee meetings and traces their effects on international bond yields using panel regressions. We emphasize three main results. First, US MP spillovers to long-term yields have increased substantially after the 2007–2009 global financial crisis. Second, spillovers are large compared with the effects of other events, and at least as large as the effects of domestic MP after 2008. Third, spillovers work through different channels, concentrated in risk-neutral rates (expectations of future MP rates) for developed countries, but predominantly on term premia in emerging markets. In interpreting these findings, we provide evidence consistent with an exchange rate channel, according to which foreign central banks face a trade-off between narrowing MP rate differentials or experiencing currency movements against the US dollar. Developed countries adjust in a manner consistent with freely floating regimes, responding partially with risk-neutral rates and partially through currency adjustments. Instead, emerging countries display patterns consistent with foreign exchange interventions, which cushion the response of exchange rates but reinforce capital flows and their effects in bond yields through movements in term premia. Our results suggest that the endogenous effects of currency interventions on long-term yields should be added into the standard cost-benefit analysis of such policies.
https://www.sciencedirect.com/science/article/pii/S0304405X19301072
3.Credit default swaps and corporate innovation
Journal of Financial Economics
Volume 134, Issue 2
November 2019, Pages 474-500
Xin Chang
Nanyang Technological University
Yangyang Chen
Hong Kong Polytechnic University
Sarah Qian Wang
University of Warwick
Kuo Zhang
Shanghai Jiao Tong University
Wenrui Zhang
Chinese University of Hong Kong
We show that credit default swap (CDS) trading on a firm's debt positively influences its technological innovation output measured by patents and patent citations. This positive effect is more pronounced in firms relying more on debt financing or being more subject to continuous monitoring by lenders prior to CDS trade initiation. Moreover, after CDS trade initiation, firms pursue more risky and original innovations and generate patents with higher economic value. Further analysis suggests that CDSs improve borrowing firms’ innovation output by enhancing lenders’ risk tolerance and borrowers’ risk- taking in the innovation process, rather than by increasing Research and Development (R&D) investment. Taken together, our findings reveal the real effects of CDSs on companies’ investments and technological progress.
https://www.sciencedirect.com/science/article/pii/S0304405X19300856
