知名期刊-JBF-2020年第1期三篇会计财务类文章

Journal of Banking and Finace，由Elsevier出版社出版，致力于发表在金融和银行等主要研究领域内的理论与实证文章，主要包括：会计与财务报表、资产定价、银行监管、银行清算与资本结构、行为金融学等。近三年的平均影响因子为3.08，2018年的影响因子为2.205。在金融学领域，JBF的影响力虽然比不上JF,JFE,RFS等顶级期刊，但也是学术界公认的高质量期刊。JBF为SSCI期刊。

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Journal of Banking and Finace

Volume 110

January 2020

目录

[1]. Election uncertainty, economic policy uncertainty and financial market uncertainty: A prediction market analysis

John W. Goodell, Richard J. McGee, Frank McGroarty

[2]. Gender differences in the repayment of microcredit: The mediating role of trustworthiness

Abu Zafar M. Shahriar, Luisa A. Unda, Quamrul Alam

[3]. Customer-Supplier relationships and the cost of debt

Kelly Cai, Hui Zhu

[4]. How a pre-IPO audit committee improves IPO pricing efficiency in an economy with little value uncertainty and information asymmetry

Lanfeng Kao, Anlin Chen

[5].Shareholder investment horizons and bank debt financing

Brandon N. Cline, Xudong Fu, Tian Tang

[6]. Sparse portfolio selection via the sorted ℓ1-Norm

Philipp J. Kremer, Sangkyun Lee, Małgorzata Bogdan, Sandra Paterlini

[7]. Portfolio selection with mental accounts: An equilibrium model with endogenous risk aversion

Gordon J. Alexander, Alexandre M. Baptista, Shu Yan

1. Customer-Supplier relationships and the cost of debt

Kelly Cai

College of Business, University of Michigan - Dearborn

Hui Zhu

Faculty of Business and IT, Ontario Tech University

Abstract: We study whether the presence of major customer-supplier relationships affects a supplier's cost of debt. Using 5,704 U.S. corporate bonds issued from 1983 to 2013, we find that the cost of debt tends to be reduced when there are major customer-supplier relationships. This finding is robust to alternative measures of major customer-supplier relationships, subsample analyses, a propensity score matched sample analysis, and an instrumental variables approach. The results are consistent with the certification hypothesis, where a major customer serves as a monitoring and certifying entity for its supplier, thereby reducing information asymmetry between the supplier and its creditors. Moreover, the supplier's cost of debt is further reduced if the issuing supplier has higher asset specificity, whereas suppliers in more competitive industries do not incur the benefits of the validation.

Keywords: Cost of debt, Customer-supplier relationships, Monitoring and certification

2. How a pre-IPO audit committee improves IPO pricing efficiency in an economy with little value uncertainty and information asymmetry

Lanfeng Kao

Department of Finance, National University of Kaohsiung

 Anlin Chen

Department of Business Management, National Sun Yat-Sen University

Abstract: We examine the effect of a pre-IPO audit committee on IPO pricing from the perspectives of information asymmetry and agency problems. We propose a bargaining power hypothesis to disentangle the information asymmetry explanation (financial reporting quality) from the agency problems explanation (underwriter bargaining power) on IPO pricing. IPO underpricing can be reduced by increasing the financial reporting quality under information asymmetry and/or by decreasing the underwriter bargaining power under agency problems. An audit committee can raise the quality of financial reporting and reduce the bargaining power of underwriters. With a pre-IPO market, the IPO markets in Taiwan have little information asymmetry, thus leading to the weak importance of reducing information asymmetry. We show that the establishment of a pre-IPO audit committee improves IPO pricing efficiency by reducing underwriter bargaining power rather than by raising the quality of financial reporting in Taiwan.

Keywords: Audit committee, Financial reporting quality, Initial public offerings, Price discount, Underpricing, Underwriter bargaining power

3.Shareholder investment horizons and bank debt financing

Brandon N. Cline

Department of Finance and Economics, Mississippi State University, United States

Xudong Fu

Department of Finance, University of Louisville, United States

Tian Tang

Department of Finance, University of Louisville, United States

Abstract: This paper investigates the impact of institutional shareholder investment horizons on a firm's use of bank debt. We find that short-term institutional ownership of the borrowing firm has a negative effect on bank debt financing. This finding provides evidence consistent with the monitoring avoidance incentives of short-term shareholders. In contrast, long-term institutional ownership has a positive impact on the firm's reliance on bank debt financing. These effects are attenuated by higher managerial ownership and more motivated investors and are exacerbated by higher information opacity. Our results are robust to potential endogeneity concerns, the potential use of bonds, firm size effects, and alternative measures of investment horizon. Investigating the effects of investment horizons on other aspects of debt corroborates our main findings.

Keywords: Investor horizon, Debt financing, Monitoring avoidance

声明：本文资料来源：

https://www.sciencedirect.com/journal/journal-of-banking-and-finance/articles-in-press

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