The Journal of Finance publishes leading research across all the major fields of finance. It is one of the most widely cited journals in academic finance, and in all of economics. Each of the six issues per year reaches over 8,000 academics, finance professionals, libraries, and government and financial institutions around the world. The journal is the official publication of The American Finance Association, the premier academic organization devoted to the study and promotion of knowledge about financial economics.
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International Cross‐Listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis
Published: 7/19/2008, Volume: 63, Issue: 4 | DOI: 10.1111/j.1540-6261.2008.01377.x | Cited by: 200
UGUR LEL, DARIUS P. MILLER
We examine a primary outcome of corporate governance, namely, the ability to identify and terminate poorly performing CEOs, to test the effectiveness of U.S. investor protections in improving the corporate governance of cross‐listed firms. We find that firms from weak investor protection regimes that are cross‐listed on a major U.S. Exchange are more likely to terminate poorly performing CEOs than non‐cross‐listed firms. Cross‐listings on exchanges that do not require the adoption of stringent investor protections (OTC, private placements, and London listings) are not associated with a higher propensity to remove poorly performing CEOs.
The Rising Tide Lifts Some Interest Rates: Climate Change, Natural Disasters, and Loan Pricing
Published: 7/28/2026, Volume: , Issue: | DOI: 10.1111/jofi.70066 | Cited by: 1
RICARDO CORREA, AI HE, CHRISTOPH HERPFER, UGUR LEL
Banks adjust loan spreads after observing natural disasters linked to climate change. We isolate this updating process by identifying loans to borrowers at risk of, but not directly affected by, such disasters. Loan spreads for these borrowers spike in both primary and secondary markets, while no such updating occurs for non–climate‐related disasters. Evidence suggests a heightened perceived credit risk, which nonetheless cannot fully explain the increase in rates. Taken altogether, increased spreads are explained primarily by salience bias, as they are short‐lived and amplified by media attention. This salience impacts financial decisions at bank‐dependent firms.