John Nofsinger | University of Alaska Anchorage (original) (raw)

Papers by John Nofsinger

Research paper thumbnail of Can reputation concern restrain bad news hoarding in family firms?

Journal of Banking and Finance, May 1, 2020

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Research paper thumbnail of Product market competition and corporate investment: Evidence from China

Journal of Corporate Finance, Dec 1, 2015

Abstract We find a positive relation between product market competition and corporate investment ... more Abstract We find a positive relation between product market competition and corporate investment using a sample of Chinese manufacturing firms during 1999–2010. A quasi-natural experiment and change regressions yield consistent evidence. We postulate that China's high and predictable growth rate, as it transitions from a developing economy to a developed economy, is what drives the positive relation between competition and investment. We directly test and provide support for this growth-oriented explanation. We also find that high investment under high competition is a value-enhancing proposition for firms. Finally, we test whether some firm types are more likely to invest under high competition in a growing economy, and we find that firms with high predation risk and firms that are industry leaders invest more.

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Research paper thumbnail of International Cross-Listing and Visibility

Social Science Research Network, 1998

ABSTRACT This study tests the hypothesis that non-domestic cross-listing is associated with incre... more ABSTRACT This study tests the hypothesis that non-domestic cross-listing is associated with increased firm visibility. We examine visibility changes on the two exchanges with the largest number of non-domestic listings: the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE). Noting that the costs associated with NYSE listing are greater than those for LSE listing, we also test the hypothesis that non-domestic cross-listing on the NYSE is associated with larger visibility increases than LSE listing. Our proxies for visibility are analyst coverage and media attention. Our tests using analyst coverage generally support our hypothesis that non-domestic cross-listing increases visibility, while tests using media attention provide partial support of the hypothesis. Further empirical tests support the hypothesis that non-domestic cross-listing on the NYSE is associated with a larger visibility increase than on the LSE, which partially compensates firms for the higher costs associated with NYSE listing. All of our results are robust to conditioning on the firm's home country capital market type (developed or emerging); the country's geographical region; analysts' tendencies to initiate coverage on firms with good prospects; and the popularity of a firm's industry or country.

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Research paper thumbnail of Behavioral Finance

Wiley eBooks, Sep 20, 2010

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Research paper thumbnail of Emotional Biases and Social-​Cultural Influences

Have you ever made an investment decision based on how you feel about a company, its products, or... more Have you ever made an investment decision based on how you feel about a company, its products, or its leadership? If so, you may suffer from an emotional bias, which is a distortion in perception and decision-​making due to emotional factors. It...

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Research paper thumbnail of Maximizing Retirement Plans

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Research paper thumbnail of Other Frauds and Scams that Lure Unsuspecting Investors

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Research paper thumbnail of The behavior and performance of individual investors in Japan

한국재무학회 학술대회, Apr 1, 2007

... Lastly, Welch (2000a) provides some relevant insights into herding in bull versus bear market... more ... Lastly, Welch (2000a) provides some relevant insights into herding in bull versus bear markets. He finds that herding toward the consensus is Page 11. 9 ... Therefore, we can examine the behavior of individual investors in both bull and bear markets. Most stock ...

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Research paper thumbnail of Bank Competition and Leverage Adjustments

Financial Management, Mar 23, 2017

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Research paper thumbnail of Performance Implications of Sustainable Investing

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Sustainable Investing

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Building a Portfolio with a Purpose

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Emotion and Investment Decisions

Routledge eBooks, Aug 2, 2022

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Research paper thumbnail of Social Interaction and Investing

Routledge eBooks, Jul 28, 2017

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Research paper thumbnail of Corporate Executives, Directors, and Boards

Oxford Scholarship Online, 2017

This chapter assesses the behavior of corporate managers and boards of directors within the frame... more This chapter assesses the behavior of corporate managers and boards of directors within the framework of agency theory, stewardship theory, and psychological biases. In agency theory, a chief executive officer (CEO) is motivated to act in his or her own best interests rather than those of shareholders. Stewardship theory posits that a CEO is a self-actualizing individual seeking to grow and reach a higher level of achievement through leading an organization. A CEO exhibits self-interested behavior in managing the firm. The CEO also exhibits optimism, overconfidence, and risk-aversion behaviors that are not optimal for the company. In the context of agency theory, the board of directors should enact incentive structures and monitoring to control these behaviors. However, directors also suffer from self-interests and cognitive biases. Specifically, boards may suffer from group-dynamic problems such as social loafing, poor information sharing, and groupthink.

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Research paper thumbnail of Manager See Manager Do: The Impact of Geographic Herding on Corporate Social Responsibility

Social Science Research Network, 2022

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Research paper thumbnail of Momentum Trading in the NFL Gambling Market

Social Science Research Network, 2023

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Research paper thumbnail of Decision-making, financial risk aversion, and behavioral biases: The role of testosterone and stress

Economics and Human Biology, May 1, 2018

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Research paper thumbnail of More Genetics

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Research paper thumbnail of Biology and Psychology in Finance

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Research paper thumbnail of Can reputation concern restrain bad news hoarding in family firms?

Journal of Banking and Finance, May 1, 2020

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Research paper thumbnail of Product market competition and corporate investment: Evidence from China

Journal of Corporate Finance, Dec 1, 2015

Abstract We find a positive relation between product market competition and corporate investment ... more Abstract We find a positive relation between product market competition and corporate investment using a sample of Chinese manufacturing firms during 1999–2010. A quasi-natural experiment and change regressions yield consistent evidence. We postulate that China's high and predictable growth rate, as it transitions from a developing economy to a developed economy, is what drives the positive relation between competition and investment. We directly test and provide support for this growth-oriented explanation. We also find that high investment under high competition is a value-enhancing proposition for firms. Finally, we test whether some firm types are more likely to invest under high competition in a growing economy, and we find that firms with high predation risk and firms that are industry leaders invest more.

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Research paper thumbnail of International Cross-Listing and Visibility

Social Science Research Network, 1998

ABSTRACT This study tests the hypothesis that non-domestic cross-listing is associated with incre... more ABSTRACT This study tests the hypothesis that non-domestic cross-listing is associated with increased firm visibility. We examine visibility changes on the two exchanges with the largest number of non-domestic listings: the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE). Noting that the costs associated with NYSE listing are greater than those for LSE listing, we also test the hypothesis that non-domestic cross-listing on the NYSE is associated with larger visibility increases than LSE listing. Our proxies for visibility are analyst coverage and media attention. Our tests using analyst coverage generally support our hypothesis that non-domestic cross-listing increases visibility, while tests using media attention provide partial support of the hypothesis. Further empirical tests support the hypothesis that non-domestic cross-listing on the NYSE is associated with a larger visibility increase than on the LSE, which partially compensates firms for the higher costs associated with NYSE listing. All of our results are robust to conditioning on the firm's home country capital market type (developed or emerging); the country's geographical region; analysts' tendencies to initiate coverage on firms with good prospects; and the popularity of a firm's industry or country.

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Research paper thumbnail of Behavioral Finance

Wiley eBooks, Sep 20, 2010

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Research paper thumbnail of Emotional Biases and Social-​Cultural Influences

Have you ever made an investment decision based on how you feel about a company, its products, or... more Have you ever made an investment decision based on how you feel about a company, its products, or its leadership? If so, you may suffer from an emotional bias, which is a distortion in perception and decision-​making due to emotional factors. It...

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Research paper thumbnail of Maximizing Retirement Plans

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Other Frauds and Scams that Lure Unsuspecting Investors

Bookmarks Related papers MentionsView impact

Research paper thumbnail of The behavior and performance of individual investors in Japan

한국재무학회 학술대회, Apr 1, 2007

... Lastly, Welch (2000a) provides some relevant insights into herding in bull versus bear market... more ... Lastly, Welch (2000a) provides some relevant insights into herding in bull versus bear markets. He finds that herding toward the consensus is Page 11. 9 ... Therefore, we can examine the behavior of individual investors in both bull and bear markets. Most stock ...

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Research paper thumbnail of Bank Competition and Leverage Adjustments

Financial Management, Mar 23, 2017

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Research paper thumbnail of Performance Implications of Sustainable Investing

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Sustainable Investing

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Building a Portfolio with a Purpose

Oxford University Press eBooks, Jan 5, 2022

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Research paper thumbnail of Emotion and Investment Decisions

Routledge eBooks, Aug 2, 2022

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Social Interaction and Investing

Routledge eBooks, Jul 28, 2017

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Corporate Executives, Directors, and Boards

Oxford Scholarship Online, 2017

This chapter assesses the behavior of corporate managers and boards of directors within the frame... more This chapter assesses the behavior of corporate managers and boards of directors within the framework of agency theory, stewardship theory, and psychological biases. In agency theory, a chief executive officer (CEO) is motivated to act in his or her own best interests rather than those of shareholders. Stewardship theory posits that a CEO is a self-actualizing individual seeking to grow and reach a higher level of achievement through leading an organization. A CEO exhibits self-interested behavior in managing the firm. The CEO also exhibits optimism, overconfidence, and risk-aversion behaviors that are not optimal for the company. In the context of agency theory, the board of directors should enact incentive structures and monitoring to control these behaviors. However, directors also suffer from self-interests and cognitive biases. Specifically, boards may suffer from group-dynamic problems such as social loafing, poor information sharing, and groupthink.

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Manager See Manager Do: The Impact of Geographic Herding on Corporate Social Responsibility

Social Science Research Network, 2022

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Research paper thumbnail of Momentum Trading in the NFL Gambling Market

Social Science Research Network, 2023

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Research paper thumbnail of Decision-making, financial risk aversion, and behavioral biases: The role of testosterone and stress

Economics and Human Biology, May 1, 2018

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Research paper thumbnail of More Genetics

Bookmarks Related papers MentionsView impact

Research paper thumbnail of Biology and Psychology in Finance

Bookmarks Related papers MentionsView impact