The Financial Review

1984 - 2026

Current editor(s): Cynthia J. Campbell and Arnold R. Cowan

From Eastern Finance Association
Contact information at EDIRC.
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Volume 61, issue 1, 2026

Measuring Investor Outcomes pp. 5-13

Hendrik (Hank) Bessembinder

Female CFOs and Relationship Lending: Implications From Gender Socialization Theory pp. 15-38

Jie Hao and Viet Tuan Pham

How Early Trauma Shapes CEO Risk Appetite for Public Debt Versus Bank Debt pp. 39-58

Houjian Li, Yiwei Li, Wei Song, Thanos Verousis and Haolan Yang

Does Digitalization Imply Uncertainty About the Future Prospects of a Firm? Evidence From Analyst Forecast Accuracy pp. 59-91

Guanming He, April Zhichao Li and Tiantian Lin

Public Attention to the Environment and Corporate Environmental Violations pp. 93-120

Chunyu Zu, Rui Dong and Nianhang Xu

Inequity in Equities: What Explains the Black–White Gap in Equity Market Participation? pp. 121-133

John D. Burger and Jeremy S. Schwartz

Hitting the Right Note: The Impact of Lexical Complexity on Initial Coin Offering Success pp. 135-173

James Thewissen, Jennifer Thewissen, Özgür Arslan‐Ayaydin and Diego Barrio Herrezuelo

Political Risk, Political Polarization, and Earnings Management pp. 175-200

Ashrafee T. Hossain, Mostafa Monzur Hasan and Abdullah‐Al Masum

Does Anticipated Regret Affect the Predictability of Stock Returns? pp. 201-210

Anna Dodonova and Yuri Khoroshilov

Firm Executives’ Connections to Individual Auditors and Tax Avoidance pp. 211-228

Guang‐Zheng Chen and Edmund C. Keung

Do Busy Bees Still Make Honey? Examining the Impact of Non‐CEO Executives’ Outside Roles on Firm Performance pp. 229-260

Md Raihan Uddin Chowdhury, Alex Holcomb and Feixue Xie

Institutional Quality and Financial Development as Keys to Green Tech Innovation: New Global Evidence pp. 261-278

Mohamed Arbi Madani, Bochra Mannai and Hachmi Ben Ameur

Market Discipline in the Presence of Price Opacity, Product Complexity, and Guaranty Fund Coverage for Life Insurers pp. 279-303

James M. Carson,, David L. Eckles, and Po‐Lin Wang

Under (Financial) Pressure pp. 305-326

Spencer Barnes, Ted Dischman and Brandon Mendez

Hedge Fund Activism and Debt Maturity Structure pp. 327-347

Amanjot Singh, Saikat Sovan Deb and Harminder Singh

Volume 60, issue 4, 2025

Bitcoin Research: What Are the New Frontiers? pp. 1121-1127

Robert Elliott and Andrew Urquhart

Corporate strategy uniqueness and cash holdings pp. 1129-1160

Zhenzhen Sun, Rongrong Zhang and Yifei Li

Community bank consolidation and the role of technology investment pp. 1161-1189

Cheng Jiang, Jonathan Scott and Zhaowei Zhang

Do ESG factors influence firm valuations? Evidence from the field pp. 1191-1223

Franck Bancel, Dejan Glavas and G. Andrew Karolyi

Tax incentives and flow‐performance sensitivity: Evidence from national and state municipal bond funds pp. 1225-1250

Meredith E. Rhodes and Melissa K. Woodley

Dual‐Class Shares and Firm Valuation: Market‐Wide Evidence from Regulatory Events pp. 1251-1275

Ugur Lel, Jeff Netter, Annette Poulsen and Zhongling Qin

Too Invested to Change: The Role of Uncertainty Avoidance on Corporate Contribution to Global Warming pp. 1277-1309

Abu Amin, Arun Upadhyay and Marcos Velazquez

Does Resolution Time Really Matter? Evidence From Chapter 11 Firms pp. 1311-1335

Ying Kai Yap, Jean‐Pierre Fenech and Barry Williams

Housing Market Spillovers in China via Trading Volume: A Comparison of Two Spillover Indexes pp. 1337-1357

Jian Yang and Ziliang Yu

Reputational Damage of Bank Misconduct: The Role of Regulation and ESG Performance pp. 1359-1387

Alessandro Carretta, Paola Schwizer and Maria Gaia Soana

Optimizing Currency Factors pp. 1389-1414

Minyou Fan, Fearghal Kearney, Youwei Li and Jiadong Liu

Tone Distance: Managerial Tone Divergence and Market Reaction to Earnings Announcements pp. 1415-1435

Ben Angelo, Mitchell Johnston, Atul Singh and Yun Qing Wan

Risk Tolerance, Commitment Risk Across Policy Type, and the Demand for Life Insurance pp. 1437-1455

James M. Carson, Cassandra R. Cole and Stephen G. Fier

Does Corporate Social Responsibility Facilitate Public Debt Financing? pp. 1457-1481

Xin Chang, Bin Xu and Yung Chiang Yang

Target Return Strategy pp. 1483-1503

Ying Xue, Zheng Wen and Xu Jiang

Volume 60, issue 3, 2025

The role of theory in finance research pp. 657-666

Itay Goldstein

ETFs and the price volatility of underlying bonds pp. 667-700

Anna Agapova, Margarita Kaprielyan and Nikanor Volkov

Real options investments: Lessons from the US shale gas industry pp. 701-728

Levan Elbakidze, Douglas Mugabe and Gulnara R. Zaynutdinova

Geopolitical risk, uncertainty, real options, and corporate social responsibility pp. 729-759

Md Shahedur R. Chowdhury, Nicos Koussis, Michalis Makrominas and Lenos Trigeorgis

Stakeholder orientation and insider trading pp. 761-798

Mehmet E. Akbulut, Arsenio Staer and Erdem Ucar

Textual uncertainty in financial disclosures and information asymmetry among investors pp. 799-829

Jeffrey R. Black, Rasheek Irtisam and Pankaj K. Jain

Registered direct offerings and confidentially marketed public offerings pp. 831-863

Rongbing Huang and Hong Qian

Bond mutual fund performance: Evidence from the skill ratio and false discovery rate pp. 865-894

Lifa Huang, Wayne Y. Lee and Craig G. Rennie

The Evolution of Scope Economies in European Banking Industry pp. 895-916

Jichuan Zong, Jiyuan Zhang and Shirong Zhao

Religiosity and gender equality in the managerial labor market: Evidence from executive promotions pp. 917-949

Xiaohu Guo, Xiaochuan Song and Lukai Yang

Board busyness and financial leverage: The impact of corporate tax avoidance pp. 951-1002

Vu Quang Trinh, Teng Li, Oanh Ha and Jia Liu

Board gender diversity and debt maturity dispersion pp. 1003-1031

Goutham Abotula, Maretno Agus Harjoto and Donna L. Paul

CEO bargaining power and compensation pp. 1033-1061

Edward Kim

Emotions and stock returns during the GameStop bubble pp. 1063-1084

Adrian Fernandez‐Perez, Ivan Indriawan and Marta Khomyn

Stock crash risk and the independent board leadership structure pp. 1085-1116

Edward Lawrence, Thanh Nguyen and Benedikt Wick

Volume 60, issue 2, 2025

Are there too few publicly listed firms in the US? pp. 317-329

Craig Doidge, George Andrew Karolyi, Kris Shen and René M. Stulz

Manager political preferences and company investor bases pp. 331-361

Hongrui Feng, Yanhuang Huang, Betty Simkins and Jian Wang

Mandatory audit partner rotation and earnings informativeness in the bond market pp. 363-392

He Xiao and Yaohua Qin

How do block orders affect trade premium and order execution quality on the Taiwan stock exchange? pp. 393-415

Donald Lien and Pi‐Hsia Hung

The effect of employee mobility on firm innovation pp. 417-452

Stephen J. Ciccone, Huimin Li and Yixin Liu

Bitcoin spillovers: A high‐frequency cross‐asset analysis pp. 453-479

Minhao Leong and Simon Kwok

Time‐varying group common factors in the stock market anomalies pp. 481-507

Ryuta Sakemoto

Return trajectory and the forecastability of bitcoin returns pp. 509-539

Simon Rudkin, Wanling Rudkin and Paweł Dłotko

Better than risk‐free: Reserve premiums and bank lending pp. 541-571

Raymond Kim

Firm political risk and corporate social responsibility pp. 573-599

Shuhui Wang

Heterogeneity in the effects of bank lines of credit on capital investment efficiency pp. 601-621

Wei‐Shao Wu and Sandy Suardi

Attention allocation: An empirical analysis of the asymmetric market responses to information shocks in China pp. 623-652

Ya Gao, Xing Han, Youwei Li, Samuel A. Vigne and Xiong Xiong

Volume 60, issue 1, 2025

The case against a US sovereign wealth fund pp. 5-12

William L. Megginson, Xin Yue Zhou and Robert L. Gholson

Carbon risk and equity prices pp. 13-32

Arthur Enders, Thomas Lontzek, Karl Schmedders and Marco Thalhammer

Does time heal all wounds? Psychological responses to trauma and financial risk‐taking pp. 33-70

Yushui Shi, Chris Veld and Haiying Yin

Digitalization of banks and inclusive finance: New insights from cultural industry's financing constraints pp. 71-93

Cunyi Yang, Li Chen, Qi Li and Junwei Wu

High‐beta stock valuation around macroeconomic announcements pp. 95-120

Jingjing Chen and George J. Jiang

Risk price decomposition and the output gap pp. 121-146

Ryuta Sakemoto

The price impact of tweets: A high‐frequency study pp. 147-171

Ni Yang, Adrian Fernandez‐Perez and Ivan Indriawan

The U.S. Dollar and variance risk premia imbalances pp. 173-200

Mads Markvart Kjær and Anders Merrild Posselt

The dark side of competition in developing economies: Evidence from closely held SMEs pp. 201-229

Siamak Javadi, Mark Kroll and Yu Liu

Managerial focus and investment efficiency: Evidence from spin‐offs pp. 231-260

Yoon K. Choi, Yong H. Kim, Suin Lee and Jung Chul Park

The value of talents pp. 261-281

Nasim Sabah, Linh Thompson and Zuobao Wei

The role of stock liquidity in blockholder governance: Evidence from corporate social responsibility pp. 283-312

Steven Freund, Hieu V. Phan, Lingna S. Sun and Hong Vo