International Review of Financial Analysis

1992 - 2025

Current editor(s): B.M. Lucey

From Elsevier
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Volume 104, issue PB, 2025

What does energy price uncertainty reveal about the global energy crisis?

Jan Jakub Szczygielski, Ailie Charteris, Lidia Obojska and Janusz Brzeszczyński

Monetary policy and oil volatility smirk

Yuan Tian, Junzhu Zhao and Fang Zhen

Do market makers matter for price efficiency?—Evidence from China’s Sci-Tech Innovation Board

Jiayi Li, Jianyu Li and Ao Kong

How does environmental regulatory stringency shape ESG? Evidence from cross-listing

Rufei Ma, Yuhua Chen, Qiang Ji and Pengxiang Zhai

Can sustainability-linked lending reconcile environmental and financial motives?

Ammu George, Jingong Huang, He Nie and Taojun Xie

Unpacking the impact of public attention on green investment: Insights from climate sentiment on social media

Yamin Xie and Qixuan Ying

The nonlinear dynamic effects of fintech on carbon emissions: Evidence from Chinese cities

Xiao Yan Li, Huanbo Zhang and Zhenfeng Peng

Export control and earnings management: Evidence from China

Hengxuan Huang, Suyi Liu, Yuan Gong, Zehao Yan and Zhixiang Ge

Improving firm performance through big data analytics capability: The role of corporate digital entrepreneurship and institutional support

Jianmin Song, Qianxi Huang, Haohua Li and Ping Yang

Financial uncertainties drive extreme risks in China

Xinya Wang, Brian M. Lucey and Shupei Huang

The impact of corporate environmental responsibility on corporate performance of Chinese firms

Haomin Zhang, Aizhen Chen, Jiazheng Duan and Haibo Ye

Government subsidies, economic policy uncertainty and corporate financialization

Meijie Yao and Wei Chen

Punish one, teach a hundred: The impact of punishments on ex-post misconduct of unpunished firms

Zhen Chen, Xudong Tang and Yanying Wang

The impact of aging on the adjustment of China's economic growth pattern: A study based on the endogenous growth model

Zhaorui Wang

Volume 104, issue PA, 2025

Optimal shrinkage of means in the Markowitz model

Roberto Ortiz, Mauricio Contreras and Cristhian Mellado

From crypto to NFTs: Identifying the new wave of digital investors

Stefano Balietti, Can Celebi and David Tercero-Lucas

Sustainability arbitrage pricing of ESG derivatives

Takashi Kanamura

Analysing art as a safe-haven asset in times of crisis

Dimitrios Dimitriou, Alexandros Tsioutsios and Shaen Corbet

Digital finance and sustainable development of commercial banks; insights from listed commercial banks

Qiubo Li, Zhu Zhong and Qing Ge

Leveraged buyouts in Spain: Organic growth or industry consolidation?

Brian Ayash, Fermín Lizarraga and Santiago Sánchez Alegría

50 shades of dark green: The nexus of narcissistic leadership and corporate greenwashing

Mohammad Abdullah, G M Wali Ullah and Jason Turner

Impact of carbon prices on household behaviors in housing transactions

Lawrence Kryzanowski, Tingting Wu and Yanting Wu

Risk connectedness and portfolios between fossil energy, new energy and environmental governance markets

Wang Gao, Miao He and Hongwei Zhang

Military experience and mortgage stress

Mingzhi Hu and Yinxin Su

Chasing ESG performance: How methodologies shape outcomes

Matteo Benuzzi, Karoline Bax, Sandra Paterlini and Emanuele Taufer

Beyond borders: Asset price reaction to ESG incidents at home and abroad

Tomasz Orpiszewski and Mark Thompson

Forecasting China's precious metal futures volatility: GBRT models and time-model dimension combination of Tree SHAP

Ziyang Zhu, Yuhao Zheng, Xinyi Wang, Dasen Huang and Lingbing Feng

Religion, places of worship, and individual risk-taking in China

Li Xu, Ningru Zhao and Jin Di Zheng

Does digital finance alter the leverage decision of firms? Evidence from China

Jingyi Gao, Yuanming Ren and Xinyu Zhan

From endowed trust to earned trust: Firms located in trusted regions

Lin Yu, Jiahui Ye and Lin Yang

Dynamic relationship between tax reputation, digital transformation, and corporate tax compliance in financial markets

Cheng Cai, Lianjie Zhou and Dongshuang Liu

Impact of digital finance on corporate ESG

Ke Wu, Yongfang Zhang, Ying Chen and Miao Li

ESG-integration investment strategy for TDFs with a multi-objective dynamic programming

Wenling Liu, Zhi-Long Dong, Fengmin Xu and Kui Jing

Stock returns and macroeconomic uncertainty

Leonardo Iania, P. Thao Nguyen and Kristien Smedts

Can political connections promote corporate social responsibility? Evidence from targeted poverty alleviation programs

Chen Weng and Jie Chen

The benefits of downside risk reduction through coinsurance

Michael Goedde-Menke, Lars Norden and Christian Rose

Physical vs. Transition climate risks: Asymmetric effects on stock return predictability

Mingtao Zhou and Yong Ma

Firm complexity and credit ratings

Man Dang, Premkanth Puwanenthiren, Mieszko Mazur, Viet Anh Hoang, Sivathaasan Nadarajah and Thieu Quang Nguyen

Official environmental credit evaluation and corporate debt concentration

Lin Fan, Jiali Wang, Zhongguo Lin and Huibin Du

Can the digital economy enhance enterprises' breakthrough innovation?

Teng Qin, Chuan Qin, Jiaxin Wang and Haiyan Xing

Can implementing the new securities law mitigate corporate financial resource mismatch?

Yihao Li, Jierong Chen and Jian Wang

Effects of artificial intelligence in the modern business: Client artificial intelligence application and audit quality

Jianhua Tan, Samuel Chang, Ying Zheng and Kam C. Chan

Venture capital intervention and intelligent empowerment: Drivers of corporate green innovation

Tao Zhou, Ziling Huang, Junkang Huang, Junshan Duan and Gang Liu

How do prestigious CEOs change corporate ESG initiatives?

Ying Chen, Zhitao Wang and Fan Ye

Can industry competition stimulate enterprises ESG performance?

Qing Wang and Yaping Xu

Climate change and the rise of shadow banking: A global analysis

Solomon Y. Deku and Diego Morris

Impact of family business identity on green innovation: The moderating role of family culture

Yali Zhao, Ran Zhou and Liyuan Pang

Investors' opinion divergence, uncertainty resolution and market reactions to earnings news: Evidence from social media

Ningru Zhao, Lanlan Liu and Conghui Chen

Oil supply and U.S.-China tensions: A multinational perspective

Xiaozhu Guo, Yanran Hong, Shibin Yao and Yixue Hao

Manufacturing enterprise digital transformation, financial flexibility, and financial risk—Evidence from China

Zhongsheng Zhou and Jingyao Zhang

Does foreign culture affect corporate cash holdings?

Guoxing Li, Chengming Luo, Sitong Chen and Ni Zhong

Does political risk exacerbate climate risk? Firm-level evidence

Shabeen Afsar Basha, Ramzi Benkraiem, Hamdi Ben-Nasr and Abdullah-Al Masum

Corporate insider trading and extreme weather events: Evidence from tropical storms in the US

Ihtisham A. Malik, Allan Hodgson, Robert W. Faff and Zhengling Xiong

The spillover effect of customer executives' environmental background on suppliers' green innovation

Meiying Wang, Jingyu Wang, Yujie Chi and Jinghong Yuan

Investor–firm interactions versus investor–investor interactions: Which enhances investor learning better?

Libo Yin and Xiaoye Zhu

Digital economy and urban green transformation

Bei Wu, Wenxia Ma and Qi Zhao

Faster financing or higher valuation: A difficult choice for the founders from good universities

Zhenyu Li, Jiawen Zhu and Gengzhong Feng

What is the causal relationship among geopolitical risk, financial development, and energy transition ? Evidence from 25 OECD countries

Zhenhua Zhang, Mingcheng Zhao, Xinyu Zhang, Zhaohan Huang and Yanchao Feng

In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity

Chuanqi Ling, Dayong Dong, Jinyu Yang and Jiawei Cao

National board heterogeneity versus firm risk in times of war: Evidence from the Crimean crisis

Katarzyna Byrka-Kita, Mateusz Czerwiński, Agnieszka Preś-Perepeczo and Aurelia Bajerska

Household aging, commercial insurance participation, and risky asset allocation

Bing Li and Yaping Liu

The impact of supply chain international embedment on ESG performance: Evidence from China

Ying Hao, Dan Hu, Lixin Huang and Ziqi Yin

Climate policy uncertainty and green total factor energy efficiency: Does the green finance matter?

Jie Han, Wei Zhang, Xuemeng Liu, Anas Muhammad, Zhenjie Li and Cem Işık

Information content and sentiment: the role of environmental disclosure in stock price crash risk

Wen Long, Ruiqi Ma and Man Guo

Do climate risks impede green innovation?

Siying Quan, Peng Cheng and Jia Zhai

Strengthening of financial regulation and financial enterprise risk-taking: Analysis based on threshold effects, subindustry heterogeneity, and the moderating role of firm size

Lilong Huang, Yikun Zhuang, Dongdong Dong and Xueqin Dong

Impact of financial decentralisation on industrial structure upgrading: From the coordination perspective of fiscal decentralisation

Tianqi Zhu, Lijuan Zhao, Lu Zhao and Xiaohong Kang

Biodiversity risk or climate risk? Which factor affects corporate ESG rating divergence

Feng He, Lin Duan, Brian Lucey and Jing Hao

Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data

Haijun Wang, Lili Zhou, Xin Liu, Huiyang Li and Ying Liu

Predicting credit risk in SCF: A novel framework with explainable GraphSAGE based on network integration

Jing Li, Chi Xie, Gang-Jin Wang and Matteo Foglia

Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China

Liangkai Zhao and Huayue Yang

Climate risks and financial stability: Evidence from China

Xuejin Zhao, Xinbin Yao and Jiayi Huang

Board gender diversity and accounting conservatism

Vijaya B. Marisetty and Athira Kommatt

Local government debt and corporate stock liquidity: Evidence from China

Lin Pan, Kun Huang and Zhili Wang

From government subsidies to media attention: A study of corporate environmental protection investment strategies driven by these two factors

Yu Deng, Chenming Yu and Shengyang Zhong

Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict?

Wei Wang, Martin Enilov and Petar Stankov

Source control or end-of-pipe treatment: How green finance policy impacts enterprise carbon intensity

Chenliang Zhu, Jiajun Qi, Lingbing Feng and Xinyi Wang

The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty

Mosab I. Tabash, Umaid A. Sheikh, Refk Selmi, Mamdouh Abdulaziz Saleh Al-Faryan and Shawkat Hammoudeh

Greening the retail banking industry: Evidence from German bank account consumers

Sophie Maria Anneke Klein and Friedemann Polzin

Gender and ESG investing: Same behavior but different motivations

Cynthia Assaf, Jérôme Monne and Loic Harriet

Executive retirement plan freezes and firm policies

Zacharias Petrou and Adamos Vlittis

Data element marketization and corporate investment efficiency: Evidence from China

Shan Wu, Mengqi Zou and Tongen Jin

Artificial intelligence and green transformation of manufacturing enterprises

Chaobo Zhou, Haikuo Zhang, Jinhuika Ying, Shouchao He, Chong Zhang and Jiale Yan

Impact of political connections on constructing a unified national market: Evidence from inter-regional capital flows

Mengfei Wan and Li Li

The nonlinear impact of firms' ESG disclosures on analysts' earnings forecast accuracy

Xuehui Zhang, Guoying Mu and Fei Han

From marketing to manpower: Impact of advertising expenditures on employment

Wenjun Xie and Yao Chen

Can government environmental audit improve green innovation?

Jianhua Tan, Xinyue Zhou, Min Hua and Kam C. Chan

Generosity under environmental pressure: Climate change exposure and corporate philanthropy

Yuqiang Cao, Yunxin Liu, Meiting Lu, Yaowen Shan and Yanglan Zu

Can government green subsidies improve corporate labor income share?

Chunyang Zhang and Xin Liu

The financial life cycle of European SMEs before, during and after crisis periods. What is the role of a country's financial system?

Maurizio La Rocca, Francesco Fasano, Raffaele Staglianò, Elvira Tiziana La Rocca and Marc Deloof

CEO war trauma and corporate tax avoidance

Seunghyun Cho, Jinhan Pae and Choong-Yuel Yoo

Bank information rents and loan pricing: How U.S. banks extract higher spreads than European banks

Xiaodan Li, Run-Chuan Qin, Wei-Zhong Shi and Min-Teh Yu

In the swirl of rumors: Corporate rumors and analyst forecast dispersion

Wenwu Cai, Yuyang Zhao, Haohua Li and Zhongyi Xue

Digital finance, rural E-commerce development and consumption upgrading

Wei Chen and Jiawei Li