International Review of Financial Analysis

1992 - 2026

Current editor(s): B.M. Lucey

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Volume 117, issue C, 2026

Innovation value discrepancy and its role in shaping firms’ short-term gains and sustainable growth

Lei Zhou, Ying Chen, Wenhan Gao and Sy Bor Wang

Are climate risk disclosures in earnings conference calls relevant to analysts?

Walid Ben Amar, Wenxia Ge, Lei Lu and Zhen Qi

The impact of proximity to World Heritage Sites on corporate environmental information disclosure: Evidence from China

Xianneng Zhou, Junbing Wang, Jincheng Ma, Meijun Qian and Chuanhao Wen

Orienteering with flood maps: The potential impact of riverine floods on corporate credit risk

Jan Klacso, Lea Gogova and Juraj Hledik

Spillover effect of comment letters through shareholder networks: Evidence from investor site visits

Qijian Wang and Yan Wang

Regional biodiversity transition and corporate real earnings management: Evidence from China's national park system reform

Yuhengxing Li, Shiyang Hu and Yanran Liu

A game-theoretic model of cryptocurrencies, fiat currencies and assets

Kjell Hausken and Guizhou Wang

Government procurement and private firm vitality

Juan Yu, Limeng Ying, Jie Yang, Mengqi Bao and Xiaofang Xu

The portfolio enhancement potential of China's cloud stocks: Evidence from the China cloud economy index and global assets

Lichao Lin, Cheung, Adrian (Wai Kong) and You Zhou

Beyond the replication crisis of weekly seasonality: Introducing the uncertainty structure hypothesis

Leonard Nils Grebe

Climate management practices and market valuation: The price of (in)credibility

J. Amar, S. Demaria and S. Rigot

Linking household-corporate liquidity: Evidence from India's demonetization shock

Yinuo Chen and Lingxiang Zhang

Voices that matter: Minority investors' negative comments and independent directors' voting behavior

Jingxin Li and Yong Ye

Climate policy risk cascades in China's electrochemical energy storage chain: Evidence from spatiotemporal spillover

Qiang Tu, Ziming Li, Yanran Ma, Qi Su, Libo Yin and Limei Zuo

Does climate risk affect the financial performance of enterprises: Empirical evidence from A-share listed high-water-consuming enterprises in China

Jie Zhang, Yonghua Li, Ziqi Liu, Yun Zhang and Xiao Miao

How does FinTech affect the financialization of real enterprises: Evidence from China's listed companies

Yuanhui Li, Shiruo Zhang and Xingni Huang

ESG rating divergence: Cost of digital finance

Jiahui Guo, Tiantian Tang, Shouxun Wen and Liping Zou

Financial stress and the EU carbon market: Evidence from a quantile perspective

Yan Zheng, Zhifeng Liu and Hong Liu

How shadow banking amplifies risk in China's non-financial firms: Mechanisms and mitigation

Xiaobo Tao, Tingwei Fang and Yongbo Sun

Credit default swaps and bondholder governance

Eujin Kang, Jiyoon Choi and Haerang Park

Fiscal path to green development: Impact of vertical fiscal imbalance on urban green technological innovation in China

Yicheng Zhou, Malin Song and Wenjie Ouyang

Regime vs. shock: A machine learning approach to the market timing puzzle

Rama K. Malladi

M&A-induced shifts in earnings management: Evidence from US acquirers

Chuting Feng, Abongeh A. Tunyi and Konstantinos Tolikas

Moral values or competence: Which is more critical for Islamic financing activities?

Ibrahim Fatwa Wijaya, M. Kabir Hassan and Andrea Moro

Janus-faced AI disclosure: How conference call enthusiasm masks workforce setbacks

Diego Ravenda and João Cotter Salvado

Memory and the cross-section of stock returns11We thank K. Ozgur Demirtas, Yigit Atilgan and A. Doruk Gunaydin for helpful comments and suggestions

Aynur Dilan Tosun

Do common directors facilitate interfirm knowledge spillovers?

Xueping Wang, Yuanyuan Wu, Jun Zeng and Yilin Niu

Children's education and parental FinTech adoption

Lifu Fu, Weijie Lu, Shan Tang and Yang Zhou

Do green finance policy pilots improve agricultural technical efficiency?

Rui Li, Xiaodong Bai, Xiaobei Wei, Yue Li and Hanyun Zhang

Forecast performance of robust multivariate range-based GARCH models: Evidence from oil, gold, equity, and Bitcoin markets

Piotr Fiszeder and Marta Małecka

More credit, more risk? The effects of targeted RRR cuts on SMEs' loan access and bankruptcy likelihood

Yan Zhu, Shengnan Li and Zhun Zheng

The impact of shadow banking regulation on bank risk-taking: A perspective from interbank competition

Yongjun Ma and Xi Wang

R&D investment and cash dividends: Suppression or promotion?

Tao Jiang, Haoyang Zhou, Lehua Wang and Yujia Huo

Does data governance improve capital allocation efficiency? The case of China's national big data comprehensive experimental zones

Yanlin Si and Yuge Hu

Hedging tail risk in foreign exchange markets: A copula-GARCH-EVT approach

S.M.R.K. Samarakoon, N.S. Nanayakkara and Rudra P. Pradhan

Does regulation technology facilitate regulatory oversight?

Changyuan Xia, Junjie Yang, Fansheng Jia and Kam C. Chan

Assessing the effectiveness of Green Credit Policy implementation: Evidence from Chinese listed companies

Zhenghui Li, Huiling Huang and Zhongzhe Ouyang

Climate risk, green innovation, and stock returns

Lijie Song and Chunfeng Shen

Disruptor or enabler? The impact of central bank digital currencies on corporate credit accessibility: Evidence from China's e-CNY pilot

Xinyue Wang, Yuqiang Cao, Dongmin Kong, Yonggen Luo and Zhuoan Feng

The role of air pollution on innovation and entrepreneurship: A geographical regression discontinuity design

Yu Hao, Yuying Qiu, Zhonghan Yu, Yunxia Guo, Haitao Wu and Yan Xue

Corrigendum to “Janus-faced AI disclosure: How conference call enthusiasm masks workforce setbacks” [Int. Rev. Financ. Anal. 117 (2026) 105255]

Diego Ravenda and João Cotter Salvado

Artificial intelligence technology and local government debt burden: Nonlinear evidence from China

Peng Liu and Jianfei Shen

Window quanto lookback options

Hangsuck Lee, Hongjun Ha and Minha Lee

Foreign direct investment and urban innovation resilience: Inverted U-shaped evidence from China

Shuangshuang Feng and Bo Yang

Who is the Most important stakeholder in corporate ESG decisions? Evidence from China's tax credit rating system

Jianteng Ma, Zihan Zhou, Anxuan Jiang and Xu Li

Corrigendum to “Credit default swaps and bondholder governance” International Review of Financial Analysis Volume 117 September 2026

Eujin Kang, Jiyoon Choi and Haerang Park

The impact of political connections on firms' exchange rate exposure: Evidence from China11We are grateful for comments from Terence Chong, Ce Zhang and seminar participants in Renmin University of China, and Xiamen University. This research is supported by the National Social Science Fund of China (25CGJ041), the National Natural Science Foundation of China (72473146), and the Fundamental Research Funds for the Central Universities, and the Research Funds of Renmin University of China (24XNN005). All remaining errors are ours

Erzhuo Liu, Dongxu Li and Qing He

Determinants of wash trading in major cryptoexchanges

Jan Sila, Evžen Kočenda, Ladislav Kristoufek and Jiri Kukacka

Intelligent technology adoption and corporate governance: The perspective of accounting information consistency

Xiaomei Han and Qiuyue Wang

Rule of law development and corporate carbon information disclosure quality

Jian Dong, Nan Li, Han Luo and Ruiqi Yang

Does local supplier preference backfire? A corporate innovation perspective

Zhixin Duan, Mingsheng Hu and Bowen Li

Capital market internationalization and corporate labor income share: Evidence from the inclusion of A-shares in the MSCI index

Boxuan Fang, Yinan Lu, Jiasong Liu and Qing Zhang

When fears diverge: Bond–equity relative uncertainty and stock market returns

Xinfeng Ruan and Xiaopeng Wei

Do cash holdings buffer against supply chain shocks? Evidence from customers' exposure to extreme weather events

Jinyan Shi, Quan Li and Conghui Yu

Ownership structure and real earnings management: A meta-analysis

Bartosz Kabaciński, Jerome Geyer-Klingeberg, Jacek Mizerka, Agnieszka Stróżyńska-Szajek and Andreas Rathgeber

Pricing air pollution around corporate sites

Tian Ma, Yuanzheng Cui, Fuwei Jiang and Yuejie Wang

How does artificial intelligence reshape the performance of tourism enterprises? A dual mediation analysis based on media attention and business model innovation

Jing Xue, Xiaobei Wei, Juntao Wang and Jing Zhang

How does institutional quality contribute to ESG engagement in driving corporate sustainable development?

Ahmed Imran Hunjra

Equity overvaluation, financing, and M&A payment method: Evidence from Japan

Yunxiao Hu and Kenji Kutsuna

Labor-market legal frictions and CEO accounting performance goals: The role of incentive trade-offs

Zhihan Liu, Hongxin Wang and Liuchuang Li

Financial soundness and inflation stability in BRICS+ economies: Roles of governance effectiveness and trade openness

Yabing Wang

Fiscal and tax incentive policies, financial synergy empowerment, and firms' innovation performance

Xiaoping Cui, Ke Sun and Ge Cui

Spillover effects of European Central Bank's contractionary monetary policy on RMB exchange rate: Evidence from import-export trade and cross-border capital flow mechanisms

Shimeng Wang and Yan Lu

Blockchain adoption and supplier concentration: A transaction cost theory perspective

Fei Yan, Yan Wang and Baolei Qi

Return connectedness and risk spillovers between green bonds, conventional bonds, stocks, commodities, and currency markets: A multiscale quantile analysis

Mingguo Zhao, Wentao Hu, Zhequan Song and Zhaokuan Zhu

Busy outside directors and ESG performance: Evidence from workplace safety

Chune Young Chung, Jaeyoon Lee and Huy Pham

Does future time reference in languages matter for innovation in private enterprises? Cross-country evidence from SMEs

Michael Machokoto, Tesfaye T. Lemma and Dessalegn Mihret

The commitment trap: How performance commitment clauses matter for bidders’ accounting fraud?

Zihan Zhou and Kai Wu

Does AI talent recruitment mitigate technological obsolescence? Evidence from China

Yanmei Fan and Yikai Han

Fiscal uncertainty and time-varying expected market returns

Deshui Yu, Jiefeng Xiao, Weilun Zhou and Mingtao Zhou

The impact of spillover effect from business groups on ESG rating disagreement

Xiangqiang Liu, Rongjing Yang, Huanhuan Yang and Peng Gao

Diamond–Dybvig’s bank runs model revisited: Three types of investors

Peng Wang, Zhixiang Zhang, Junzhu Zhao and Zehao Zheng

Culture meets incentives: influence of Western cultural exposure on corporate incentive practices in China

Kaizhi Zhang, Linsi Li and Yao Du

Climate finance policy support and corporate green hiring demand: Evidence from online job postings

Wenxin Liu, Youhong Wu and Huili Zhang

Financial health determinants in BRICS stock market-listed companies: A TOPSIS-information entropy vector approach

Peter Wanke, Tanzina Akhter, Md. Abul Kalam Azad, Yong Tan, Roberto Pimenta and David Roubaud

From hoarding to drawdown: How does bank fintech affect corporate cash management decisions?

Lin Tian, Weilun Tian, Junru Guo and Jiarui Wang

Shadow banking regulation, credit supply volatility, and the effectiveness of monetary and macroprudential policies in China

Jia Huang, Zheng Chen and Zhou Lu

Environmental judiciary and greenwashing among heavily polluting firms: Evidence from China's environmental tribunals based on double/debiased machine learning

Jingyu Du, Yewei Xia, Jiaying Zheng and Xidan Cao

ESG window dressing as an ex post response to financial underperformance: Evidence from Chinese mutual funds

Qiling Luo, Minggao Xue, Yeqin Xiong and Huan Yi

Wildfire risk and mortgage lending: The influence of climate-risk beliefs

Yongjia Li and Salman Tahsin

Reconciling the association between ESG performance and corporate financial performance: International evidence using MCDA approach

Jing Li, Yilmaz Guney and Elvis Hernandez-Perdomo

Corrigendum to “Corporate reputation, information disclosure and cost of capital” [International Review of Financial Analysis 107 (2025) 104592]

Zhijie Yang and Zezhong Yang