International Review of Financial Analysis

1992 - 2025

Current editor(s): B.M. Lucey

From Elsevier
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Volume 95, issue PC, 2024

Who funds zombie firms: Banks or non-banks?

Saara Tuuli

Objective acceptability indexes

Shengli Zhao

Spillover effects of financial deregulation: The unintended consequences of the OCC preemption rule on mortgage lending practices

Di Wu, Abdoul G. Sam and Xiangrui Wang

Related party M&A, goodwill impairment and stock price crash risk: Evidence from Chinese capital market

Lingjuan Xu, Bindan Zhang, Luu Duc Toan Huynh and Peng-Fei Dai

Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies

Mir Feiz Fallah, Rezvan Pourmansouri and Bahador Ahmadpour

FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing

Morshadul Hasan, Ariful Hoque, Mohammad Zoynul Abedin and Dominic Gasbarro

How good are banks’ forecasts?

Lotta Heckmann-Draisbach and Christoph Memmel

A machine learning approach in stress testing US bank holding companies

Ahmadou Mustapha Fonton Moffo

Index tracking using shapley additive explanations and one-dimensional pointwise convolutional autoencoders

Yanyi Zhang and Johannes De Smedt

Mixed ownership reform and trade credit: Evidence from China

Gaoya Song and Quan Li

Commodity sectors and factor investment strategies

Kei Nakagawa and Ryuta Sakemoto

What has inflation targeting done for household consumption?

Nadine McCloud

When Hollywood movies steal the show, stock returns dance more with the market!

Hung X. Do, Nhut H. Nguyen, Quan M.P. Nguyen, Thach V.H. Nguyen and Cameron Truong

Mutual fund herding and performance: Evidence from China

Yaoyao Fan, Qinhao Song, Rong Guan, Kim Cuong Ly and Yuxiang Jiang

Industry effects of corporate environmental and social scandals: Evidence from China

Zhenshu Wu, Rachel Pownall, Yi-Cheng Shih and Yao Wang

How does ESG performance determine the level of specific financing in capital structure? New insights from China

Xinlu Zhao and Huixue Zhang

The impact of the U.S. export controls on Chinese firms' innovation: Evidence from Chinese high-tech firms

Haomin Shen, Yuan Gao, Xiaoke Cheng and Qi Wang

Firm-level climate risk and accounting conservatism: International evidence

Lutfa Tilat Ferdous, Nader Atawnah, Richard Yeboah and Yifan Zhou

The impact of environmental court construction on the quality of corporate environmental information disclosure

Yan Lv, Fan Wang, Guoliang Liu and Ruixue Ren

Monetary policy and uncertainty spillovers: Evidence from a wavelet and frequency connectedness analysis

George N. Apostolakis and Nikolaos Giannellis

How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network

Yingbo Ouyang, Chi Xie, Kelong Li, Tingcheng Mo and Yusen Feng

Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China

Zhanqiang Shao and Chen Chen

The link between abnormal numbers and price movements of financial securities: How does Benford’s law predict stock returns?

Amal Ben Hamida, Christian de Peretti and Lotfi Belkacem

Trading on trends: How the ordering of historical volume predicts Chinese stock returns?

Yihan Li

Corporate strategic aggression and environmental investment decisions: Evidence from A-share listed firms

Xinyuan Zhang, Jiangqiu Wu, Mohammad Nazri Bin Mohd Nor and Chee Heong Quah

Retraction notice to “ Towards sustainable development: How does ESG performance promotes corporate green transformation”

Zhen Wang, Erming Chu and Yukai Hao

The constraining impact mechanism of financial cognitive ability on the effective demand for housing reverse mortgages in China

Wei Han, Bo Zhang and Wei Li

Volume 95, issue PB, 2024

State ownership, probability of informed trading, and profitability potential: Evidence from the Warsaw Stock Exchange

Paweł Kropiński, Bartłomiej Bosek and Mikołaj Pudo

Ecological money and finance.Introducing sustainable monetary diversity

Raphaël Didier and Thomas Lagoarde-Ségot

Financial regulation, financing constraints, and enterprise innovation performance

Chenxi Wang, Xincai Deng, Deli Wang and Xingguang Pan

CEO's prison experience and corporate risk-taking

Shuang Huang, Zheng Zhang, Abraham Y. Nahm and Zengji Song

Does digital literacy reduce intergenerational income dependency?

Haijun Wang, Chen Ge, Xiance Du, Yiqiang Feng and Weicheng Wang

The effect of shale gas booms on environmental CSR activity

Changhwan Choi and Chune Young Chung

Corrigendum to “Beyond active share: Boosting fund performance through common holdings with same-benchmark mutual funds” [International Review of Financial Analysis (2024) 1–24/103095]

Danxia Wang

Energy finance research: What happens beneath the literature?

Mingting Kou, Menglin Zhang, Yuanqi Yang and Hanqing Shao

The impact of artificial intelligence application on company environmental investment in Chinese manufacturing companies

Zhenlin Dong, Zijun Xin, Dewen Liu and Fangkun Yu

Competitive imitation and corporate innovation in private enterprises

Feng He, Longxuan Chen and Haomin Wu

Corporate fraud detection based on linguistic readability vector: Application to financial companies in China

Yi Zhang, Tianxiang Liu and Weiping Li

Implied volatility is (almost) past-dependent: Linear vs non-linear models

Conghua Wen, Jia Zhai, Yinuo Wang and Yi Cao

Bilateral conflicts and corporate investment

Mengxu Xiong, Jiajia Lu and Dongmin Kong

The impact of population aging on capital structure decisions and capital market efficiency: Evidence from China

Hua Wang and Yaorui Chen

Bank loan renegotiation and financial institutions' network

Christophe Godlewski and Bulat Sanditov

Convertible bond maturity and debt overhang

Liu Gan, Xin Xia, Wenyang Xu and Hai Zhang

Towards an era of multi-source uncertainty: A systematic and bibliometric analysis

Xueping Tan, Yiran Zhong, Andrew Vivian, Yong Geng, Ziyi Wang and Difei Zhao

State-dependent intra-day volatility pattern and its impact on price jump detection - Evidence from international equity indices

Ping Chen Tsai, Cheoljun Eom and Chou Wen Wang

Monetary policy shocks and firm investment decisions: Evidence from China

Lunan Jiang, Yinghui Chen and Lin Zhang

Complements or substitutes? The effect of ETFs on other managed funds

Lu Tang, Kian Tan and Rand Low

Sources of funding and performance of microfinance institutions over the life cycle

Anthony Annan, Conrad S. Ciccotello and Felix Rioja

Macroeconomic environment and the future performance of loans: Evidence from three peer-to-peer platforms

Eduard Baumohl, Štefan Lyócsa and Petra Vašaničová

Foundation-controlled firms and CEO compensation11This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors

Van Diem Nguyen and M. Reda Moursli

Can multi-period auto-portfolio systems improve returns? Evidence from Chinese and U.S. stock markets

Jianzhou Wang, Mengzheng Lv, Shuai Wang, Jialu Gao, Yang Zhao and Qiangqiang Wang

Political uncertainty and stock price crash risk: Insights from state-elections in an emerging market

Kavita Wadhwa and John W. Goodell

Betting on mean reversion in the VIX? Evidence from ETP flows

Ole Linnemann Nielsen and Anders Merrild Posselt

A universal exponent governing foreign exchange rate risks

Klaus Grobys

The influence of regional sentiment on online borrowing

William Bazley and Sima Jannati

Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses

Mahdi Ghaemi Asl and Sami Ben Jabeur

Connectedness at extremes between real estate tokens and real estate stocks

David Y. Aharon, Shoaib Ali and Mariem Brahim

Trading strategies and Financial Performances: A simulation approach

Alessio Emanuele Biondo, Laura Mazzarino and Alessandro Pluchino

Does it matter who owns firms? Evidence on the impact of supermajority control on private firms in Europe

Saul Estrin, Jan Hanousek and Anastasiya Shamshur

Political investing of mutual funds

Dongmin Kong and Zhao Zhao

Why does uncovered interest parity fail empirically?

Nusrate Aziz

Can compensation disclosure cause CEO pay escalation?

Andrea Carosi and José Guedes

Retail traders and co-movement: Evidence from Robinhood trading activity

Afshin Haghighi, Robert Faff and Barry Oliver

Is enterprise risk-taking less sensitive to financial flexibility post COVID-19? Evidence from non-linear patterns

Ahmed Hunjra, Tanveer Bagh, Alessia Palma and John W. Goodell

From macro to micro: Sparse macroeconomic risks and the cross-section of stock returns

Lin Zhu, Fuwei Jiang, Guohao Tang and Fujing Jin

Quantifying the volatility spillover dynamics between financial stress and US financial sectors: Evidence from QVAR connectedness

Mohammad Enamul Hoque, Syed Billah, Burcu Kapar and Muhammad Abubakr Naeem

Testing rational expectations in a cointegrated VAR with structural change

Emerson Marçal

Sentiment and information: How ‘over-optimistic’ investors influence differences of opinion and IPO pricing?

Di Wu and Danlu Bu

An investigation of sentiment analysis of information disclosure during Initial Coin Offering (ICO) on the token return

Pornpanit Rasivisuth, Maurizio Fiaschetti and Francesca Medda

Bank sustainability, climate change initiatives and financial performance: The role of corporate governance

Douglas A. Adu, Mohammad Zoynul Abedin, Vida Y. Saa and Frank Boateng

The impact of cryptocurrency-related cyberattacks on return, volatility, and trading volume of cryptocurrencies and traditional financial assets

Hamid Cheraghali, Peter Molnár, Mattis Storsveen and Florent Veliqi

How do market volatility and risk aversion sentiment inter-influence over time? Evidence from Chinese SSE 50 ETF options

Jue Gong, Gang-Jin Wang, Chi Xie and Gazi Uddin

The impact of sustainable development goals in lending-based prosocial crowdfunding: A topic modeling analysis on the kiva platform

Riccardo Maiolini, Francesco Cappa, Stefano Franco and Giovanni Raimondo Quaratino

Digital finance and industrial structure upgrading: Evidence from Chinese counties

Hongshan Shen, Mengyao Qin, Tianyi Li, Xuan Zhang and Yang Zhao

Estimation error and partial moments

David Nawrocki and Fred Viole

Multinational corporations and share pledging of the controlling shareholder

Chufu Wen, Fenghua Wen, Diyue Lin and Lili Zhao

Can green finance Lead to green investment? Evidence from heavily polluting industries

Xiaona Cui, Ridzwana Mohd Said, Norhuda Abdul Rahim and Mengjiao Ni

ESG rating disagreement and analyst forecast quality

Xiangqiang Liu, Jiajie Dai, Xiaohong Dong and Jia Liu

Speculative culture and corporate greenwashing: Evidence from China

Jianye Wang, Yubing Ke, Lingxia Sun and Huifen Liu

Shared analyst coverage, 52-week high, and cross-firm return predictability

Mei-Chen Lin

The financial health of a company and the risk of its default: Back to the future

Francesco Dainelli, Gianmarco Bet and Eugenio Fabrizi

Top managers' environmental experience and corporate environmental violations: Evidence from China

Jinting Dong, Bin Liu and Yinying Chen

Optimal investment and capital structure under Knightian uncertainty

Yaoyao Wu and Fan Hu

Real estate depreciation and cash policy for innovative firms

Zhao Rong, Fei Leng, Jun Ma and Jinlan Ni

Exchange rate stability and expectation management under heterogeneous expectations

Xiaoping Li, Nan Wang, Jihong Duan and Wenming Shi

The impact of COVID-19 on global financial markets: A multiscale volatility spillover analysis

Zishu Cheng, Mingchen Li, Ruhong Cui, Yunjie Wei, Shouyang Wang and Yongmiao Hong

Analysis of rare events using multidimensional liquidity measures

Margarita Zaika, Dragos Bozdog and Ionut Florescu

Bank-tax-interaction, carbon emission reduction investment and financing decisions for SMEs

Ting Lu and Pengfei Luo

Chief accountants weigh in: How professional leadership of SOEs influence investment efficiency

Xiaofang Ma, Jun Chen, Wang Dong and Qiaoling Su

Does CEO agreeableness personality mitigate real earnings management?

Shan Liu, Xingying Wu and Nan Hu

Post earnings announcement drift: A simple earnings surprise measure, the medium effect of investor attention and investing strategy

Qiujun Lan, Yuxuan Xie, Xianhua Mi and Chunyu Zhang

Heterogeneous impact of economic and political uncertainty on green bond volatility: Evidence from the MRS-GARCH-MIDAS-Skewed T model

Zhuqing Wang, Xinyu Wang, Qiuying Cheng and Song Shi

Administrative monopoly and state-owned enterprise innovation: Evidence from the fair competition review system in China

Xingquan Yang, Kexin Zhang, Guanmin Liao and Pengfei Gao

The writing on the wall: A connectedness-based analysis of ownership structure and bank risk in China

Feng-lin Wu, Jia-qi Zhou and Ming-hui Wang

Performance of active portfolio managers when the benchmark is not observable

Luis Chavez-Bedoya

Stock Liquidity Sidedness and Share Repurchase

Sabri Boubaker, Arman Eshraghi and Yifan Liu

Labor investment inefficiency and LGBTQ+-friendliness

Lisa Schopohl, Andrew Urquhart and Hanxiong Zhang

Connectedness in the global banking market network: Implications for risk management and financial policy

Jorge A. Muñoz Mendoza, Carmen L. Veloso Ramos, Carlos L. Delgado Fuentealba, Iván E. Araya Gómez, Sandra M. Sepúlveda Yelpo and Edinson E. Cornejo Saavedra

Green spillover effect of human capital growth—Evidence from the PM enrollment expansion

Jiaxin Wang, Xiang Huang, Rui Xu and Rui Huang

Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?

Yaohao Peng and João Gabriel de Moraes Souza

Cross-country risk spillovers of ESG stock indices: Dynamic patterns and the role of climate transition risks

Kun Guo, Yichong Li, Yunhan Zhang, Yingtong Chen and Yanran Ma

Dynamic dependence between quantum computing stocks and Bitcoin: Portfolio strategies for a new era of asset classes

Sami Ben Jabeur, Giray Gözgör, Hichem Rezgui and Kamel Si Mohammed

Twitter and cryptocurrency pump-and-dumps

David Ardia and Keven Bluteau

How technological innovation influence operational risk: Evidence from banks in China

Mingya Hu, Yongjie Zhang, Xu Feng and Xiong Xiong

Financial literacy and FinTech market growth around the world

Reem Ahmed AlSuwaidi and Charilaos Mertzanis

Understanding climate policy uncertainty: Evidence from temporal and spatial domains

Libo Yin and Hong Cao

News or noise? ESG disclosure and stock price synchronicity

Lei Ruan, Jianing Li and Siqi Huang

Forward-looking disclosure effects on stock liquidity in China: Evidence from MD&A text analysis

Mohammad Zoynul Abedin, Michael A. Goldstein, Qingcheng Huang and Hongjun Zeng

Multiscale quantile dependence between China's green bond and green equity: Fresh evidence from higher-order moment perspective

Liya Hau, Xiaomei Yang and Yongmin Zhang

How do the gold intra-day returns and volatility react to monetary policy shocks?

Basel Awartani, Syed Mujahid Hussain and Nader Virk

Family firm governance and working capital management policy

Liu Hong, Bharat A. Jain and Yingying Shao

New but naughty. The evolution of misconduct in FinTech

Marina Brogi and Valentina Lagasio

Cash is queen? Impact of gender-diverse boards on firms' cash holdings during COVID-19

Ahmed A. Elamer and Vinay Utham

Sustainable investments in volatile times: Nexus of climate change risk, ESG practices, and market volatility

Mirza Muhammad Naseer, Yongsheng Guo, Tanveer Bagh and Xiaoxian Zhu

Environment-specific political risk discourse and expected crash risk: The role of political activism

Sohanur Rahman, Elisabeth Sinnewe and Larelle Chapple

ESG rating disagreement and corporate green innovation bubbles: Evidence from Chinese A-share listed firms

Yuan Geng, Jinyu Chen and Ran Liu

Climate litigation and financial markets: A disciplinary effect?

Thomas Dulak and Jean-Yves Gnabo

Climate stress testing for mortgage default probability

Luca Zanin, Raffaella Calabrese and Connor Innes Thorburn

Representative investors versus best clienteles: Performance evaluation disagreement in mutual funds

Stéphane Chrétien and Manel Kammoun

Does financial market liberalization promote corporate radical innovation? Evidence from China

Xiao-Lin Li and Deng-Kui Si

Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis

Chao Huang, Fernando Moreira and Thomas W. Archibald

Is online interactive media monitoring effective? Evidence from corporate tunneling in China

Yujie Zhao, Yichun Zhang, Wen Li and Kam C. Chan

Local environmental organizations and long-term investor value appropriation

Chune Young Chung, Gia Han Doan and Kainan Wang

Does information content of a corporate social responsibility report matter for stock mispricing? Evidence from China

Di Wu, Qian Sun, Wenyu Zhang, Guanghua Xu, Kam C. Chan and Jie Qin

Is bank competition conducive to corporate ESG performance?

Tiancai Xing, Xue Li and Nianqiao Feng

Ecological risk management: Effects of carbon risk on firm innovation investment

Fangmin Li, John W. Goodell, Anna Min Du and Tianle Yang

Volume 95, issue PA, 2024

Financial statement comparability and expected default risk

Yushi Wang, Yuan Feng, Zhangyao Zhu, Jia Liu and Yubin Li

Social capital, syndication, and investment performance: Evidence from PE investing in LBOs

Jay Dahya and Wu, Betty (H.T.)

The investment behavior of China-connected mutual funds in the pandemic: Information advantage through operational link

Lai T. Hoang, Kian Tan and Joey W. Yang

Left-tail risk and UK stock return predictability: Underreaction, overreaction, and arbitrage difficulties

Maher Khasawneh, David G. McMillan and Dimos Kambouroudis

Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds

Xiaowei Wang, Rui Wang and Yichun Zhang

New evidence of interdependence in forex markets: A connection of connection analysis

Tao Wu, Xiaotong Sun, Xin Xu, Nanfei Jia and Siyuan Xuan

Realized normal volatility and maximum outlying jumps in high frequency returns for Korean won–US Dollar

Yi Chae-Deug

Distribution dynamics and quantile dynamic convergence of the digital economy: Prefecture-level evidence in China

Dongyang Zhang, Dingchuan Bai, Cao Wang and Yurun He

Evolving energies: Analyzing stability amidst recent challenges in the natural gas market

Tarek Bouazizi, Ilyes Abid, Khaled Guesmi and Panagiota Makrychoriti

Sector-specific calendar anomalies in the US equity market

Abbas Valadkhani and Barry O'Mahony

Gold market volatility and REITs' returns during tranquil and turbulent episodes

Afees Salisu, Omokolade Akinsomi, Frank Kwakutse Ametefe and Yinka S. Hammed

Environmental, social, and governance performance and corporate debt maturity in China

Mengling Zhou, Zizhen Huang and Kangqi Jiang

The interplay among corporate bonds, geopolitical risks, equity market, and economic uncertainties

Saad Alshammari, Kostas Andriosopoulos, Olfa Kaabia, Kamel Si Mohamed and Christian Urom

FinTech, systemic risk and bank market power – Australian perspective

Md Sohel Saklain

Double-edged sword: Does strong creditor protection in the bankruptcy process affect firm productivity

Peng Gao, Ling He, Shiyang Hu and Qingquan Xin

VIX-managed portfolios

Miloš Božović

Do bitcoin shocks truly Cointegrate with financial and commodity markets?

Mustafa Özer, Michael Frömmel, Melik Kamişli and Darko B. Vuković

Institutional consensus after earnings announcements: Information or crowding?

Olga Klein and Daniel Klein

Online sales and stock price synchronicity: Evidence from China

Kai Wang, Jingjing Zhao and Jun Zhou

Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda

Michael Mies

The signaling effect of local government debt: Evidence from China

Suyun Chen, Zongze Li, Feixue Xie and Xiaofang Xu

The higher the better? Hedging and investment strategies in cryptocurrency markets: Insights from higher moment spillovers

Xie He and Shigeyuki Hamori

Fund flow diversification: Implications for asset stability, fee-setting and performance

Lorenzo Casavecchia and Ashish Tiwari

The impact of ESG profile on Firm's valuation in emerging markets

Birjees Rahat and Pascal Nguyen

The price discovery in the renminbi/USD market: Two spot, two swap, and three forward FX rates

Yoshihiro Kitamura

Transmission mechanisms of the effects of geopolitical risk on energy returns and volatility

Yun Qin and Zitao Zhang

CEO power, internal control quality, and entrepreneurial innovation spirit in family enterprises

Weibin Li, Yingling Huang, Hongyong Zhou and Xin Liu

Bank liability structure and corporate employment: Evidence from a quasi-natural experiment in China

Xiaoxiong Chen, Jinghao Mu, Guanchun Liu and Yuanyuan Liu

Carbon emissions and liquidity management

John W. Goodell, Constantin Gurdgiev, Sitara Karim and Alessia Palma

Testing out-of-sample portfolio performance using second-order stochastic dominance constrained optimization approach

Peng Xu

Executive pay gap and corporate ESG greenwashing: Evidence from China

Menghan Li and Qi Chen

ESG ratings, business credit acquisition, and corporate value

Wei Han and Di Wu

Dynamic causality between global supply chain pressures and China's resource industries: A time-varying Granger analysis

Xiaohang Ren, Chenjia Fu, Chenglu Jin and Yuyi Li

Navigating ESG complexity: An in-depth analysis of sustainability criteria, frameworks, and impact assessment

Marianna Eskantar, Constantin Zopounidis, Michalis Doumpos, Emilios Galariotis and Khaled Guesmi

ESG rating results and corporate total factor productivity

Qinyuan Xue, Yifei Jin and Cheng Zhang

Firm leverage and employee pay: The moderating role of CEO leadership style

Balbinder Singh Gill, Jongmoo Jay Choi and Kose John

Open government data and the cost of debt

Qiuhang Xing, Gaoshuang Xu and Yanping Wang

Chief executive officer marital status and corporate credit ratings

Xiangshang Cai, Yang Gao, Zhiting Wu and Jiayi Yuan

Biodiversity and stock returns

Feng Ma, Hanlin Wu and Qing Zeng