International Review of Financial Analysis

1992 - 2025

Current editor(s): B.M. Lucey

From Elsevier
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Volume 94, issue C, 2024

Political motives of excess leverage in state firms

Oleksandr Talavera, Shuxing Yin and Mao Zhang

Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach

Imran Yousaf, Linh Pham and John W. Goodell

Robots and analyst forecast precision: Evidence from Chinese manufacturing

Huijie Cui, Shangkun Liang, Canyu Xu and Yu Junli

Zoom in on momentum

Junyong Kim

Cryptocurrency anomalies and economic constraints

Christian Fieberg, Gerrit Liedtke and Adam Zaremba

Corporate social responsibility and firm-level systematic risk: The moderating effect of economic policy uncertainty

Zhixiao Wang, Dongmin Kong and Shasha Liu

The path of green finance to promote the realization of low-carbon economic transformation under the carbon peaking and carbon neutrality goals: Theoretical model and empirical analysis

Yingying Zhang, Xinpeng Wang and Nianqiao Feng

Determinants of corporate credit ratings: Does ESG matter?

Lachlan Michalski and Rand Kwong Yew Low

CEO overconfidence and the informativeness of bank stock prices

Anh-Tuan Le, Anh-Tuan Doan and Kun-Li Lin

Volatility spillovers and hedging strategies between impact investing and agricultural commodities

Ameet Kumar Banerjee, Md Akhtaruzzaman, Ahmet Sensoy and John W. Goodell

Inflation prediction in emerging economies: Machine learning and FX reserves integration for enhanced forecasting

Nawazish Mirza, Syed Kumail Abbas Rizvi, Bushra Naqvi and Muhammad Umar

Enhancing cryptocurrency market volatility forecasting with daily dynamic tuning strategy

Lingbing Feng, Jiajun Qi and Brian Lucey

ESG scores and debt costs: Exploring indebtedness, agency costs, and financial system impact

Carlos Alves and Lilian Lima Meneses

Corporate social responsibility and the choice of payment method in mergers and acquisitions

Hong Vo, Hien T. Nguyen and Hieu V. Phan

Trade credit provision and innovation: A strategic trade-off

Wei Huang, John W. Goodell, Qing Xia and Shuai Yuan

An analysis of the market efficiency of the Chinese copper futures based on intertemporal and intermarket arbitrages

Huiming Zhang, Siji Qian and Zhen Ma

Machine learning and the cross-section of cryptocurrency returns

Nusret Cakici, Syed Jawad Hussain Shahzad, Barbara Będowska-Sójka and Adam Zaremba

Seeking a shock haven: Hedging extreme upward oil price changes

Thomas Conlon, Shaen Corbet, Hou, Yang (Greg), Yang Hu and Les Oxley

Cross-exchange crypto risk: A high-frequency dynamic network perspective

Yifu Wang, Wanbo Lu, Min-Bin Lin, Rui Ren and Wolfgang Karl Härdle

Investing while lending: Do index funds improve managerial information disclosure?

Yunhe Dong, Haoyi Luo, Zijin Xu and Xing Yang

Banking competition, credit financing and the efficiency of corporate technology innovation

Xiaohua Liu and Qiuhan Zhao

Digitalization as a double-edged sword: A deep learning analysis of risk management in Chinese banks

Li Wang, Yiting Huang and Zhiwu Hong

It is a small world: The effect of analyst-media school ties on analyst performance

Yongzhen Guo and Yinghuan Wang

Bitcoin price volatility transmission between spot and futures markets

George N. Apostolakis

Practical forecasting of risk boundaries for industrial metals and critical minerals via statistical machine learning techniques

Insu Choi and Woo Chang Kim

Dynamic impacts of multidimensional uncertainty on the renminbi exchange rate: Insights from time-varying analysis

Man Lu, Wei Wang, Fengwen Chen and Hongmei Li

The color of FinTech: FinTech and corporate green transformation in China

Fei Wu, Yan Hu and Me Shen

Do green investments improve portfolio diversification? Evidence from mean conditional value-at-risk optimization

Hachmi Ben Ameur, Zied Ftiti, Waël Louhichi and Mohamed Yousfi

Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation

Christine Strong and Constant L. Yayi

A Modigliani-Miller theorem for the public finances of globalized economies

Biagio Bossone

Risking or de-risking? The effect of banking competition on large state-owned banks and small and medium-sized enterprise lending: Evidence from China

Yunjia Liang, Bo Zhou and Shaoyang Zhao

Bank competition and household informal credit

Jie Lei, Yiyi Bai and Dongmin Kong

The black box of natural gas market: Past, present, and future

Alessia Palma, Andrea Paltrinieri, John W. Goodell and Marco Ercole Oriani

Temporal-spatial dependencies enhanced deep learning model for time series forecast

Hu Yang, Yu Chen, Kedong Chen and Haijun Wang

Do commodity futures have a steering effect on the spot stock market in China? New evidence from volatility forecasting

Fei Lu, Feng Ma, Elie Bouri and Yin Liao

Volume and stock returns in the Chinese market

Yi Fang, Xin Zhou, Yi-Feng Wen and Qi-Lang Ou

Examining the quantile cross-coherence between fossil energy and clean energy: Is the dependence structure changing with the COVID-19 outbreak?

Zhuo Wang, Xiaodan Chen, Chunyan Zhou, Yifeng Zhang and Yu Wei

Peer effects in corporate financialization: The role of Fintech in financial decision making

Haolin Zhang, Yongqi Feng, Ying Wang and Juan Ni

Does Fintech affect shadow banking of non-financial firms? Evidence from the entrusted loans

Yongqi Feng, Yue Cao and Juan Ni

Nonlinear impact of climate transition risks on green stock performance: Perspectives from multiscale and lag effects

Junling Wang, Siyu Cheng, Xueyun Rong and Xin Xu

Can public data availability affect stock price crash risk? Evidence from China

Rui Ma, Fei Guo and Dongdong Li

Population intensity, location choice, and investment portfolio selection: A case of emerging economies

Xinao He, Runguo Xu, Kai Sun and Jian Wang

Adaptation and innovation: How does climate vulnerability shapes corporate green innovation in BRICS

Xiaoxi Liu, Xiaoling Yuan, Xing Ge and Zhongguo Jin

Ecological product value accounting and analyst behavior

Fang Ben, Zhe Li, Jing Sun, Hongmei Wang and Xin Zhao

Abnormal temperature and the cross-section of stock returns in China

Yaojie Zhang, Bingheng Song, Mengxi He and Yudong Wang

Green bond issuance and green innovation: Evidence from China's energy industry

Xiao Dong and Mingzhe Yu

Uncertainty and international fund flows: A cross-country analysis

Joseph French, Seungho Shin, Constantin Gurdgiev and Atsuyuki Naka

Unravelling the credit market shocks and investment dynamics: A theoretical and empirical perspective

Darja Zabavnik and Miroslav Verbič

Aligning empirical evidence on ESG with ancient conservative traditions

John W. Goodell, Mingsheng Li, Desheng Liu and Yizhen Wang

FDI technology spillovers in Chinese supplier-customer networks

Xing Li, Xi Chen and Keqiang Hou

Machine-learning stock market volatility: Predictability, drivers, and economic value

Juan D. Díaz, Erwin Hansen and Gabriel Cabrera

Assessing the crypto market stability after the FTX collapse: A study of high frequency volatility and connectedness

Carlos Esparcia, Ana Escribano and Francisco Jareño

Why isn't composite equity issuance favored by the stock market? A risk-based explanation for the anomaly

Huaibing Yu

Does media coverage of firms' environment, social, and governance (ESG) incidents affect analyst coverage and forecasts? A risk perspective

Guanming He and April Zhichao Li

An examination of how executive remuneration and firm performance are influenced by Chair-CEO diversity attributes

Colette Grey, Antoinette Flynn and Douglas A. Adu

FinSentGPT: A universal financial sentiment engine?

Aref Mahdavi Ardekani, Julie Bertz, Cormac Bryce, Michael Dowling and Long, Suwan(Cheng)

To hedge or not to hedge? Cryptocurrencies, gold and oil against stock market risk

Krzysztof Echaust, Małgorzata Just and Agata Kliber

The impact of macroeconomic news sentiment on interest rates

Francesco Audrino and Eric A. Offner

Crime and covenants

Farhan Shazia

How does optimizing the business environment affect the capital flows between northern and southern China? From the perspective of enterprises' location choice for out-of-town investment

Fan Zhang, Jiewei Zhang, Ya Gao and Zhuquan Wang

On practitioners closed-form GARCH option pricing

Sharif Mozumder, Bart Frijns, Bakhtear Talukdar and M. Humayun Kabir

Beyond the veil: Mapping cryptocurrencies' ecosystem

Matteo Cavallaro and Alban Mathieu

Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective

Jia Chen, Xingjian Yi and Hao Liu

Noncontrolling shareholders' network centrality and corporate earnings management: Governance or conspiracy?

Zhonghai Yang, Xue Xiu, Meng Xu and Yixiu Zhao

Green bond credit spreads and bank loans in China

Congcong Wang, Chong Wang, Huaigang Long, Adam Zaremba and Wenyu Zhou

Contagion and linkages across international currencies

Shipra Bhatia and Divya Tuteja

Options illiquidity in an over-the-counter market

Jungkyu Ahn

Merchant guild culture and cash holdings: Evidence from China

Xiaoyu Wang, Zhineng Long and Xiangfang Zhao

Going mainstream: Cryptocurrency narratives in newspapers

Clive B. Walker

Does management tone matter in information disclosure? Evidence from IPO online roadshows in the SSE STAR market

Shengpeng Zhang, Yaokuang Li, Ruixin Liang and Yu He

Passing the dividend baton: Family succession and cash dividends

Xiaoyi Ren and Xing Liu

A consumption-based term structure model of bonds and equity

Masataka Suzuki

The shape of the Treasury yield curve and commodity prices

Yasmeen Bayaa and Mahmoud Qadan

When acquirers are short on cash flow in M&A deals

Yaru Ren, Lin Li, Wilson H.S. Tong and Peter Lam

Understanding co-movements based on heterogeneous information associations

Huai-Long Shi and Huayi Chen

Effect of stock liquidity on the economic value of patents: Evidence from U.S. patent data

Hyun Joong Im, Srinivasan Selvam and Kelvin J.K. Tan

Analyzing credit spread changes using explainable artificial intelligence

Julia Heger, Aleksey Min and Rudi Zagst

Asymmetric post earnings announcement drift and order flow imbalance: The impact on stock market returns

Sijia Zhang, Andros Gregoriou and He Wu

The impact of family ownership on tax avoidance: International evidence

Constantinos G. Chalevas, Leonidas C. Doukakis, Nikolaos I. Karampinis and Olga-Chara Pavlopoulou

Reverse merger audit fee premium: Evidence from China

Zijian Cheng, Liu, Zhangxin (Frank), Isabel Zhe Wang and Xingju Zhao

Stock market prices and Dividends in the US: Bubbles or Long-run equilibria relationships?

Robinson Dettoni, Luis Gil-Alana and Olaoluwa Yaya

Do ESG ETFs provide downside risk protection during Covid-19? Evidence from forecast combination models

Yujun Huang

Trading activity of VIX futures and options around FOMC announcements

Hong-Gia Huang, Wei-Che Tsai and J. Jimmy Yang

Macroeconomic data manipulation and corporate investment efficiency: Evidence from China

Xiaoxia Li, Guilong Cai, Bingxuan Lin and Danglun Luo

Is there an optimal level of leverage? The case of banks and non-bank institutions in Europe

Peter Cincinelli, Elisabetta Pellini and Giovanni Urga

Revisiting the economic policy uncertainty and resource rents nexus: Moderating impact of financial sector development in BRICS

Wanqing Yu, Yufei Gan, Bingjun Zhou and Jiapeng Dai

Anatomy of recent value premium's travails

Libo Yin and Huiyi Liao

Does legal justice promote stakeholder justice? Evidence from a judicial reform in China

Min Bai, Luxi Shen, Yue Li and Yu, Chia-Feng (Jeffrey)

Climate change exposure, shareholder wealth, and the adoption of the Paris agreement: A text-based approach

Pattanaporn Chatjuthamard, Simran Singh, Pornsit Jiraporn and Sang Mook Lee

MSCI index inclusion and price efficiency evidence from China

Menglei Jiao, Xinping Xia and Antai Li

Diversifying and hedging REIT portfolios with cryptocurrencies: Evidence from global and regional REIT indices

Babatunde O. Odusami and Omokolade Akinsomi

Uncertainty and cryptocurrency returns: A lesson from turbulent times

Barbara Będowska-Sójka, Joanna Górka, Danial Hemmings and Adam Zaremba

Big data application and corporate investment decisions: Evidence from A-share listed companies in China

Li Wang, Yuhan Wu, Zeyu Huang and Yanan Wang

Local media sentiment towards pollution and its effect on corporate green innovation

Yu He, Shanglin Lu, Ran Wei and Shixuan Wang

Do Chinese carbon-intensive stocks overreact to climate transition risk? Evidence from the COP26 news

Xiaowen Ge, Minggao Xue and Ruiyi Cao

Time-frequency extreme risk spillovers between COVID-19 news-based panic sentiment and stock market volatility in the multi-layer network: Evidence from the RCEP countries

Yanshuang Li, Yujie Shi, Yongdong Shi, Xiong Xiong and Shangkun Yi

Assessing resilience to systemic risks across interbank credit networks using linkage-leverage analysis: Evidence from Japan

Haibo Wang

Financial fusion: Bridging Islamic and Green investments in the European stock market

Afzol Husain, Sitara Karim and Ahmet Sensoy