International Review of Financial Analysis

1992 - 2025

Current editor(s): B.M. Lucey

From Elsevier
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Volume 90, issue C, 2023

Does peer firms’ tone affect corporate investment? Evidence from China

Liang Chang, Na Tan, Xinyue Zhang and Yiyun Yuan

A new way of measuring effects of financial crisis on contagion in currency markets

Katerina Rigana, Ernst-Jan Camiel Wit and Samantha Cook

Foreign investment and information quality – A quasi-experiment from China

Liguang Zhang, Zhuohao Li, Yunxiang Liao, Yunchen Wang and Ning Hu

Bitcoin vs. fiat currencies: Insights from extreme dependence and risk spillover analysis with financial markets

Ilyes Abid, Elie Bouri, Emilios Galariotis, Khaled Guesmi and Hela Mzoughi

Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership

Wenyi Sun, Chao Yin and Yeqin Zeng

Fiscal or monetary? Efficacy of regulatory regimes and energy trilemma of the inflation reduction act (IRA)

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

Board gender diversity, quotas, and ESG disclosure: Global evidence

Abdallah Alkhawaja, Fang Hu, Shireenjit Johl and Sivathaasan Nadarajah

Is anti-herding always a smart choice? Evidence from mutual funds

John Byong-Tek Lee, Jun Ma, Dimitris Margaritis and Wanyi Yang

The crucial role of the five-year Treasury in the US yield curve

Yu-Lun Chen

CEO turnover, product market competition, and leverage policy

Cathy Xuying Cao and Chongyang Chen

Exchange rate co-movements and corporate foreign exchange exposures: A study on RMB

Qing He, Wenqing Wang and Jishuang Yu

Identifying systemic risk of assets during international financial crises using Value at Risk elasticities

Daniel Borer, Devmali Perera, Fitriya Fauzi and Trinh Nguyen Chau

On the linkages between energy and agricultural commodity prices: A dynamic time warping analysis

Dragan Miljkovic and Puneet Vatsa

Geopolitical threats, equity returns, and optimal hedging

Syed Riaz Mahmood Ali, Kaysul Islam Anik, Mohammad Nurul Hasan and Md Rajib Kamal

A bibliometric review of portfolio diversification literature

Milena Migliavacca, John W. Goodell and Andrea Paltrinieri

COVID lockdown, Robinhood traders, and liquidity in stock and option markets

Danjue Clancey-Shang

Global financial integration, governance-by-technology, and green growth

Saif Ullah, Haitham Nobanee and Huma Iftikhar

Digital finance development and bank liquidity creation

Jing Hao, Mengzu Peng and Wenjia He

Extreme downside risk in the cross-section of asset returns

Lerby M. Ergun

Stock market anomalies: An extreme bounds analysis

Jae H. Kim and Abul Shamsuddin

LGBT discrimination and harassment, firm value, and reputation repair

Sabrine Ayed and Timothée Waxin

Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China

Xiaohang Ren, Yuxuan Cao, Pei Jose Liu and Dun Han

Cross-border regulatory cooperation and analyst forecasts

Albert Tsang, Yi Xiang and Li Yu

National culture, lines of credit, and firm liquidity

Mohsen Aram and Ali Nejadmalayeri

Carbon emissions, carbon disclosure and organizational performance

Yang Stephanie Liu, Xiaoyan Zhou, Jessica Hong Yang, Andreas G.F. Hoepner and Nada Kakabadse

The impact of COVID-19 on stock market liquidity: Fresh evidence on listed Chinese firms

Nicholas Apergis, Chi Keung Lau and Bing Xu

Audit committee accounting financial expertise and stock price crash risk

Meeok Cho, Hui Dong Kim and Yewon Kim

Fintech inputs, non-performing loans risk reduction and bank performance improvement

Haijun Wang, Kunyuan Mao, Wanting Wu and Haohan Luo

Green bonds: Green investments or greenwashing?

Xianwang Shi, Jianteng Ma, Anxuan Jiang, Shuang Wei and Leilei Yue

The role of feature importance in predicting corporate financial distress in pre and post COVID periods: Evidence from China

Shusheng Ding, Tianxiang Cui, Anthony Graham Bellotti, Mohammad Zoynul Abedin and Brian Lucey

Nonparametric inference of expectile-based value-at-risk for financial time series with application to risk assessment

Feipeng Zhang, Yixiong Xu and Caiyun Fan

Controlling shareholders' equity pledge, digital finance, and corporate digital transformation

Yue Zhang, Mengshuai Ge, Jiaju Yang, Cuiying Liu and Xi Chen

The dilemma of hometown identity: Evidence from Chinese corporate cost behavior

Zhineng Long, Wenshuang Xuan and Yanyu Zhang

Is reverence for life reverence for rule? Awe culture and corporate tax avoidance in China

Chao Yan, Jiaxin Wang, Zhi Wang and Kam C. Chan

Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes

Min-Yuh Day and Yensen Ni

Non-family shareholder governance and green innovation of family firms: A socio-emotional wealth theory perspective

Shanzhong Du and June Cao

Digitalization of tax administration and corporate performance: Evidence from China

Yuhan He and Yang Yi

Can military executives become good business partners? An analysis from a vendor-customer perspective

Xin Zhao, Zhenhua Tan and De Shuai Hou

Mixed ownership reform and the short-term debt for long-term investment of non-state-owned enterprises: Evidence from China

Lirong Chen, Feiyang Gao, Tongtong Guo and Xuanhao Huang

Environmental subsidy disruption, skill premiums and ESG performance

Dongyang Zhang, Li Meng and Jintao Zhang

Measuring financial contagion: Dealing with the volatility Bias in the correlation dynamics

Christopher Michael Starkey and Georges Tsafack

Corruption, political connection, and firm investments

Hieu Quang Nguyen

Behavioral implications of sovereign ceiling doctrine for the access to credit by firms

Yasir Riaz, Robert Faff, Choudhry Tanveer Shehzad and Yasir Shahab

Do firms adopting cloud computing technology exhibit higher future performance? A textual analysis approach

Min Zheng, Rong Huang, Xintong Wang and Xiaorong Li

Geopolitical risk and economic policy uncertainty: Different roles in China's financial cycle

Ming Che, Zixiang Zhu and Yujia Li

Understanding mispricing in the travel and leisure industry

Paresh Kumar Narayan and Susan Sunila Sharma

Has financial development made income more equal? – From the perspective of regional development imbalance

Yujie Xu and Yinan Wang

Ecological money and finance. Introducing ecological risk-free assets

Thomas Lagoarde-Ségot and Christophe Revelli

Tax authority monitoring and corporate information disclosure quality in China

Yongwei Ye, Lin Zeng, Yunqing Tao and Feng Yun

Does alternative digital lending affect bank performance? Cross-country and bank-level evidence

Pedro Cuadros-Solas, Elena Cubillas and Carlos Salvador

Central bank digital currency: Payment choices and commercial bank profitability

Jaemin Son, Doojin Ryu and Robert I. Webb

Cross-market risk spillovers among sovereign CDS, stock, foreign exchange and commodity markets: An interacting network perspective

Wei-Qiang Huang and Peipei Liu

Attention is all you need: An interpretable transformer-based asset allocation approach

Tian Ma, Wanwan Wang and Yu Chen

How does energy finance promote energy transition? Evidence from Shanghai crude oil futures

Houyin Long, Xiang Huang and Jiaxin Wang

Can ESG ratings mitigate managerial myopia? Evidence from Chinese listed companies

Jiawei Zhang, Yuan Li, Hanwen Xu and Yi Ding

Does ESG performance affect audit pricing? Evidence from China

Yunling Song, Hao Wu and Yan Ma

Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view

Zenglei Xi, Jinxiu Yu, Qingru Sun, Wenqi Zhao, He Wang and Shuo Zhang

Interconnected networks: Measuring extreme risk connectedness between China’s financial sector and real estate sector

Zisheng Ouyang and Xuewei Zhou

The puzzle of household wealth preservation and corporate innovation

Jiaxin Wang, Jiemei Liu, Jiawei Wang, Xiang Huang and Yu Liu

Return-volatility relationships in cryptocurrency markets: Evidence from asymmetric quantiles and non-linear ARDL approach

Muhammad Mahmudul Karim, Md Hakim Ali, Larisa Yarovaya, Md Hamid Uddin and Shawkat Hammoudeh

The dynamic risk profiles and management strategies in supply chain coopetition under altruistic preference

Lin Meng, Wangyong Lv, George Xianzhi Yuan and Huiqi Wang

Market uncertainty, persistent arbitrage-free violation, and price discovery in RMB market

Ke Xu, Yu-Lun Chen and J. Jimmy Yang

Farmland transfer and rural financial structure: Evidence from China

Meishan Jiang, Krishna P. Paudel, Yunsheng Mi and Jingrong Li

When do investors go green? Evidence from a time-varying asset-pricing model

Lucia Alessi, Elisa Ossola and Roberto Panzica

Does better firm information disclosure enhance institutional blockholder monitoring on information asymmetry? Evidence from 10-K readability

Wonseok Choi and Chune Young Chung

Short-termism in financial decision-making: Uncovering the influence of managerial myopia on corporate financial asset allocation through MD&A textual analysis

Chen Chen, Tao Wang and Ximeng Jia

Capital liberalization, growth and moral hazard: Lessons from the global financial crisis

Can Verberi, Sema Yasar and Ibrahim Halil Sugozu

Do firms that state they are financially constrained tend to reinvest more of their profits?

Camila Figueroa, Gonzalo Iberti, Julio Riutort and Rodrigo Wagner

Debt financing of SMEs: The certification role of R&D Subsidies

Andrea Bellucci, Luca Pennacchio and Alberto Zazzaro

Corporate digital transformation and labor structure upgrading

Bin Dou, SongLin Guo, XiaoChen Chang and Yong Wang

Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis

Daisuke Tsuruta

Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains

Wandi Zhao and Yang Gao

Trade credit provision and stock price crash risk

Meng Wang, John W. Goodell, Wei Huang and Ying Jiang

Time-varying bond market integration and the impact of financial crises

Weiping Qin, Sungjun Cho and Stuart Hyde

Political preferences and stock markets

Phuc Lam Thy Nguyen, Rasha Alsakka and Noemi Mantovan

Governments' fiscal stress and firm decentralization

Ling Zhu, Shasha Liu and Dongmin Kong

Effect of low-carbon innovation on carbon risk: International firm-level investigation

Liyan Han, Chen Xie, Jiayu Jin and Yang Zhao

Measurement and contagion modelling of systemic risk in China's financial sectors: Evidence for functional data analysis and complex network

Sihua Tian, Shaofang Li and Qinen Gu

Machine learning approaches to forecasting cryptocurrency volatility: Considering internal and external determinants

Yijun Wang, Galina Andreeva and Belen Martin-Barragan

Spillovers of joint volatility-skewness-kurtosis of major cryptocurrencies and their determinants

Elie Bouri and Naji Jalkh

GameFi: The perfect symbiosis of blockchain, tokens, DeFi, and NFTs?

Juliane Proelss, Stéphane Sévigny and Denis Schweizer

Does labor unemployment insurance affect corporate tax aggressiveness?

Erik Devos and Shofiqur Rahman

Cultural similarity of non-local independent directors and financial reporting quality

Yanni Zeng, Mengna Liu, Ashley Ding, Rui Xu and Hao Zhang

A new view of risk contagion by decomposition of dependence structure: Empirical analysis of Sino-US stock markets

Yanting Zheng, Xin Luan, Xin Lu and Jiaming Liu

Black mouth, investor attention, and stock return

Ziyang Hong, Qingfu Liu, Yiuman Tse and Zilu Wang

The insidious hyperreality in financial markets: An integrative review with evidence from the Indian financial market

Samriddhi Dhasmana and Sandeep Goel

Religion and the financing of corporate investment around the world

Charilaos Mertzanis, Athanasios Pavlopoulos, Apostolos Vetsikas, Dimitrios Reppas and Philip A. Hamill

ESG positioning in private infrastructure fundraising

Samuel Duncombe, Min Park, Monika Tarsalewska and Grzegorz Trojanowski

Frequency connectedness between FinTech, NFT and DeFi: Considering linkages to investor sentiment

Samet Gunay, John W. Goodell, Shahnawaz Muhammed and Destan Kirimhan

The impact of COVID-19 on the relative market efficiency and forecasting ability of credit derivative and equity markets

William J. Procasky and Anwen Yin

From low resource slack to inflexibility: The share price effect of operational efficiency

Hamed Yousefi, Kenneth Yung and Mohammad Najand

Optimal trend-following with transaction costs

Valeriy Zakamulin and Javier Giner

Digital finance and enterprise investment efficiency in China

Ying Lin, Xiaohan Yan and Xiuyun Yang

Effects of mergers on network models of the financial system

Daniel Nevermann and Lotta Heckmann-Draisbach

Diversification measures: Mutual fund family case

Anna Agapova and Margarita Kaprielyan

Asymmetric effects of fair value adjustments on dividend policy

Alexandros Sikalidis, Konstantinos Bozos and Georgios Voulgaris

Gender diversity and financial flexibility: Evidence from China

Jiamin Hu, Kailun Li, Yifei Xia and Jianing Zhang

The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder

Houyin Long, Zhifeng Wu, Xiang Huang, Jiaxin Wang and Qihao Zhang

The effects of economic and financial shocks on private investment: A wavelet study of return and volatility spillovers

Gvs Chiranjivi and Rudra Sensarma

Agency problems and corporate social responsibility: Evidence from shareholder-creditor mergers

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

Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data

Wenyang Huang, Huiwen Wang and Yigang Wei

The impact of bank FinTech on commercial banks' risk-taking in China

Xin Wu, Tianhe Jin, Keng Yang and Hanying Qi

Dynamic spillover effects of global financial stress: Evidence from the quantile VAR network

Shaobo Long and Zixuan Li

Connectedness between monetary policy uncertainty and sectoral stock market returns: Evidence from asymmetric TVP-VAR approach

Syed Raza, Arshian Sharif, Satish Kumar and Maiyra Ahmed

Effect of Russia–Ukraine war sentiment on blockchain and FinTech stocks

Emmanuel Abakah, David Adeabah, Aviral Tiwari and Mohammad Abdullah

Valuation of callable range accrual linked to CMS Spread under generalized swap market model

Jie-Cao He, Chang-Chieh Hsieh, Zi-Wei Huang and Shih-Kuei Lin