Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

From Elsevier
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Volume 86, issue PB, 2025

Private and public debt: How much risk?

Maria Elisa Farias

Digital finance development, intellectual property protection, and regional innovation

Xiaojing Huang, Lei Ma, Rao Li and Yanke Mo

Does home bias amplify the disposition effect? Evidence from retail forex trading

Guiming Han and Alex Preda

Executive human capital premium and corporate stock price volatility

Ying Cheng, Weichen Chen, Shaoqing Liu and Zhouzhou Li

The VaR-based Probability Equivalent Level under the Esscher premium principle

Limin Wen and Yi Zhang

How does strict financial supervision affect corporate green credit: Empirical evidence from the new capital management regulation

Yanzi Liang, Han Le and Zheng Lu

Digital finance and sustainable lending in rural china: The role of fintech in green credit expansion

Zhao Jia, Tianyuan Feng and Huiting Jing

Crypto adoption, legalization, and sovereign credit ratings: evidence from ridge regression

Ilan Alon and Orpaz Keinan

Research on the impact of ESG performance on enterprise resilience

Xiaofen Huang, Zhen Dong, Zhongsheng Zhou and Jiachun Dou

How does supplier concentration affect firm trade credit

Chunling Li and Diandong Luan

ESG-oriented boards of directors and fintech risk management

Lu Liu and Ming Shao

ESG initiatives and investment efficiency in energy industries: The moderating role of regulation

Yongyi Cai, Xuefen Xiao and Yanmei Hu

Digital economy advancement and enterprise productivity transformation: Empirical evidence from Chinese healthcare listed companies

Donglei Yu, Dianyi Wang and Xiaohuai Huang

Tax deductions, financial leverage, and firm value

Ruoying Yang and Xiangrong Li

Financial innovation in supply chains and debt contagion: evidence from manufacturing industries

Yang Liu and Lei Wang

Wealth accumulation, financial asset diversification, and future confidence: a behavioural economics perspective

Dan Li, Xinxin Luo, Wen Liang and Xiaocong Yang

The impact of investor relations management on market pricing efficiency

Qibo Zhou and Wen Li

Mechanisms of digital finance on collaborative innovation of small and medium-sized enterprise clusters

Boyu Zhao, Conglei Yu, Feng Zhao and Lingli Wang

Legal determinants of ESG growth: cross-national evidence from regulatory reforms

Ruqing Huang, He Cui and Xu Sun

Can CEOs' overseas background facilitates enterprise internationalization breadth?

Xiao Sun and Honghai Sun

Can digital leadership facilitate breakthrough innovation information dilemma in enterprise?

Chenyu Li and Yulin Tian

The (In)stability of the international monetary system without direct default costs

Rongyu Wang and Tim Worrall

CSR news and public reaction: The moderating effect of individualism

Jinmeiyang Wang and Niancong Zhang

Digital trade facilitation and GVC restructuring: Implications for manufacturing upgrading in developing countries

Yanting Li and Zhiyu Wang

Political uncertainty and market regimes: Clustering evidence from the 2024 U.S. election cycle

Apostolos Ampountolas

When the FED speaks their tone, do international financial markets respond?

Thu Thanh Luu and Minh Quang Tran

Mean–variance optimization of terminal wealth and consumption

Marcos Escobar-Anel, Gaurav Khemka and Rudi Zagst

Signaling legitimacy for technology differentiation: the distinct roles of government subsidies

Li You, Jingwei Xu, Wenkang Qiu and Bing Liao

Does supply chain digitalization enhance urban economic resilience?

Yao Lu

Detecting bubbles via deterioration in machine learning predictive accuracy

Koutaroh Minami

LSTM-based dynamic correlation forecasting with economic conditions

Jeonggyu Huh, Seungwoo Ha and Seungwon Jeong

Big data applications, technological empowerment, and corporate ESG performance

Yifei Yang, Jingyi Lyu and Yajun Wei

Climate risk cognition and corporate ESG performance: The moderating role of Confucian culture

Yun Wang

Does ESG narrative specificity mitigate rating disagreement? evidence from ESG reports in China

Ming Qian, Zeyi Wei and Ruobing Bai

When real estate trembles: Spillover effects on stock price volatility under China’s “Three Red Lines” policy

Dengjin Zheng, Jingtian Gao, Wei Zhang and Jiwon Kwon

Audit committee status and gender diversity: Implications for real earnings management

Astrid Rudyanto and Yuanto Kusnadi

Time–frequency risk spillovers between Chinese climate policy uncertainty and the stock market

Yao-Long Zhu, Ruihan Li and Peipei Liu

Digital intelligence and low-carbon transition risk: Evidence from China

Jiazhen Wang, Youpeng Han, Huaigang Long and Xinyu Zhang

Financial expertise vs. AI momentum: Why CFOs temper cross-border deals

Deqing Jin, Yu Dongwen and Guo Xiaofei

Climate physical risk vs. climate transition risk: Evidence from typhoons with different nomenclature in China

Shupei Huang, Brian Lucey and Xinya Wang

Real estate ETFs as a pathway to property ownership for young Australians

Abbas Valadkhani, S M Miraj Ahmmod, Janine Muir and John Webster

Range of analyst target prices

Kotaro Miwa

Impact of fintech on carbon emissions in China: Evidence from the perspectives of green finance and financial efficiency

Xiaoqiang Cheng, Wenjuan Guo, Yue Teng, Dingjun Yao and Hua Zhou

Digitalization and agricultural businesses’ environmental sustainability

Yanyan Cao and Lu Tang

The dual path of fintech in alleviating ESG decoupling: A dynamic balance between short-term and long-term effects

Ruiyun Wanyan and Tongpu Zhao

Digital transformation of enterprises, degree of internationalization, and performance in cross-border mergers and acquisitions

Ziyue Xuan and Qun Yan

How ESG performance shapes institutional investor preference? The mediating role of scale efficiency

Yaoyao Song, Shikun Luo, Aihua Li and Guowen Li

Ecological service value and the development of green finance: The grouping effect of environmental penalty intensity

Jingjing Yu, Yanhong Liang and Kang Wang

Digital economy and SME financing costs: Evidence from China

Han Zhou, Yushan Cheng, Xiaofeng Chen and Gengchen Li

The impact of ESG reporting audits on investor decisions: evidence from the capital market

Chunbao Wang and Junxuan Li

Entrepreneurial risk attitude, credit accessibility, and entrepreneurial income

Yan Zhuang, Shuo Qiao and Jiawei Ren

Acquisition of financial resources, dynamic capabilities, and embedding in corporate ecosystem platforms

Junyi He and Feng He

The short-term reaction of financial markets to the U.S. trade tariff announcement

Burcu Kapar, Steven Buigut and Syed Mabruk Billah

Research on the impact of supply chain finance on new quality productivity in private enterprises

Chengyou Li, Yuxin Li, Fang Dong and Qingbin Tan

A novel utility-based approach for enhanced indexation

Chao Wang and Minna Zhou

Financing constraints of listed agricultural companies, agricultural product processing output value, and supply chain finance

Xing Zhang and Hong Jin

Promotion-driven growth targets and managerial myopia: Evidence from China

Yihan Wang, Xiangnong Yu, Baolin Ma and Qingcheng Huang

Analyzing the response of energy and major financial assets to global financial risks: a time-quantile analysis in a volatile global environment

Tomiwa Adebayo, Manuel A. Zambrano-Monserrate, Oktay Özkan and Ojonugwa Usman

Do ESG incidents matter for corporate cost of debt? Evidence from China

Linqi Du and Na Lu

Digital economy in rural areas and credit costs: mediating role of financial inclusion

Wei Wang and Xiaoyu Bai

Immigrant entrepreneurs and exit decisions in new tech ventures: insights from a scenario-based survey study

Ramy Elitzur, Ilanit Gavious and Orit Milo

Investor perception of ESG-linked credit risk during the COVID-19 pandemic for U.S. and European firms

Mikhail Klimenko and Kirill Romanyuk

No cash hoarding under storms: The pushback effect of growth opportunities

Bao Cong Nguyen To

Analytic solutions for pricing American style options

Lingfei Li, Jingyu Wu, Minting Zhu and Mancang Wang

Hidden costs of government-guided funds: Evidence from executive-employee pay gaps

Duan Ji, Ming Liu, Dan Li, Hong Fan and Feng Zhan

Nip in the bud:Spillover effect of customer earnings pressure on supplier audit fees

Huicong Li, Jiayi Liu and Chao Wu

Benchmarking equity crowdfunding attractiveness: Evidence from the G20

Norah Almubarak

The value of accessing the stock lending market: Stock lending income bond and asset prices

Seungho Jeon, Nanying Lin and Li Yu

Impact of digital marketing stimuli on product sales in platform enterprises: Moderating and heterogeneity effects of consumer attention

Weina Ma and See Chen Yong

Labour intensity and systematic risk

Paulo Morais Francisco

How educational finance affects the “generational Chain” of poverty in China

Rui Jin, Yuxuan Li and Mingren Zhao

Rural financial services and agricultural technological innovation

Lili Yang and Meiqi Li

Financial risk under differences in legal efficiency: An analysis of the moderating effect of judicial transparency

Bin Li and Li Li

Algorithmic transparency, financial stability, and enterprise digital transformation

Mengjie Gao, Jinxiong Peng and Hetong Wang

Geopolitical risk and ESG rating divergence: Global evidence

Xuehui Huo and Haiquan Shi

Technology acquisition structure and employment in Chinese enterprises

Yue Jin, Zichen Chao and Yutong Du

How does the fair competition review system promote cross-regional capital flows: An examination based on an "institution-market" dual empowerment framework

Wu Yubin, Chen Jiachuang, Sun Zhujun and Hu Haiyan

Deviations from Benford’s law in asset valuations: Market prices vs. expert estimates

Manuel Cano-Rodríguez

How does biodiversity risk exposure affect corporate regulatory intensity?

Thanh Tat Tran, Khanh Hoang, Thanh Ngo, Thang Xuan Nguyen and Hien Thi Thu Tran

Financial connectivity and resource security under the belt and road initiative: An empirical analysis of sovereign debt, FDI, and military expenditure

Wen Chen and Weiyang Lou

Forecasting volatility in the Chinese stock market: Comparative performance of carbon transition risk indicators

Dexiang Mei, Qin Luo and Sisi Zhang

The impact of corporate legal governance on financing efficiency: An empirical analysis based on corporate governance structure and legal risk

Rukun Chen

Green financial policy reform, financing constraints, and corporate risk-taking

Yixue Hao, Jia Liang and Kunyuan Liu

Real estate price fluctuations and institutional misconduct

Mingya Hu, Yongjie Zhang and Xu Feng

Urban sustainable development policy and corporate carbon emissions

Ying Peng, Jun Liu and Yang Wang

Does fear sentiment drive cryptocurrency volatility? Evidence from Google trends data

Pratik Biswas and Chandan Sharma

Coordinator or colluder: Institutional investor network and excess goodwill

Ziang Chen, Junrui Zhang and Tingting Liu

Sovereign credit ratings: the ripple effect of investor protection

Oussama Ben Hmiden, Max Berre and Maria Tselika

Volume 86, issue PA, 2025

Belief dispersion in credit markets: Evidence from CDS-Bond basis

Jinhuika Ying, Huasheng Su, Shouchao He, Guchuan Qiu and Xuezhen Chen

Long-term market reactions to FDA Phase III clinical trials announcements

Zvika Afik, Yaron Lahav and Bat-El Zaguri

Impacts of digital transformation on the innovation of capital appreciation models in property management enterprises

Weifeng Xue and Stephenshingwai Lau

Credit and financial cycle synchronization impact on sovereign credit risk

Duc Khuong Nguyen and Nikos Paltalidis

Utility maximization of household with information learning and health shocks

Hao Wang, Tak Kuen Siu, Ning Wang and Rongming Wang

Signaling effects of trade credit contracts in a dual-financing framework

Xiaoxing Chang and Boshi Tian

Investing with a political lens: Partisanship and stock market predictions in Japan

Hanako Ohmura

The development of digital finance, equity pledge behavior, and the quality of information disclosure

Tao Song, Mohan Tian and Dongwei Li

The Anti-Unfair Competition Law and total factor productivity of enterprises

Maoyue Zhang, Linglan Xia and Yuefeng Wang

Memecoin contagion: Irrationality, illicit behaviour, and Cryptocurrency risk

Thomas Conlon and Shaen Corbet

Climate–biodiversity–finance nexus: Comparative evidence from the U.S. and China

Guorong Chen, Xiaoyun Xing and Jing Deng

Party organization embedding, government-business connections, and corporate access to finance

Miaoli Zhao and Peng Wang

Can the involvement of firms in rural revitalization advance the area’s agricultural and rural modernization level?

Huang Qian, Peng Du, Lingli Xu and Siming Yu

Data-driven hiring in firms: Evidence from the launch of Chinese public data platforms

Meizhen Deng, Jiapeng Gao, Gecheng Yuan, Linyu Ke and Junchen Yao

Supply chain financial risk assessment: A modified graph attention neural network

Ying Liu, Shuang Liu and Yu Lu

CEO legal liability, financing cost, and Firms’ S&T innovation efficiency

Ruixin Luo and Rong Fu

Global uncertainties and performance of Indian firms: A comparative study of geopolitical risk and economic policy uncertainty

Gaurav Mitra, Vandana Gupta and Gaurav Gupta

Stock market reaction to green bond announcements: The role of firm sustainability

Urol Berdiev

Robo-advisory services and bank risk: Evidence from Chinese commercial banks

Chen Wu and Zhiyong Dong

When green turns brown: Green premium revisited

Iengchuo Tang, Roshanthi Dias, Di Mo and Xiao Tian

Bitcoin price modelling via analysis of Google Trends data: Lévy-based approach

Ekaterina Morozova and Vladimir Panov

The financial effects of the board of directors: how party organization embeddedness influences corporate innovation investment?

Yuqin Deng and Han Yu

The impact of intellectual property rights protection strength on the digital transformation of manufacturing firms

Xinzhong Dong and Yang Li

Intellectual property protection and industrial chain security under the background of technology blockades: Analysis of the moderating effect based on dynamic capabilities theory

Lei Zhou and Ji Wei

How digital finance promotes industrial diversification: the role of road freight as a moderator

Cairang Angxiu, Chengli Shu and Zhendong Jin

Digital finance, green development and high-quality development of the tourism industry

YongSheng Huang and Zexuan Huang

The impact of culture and tourism integration on the high-quality development of the tourism industry: An analysis based on heterogeneity and threshold effects

Xiaodan Xu and Jiaohui Yu

An analysis of the synergistic influence of innovation factor resource allocation, employment quality, and financial resource misallocation

Ting Wang and Yuhan Chen

Trump tariff policies shock information flows across major global equity markets

Chun-Xiao Nie

Green finance reform pilot zones promote green technology innovation in industrial enterprises

Bo Jin, Yutong Xie and Jie Huang

Information Transparency, Media Supervision, and Financial Stability

Dongfang Hu

Can digital product innovation enhance corporate market competitiveness?

Wen Liu and Zhenlong Miao

Extreme weather risks, agricultural investment, and agricultural economic resilience

Cheng Zhou, Hao Chen and Yongqian Tu

Digital inequality, uncertainty risk and rural residents' consumption

Tianrui Zhao and Shiyou Zhu

Performance of portfolio selection using the MARCOS model with machine learning-based prediction

Zhipeng Ge, Yinze Wu, Zhijuan Deng, Puliang Du and Andi Zheng

Controlling shareholder equity pledges and corporate litigation: The role of organization participation in corporate governance

Zhaozeng Ding

Impact of economic risk on sovereign environmental, social, and governance performance: global evidence

Jiawei Liu, Yaobo Shi and Shenghao Yang

Chips and sanction: The impact of semiconductor export controls on stock volatility in China

Meng Cai and Jianguo Xie

Valuing cryptocurrencies: A model of price and hashrate

William C. Johnson

Industry-adjusted book-to-market ratio and value premium

Jinyong Kim, Yongsik Kim and Seunghyun Lee

The patent law, supply chain finance level, and corporate cross-regional mergers and acquisitions: A quasi-natural experiment of the fourth amendment to the patent law

Huatao Zhang, Chen Yong, Lixin Zhou, Liufang Xie and Zhangzhang Chen

Supply chain finance and tourism enterprise resilience in the context of economic policy uncertainty

Wenjie Xu and Wenqiang Xie

Tax incentives, financial subsidies and high-quality development of enterprises

Xue Zhao, Guoqing Liu and Xiaorui Zhao

Digital financial inclusion and the effect of impoverished borrowers’ behavior

Funing Liu and Chunxing Sun

Financial inclusion and common prosperity——cross-country evidence

Yuan Li and Nan Zhou

Cautious but short-sighted: Inflation and mortgage strategy in low-income households

Mordechai Ilan and Yevgeny Mugerman

Global and regional transmission of ESG policy uncertainty: Evidence from developed and emerging markets

Kingstone Nyakurukwa, Yudhvir Seetharam and Chimwemwe Chipeta

State transitions and momentum effect in cryptocurrency market

Chia-Hsun Hsieh, Pao-Hsien Huang and Hung-Chun Liu

The impact of technology ethics governance on the development of corporate artificial intelligence: A quasi-natural experiment based on technology ethics review

Xiaoyu Xie, Kaiyuan Gu and Xiaoxiang Wang

News intensity and volatility dynamics in large- and small-cap stocks: A non-gaussian SVAR approach

Erhan Mugaloglu, Emrah Kocak and Umit Bulut

Application of blockchain technology, financial deepening, and internal income distribution within enterprises

Mi Wang, Youxiang Sun and Jirui Wang

Does local fiscal pressure inhibit the labor income share of enterprises?

Yixin Xue and Zhenni Wang

Digital rural pilot policies, financial service innovations, and rural industrial transformation

Hui Wang, Wen-Nanxiang Wang and Liming Xiong

How does the level of digital governance moderate the impact of blockchain technology on green credit issuance?

Zhuo Zeng and Jian Tang

Implementation of the new environmental protection law, patient capital, and corporate sustainable development

Haoran Li and Mingyu Lu

Environmental protection tax and green low-carbon development

Xiuling Wu and Xueli Sun

Corporate social responsibility, market business environment, and stock price crash risk: an analysis from the stakeholder perspective

Cuidan Wu, Muyan Ling, Dongde Hou, Zhongliang Dai and Xiangjian Zhang

Corporate sustainable development performance, green marketing, and consumer preferences

Hairu Gu, Ratneswary Rasiah and Huayi Ge

Investor attention, corporate investment in technological research and development, and innovation output

Weimin Yan

Social capital, government intervention, and regional economic resilience

Jun Gou, Changjian Hu, Wengang Xie, Yanlin Si and Yanling Li

Digital marketing, transaction costs, and corporate market power

Jiangting Tang

Pilot free trade zones, technological innovation, and corporate debt financing capacity

Saijun Wu, Min Hong and Kexian Zhang

Technological innovation capability, marketing input intensity and stock price crash risk

Hengshan Cao

Digital pension systems, economic growth, and alleviation of elderly poverty

Xue Wu

How does supply chain finance drive corporate green transition? The role of credit resource availability

Congying Fan and Ke Peng

Rural inclusive finance, human capital and agricultural total factor productivity

Nan Chen and Hao Hu

How terrain complexity affects the equalization of regional basic public services: A fiscal decentralization perspective

Meizhe Song, Yuling Liao and Jianghao Liu

Household financial environment, financial literacy and fraud risk

Haotian Yang and Xiang Li

Innovation in external supervision systems, business environment, and corporate financialization: a quasi-natural experiment based on the pilot program of prosecutorial administrative public interest litigation system

Chao Lou and Shaojing Xie

High-tech enterprise identification policy and corporate charitable donations: A perspective on the spillover effects of innovation policy

Xiaoting Lyu and Yueyang Zhao

Supply chain finance, information transparency, and corporate earnings management

Shoukun Li and YuXue Xu

Suppression or rebound? How does legal construction influence corporate violations?

Lu Zhang and Hao Wu

Does common institutional ownership matter for equity mispricing

Qian Sun, Linyun Ge, Yitang Gao and Zixi Zhang

ESG ratings, information transparency and stock price crash risk

Xiaoyong Xu and Ao Wang

Digital transformation of energy enterprises, ESG performance, and green total factor productivity

Dawei Xue and Zhihong Zhu

Can blockchain technology promote digital governance? An investigation of fintech’s mediating role and heterogeneity

Quansong Qi

Can green finance development inhibit corporate green bubble?

Yuxin Zou and Kyong Won Park

How do the digital capabilities of platform enterprises drive green innovation?

Jincheng Fang and Liduan Lin

When do the competitive effects of artificial intelligence investment emerge?

Liang Xiao and Youtian Zhang

The Impact of state-owned capital intervention on the innovation capability of private high-tech enterprises

Xian Liu and Yirui Han

Digital transformation and M&A premiums

Xiaorui Han and Puge Cui

How ESG performance aspiration gap affect the supply chain stability?

Hengfeng Zhang and Jing Wu

Does the improvement of financial inclusion enhance the distribution of sports resources between urban and rural areas?

Lijin Zhao and Min Liu

Nash equilibrium in insurance pricing and investment under common shocks

Jinjin Zhang and Caibin Zhang

From data to decision: How supply chain network restructuring resolves cost stickiness?

Zhicheng Chen, Heng Wang and Qichun Wu

Honesty pays off: Climate risk disclosure credibility and firm value

Bin Yang, Chenliang Zhu, Cheng Xiang and Yuhan Cao

Impact of investor sentiment on trading behavior using tick-by-tick data

Shaobin Wang and Ming Feng

Does enhanced judicial protection reduce illegal overtime work? Evidence from China's circuit court reform

Jun Chen, Bowen Wang and Xue Lei

BNPL and financial fragility in U.S. households

Ficawoyi Donou-Adonsou and Neleen Leslie-Piper

Green credit, industry competition and corporate green innovation

Qingqiang Meng and Shengben Wang

Stock liquidity and corporate OFDI: Evidence from China’s capital market

Weizheng Sun, Ling Yang, Xiaoyue Zhang and Ke Ma