Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

From Elsevier
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Volume 85, issue PB, 2025

Do whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers

Stefanie Moser

Analyzing rational speculative bubbles in S&P 500 index sectors through fractional integration and generalized link-based additive survival models

Robinson Dettoni, Luis A. Gil-Alana and Cliff Bahamondes

Cross-listing versus QFIIs: Foreign investors heterogeneity and stock price crash risk

Qianyun Zhuo and Xiaoli Liu

Asymmetric return–volatility relationship of uranium investments

Neda Todorova

Early warning of cryptocurrency reversal risks via multi-source data

Zong Ke, Yuqing Cao, Zhenrui Chen, Yuchen Yin, Shouchao He and Yu Cheng

The impact of health concerns on household financial asset allocation in the context of population aging

Degang Li and Lili Bo

Bank credit risks and house prices revisited

Linlin Ye, Dongliang Pan and Zonghan Li

The Moby Dick effect: Contagious Bitcoin whales in the crypto market

Nicolás Magner and Aliro Sanhueza

How does the new energy demonstration city pilot affect corporate green M&A: Evidence of A-share listed companies in China

Zihao Li, Xuechun Tang, Zihan Xu and Feng Mi

U.S. interbank risk spillover network: Temporal dynamics and external shocks

Yue He, Miaomiao Tao and Xiaohang Ren

Effect of coupling and coordinated development of green finance and fintech on corporate risk-taking: Evidence from China

Dingjun Yao, Yu Zhang, Jinzhan Hu and Kun Fan

Information barrier, audit quality, and organizational resilience

Ke Cui, Tianjing Liu, Yunyong Wu and Lina Ding

Decoding CSR report: How report readability and tone influence M&A target and acquirer likelihood

Yufei Li

Copula-based dynamic networks for forecasting stock market volatility

Shahab Nankali, Laleh Tafakori, Mahdi Jalili and Xiaolu Hu

A Safe Haven Index

Dirk G. Baur, Thomas Dimpfl and Javier Pena

How does governmental accounting and financial supervision affect the quality of analysts’ forecasts?

Guangqiang Liu, Yifan Zhang and Chun Liu

Executives' financial background, artificial intelligence empowerment, and corporate human resource management

Jialian Wen and Jiayi Song

Digital economy on high-quality manufacturing development: a spatial spillover and regional coordination perspective

Jueping Xie, Canyang Xue, Jiaxin Zhou and Huaiying Lei

Social credit improvement, high abnormal audit fees and audit quality

Li Li, Zheng Jin, Jiawen Yuan and Haihong Cui

The dynamic relationship between mobile payment penetration and cross-border e-commerce transaction volume: An examination of the mechanism of financial innovation

Xuan Chen and Yadan Deng

How does digital technology application affect tax compliance?

Liangliang Han, Yunqiao Wang, Jiaqi Sun and Zheyu Sun

The mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment

Shifei Zhao, Jianwu Liu and Guizhong Jiang

The impact of the digital divide on household wealth accumulation

Zhe Li, Chuyu Zhi, Qinghai Li and Hua Qin

The micro-determinants of portfolio allocation shifts in mutual funds: Evidence from machine learning models

Fabrizio Ferriani and Sabina Marchetti

Can digital inclusive finance promote rural revitalisation?

Xiuli Zhao, Haili Lin and Wenjuan Zhang

Are managerial cognitive biases priced in Japan? Evidence from cross-sectional portfolio returns

Ying Chen, Kei Nakagawa, Yosuke Kimura and Kotaro Inoue

Understanding financial stability through the lens of geopolitical risk in China: The influence of policy uncertainty on climate change

Mohammad Haseeb, Muhammad Usman and Fei Fan

Green financial policies and executive opportunistic share reduction

Haiyang Jiang and Zeyu Yang

Fractal insights into overnight and intraday returns: Unraveling global market heterogeneity

Yuancheng Si and Saralees Nadarajah

On compensation incentives, managerial overconfidence, and payout policy

Artem Anilov and Irina Ivashkovskaya

Navigating the impact of environmental uncertainty on AI technology innovation: Managerial sentiment as a mediator

Ming Fang, Chiu-Lan Chang, Mengling Lin and Zhiyan Zheng

Value of organization capital: Does market competition and group affiliation matter?

Akanksha Saxena, Smita Mazumdar and Himanshu Seth

Overpriced equity and financialization

Zhichao Yu and Yeqiang Geng

The impact of digital finance on carbon emissions of manufacturing enterprises

Qian Lyu, Binkai Chai and Zhensheng Tao

The impact of VAT revenue sharing on corporate investment: Evidence from China

DouDou Xue, Yongxin Ma, Xuanrui Zhang and Zhuo Song

The signaling role of government subsidies: Ambiguity reduction and corporate innovation in China

Le Luo and Junhao Wang

Climate anomalies and corporate environmental governance: Empirical evidence from ENSO events

Shenglin Ma, Ramzi Benkraiem, Mohammad Zoynul Abedin and Hongjun Zeng

Policy coordination mechanism: Rural financial inclusion and public governance in developing countries

Yiming Wu, Yuxuan Li and Lichun Xiong

Green credit and environmental protection investment for the high-quality development of the tourism industry

Peigen Wang and Xiaoxu Wu

Legal factors driving ESG investment growth: Evidence from cross-border regulatory reforms

Conghao Huang and Ran Mo

Social credit environment, financing levels, and criminal crime rates

Xuwei Huang

Digital finance, labor productivity and manufacturing structural upgrading

Fenghui Xu and Hao Hu

Population aging, financial literacy and household consumption

Zhilong Ma, Ruoshui Jiao and CaiRang DongZhi

Climate change exposure and firm value: Evidence from low and middle income economies

Ömer Tuğsal Doruk

Shrinkage estimation of higher-order comoment matrices: Is complexity always better than simplicity?

Jianye Wang, Xuebin Chen and Yan Wu

Does managerial climate awareness affect green bond issuance? The moderating role of managerial myopia

Chaudhary Saad Ullah Hussain, Zhang Chenghu, Adnan Shoaib and Sidra Zia

Is it difficult to predict the price movements of high-volatility assets

Zhichao Lu, Yuhong Xu, Yue Zhang and Xinyao Zhao

Digital transformation, customer stability and innovation

Xuqian Wen and Lin Xiao

Investment efficiency and ESG performance: Does board governance matter?

Guan Wang, Mengchen Zhang, Zihao Ji and Junwei Qian

The impacts of climate policy uncertainty on stock market extreme risk spillovers

Kun Yang, Xinyue Huang, Wenhua Yu and Yu Wei

Artificial intelligence and resilience of supply chain in China’s listed firms: Insights into vertical spillover effects

Lu Yang, Manyu Huang and Haoyang Wang

Corporate digital transformation and cash flow volatility: An empirical analysis from a supply chain perspective

Mudan Lan and Yuhong Huang

Cooperative governance or profit extraction: the exit threat of non-controlling major shareholders and corporate cross-border M&A behavior

Yanting Li and Kaijie Yu

Exploration of credit risk contagion characteristics and mechanism under climate policy uncertainty

Zhengtao Cheng and Xinyi Chen

AH premium rate and A-share valuations: DCF analysis of cross-market predictability in dual-listed equities

Xiu Zheng

The box office as a leading indicator of investor sentiment

Guy Kaplanski

Chinese corporate greenwashing index

Ren Wang and Weihai Wang

Calendar-based clustering of weekly extremes: Empirical failure of stochastic models

Im Hyeon Lee

Have cryptocurrencies arrived in the system of fiat currencies? An appraisal based on monetary policy uncertainty

Efe C. Cagli and Thomas Dimpfl

Promoting efficiency through openness: Internationalization of capital markets and enterprises’ overseas investment efficiency

Zhengtao Cheng, Yong Ding and Ding Xiong

The nexus between climate risk and corporate green innovation: the moderating role of supply chain finance

Hongwei Zhao and Weidong Liao

Supply chain shareholding, climate policy uncertainty and total factor productivity of enterprises

Chenyu Guo, Yiming Zhang, Hao Gao, Xinkai Wu and Rongjie Lv

Cryptocurrency meets U.S. trade policy uncertainty in the Trump era: A quantile Granger causality test

Xiaofang Yi, Yijuan Shen and Yifei Cai

Do risk warnings predict capital raising? Evidence from 10-K disclosures and subsequent 8-K filings

Pieter de Jong

Currency digitalization: The supply, demand, and infrastructure aspects of china's central bank digital currency

Linshan Zeng, Martin R. Young and Wei Hao

Does CSR toward employees promote corporate innovation?

Marcellin Makpotche

The effect of managerial ability on workplace safety

Jingru Gao and Yunhe Dong

Domestic AI competition: Is DeepSeek a competitor or catalyst to Chinese AI firms?

Jiaying Ge and Xing Yang

Cost behavior and profitability of family firms

Abudy, Menachem (Meni) and Efrat Shust

FinTech and corporate digital technology innovation

Yanping Pu and Yonghui Cai

Biodiversity finance, green bonds, and tokenized carbon: a Quantile-on-Quantile connectedness analysis

Nader Naifar

Impact of digital financial literacy on corporate ESG performance

Suqing Fan, Wei Deng, Yanqi Zhou and Xiuqing Su

Can “more talk than deeds” digital innovation strategies gain preferential access to government resources?

Linjun Cao, Ke Liu and Lidong Wu

Does judicial protection of intellectual property promote corporate innovation?

Hua Wang, Bin Xing and Tianshu He

Environmental preferences, administrative penalties, and green innovation

Teng Ma, Yilin Li and Zhongyao Peng

Can the development of digital finance enhance the quality of export products? An analysis based on heterogeneity and moderating effects

Li Shen, Lishu Zhang, Yuanyuan Jiang and Sen Wang

Institutional configuration and industry green development from the perspective of digital capabilities

Pengfei Shi, Juan Huang, Yan Zhang, Xinrui Wang and Xingming Li

Pathways of artificial intelligence applications, financial resilience, and rural revitalization

Jiawei Cao, Haibin Tang and Yang Zhou

Registration-based IPO system reform and delisting risks of listed companies

You Zhou and Lei Sun

International sanctions and export restructuring: How economic integration among BRICS nations drives trade transformation in Russia

Ying Li and Jinhong Han

When climate policies waver: Firms, debt, and the investment-financing maturity mismatch

Chunzhi Tan, Junjie Liu, Junfeng Ma, Bin Liu and Boru Ren

Challenges in the Brazilian labor market: Pre- and post-pandemic wage gaps

Magno Rogerio Gomes, Solange Cassia Inforzato de Souza and Paulo Jorge Reis Mourão

From brown investment to green investment: Will the Russia–Ukraine war present opportunities or threats?

Hongwei Zhang, Beixin Fang and Liuguo Shao

Digital economy of trading partner countries, outward investment, and cross-border E-commerce exports

Guanzhe Han and Fenglei Li

ESG performance, capital introduction and ecological transformation of industrial structure

Yiming Chen

Digital business model innovation and operational efficiency

Xiaonan Peng

Digital transformation and the development of servitized manufacturing in China: An asset specificity perspective

Yunsong Ni and Jiaqi Sun

Big data tax collection and administration and quality of corporate accounting information

Yan Zhou and Yinhui Hao

Volume 85, issue PA, 2025

The dynamic changes and influence mechanisms of export complexity of China's A-share listed companies under the "Belt and Road" initiative

Wenkai Xie, Chunxiao Bi, Hao Li and Huajie Liu

The impact of financial statement indicators on bank credit ratings: Insights from machine learning and SHAP techniques

Min-Jae Lee and Sun-Yong Choi

The causal dynamics between geopolitical risks, climate risks, and Global ESG Equity & Green Bond Balanced Index

Yijuan Shen, Xiaoning Cui, Yating Zhu and Yifei Cai

New behaviorally-based cross-sectional reversal portfolios in the cryptocurrency market and market uncertainty

Kei Nakagawa and Ryuta Sakemoto

Cultural blueprint: Uncovering how merchant guild culture shapes corporate innovation

Xiaoliang Zhang, Jinjin Jiang, Zuxian Liu and Lijun Chen

Dependence of transition minerals on global clean energy and technology stocks

Gideon Ndubuisi and Christian Urom

Do geopolitical risks impede the global supply chain?

Chi Wei Su, Rongrong Dong and Meng Qin

Green Factory Certification, information asymmetry, and stock liquidity

Haobo Zhu, Hongyu Pan, Zhen-Xing Wu and Guan-Ying Huang

Do insider characteristics matter in opportunistic selling? Evidence from interpretable machine learning

Chun Tang, Ditian Zhang and Yacang Wang

Missing value imputation in environmental, social, and governance data: an impact on emissions scores

Nicholas Joseph Downing

Do “captive” spin-offs create value? Evidence from Korea

Hyung Cheol Kang and Sangwon Lee

Financial regulation, investment, and total factor productivity in enterprises

Yanni Ma and Chenyang Qi

Coupling coordination analysis between public sports service equalization and the digital economy

Yawei Wang and Qinqin Lin

Media-driven greenwashing hype and stock price crash risk

Ruihang Huang and Miaoqing Xi

Engine in the digital wave: How venture capital accelerates the transformation journey of GEM enterprises

Huiyuan Han, Juanjuan Chen and Chenhui Yu

Beyond the balance sheet: SME financing strategies for fixed assets amid constraints

Marvelous Kadzima, Reon Matemane, Michael Machokoto and Tesfaye T. Lemma

Risk perception and risky asset allocation: A new approach

Rolando Rubilar-Torrealba and José L. Ruiz

The digital domino effect: Quasi-experimental evidence on state-driven enterprise transformation

Yiding Tang, Zhixuan Shen, Xingzhi Qiao and Xi Wen

Talking Trump and tanking markets

Yuqi Zheng and Brian Lucey

Green bond and greenwashing: New insights from Chinese firms

Yenan Li, Zhengjie Yang and Xiangyu Dong

The dynamic relationship among digital inclusive finance, integration of industries in rural areas, and rural revitalization

Yuhan Zeng and Xia Zhou

The impact of digital finance on the digital transformation of cultural industry enterprises

Yuwei Ni, Hao Gu, Chengxiong Ou, Lei Wu and Xi Song

Digital technology innovation, value chain reshaping and digital transformation

Zegang Liu, Wen Cheng, Mei He, Chaojun Duan and Xingchen Pan

Artificial intelligence, supply chain finance, and corporate investment efficiency

Yanfang Liu and Ruijun Hu

Global value chain position and corporate cash holdings

Guangzhong Li, Guanghua Li and Rongbing Xiao

Does public debt deter donor financing for renewable energy? Evidence from low- and middle-income countries

Deepak Kushawaha

Public opinion shaping: The impact of corporate digital transformation on analysts' optimistic forecast bias

Cunzhi Guo, Kung-Cheng Ho, Yujing Gong and Jia-Qi Yu

Financial crime risks in environmental, social, and governance (ESG) investment: Perspectives on greenwashing and false disclosure

Luyang Wang, Ruoyu Tang and Xiang Zhou

Financial pension security, digital literacy, and the well-being perception of the elderly population

Dianfei Luan, Bing Xu and Lichang Chen

Detecting financial fraud risk using machine learning: Evidence based on different categories and matching samples

Huishui Su, I-Ming Jiang and Duan Liu

Fiscal decentralization and urban-rural inequality of income acquisition opportunities: Micro evidence from China

Xiaolei Zhang, Yun Zhu and Aocheng Hou

Learning for practice? The impact of executives' higher education experience on corporate entrepreneurship

Jinxia Peng and Li Ding

Nonlinear effects of firm internationalization on the maturity mismatch: Evidence from China

Jing Xu, Xianming Wu and Xuelin Bu

Does digital finance facilitate enterprises’ overseas expansion? Evidence from Chinese A—Share listed companies

Ling Xin, Yunge Han and Xiaoyan Cui

Managerial sentiment, macroeconomic uncertainty, and stock liquidity: Evidence from India

Asis Kumar Sahu, Byomakesh Debata and Saumya Ranjan Dash

Exploring the impact of sentiment on the relationship between daily herding and investor attention in the cryptocurrency market

Jaemin Jung and Byoung Ki Seo

Impact of temperature variability on supply chain resilience in China: Mechanisms and insights

Lian-Xing Yang, Yin-Ting Zhang and Mo-Lei Chen

Digital transformation and profitability in rural commercial banks

Qing He, Zhaoyi Tong, Haoning Mai, Yang Shen and Jing Jiang

The impact of revised securities law on listed companies’ information disclosure: A quasi-natural experiment

Jian Liu, Xuemin Deng and Wenjun Ouyang

Discrimination and its self-fulfilling nature in sovereign credit ratings

Yukun Jin, Keqiang Hou and Gongyan Yang

Changing workforce dynamics under the European Union Emissions Trading Scheme: job profiles and the color of the collar

Jana Boeckx, Kristof Struyfs and Wouter Torsin

Providing information in financing: Experimental evidence from all-pay auctions

Yiqun Zhu, Xiangdong Qin and Shumeng Wang

Beyond the courtroom: Exploring consumers’ trust and usage of ADR in financial dispute resolution

Yu-Cheng Lin and Yiling Liu

Artificial intelligence technology, risk taking, and financing costs of technology-based firms

Xiaoyu Liu and Yuanzhu Wang

Investor attention, corporate technology investment, and green innovation

Jie Gao and Wenxiu Hu

Digital technology and degree of internationalization – The mediating role of supply chain concentration

Chen Wang and Chunyuan Feng

Rhetoric vs. Reality: Unauthorized immigration and housing rents

Xinhui Huang, Wei Li and Luqi Xu

The impact of homestead circulation on rural households' income—Based on the mediating effect of non-agricultural employment

Fengrui Xue, Ximing Zhang and Hua Hong

The impact of client defaults on inflated rating of credit rating agencies: Evidence from China

Rui Huang and Chee-Wooi Hooy

Cryptocurrency market risk-managed momentum strategies

Ao Yang

Supply chain transparency and firm performance: the role of customer trust

Yiran Zhao, Wei Wu, Zhongqi Shen and Zheng Ji

Marketing investment, financial leverage, and corporate investment efficiency

Bo Wang, Jixiang Wang and Mengqi Zhang

Sustainability under fire: How China-US tensions impact corporate ESG performance?

Feiyun Sha, Jiawei Meng, Xiaoyu Zheng and Yaqi Jiang

The price of green justice: Environmental courts and cross-regional capital immobility

Wenqi Zhao, Moau Yong Toh and Yongmin Zhang

Digital finance, data elements, and artificial intelligence innovation

Jiwei Lu and Genhong Zhao

Can increased environmental expenditure reduce regional carbon emissions?

Li Chen, Xiaofang Li, Jiulong Zhu, Xiaoyan Tao, Bing Wang and Shijun Wang

Insider risk aversion and trade informativeness: evidence from pre-option-grant selling

Fei Fang, Chong Meng, Zhenyang Tang and Parianen Veeren

US-China tension and stock market performance in US and China: New insights from time-varying quantile causality method

Cheng Peng, Huimin Deng, Jiaquan Xie and Xiang Liu

Forecasting nonlinear green bond yields in China: Deep learning for improved accuracy and policy awareness

Lei Wang, Yan Wang, Jining Wang and Lean Yu

Can competitive culture affect corporate green innovation bubbles?

Guocang Yang and Mingliang Liu

Cocoon breaking: A dual-path exploration of occupational stigma in China’s insurance industry using grounded theory and structural equation model verification

Yuanchao Zhang, Xinlei Huang and Ying Ji

The impact of digital finance on protection of marine cultural heritage

Yongjia Xia, Yiming Zhang and Ruiqi Yang

The impact of digital transformation on enterprise supply chain finance

Shuquan Li, Xiangcai Kong, Marina Ianenko and Wentao Wang

Anti-monopoly law, corporate innovation, and labor income share

Jie Yang

Tax incentive policies, market competition, and corporate innovation

Yining Wang, Ning Zhou, Jie Gao, Ping Jiang, Ximu Yan, Mi Zhang and Lusha Chen

Artificial intelligence, human capital and firm-level total factor productivity

Liying Lei, Hui Feng and Jingjing Ren

Digital inclusive finance empowering high-quality development of public services

Yingzi Cao and Dangchen Sui

Loss of pricing power for data factors, financial mismatches, and corporate innovation: Evidence from a quasi-natural experiment

Ying Du and Jing Tong

Steering through uncertainty: How organizational culture shapes earnings management

Annamaria Zampella and Luca Ferri

Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?

Xiao Guo and Rongxin Li

Top managers’ decisions to implement or impede green supply chain management practices: A behavioral agency theory perspective

Mingxing Xu, Ruoshan Yu, Huiting Chen and Xishu Zhang

Local government debt governance and urban economic resilience

Xiaojun Liu, Fang Yang and Chao Xie

Tariffs: Their implications for stock liquidity

Darius Fatemi, Jang-Chul Kim, Sharif Mazumder and Qing Su

Firm perceptions of population aging and cross-regional investment decisions: Evidence from China

Yaorui Chen and Hua Wang

Digital finance and urban ecological resilience

Shihan Zhang and Shangle Ai

Energy transformation, green finance, and energy utilization efficiency

Ting Li, Xiaoqiang Zheng and Zhiwen Li

Reassessing herding in cryptocurrency markets

Christine Jeanneaux, Elise Alfieri, Radu Burlacu and Sonia Jimenez Garces

When one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization

Chuanxin Xu and Xingchen Li

Global FOMO: The pulse of financial markets worldwide

Yosef Bonaparte

Family business succession and strategic CSR disclosure behaviour

Yi Chi, Yaxi Zhang, Yang Yang and Chenrui Huang

Intergenerational succession and family business investment preference

Liuming Wang, Chen Cheng and Jinghao Mu

Climate governance, CSR strategy, and corporate environmental decoupling

Rizwan Mushtaq, Anna Min Du and Salman Bahoo

The long-term impact of entrepreneurial financing on job creation based on the roles of venture capital and angel investment

Mi Zhang, Ning Zhou, Jie Gao, Ping Jiang, Yang Zhang, Yining Wang and Lusha Chen

Does stepping-back from IFRS pay off? Evidence from European unlisted firms’ cost of debt

Mara Cameran, Domenico Campa and Mario Daniele

Artificial intelligence adoption and corporate financial risk

Shuai Liu, Lihui Gao and Mengzhu Chen

Can CSR in banking reduce corruption?

Mohammad Bitar, Hassan Obeid, Imane El Ouadghiri and Jonathan Peillex

Climate risk attention and nonlinear stock market responses: Evidence from an emerging market

Yinglong Zhang, Songsong Li and Xiaoqian Zhu

Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China

Jiangtao Bai, He Song, Haojie Wang and Yuetong Liu

How trade friction amplifies corporate litigation risk: Evidence from United States–China tariff disputes

Xiaoning Ma, Xue Lei, Yu Jiang and Ouwen Lin

Does the integration of digital and real economies enhance corporate supply chain resilience? Evidence from China’s listed firms

Qiguang An, Yongkai Wang, Feini Liu and Ruoyu Wang

Social trust and workplace safety

Xuanyi Chen and Jiarui Tong

Rural collective property rights system reform, financial literacy, and rural household income

Xin Zhai