Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

From Elsevier
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Volume 62, issue PB, 2024

Overnight returns following large price movements

Anchor Y. Lin, Hung-Yi Lin, Lin-Hsiang Huang and Yueh-Neng Lin

Does capital input contribute to green total-factor capital efficiency?

Ruifeng Zhang, Lishuang Zhao and Shuhong Song

Environmental sustainability and the time-varying changing dynamics of green and brown energy ETFs

Ameet Kumar Banerjee

A new estimation of default probabilities based on non-performing loans

Roberto Blanco, Elena Fernández-Ortiz, Miguel Garcia-Posada and Sergio Mayordomo

Does digital inclusive finance promote regional green inclusive growth?

Yuchen Li, Guangyi Jin, Zhehao Cui, Bishun Lv and Zhejun Xu

Accounting integrity, borrowing capacity and corporate R&D input: Evidence from China

Hanfang Chen, Zhongjie Wang and Zhangchi Chen

More is less? Wealth effects of Italian stocks to the increase in allowed voting rights

Bruno Fiesenig and Dirk Schiereck

Does bitcoin still enhance an investment portfolio in a post Covid-19 world?

Michael Gorman and W. Keener Hughen

Digital transformation, financial literacy and rural household entrepreneurship

Jingwen Li, Haoliang Wang and WeiNi Soh

Green innovation's impact on corporate financing: New insights from BRICS economies

Lu Li, Shiqi Zhou, Wei Xu and Jiapeng Dai

Local fiscal pressure and shadow banking activities of nonfinancial enterprises–A story of government intervention

Haiqiang Chen and Zhe Lin

Does managerial ability affect bank loan pricing?

Yajun Tang, Li Wang, Haicheng Shu and Tianci Li

Effect of the sci-tech finance pilot policy on corporate environmental information disclosure—moderating role of green credit

Guomeng Zhao, Zijun Xin and Yifeng Wang

Sentiment dynamics and volatility: A study based on GARCH-MIDAS and machine learning

Luigi Riso and Gianmarco Vacca

Bankruptcy judicial system reform and corporate financial litigation risk: A quasi-natural experiment in China

Jieji Lai and Shiyang Hu

Managerial ownership and labor income share

Huaizhi Shi

Can “environmental protection fee to tax” reduce carbon emissions? Evidence from China

Jiangze Du, Zhiwei Li, Guoping Shi and Bin Wang

The interconnected carbon, fossil fuels, and clean energy markets: Exploring Europe and China's perspectives on climate change

Mayssa Mhadhbi

Impact of the collapse of silicon valley bank on the banking sector: An analysis based on nonlinear high-frequency networks

Jinyan Chen and Chun-Xiao Nie

Productive services agglomeration: An accelerator of manufacturing servitization output?

Xiaoyu Xie and Chunjuan Wang

How does the marketization of public resources alleviate corporate credit mismatches?

Qi Wang and Cisheng Wu

Corporate financial fragility, R&D investment, and corporate green innovation: Evidence from China

Zuomin Zhang, Yingjue Wu and Honglei Wang

How does enforcement of social insurance law minimize income gaps within firms: From a perspective of worker bargaining power

Huiwan Wu

The impact of bank fintech on ESG greenwashing

Zhuang Liu and Xingyi Li

What explains the size of Sovereign Wealth Funds? A panel analysis (2008–2018)

Anna Balestra, Raul Caruso and Marco Di Domizio

The impact of directors' foreign experience on corporate carbon emissions: A mediating perspective based on corporate green innovation

Meiling Liu

Disaggregation quality, stock returns, and institutional demand

George Jiang, David Kenchington, Ping McLemore and H.Zafer Yüksel

Can green finance reform and innovation policies promote corporate carbon performance?

Ziwei Li, Xingyu Wang and Zhuang Wu

Research on the impact of the 'Double Reduction' policy on the risk-taking of educational training enterprises

Rui Bi and Zhisong Tang

Reduced executive shareholdings and corporate green innovation

Gefei Han and Yanjun Luo

Judicial independence and growth investors' decisions

Panpan Zheng, Zhen Li, Ziyin Zhuang and Boyuan Lin

Does constant asset allocation dominate buy-and-hold?

Moshe Levy

Tax reduction incentive and corporate financialization

Jingzheng Wang and Xiaoli Qin

Mitigating effect of digital payments on the micro-enterprises’ financing constraints

Li Deng and Pengcheng Qian

Earnings management and analyst forecast

Bingze Du, Jing Yu, Liling Fu and Jing Ding

Does capital bring health? Evidence from family capital and older people

Xia Hai and Qiang Wang

ESG performance and corporate fraud

Dengjia Li, Chaoqun Ma, Jinglan Yang and Hao Li

Does being included in an entity list enhance regulated firms’ mergers and acquisitions? Evidence from Chinese high-tech firms

Bingyang Liu, Liyang Xiong, Minghui Wang and Yanqi Sun

Do other firms’ stock price crashes affect corporate investment decisions within the business group: Evidence from Korean Chaebols

Mengzhen Zhu and Hyun-Han Shin

Energy-related uncertainty and Chinese stock market returns

Yubao Wang, Xiaozhou Huang and Zhendong Huang

Will green innovation strategies trigger debt default risk? Evidence from listed companies in China

Xiaoqi Wang, Yida Guo and Shaozheng Fu

Financial frictions and inter-firm wage dispersion: A structural estimation

Weichao Zhu, Xiao Yun and Huimei Yang

The impact of automation on human capital investment

Jia Yang, Yu Pei and Wei Qiang

De-familiarization governance and family firm investment efficiency

Mengyun Wu, Xuge Zhang, Jie Lu and Yanxia Chen

Dynamic linkages among bitcoin, equity, gold and oil: An implied volatility perspective

Sangita Choudhary, Anshul Jain and Pratap Chandra Biswal

Impact of tokenization on financial investments: Exploring connectedness through the case of transport and travel/tourism sectors

Imran Yousaf, Rami Zeitun, Shoaib Ali and Alessia Palma

Interest rate liberalization and the stability of the Chinese banking system: Exploring chained mediation effects of deposit competitiveness and wealth management products

Kuan Kang, Zariyawati Mohd Ashhari, Mohamed Hisham Dato Hj Yahya, Wei Ni Soh and Yue Li

Can management tone predict the firm's decision on supply chain configuration?

Da Zhang and Yuxia Wang

Can digital finance boost corporate green innovation

Qing Xue and Xiangqin Liu

Do entrepreneurs use cryptocurrency to hedge against their business risk?

Yosef Bonaparte

Regulating cash holdings: Assessing lost returns in mutual funds✰

Shoham Ben-Rubi, Yevgeny Mugerman and Zvi Wiener

Sentiment trading with large language models

Kemal Kirtac and Guido Germano

Cross-shareholding, Managerial capabilities, and Strategic risk-taking in enterprises: A game or a win-win?

Shuangjin Wang, Xiaoqian Zhang, Richard Cebula and Maggie Foley

Dual environmental regulations and corporate environmental violations

Xiangqiang Liu, Liyun Deng, Xiaohong Dong and Qinyang Li

Independent directors’ duty performance and corporate green innovation

Xiaohui An, Jinma Liang, Xinhai Ye and Xizhe Wang

Green institutional investors’ shareholding and corporate environmental responsibility

Bo Shi, Xiaoran Wang, Xiaowen Jiang, Huikang Yang and Wenzhao Sui

Tail risk spillovers among Chinese stock market sectors

Minhua Ouyang and Hailian Xiao

Political risk of green public procurement and firms' green innovation

Jiaxin Wang, Xiang Huang, Chengxin Liu, Di Sun and Zilong Song

Lending technologies and consumer defaults in times of crisis: Evidence from Brazil

Gabriel Barthman, Matheus Moura and Lars Norden

Corporate ESG performance and human capital investment efficiency

Jiayi Song

Digital transformation and corporate innovation with herd effects

Zhiwei Wang and Fan Yang

Can digital transformation enhance corporate ESG performance? The moderating role of dual environmental regulations

Junjun Li, Tong Wu, Bailu Liu and Ming Zhou

Population aging and the dynamics of the skill income gap: An analysis of a multiple mediation effect

Yihe Chu, Yujia Li and Ming Che

The veil of secrecy: Family firms’ approach to ESG transparency and the role of institutional investors

Francesca Romana Arduino, Bruno Buchetti and Murad Harasheh

Asset injection and enterprise earnings management

Yizhi Tan, Chengjie Yang, Kaihao Qian and Chengxin Jiang

Pension insurance contribution rate and corporate investment efficiency

Donghui Pei and Baoqian Wang

Corporate digital transformation and supply chain synergy effects

Huiqing Tian and Tao Shi

ESG score, analyst coverage and corporate resilience

Hua Wu, Ke Zhang and Renyu Li

Local environmental goal constraint intensity and corporate ESG performance: An empirical observation based on China

Xiaoying Xu, Mei Jin and Xinshu Gong

Digital inclusion finance, social governance and household investment decisions

Jinfu He and Yu Liu

Can the environmental trading enhance corporate green innovation efficiency?

Changyu Wang and Huancheng Wang

A parsimonious analytically specified general equilibrium structure that spans discount rates

Oghenovo A. Obrimah

Intellectual property protection and enterprise innovation: Evidence from China

Yan Song, Yifan Xiu, Mengyang Zhao, Ye Tian and Jingyuan Wang

Mutual fund value creation: Insights from the residual income model

Wenhao Xu and Taoqin Chen

The effect of green innovation on corporate financial performance: Does quality matter?

Liqian Liu, Amei Feng and Mingxia Liu

Financial availability and rural household asset allocation

Yao Xiao

Green-selecting: Foreign institutional ownership and corporate green practices

Xiaoxue Hu, Dongxu Li and Jingni Wang

Narrative R&D disclosure and bank loans: Evidence from China

Qingwen Liang, Yugang Yin, Yahui Liu and Qicheng Zhao

Individual investors’ online voice and corporate environmental information disclosure

Dehua Xia and Junfeng Shi

Female directors, ESG performance and enterprise financialization

Yujie Huang and Shanshan Li

Risk contagion and diversification among sovereign CDS, stock, foreign exchange and commodity markets: Fresh evidence from G7 and BRICS countries

Zhipeng He and Shuguang Zhang

Is the prediction of precious metal market volatility influenced by internet searches regarding uncertainty?

Wei Li, Junchao Zhang, Xiangye Cao and Wei Han

Individual investors’ dividend taxes and managerial myopia

Yuan Gao, Xiaoke Cheng, Wenyu Zhang and Haomin Shen

The impact of green finance on persistence of green innovation at firm-level: A moderating perspective based on environmental regulation intensity

Ruifeng Jing and Ruizhi Liu

Loan origination and risk underpricing: The role of lending incentives

Yu Shen and Kaiwen She

Does digital finance contribute to regional economic growth? Evidence from RCEP countries

Xinyi Zhang, Tianqi Wang and Yufan Chen

Volume 62, issue PA, 2024

Sponsor Co-investment, inquiry divergence, and IPO pricing efficiency

Xiuliang Dong, Yiqun Wang, Jiaming Zhang and Jianing Liu

Can factor momentum beat momentum factor? Evidence from China

Ruolan Ouyang, Kun Zhang, Xuan Zhang and Dongming Zhu

Local newspaper closures and non-GAAP reporting quality

Wei Huang, Junjun Liu and Zhang, Rui-Zhong (R.Z.)

Financial Reporting Complexity, Investor Sentiment, and Stock Prices

Min-Hsi Chung and Ya-Kai Chang

Structural tax reduction and corporate labor investment efficiency

Yonghao Guan, Xinyue Wang and Yiqi He

Effect of firm complexity on forecasting price efficiency

Adnan Ashraf, Baolei Qi, Muhammad Saleem and Xia Zhang

Litigation risk and corporate philanthropy: A managerial perspective analysis

Shawn Qu

External pay gap of R&D personnel and total factor productivity of enterprises

Lingling Chen and Chaolin Zhang

Risk transmission, systemic fragility of banks’ interacting customers and credit worthiness assessment

Roy Cerqueti, Francesca Pampurini, Anna Grazia Quaranta and Saverio Storani

Unlocking the power of the topic content in news headlines: BERTopic for predicting Chinese corporate bond defaults

Wenjin Tang, Hui Bu, Yuan Zuo and Junjie Wu

A systematic literature review on social impact bonds

F. Dahbi, I. Carrasco and B. Petracci

Constructing Bayesian tangency portfolios under short-selling restrictions

Olha Bodnar, Taras Bodnar and Vilhelm Niklasson

Integrating into the global innovation network and non-financial companies financialization——evidence from China-listed companies

Yue Min and Xiaotao Zhang

Do state-owned enterprises prefer capital from private enterprises with better ESG performance? Evidence from China's mixed ownership reforms

Feng Wei and Lei Zhou

Costs may be a blessing in disguise: Litigation risk and greenwashing

Shawn Qu

Digital information disclosure, investor sentiment and enterprise default risk

Yiwei Zheng

Spillover effects of monetary policy and information shocks

Ai Jun Hou, Ian Khrashchevskyi, Sandy Suardi and Caihong Xu

Bank monitoring and debt dilution

Eric Van Tassel

Promoter's share pledging and investment–The role of financial constraints

Amal Jose and Saumitra Bhaduri

The impact of green finance on the peer effect of corporate ESG information disclosure

Zhidong Liang and Xiao Yang

Generalist vs. Specialist CEOs: R&D Investment Sensitivity to Stock Price

Heung-Jae Jeon and Sumi Jung

The more the merrier? The impact of information overload on stock price synchronicity: Evidence from China

Jingmei Zhao and Qinyu Gan

Environment, social, and governance performance and corporate financing constraints

Yun Hao and Wenzhao Wu

ESG performance and investment efficiency

Yuanqiang Lian and Xiaowen Weng

Mandatory internal control audit and corporate financialization

Qianqian Chen and Zhi Chen

The interdependence structure of cryptocurrencies and Chinese financial assets

Ting Gao, Huaiming Wang and Dongying Du

Managerial overconfidence and corporate resilience

Ximeng Zhang, Deqing Liu and Jie Chen

The role of emotional factors in the acceptance of digital currency: An extended study of a technology acceptance model

Ling An, Yaohua Wang, Yan Yan and Chao Ma

Cross-shareholding, financing constraints and firm innovation efficiency

Na Li and Di Wu

The greed factor of executives and the risk of a company stock price crash

Ning Wang and Chunyan Zhang

The impact of CEO turnover on firm performance and insolvency risk - A global analysis

Antonio Salvi, Alberto Tron and Federico Colantoni

Impact of credit risk management on provisioning expectations: Evidence from U.S. banks during the subprime crisis

Jean-Gabriel Cousin, Sébastien Dereeper and Gervais Essama Zoh

Sustainability ratings and fund performance: New evidence from European ESG equity mutual funds

Spyros Papathanasiou and Drosos Koutsokostas

ESG rating disagreement and corporate innovation: Evidence from China

Li Li, Du Zhang and Rongrong Li

Investor-listed company interaction and post-earnings announcement drift for individual stocks

Jingchao Chen and Li Jia

The influence of financial innovation on enterprise risk management

Yixuan Guo, Hongyan Ge, Zhicheng Liao, Yaoyu Hu and Bihui Huang

The effect of green bonds on climate risk amid economic and environmental policy uncertainties

Kamel Si Mohammed, Vanessa Serret and Christian Urom

Is ESG reporting informative to debtholders?— Evidence from a quasi-experiment in China

Dan Yang, Zhiyong Zhao and Liangliang Wang

Relationship between deep hedging and delta hedging: Leveraging a statistical arbitrage strategy

Hiroaki Horikawa and Kei Nakagawa

Eat, drink, entertain, travel? The impact of air pollution on excess perks — natural experiment evidence from COVID-19

Ziying Yang, Bo Wang and Li Huang

Do investors prefer multiple small bad news events or a single big one? Evidence from the Chinese stock market

Ping Jiang, Xinyi Wang, Bozong Yuan and Lu Zhao

Assessing capital allocation efficiency under environmental regulation

Ting Wang, Jian Tang, Xiao Wang and Qiankun He

Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing

Yumeng Sun

The impact of investor interest protection on corporate innovation efficiency

Yuanyuan Shen

The role of passive effects in the relationship between active management and short-term performance: Evidence from mutual fund portfolio holdings

Juan Carlos Matallín-Sáez and Diego Víctor de Mingo-López

ETF ownership and stock pricing efficiency: The role of ETF arbitrage

Guanhua Chen, Xiangli Liu, Xiao Liu and Zhihua Zhao

Digital finance, cultural capital, and entrepreneurial entry

Na Tan, Jinping Fang and Xue Li

Does the strength of the US dollar affect the interdependence among currency exchange rates of RCEP and CPTPP countries?

Mengjiao Wang, Jianxu Liu and Bing Yang

The impact of public participation in environmental governance on the technical efficiency of enterprise

Xinghua Cao and Hao Chen

Extreme Sentiment and Jumps in Analyst Forecast Dispersion

Pan Li, Kecai Chen and Xiaoneng Zhu

Correlation structure between fiat currencies and blockchain assets

Emmanuel Abakah, G M Wali Ullah, Mohammad Abdullah, Chi-Chuan Lee and Zunaidah Sulong

Pricing CBOE VIX in non-affine GARCH models with variance risk premium

Chen Tong

De facto seniority in the primary market for corporate bonds

Ju Hyun Kim

Judicial digital intellectualization and corporate online misconduct

Zhen Li, Panpan Zheng and Huobao Xie

Social Trust and Entrepreneurship: Insights from China's Social Credit System

Hongxing Fang, Linghong Chen, Jiacai Xiong and Yushu Zhu

Robo-advisors: A systematic literature review

Giovanni Cardillo and Helen Chiappini

Do investors herd under global crises? A comparative study between Chinese and the United States stock markets

Shuo Xing, Tingting Cheng and Shuanglin Sun

Does non-bank fintech development hurt the effect of targeted monetary policy tools? Micro evidence from China

Xi Wang and Yanfei Tang

Financial development, environmental regulation, and corporate green technology innovation: Evidence from Chinese listed companies

Zhenhuan Kong, Jianxiao Du, Yilin Kong and Xiaoyu Cui

Digital inclusive finance and migrant wages: Evidence from over 700,000 internal migrants in China

Xiaodong Zheng, Yinglin Wang, Qi Wu and Yanran Zhou

Politically connected outside directors and the value of cash holdings

Jeong-Hoon Hyun, Natalie Kyung Won Kim and Jae Yong Shin

The evolution of portfolio financing equilibrium in a risk-averse supply chain under a partial trade credit policy

Zhiyuan Zhen, Lan Jiang and Qiang Yan

Can board IT expertise improve corporate internal control?

Yuan Feng, Yihuan Mao, Jing Cai and Nan Xu

Geopolitical risk, CEO power, and corporate lobbying: Do powerful CEOs lobby more?

Ahmed W. Alam, Ashupta Farjana and Reza Houston

Not all the news fitting to reprint: Evidence from price-volume relationship

Zuochao Zhang and Dehua Shen

Evolution of stock market efficiency in Europe: Evidence from measuring periods of inefficiency

J. Bock and S. Geissel

Green innovation and shareholder litigation rights

Sirimon Treepongkaruna and Chaiyuth Padungsaksawasdi

Sustainable success: How high ESG ratings affect stock market responses to earnings surprises

Renxuan Wang, Xuewu Wang and Zhipeng Yan

The effect of China's public climate concern on ESG disclosure

Shoudong Chen, Zhifang Mao, Yueshan Li and Jing Kang

Targets’ earnings management and ownership decisions in M&A: Can less be more ?

Héctor Fabio Perafán-Peña, Belén Gill-de-Albornoz Noguer and Begoña Giner

How much does climate-related risk impact stock and commodity markets: A comparative study of the US and China

Yanhua Chen and Aarzoo Sharma

Administrative incentives and enterprise green innovation: Based on empirical evidence from China

Shiyu Li and Jun Yang

Does unfairness reduce efficiency? Within-industry CEO pay inequity and firm efficiency in China

Feng Han, Kienpin Tee, Siyuan Hao and Rancen Xiong

The influence of financial asset allocation on the innovation and investment of high-tech enterprises

Shuangshuang Liu

Digital Transformation and Enterprise Risk-Taking

Zeru Zhao

Risk quantification and validation for green energy markets: New insight from a credibility theory approach

Khreshna Syuhada and Arief Hakim

Digital inclusive finance, factor flow and industrial structure upgrading: Evidence from the yellow river basin

Yong Jiao, Gaofei Wang, Chengyou Li and Jia Pan

Impact of interlocking directors with digital experience on corporate digitalization: Evidence from China

Wentao Li, Xue Li, Lanying Peng and Zhenye Yao

Is a tax deductibility of R&D investment always good for a firm? The case of IPO underpricing

Jing Zeng, Xinglin Liu and Kam C. Chan

A self-attention based cross-sectional return forecasting model with evidence from the Chinese market

Xiang Xiao, Xia Hua and Kexin Qin

The impact of climate policy uncertainty on green innovation in Chinese agricultural enterprises

Jinning Li, Tao Kong and Liangliang Gu

Impacts of Financial Literacy on Elderly Households’ Consumption

Qian Xie, Haie Ke and Juan Peng

Fixed vs. adjustable-rate mortgages and attention

Marcos González-Fernández, Francisco José Sáez Trujillo and Carmen González-Velasco

Impacts of trust on the cost of debt financing: The perspectives of in-group trust and out-group trust

Yidi Wang and Hongmei Gu

Dividend smoothing and financial transparency

Tatiana Salikhova, Alexander Ugarov and Svetlana Orlova

Does digital inclusive finance affect the credit risk of commercial banks?

Jia Ruan and Ruishi Jiang

Two-way risk: Trade policy uncertainty and inflation in the United States and China

Qi Wang and Chen Weng

Impact of cross-border capital flows on foreign exchange market stability

Donghui Peng, Ying Ye and Qionghao Chen

Does religiosity affect stock investors’ herding behaviour? Global evidence

Samah El Hajjar, Bartosz Gebka, Darren Duxbury and Chen Su

The impacts of green credit policy on green innovation of high-polluting enterprises in China

Wei Li, Huihui Cheng, Junhe He, Yufei Song and Hui Bu

Does risk perception influence individual investors' crowdfunding investment decision-making behavior in the metaverse tourism?

Linqiang Wang, Xiuhuan Feng and Luning Zang

The relationship between the acquisition of corporate credit and the gender of executives: Evidence from developing countries

Xing Zhao, Xiangqian Li, Zhuoyi He and Ruoying Shi

Shaping sustainability: How corporate reputation can be enhanced under climate change conditions

Junyu Pan, Ahmed Hunjra, Maria Giuseppina Bruna, Shikuan Zhao and Elie Bouri

State shareholding in privately-owned firms and greenwashing: Evidence from China

Qi Wang, Zhong Ma, Jinying Zhao and Guang Shu

SFDR Article 9: Is it all about impact?

Lisa Scheitza and Timo Busch

The impact of media attention, board independence on CEO power, and ESG in state-owned enterprises

Ouwen Lin and Jianbo Guan

Employee education level and the cost of equity capital

Ziyue Wang and Zhizhu Yuan

The daily rise and fall of the VIX1D: Causes and solutions of its overnight bias

Stefan Albers and Lars N. Kestner

Can the readability of an annual report forecast negative earnings surprises?

Hong-Quan Li and Yang Yang

What are the determinants of the financial and social performance of MFIs in Togo? Does gender borrower matter on financial performance?

Kokou Adalessossi

Labor unions and financial statement comparability

Richard Borghesi, Kiyoung Chang, Jong Chool Park and Hakjoon Song

Navigating uncharted skies: The role of pilot CEO in FinTech adoption

Shiang Liu and Liang Sun

Stock price crash prediction based on multimodal data machine learning models

Yankai Sheng, Yuanyu Qu and Ding Ma

How does innovation disclosure respond to heightened entry threats?

Jingru Wang, Zhuochen Wu and Xinwei Fang