Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

From Elsevier
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Volume 55, issue PB, 2023

The characteristics analysis of credit reallocation in China's corporate sector: From the volatility, spatiality, cyclicality and efficiency approach

Xing Li, Xiangyu Ge and Zhi Chen

The impact of EPU spillovers on the bond market volatility: Global evidence

Yuting Gong, Xiao Li and Wenjun Xue

Stringent financial regulation and corporate R&D investment: Evidence from a quasi-natural experiment in China

Feiyang Gao, Yunqing Tao, Dong Chen and Yuyang Cao

Responses of US equity market sectors to the Silicon Valley Bank implosion

Imran Yousaf and John W. Goodell

It takes two to tango: Impact of salary co-movement between top executives and ordinary employees on corporate innovation

Zhukun Lou, Chong Wang, Yaxin Liu and Jing Xu

Categorial economic policy uncertainty indices or Twitter-based uncertainty indices? Evidence from Chinese stock market

Xinjie Lu and Qiaoqi Lang

Local corruption and capital structure

Quoc Trung Tran, Van Phong Nguyen, Duong Huy Chuong Dang, Ba Phong Nguyen and Phuong Linh Le

Washing away their stigma? The ESG of “Sin” firms

Linda Y.L. Du and Jianfei Sun

Understanding the role of digital finance in facilitating consumer online purchases: An empirical investigation

Zhimao Wang and Xucheng Huang

Green credit and corporate ESG performance: Evidence from China

Wei Gao and Zebin Liu

Liquidity of corporate bonds and credit spread

Haiyang Wang

Corporate governance, information disclosure and investment - Cash flow sensitivity

Er Yi

Market reaction to analyst forecasts by analysts with familyship: Evidence from South Korea

Kyoungwon Mo, Wonsuk Ha and Kyung-Jin Park

Abnormal temperature and retail investors’ trading behavior

Huajin Liu, Wei Zhang, Xiaotao Zhang and Donghui Li

Emotions in the crypto market: Do photos really speak?

Nhan Huynh and Hoa Phan

Implicit leverage: Can accrued fees cause levered ETN returns?

Alexander John and Luke DeVault

The impact of the SVB collapse on global financial markets: Substantial but narrow

Imran Yousaf, Yasir Riaz and John W. Goodell

The impact of ESG performance on debt financing costs: Evidence from Chinese family business

Wen Kong

The effect of enterprise risk management on corporate risk management

Jiyeon Yun

Subjectivity in conventional tail measures: An exploratory model with 'risks & biases’

Debasish Majumder

The domino effect: Analyzing the impact of Silicon Valley Bank's fall on top equity indices around the world

Miklesh Prasad Yadav, Amar Rao, Mohammad Zoynul Abedin, Sabia Tabassum and Brian Lucey

Does the Antimonopoly Law improve companies’ cash-holding management efficiency? Empirical evidence from Chinese listed companies

Yiyun Zhao

Fair and square: The impact of judicial independence on entrepreneurship

Laifeng Yang, Qing Sophie Wang and Shaojie Lai

Cryptocurrency hacking incidents and the price dynamics of Bitcoin spot and futures

Yu-Lun Chen, Yung Ting Chang and J. Jimmy Yang

Determinants of using formal vs informal financial sector in BRICS group

Mbona Nokulunga and Major Klara

Sentiment spin: Attacking financial sentiment with GPT-3

Markus Leippold

Does China's aid boost firm performance in recipient countries?

Gongyan Yang, Yingqun Yang, Tingfeng Tang and Liyan Dai

Monetary policy as market stabilizer in the COVID-19 pandemic

Yimin Shan, Yang Chen and Yajun Xiao

Differences in returns to cross-border and domestic mergers and acquisitions: Empirical evidence from China using PSM-DID

Chen Yuan, Hanming Jiang and Chen Chen

The differential effects of climate risks on non-fossil and fossil fuel stock markets: Evidence from China

Bo Zhu, Xin Hu, Yuanyue Deng, Bokai Zhang and Xiru Li

Intelligent transformation and sustainable innovation capability: Evidence from China

Siying Yang, Wenzhi Wang and Tao Ding

Portfolio optimization: A multi-period model with dynamic risk preference and minimum lots of transaction

Yiying Liu, Yongbin Zhou and Juanjuan Niu

Heterogeneous impacts of financial inclusion on enterprise innovation: Evidence from China

Lei Zheng

Evaluating Fintech industry's risks: A preliminary analysis based on CRISP-DM framework

Aijun Cheng

Household reaching-for-yield behavior and low interest rate in China

Mizhou Chen and Pan Li

Practicable optimization for portfolios that contain nonfungible tokens

Emmanuel Jordy Menvouta, Sven Serneels and Tim Verdonck

The inflation loop is not a myth

Yannick Lucotte and Florian Pradines-Jobet

Labor cost and stock price crash risk: Evidence from China

Qi Tang

Does competition affect ESG controversies? Evidence from the banking industry

Antonella Francesca Cicchiello, Matteo Cotugno and Cristian Foroni

Customers’ litigation risk and suppliers’ cash holding decision: From the perspective of risk contagion

Ying Zhu and Ke Huang

Picture For Proof(PFPs): Aesthetics, IP and post launch performance

Yingjie Tian, Yuhao Xie, Duo Su and Xiaoxi Zhao

An improved FIGARCH model with the fractional differencing operator (1-νL)d

Qunxing Pan, Peng Li and Xiuli Du

International trade friction and firm cash holdings

Liang Pan and Lili Lei

Do prosocial CEOs promote innovation?

Anqi Jiao, Juntai Lu, Jia Wei and Wenqiao Zhang

Cold time, cool time? Weather-induced moods and financial risk tolerance: Evidence from a real-world banking context

Marie-Hélène Broihanne, Hava Orkut and Francis Osei-Tutu

Investor-enterprise interactions and shadow banking of non-financial enterprises in China

Huan Liu, Yunqing Tao, Lin Zeng and Dong Chen

Time-frequency relationship between energy imports, energy prices, exchange rate, and policy uncertainties in India: Evidence from wavelet quantile correlation approach

Rubia Jalal and R. Gopinathan

Hedging with derivatives to increase firm value

Pengfei Ji and Lei Wei

Digital finance and upgrading of industrial structure: Prefecture-level evidence from China

Yuchen Shen and Xiaoping Ren

Can corporate digital transformation alleviate financial distress?

Lin Cui and Yanshu Wang

Executives' regulatory experiences and corporate social responsibility

Ping Wang, Xiaochun Wang and Jie Wu

Does the matching degree between data and human capital affect firm innovation?

Xiaohua Hu and Yulian Fei

Digital transformation, monetary policy and risk-taking of banks

Qiaoying Ding and Wensheng He

Climate risk exposure and the cross-section of Chinese stock returns

Yaojie Zhang, Mengxi He, Cunfei Liao and Yudong Wang

Uncovering the information content in abnormal institutional visits

Danting Chang and Feng Li

Credit rating downgrades and stock price crash risk: International evidence

Thu Ha Nguyen, Yihui Lan, Sirimon Treepongkaruna and Rui Zhong

Dynamic spillover and systemic importance analysis of global clean energy companies: A tail risk network perspective

Jing Deng, Huike Zheng and Xiaoyun Xing

Circumventing SEC Rule 201 short sale restrictions with options

Lorne Switzer

Do extreme range estimators improve realized volatility forecasts? Evidence from G7 Stock Markets

Burak Korkusuz, Dimos Kambouroudis and David G. McMillan

The influence of ChatGPT on artificial intelligence related crypto assets: Evidence from a synthetic control analysis

Aman Saggu and Lennart Ante

Unconventional monetary policy measures and money markets: Estimating the impact of targeted repo operations on asset prices

Vidya Kamate

Board gender diversity and firm-level climate change exposure: A global perspective

Vu Quang Trinh, Hai Hong Trinh, Thi Hong Hanh Nguyen and Xuan Vinh Vo

Dynamic co-movement in major commodity markets during crisis periods: A wavelet local multiple correlation analysis

Elie Bouri, Ramzi Nekhili and Neda Todorova

Asymmetric and time-frequency based networks of currency markets

Syed Jawad Hussain Shahzad, Mudassar Hasan and Massimiliano Caporin

Overseas listing and earnings management methods selection

Ping Wang, Mingyuan Chi and Xiaochun Wang

The efficacy of a forward market for the agricultural sector in mitigating climate risk: A potential alternative to agricultural subsidies?

Qiuying Nan, Mengchan Sun, Jiajia Nie, Rui Yang and Lijuan Wan

The Economic Diffusion Radius of High-Speed Railway Stations

Fangzhi Liang, Zhenye Yao, Danqin Yang and Hanwen Xu

Acquisition determinants of energy SPACs: Reflecting a closed group?

Nebojsa Dimic, John W. Goodell, Vanja Piljak and Milos Vulanovic

Does fintech inhibit corporate greenwashing behavior?-Evidence from China

Jiayue Xie, Lu Chen, Yan Liu and Shengnan Wang

Low-skill lock-in? Financial resource mismatch and low-skilled labor demand

Wenhao Qi, Biao Li, Qiqi Liu and Jiaqi Lv

Is the fed failing to re-anchor expectations? An analysis of jumps in inflation swaps

Messaoud Chibane and Ano Kuhanathan

Is Bitcoin used to evade financial sanction?

Jinsha Zhao and Jia Miao

Momentum trading in the NFL gambling market

John R. Nofsinger and Corey A. Shank

Monitoring attention of institutional investors and trade credit financing

Xiaoxiao He and Cai Liu

Role of hedging on crypto returns predictability: A new habit-based explanation

Kwamie Dunbar and Johnson Owusu-Amoako

From forests to faucets to fuel: Investigating the domino effect of extreme risk in timber, water, and energy markets

Muhammad Abubakr Naeem, Najaf Iqbal, Sitara Karim and Brian Lucey

The dual purpose of insider trading: Signaling quality and battling shorts

Yongming Chen and Hui Li

Do derivatives benefit shareholders? Evidence from India

Neeru Chaudhry and Aastha Gupta

Repercussions of the Silicon Valley Bank collapse on global stock markets

Dharen Pandey, M. Kabir Hassan, Vineeta Kumari and Rashedul Hasan

Size bias in refinitiv ESG data

Juris Dobrick, Christian Klein and Bernhard Zwergel

Digital inclusive finance and corporate green technology innovation

Kelin Ma

Media attention and corporate greenwashing behavior: Evidence from China

Jun Yue and Yilin Li

Sectoral spillovers and systemic risks: Evidence from China

Yueshan Li, Shoudong Chen, John W. Goodell, Dianmin Yue and Xutang Liu

Regulatory uncertainty and corporate social responsibility

Lamia Chourou, Darlene Himick and Samir Saadi

Bank liquidity hoarding during the COVID-19 pandemic

Dung Tran, Dien Giau Bui, Cuong Nguyen and Huy Viet Hoang

Volume 55, issue PA, 2023

Enterprise litigation risk and enterprise performance

Hui He and Wei Shi

Macroeconomic information, global economic policy uncertainty and gold futures return predictability

Fanchao Yu

Future of jobs in China under the impact of artificial intelligence

Chengzhang Wang, Min Zheng, Xiaoming Bai, Youwei Li and Wei Shen

Performance comparison of multifractal techniques and artificial neural networks in the construction of investment portfolios

Alexandre Silva de Oliveira, Paulo Sergio Ceretta and Peter Albrecht

Market Beta is not dead: An approach from Random Matrix Theory

L. Molero-González, Juan Trinidad-Segovia, M.A. Sánchez-Granero and A. García-Medina

Modeling dynamic VaR and CVaR of cryptocurrency returns with alpha-stable innovations

Jiri Malek, Duc Khuong Nguyen, Ahmet Sensoy and Quang Tran

Is mandatory sustainability disclosure associated with default risk? Evidence from emerging markets

Trung Do and Xuan Vinh Vo

CEO career concerns and ESG investments

Kihun Kim and Tae-Nyun Kim

The threshold effect of climate risk and the non-linear role of climate policy uncertainty on insurance demand: Evidence from OECD countries

Bing Liu, Weijun Yin, Gang Chen and Jing Yao

Exchange rate volatility and intraday jump probability with periodicity filters using a local robust variance

Chae-Deug Yi

Mandatory CSR regulation and R&D investments: Evidence from a quasi-natural experiment

Nemiraja Jadiyappa and Yogesh Chauhan

Trade war and corporate social responsibility: Evidence from China

Ke Zhang, Jenny Jing Wang and Xujun Zhang

Financial constraints alleviation: Why does state-owned share reduction in China promote firm performance?

Ming Chen and Chen Chen

Midterm elections and stock returns

Warwick Anderson, Jędrzej Białkowski and Moritz Wagner

Board diversity and corporate innovation: New evidence from the Canadian context

Zahra Abtahi, Imed Chkir and Ramzi Benkraiem

ESG performance and dividend payout: A channel analysis

Seda Bilyay-Erdogan, Gamze Ozturk Danisman and Ender Demir

The importance of ABS 2 journals in finance scholarship: Evidence from a bibliometric case study

John W. Goodell, Marco Ercole Oriani, Andrea Paltrinieri and Ritesh Patel

Europe's gone “right” – A comparative study of stock market reactions to populist success in Sweden and Italy

Lukas Mueller, Merlin Bartel and Dirk Schiereck

Does bank FinTech improve corporate innovation?

Zhuohong Tan, Handi Wang and Yunzhe Hong

Tax authority enforcement and stock price crash risk: Evidence from China

Lingling Xu, Xiaodi Huang, Guanchun Liu and Yuanyuan Liu

Confidence intervals for stress test predictions

Yaacov Kopeliovich and Kevin Shea

Does solar activity affect the price of crude oil? A causality and volatility analysis

Theodoros Daglis, Stavroula Yfanti, Panos Xidonas, Konstantinos Konstantakis and Panayotis Michaelides

Uncertainties under monetary tightening and easing shocks and different market states

Nicolás Blampied and Scott Mahadeo

Does the online interaction between retail investors and firm management affect capital structure?

Zhihui Du, Xiaojia Zheng, Chenye Zhang and Rongxi Zhou

The impact of preventive takeover defences on corporate financial performance: Evidence from the US

Gimede Gigante and Ottavio Angioni

Climate policy uncertainty and the cross-section of stock returns

Sirimon Treepongkaruna, Kam Fong Chan and Ihtisham Malik

Whose sentiment explains implied volatility change and smile?

Doojin Ryu, Doowon Ryu and Heejin Yang

Forecasting stock volatility during the stock market crash period: The role of Hawkes process

Lina Fan, Hao Yang, Jia Zhai and Xiaotao Zhang

How does carbon emissions trading policy affect accrued earnings management in corporations? Evidence from China

Wenbin Long, Xin Qu and Saifeng Yin

Entrepreneurial investment and financing with third-party guarantees under present-biased preferences

Liu Gan, Xin Xia and Mingyu Xu

Quantile prediction for Bitcoin returns using financial assets’ realized measures

Tabito Kawakami

Cracking down on the infringement and counterfeiting: Intellectual property rights and corporate innovation in China

Jianqiang Chen, Pei-Fang Hsieh and Kun Wang

Expected inflation and U.S. stock sector indices: A dynamic time-scale tale from inflationary and deflationary crisis periods

Elie Bouri, Ramzi Nekhili, Harald Kinateder and Tonmoy Choudhury

Research on the effect of ESG performance on stock price synchronicity: Empirical evidence from China's capital markets

Jianxiong Hu, Qing Zou and Qianqian Yin

Government environmental governance and firms’ green innovation: Evidence from listed firms in heavy pollution industries of China

Zhengyong Zhang, Xuan Dai and Yi Ding

Forecasting stock market volatility: The sum of the parts is more than the whole

Shang Gao, Zhikai Zhang, Yudong Wang and Yaojie Zhang

Governmental pressures and firms’ export product quality: Evidence from China

Jianjun Wu, Xiuying Ding and Xuemei Liu

The bankruptcy risk matrix as a tool for interpreting the outcome of bankruptcy prediction models

Christian Lohmann and Steffen Möllenhoff

LIBOR meets machine learning: A Lasso regression approach to detecting data irregularities

Victor Pontines and Ole Rummel

Shift contagion and minimum causal intensity portfolio during the COVID-19 and the ongoing Russia-Ukraine conflict

Amine Ben Amar, Mondher Bouattour, Makram Bellalah and Stéphane Goutte

ESG scores and cash holdings: The role of disciplinary trading

Benjamin Liu, Shireenjit Johl and Ruwan Lasantha

Government involvements and earnings management

Yatong Wang, Zhi Qiao and Liang Jin

Fiscal stress and firms’ domestic value added

Yang Liu, Qianqian Zhang and Yuhong Liu

Impact of the development of FinTech by commercial banks on bank credit risk

Yujin Zhang, Shujun Ye, Jie Liu and Lihong Du

Divide or dividend: How digital finance impacts educational equality

Rui Shang

Does ESG performance reduce banks’ nonperforming loans?

Suyi Liu, Justin Jin and Khalid Nainar

The more red the greener? How the Communist Party of China's party organizations influences corporate green innovation

Yun Gu and Zhaohui Yang

Government's implicit guarantee and the credit spread of the quasi-municipal bonds

Ke Zhang

How digital finance affects carbon intensity–The moderating role of financial supervision

Xiaohong Guo and Yongqian Tu

Corporate social responsibility and corporate innovation–The moderating role of CEO social capital

Peizhang Wang

The impact of capital market opening on earnings management: Empirical evidence based on “Land−Port Connection”

Meiying Liu and Xuxia Niu

How corporate social responsibility affects firms' innovation capability: A perspective on information and resource effects

Wenjie Zhang and Na Zhang

Time-frequency volatility connectedness between fossil energy and agricultural commodities: Comparing the COVID-19 pandemic with the Russia-Ukraine conflict

You Wu, Wenting Ren, Jieru Wan and Xiaoxue Liu

The volatility of daily tug-of-war intensity and stock market returns

Fan Bai, Yaqi Zhang, Zhonglu Chen and Yan Li

The impact of financial restatements on sell-side recommendation accuracy

Muhammad Umar, Nawazish Mirza and Samuel Ribeiro-Navarrete

Greenness ratings and green bond liquidity

Gregor Dorfleitner, Jens Eckberg and Sebastian Utz

Carbon allowances amid climate change concerns: Fresh insights from wavelet multiscale analysis

John W. Goodell, Hela Nammouri, Foued Saâdaoui and Sami Ben Jabeur

Foreign ownership, heterogeneous beliefs, and stock market volatility

Mengyang Zhao and Lingxiao Zhang

Dual circulation development model and credit growth

Lili Zhang, Dexiang Yang and Yunfei Guo

Can green assets hedge against economic policy uncertainty? Evidence from China with portfolio implications

Yufei Xia, Zhengxu Shi, Xiaoying Du, Mengyi Niu and Rongjiang Cai

Integrating ESG risks into value-at-risk

Paolo Capelli, Federica Ielasi and Angeloantonio Russo

Green finance policy and digital transformation of heavily polluting firms: Evidence from China

Shibin Li and Qian Wang

Commonality in BRICS stock markets’ reaction to global economic policy uncertainty: Evidence from a panel GARCH model with cross sectional dependence

Suleiman Mamman, Zhanqin Wang and Jamilu Iliyasu

Testing for causality between climate policies and carbon emissions reduction

Bertrand Candelon and Jean-Baptiste Hasse

Does green activity impact stock price crash risk? The role of climate risk

Dat Nguyen, Vuong Thao Tran and Dinh Hoang Bach Phan

The pricing and static hedging of multi-step double barrier options

Hangsuck Lee, Bangwon Ko and Minha Lee

Tax policy reform and corporate innovation in China

Lerong He, Xiaozhen Jiang and Liting Fang

Political connections, institutional environment and informativeness of stock price

Tao Xie and Yanan Li

Foreign direct investment and employee income share: Firm-level evidence

Ya Feng and Junqi Wen

Does ESG performance improve firm creditworthiness?

Masayasu Kanno

Organizational capital and readability of financial reports

Humnath Panta and Ayush Panta

The effect of major public emergencies on technology-based SMEs: Survival crisis and relief paths

Chen Zou, Yongchun Huang, Zi Ye and Anqi Pan

Authorised participants as shock absorbers in fixed-income ETFs

Matteo Aquilina, Karen Croxson, Gian Giacomo Valentini and Zhuowei Sun

Climate risk and Chinese stock volatility forecasting: Evidence from ESG index

Jiqian Wang and Liang Li

Factor exposure heterogeneity in green and brown stocks

David Ardia, Keven Bluteau, Gabriel Lortie-Cloutier and Thien Duy Tran

Making text count: Identifying systemic risk spillover channels in the Chinese banking sector using annual reports text

Shijing Nan, Minna Wang, Wanhai You and Yawei Guo

From chaos to compliance: Standards-setting and financial fraud

Qifeng Zhao, Qianfeng Luo and Yunqing Tao

Major risk shocks, financial relief policies and loan maturity for MSMEs: Evidence from China

Bingbing Shui

Clustering in Bitcoin balance

Şahin Telli and Xufeng Zhao

Revealing dynamic intrinsic temporal and spatial scale characteristics of oil price volatility in bubble and non-bubble periods

Weijia Chen, Shupei Huang and Haizhong An

Monetary policy and uncertainty resolution in commodity markets

Chen Gu, Alexander Kurov and Raluca Stan

Love thy neighbor: CEO extraversion and corporate acquisitions

Tom Aabo, Jakob Berggreen Hansen and Sebastian Malling Petersen

Does the introduction of market maker improve market quality? Evidence from China's Sci-Tech innovation board

Jianhua Li and Jianxiang Xu

Corporate cash holdings in response to climate risk and policies

Sang Ho Lee, Daewoung Joey Choi and Seung Hun Han

A text-based managerial climate attention index of listed firms in China

Lei Lei, Dayong Zhang, Qiang Ji, Kun Guo and Fei Wu

Predictors of clean energy stock returns: An analysis with best subset regressions

Cetin Ciner, Arman Kosedag and Brian Lucey

Estimating the US trend short-term interest rate

Meredith Beechey, Pär Österholm and Aubrey Poon

The role of gender in sales behaviour: Evidence from institutional financial brokerage

Raul Riefler, Onur Kemal Tosun and Ylva Baeckström

Predicting natural gas futures’ volatility using climate risks

Kun Guo, Fengqi Liu, Xiaolei Sun, Dayong Zhang and Qiang Ji

The impact of innovation openness on innovation performance of manufacturing corporates –Moderating effect based on knowledge reorganization

Xuemei Wang, Xu Han and Huimin Li

Evaluating time-varying granger causality between US-China political relation changes and China stock market

Yifei Cai, Hao-Wen Chang and Tsangyao Chang

Stock market volatility and Russia–Ukraine conflict

Feng-lin Wu, Xu-dong Zhan, Jia-qi Zhou and Ming-hui Wang

Digital finance and regional economic resilience: Theoretical framework and empirical test

Zehui Yu, Yiming Li and Lihua Dai

Enforcement of corporate misconduct during Democratic and Republican administrations

Daniel Neukirchen, Gerrit Köchling and Peter N. Posch

Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data

Kyungsub Lee

Do the rise of global value chain status avoid anti-dumping barriers? Evidence from Chinese micro-enterprises

Jian Yuan, Zhiming Zhang and Chunjie Lou

Pandemic uncertainty and firm investments

Li Zhang, Shiwei Hu and Guoli Xu

The board profiles that promote environmental, social, and governance disclosure–Evidence from S&P 500 firms

Linh Thi My Nguyen and Phong Thanh Nguyen

The fear of fear in the US stock market: Changing characteristics of the VVIX

Stefan Albers

Relative deprivation and financial risk taking✰

Tae-Young Pak

Incentive effects of government subsidy on technological innovation: Evidence from pharmaceutical industry

Tingting Yang and Botong Xu