Finance Research Letters

2004 - 2025

Current editor(s): R. Gençay

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Volume 66, issue C, 2024

ESG performance, heterogeneous creditors, and bond financing costs: Firm-level evidence

Quan Li, Tianshu Li and Yuan Zhang

Do design features explain the volatility of cryptocurrencies?

Fabian E. Eska, Yanghua Shi, Erik Theissen and Marliese Uhrig-Homburg

Option trading activity and capital reallocation efficiency: Evidence from corporate restructurings

Scott Fung and Robert Loveland

Digital economy, financial development, and corporate green technology innovation

Jiaying Wu, Yan Xue, Qian Zhang and Yang Liu

Harnessing the green frontier: The impact of green finance reform and digitalization on corporate green innovation

Fei Huang and Yuheng Ren

Patent pledge and corporate risk-taking: A quasi-natural experiment from China's patent pledge pilot

Jiawei Li, Tiezhi Wang and Meiqi You

Does regional gambling culture affect long-term corporate operational risk?–Empirical evidence from lottery sales

Dong Kang and Jun Wang

Enterprise digital transformation and supply chain resilience

Ruijuan Qi, Guowei Ma, Chang Liu, Qiwen Zhang and Qianyi Wang

The impact of fiscal support on individual entrepreneurship in rural areas

Kaiwei Liu and Cunfeng Tan

Environmental regulation and enterprise employment creation: A quasi-natural experiment based on the implementation of the new environmental protection law

Yuning Ren and Kunlun Liu

Digitalization, green transformation, and the high-quality development of Chinese tourism enterprises

Jing Li and Yize Li

A closer look at the substitution effects between retail trading and national lotteries

Qiqi Liang and Licheng Sun

Corporate litigation risk and supply chain resilience

Hua Zhang, Pengcheng Wang, Huaqing Zhang, Shilin Du and Liang Zhao

How does exchange rate fluctuation affect the efficiency of Chinese enterprises' overseas mergers and acquisitions

Ruifen Li and Ruihua Zhang

Board team faultlines and enterprise innovation investment

Ruixue Zhang and Boya Li

The impact of foreign ownership on corporate ESG performance

Jianfeng Zhang and Wang Wu

Can the enterprise intelligent transformation promote accounting information transparency? Pressure from media attention

Jiayu Qiu, Xinxia Deng and Rui Liang

The AI revolution: are crypto markets more efficient after ChatGPT 3?

José Almeida and Tiago Cruz Gonçalves

Digitalization and urban economic sustainability: The role of the government and foreign direct investments

Huilan Zhong and Zhentao Ma

Cultural intellectual leadership and breakthrough innovation

Xiwen Deng and Yuefei Long

Executive compensation, internal governance and ESG performance

Kai Zhang, Shan Wan and Yuehui Zhou

Industry concentration and workers’ wage levels

Ruizhu Zhou

Option pricing under market maker's inventory risk: A case study of China

Zhijian Deng and Yuhang Yao

Cross-country spillover effects of interest rate and credit constraint policies

Juuso Nissinen

Risk spillover effects of the Israel–Hamas War on global financial and commodity markets: A time–frequency and network analysis

Zi-Luo Lin, Wen-Pei Ouyang and Qing-Rui Yu

Mirroring the urban exodus: The impact of return migration on rural entrepreneurship

Jun Zhou, Xueyi Zhang, Aslihan Gizem Korkmaz, Xin Ding and Pengpeng Yue

The extreme temperature factor in asset pricing models: Evidence from Europe

Mariano González-Sánchez, Raquel Arguedas Sanz and Ana I. Segovia San Juan

Regional technological innovation and industrial upgrading in China: An analysis using interprovincial panel data from 2008 to 2020

Liangguo Xu, Haicheng Shu, Xianglin Lu and Tianci Li

Can government guided funds alleviate corporate financing constraints？ Evidence from China

Baodong Chen, Qiao Pan and Shuai Wu

Public procurement and bank lending

Anže Burger, Matej Marinč, Sašo Polanec and Patricia Kotnik

A blessing or a curse? Non-local mutual fund holdings and firm investment efficiency

Junqing Zuo, Wei Zhang, Chenghao Ruan and Xiong Xiong

Sectoral capital flows and income inequality

Ankit Kumar and Pradyumna Dash

A neural network framework for portfolio optimization under second-order stochastic dominance

Ali Babapour-Azar and Rashed Khanjani-Shiraz

ESG information disclosure, industrial policy support, debt financing costs

Liying He and Kamisah Ismail

Cross-country spillovers of trade uncertainty and their formation mechanisms

Chao Wu, Ke Zhao, Jinquan Liu and Xiuyi Zhao

Disclosure of internal control evaluation reports of Chinese enterprises: History, problems and strategies

Kuang Yushu, Li Zongkeng and Liang Rui

Can social trust foster green innovation?

Deyu Liu, Kefan Wang and Jialin Liu

Income volatility and household commercial insurance allocation

Wei Guo

International tax incentives, cross-border research and development, and corporate innovation performance

Chenyang Feng

Green investment products, consumer behavior, and regional carbon emissions levels

Rui Luo, Ping Chen and Yachao Wang

Directors assigned by non-state shareholders and innovation in state-owned enterprises

Chenxi Wang, Ran Duan and Xingguang Pan

Digital economy and urban entrepreneurial activity

Bing Wang, Yanyan Liu and Xiangyu Yang

Information disclosure transparency and shareholder wealth: Based on textual analysis

Wenxin Xie

Peer effect and funding success: Analyzing friendship networks in online credit markets

Hongming Gao, Hui Zhu and Haiying Ma

Impact of mergers and acquisitions on enterprise innovation efficiency: The mediating role of factor endowment

Shanshan Wang, Ying Wang and Qiuyue Li

Financing constraints, major business performance, and return on financial assets

Haibo Jia and Ming Zhang

Executive team restructuring and corporate ESG disclosure quality

Chengyu Bai, Dan Liu and Yong Liu

Listing on the stock exchange and firm innovation

Fang Yang, Yang Ma, Xi Tang, Xinhai Ye, Xiaoye Chen and Ruochen Zhang

Exploring the nexus between past financial performance and voluntary GRI adoption: The role of environmental certification

Bingjie Li, Zhao Duan and Qibin Cai

Financial instability in Europe: Does geopolitical risk from proximate countries and trading partners matter?

Jiahao Liu and Wenyu Shen

Industry tournament incentives and acquisition performance

Huai Qin and Yongjian Huang

Corporate SDG performance and investor trading behavior

Xinglong Yang, Zhang-HangJian Chen, Yujia Feng, Xiang Gao and Kees G. Koedijk

The impact of corporate financialization on the export scale of the film industry—Evidence from China

Ren Bingchao and Du Siyuan

Do government-guided funds "guide" the transregional mobility of capital? Evidence from cross-city equity investments

Kai Peng, Fang Yu, Dongmin Kong, Yang Li and Ruihang Geng

The effect of public pension insurance integration on income disparities between urban-rural households: Evidence from a quasi-experiment in China

Qianqian Li, Zhengtang Zhao and Tingting Chen

The Low-carbon city pilot policy and trade credit financing: Evidence from China

Chao Yang, Di Song and Yuhan Su

Homeownership and household risky asset holdings: Moderating role of social security and the mediating role of subjective well-being

Yao Gu and Xingui Zhu

From words to finances: Unraveling the negative net debt-languages nexus

Marvelous Kadzima, Michael Machokoto and Tesfaye T. Lemma

Payday alternative loans: PAL or Foe?

Anna-Leigh Stone

Lingua franca proficiency and cross-border mergers and acquisitions: Language matters

Yuanyuan Zhang, Wenli Sun and Yaning Du

Do transactions on social trading platforms predict the stock market behavior of the aggregate private sector?

Matthias Horn, Julian Schneider and Andreas Oehler

Green effect of energy transition policy: A quasi-natural experiment based on new energy demonstration cities

Zhichao Yu, Wenlan Xie, Junjie Guo and Zhongyu Yang

CEO cultural and financial backgrounds and corporate innovation

Jie Yan, Xin Gu and Zongtang Xie

The performance and stability of financial institutions after digital transformation: The importance of regional policies

Xiaowen Wu and Guangbin Cheng

Incorporating weather information into commodity portfolio optimization

Dongna Zhang, Xingyu Dai and Jianhao Xue

Bankruptcy law and the leverage speed of adjustment

Satish Kumar

Digital finance and corporate environmental violations

Fahad Khalid, Xinhui Sun, Rabia Akram and Mohit Srivastava

Financial leasing and enterprise innovation

Hanyu Lian

Green finance, investor preferences, and corporate green innovation

Ruoying Shi, Hengyi Zhou, Xiangqian Li, Xue'er Miao and Xing Zhao

The impact of enterprise digital transformation on financial mismatch: Empirical evidence from listed companies in China

Jiantao Ding, Yingkai Yin, Jinsong Kuang, Dezhi Ding, Dag.Øivind Madsen and Kunyu Yang

Testing static and dynamic leverage models: A standardized leverage measure approach

Wei He, Xuanlin Tang and Hanzhe Zeng

The impact of digital inclusive finance on agricultural economic resilience

Qiang Gao, Mengyuan Sun and Lu Chen

Firm-specific investor sentiment and stock price informativeness

Binsheng Qian and Yusen Tan

Mutual fund liquidity management and family affiliation

Marius Popescu and Zhaojin Xu

Supply chain ESG and non-financial corporate shadow banking: Evidence from China

Chunyan Zhao, Zhongxin Gan and Zhibo Xu

Judicial reforms and corporate governance: The contribution of circuit courts to ESG performance improvement

Yufei Xue and Sheng He

How does digital collaboration impact supply chain resilience

Lei Jia and Jing Li

Does digital transformation empower green innovation? Evidence from listed companies in heavily polluting industries in China

Wenqiu Zhang, Junli Zhao, Hao Li and Shuilin Chen

ESG combined score effects on stock performance of S&P 500-listed firms

Shi Cheng and Shan Huang

Digital tax collection and corporate job creation: An analysis based on the quasinatural experiment of Golden Tax Phase III

Jiangyan Cheng and Hongmao Wei

Helping women rise: Foreign venture capital and female entrepreneurship

Haixia Hao, Jianwei Dong and Han Wang

Corporate digital innovation and stock price crash risk

Yan Liu, Xuekun Suo, Xiuhong Du, Hengqin Wu and Han Lin

Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data

Dongfang Zhao, Genghe Gao, Tao Liu and Zhenkun Zhao

Measuring ESG risks in multi-asset portfolios: Decomposing VaRESG into CVaRESG

Paolo Capelli, Federica Ielasi and Angeloantonio Russo

Enterprise digital transformation empowers supply Chain stability

Wenjuan Jiang and Xin Wang

Green credit policy and corporate deleveraging: Evidence from China

Cong Li, Yiming Wang, Weiguo Sun, Yue Yu and Yuzhen Ding

Impact of strategic alliances on enterprise investment levels

Yan Zhou, Tengyin Hu and Yuheng Ren

Judicial local protection and corporate litigation outcomes: A study based on legal big data

Aimin Li

The impact of director network distance on enterprise investment returns

Xing Zhao, Ying Wang, Jieyu Li and Xiangqian Li

Impact of digital finance on agricultural output: From the perspective of digital development of agriculture

Lei Cao and Guosong Wang

The impact of corporate social responsibility on green technology innovation: An empirical study of listed companies in China

Zuwei Yu, Guangren Chen, Xiangjing Pei, Zhixiong Gao and Yu Ding

Financial flexibility and enterprise entity investment preferences

Zhouding Liu

Does the U.S.-China trade war stop? A novel event study on fake news and stock price in China

Zhiyuan Zhong, Qiang Wu and Manling Wang

Balancing against geopolitical risk: Household investment portfolios during the U.S.-China trade war

Xiqian Cai, Zhengquan Cheng and Dongxu Li

Opportunistic behaviour behind corporate digitalization disclosure: The moderating role of economic policy uncertainty

Kaolei Guan, Mengting Fu and Haining Zhu

Strengthening of rule of law and ESG performance of corporations

Zhou Gui and Xiaoyu Lu

Manager's entrepreneurial experience and firm innovation

Han Chen and Linsheng Wu

The uncertainty of fluctuation correlations in global stock markets

Faming Wang, Xueyun Rong and Lei Yin

The impact of green finance and technology on the commercial banks’ profit and risk

Zhiyi Zhou, Jing Tong, Haoyang Lu and Shouyi Luo

Internal control and stock liquidity

Yahui Sun, Yating Huang and Qindi Feng

Customer structure and R&D investment: Based on innovative trait

Wenxin Cui and Cuixia Qiao

Working hours and household financial asset allocation

Xiuli Xu, Panpan Xu and Haiqing Bai

The industrial internet and green technology innovation

Xiaoxu Guo and Nan Liu

Capital market opening and share repurchases: Evidence from China's listed companies absorbed in the MSCI Emerging Markets Index

Li Li, Weifeng He and Shengqi Zheng

Quantum and AI-based uncertainties for impact-relation map of multidimensional NFT investment decisions

Hasan Dinçer, Serhat Yüksel, Jaehyung An and Alexey Mikhaylov

The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan

Geesun Lee

Portfolio's weighted political risk and mutual fund performance: A text-based approach

Huong Giang Nguyen, Khanh Hoang, Quan M.P. Nguyen, Hung Xuan Do and Duc Khuong Nguyen

Monetary policy and innovation in Europe: An SVAR approach

Gianni Carvelli, Eleonora Bartoloni and Maurizio Baussola

Exploring market efficiency levels: A powerful approach based on a gamma distribution

Abolfazl Askari and Ehsan Hajizadeh

Does central bank transparency converge across the world? Evidence from a club convergence perspective

Dinabandhu Sethi, Ujjwal Sharma and Alekha Meher

Corrigendum to ‘Tax aggressiveness under concentrated ownership: The importance of long-term institutional investors’ [Finance Research Letters 65 (2024) Article 105541]

Michał Kałdoński and Tomasz Jewartowski