International Review of Financial Analysis

Article	Citations
Foundation-controlled firms and CEO compensation	659
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	517
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	467
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	462
How active is your (nominally) actively managed quantitative fund?	420
Does information transmission alleviate the salience bias of fund managers?	307
Concealment and detection: The influence of management tone on analyst forecast revisions	273
Multiscale risk spillovers among critical mineral markets - insights from conditional and aggregated connectedness approach	250
Value effects of sovereign wealth funds' exclusionary policies: The case of the Norwegian government pension fund-global (NGPF-G)	250
The power of religion: Islamic investing in the lab	238
CEO war trauma and corporate tax avoidance	210
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	177
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	171
Sustainability indices nexus: Green economy, ESG, environment and clean energy	167
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	166
Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	163
Bank affiliation and mutual funds’ trading strategy distinctiveness	159
Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	150
Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective	149
Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits	148
The RMB value added real effective exchange rate: Theory, measurement and analysis	147
Risk factors disclosure and corporate philanthropy	145
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	144
Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	142
Can parental financial literacy enhance children's higher education opportunities?	140

Sustainability arbitrage pricing of ESG derivatives	136
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	136
Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises	134
University shareholding and corporate innovation: Evidence from China	132
Uncertainty and cryptocurrency returns: A lesson from turbulent times	131
Does corporate culture impact tax shelter? A machine learning approach	131
Corrigendum to “Specialization in bank lending and firm deleveraging: Evidence from China” [International Review of Financial Analysis; Volume103 (2025) Start page–End page/Article Number 104188]	129
Good volatility, bad volatility, and the cross section of cryptocurrency returns	128
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	125
A conditional higher-moment CAPM	122
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	119
Trade debts and bank lending in years of crisis	117
Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	116
Natural disaster experiences and household entrepreneurship: Evidence from China	116
Corporate social responsibility and the choice of payment method in mergers and acquisitions	115
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	114
Subsidiary financing choices: The roles of institutional distances from home countries	113
Does investor attitude toward carbon neutrality affect stock returns in China?	113
Temperature and trading behaviours	113
Which is more important in stock market forecasting: Attention or sentiment?	111
Depositor market discipline: New evidence from selling failed banks	107
Digitalization and banks' efficiency: Evidence from a European analysis	106
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	106
Greening the future: How green manufacturing shapes corporate environmental and ESG success	106
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	105
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	103
Ambiguity and asset pricing: An empirical investigation for an emerging market	102
Strategy choices in strategic risk-taking: Does climate risk matter?	102
Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach	101
Institutional environment and qualified foreign institutional investors' trust in auditing	98
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms	97
Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?	96
Multinational corporations and share pledging of the controlling shareholder	94
Tax incentives, supply chain spillovers, and enterprise technological innovation	93
Challenges to corporate supply chain stability under the trend of expert power concentration	92
Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent	91
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	91
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	88
The effects of overnight events on daytime trading sessions	87
Digital technology penetration and supply chain resilience improvement: Enterprise innovation strategies in the digital age	87
Attention to biodiversity and stock returns	85
Herding and market volatility	85
Government open data and corporate supply chain concentration	84
Information interaction among institutional investors and stock price crash risk based on multiplex networks	84
Climate risk and bank liquidity creation: International evidence	83
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	82
Fund trading divergence and performance contribution	82
Heterogeneous impacts of climate change news on China's financial markets	82
Risk culture in corporate innovation	82
Bank loan renegotiation and financial institutions' network	81

Exchange rate stability and expectation management under heterogeneous expectations	81
Benefits and costs: The impact of capital control on growth-at-risk in China	80
Loan amendments and capital structure	79
Hedging geopolitical risks with diverse commodities	79
A novel HAR-type realized volatility forecasting model using graph neural network	78
Spatial proximity in venture capital investments and assets intangibility	76
Going out and bringing in: Impact of digital finance on firms' cross-regional investments	76
Politics and Robots	76
Responsible investing: Upside potential and downside protection?	76
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	75
Trading strategies and Financial Performances: A simulation approach	74
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	73
Evaluating the impact of report readability on ESG scores: A generative AI approach	72
Industry effects of corporate environmental and social scandals: Evidence from China	72
Take it with a pinch of salt—ESG rating of stocks and stock indices	70
Going mainstream: Cryptocurrency narratives in newspapers	70
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	70
Prescreening bank failures with K-means clustering: Pros and cons	70
Compulsory liability insurance and excess cash holdings: Evidence from China	70
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	70
Transaction-based government-business relationship via government customer	69
Climate change and exchange rate variables: A potential storm of urban debt	69
The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy	68
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings	68
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	66
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	66
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	65
Banking competition and the enhancement of new quality productive forces: Evidence from China	65
Global mutual fund flows	65
Collateral damage: Evidence from share pledging in China	65
MSCI index inclusion and price efficiency evidence from China	65
Capital allocation efficiency of SMEs: Global evidence	64
Driving green development: The influence of green credit and informatization-industrialization integration on reducing corporate carbon emissions	64
Capital investment, digital economy and innovation of high-tech industries	63
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	63
Industry herding in crypto assets	62
Adoption and content of key audit matters and stock price crash risk	62
Managerial foreign experience and corporate risk-taking: Evidence from China	62
Tax-related information regulatory capacity and accounting information quality	61
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	61
Internal business process governance and external regulation: How does AI technology empower financial performance?	60
Family firm governance and working capital management policy	60
Information content and sentiment: the role of environmental disclosure in stock price crash risk	60
Why do individuals not participate in the stock market?	59
Official environmental credit evaluation and corporate debt concentration	59
Market distraction and near-zero daily volatility persistence	59
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	59
Corporate social responsibility overinvestment in mergers and acquisitions	59
Less is more? New evidence from stock market volatility predictability	58
Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach	58
Evidence of oil market price clustering during the COVID-19 pandemic	58
Mean-variance versus utility maximization revisited: The case of constant relative risk aversion	57
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	57
Rumors in the sky: Corporate rumors and stock price synchronicity	56
The destabilizing effect of mutual fund herding: Evidence from China	55
Firm-level political risk, liquidity management, and managerial attributes	54
Stock price default boundary: A Black-Cox model approach	54
Trading restriction and the choice for derivatives	54
Can executive green experience improve enterprise total factor productivity? Evidence from China	53
News-based ESG sentiment and stock price crash risk	53
Impact of green taxes and fees on corporate ESG performance	53
Intelligent manufacturing and trade credit	53
Climate transition risk in U.S. loan portfolios: Are all banks the same?	51
Financial literacy and FinTech market growth around the world	51
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	51
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	50
Serving the truth: Do directors with media background improve financial reporting quality?	50
Digitalization of tax administration and corporate performance: Evidence from China	50
FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	50
Stock market reactions to monetary policy surprises under uncertainty	50
How does optimizing the business environment affect the capital flows between northern and southern China? From the perspective of enterprises' location choice for out-of-town investment	50
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	50
Corporate ESG performance and manager misconduct: Evidence from China	50
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	50
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	49
Tracking investor gambling intensity	49
Volatility connectedness on the central European forex markets	49
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	49
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	49
Gender balance in academia: Evidence from finance departments	48

Digital transformation and wage distortion in R&D and innovation activities - Causal inference based on double machine learning	47
How technological innovation influence operational risk: Evidence from banks in China	47
Testing how banks generate credit in the USA under the Basel III framework	47
Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	47
Environmental regulations and corporate supply chain deviation: Evidence and financial implications for sustainable economic development	47
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	47
Break a peg! A study of stablecoin co-instability	46
Environmental protection tax policy and corporate risk-taking: Evidence from China	46
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	46
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	46
Mandatory disclosure of comment letters and analysts' forecasts	45
The impact and mechanism of digital finance on urban economic resilience	45
The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint	45
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	45
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	45
Networked liquidity risk contagion in high-carbon sectors: The role of multi-agent behavioral constraints	45
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	44
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	44
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	44
Financial elderly care security and community satisfaction: The moderating effect of internet usage	44
Investor sentiment and M&A withdrawal: International evidence	43
Does CEO agreeableness personality mitigate real earnings management?	43
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	43
Financing the green projects: Market efficiency and volatility persistence of green versus conventional bonds, and the comparative effects of health and financial crises	43
Time-varying bond market integration and the impact of financial crises	42
Business tax reform and human capital in service industry firms: Evidence from China	42
In search of climate distress risk	42
Time to acquire: Regulatory burden and M&A activity	42
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	42
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	42
The spillover effect of customer annual report tone on supplier ESG decisions	42
Tax burden and enterprises' ESG performance	41
VaR and ES forecasting via recurrent neural network-based stateful models	41
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	41
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	41
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	41
Possibility versus feasibility: International portfolio diversification under financial liberalization	41
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	41
Home bias, sovereign-bank nexus and bank failure – Evidence from European stress tests	41
Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	41
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	41
The profitability effect: Insight from a dynamic perspective	41
Payout policy around the world	40
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	40
A novel downside beta and expected stock returns	40
Family entrepreneurship around the world	40
Electronic voting in shareholder meetings and the market value of cash holdings	40
Factor price distortion, efficiency loss and enterprises' outward foreign direct investment	40
Can local policy uncertainty curtail corporate speculation on financial assets?	40
How does green finance reform affect corporate ESG greenwashing behavior?	39
Asymmetric effects of fair value adjustments on dividend policy	39
Financial fusion: Bridging Islamic and Green investments in the European stock market	39
Reevaluating the carbon premium: Evidence of green outperformance	39
Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic	39
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?	39
How does green credit policy affect polluting firms' dividend policy? The China experience	39
The ESG effect on the cost of debt financing: A sharp RD analysis	38
Measuring speculation beyond day trading and bets on lottery-like stocks	38
How does government transparency affect regional financing efficiency? An examination based on the level of provincial government information disclosure	38
Extreme risk spillovers from commodity indexes to sovereign CDS spreads of commodity dependent countries: A VAR quantile analysis	38
Geographic dispersion and corporate resilience during the COVID-19 pandemic	38
Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”	38
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	38
Up or down? Short-term reversal, momentum, and liquidity effects in cryptocurrency markets	38
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	38
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	38
Reassessing the Illiquidity-Return Relationship: Evidence from Germany, the UK, and the U.S.	37
Social capital, syndication, and investment performance: Evidence from PE investing in LBOs	37
Product relatedness and firm productivity	37
Does the depth of digital trade rules promote bilateral value chain cooperation?	37
A gentle reminder: Should returns be interpreted as log differences?	37
Dynamic portfolio optimization with the MARCOS approach under uncertainty	37
Corporate social responsibility signalling under external transparency demands	37
Political corruption and corporate tax avoidance: A quasi-natural experiment	37
Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies	37
Are more analysts better? The case of convertible bond announcement effects	37
Anatomy of recent value premium's travails	36
Chinese corporate governance research over the last decade (2014 - 2023)	36
‘E’ of ESG and firm performance: Evidence from China	36
Improved estimation of the correlation matrix using reinforcement learning and text-based networks	36
Promoting or inhibiting: The impact of artificial intelligence application on corporate environmental performance	35
Double-edged sword: Does strong creditor protection in the bankruptcy process affect firm productivity	35
Can investor-firm interactions mitigate ESG rating divergence? Evidence from China	35
Chasing ESG performance: How methodologies shape outcomes	35
Impact of media attention on corporate green innovation: What is the role of dual environmental regulation?	35
United we stand, divided we fall: The impact of top management team stability on corporate litigation	35
Investor attention, information acquisition, and value premium: A mispricing perspective	35
Conformity or differentiation? The role of CEO turnover	35
Analysts' initial coverage and stock price crashes	34
Green and climate finance: Challenges and opportunities	34
From low resource slack to inflexibility: The share price effect of operational efficiency	34
Forecasting global stock market volatilities in an uncertain world	34
The impact of management equity incentive on firms' risk-taking under different monitoring conditions	34
Director foreign experience: Geographic specificity and value implication	34
The integration of share repurchases into investment decision-making: Evidence from Japan	34