International Review of Financial Analysis

Article	Citations
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	876
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	571
Multinational corporations and share pledging of the controlling shareholder	390
Ambiguity and asset pricing: An empirical investigation for an emerging market	328
Risk culture in corporate innovation	282
Bank affiliation and mutual funds’ trading strategy distinctiveness	243
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	227
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]	225
Trade debts and bank lending in years of crisis	205
Risk factors disclosure and corporate philanthropy	189
Does investor attitude toward carbon neutrality affect stock returns in China?	189
The RMB value added real effective exchange rate: Theory, measurement and analysis	189
Financial agglomeration, enterprise structural upgrading, and economic growth disparities	184
Multiscale risk spillovers among critical mineral markets - insights from conditional and aggregated connectedness approach	181
Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises	180
Value effects of sovereign wealth funds' exclusionary policies: The case of the Norwegian government pension fund-global (NGPF-G)	176
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	172
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	172
How active is your (nominally) actively managed quantitative fund?	172
The effect of creditor judicial protection on trade credit in supply chains: Evidence from the establishment of bankruptcy courts in China	170
The power of religion: Islamic investing in the lab	169
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	167
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	164
Subsidiary financing choices: The roles of institutional distances from home countries	164
CEO war trauma and corporate tax avoidance	163

Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	162
Editorial Board	161
Depositor market discipline: New evidence from selling failed banks	157
Stock and sovereign returns linkages: Time-varying causality and extreme-quantile determinants	150
Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective	149
Corporate social responsibility and the choice of payment method in mergers and acquisitions	144
Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	143
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms	142
Strategy choices in strategic risk-taking: Does climate risk matter?	140
A conditional higher-moment CAPM	139
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	139
Does corporate culture impact tax shelter? A machine learning approach	136
Energy commodity spillovers and herding behavior: Evidence from EU ETS-listed firms	135
Digital technology penetration and supply chain resilience improvement: Enterprise innovation strategies in the digital age	132
Sustainability arbitrage pricing of ESG derivatives	129
Supply chain finance digitalization and corporate risk-taking: Evidence from China	129
Greening the future: How green manufacturing shapes corporate environmental and ESG success	128
Government procurement and SME innovation: Quasiexperimental evidence from China’s 2018 SME promotion law	127
Data governance, investment resilience, and corporate performance enhancement	123
Challenges to corporate supply chain stability under the trend of expert power concentration	122
Concealment and detection: The influence of management tone on analyst forecast revisions	120
Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	119
Good volatility, bad volatility, and the cross section of cryptocurrency returns	116
Natural disaster experiences and household entrepreneurship: Evidence from China	116
Breaking the green investment dilemma of heavily polluting firms: Evidence from carbon market trading through the Lens of signaling and risk sharing	115
Digitalization and banks' efficiency: Evidence from a European analysis	111
Uncertainty and cryptocurrency returns: A lesson from turbulent times	111
The contagion effect of natural disasters in the Sovereign CDS market: Which causes?	110
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	105
Fund trading divergence and performance contribution	105
University shareholding and corporate innovation: Evidence from China	104
Does information transmission alleviate the salience bias of fund managers?	103
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	101
Heterogeneous impacts of climate change news on China's financial markets	100
Can parental financial literacy enhance children's higher education opportunities?	100
Government open data and corporate supply chain concentration	100
Information interaction among institutional investors and stock price crash risk based on multiplex networks	99
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	98
Foundation-controlled firms and CEO compensation	97
Spillover effect of shadow banking business governance: A perspective on audit pricing decisions	97
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	97
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	95
Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?	95
Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits	95
Which is more important in stock market forecasting: Attention or sentiment?	93
The effects of overnight events on daytime trading sessions	93
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	92
Tax incentives, supply chain spillovers, and enterprise technological innovation	92
Attention to biodiversity and stock returns	92
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	92

Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	91
Sustainability indices nexus: Green economy, ESG, environment and clean energy	91
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	89
Bank loan renegotiation and financial institutions' network	88
Less is more? New evidence from stock market volatility predictability	86
Loan amendments and capital structure	86
Climate change and exchange rate variables: A potential storm of urban debt	85
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	85
Family firm governance and working capital management policy	84
Stock price default boundary: A Black-Cox model approach	84
Benefits and costs: The impact of capital control on growth-at-risk in China	84
Global mutual fund flows	84
Compulsory liability insurance and excess cash holdings: Evidence from China	83
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	83
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings	83
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	82
Spatial proximity in venture capital investments and assets intangibility	82
Official environmental credit evaluation and corporate debt concentration	80
Why do individuals not participate in the stock market?	79
Tax-related information regulatory capacity and accounting information quality	78
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	78
Industry effects of corporate environmental and social scandals: Evidence from China	78
Firm-level political risk, liquidity management, and managerial attributes	78
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	77
Capital allocation efficiency of SMEs: Global evidence	77
Can nationalization improve firm profitability? Empirical evidence from China	77
Debt overhang and short-termism under incomplete markets	77
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	77
Network attention, administrative intervention and firm tax aggressiveness	77
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	73
Managerial foreign experience and corporate risk-taking: Evidence from China	72
Gaussian Mixture systemic risk measures in international equity markets	72
Trading strategies and Financial Performances: A simulation approach	72
Impact of green taxes and fees on corporate ESG performance	71
Politics and Robots	71
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	71
MSCI index inclusion and price efficiency evidence from China	71
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	70
Culture-driven, intelligent finance, and corporate human capital accumulation	70
Collateral damage: Evidence from share pledging in China	69
Prescreening bank failures with K-means clustering: Pros and cons	69
Rumors in the sky: Corporate rumors and stock price synchronicity	69
Tracking investor gambling intensity	69
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	69
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	69
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	68
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	68
Intelligent manufacturing and trade credit	67
Hedging geopolitical risks with diverse commodities	67
Serving the truth: Do directors with media background improve financial reporting quality?	66
Exchange rate stability and expectation management under heterogeneous expectations	66
Adoption and content of key audit matters and stock price crash risk	66
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	66
Volatility connectedness on the central European forex markets	66
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	66
A novel HAR-type realized volatility forecasting model using graph neural network	65
Industry herding in crypto assets	65
Take it with a pinch of salt—ESG rating of stocks and stock indices	65
Transaction-based government-business relationship via government customer	64
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	63
News-based ESG sentiment and stock price crash risk	63
Capital investment, digital economy and innovation of high-tech industries	63
Banking competition and the enhancement of new quality productive forces: Evidence from China	63
Stock market reactions to monetary policy surprises under uncertainty	63
Can executive green experience improve enterprise total factor productivity? Evidence from China	63
Going mainstream: Cryptocurrency narratives in newspapers	62
Climate transition risk in U.S. loan portfolios: Are all banks the same?	62
Driving green development: The influence of green credit and informatization-industrialization integration on reducing corporate carbon emissions	61
Urban economic coordination committee and coordinated development of regional innovation: A knowledge spillover perspective	61
Responsible investing: Upside potential and downside protection?	61
Digitalization of tax administration and corporate performance: Evidence from China	61
Financial literacy and FinTech market growth around the world	61
The destabilizing effect of mutual fund herding: Evidence from China	61
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	60
Does a collaborative culture promote firm growth? Evidence from China	60
The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy	60
Internal business process governance and external regulation: How does AI technology empower financial performance?	59
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	59
Going out and bringing in: Impact of digital finance on firms' cross-regional investments	59
Evaluating the impact of report readability on ESG scores: A generative AI approach	59

FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	59
Information content and sentiment: the role of environmental disclosure in stock price crash risk	59
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	59
Digital transformation and wage distortion in R&D and innovation activities - Causal inference based on double machine learning	58
Gender balance in academia: Evidence from finance departments	58
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	57
Asymmetric effects of fair value adjustments on dividend policy	57
Bitcoin returns and volume: Uncovering investor sentiment through topic modeling	57
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	57
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	57
Break a peg! A study of stablecoin co-instability	57
Environmental protection tax policy and corporate risk-taking: Evidence from China	57
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	57
A novel downside beta and expected stock returns	56
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	56
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	56
Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	55
The risk connectedness between international crude oil market and Chinese asset markets: From the perspective of common and idiosyncratic information	55
Home bias, sovereign-bank nexus and bank failure – Evidence from European stress tests	55
Are celebrity CEOs worth the big bucks? Evidence from pay-performance sensitivity	55
Mandatory disclosure of comment letters and analysts' forecasts	55
Possibility versus feasibility: International portfolio diversification under financial liberalization	54
How technological innovation influence operational risk: Evidence from banks in China	54
Financial elderly care security and community satisfaction: The moderating effect of internet usage	54
Business tax reform and human capital in service industry firms: Evidence from China	54
Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	53
Does CEO agreeableness personality mitigate real earnings management?	53
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	53
Time-varying bond market integration and the impact of financial crises	53
Reevaluating the carbon premium: Evidence of green outperformance	52
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	52
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	52
Payout policy around the world	52
Testing how banks generate credit in the USA under the Basel III framework	52
Family entrepreneurship around the world	51
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	50
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	50
Electronic voting in shareholder meetings and the market value of cash holdings	50
Government accounting supervision and corporate productivity: Evidence from market-oriented regulatory reform	50
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	50
Networked liquidity risk contagion in high-carbon sectors: The role of multi-agent behavioral constraints	49
The impact and mechanism of digital finance on urban economic resilience	49
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	49
Can local policy uncertainty curtail corporate speculation on financial assets?	49
Investor sentiment and M&A withdrawal: International evidence	49
Trolls at the gate: How Chinese “internet water armies” undermine corporate social responsibility	49
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	49
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	49
The ESG effect on the cost of debt financing: A sharp RD analysis	49
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	48
Geographic dispersion and corporate resilience during the COVID-19 pandemic	48
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	48
Environmental regulations and corporate supply chain deviation: Evidence and financial implications for sustainable economic development	48
VaR and ES forecasting via recurrent neural network-based stateful models	48
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	48
How does green finance reform affect corporate ESG greenwashing behavior?	47
The spillover effect of customer annual report tone on supplier ESG decisions	47
Tax burden and enterprises' ESG performance	47
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	47
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	47
Financial fusion: Bridging Islamic and Green investments in the European stock market	47
Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”	47
How does green credit policy affect polluting firms' dividend policy? The China experience	47
Dissecting hedge funds' strategies	46
A gentle reminder: Should returns be interpreted as log differences?	46
Chinese corporate governance research over the last decade (2014 - 2023)	46
In search of climate distress risk	46
Editorial Board	46
Environment-specific political risk discourse and expected crash risk: The role of political activism	46
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	46
Measuring informational efficiency of the European carbon market — A quantitative evaluation of higher order dependence	45
Does goodwill pressure drive business restructuring based on subsidiary disposal?	45
Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility	45
Does the establishment of bankruptcy courts affect the risk of corporate collapse?	45
Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market	44
Reassessing the Illiquidity-Return Relationship: Evidence from Germany, the UK, and the U.S.	44
Forecasting global stock market volatilities in an uncertain world	44
Are carry, momentum and value still there in currencies?	44
How does government transparency affect regional financing efficiency? An examination based on the level of provincial government information disclosure	44
Herding behaviour in equity crowdfunding and P2P lending markets: A systematic meta-analysis	44
China's diversification discount: The role of the information environment	44
Bank as financial educator: How childhood financial development shapes investment behaviors	44
Are more analysts better? The case of convertible bond announcement effects	44
ESG disclosure as advertisement of corporate bond issuances	44
Can the development of digital inclusive finance alleviate migrant workers' short-term poverty and long-term vulnerability?	43
Gender diversity and financial flexibility: Evidence from China	43
Political corruption and corporate tax avoidance: A quasi-natural experiment	43
Stock market anomalies: An extreme bounds analysis	43
United we stand, divided we fall: The impact of top management team stability on corporate litigation	43
Social capital, syndication, and investment performance: Evidence from PE investing in LBOs	43
From low resource slack to inflexibility: The share price effect of operational efficiency	43
Stock returns forecasting via a novel machine learning method	43
Improved estimation of the correlation matrix using reinforcement learning and text-based networks	43
Multiscale dynamic linkages of China's financial markets under exchange rate shocks: An MJMD approach	43
Does the depth of digital trade rules promote bilateral value chain cooperation?	42