International Review of Financial Analysis

Article	Citations
Foundation-controlled firms and CEO compensation	583
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	475
Does corporate culture impact tax shelter? A machine learning approach	424
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	409
Temperature and trading behaviours	382
Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach	305
Does information transmission alleviate the salience bias of fund managers?	280
Subsidiary financing choices: The roles of institutional distances from home countries	232
Bank affiliation and mutual funds’ trading strategy distinctiveness	221
Digitalization and banks' efficiency: Evidence from a European analysis	220
Government open data and corporate supply chain concentration	199
Uncertainty and cryptocurrency returns: A lesson from turbulent times	181
CEO war trauma and corporate tax avoidance	166
The power of religion: Islamic investing in the lab	158
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	153
Corporate social responsibility and the choice of payment method in mergers and acquisitions	151
Fund trading divergence and performance contribution	146
Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	143
The effects of overnight events on daytime trading sessions	138
Depositor market discipline: New evidence from selling failed banks	137
Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits	136
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	136
The RMB value added real effective exchange rate: Theory, measurement and analysis	136
Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	129
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

Risk factors disclosure and corporate philanthropy	128
Which is more important in stock market forecasting: Attention or sentiment?	128
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	126
University shareholding and corporate innovation: Evidence from China	126
Good volatility, bad volatility, and the cross section of cryptocurrency returns	118
A conditional higher-moment CAPM	115
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	114
How active is your (nominally) actively managed quantitative fund?	110
Strategy choices in strategic risk-taking: Does climate risk matter?	110
Heterogeneous impacts of climate change news on China's financial markets	109
Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	109
Sustainability indices nexus: Green economy, ESG, environment and clean energy	108
Natural disaster experiences and household entrepreneurship: Evidence from China	107
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	107
Ambiguity and asset pricing: An empirical investigation for an emerging market	107
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	106
Concealment and detection: The influence of management tone on analyst forecast revisions	98
Trade debts and bank lending in years of crisis	97
Sustainability arbitrage pricing of ESG derivatives	97
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	97
Multinational corporations and share pledging of the controlling shareholder	95
Does investor attitude toward carbon neutrality affect stock returns in China?	95
Herding and market volatility	94
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	92
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	92
Attention to biodiversity and stock returns	90
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	89
Tax incentives, supply chain spillovers, and enterprise technological innovation	89
Institutional environment and qualified foreign institutional investors' trust in auditing	88
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	88
Hunting the quicksilver: Using textual news and causality analysis to predict market volatility	88
Climate risk and bank liquidity creation: International evidence	86
Risk culture in corporate innovation	86
Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	86
Greening the future: How green manufacturing shapes corporate environmental and ESG success	85
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	83
Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent	82
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	82
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	82
Challenges to corporate supply chain stability under the trend of expert power concentration	81
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	81
Can parental financial literacy enhance children's higher education opportunities?	81
Information interaction among institutional investors and stock price crash risk based on multiplex networks	81
Mean-variance versus utility maximization revisited: The case of constant relative risk aversion	79
Stock price default boundary: A Black-Cox model approach	79
Not all bank systemic risks are alike: Deposit insurance and bank risk revisited	77
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	77
Politics and Robots	76
Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach	76
Market distraction and near-zero daily volatility persistence	75

Information content and sentiment: the role of environmental disclosure in stock price crash risk	74
Tracking investor gambling intensity	74
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	73
Official environmental credit evaluation and corporate debt concentration	73
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	73
Serving the truth: Do directors with media background improve financial reporting quality?	73
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	72
Why do individuals not participate in the stock market?	70
Rumors in the sky: Corporate rumors and stock price synchronicity	70
The destabilizing effect of mutual fund herding: Evidence from China	70
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	69
Adoption and content of key audit matters and stock price crash risk	69
Responsible investing: Upside potential and downside protection?	69
Exchange rate stability and expectation management under heterogeneous expectations	68
Bank loan renegotiation and financial institutions' network	68
Less is more? New evidence from stock market volatility predictability	65
Trading restriction and the choice for derivatives	64
Industry effects of corporate environmental and social scandals: Evidence from China	64
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	64
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	63
MSCI index inclusion and price efficiency evidence from China	63
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	62
Evidence of oil market price clustering during the COVID-19 pandemic	62
Trading strategies and Financial Performances: A simulation approach	62
Firm-level political risk, liquidity management, and managerial attributes	62
Collateral damage: Evidence from share pledging in China	62
Loan amendments and capital structure	61
Benefits and costs: The impact of capital control on growth-at-risk in China	60
Hedging geopolitical risks with diverse commodities	60
Global mutual fund flows	60
Family firm governance and working capital management policy	60
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	59
Corporate social responsibility overinvestment in mergers and acquisitions	58
Transaction-based government-business relationship via government customer	58
Evaluating the impact of report readability on ESG scores: A generative AI approach	58
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	57
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	56
Industry herding in crypto assets	56
Take it with a pinch of salt—ESG rating of stocks and stock indices	56
Compulsory liability insurance and excess cash holdings: Evidence from China	56
Banking competition and the enhancement of new quality productive forces: Evidence from China	56
Climate transition risk in U.S. loan portfolios: Are all banks the same?	55
Volatility connectedness on the central European forex markets	55
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	55
A novel HAR-type realized volatility forecasting model using graph neural network	55
Capital investment, digital economy and innovation of high-tech industries	55
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	55
Driving green development: The influence of green credit and informatization-industrialization integration on reducing corporate carbon emissions	54
Managerial foreign experience and corporate risk-taking: Evidence from China	54
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	54
Intelligent manufacturing and trade credit	53
How cryptocurrency affects economy? A network analysis using bibliometric methods	53
Prescreening bank failures with K-means clustering: Pros and cons	53
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	52
Going mainstream: Cryptocurrency narratives in newspapers	52
Can executive green experience improve enterprise total factor productivity? Evidence from China	51
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	51
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings	51
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
Stock market reactions to monetary policy surprises under uncertainty	49
Impact of green taxes and fees on corporate ESG performance	49
FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	48
Financial literacy and FinTech market growth around the world	48
Corporate ESG performance and manager misconduct: Evidence from China	48
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	48
News-based ESG sentiment and stock price crash risk	48
Gender balance in academia: Evidence from finance departments	47
Digitalization of tax administration and corporate performance: Evidence from China	47
Tax-related information regulatory capacity and accounting information quality	47
Internal business process governance and external regulation: How does AI technology empower financial performance?	47
Up or down? Short-term reversal, momentum, and liquidity effects in cryptocurrency markets	45
Testing how banks generate credit in the USA under the Basel III framework	45
Possibility versus feasibility: International portfolio diversification under financial liberalization	44
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	44
Break a peg! A study of stablecoin co-instability	44
Does rising corporate social responsibility promote firm tax payments? New perspectives from a quantile approach	43
Payout policy around the world	43
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	43
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	43
Does CEO agreeableness personality mitigate real earnings management?	43

Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	42
A novel downside beta and expected stock returns	42
Asymmetric effects of fair value adjustments on dividend policy	42
The performance and motivation of serial acquisitions: Evidence from Australia	42
Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	42
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	42
An examination of the effect of stock market liquidity on bank market power	42
Mandatory disclosure of comment letters and analysts' forecasts	41
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	41
Investor sentiment and M&A withdrawal: International evidence	41
Geographic dispersion and corporate resilience during the COVID-19 pandemic	41
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	41
The profitability effect: Insight from a dynamic perspective	41
Financing the green projects: Market efficiency and volatility persistence of green versus conventional bonds, and the comparative effects of health and financial crises	41
Can local policy uncertainty curtail corporate speculation on financial assets?	41
Extreme risk spillovers from commodity indexes to sovereign CDS spreads of commodity dependent countries: A VAR quantile analysis	40
Time to acquire: Regulatory burden and M&A activity	40
In search of climate distress risk	40
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	40
Environmental protection tax policy and corporate risk-taking: Evidence from China	39
Electronic voting in shareholder meetings and the market value of cash holdings	39
The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint	39
Tax burden and enterprises' ESG performance	39
Financial fusion: Bridging Islamic and Green investments in the European stock market	39
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	39
Time-varying bond market integration and the impact of financial crises	39
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	39
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	39
How technological innovation influence operational risk: Evidence from banks in China	39
How does green finance reform affect corporate ESG greenwashing behavior?	38
Reevaluating the carbon premium: Evidence of green outperformance	38
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	38
Family entrepreneurship around the world	38
VaR and ES forecasting via recurrent neural network-based stateful models	38
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	38
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	38
How does green credit policy affect polluting firms' dividend policy? The China experience	38
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	37
The ESG effect on the cost of debt financing: A sharp RD analysis	37
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	37
Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic	37
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?	37
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	37
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	37
Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”	36
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	36
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	36
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	36
Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe	36
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	36
Factor price distortion, efficiency loss and enterprises' outward foreign direct investment	36
Measuring speculation beyond day trading and bets on lottery-like stocks	35
Editorial Board	35
The integration of share repurchases into investment decision-making: Evidence from Japan	35
Conformity or differentiation? The role of CEO turnover	35
Product relatedness and firm productivity	35
Political corruption and corporate tax avoidance: A quasi-natural experiment	35
Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market	35
A gentle reminder: Should returns be interpreted as log differences?	35
Are more analysts better? The case of convertible bond announcement effects	35
Does goodwill pressure drive business restructuring based on subsidiary disposal?	35
Corporate social responsibility signalling under external transparency demands	34
Anatomy of recent value premium's travails	34
Understanding interconnections among steel, coal, iron ore, and financial assets in the US and China using an advanced methodology	34
Chasing ESG performance: How methodologies shape outcomes	34
From low resource slack to inflexibility: The share price effect of operational efficiency	34
China's diversification discount: The role of the information environment	34
Chinese corporate governance research over the last decade (2014 - 2023)	34
Market uncertainty, persistent arbitrage-free violation, and price discovery in RMB market	34
Green and climate finance: Challenges and opportunities	34
Environment-specific political risk discourse and expected crash risk: The role of political activism	34
Social capital, syndication, and investment performance: Evidence from PE investing in LBOs	34
Stock market anomalies: An extreme bounds analysis	34
Gender diversity and financial flexibility: Evidence from China	34
The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies	34
Does the establishment of bankruptcy courts affect the risk of corporate collapse?	33
Improved estimation of the correlation matrix using reinforcement learning and text-based networks	33
‘E’ of ESG and firm performance: Evidence from China	33
Dynamic portfolio optimization with the MARCOS approach under uncertainty	33
Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies	33
Are carry, momentum and value still there in currencies?	33
Dissecting hedge funds' strategies	33
Overlapping membership between risk management committee and audit committee and bank risk-taking: Evidence from China	33
Does FinTech development facilitate firms' innovation? Evidence from China	32
Does the depth of digital trade rules promote bilateral value chain cooperation?	32
May board committees reduce the probability of financial distress? A survival analysis on Italian listed companies	32
Can tax reduction incentive policy promote corporate digital and intelligent transformation?	32
Measuring informational efficiency of the European carbon market — A quantitative evaluation of higher order dependence	32
Forecasting stock market volatility with various geopolitical risks categories: New evidence from machine learning models	32
On equity market inefficiency during the COVID-19 pandemic	32
Promoting or inhibiting: The impact of artificial intelligence application on corporate environmental performance	31
United we stand, divided we fall: The impact of top management team stability on corporate litigation	31
The effect of digital infrastructure development on enterprise green transformation	31
Does broadband infrastructure affect corporate mergers and acquisitions? Quasi-natural experimental evidence from China	31
Nonlinear effects of climate policy uncertainty and financial speculation on the global prices of oil and gas	31