International Review of Financial Analysis

Article	Citations
Foundation-controlled firms and CEO compensation	688
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	530
Multinational corporations and share pledging of the controlling shareholder	483
CEO war trauma and corporate tax avoidance	469
The power of religion: Islamic investing in the lab	321
Bank affiliation and mutual funds’ trading strategy distinctiveness	290
Can parental financial literacy enhance children's higher education opportunities?	260
Sustainability arbitrage pricing of ESG derivatives	255
Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises	246
Does corporate culture impact tax shelter? A machine learning approach	219
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]	183
Good volatility, bad volatility, and the cross section of cryptocurrency returns	175
Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach	175
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	172
Trade debts and bank lending in years of crisis	171
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	160
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	153
Concealment and detection: The influence of management tone on analyst forecast revisions	153
Natural disaster experiences and household entrepreneurship: Evidence from China	152
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	152
Subsidiary financing choices: The roles of institutional distances from home countries	152
How active is your (nominally) actively managed quantitative fund?	151
Multiscale risk spillovers among critical mineral markets - insights from conditional and aggregated connectedness approach	151
Does information transmission alleviate the salience bias of fund managers?	146
Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?	143

Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	139
Stock and sovereign returns linkages: Time-varying causality and extreme-quantile determinants	138
Value effects of sovereign wealth funds' exclusionary policies: The case of the Norwegian government pension fund-global (NGPF-G)	137
A conditional higher-moment CAPM	136
Risk factors disclosure and corporate philanthropy	135
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	134
The RMB value added real effective exchange rate: Theory, measurement and analysis	133
Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective	132
Digital technology penetration and supply chain resilience improvement: Enterprise innovation strategies in the digital age	128
Corporate social responsibility and the choice of payment method in mergers and acquisitions	125
Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	124
Ambiguity and asset pricing: An empirical investigation for an emerging market	124
Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent	121
Institutional environment and qualified foreign institutional investors' trust in auditing	120
Information interaction among institutional investors and stock price crash risk based on multiplex networks	119
Uncertainty and cryptocurrency returns: A lesson from turbulent times	118
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	117
Attention to biodiversity and stock returns	116
Spillover effect of shadow banking business governance: A perspective on audit pricing decisions	116
Does investor attitude toward carbon neutrality affect stock returns in China?	114
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	110
Sequential questioning and structured responses: Enhancing the information effectiveness of corporate site visits	110
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	109
Sustainability indices nexus: Green economy, ESG, environment and clean energy	109
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	109
Strategy choices in strategic risk-taking: Does climate risk matter?	108
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	108
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	108
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	106
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms	103
Digitalization and banks' efficiency: Evidence from a European analysis	98
Challenges to corporate supply chain stability under the trend of expert power concentration	97
Greening the future: How green manufacturing shapes corporate environmental and ESG success	95
Fund trading divergence and performance contribution	94
Which is more important in stock market forecasting: Attention or sentiment?	94
Depositor market discipline: New evidence from selling failed banks	93
Climate risk and bank liquidity creation: International evidence	91
Risk culture in corporate innovation	90
Government open data and corporate supply chain concentration	89
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	88
Tax incentives, supply chain spillovers, and enterprise technological innovation	88
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	88
Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	87
University shareholding and corporate innovation: Evidence from China	86
Heterogeneous impacts of climate change news on China's financial markets	85
The effects of overnight events on daytime trading sessions	85
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	85
Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	84
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	84
Breaking the green investment dilemma of heavily polluting firms: Evidence from carbon market trading through the Lens of signaling and risk sharing	84

Bank loan renegotiation and financial institutions' network	82
Loan amendments and capital structure	81
Benefits and costs: The impact of capital control on growth-at-risk in China	81
Hedging geopolitical risks with diverse commodities	80
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	78
Politics and Robots	78
Responsible investing: Upside potential and downside protection?	78
Stock market reactions to monetary policy surprises under uncertainty	77
Tracking investor gambling intensity	74
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	74
Trading strategies and Financial Performances: A simulation approach	74
Going mainstream: Cryptocurrency narratives in newspapers	73
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	73
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	72
Transaction-based government-business relationship via government customer	72
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	71
Equal Employment Opportunity Statement and underpricing in Initial Public Offerings	71
Global mutual fund flows	71
Exchange rate stability and expectation management under heterogeneous expectations	71
Less is more? New evidence from stock market volatility predictability	70
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	70
Market distraction and near-zero daily volatility persistence	70
Official environmental credit evaluation and corporate debt concentration	70
Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach	69
Stock price default boundary: A Black-Cox model approach	68
Trading restriction and the choice for derivatives	68
Driving green development: The influence of green credit and informatization-industrialization integration on reducing corporate carbon emissions	67
Culture-driven, intelligent finance, and corporate human capital accumulation	67
Capital allocation efficiency of SMEs: Global evidence	66
The destabilizing effect of mutual fund herding: Evidence from China	66
Spatial proximity in venture capital investments and assets intangibility	66
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	65
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	65
Industry effects of corporate environmental and social scandals: Evidence from China	65
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	64
Firm-level political risk, liquidity management, and managerial attributes	63
Compulsory liability insurance and excess cash holdings: Evidence from China	63
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	62
Climate change and exchange rate variables: A potential storm of urban debt	62
Rumors in the sky: Corporate rumors and stock price synchronicity	62
Network attention, administrative intervention and firm tax aggressiveness	62
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	62
Managerial foreign experience and corporate risk-taking: Evidence from China	61
Intelligent manufacturing and trade credit	61
Collateral damage: Evidence from share pledging in China	60
MSCI index inclusion and price efficiency evidence from China	60
A novel HAR-type realized volatility forecasting model using graph neural network	60
Adoption and content of key audit matters and stock price crash risk	60
News-based ESG sentiment and stock price crash risk	58
Going out and bringing in: Impact of digital finance on firms' cross-regional investments	58
Prescreening bank failures with K-means clustering: Pros and cons	58
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	57
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	57
Family firm governance and working capital management policy	55
Evidence of oil market price clustering during the COVID-19 pandemic	55
Impact of green taxes and fees on corporate ESG performance	54
Tax-related information regulatory capacity and accounting information quality	54
Evaluating the impact of report readability on ESG scores: A generative AI approach	54
Can executive green experience improve enterprise total factor productivity? Evidence from China	54
The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy	53
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	53
Serving the truth: Do directors with media background improve financial reporting quality?	53
Volatility connectedness on the central European forex markets	52
Climate transition risk in U.S. loan portfolios: Are all banks the same?	52
Urban economic coordination committee and coordinated development of regional innovation: A knowledge spillover perspective	51
FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	51
Banking competition and the enhancement of new quality productive forces: Evidence from China	51
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	51
Financial literacy and FinTech market growth around the world	50
Digitalization of tax administration and corporate performance: Evidence from China	50
Take it with a pinch of salt—ESG rating of stocks and stock indices	49
Industry herding in crypto assets	49
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	49
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	48
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	48
Capital investment, digital economy and innovation of high-tech industries	48
Why do individuals not participate in the stock market?	48
Digital transformation and wage distortion in R&D and innovation activities - Causal inference based on double machine learning	47
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	47
Internal business process governance and external regulation: How does AI technology empower financial performance?	47

Testing how banks generate credit in the USA under the Basel III framework	47
Corporate ESG performance and manager misconduct: Evidence from China	47
Gender balance in academia: Evidence from finance departments	47
Information content and sentiment: the role of environmental disclosure in stock price crash risk	47
Financial elderly care security and community satisfaction: The moderating effect of internet usage	46
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	46
Time to acquire: Regulatory burden and M&A activity	46
Asymmetric effects of fair value adjustments on dividend policy	46
Home bias, sovereign-bank nexus and bank failure – Evidence from European stress tests	46
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	45
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	45
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	45
A novel downside beta and expected stock returns	45
Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	45
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	44
Payout policy around the world	44
Possibility versus feasibility: International portfolio diversification under financial liberalization	44
Electronic voting in shareholder meetings and the market value of cash holdings	44
Geographic dispersion and corporate resilience during the COVID-19 pandemic	44
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	44
Extreme risk spillovers from commodity indexes to sovereign CDS spreads of commodity dependent countries: A VAR quantile analysis	43
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	43
The ESG effect on the cost of debt financing: A sharp RD analysis	43
VaR and ES forecasting via recurrent neural network-based stateful models	43
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	43
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	43
Break a peg! A study of stablecoin co-instability	43
Reevaluating the carbon premium: Evidence of green outperformance	42
Time-varying bond market integration and the impact of financial crises	42
Tax burden and enterprises' ESG performance	42
In search of climate distress risk	42
Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic	42
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	42
Environmental protection tax policy and corporate risk-taking: Evidence from China	42
The impact and mechanism of digital finance on urban economic resilience	42
How technological innovation influence operational risk: Evidence from banks in China	42
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	41
The profitability effect: Insight from a dynamic perspective	41
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	41
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	41
Environmental regulations and corporate supply chain deviation: Evidence and financial implications for sustainable economic development	41
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	41
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	41
Financial fusion: Bridging Islamic and Green investments in the European stock market	41
How does green credit policy affect polluting firms' dividend policy? The China experience	41
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	41
Family entrepreneurship around the world	41
Can local policy uncertainty curtail corporate speculation on financial assets?	40
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	40
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	40
Mandatory disclosure of comment letters and analysts' forecasts	40
The risk connectedness between international crude oil market and Chinese asset markets: From the perspective of common and idiosyncratic information	39
The spillover effect of customer annual report tone on supplier ESG decisions	39
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	39
Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	39
Business tax reform and human capital in service industry firms: Evidence from China	39
Networked liquidity risk contagion in high-carbon sectors: The role of multi-agent behavioral constraints	39
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	38
How does green finance reform affect corporate ESG greenwashing behavior?	38
How does government transparency affect regional financing efficiency? An examination based on the level of provincial government information disclosure	38
Investor sentiment and M&A withdrawal: International evidence	38
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?	38
Does CEO agreeableness personality mitigate real earnings management?	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
The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint	38
Measuring speculation beyond day trading and bets on lottery-like stocks	38
Reassessing the Illiquidity-Return Relationship: Evidence from Germany, the UK, and the U.S.	37
Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies	37
Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market	37
Improved estimation of the correlation matrix using reinforcement learning and text-based networks	37
Political corruption and corporate tax avoidance: A quasi-natural experiment	37
Market uncertainty, persistent arbitrage-free violation, and price discovery in RMB market	37
Are more analysts better? The case of convertible bond announcement effects	37
A gentle reminder: Should returns be interpreted as log differences?	37
Stock market anomalies: An extreme bounds analysis	37
Overlapping membership between risk management committee and audit committee and bank risk-taking: Evidence from China	36
Product relatedness and firm productivity	36
China's diversification discount: The role of the information environment	36
Does goodwill pressure drive business restructuring based on subsidiary disposal?	36
Impact of media attention on corporate green innovation: What is the role of dual environmental regulation?	36
Are carry, momentum and value still there in currencies?	36
‘E’ of ESG and firm performance: Evidence from China	36
The impact of human resource practices on corporate investment efficiency	35
Multiscale dynamic linkages of China's financial markets under exchange rate shocks: An MJMD approach	35
Director foreign experience: Geographic specificity and value implication	35
Green and climate finance: Challenges and opportunities	35
United we stand, divided we fall: The impact of top management team stability on corporate litigation	35
Gender diversity and financial flexibility: Evidence from China	35
Environment-specific political risk discourse and expected crash risk: The role of political activism	35
Forecasting global stock market volatilities in an uncertain world	35
Double-edged sword: Does strong creditor protection in the bankruptcy process affect firm productivity	34
Nonlinear asset pricing in Chinese stock market: A deep learning approach	34
Does the establishment of bankruptcy courts affect the risk of corporate collapse?	34
ESG disclosure as advertisement of corporate bond issuances	34
Chasing ESG performance: How methodologies shape outcomes	34