Finance Research Letters

Article	Citations
Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data	362
Unconventional, conventional monetary policies, and optimal energy supply structure in China	344
Why Was There More Household Stock Market Participation During the COVID-19 Pandemic?	314
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	286
Regional social capital and stock price crash risk: Evidence from the US	276
Price discovery share: An order invariant measure of price discovery	273
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	253
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	223
Can old sin make new shame? Stock market reactions to the release of movies re-exposing past corporate scandals	215
Global value chain participation and income inequality within enterprises: An empirical study based on Chinese-listed companies	209
Unveiling the Yin and Yang of expansionary monetary policy: Differential impact on inequality in China based on a national-level survey	208
The impact of economic policy uncertainty on IPO underpricing: Evidence from China	208
Does customer concentration affect corporate risk-taking? Evidence from China	206
Market similarity and cross-border investment performance	205
Do workers benefit from on-the-job training? New evidence from matched employer-employee data	200
ESG ratings and female corporate leadership: Evidence from African firms	197
Soybean futures responses to meteorological disaster risk —— Empirical evidence from the Chicago board of trade	195
Remarks on the behaviour of financial market efficiency during the COVID-19 pandemic. The case of VIX	191
Human capital and corporate social investment: The effect of public policy	178
Editorial Board	171
Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19	164
Infection, invasion, and inflation: Recent lessons	161
Repo haircuts: Market practices and the impact of minimum requirements on leverage	156
Banks’ ESG disclosure: A new scoring model	153
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	149

Correlation impulse response functions	149
Cross-country spillover effects of interest rate and credit constraint policies	147
International tax incentives, cross-border research and development, and corporate innovation performance	141
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	139
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	137
Capital market openness and bank credit risk: Evidence from listed commercial banks	136
Impacts of gender inequality on international trade and innovation	132
How Russian-Ukrainian geopolitical risks affect Chinese commodity and financial markets?	126
Prediction of market value of firms with corporate sustainability performance data using machine learning models	125
Impact of SciTech – Finance integration policy implementation on SME innovation performance: Mediating effect of tax burden	125
Foreign equity lookback options with guarantees	124
Stepping forward with ease: Government debt governance as a catalyst for entrepreneurship	123
Legal background of corporate management and corporate audit quality	120
Community activism, Social ties and ESG campaign success	120
Does tax policy affect corporate environmental investment?	119
Small price bias in the cryptocurrency market. A cognitive bias revealed by emotions on social networks	118
Environmental policies on the systematic risk of critical metals companies	118
Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates	117
Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods	117
Effects of China’s capital controls on individual asset categories	116
Futures, provisional sales, and earnings management in the global gold mining industry	115
Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings	113
Management buyouts in times of economic policy uncertainty	112
Cokurtosis and the Ability of Mutual Fund Managers	112
Assessing the volatility of green firms	111
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	110
Does individual SREP results reveal real news?	110
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	107
An economic definition of ‘Fear of Missing Out’ (FOMO)	107
Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	107
The effect of COVID-19 vaccine on the international financial markets	105
Editorial Board	103
Risk disclosure and stock price crash risk: Evidence from Chinese listed firms	102
The role of gender in sales behaviour: Evidence from institutional financial brokerage	102
Community resilience and house prices: A machine learning approach	102
Does gambling culture affect firms’ investment efficiency?	101
Using machine learning Meta-Classifiers to detect financial frauds	101
Is it all about noise? Investor sentiment and risk nexus: evidence from China	100
Peer digitalization and corporate investment decision	98
Do investors herd under global crises? A comparative study between Chinese and the United States stock markets	97
The equity market response to climate change litigation	97
A look across the big pond and into the abyss — Performance of earnout deals in Europe and in times of crisis	96
The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development	96
Correlation among climate risk, climate policy uncertainty, and carbon-intensive stock markets in China	94
Cryptocurrencies and the threat versus the act event of geopolitical risk	92
Inspection supervision and corporate green total factor productivity	92
The impact of corporate ESG performance on buyers’ bargaining power in the industrial chain: Evidence from China	92
Exploring the time-varying dependence between Bitcoin and the global stock market: Evidence from a TVP-VAR approach	92
Fintech, financial regulation and corporate financialization: Evidence from China	91
Market reactions to layoff announcements during crises: Examining impacts and conditioners	90

Limit Order Book dynamics and order size modelling using Compound Hawkes Process	89
Does smart transformation in manufacturing promote enterprise value chain upgrades?	87
Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis	87
Corporate social anti-activism and firm stock price: Evidence from DEI program elimination	86
The impact of digital transformation on firm productivity: From the perspective of sustainable development	86
Credit availability, overinvestment, and corporate innovation capability	85
Development of corporate artificial intelligence and the quality of export products	85
Transmission effects of real estate risk on municipal bond spreads	84
Management equity incentives, market dynamics, and corporate R&D investment	82
Manual task intensity and male-female wage gap: Evidence from China	82
Financial market reaction to the end of the right-wing populist government: The case of Poland	81
Risk contagion between commodity and China's stock markets under the impact of major events	81
Detecting exuberance phenomena in thematic investing	80
Do political connections improve corporate performance? Evidence from Chinese listed companies	80
Focus on the impact and predictive analysis of digitalization and green finance on the transformation of mineral and energy companies	79
Bank efficiency and undesirable output: An analysis of non-performing loans in the Brazilian banking sector	79
Sentiment changes and the Monday effect	79
SFDR Article 9: Is it all about impact?	79
Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war	78
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	78
Brand equity and the Covid-19 stock market crash: Evidence from U.S. listed firms	77
Are gross financial inflows expansionary or contractionary? Evidence from emerging economies	77
Does peer-to-peer crowdfunding boost refugee entrepreneurs?	76
Belt and Road Initiative: Driving innovation in tech enterprises through global value chains	76
How digital transformation affects bank risk: Evidence from listed Chinese banks	75
Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	75
Media attention, information asymmetry and agribusiness ESG rating divergence	75
Does corporate social responsibility affect the performance of cross-border M&A of emerging market multinationals?	75
Dependences and dynamic spillovers across the crude oil and stock markets throughout the COVID-19 pandemic and Russia-Ukraine conflict: Evidence from the ASEAN+6	74
Cryptocurrency market efficiency in short- and long-term horizons during COVID-19: An asymmetric multifractal analysis approach	73
Executives' overseas backgrounds and green innovation in manufacturing enterprises	73
The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic	72
Green bond and corporate environmental investment: The moderating effect of environmental concern	71
Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy	71
Executive financial background, external audit quality and shadow banking in non-financial firms	70
Can prospect theory explain anomalies in the Chinese stock market?	70
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	70
The Trilogy of Ownership, Income Diversification, and Performance Nexus: Empirical Evidence from Tunisian Banks	70
Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index	70
Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing	70
Digital transformation and labour investment efficiency: Heterogeneity across the enterprise life cycle	69
To green or not to green: The influence of board characteristics on carbon emissions	69
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	68
Which are the factors influencing green bonds issuance? Evidence from the European bonds market	68
Corporate credit risk and bond yield spreads: Market reactions to the spreads	68
Corporate social responsibility and credit risk	68
Demographic change and natural interest rate of China	68
Does the introduction of CSR criteria into CEO incentive pay reduce their earnings management? The case of companies listed in the SBF 120	67
Does ESG performance improve firm creditworthiness?	67
Bankruptcy court establishment and corporate risk-taking	67
Digital economy policy and corporate low-carbon innovation: Evidence from a quasi-natural experiment in China	66
How green screening influences risk transmission among stock-bond indices: Insight into the dependence structure	66
The closed-form approximation to price basket options under stochastic interest rate	65
Institutional investor networks and crash risk: Evidence from China	65
Value creation or political trick? An event study on anti-ESG regulations	65
Tax Authority Enforcement and Corporate Social Security Contributions: Evidence from China	64
Firm-level perception of competition and innovation: Textual evidence from China	64
The breadth of ownership and corporate earnings management	64
Does exposure to biodiversity risk drive firms’ digital transformation?	64
Interpretable EU ETS Phase 4 prices forecasting based on deep generative data augmentation approach	63
Tracking customer risk aversion	63
Panacea for M&A dealmaking? Investor perceptions of earnouts	63
The effectiveness of macro-prudential policies in the face of global uncertainty –the role of exchange-rate regimes	62
The dual effects of digital inclusive finance on the urban-rural income gap: An empirical investigation in China's Yangtze River Delta region	62
Cross-country spillovers of trade uncertainty and their formation mechanisms	62
Does corporate social responsibility impact mergers & acquisition premia? New international evidence	61
Local FinTech development and stock price crash risk	61
Information sharing among cryptocurrencies: Evidence from mutual information and approximate entropy during COVID-19	61
Judicial independence and growth investors' decisions	60
Seeking common ground: CSR conformity and stock liquidity	60
Environmental regulation and firms' trans-regional investment: Evidence from the implementation of the New Environmental Protection Law	60
Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China	59
The value of diversification: ESG and investment in controversial industries	58
Can Bitcoin Investors Profit from Predictions by Crypto Experts?	58
Local gambling preferences and insider trading profits: Evidence from China	58
Digital finance, managerial ability, and corporate financing costs	58
Does dual-class share structure increase risk-taking? Evidence from Chinese firms in the United States	58
Managerial risk-taking incentives and debt diversity: Evidence from FAS 123R	57
Currency fluctuations and the post-earnings announcement drift	57
Interlinkage between corporate social, environmental performance and financial performance: Firm-mediators in a multi-country context	57

Corporate financialization and litigation risk	57
The month-of-the-year effect in corporate lending	57
Asset pricing with dividend surprises	57
Does minority management affect a firm's capital structure? Evidence from Japan	57
Big data development, accounting information quality, and corporate innovation	57
Do other firms’ stock price crashes affect corporate investment decisions within the business group: Evidence from Korean Chaebols	56
Bitcoin and liquidity risk diversification	56
Commodity tail-risk and exchange rates	56
Credit corruption, financial constraint and corporate innovation: Evidence on China	56
Proprietary algorithmic traders and liquidity supply during the pandemic	56
Stock return predictability in China: Power of oil price trend	55
Intraday analysis of macroeconomic news surprises, and asymmetries in Indian benchmark bond	55
Financial market connectedness: The role of investors’ happiness	55
Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19	55
Socially responsible investment and firm value: The role of institutions	54
The economic value of NFT: Evidence from a portfolio analysis using mean–variance framework	54
Who really cares? Climate change exposure and auditor conservatism: Evidence from China	54
Financial performance index of IPO firms using VIKOR-CRITIC techniques	54
Advances in Explainable Artificial Intelligence (xAI) in Finance	53
Digital transformation and corporate creditworthiness	53
The impact of environmental regulation on green image management of supply chain: Evidence from China	53
Female board representation and firm value: International evidence	53
Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability	52
Time-varying risk aversion and its macroeconomic and financial determinants - A comparative analysis in the U.S. and French financial markets	52
Bank connectedness and excessive risk-taking: Some cross-country evidence	52
Media coverage and corporate green innovation	52
ESG performance and financial distress prediction of energy enterprises	52
Digital transformation and bond credit spread	52
Temperature shocks and bank systemic risk: Evidence from China	52
A study of the impact of cryptocurrency price volatility on the stock and gold markets	51
Dynamic tail risk connectedness among green REITs, sustainability products, and fossil energy assets under external shocks	51
Population aging and sustainable economic development: An analysis based on the role of green finance	51
Where does corporate social capital matter the most? Evidence From the COVID-19 crisis	50
Bank credit in the digital age: Expansion or excessive expansion?	50
Co-movements in sector price indexes during the COVID-19 crisis: Evidence from the US	50
Time is money: An analysis of the time-to-failure in a flexible reorganization system	50
Measuring systemic risk contribution: A higher-order moment augmented approach	50
Beyond threats: Extreme heatwaves and economic resilience in China	50
The Power of the Imperial Envoy: The Impact of Central Government Onsite Environmental Supervision Policy on Corporate Green Innovation	50
Does industrial clustering mitigate the sensitivity of firm relocation to tax differentials? The role of financing	50
Tax planning ability and the CFO's compensation	50
Market reaction to analyst forecasts by analysts with familyship: Evidence from South Korea	50
The cross section of information transmission in news media and stock returns	49
Digital transformation and the herd behavior of corporate investment	49
The unintended interaction effect of monetary and macroprudential policies: Evidence from China’s bank-level data	49
Return prediction: A tree-based conditional sort approach with firm characteristics	49
The crowding out channel: Housing boom and investment in China	48
Does sovereign ESG shape corporate cash management in emerging markets?	48
COVID-19 and commodity pricing premium: Evidence from the Chinese market	48
Network news reporting, information transparency, and corporate technological innovation	48
Is China's carbon neutrality commitment truly credible? Evidence from a natural experiment	48
Narcissistic leaders do not share! The relationship between top managers' narcissism and the distribution of value added	48
Macroeconomic impact and stock returns' vulnerability by size, solvency, and financial distress	48
Spillover among biodiversity attention, climate policy uncertainty and global stock markets	48
Mirroring the urban exodus: The impact of return migration on rural entrepreneurship	48
Macrofinancial information on the post-COVID-19 economic recovery: Will it be V, U or L-shaped?	48
Editorial Board	47
Is the business cycle getting hit by climate policy uncertainty in China?	47
Digital transformation and enterprise external pay gap: Internal mechanism and empirical evidence	47
The dual driving mechanism of financial literacy and risky financial assets on household entrepreneurial decision-making	47
Managerial decision, anchoring effects and acquisition premiums	47
Overconfidence and US stock market returns	47
Forecasting volatility in commodity markets with climate risk	46
Corporate altruism, dual innovation and competitive advantage	46
Corporate ESG performance and competitive strategies from the perspective of financial markets: Strategic significance of firm size	46
Impact of digital finance on agricultural output: From the perspective of digital development of agriculture	46
Impact of ownership structure on corporate social responsibility investment: The mediating role of analyst coverage	46
Editorial Board	46
Stock bubbles under sudden public crises: A perspective from the excessive financialization of firms	45
Risk management and optimal capital structure under ambiguity	45
CEO gender and the probability that firms go public	45
Price limit change and magnet effect: The role of investor attention	45
Human capital upgrading and enterprise innovation efficiency	45
What has been changed in SPAC mergers? Evidence from Korea since their introduction	45
An empirical study of risk diffusion in the cryptocurrency market based on the network analysis	45
Impact of E-Banking on the Islamic bank profitability in Sub-Saharan Africa: What are the financial determinants?	45
R&D disclosure and corporate innovation: Mediating role of financing structure	45
Income volatility and household commercial insurance allocation	44
Homeownership and household risky asset holdings: Moderating role of social security and the mediating role of subjective well-being	44
Blockchain technology and internal control effectiveness	44
How higher education affects corporate human capital investment: Based on Upper Echelons Theory	44
How does local government debt governance affect corporate credit mismatches? Evidence from implementing the New Budget Law	44
The industrial internet and green technology innovation	43
Tax policy reform and corporate innovation in China	43
Exploring the black box: Board gender diversity and corporate social performance	43
Analysis of the carbon emission reduction effect of Fintech and the transmission channel of green finance	43
Digital finance and agricultural green total factor productivity: the mediating role of digital village development	43
Emigration and outward FDI in China: Key role of institutional quality	43
Extreme downside risk transmission between green cryptocurrencies and energy markets: The diversification benefits	43
Safe haven for crude oil: Gold or currencies?	43
Climate risk perception, female directors and greenwashing	43
Female executive and energy consumption intensity: The role of green innovation	43
Legal background executives, corporate governance and corporate ESG performance	42
How does tax revenue sharing affect local government governance? Empirical evidence from Chinese cities	42
Corporate social responsibility (CSR) performance and green innovation: Evidence from China	42