OOIR: Observatory of International Research

Papers

(The median citation count of Finance Research Letters is 3. The table below lists those papers that are above that threshold based on CrossRef citation counts [max. 250 papers]. The publications cover those that have been published in the past four years, i.e., from 2020-07-01 to 2024-07-01.)

Article	Citations
Financial markets under the global pandemic of COVID-19	1372
COVID-19 and finance: Agendas for future research	940
The role of ESG performance during times of financial crisis: Evidence from COVID-19 in China	571
The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies	555
Safe haven or risky hazard? Bitcoin during the Covid-19 bear market	504
Financial contagion during COVID–19 crisis	479
COVID-19 and the march 2020 stock market crash. Evidence from S&P1500	450
The impact of COVID-19 on emerging stock markets	430
Infected Markets: Novel Coronavirus, Government Interventions, and Stock Return Volatility around the Globe	398
COVID-19 and stock market volatility: An industry level analysis	317
COVID-19 and the United States financial markets’ volatility	304
Heterogeneous impacts of wars on global equity markets: Evidence from the invasion of Ukraine	278
Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis	272
Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic	235
COVID-19 lockdowns, stimulus packages, travel bans, and stock returns	228
The impact of the Russia-Ukraine conflict on the connectedness of financial markets	217
Does ESG certification add firm value?	213
Time-frequency comovement among green bonds, stocks, commodities, clean energy, and conventional bonds	205
ChatGPT for (Finance) research: The Bananarama Conjecture	202
Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil	194
COVID-19’s disasters are perilous than Global Financial Crisis: A rumor or fact?	193
How the cryptocurrency market has performed during COVID 19? A multifractal analysis	183
Stock markets and the COVID-19 fractal contagion effects	181
Developing Low Carbon Finance Index: Evidence From Developed and Developing Economies	180
Does the digital transformation of enterprises affect stock price crash risk?	179

Trade openness and economic growth quality of China: Empirical analysis using ARDL model	164
Freedom and stock market performance during Covid-19 outbreak	163
Systemic risk: The impact of COVID-19	162
Is non-fungible token pricing driven by cryptocurrencies?	160
Did Congress trade ahead? Considering the reaction of US industries to COVID-19	157
Geopolitical risk and the systemic risk in the commodity markets under the war in Ukraine	155
The cryptocurrency uncertainty index	154
Price reaction, volatility timing and funds’ performance during Covid-19	149
Market reactions to the arrival and containment of COVID-19: An event study	149
Examining the interrelatedness of NFTs, DeFi tokens and cryptocurrencies	147
Safe haven in GFC versus COVID-19: 100 turbulent days in the financial markets	145
Covid-19 and Optimal Portfolio Selection for Investment in Sustainable Development Goals	145
The bubble contagion effect of COVID-19 outbreak: Evidence from crude oil and gold markets	142
The role of financial deepening and green technology on carbon emissions: Evidence from major OECD economies	138
How does investor attention influence the green bond market?	137
Fear of the coronavirus and the stock markets	134
Are Bitcoin and Ethereum safe-havens for stocks during the COVID-19 pandemic?	132
Green finance and decarbonization: Evidence from around the world	132
ESG rating and stock price crash risk: Evidence from China	131
Infectious disease pandemic and permanent volatility of international stock markets: A long-term perspective	130
Can financial inclusion be an effective mitigation measure? evidence from panel data analysis of the environmental Kuznets curve	130
Does digital transformation matter for corporate risk-taking?	129
Climate policy uncertainty and the price dynamics of green and brown energy stocks	124
Trust and stock market volatility during the COVID-19 crisis	118
The Russia-Ukraine conflict and volatility risk of commodity markets	118
The effect of fintech on banks’ credit provision to SMEs: Evidence from China	115
Corporate social responsibility (CSR) performance and green innovation: Evidence from China	112
NFTs and asset class spillovers: Lessons from the period around the COVID-19 pandemic	111
Impacts of the COVID-19 pandemic on financial market connectedness	111
Fertile LAND: Pricing non-fungible tokens	109
Aye Corona! The contagion effects of being named Corona during the COVID-19 pandemic	109
COVID–19 media coverage and ESG leader indices	108
The new crypto niche: NFTs, play-to-earn, and metaverse tokens	105
How does economic policy uncertainty affect corporate risk-taking? Evidence from China	104
Industry volatility and economic uncertainty due to the COVID-19 pandemic: Evidence from wavelet coherence analysis	103
The effect of political and economic uncertainty on the cryptocurrency market	103
Evaluation of China's carbon emission trading policy from corporate innovation	102
Bitcoin volatility, stock market and investor sentiment. Are they connected?	102
Stock market returns, volatility, correlation and liquidity during the COVID-19 crisis: Evidence from the Markov switching approach	102
The rise of digital finance: Financial inclusion or debt trap?	102
A crypto safe haven against Bitcoin	101
The impact of investor attention during COVID-19 on investment in clean energy versus fossil fuel firms	101
Digital finance and corporate ESG	101
Economic policy uncertainty and cryptocurrency volatility	100
Impact of economic policy uncertainty shocks on China's financial conditions	100
International stock market risk contagion during the COVID-19 pandemic	100
Asymmetric relationship between green bonds and commodities: Evidence from extreme quantile approach	99
Financial performance shortfall, ESG controversies, and ESG performance: Evidence from firms around the world	98
Reconsidering systematic factors during the Covid-19 pandemic – The rising importance of ESG	97
CSR and idiosyncratic risk: Evidence from ESG information disclosure	97

Corporate social responsibility and firm value: Guiding through economic policy uncertainty	96
COVID-19 and investor behavior	96
The impact of the Russia-Ukraine conflict on energy firms: A capital market perspective	96
The influence of Bitcoin on portfolio diversification and design	95
Russia–Ukraine war and systemic risk: Who is taking the heat?	95
Stock Return and the COVID-19 pandemic: Evidence from Canada and the US	95
COVID−19 and oil price risk exposure	95
Stock markets’ reaction to Covid-19: Moderating role of national culture	94
Does geopolitical risk matter for global asset returns? Evidence from quantile-on-quantile regression	92
The impact of COVID-19 on the degree of dependence and structure of risk-return relationship: A quantile regression approach	91
Causality of geopolitical risk on food prices: Considering the Russo–Ukrainian conflict	91
Determinants of Spillovers between Islamic and Conventional Financial Markets: Exploring the Safe Haven Assets during the COVID-19 Pandemic	90
Does Bitcoin hedge crude oil implied volatility and structural shocks? A comparison with gold, commodity and the US Dollar	89
Corporate decisions in times of war: Evidence from the Russia-Ukraine conflict	89
The COVID-19 outbreak and stock market reactions: Evidence from Australia	88
A bibliometric review of finance bibliometric papers	87
Volatility Spillovers between Stock and Energy Markets during Crises: A Comparative Assessment between the 2008 Global Financial Crisis and the Covid-19 Pandemic Crisis	87
COVID-19 and safer investment bets	83
The impact of COVID-19 on the Chinese stock market: Sentimental or substantial?	82
Efficiency in the markets of crypto-currencies	81
Covid-19 pandemic and tail-dependency networks of financial assets	81
The Russo-Ukrainian war and financial markets: the role of dependence on Russian commodities	81
How does the fintech sector react to signals from central bank digital currencies?	80
Covid-19 impact on NFTs and major asset classes interrelations: Insights from the wavelet coherence analysis	80
Environmental regulation and green innovation: Evidence from China's carbon emissions trading policy	79
The impact of digital inclusive finance on sustainable economic growth in China	77
Forecasting realized gold volatility: Is there a role of geopolitical risks?	77
Forecasting directional movements of stock prices for intraday trading using LSTM and random forests	75
Understanding digital bubbles amidst the COVID-19 pandemic: Evidence from DeFi and NFTs	75
The relationship between the economic policy uncertainty and the cryptocurrency market	75
Impact of Russia-Ukraine war attention on cryptocurrency: Evidence from quantile dependence analysis	74
COVID-19 and financial market efficiency: Evidence from an entropy-based analysis	74
Who raised from the abyss? A comparison between cryptocurrency and stock market dynamics during the COVID-19 pandemic	74
Asymmetric volatility in cryptocurrency markets: New evidence from smooth transition GARCH models	74
The impact of COVID-19 on housing price: Evidence from China	74
Do Banks Value Green Management in China? The Perspective of the Green Credit Policy	72
Breaking barriers to innovation: The power of digital transformation	72
Trading from home: The impact of COVID-19 on trading volume around the world	72
Flight-to-quality between global stock and bond markets in the COVID era	72
Testing the safe-haven properties of gold and bitcoin in the backdrop of COVID-19: A wavelet quantile correlation approach	72
Asymmetric effects of climate policy uncertainty, infectious diseases-related uncertainty, crude oil volatility, and geopolitical risks on green bond prices	71
ESG ETFs and the COVID-19 stock market crash of 2020: Did clean funds fare better?	70
Forecasting the price of Bitcoin using deep learning	70
More sustainable, more productive: Evidence from ESG ratings and total factor productivity among listed Chinese firms	69
The impact of government intervention on corporate environmental performance: Evidence from China's national civilized city award	69
When ESG meets AAA: The effect of ESG rating changes on stock returns	69
Green finance reform and corporate innovation: Evidence from China	69
How do stock, oil, and economic policy uncertainty influence the green bond market?	69
The international spread of COVID-19 stock market collapses	68
Trust and financial inclusion: A cross-country study	67
Global financial crisis and COVID-19: Industrial reactions	67
Bitcoin: An inflation hedge but not a safe haven	67
Is Bitcoin really more than a diversifier? A pre- and post-COVID-19 analysis	66
COVID-19 effect on herding behaviour in European capital markets	65
Sustainable banking: A literature review and integrative framework	65
Empirical test of the impact of the digital economy on China's employment structure	65
Hedging Geopolitical Risks with Different Asset Classes: A Focus on the Russian Invasion of Ukraine	64
Digital transformation and firm cost stickiness: Evidence from China	64
Environmental regulation and foreign direct investment: Evidence from China's outward FDI	64
Quantifying the spillover effect in the cryptocurrency market	62
The role of the IDEMV in predicting European stock market volatility during the COVID-19 pandemic	62
Audit committee structure, institutional quality, and bank stability: evidence from ASEAN countries	61
Systemic risk-sharing framework of cryptocurrencies in the COVID–19 crisis	61
The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets	61
Competition and ESG practices in emerging markets: Evidence from a difference-in-differences model	60
Role of financial development for sustainable economic development in low middle income countries	60
A new approach for addressing endogeneity issues in the relationship between corporate social responsibility and corporate financial performance	60
Fintech-based Financial Inclusion and Risk-taking of Microfinance Institutions (MFIs): Evidence from Sub-Saharan Africa	60
Does responsible investing pay during economic downturns: Evidence from the COVID-19 pandemic	59
Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures	59
How does CSR mediate the relationship between culture, religiosity and firm performance?	59
What caused global stock market meltdown during the COVID pandemic–Lockdown stringency or investor panic?	59
Corruption in banks: A bibliometric review and agenda	59
Impacts of COVID-19 outbreak on the spillovers between US and Chinese stock sectors	59
The effect of revenue diversification on bank profitability and risk during the COVID-19 pandemic	59
The influence of stablecoin issuances on cryptocurrency markets	58
Do large firms just talk corporate social responsibility? - The evidence from CSR report disclosure	58
The impact of Covid-19 on liquidity of emerging market bonds	58
Connectedness of stock markets with gold and oil: New evidence from COVID-19 pandemic	57
Volatility and return connectedness of cryptocurrency, gold, and uncertainty: Evidence from the cryptocurrency uncertainty indices	57

Cryptocurrency liquidity and volatility interrelationships during the COVID-19 pandemic	57
Does investor sentiment on social media provide robust information for Bitcoin returns predictability?	56
Cryptocurrency market efficiency in short- and long-term horizons during COVID-19: An asymmetric multifractal analysis approach	56
Tail-risk spillovers in cryptocurrency markets	56
ESG and Firm's Default Risk	56
COVID-19 pandemic improves market signals of cryptocurrencies–evidence from Bitcoin, Bitcoin Cash, Ethereum, and Litecoin	56
Anatomy of a Stablecoin’s failure: The Terra-Luna case	55
The economic value of NFT: Evidence from a portfolio analysis using mean–variance framework	55
Low-carbon financial risk factor correlation in the belt and road PPP project	55
The impacts of the COVID-19 pandemic on China's green bond market	54
Geopolitical risk and bank stability	54
The stock price reaction of the COVID-19 pandemic on the airline, hotel, and tourism industries	53
Transitions in the cryptocurrency market during the COVID-19 pandemic: A network analysis	53
Predicting Bitcoin returns: Comparing the roles of newspaper- and internet search-based measures of uncertainty	53
Stock market reactions to COVID-19 lockdown: A global analysis	53
Is Corporate Social Responsibility investing a free lunch? The relationship between ESG, tail risk, and upside potential of stocks before and during the COVID-19 crisis	53
Firm-specific investor sentiment and stock price crash risk	53
Investigating the marginal impact of ESG results on corporate financial performance	53
Inefficient investment and digital transformation: What is the role of financing constraints?	53
Futures market and the contagion effect of COVID-19 syndrome	53
The impact of the consistency of carbon performance and carbon information disclosure on enterprise value	53
The correlation between the stock market and Bitcoin during COVID-19 and other uncertainty periods	53
FinTech and financial stability: Threat or opportunity?	52
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	52
Greenwashing and product market competition	52
How does the development of digital financial inclusion affect the total factor productivity of listed companies? Evidence from China	51
Disclosure or action: Evaluating ESG behavior towards financial performance	51
Intraday efficiency-frequency nexus in the cryptocurrency markets	51
COVID-19 pandemic waves and global financial markets: Evidence from wavelet coherence analysis	51
Can CBOE gold and silver implied volatility help to forecast gold futures volatility in China? Evidence based on HAR and Ridge regression models	50
Herding behavior in conventional cryptocurrency market, non-fungible tokens, and DeFi assets.	49
The role of investor attention in predicting stock prices: The long short-term memory networks perspective	49
Asymmetric effects of geopolitical risk on major currencies: Russia-Ukraine tensions	49
Does broadband infrastructure boost firm productivity? Evidence from a quasi-natural experiment in China	49
Does economic policy uncertainty influence executive risk-taking incentives?	49
Does financial structure affect CO2 emissions? Evidence from G20 countries	48
Volatility in International Sovereign Bond Markets: The role of government policy responses to the COVID-19 pandemic	48
Green Commitment and Stock Price Crash Risk	47
Term spreads and the COVID-19 pandemic: Evidence from international sovereign bond markets	47
Corporate social performance and financial performance relationship: A data envelopment analysis approach without explicit input	47
Can internet finance alleviate the exclusiveness of traditional finance? evidence from Chinese P2P lending markets	47
The impact of the COVID-19 pandemic on dividends	47
Calendar effects in Bitcoin returns and volatility	47
Economic policy uncertainty and non-performing loans: The moderating role of bank concentration	46
Cryptocurrency returns and the volatility of liquidity	46
Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence	46
Can bonds hedge stock market risks? Green bonds vs conventional bonds	45
Asymmetric relationship between climate policy uncertainty and energy metals: Evidence from cross-quantilogram	45
How has the relationship between oil and the US stock market changed after the Covid-19 crisis?	45
Corporate social responsibility, enterprise risk management, and real earnings management: Evidence from managerial confidence	45
Institutional ownership heterogeneity and ESG performance: Evidence from China	44
ESG fund scores in UK SRI and conventional pension funds: Are the ESG concerns of the SRI niche affecting the conventional mainstream?	44
Customer relationships, corporate social responsibility, and stock price reaction: Lessons from China during health crisis times	43
COVID-19: Fear of pandemic and short-term IPO performance	43
The unprecedented reaction of equity and commodity markets to COVID-19	43
Asymmetric dynamic spillover effect between cryptocurrency and China's financial market: Evidence from TVP-VAR based connectedness approach	43
Policy uncertainty and carbon neutrality: Evidence from China	42
Is cash the panacea of the COVID-19 pandemic: Evidence from corporate performance	42
How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality	42
Extreme tail network analysis of cryptocurrencies and trading strategies	42
Price explosiveness in cryptocurrencies and Elon Musk's tweets	42
Corporate social responsibility and credit risk	41
Exploring the hedge and safe haven properties of cryptocurrency in policy uncertainty	41
Time-frequency volatility spillovers between major international financial markets during the COVID-19 pandemic	41
Gold, bonds, and epidemics: A safe haven study	41
Responses of US equity market sectors to the Silicon Valley Bank implosion	41
What drives DeFi prices? Investigating the effects of investor attention	41
Does Confucian culture influence corporate R&D investment? Evidence from Chinese private firms	41
Investor attention and bitcoin liquidity: Evidence from bitcoin tweets	41
Spillover effects of RMB exchange rate among B&R countries: Before and during COVID-19 event	41
Google search volumes and the financial markets during the COVID-19 outbreak	41
Is geopolitical risk priced in the cross-section of cryptocurrency returns?	41
The impact of R&D intensity, financial constraints, and dividend payout policy on firm value	41
The asymmetric effect of bitcoin on altcoins: evidence from the nonlinear autoregressive distributed lag (NARDL) model	40
Environmental performance and firm financing during COVID-19 outbreaks: Evidence from SMEs	40
Extreme risk spillover between chinese and global crude oil futures	40
A factor approach to the performance of ESG leaders and laggards	40
Do precious metals act as hedges or safe havens for China's financial markets?	40
The power of ESG transparency: The effect of the new SFDR sustainability labels on mutual funds and individual investors	40
Corporate governance and financial reporting quality during the COVID-19 pandemic	40
The reputational contagion effects of ransomware attacks	40
The impact of operating flexibility on firms’ performance during the COVID-19 outbreak: Evidence from China	39
Greenwashing and credit spread: Evidence from the Chinese green bond market	39
Understanding Bitcoin liquidity	39
Sectoral connectedness: New evidence from US stock market during COVID-19 pandemics	39
The asymmetric contagion effect between stock market and cryptocurrency market	39
Financial services, spatial agglomeration, and the quality of urban economic growth–based on an empirical analysis of 268 cities in China	39
Volatility spillovers between stock, bond, oil, and gold with portfolio implications: Evidence from China	38
Environmental regulation and green innovation: Evidence from heavily polluting firms in China	38
Corporate site visits, private monitoring and fraud: Evidence from China	38
The link between cryptocurrencies and Google Trends attention	38
Learning from SARS: Return and volatility connectedness in COVID-19	38
Corporate executives’ incentives and ESG performance	38
Corporate financialization and fixed investment rate: Evidence from China	38
Financial inclusion, economic growth and the role of digital technology	38