Finance Research Letters

Article	Citations
Central bank gold reserves and sovereign credit risk	316
How to attract professional investors in developing countries? An evidence-based structure for development impact bonds	283
Do hedge and merger arbitrage funds actually hedge? A time-varying volatility spillover approach	274
Extrapolative beliefs about Bitcoin returns	259
An empirical study on the impact of household debt level on consumption behavior: Based on the mechanism of the housing provident fund system and risk preference	246
Executives' overseas backgrounds and green innovation in manufacturing enterprises	232
The impact of ESG on firms’ export technology complexity	209
Stock market effects of corporate malpractices and misconduct: Evidence from the short-seller Hindenburg	189
Does domestic market integration promote an increase in the export value of manufacturing?	189
Board independence and corporate governance: Mediating role of financial asset allocation	176
Predicting volatility in China's clean energy sector: Advantages of the carbon transition risk	173
Exploring the landscape of financial inclusion through the lens of financial technologies: A review	172
Does corruption control enhance ESG-induced firm value? Insights from machine learning analysis	172
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	171
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	167
ESG rating disagreement, volatility, and stock returns	165
Climate risk disclosure, green innovation and enterprise value	157
Green finance and corporate green innovation	156
Dynamic hedging strategies for U.S. investors in international stock ETFs following geopolitical conflicts	156
Bringing carbon emission reduction to fruition: Insights from city’s low-carbon policy intensity	152
Editorial Board	148
Prototyping to address cognitive gaps in Distributed Ledger investments	145
Co-jumps in the Chinese stock market before, during and after the COVID-19 pandemic: A network perspective	140
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	136
Asset redeployability and the market reaction to cyberattacks	130

Policy burden and technological innovation of state-owned enterprises	127
Volatility forecasting of clean energy ETF using GARCH-MIDAS with neural network model	123
Banks’ portfolio of government debt and sovereign risk: From safe havens to stormy seas	122
Impact of controlling shareholders’ equity pledges on firms’ labour investment efficiency	122
Monetary policy uncertainty and financial risk: The mediating role of corporate investment	122
The impact of corporate R&D on the transformation of intellectual property into intangible assets	121
Digital finance and green technology innovation: A dual path test based on market and government	117
The American Inventors Protection Act and the staggered market reaction to patent grants	116
Tax incentives for human capital accumulation and enterprise innovation quality: Evidence of a quasi-natural experiment in China	116
Portfolio optimization by enhanced LinUCB	116
Financial measures and banking crisis: New evidence	110
How AI powers ESG performance in China's digital frontier?	110
Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads	109
Does the impact of credit rating downgrade on bond returns vary by region: Empirical evidence from China	108
SWF investments and debt maturity of target firms: An international evidence	107
An economic definition of ‘Fear of Missing Out’ (FOMO)	105
The impact of presidential economic approval rating on stock volatility: An industrial perspective	104
Local officials’ sentiment and government financing cost: Evidence from Chengtou bonds in China	104
Measuring DeFi risk	103
Is macroeconomic tail risk contagious to stock idiosyncratic risk?	103
Supply chain spillover effect of media attention to customers from the perspective of real earnings management	101
Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	100
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	98
Executive team restructuring and corporate ESG disclosure quality	96
Firm-specific investor sentiment and stock price informativeness	95
Mutual fund liquidity management and family affiliation	94
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	94
Payday alternative loans: PAL or Foe?	93
Disclosure of internal control evaluation reports of Chinese enterprises: History, problems and strategies	92
Opportunistic behaviour behind corporate digitalization disclosure: The moderating role of economic policy uncertainty	92
Judicial reforms and corporate governance: The contribution of circuit courts to ESG performance improvement	91
International tax incentives, cross-border research and development, and corporate innovation performance	90
Green investment products, consumer behavior, and regional carbon emissions levels	90
Peer effect and funding success: Analyzing friendship networks in online credit markets	89
The influence of shareholder ESG performance on corporate sustainability: Exploring the role of ownership structure	85
Cross-country spillover effects of interest rate and credit constraint policies	85
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	84
Infectious disease pandemic and permanent volatility of international stock markets: A long-term perspective	84
Bond liquidity, debt maturity and bond risk premium	83
Geopolitical risk and excess stock returns predictability: New evidence from a century of data	83
Exploring hedging potentials of green bonds against oil price shocks: Evidence from quantile-on-quantile connectedness measures	79
Explainable AI for paid-up risk management in life insurance products	79
Political connections and economic policy uncertainty: A global evidence	79
Sentiment changes and the Monday effect	79
Testing static and dynamic leverage models: A standardized leverage measure approach	78
Do investors in dirty and clean cryptocurrencies care about energy efficiency in the same way?	78
Corporate credit risk and bond yield spreads: Market reactions to the spreads	76
How climate risk drives corporate green innovation: Evidence from China	75
Market inefficiency spillover network across different regimes	75
Stock market reactions and optimism bias in analysts’ earnings forecasts: An analysis of China's stock markets	73

Willingness to take risks for sustainability during the COVID-19 pandemic	73
CDS, CEO compensation, and firm value	73
Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings	72
The asymmetric response of dividends to earnings news	72
Financial shocks, investor sentiment, and heterogeneous firms’ output volatility: Evidence from credit asset securitization markets	72
Realized semibetas and international stock return predictability	71
The Ulysses option: Smoking and delegation in individual investor decisions	71
Optimal lifetime income annuity without bequest: Single and annual premiums	70
Hierarchical risk parity using security selection based on peripheral assets of correlation-based minimum spanning trees	70
Does China's Belt and Road Initiative improve financial reporting quality?	70
Threats to central bank independence and exchange rate volatility: High-frequency identification with Trump’s Fed tweets	69
Can a dynamic correlation factor improve the pricing of industry portfolios?	69
Mood seasonality: Evidence from the Chinese A-share market	69
The disappearing of firm investment efficiency: From the perspective of the discrepancy between production and consumption prices	68
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	67
Is it worth to hold bitcoin?	67
Management buyouts in times of economic policy uncertainty	67
Bitcoin and integration patterns in the forex market	66
The COVID-19 risk in the cross-section of equity options	66
Editorial Board	65
Complete subset averaging methods in corporate bond return prediction	64
Did the 'Early harvest list' of commodity trade under ECFA promote the development of manufacturing industry in Taiwan Province? An empirical analysis based on staggered DID model	64
Non-positive spreads and trading venue halts: Are investors harmed?	64
The Relation between the High-Yield Bond Spread and the Unemployment Rate in the Euro Area	64
The impact of government interventions on cross-listed securities: Evidence from the COVID-19 pandemic	63
Investor sentiment and mean-variance relation: Evidence from emerging futures markets	63
Optimal liquidation strategy for cryptocurrency marketplaces using stochastic control	63
The Chinese equity premium predictability: Evidence from a long historical data	62
Choice for smart investment in mutual funds: Single- or multi-period performance ranks	62
The ties that bind: Social capital and perceived competition during financial crisis	62
Inequality, premium and the timing of resolution of uncertainty	61
Macroeconomic uncertainty and non-GAAP disclosure	61
Why insurance regulators need to require sensitivity settings of internal models for their approval	61
Fear in commodity return prediction	61
Can private health insurance improve happiness? Evidence from European countries	60
Political conformity and entrepreneurship: Evidence from China	60
Bounded pool mining and the bounded Bitcoin price	60
Editorial Board	60
The relative performance of green REITs: Evidence from financial analysts’ forecasts and abnormal returns	59
Integration of two industries, risk-taking and manufacturing enterprise value: An empirical investigation based on Chinese listed companies	59
Internationalization and earnings management: Evidence from China	59
Futures, provisional sales, and earnings management in the global gold mining industry	58
Corporate governance, financial indicators and asset impairments during the COVID-19 pandemic period	58
Effect of Economic Policy Uncertainty on the investment in numismatic assets: Evidence for the Walking Liberty Half Dollar	58
A note on a dynamic goal-based wealth management problem	57
Return adjusted charge ratios: What drives fees and costs of pension schemes?	57
Price limits hitting effect and cross-sectional stock returns: Evidence from China	57
Asset pricing models in emerging markets: Factorial approaches vs. information stochastic discount factor	57
Individual investors’ dividend tax reform and stock price crash risk	57
Market systemic risk, predictability and macroeconomics news	55
Banking network structure and transnational systemic risk contagion—The case of the European Union	55
Firms’ delayed replies and investor confidence: Evidence from M&A comment letters in China	54
The welfare impact of Euro on European consumers	53
Has shareholder background been priced?–Evidence from the issuance of financial bonds by financial leasing companies	52
How easy is it for investment managers to deploy their talent in green and brown stocks?	52
Deconstructing the Gerber statistic	52
The two faces of subsidized loans	52
On the information content of implied liquidity measure: Evidence from the S&P 500 index options	51
Local environmental goal constraint intensity and corporate ESG performance: An empirical observation based on China	51
What drives diversity hiring in the mutual fund management industry?	51
The looming crisis in the Chinese stock market? Left-tail exposure analysis of Chinese stocks to Evergrande	51
Security token offerings versus loan guarantees for risk-averse entrepreneurs under asymmetric information	51
Does individual SREP results reveal real news?	51
Tail risk spillovers among Chinese stock market sectors	50
Did Donald Trump's tweets on Sino–U.S. Trade affect the offshore RMB exchange rate?	50
Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	49
Monetary policy and cross-border acquisitions	49
Is the prediction of precious metal market volatility influenced by internet searches regarding uncertainty?	49
Does customer concentration affect corporate risk-taking? Evidence from China	49
Does individual investors’ dividend tax influence analyst forecast? Evidence from a quasi-natural experiment in China	48
Execution uncertainty of dark pools and portfolio balance	48
Does formalization increase firm investment in human capital? New evidence from Vietnam	48
Regime-switching angular correlation diversification	48
Product and geographic market diversification in U.S. banking	48
Stock price idiosyncratic information and corporate innovation: A discussion of corporate innovation strategy	48
Shareholder tax cuts with household and firm heterogeneity	47
Earnings management and analyst forecast	47
Marketization of interest rate quotation mechanism and bank credit-empirical evidence from Chinese listed companies	47
Does capital input contribute to green total-factor capital efficiency?	47
Does realized skewness predict the cross-section of Chinese stock returns?	46

Interest rate liberalization and the stability of the Chinese banking system: Exploring chained mediation effects of deposit competitiveness and wealth management products	46
A model of delegation with a VaR constraint	46
Voluntary CEO turnover, online information, and idiosyncratic volatility	46
Editorial Board	46
Market similarity and cross-border investment performance	46
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	46
Market reactions to proxy advisory companies’ recommendations in Japan	45
The greater the volume, the greater the analyst	45
Managers’ loss aversion and firm debt financing: Some insights from Vietnamese SMEs	45
Community resilience and house prices: A machine learning approach	45
Why local banking market concentration hinders IPOs and how it can work to issuers’ advantage	45
Price volatilities of bitcoin futures	45
Determinants of credit default swap spread changes: The sell-side perspective	45
Underwriters interest binding and IPO underpricing	45
Media Attention vs. Sentiment as Drivers of Conditional Volatility Predictions: An Application to Brexit	45
Using a hedging network to minimize portfolio risk	45
Cokurtosis and the Ability of Mutual Fund Managers	44
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	43
Can prospect theory explain anomalies in the Chinese stock market?	43
Online attention and mutual fund performance: Evidence from Norway	43
Dynamic changes in corporate financialization during CEO tenure	43
Dollar’s role in institutional and media impact on stablecoins	42
Low-skill lock-in? Financial resource mismatch and low-skilled labor demand	42
Investor-enterprise interactions and shadow banking of non-financial enterprises in China	42
The tangible hand? Does Communist Party involvement in governance promote corporate M&A performance	42
Role of hedging on crypto returns predictability: A new habit-based explanation	42
Peer digitalization and corporate investment decision	42
Predicting credit rating changes conditional on economic strength	42
Do derivatives benefit shareholders? Evidence from India	42
Intraday volatility predictability in china gold futures market: The case of last half-hour realized volatility forecasting	41
Volatility forecast with the regularity modifications	41
Financial constraints, exchange rate changes and export price: Evidence from Chinese exporters	41
Bond vs. bank finance and the Great Recession	41
Individual investor trading and stock returns after the Covid-19 pandemic: Evidence from Korea	41
The long-term impact of bank mergers on stock performance and default risk: The aftermath of the 2008 financial crisis✰	40
Political catastrophe and firm strategies: Evidence from the capitol riot	40
Industry classification, industry momentum and short-term reversal	40
Law, Endowment and Inequality in Access to Finance	40
Modeling and forecasting firm-specific volatility: The role of asymmetry and long-memory	40
When does the stock market recover from a crisis?	40
When is money smart? Mutual fund flows and disposable income	40
Negative elements of cryptocurrencies: Exploring the drivers of Bitcoin carbon footprints	40
Beneath the surface: The asymmetric effects of unconventional monetary policy on corporate investment	40
A note on the dynamic adoption and valuation theory in tokenomics	40
Subsample analysis of stock market – cryptocurrency returns tail dependence: A copula approach for the tails	40
Investor traps: Funds launched during booms	40
Centralized Drug Procurement and asymmetric earnings management: Evidence from China	39
Determinants of using formal vs informal financial sector in BRICS group	39
A comparative study of firm value models: Default risk of corporate bonds	39
Performance comparison of multifractal techniques and artificial neural networks in the construction of investment portfolios	39
Restricting Pay Gap Backfires: The Case of Bank Misconduct	39
Monetary policy and uncertainty resolution in commodity markets	39
Do IPOs outperform Treasury bills?	39
The effect of asymmetric information disappears: Evidence in share repurchases and market efficiency	39
The role of gender in sales behaviour: Evidence from institutional financial brokerage	38
Polycentric spatial patterns and urban economic growth quality: A discussion from fintech development	38
Do the rise of global value chain status avoid anti-dumping barriers? Evidence from Chinese micro-enterprises	38
A risky affair: Dual class and FX hedging	38
Structural breaks, macroeconomic fundamentals and cross hedge ratio	38
An study of liquidity shock, financial market participation on hollowing behavior of controlling shareholder	38
Multi-step double barrier options	37
Risk-weighted cryptocurrency indices	37
Population aging and corporate risk-taking	37
On cryptocurrencies as an independent asset class: Long-horizon and COVID-19 pandemic era decoupling from global sentiments	37
Why Was There More Household Stock Market Participation During the COVID-19 Pandemic?	37
The dynamics of informed trading around corporate bankruptcies	37
Social governance, family happiness, and financial inclusion	37
The correlation between the stock market and Bitcoin during COVID-19 and other uncertainty periods	37
Predicting failure of P2P lending platforms through machine learning: The case in China	37
Do acquirers of mega mergers prefer to improve debt level? An investigation on mega deals and leverage change	36
Common ownership and firm dividend policies	36
Modeling dynamic VaR and CVaR of cryptocurrency returns with alpha-stable innovations	36
Does air pollution change the business strategy for investment? The strategic influence of national governance	36
How do stock prices respond to the leading economic indicators? Analysis of large and small shocks	35
Can altcoins act as hedges or safe-havens for Bitcoin?	35
How risky are the socially responsible investment (SRI) stocks? Evidence from the Central and Eastern European (CEE) companies	35
Bitcoin arbitrage	35
Optimal mining in proof-of-work blockchain protocols	35
Religiosity, gambling attitudes, and fintech credit adoption	34
The dark side of digital transformation: Evidence from opportunistic insider selling	34
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	34
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	34
When uncertainties matter: The causal effect of cryptocurrency investment on retirement hardship withdrawals	34
Inspection supervision and corporate green total factor productivity	34
Green credit policy and bankruptcy risk of heavily polluting enterprises	34
Comparing ESG score weighting approaches and stock performance differentiation	34
Estimating the precise form of uncovered interest parity under the Stock–Watson dynamic OLS approach	34
Predicting oil prices: A comparative analysis of machine learning and image recognition algorithms for trend prediction	34
Sustainable and socially responsible finance	34
Energy market uncertainties and exchange rate volatility: A GARCH-MIDAS approach	34
How does digital finance affect the efficiency of urban green economies? Evidence from China	33
Safe havens for Bitcoin	33
Banks’ ESG disclosure: A new scoring model	33
The impact of the US yield curve on sub-Saharan African equities	33
The green reputation: Corporate culture and environmental reputation risk	33