Finance Research Letters

Article	Citations
Repo haircuts: Market practices and the impact of minimum requirements on leverage	485
Cross-country spillover effects of interest rate and credit constraint policies	475
Unveiling the Yin and Yang of expansionary monetary policy: Differential impact on inequality in China based on a national-level survey	443
Editorial Board	400
Invest in depth or breadth? The influence of multidisciplinary practices on the valuation and legitimation of living artists	373
Firm financialization: The role of policy inconsistency	349
How green screening influences risk transmission among stock-bond indices: Insight into the dependence structure	289
Does corporate social responsibility affect the performance of cross-border M&A of emerging market multinationals?	248
Does smart transformation in manufacturing promote enterprise value chain upgrades?	240
Correlation impulse response functions	240
Regional social capital and stock price crash risk: Evidence from the US	207
The impact of economic policy uncertainty on IPO underpricing: Evidence from China	199
Limit Order Book dynamics and order size modelling using Compound Hawkes Process	196
Risk spillovers among energy, metals, and agriculture commodity markets: A network perspective	196
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	191
The equity market response to climate change litigation	189
Are borrowing costs affected by audit market structure? Evidence from market concentration	181
A complementary valuation model and exit multiples	177
Small price bias in the cryptocurrency market. A cognitive bias revealed by emotions on social networks	177
Soybean futures responses to meteorological disaster risk —— Empirical evidence from the Chicago board of trade	174
Management buyouts in times of economic policy uncertainty	172
Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19	172
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	169
Does individual SREP results reveal real news?	168
Can prospect theory explain anomalies in the Chinese stock market?	164

Ecological rule of law, financial constraints, and investment in heavily polluting enterprises	162
Option pricing with a two-piece lognormal distribution	158
Green governance: The entry of green investors and stock liquidity	156
Market learning about the stand-alone value of the acquirer	154
Institutional investor stability, executive equity incentives, and corporate innovation	151
Demographic change and natural interest rate of China	150
Human capital and corporate social investment: The effect of public policy	149
Crowdsourced governance: From glassdoor insights to shareholder activism	148
Management's commitment to integrity and corporate financial risk	147
Does the introduction of CSR criteria into CEO incentive pay reduce their earnings management? The case of companies listed in the SBF 120	145
Correlation among climate risk, climate policy uncertainty, and carbon-intensive stock markets in China	144
Are gross financial inflows expansionary or contractionary? Evidence from emerging economies	141
Does stepping-back from IFRS pay off? Evidence from European unlisted firms’ cost of debt	140
Does 3D printing technology promote OFDI? Evidence from Chinese listed companies	139
Online public opinion and firm investment preferences	134
Climate variability and catastrophe bond premiums	133
Determinants of stock attention and behavioral preferences: Evidence from China's retail investors	127
Does tax policy affect corporate environmental investment?	125
Financing allocation efficiency and firm productivity: Evidence from a Chinese quasi-natural experiment	124
Belt and Road Initiative: Driving innovation in tech enterprises through global value chains	122
Management equity incentives, market dynamics, and corporate R&D investment	121
Investor sentiment and corporate earnings management	120
Bank efficiency and undesirable output: An analysis of non-performing loans in the Brazilian banking sector	120
Corporate credit risk and bond yield spreads: Market reactions to the spreads	119
Effects of enterprise viability on corporate green innovation performance	118
Chasing ghosts: the elusive ambiguity premium in U.S. equities	116
A look across the big pond and into the abyss — Performance of earnout deals in Europe and in times of crisis	115
Financial regulation, capital market stability, and occupational crime	113
Inspection supervision and corporate green total factor productivity	113
ESG disclosure inconsistency and tail risk	112
Regulatory reforms, share buyback and institutional monitoring of insider trading: Evidence from India	112
Credit availability, overinvestment, and corporate innovation capability	108
Comparative analysis of precious metals as hedges for clean energy stocks	106
Does managerial climate awareness affect green bond issuance? The moderating role of managerial myopia	106
The role of gender in sales behaviour: Evidence from institutional financial brokerage	105
How host country fintech levels affect cross-border M&A by Chinese companies	105
Corporate social anti-activism and firm stock price: Evidence from DEI program elimination	105
Financial market reaction to the end of the right-wing populist government: The case of Poland	104
An analysis of how work stress affects employees' proactive work behavior: The moderating role of corporate financial support	104
Can the level of green consumption restrain listed companies’ “greenwashing” behavior? An analysis of the moderating effect of green credit	104
How ESG engagement shapes firm life cycle progression: Evidence from U.S. data	102
Superstition-driven IPO anomaly: Chinese almanac evidence	102
Can the intensity of environmental regulation enhance corporate risk-taking?	101
The declining explanatory power of interest rates for stock market and business cycle dynamics	101
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	100
Evaluation of the operational efficiency of internal capital markets in state-owned enterprises using big data	100
The governance effects of green investors: A perspective on reducing natural dependency	99
Impact of nonagricultural employment on rural households’ financial resilience: Evidence from rural China	99
ESG performance and corporate financial distress: Evidence from China	98
Does customer concentration affect corporate risk-taking? Evidence from China	97

Media sentiment and corporate R&D manipulation	96
The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development	95
Adjustment of U.S. Treasury yields to the cointegrating relationship amid high intrapersonal uncertainty	95
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	93
The impact of digital transformation on firm productivity: From the perspective of sustainable development	92
Digital economy, green total factor energy efficiency constraints and corporate resilience	92
Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates	92
Capital market openness and bank credit risk: Evidence from listed commercial banks	91
Is it all about noise? Investor sentiment and risk nexus: evidence from China	91
Manual task intensity and male-female wage gap: Evidence from China	90
Establishment of environmental protection courts, green finance, and corporate operating performance	90
Bankruptcy court establishment and corporate risk-taking	89
Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis	88
Energy transition investments and carbon emissions: asymmetric and dynamic effects across developed and emerging economies	88
Green innovation, executives’ environmental awareness, and corporate value chain upgrading	88
International tax incentives, cross-border research and development, and corporate innovation performance	88
Risk disclosure and stock price crash risk: Evidence from Chinese listed firms	87
Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data	87
Intellectual property law enforcement and regional cluster innovation efficiency	87
Executive financial background, external audit quality and shadow banking in non-financial firms	85
Can old sin make new shame? Stock market reactions to the release of movies re-exposing past corporate scandals	85
Stepping forward with ease: Government debt governance as a catalyst for entrepreneurship	85
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	84
Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy	83
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	83
How does green finance policy improve urban ecological resilience? Evidence from a quasi-natural experiment on green credit interest subsidies	82
Carbon prices and green bond markets: Global insights from quantile connectedness	81
ESG improvement as a critical driver of improved shareholder returns: A study of comparative portfolios	81
Whether green finance contributes to carbon emissions equity - empirical evidence from China	81
Assessing the volatility of green firms	81
Market reactions to layoff announcements during crises: Examining impacts and conditioners	80
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	80
How digital transformation affects bank risk: Evidence from listed Chinese banks	80
How good are LLMs in risk profiling?	80
Foreign equity lookback options with guarantees	80
Breaking barriers to rural entrepreneurship: How productive credit mitigates financial exclusion	80
Does gambling culture affect firms’ investment efficiency?	79
Futures, provisional sales, and earnings management in the global gold mining industry	78
Executives' overseas backgrounds and green innovation in manufacturing enterprises	77
Peer digitalization and corporate investment decision	77
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	77
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	77
Cryptocurrencies and the threat versus the act event of geopolitical risk	76
Coexistence of Bitcoin, fiat money, and risk-free bonds	76
Detecting exuberance phenomena in thematic investing	76
Infection, invasion, and inflation: Recent lessons	75
Social governance, financial regulation, and corporate investment efficiency	75
Tax Authority Enforcement and Corporate Social Security Contributions: Evidence from China	75
Effects of China’s capital controls on individual asset categories	75
Community resilience and house prices: A machine learning approach	75
Prediction of market value of firms with corporate sustainability performance data using machine learning models	75
Price discovery share: An order invariant measure of price discovery	75
Corporate uncertainty perception, executives' financial background, and firms' long-term performance	74
Promote or inhibit? Director and officer liability insurance and corporate excess leverage	74
FinTech literature reviews: A hybrid approach	74
Global geopolitical risk, ambiguity, and emerging market returns: Evidence from China	74
Impact of SciTech – Finance integration policy implementation on SME innovation performance: Mediating effect of tax burden	73
Digital finance, data elements, and artificial intelligence innovation	73
Global value chain participation and income inequality within enterprises: An empirical study based on Chinese-listed companies	73
Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	72
Climate governance, CSR strategy, and corporate environmental decoupling	72
Media attention, information asymmetry and agribusiness ESG rating divergence	72
Digital transformation and labour investment efficiency: Heterogeneity across the enterprise life cycle	72
To green or not to green: The influence of board characteristics on carbon emissions	72
Financial literacy and fraud vulnerability in digital finance: Evidence from the 2024 NFCS	72
Risk spillovers across energy markets: Insights from the Russia–Ukraine conflict	72
Can digital regulation curb corporate leverage manipulation? Evidence from the "Golden Tax Phase III" project	71
How green finance drives new-quality productivity from the perspective of Chinese modernization	71
The impact of corporate ESG performance on buyers’ bargaining power in the industrial chain: Evidence from China	71
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	71
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	71
Impacts of gender inequality on international trade and innovation	70
Valuing cryptocurrencies: A model of price and hashrate	70
Impact of Fiscal–Financial Synergy on Enterprises’ New Quality Productive Forces: Evidence from Government Procurement Loans	70
Community activism, Social ties and ESG campaign success	70
Legal background of corporate management and corporate audit quality	69
The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic	69
Using machine learning Meta-Classifiers to detect financial frauds	69
Does exposure to biodiversity risk drive firms’ digital transformation?	69
Firm-level perception of competition and innovation: Textual evidence from China	69

Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	68
Value creation or political trick? An event study on anti-ESG regulations	68
How AI adoption shapes ESG performance in manufacturing: The mediating role of digital transformation	68
Impact of digital financial inclusion on rural revitalization	68
Green bond and corporate environmental investment: The moderating effect of environmental concern	68
Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war	67
Environmental policies on the systematic risk of critical metals companies	67
Tax incentives, financial subsidies and high-quality development of enterprises	67
Do investors herd under global crises? A comparative study between Chinese and the United States stock markets	67
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	66
Risk contagion between commodity and China's stock markets under the impact of major events	66
Banks’ ESG disclosure: A new scoring model	66
Development of corporate artificial intelligence and the quality of export products	66
Unconventional, conventional monetary policies, and optimal energy supply structure in China	66
Focus on the impact and predictive analysis of digitalization and green finance on the transformation of mineral and energy companies	66
The impact of green investment policies on the development of new energy enterprises: Analysis based on heterogeneity and threshold effects	66
Fintech, financial regulation and corporate financialization: Evidence from China	66
ESG ratings and female corporate leadership: Evidence from African firms	66
Institutional investors' site visits and ESG disclosure: The mediating role of environmental legitimacy pressure	66
Exploring the time-varying dependence between Bitcoin and the global stock market: Evidence from a TVP-VAR approach	65
Digital economy policy and corporate low-carbon innovation: Evidence from a quasi-natural experiment in China	65
Does ESG performance improve firm creditworthiness?	65
How Russian-Ukrainian geopolitical risks affect Chinese commodity and financial markets?	65
Which are the factors influencing green bonds issuance? Evidence from the European bonds market	65
Information Transparency, Supply Chain Finance Level, and Corporate Stock Price Crash Risk	64
An economic definition of ‘Fear of Missing Out’ (FOMO)	64
Transmission effects of real estate risk on municipal bond spreads	64
VAT credit refund policy and corporate risk-taking: Evidence from China	64
Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing	64
The effect of COVID-19 vaccine on the international financial markets	64
SFDR Article 9: Is it all about impact?	63
Editorial Board	63
A novel approach to sustainable mean-variance portfolio optimization: Accounting for ESG-related uncertainty	63
Corporate financialization and litigation risk	63
Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index	63
ESG performance and investment-financing maturity mismatch: Evidence from Chinese A-share listed companies	62
Monitoring and governance: The impact of random inspection on goodwill in China	62
Beyond threats: Extreme heatwaves and economic resilience in China	62
Social trust and health outcomes: A theoretical and empirical analysis with income interactions using Chinese microdata	62
Intellectual property protection and industrial chain security under the background of technology blockades: Analysis of the moderating effect based on dynamic capabilities theory	62
Executive human capital premium and corporate stock price volatility	61
Application of blockchain technology, financial deepening, and internal income distribution within enterprises	61
The extreme risk spillover effect of international commodity price fluctuations on China's real economy: Discussing the effect of geopolitical conflicts	61
How digital finance promotes industrial diversification: the role of road freight as a moderator	61
Digital inclusion, transaction costs, and rural revitalization industrialization: Evidence from rural e-commerce clusters in China	60
Digital transformation and enterprise external pay gap: Internal mechanism and empirical evidence	60
Editorial Board	59
R&D disclosure and corporate innovation: Mediating role of financing structure	59
Climate risk perception, female directors and greenwashing	58
Safe haven for crude oil: Gold or currencies?	58
Aging, financial coverage, and agricultural economic resilience: Nonlinear dynamics and thresholds	58
Bank connectedness and excessive risk-taking: Some cross-country evidence	58
COVID-19 and commodity pricing premium: Evidence from the Chinese market	58
Tax planning ability and the CFO's compensation	57
Market reaction to analyst forecasts by analysts with familyship: Evidence from South Korea	57
Asset pricing with dividend surprises	57
Let’s have a party! - Temporal landmarks and firm behaviour: How corporate anniversaries influence managerial decisions	57
Proprietary algorithmic traders and liquidity supply during the pandemic	57
Is China's carbon neutrality commitment truly credible? Evidence from a natural experiment	56
Who really cares? Climate change exposure and auditor conservatism: Evidence from China	56
Board composition and climate strategy: the role of governance in internal carbon pricing adoption	56
Is the business cycle getting hit by climate policy uncertainty in China?	56
How does digital asset allocation affect accounting information quality? A perspective from corporate profitability and ownership	55
How does institutional openness promote enterprises' innovation liveness? Evidence from the pilot free trade zone	55
Common institutional ownership and sustainable innovation	55
Are managerial cognitive biases priced in Japan? Evidence from cross-sectional portfolio returns	55
What has been changed in SPAC mergers? Evidence from Korea since their introduction	54
Digital product trade liberalization and enterprises’ digital innovation in China——Evidence from the ITA expansion	54
Marketing investment, financing constraints, and e-commerce firm value	54
Credit corruption, financial constraint and corporate innovation: Evidence on China	54
Fee structure and equity fund manager’s ability screening	54
Narcissistic leaders do not share! The relationship between top managers' narcissism and the distribution of value added	54
Rhetoric vs. Reality: Unauthorized immigration and housing rents	53
Investigation into smart behavior monitoring and workforce allocation optimization of frontline bank staff for financial risk control	53
Editorial Board	53
It takes two to tango: Impact of salary co-movement between top executives and ordinary employees on corporate innovation	53
Measuring systemic risk contribution: A higher-order moment augmented approach	53
The dark side of innovation policy uncertainty	53
Assessing out-of-sample performance of orthogonal portfolio rules in emerging markets	53
When bookbuilding uncertainty hits: Pricing and real effects of primary-market uncertainty	53
The cross section of information transmission in news media and stock returns	52
Idiosyncratic volatility	52
Cocoon breaking: A dual-path exploration of occupational stigma in China’s insurance industry using grounded theory and structural equation model verification	52
Managerial decision, anchoring effects and acquisition premiums	52
Stock bubbles under sudden public crises: A perspective from the excessive financialization of firms	51
Macroeconomic uncertainty and systemic risk in non-financial enterprises: Evidence from China	51
The tax squeeze and the books that bleed: Stress-induced restatements or strategic reshuffling?	51
Women’s bargaining power and household financial vulnerability: Evidence from China	51
Can blockchain smart contracts improve the operational efficiency of green supply chain emission reduction technologies?	51
Monetization of fan economy, high-level control of social media, and improvement of the film and television ecosystem	51
Local government debt and household human capital investment	51
Signals of video game success on steam: Evidence from Kickstarter campaigns	51
Impact of E-Banking on the Islamic bank profitability in Sub-Saharan Africa: What are the financial determinants?	51
Digital transformation and bond credit spread	50
Digital inclusive finance, intellectual property protection, and corporate carbon emission reduction	50