Finance Research Letters

Article	Citations
Repo haircuts: Market practices and the impact of minimum requirements on leverage	469
Cross-country spillover effects of interest rate and credit constraint policies	457
Unveiling the Yin and Yang of expansionary monetary policy: Differential impact on inequality in China based on a national-level survey	420
Editorial Board	378
Limit Order Book dynamics and order size modelling using Compound Hawkes Process	358
Risk spillovers among energy, metals, and agriculture commodity markets: A network perspective	346
Detecting exuberance phenomena in thematic investing	330
How Russian-Ukrainian geopolitical risks affect Chinese commodity and financial markets?	324
Executives' overseas backgrounds and green innovation in manufacturing enterprises	321
Global value chain participation and income inequality within enterprises: An empirical study based on Chinese-listed companies	314
Impact of nonagricultural employment on rural households’ financial resilience: Evidence from rural China	279
Corporate credit risk and bond yield spreads: Market reactions to the spreads	270
Digital economy policy and corporate low-carbon innovation: Evidence from a quasi-natural experiment in China	245
Why Was There More Household Stock Market Participation During the COVID-19 Pandemic?	234
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	234
Climate governance, CSR strategy, and corporate environmental decoupling	229
Does peer-to-peer crowdfunding boost refugee entrepreneurs?	227
A look across the big pond and into the abyss — Performance of earnout deals in Europe and in times of crisis	222
Adjustment of U.S. Treasury yields to the cointegrating relationship amid high intrapersonal uncertainty	202
How AI adoption shapes ESG performance in manufacturing: The mediating role of digital transformation	199
Market learning about the stand-alone value of the acquirer	194
Energy transition investments and carbon emissions: asymmetric and dynamic effects across developed and emerging economies	190
Financial literacy and fraud vulnerability in digital finance: Evidence from the 2024 NFCS	190
The impact of corporate ESG performance on buyers’ bargaining power in the industrial chain: Evidence from China	188
Banks’ ESG disclosure: A new scoring model	186

Tax Authority Enforcement and Corporate Social Security Contributions: Evidence from China	182
Sentiment changes and the Monday effect	179
How does green finance policy improve urban ecological resilience? Evidence from a quasi-natural experiment on green credit interest subsidies	178
VAT credit refund policy and corporate risk-taking: Evidence from China	170
Institutional investor stability, executive equity incentives, and corporate innovation	169
Risk disclosure and stock price crash risk: Evidence from Chinese listed firms	165
Infection, invasion, and inflation: Recent lessons	163
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	162
Green governance: The entry of green investors and stock liquidity	161
Invest in depth or breadth? The influence of multidisciplinary practices on the valuation and legitimation of living artists	160
Firm financialization: The role of policy inconsistency	159
Does corporate social responsibility affect the performance of cross-border M&A of emerging market multinationals?	157
How green screening influences risk transmission among stock-bond indices: Insight into the dependence structure	157
Breaking barriers to rural entrepreneurship: How productive credit mitigates financial exclusion	154
Are borrowing costs affected by audit market structure? Evidence from market concentration	152
Institutional investors' site visits and ESG disclosure: The mediating role of environmental legitimacy pressure	150
Development of corporate artificial intelligence and the quality of export products	150
Social governance, financial regulation, and corporate investment efficiency	148
Does customer concentration affect corporate risk-taking? Evidence from China	143
The impact of economic policy uncertainty on IPO underpricing: Evidence from China	143
Environmental policies on the systematic risk of critical metals companies	143
Does ESG performance improve firm creditworthiness?	141
Coexistence of Bitcoin, fiat money, and risk-free bonds	137
Media attention, information asymmetry and agribusiness ESG rating divergence	136
Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war	134
An economic definition of ‘Fear of Missing Out’ (FOMO)	134
FinTech literature reviews: A hybrid approach	132
Investor sentiment and corporate earnings management	131
Corporate Uncertainty Perception, Executives' Financial Background, and Firms' Long-term Performance	130
Firm-level perception of competition and innovation: Textual evidence from China	130
Exploring the time-varying dependence between Bitcoin and the global stock market: Evidence from a TVP-VAR approach	129
Fintech, financial regulation and corporate financialization: Evidence from China	129
Promote or Inhibit? Director and Officer Liability Insurance and Corporate Excess leverage	129
Bankruptcy court establishment and corporate risk-taking	128
Digital finance, data elements, and artificial intelligence innovation	127
Effects of enterprise viability on corporate green innovation performance	123
Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates	123
Chasing ghosts: the elusive ambiguity premium in U.S. equities	122
Can digital regulation curb corporate leverage manipulation? Evidence from the "Golden Tax Phase III" project	121
Green bond and corporate environmental investment: The moderating effect of environmental concern	120
Impact of SciTech – Finance integration policy implementation on SME innovation performance: Mediating effect of tax burden	120
Global geopolitical risk, ambiguity, and emerging market returns: Evidence from China	119
Value creation or political trick? An event study on anti-ESG regulations	119
SFDR Article 9: Is it all about impact?	115
Focus on the impact and predictive analysis of digitalization and green finance on the transformation of mineral and energy companies	114
Stepping forward with ease: Government debt governance as a catalyst for entrepreneurship	111
To green or not to green: The influence of board characteristics on carbon emissions	111
Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis	111
Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index	110
Which are the factors influencing green bonds issuance? Evidence from the European bonds market	110

Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	105
Market reactions to layoff announcements during crises: Examining impacts and conditioners	105
How digital transformation affects bank risk: Evidence from listed Chinese banks	103
Using machine learning Meta-Classifiers to detect financial frauds	102
Cryptocurrency market efficiency in short- and long-term horizons during COVID-19: An asymmetric multifractal analysis approach	102
How green finance drives new-quality productivity from the perspective of Chinese modernization	101
Capital market openness and bank credit risk: Evidence from listed commercial banks	101
Bank efficiency and undesirable output: An analysis of non-performing loans in the Brazilian banking sector	101
Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing	100
Carbon prices and green bond markets: Global insights from quantile connectedness	100
Effects of China’s capital controls on individual asset categories	99
Tax incentives, financial subsidies and high-quality development of enterprises	99
Legal background of corporate management and corporate audit quality	97
A complementary valuation model and exit multiples	97
Soybean futures responses to meteorological disaster risk —— Empirical evidence from the Chicago board of trade	97
Small price bias in the cryptocurrency market. A cognitive bias revealed by emotions on social networks	97
Inspection supervision and corporate green total factor productivity	97
Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods	96
Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19	96
Can prospect theory explain anomalies in the Chinese stock market?	96
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	96
Does individual SREP results reveal real news?	96
Management buyouts in times of economic policy uncertainty	96
Ecological rule of law, financial constraints, and investment in heavily polluting enterprises	95
Intellectual property law enforcement and regional cluster innovation efficiency	94
Does 3D printing technology promote OFDI? Evidence from Chinese listed companies	92
Option pricing with a two-piece lognormal distribution	92
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	91
The role of gender in sales behaviour: Evidence from institutional financial brokerage	90
The impact of green investment policies on the development of new energy enterprises: Analysis based on heterogeneity and threshold effects	90
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	89
Unconventional, conventional monetary policies, and optimal energy supply structure in China	89
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	88
Comparative analysis of precious metals as hedges for clean energy stocks	86
Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy	85
Manual task intensity and male-female wage gap: Evidence from China	85
Futures, provisional sales, and earnings management in the global gold mining industry	85
Media sentiment and corporate R&D manipulation	85
The effect of COVID-19 vaccine on the international financial markets	85
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	83
Are gross financial inflows expansionary or contractionary? Evidence from emerging economies	83
Does stepping-back from IFRS pay off? Evidence from European unlisted firms’ cost of debt	83
Cryptocurrencies and the threat versus the act event of geopolitical risk	81
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	81
Price discovery share: An order invariant measure of price discovery	81
The equity market response to climate change litigation	81
Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data	81
Foreign equity lookback options with guarantees	81
Does smart transformation in manufacturing promote enterprise value chain upgrades?	80
Regional social capital and stock price crash risk: Evidence from the US	80
Correlation impulse response functions	80
Climate variability and catastrophe bond premiums	79
Transmission effects of real estate risk on municipal bond spreads	79
Community activism, Social ties and ESG campaign success	79
Risk contagion between commodity and China's stock markets under the impact of major events	79
Executive financial background, external audit quality and shadow banking in non-financial firms	79
ESG disclosure inconsistency and tail risk	78
Determinants of stock attention and behavioral preferences: Evidence from China's retail investors	78
Online public opinion and firm investment preferences	78
Does gambling culture affect firms’ investment efficiency?	77
Can old sin make new shame? Stock market reactions to the release of movies re-exposing past corporate scandals	77
Regulatory reforms, share buyback and institutional monitoring of insider trading: Evidence from India	77
How good are LLMs in risk profiling?	76
Is it all about noise? Investor sentiment and risk nexus: evidence from China	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	75
Institutional investor networks and crash risk: Evidence from China	75
Does the introduction of CSR criteria into CEO incentive pay reduce their earnings management? The case of companies listed in the SBF 120	75
Do investors herd under global crises? A comparative study between Chinese and the United States stock markets	74
Crowdsourced governance: From glassdoor insights to shareholder activism	74
Whether green finance contributes to carbon emissions equity - empirical evidence from China	74
Management's commitment to integrity and corporate financial risk	73
A novel approach to sustainable mean-variance portfolio optimization: Accounting for ESG-related uncertainty	73
Correlation among climate risk, climate policy uncertainty, and carbon-intensive stock markets in China	73
The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic	72
Does exposure to biodiversity risk drive firms’ digital transformation?	72
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	72
Human capital and corporate social investment: The effect of public policy	72
Risk spillovers across energy markets: Insights from the Russia–Ukraine conflict	72
Financing allocation efficiency and firm productivity: Evidence from a Chinese quasi-natural experiment	71
Green innovation, executives’ environmental awareness, and corporate value chain upgrading	71

Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	71
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	70
Demographic change and natural interest rate of China	70
Impacts of gender inequality on international trade and innovation	70
Does tax policy affect corporate environmental investment?	69
ESG ratings and female corporate leadership: Evidence from African firms	69
Community resilience and house prices: A machine learning approach	69
The governance effects of green investors: A perspective on reducing natural dependency	69
Establishment of environmental protection courts, green finance, and corporate operating performance	69
Prediction of market value of firms with corporate sustainability performance data using machine learning models	69
International tax incentives, cross-border research and development, and corporate innovation performance	69
Financial regulation, capital market stability, and occupational crime	69
Assessing the volatility of green firms	68
Does managerial climate awareness affect green bond issuance? The moderating role of managerial myopia	68
How ESG engagement shapes firm life cycle progression: Evidence from U.S. data	67
Digital economy, green total factor energy efficiency constraints and corporate resilience	67
An analysis of how work stress affects employees' proactive work behavior: The moderating role of corporate financial support	66
Corporate social anti-activism and firm stock price: Evidence from DEI program elimination	66
Peer digitalization and corporate investment decision	66
Credit availability, overinvestment, and corporate innovation capability	66
The impact of digital transformation on firm productivity: From the perspective of sustainable development	65
Belt and Road Initiative: Driving innovation in tech enterprises through global value chains	65
How host country fintech levels affect cross-border M&A by Chinese companies	65
The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development	65
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	65
Valuing cryptocurrencies: A model of price and hashrate	65
Financial market reaction to the end of the right-wing populist government: The case of Poland	65
Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings	64
The closed-form approximation to price basket options under stochastic interest rate	64
Can the intensity of environmental regulation enhance corporate risk-taking?	64
Impact of digital financial inclusion on rural revitalization	64
Return prediction: A tree-based conditional sort approach with firm characteristics	64
Evaluation of the operational efficiency of internal capital markets in state-owned enterprises using big data	64
Digital transformation and labour investment efficiency: Heterogeneity across the enterprise life cycle	64
Management equity incentives, market dynamics, and corporate R&D investment	64
Macroeconomic impact and stock returns' vulnerability by size, solvency, and financial distress	64
Can the level of green consumption restrain listed companies’ “greenwashing” behavior? An analysis of the moderating effect of green credit	64
The declining explanatory power of interest rates for stock market and business cycle dynamics	64
Superstition-driven IPO anomaly: Chinese almanac evidence	64
Editorial Board	64
Corporate financialization and litigation risk	63
Intellectual property protection and industrial chain security under the background of technology blockades: Analysis of the moderating effect based on dynamic capabilities theory	63
Idiosyncratic volatility	63
Female board representation and firm value: International evidence	63
Impact of ownership structure on corporate social responsibility investment: The mediating role of analyst coverage	63
Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability	63
Forecasting volatility in commodity markets with climate risk	63
Application of blockchain technology, financial deepening, and internal income distribution within enterprises	62
ESG performance and investment-financing maturity mismatch: Evidence from Chinese A-share listed companies	62
Marketing investment, financial leverage, and corporate investment efficiency	62
Monitoring and governance: The impact of random inspection on goodwill in China	62
Beyond threats: Extreme heatwaves and economic resilience in China	62
How digital finance promotes industrial diversification: the role of road freight as a moderator	62
Social trust and health outcomes: A theoretical and empirical analysis with income interactions using Chinese microdata	62
BNPL and financial fragility in U.S. households	62
Executive human capital premium and corporate stock price volatility	61
Local government debt and household human capital investment	61
Narcissistic leaders do not share! The relationship between top managers' narcissism and the distribution of value added	61
Digital inclusion, transaction costs, and rural revitalization industrialization: Evidence from rural e-commerce clusters in China	61
The extreme risk spillover effect of international commodity price fluctuations on China's real economy: Discussing the effect of geopolitical conflicts	61
Impact of environmental regulation intensity and digital economy on regional environmental penalties	60
Digital transformation and enterprise external pay gap: Internal mechanism and empirical evidence	60
Analysis of the impact of bank digitization process on liquidity creation and risk-taking	60
Income volatility and household commercial insurance allocation	60
Editorial Board	60
Revisiting the low-volatility anomaly in cryptocurrency markets	59
Temperature shocks and bank systemic risk: Evidence from China	59
R&D disclosure and corporate innovation: Mediating role of financing structure	59
Climate risk perception, female directors and greenwashing	59
Aging, financial coverage, and agricultural economic resilience: Nonlinear dynamics and thresholds	59
Digital transformation and corporate creditworthiness	59
Analysis of the carbon emission reduction effect of Fintech and the transmission channel of green finance	58
Interpretable EU ETS Phase 4 prices forecasting based on deep generative data augmentation approach	58
Board gender diversity and ESG performance balance in GCC firms	58
Bank connectedness and excessive risk-taking: Some cross-country evidence	58
Biodiversity risk and value creation in emerging markets	58
How bank FinTech facilitates firm-level new quality productive forces	58
Audit committee structure, institutional quality, and bank stability: evidence from ASEAN countries	57
Macroeconomic uncertainty and systemic risk in non-financial enterprises: Evidence from China	57
The dual effects of digital inclusive finance on the urban-rural income gap: An empirical investigation in China's Yangtze River Delta region	57
Geopolitical risk and external debt burden in low-income countries	57
Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China	57
Changes in stock price synchronicity driven by digital transformation: The role of media attention and accounting conservatism	57
Reform of the administrative approval system, regional financial development, and corporate performance: An exploration of a market-oriented governance mechanism	57
Stock bubbles under sudden public crises: A perspective from the excessive financialization of firms	56
Does corporate social responsibility impact mergers & acquisition premia? New international evidence	56
Safe haven for crude oil: Gold or currencies?	56
ESG performance and investment efficiency	56
Female executive and energy consumption intensity: The role of green innovation	56
Mirroring the urban exodus: The impact of return migration on rural entrepreneurship	56
Does the popularization of artificial intelligence increase the risk of corporate digital responsibility?	56
The impact of ESG performance on firm value in the Chinese market	56
Media coverage and corporate green innovation	56
Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective	55
A study of the impact of cryptocurrency price volatility on the stock and gold markets	55