Finance Research Letters

Article	Citations
Repo haircuts: Market practices and the impact of minimum requirements on leverage	473
Cross-country spillover effects of interest rate and credit constraint policies	461
Unveiling the Yin and Yang of expansionary monetary policy: Differential impact on inequality in China based on a national-level survey	426
Editorial Board	383
Invest in depth or breadth? The influence of multidisciplinary practices on the valuation and legitimation of living artists	361
Firm financialization: The role of policy inconsistency	351
How green screening influences risk transmission among stock-bond indices: Insight into the dependence structure	337
Does corporate social responsibility affect the performance of cross-border M&A of emerging market multinationals?	334
Correlation impulse response functions	277
Price discovery share: An order invariant measure of price discovery	247
Transmission effects of real estate risk on municipal bond spreads	238
Does smart transformation in manufacturing promote enterprise value chain upgrades?	237
Risk contagion between commodity and China's stock markets under the impact of major events	236
Regional social capital and stock price crash risk: Evidence from the US	230
Environmental policies on the systematic risk of critical metals companies	227
Social governance, financial regulation, and corporate investment efficiency	204
The impact of economic policy uncertainty on IPO underpricing: Evidence from China	203
Development of corporate artificial intelligence and the quality of export products	198
Limit Order Book dynamics and order size modelling using Compound Hawkes Process	194
Risk spillovers among energy, metals, and agriculture commodity markets: A network perspective	192
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	192
Detecting exuberance phenomena in thematic investing	192
Foreign equity lookback options with guarantees	182
The equity market response to climate change litigation	180
Are borrowing costs affected by audit market structure? Evidence from market concentration	173

Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy	171
The effect of COVID-19 vaccine on the international financial markets	167
Small price bias in the cryptocurrency market. A cognitive bias revealed by emotions on social networks	166
Legal background of corporate management and corporate audit quality	165
A complementary valuation model and exit multiples	165
Soybean futures responses to meteorological disaster risk —— Empirical evidence from the Chicago board of trade	164
Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19	162
Management buyouts in times of economic policy uncertainty	161
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	160
Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods	160
Does individual SREP results reveal real news?	158
Can prospect theory explain anomalies in the Chinese stock market?	152
Ecological rule of law, financial constraints, and investment in heavily polluting enterprises	151
Option pricing with a two-piece lognormal distribution	149
Infection, invasion, and inflation: Recent lessons	146
Energy transition investments and carbon emissions: asymmetric and dynamic effects across developed and emerging economies	144
Green governance: The entry of green investors and stock liquidity	142
How AI adoption shapes ESG performance in manufacturing: The mediating role of digital transformation	139
Market learning about the stand-alone value of the acquirer	138
Institutional investor stability, executive equity incentives, and corporate innovation	136
Demographic change and natural interest rate of China	135
Human capital and corporate social investment: The effect of public policy	135
Crowdsourced governance: From glassdoor insights to shareholder activism	134
Management's commitment to integrity and corporate financial risk	132
VAT credit refund policy and corporate risk-taking: Evidence from China	132
A novel approach to sustainable mean-variance portfolio optimization: Accounting for ESG-related uncertainty	130
Does the introduction of CSR criteria into CEO incentive pay reduce their earnings management? The case of companies listed in the SBF 120	129
Correlation among climate risk, climate policy uncertainty, and carbon-intensive stock markets in China	126
Sentiment changes and the Monday effect	125
Tax Authority Enforcement and Corporate Social Security Contributions: Evidence from China	124
Are gross financial inflows expansionary or contractionary? Evidence from emerging economies	122
Manual task intensity and male-female wage gap: Evidence from China	122
Does stepping-back from IFRS pay off? Evidence from European unlisted firms’ cost of debt	120
Does 3D printing technology promote OFDI? Evidence from Chinese listed companies	119
ESG ratings and female corporate leadership: Evidence from African firms	117
Community activism, Social ties and ESG campaign success	116
Online public opinion and firm investment preferences	115
Climate variability and catastrophe bond premiums	114
Determinants of stock attention and behavioral preferences: Evidence from China's retail investors	113
Institutional investor networks and crash risk: Evidence from China	111
Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	111
Does tax policy affect corporate environmental investment?	111
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	109
Financing allocation efficiency and firm productivity: Evidence from a Chinese quasi-natural experiment	108
Risk spillovers across energy markets: Insights from the Russia–Ukraine conflict	105
Belt and Road Initiative: Driving innovation in tech enterprises through global value chains	104
The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic	104
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	103
Effects of China’s capital controls on individual asset categories	103
Management equity incentives, market dynamics, and corporate R&D investment	103

Digital economy, green total factor energy efficiency constraints and corporate resilience	103
Valuing cryptocurrencies: A model of price and hashrate	103
Tax incentives, financial subsidies and high-quality development of enterprises	102
Bank efficiency and undesirable output: An analysis of non-performing loans in the Brazilian banking sector	102
Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates	100
Investor sentiment and corporate earnings management	100
Focus on the impact and predictive analysis of digitalization and green finance on the transformation of mineral and energy companies	98
Firm-level perception of competition and innovation: Textual evidence from China	98
Green bond and corporate environmental investment: The moderating effect of environmental concern	98
To green or not to green: The influence of board characteristics on carbon emissions	98
Impact of SciTech – Finance integration policy implementation on SME innovation performance: Mediating effect of tax burden	98
Does ESG performance improve firm creditworthiness?	97
Coexistence of Bitcoin, fiat money, and risk-free bonds	97
Climate governance, CSR strategy, and corporate environmental decoupling	96
Digital finance, data elements, and artificial intelligence innovation	96
Global value chain participation and income inequality within enterprises: An empirical study based on Chinese-listed companies	94
Corporate credit risk and bond yield spreads: Market reactions to the spreads	94
Effects of enterprise viability on corporate green innovation performance	91
Chasing ghosts: the elusive ambiguity premium in U.S. equities	90
A look across the big pond and into the abyss — Performance of earnout deals in Europe and in times of crisis	89
Can digital regulation curb corporate leverage manipulation? Evidence from the "Golden Tax Phase III" project	89
Executives' overseas backgrounds and green innovation in manufacturing enterprises	88
Carbon prices and green bond markets: Global insights from quantile connectedness	87
Which are the factors influencing green bonds issuance? Evidence from the European bonds market	86
Inspection supervision and corporate green total factor productivity	86
Capital market openness and bank credit risk: Evidence from listed commercial banks	85
How green finance drives new-quality productivity from the perspective of Chinese modernization	85
Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis	84
ESG improvement as a critical driver of improved shareholder returns: A study of comparative portfolios	84
SFDR Article 9: Is it all about impact?	84
Futures, provisional sales, and earnings management in the global gold mining industry	83
Establishment of environmental protection courts, green finance, and corporate operating performance	83
Financial regulation, capital market stability, and occupational crime	83
The impact of green investment policies on the development of new energy enterprises: Analysis based on heterogeneity and threshold effects	83
Assessing the volatility of green firms	81
Regulatory reforms, share buyback and institutional monitoring of insider trading: Evidence from India	81
Does managerial climate awareness affect green bond issuance? The moderating role of managerial myopia	81
ESG disclosure inconsistency and tail risk	81
Credit availability, overinvestment, and corporate innovation capability	81
How good are LLMs in risk profiling?	81
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	80
Comparative analysis of precious metals as hedges for clean energy stocks	80
Corporate social anti-activism and firm stock price: Evidence from DEI program elimination	79
How host country fintech levels affect cross-border M&A by Chinese companies	79
The role of gender in sales behaviour: Evidence from institutional financial brokerage	79
Impact of digital financial inclusion on rural revitalization	78
Can the level of green consumption restrain listed companies’ “greenwashing” behavior? An analysis of the moderating effect of green credit	78
Financial market reaction to the end of the right-wing populist government: The case of Poland	78
Peer digitalization and corporate investment decision	77
An analysis of how work stress affects employees' proactive work behavior: The moderating role of corporate financial support	77
International tax incentives, cross-border research and development, and corporate innovation performance	76
The declining explanatory power of interest rates for stock market and business cycle dynamics	76
Evaluation of the operational efficiency of internal capital markets in state-owned enterprises using big data	76
Superstition-driven IPO anomaly: Chinese almanac evidence	76
Can the intensity of environmental regulation enhance corporate risk-taking?	76
How ESG engagement shapes firm life cycle progression: Evidence from U.S. data	76
Cryptocurrencies and the threat versus the act event of geopolitical risk	75
Banks’ ESG disclosure: A new scoring model	75
Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war	75
The governance effects of green investors: A perspective on reducing natural dependency	74
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	74
The impact of corporate ESG performance on buyers’ bargaining power in the industrial chain: Evidence from China	73
Digital transformation and labour investment efficiency: Heterogeneity across the enterprise life cycle	73
Impact of nonagricultural employment on rural households’ financial resilience: Evidence from rural China	73
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	72
Green innovation, executives’ environmental awareness, and corporate value chain upgrading	72
Digital economy policy and corporate low-carbon innovation: Evidence from a quasi-natural experiment in China	72
Exploring the time-varying dependence between Bitcoin and the global stock market: Evidence from a TVP-VAR approach	72
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	71
Does customer concentration affect corporate risk-taking? Evidence from China	71
Value creation or political trick? An event study on anti-ESG regulations	71
Financial literacy and fraud vulnerability in digital finance: Evidence from the 2024 NFCS	70
Does exposure to biodiversity risk drive firms’ digital transformation?	70
Breaking barriers to rural entrepreneurship: How productive credit mitigates financial exclusion	70
Whether green finance contributes to carbon emissions equity - empirical evidence from China	70
Bankruptcy court establishment and corporate risk-taking	70
Media sentiment and corporate R&D manipulation	69
Using machine learning Meta-Classifiers to detect financial frauds	69
How digital transformation affects bank risk: Evidence from listed Chinese banks	68
Adjustment of U.S. Treasury yields to the cointegrating relationship amid high intrapersonal uncertainty	68

Market reactions to layoff announcements during crises: Examining impacts and conditioners	68
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	68
Impacts of gender inequality on international trade and innovation	68
The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development	68
FinTech literature reviews: A hybrid approach	68
An economic definition of ‘Fear of Missing Out’ (FOMO)	68
How does green finance policy improve urban ecological resilience? Evidence from a quasi-natural experiment on green credit interest subsidies	68
Institutional investors' site visits and ESG disclosure: The mediating role of environmental legitimacy pressure	67
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	67
Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data	67
How Russian-Ukrainian geopolitical risks affect Chinese commodity and financial markets?	67
Does gambling culture affect firms’ investment efficiency?	67
Prediction of market value of firms with corporate sustainability performance data using machine learning models	66
Media attention, information asymmetry and agribusiness ESG rating divergence	66
Intellectual property law enforcement and regional cluster innovation efficiency	66
Community resilience and house prices: A machine learning approach	66
The impact of digital transformation on firm productivity: From the perspective of sustainable development	65
Stepping forward with ease: Government debt governance as a catalyst for entrepreneurship	65
Executive financial background, external audit quality and shadow banking in non-financial firms	64
Unconventional, conventional monetary policies, and optimal energy supply structure in China	64
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	64
Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing	64
Fintech, financial regulation and corporate financialization: Evidence from China	64
Can old sin make new shame? Stock market reactions to the release of movies re-exposing past corporate scandals	64
Do investors herd under global crises? A comparative study between Chinese and the United States stock markets	64
Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	64
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	64
Is it all about noise? Investor sentiment and risk nexus: evidence from China	64
Risk disclosure and stock price crash risk: Evidence from Chinese listed firms	64
Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index	64
Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability	63
Editorial Board	63
Female board representation and firm value: International evidence	63
Return prediction: A tree-based conditional sort approach with firm characteristics	63
Impact of ownership structure on corporate social responsibility investment: The mediating role of analyst coverage	63
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
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
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
Forecasting volatility in commodity markets with climate risk	62
Executive human capital premium and corporate stock price volatility	61
The extreme risk spillover effect of international commodity price fluctuations on China's real economy: Discussing the effect of geopolitical conflicts	61
Digital inclusion, transaction costs, and rural revitalization industrialization: Evidence from rural e-commerce clusters in China	61
R&D disclosure and corporate innovation: Mediating role of financing structure	60
Editorial Board	60
Revisiting the low-volatility anomaly in cryptocurrency markets	60
Digital transformation and enterprise external pay gap: Internal mechanism and empirical evidence	60
Aging, financial coverage, and agricultural economic resilience: Nonlinear dynamics and thresholds	60
Analysis of the impact of bank digitization process on liquidity creation and risk-taking	60
Income volatility and household commercial insurance allocation	60
Changes in stock price synchronicity driven by digital transformation: The role of media attention and accounting conservatism	59
Interpretable EU ETS Phase 4 prices forecasting based on deep generative data augmentation approach	59
Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China	59
Temperature shocks and bank systemic risk: Evidence from China	59
Climate risk perception, female directors and greenwashing	59
Bank connectedness and excessive risk-taking: Some cross-country evidence	59
The impact of ESG performance on firm value in the Chinese market	58
Mirroring the urban exodus: The impact of return migration on rural entrepreneurship	58
Female executive and energy consumption intensity: The role of green innovation	58
Reform of the administrative approval system, regional financial development, and corporate performance: An exploration of a market-oriented governance mechanism	58
Safe haven for crude oil: Gold or currencies?	58
Geopolitical risk and the Saudi stock market: Evidence from a new wavelet packet multiresolution cross-causality	57
Does sovereign ESG shape corporate cash management in emerging markets?	57
Let’s have a party! - Temporal landmarks and firm behaviour: How corporate anniversaries influence managerial decisions	57
Stock return predictability in China: Power of oil price trend	57
COVID-19 and commodity pricing premium: Evidence from the Chinese market	57
Does the popularization of artificial intelligence increase the risk of corporate digital responsibility?	57
Market reaction to analyst forecasts by analysts with familyship: Evidence from South Korea	57
Who really cares? Climate change exposure and auditor conservatism: Evidence from China	56
Proprietary algorithmic traders and liquidity supply during the pandemic	56
Tax planning ability and the CFO's compensation	56
Asset pricing with dividend surprises	56
Is the business cycle getting hit by climate policy uncertainty in China?	55
Building an index based on key SDG 12 indicators to promote the transition to a circular economy	55
Board composition and climate strategy: the role of governance in internal carbon pricing adoption	55
Blockchain technology and internal control effectiveness	55
Is China's carbon neutrality commitment truly credible? Evidence from a natural experiment	55
Do other firms’ stock price crashes affect corporate investment decisions within the business group: Evidence from Korean Chaebols	55
Spillover among biodiversity attention, climate policy uncertainty and global stock markets	54
Digital finance, managerial ability, and corporate financing costs	54
How does digital asset allocation affect accounting information quality? A perspective from corporate profitability and ownership	54
Common institutional ownership and sustainable innovation	54
Commodity tail-risk and exchange rates	54
Are managerial cognitive biases priced in Japan? Evidence from cross-sectional portfolio returns	53
Narcissistic leaders do not share! The relationship between top managers' narcissism and the distribution of value added	53
How does institutional openness promote enterprises' innovation liveness? Evidence from the pilot free trade zone	53
Impacts of Digital Inclusive Finance, Human Capital and Digital Economy on Rural Development in Developing Countries	53
Mechanisms of digital finance on collaborative innovation of small and medium-sized enterprise clusters	53
Digital product trade liberalization and enterprises’ digital innovation in China——Evidence from the ITA expansion	53