Borsa Istanbul Review

Article	Citations
Sweetness by the pound: Sugar and currency correlations in pre-Brexit UK prices	393
Does cross-listing on the Hong Kong stock exchange affect Chinese firms’ green innovation? New evidence	268
The impact of religious announcements on stock prices and investment decisions on the Saudi stock exchange	218
The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression	155
Does the trading volume of asset management companies’ bonds contain information on non-performing loans?	113
Quantile-based extended joint connectedness between trade policy uncertainty and GCC Islamic stock sectoral volatility	107
How does environmental, social, and governance (ESG) performance determine investment mix? New empirical evidence from BRICS	106
Dimensions of global financial inclusion and their impact on the achievement of the United Nations Development Goals	101
Hedging Bitcoin with conventional assets	91
ESG, dividend payout policy and the moderating role of audit quality: Empirical evidence from Western Europe	84
Does the islamic label indicate good environmental, social, and governance (ESG) performance? Evidence from sharia-compliant firms in Indonesia and Malaysia	77
The impact of control structures on firm value	73
Factors affecting the credibility of islamic banking Sharī’ah approvals: Perception-based empirical study	73
Idiosyncratic risk puzzle and its pricing: Do firm characteristics matter? Evidence of BRICS countries	71
How investor attention affects stock returns? Some international evidence	67
A novel distance-based moving average model for improvement in the predictive accuracy of financial time series	64
Shadow banking Regulation and the stock price synchronicity --A quasi-natural experiment based on China's new asset management regulation	62
Antigambling interventions and corporate financialization: Evidence from China	59
Connected but fragile: Fund-to-fund holdings and redemptions	58
Editorial Board	52
Analysis of the response of exchange rates to specific FOMC announcements using high-frequency data	52
Democracy and corporate R&D investment	50
A feasible approach to projecting household demand for the digital ruble in Russia	47
Sustainability performance and board compensation in Japan and ASEAN-5 countries	43
The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level	42

The spillover effects of political risk, financial risk, and economic freedom on ecological footprint: Empirical evidence from Belt and Road Initiative countries	42
Constructing an index for participation finance	42
The relationship between employee experience and employee engagement with the moderating role of positive affect in finance sector	41
Unveiling the link between female directors’ attributes, ownership concentration, and integrated reporting strategy in Malaysia	41
Multidimensional connectedness among the fourth industrial revolution assets	38
Do private placements exacerbate the degree of asset mispricing? A study based on theories of information asymmetry and signaling	38
The relative importance of textual indexes in predicting the future performance of banks: A connection weight approach	38
Connectedness and investment strategies of volatile assets: DCC-GARCH R2 analysis ofcryptocurrencies and emerging market sectors	36
Impact of investor sentiment on firm innovation: Evidence from textual analysis	35
ESG practices and corporate financial performance: Evidence from Borsa Istanbul	35
Does ownership concentration affect corporate environmental responsibility engagement? The mediating role of corporate leverage	34
The role of green finance in reducing CO2 emissions: An empirical analysis	33
Board gender diversity and debt utilization: Evidence from the global microfinance industry	33
Does stock market listing boost or impede corporate investment?	32
Asymmetric volatility transmission across Northeast Asian stock markets	32
Corporate ESG performance and trade credit financing: Moderating effect of life cycle	32
Tick size, liquid stocks and market quality: Evidence from a natural experiment in a unique setting	31
Analysis of the relationship of gold prices with inflation and bitcoin in the post-tapering period	30
The impacts of conventional and Islamic banking sectors on real sector growth: Evidence from time-varying causality analysis for Turkiye	29
Information shocks and the cross section of expected returns	29
Regulating CEO compensation: A remedy for corporate misconducts in China's state-owned enterprises	27
Do precious metals hedge against global supply chain uncertainty?	27
Revisiting the macroeconomic determinants of non-performing loans with a deep learning technique with causal inference: Evidence from Türkiye	27
Financial stability of Asian Nations: Governance quality and financial inclusion	26
Classification of the optimal rebalancing frequency for pairs trading using machine learning techniques	26
Editorial Board	26
Does the financialization of agricultural commodities impact food security? An empirical investigation	24
Rapid credit expansion and firm behavior: A case study from Türkiye	24
To reward or not to reward? Investors’ response to renewable energy investment by international oil companies	24
Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies	24
Navigating turbulence: How do geopolitical risks and oil price shocks shape global equity markets? A GVAR approach	23
Unveiling the dynamic interconnectedness of fossil fuels, clean energy, water, and technology assets	23
The impact of women's empowerment and access to finance on greenhouse gas emissions: A framework for securing environmental tranquility	23
Assessing financial convergence in developing countries: The case of D-8 countries	23
Voluntary carbon market derivatives: Growth, innovation & usage	22
Trustworthiness, good governance and risk taking in MENA countries	21
Does climate change affect sovereign credit risk? International evidence	21
Effect of analysts' earnings pressure on environmental information disclosure of firms: Can corporate governance alleviate the earnings obsession?	21
Political uncertainty of impeachment upon corporate investment decisions	21
The financial stability of Islamic banks and sukuk market development: Is the effect complementary or competitive?	21
Does FinTech penetration drive financial development? Evidence from panel analysis of emerging and developing economies	21
Does foreign finance promote the production and consumption of renewable energy in developing countries? The role of globalization	20
The benefits of sectoral diversification for investors with different risk perceptions	20
Editorial Board	20
House price connectedness and consumer sentiment in an era of destabilizing macroeconomic conditions: Empirical evidence from Türkiye	20
Gauging the dynamic interlinkage among robotics, artificial intelligence, and green crypto investment: A quantile VAR approach	20
Financial conditions and economic activity: The case of Türkiye	20
Sukuk versus bonds: New evidence from the primary market	20
Can common institutional ownership constrain the equity pledges of controlling shareholders? Evidence from Chinese listed companies	19
Capital flows under global uncertainties: Evidence from Turkey	19

Confucian culture and informal household financing: Evidence from China's counties	19
On systemic risk contagion in the euro area: Evidence from frequency connectedness and the DY approaches	19
Threshold effects of institutional quality on the financial inclusion and stability nexus: International evidence	19
Evolving roles of energy futures markets: A survey	19
Is ESG investing an ‘equity vaccine’ in times of crisis? Evidence from the 2020 Wuhan Lockdown and the 2022 Shanghai Lockdown	18
Do subsidized export credits affect firms’ behavior in the FX market? Micro evidence from Türkiye	18
Does an Islamic-SRI portfolio really matter? Empirical application of valuation models in Indonesia	17
If Money Talks: Climate change-related regulation and firms’ cost of debt	17
From Brown to green: Exploring asymmetric nexus between green finance and carbon footprint in BRICS+6 alliance	16
Geopolitical risks and the energy-stock market nexus: Evidence from Turkiye	16
Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa	16
The agency cost of investing in ethical funds: A style analysis approach	16
The role of corporate governance in the nexus between litigation risk and corporate innovation	16
Relationship between monetary policy and financial asset returns in Türkiye: Time, frequency, and quantile-based effects	16
A sentiment-based financial stress index for Russia	16
Investor psychology in the stock market: An empirical study of the impact of overconfidence on firm valuation	16
Asset securitization and bank stock price performance: Bubble increase or risk transfer?	15
The impact of non-financial disclosure on labor investment: International evidence	15
Market- and future-level sentiment and futures returns in Chinese agricultural futures markets	15
The determinants of financial risk tolerance and portfolio allocation: Have the Covid-19 pandemic and the Ukraine war affected our risk tolerance?	15
Does financial liberalization spur economic growth? A meta-analysis	15
The capital maintenance regime matters for creditors	15
Correlated information consumption and comovement in the stock market	15
International financial integration: Too much?	15
US political sanctions and earnings management	14
China's trilemma: Exchange rate marketization, RMB internationalization, and exchange rate pricing power	14
A new model for screening Shariah-compliant firms	14
Do non-profit minority institutional shareholders influence cash dividends? Empirical evidence from quasi-natural experiments in China	14
Guest Editors’ introduction: Borsa Istanbul history (1836–2023) and an overview of selected papers on the 150th anniversary of the founding of Borsa Istanbul	13
Using quantum spherical fuzzy decision support system as a novel sustainability index approach for analyzing industries listed in the stock exchange	13
Can ESG mitigate the diversification discount in cross-border M&A?	13
The crisis resilience of optimal participation portfolios: A comparison with conventional counterparts on Borsa Istanbul	13
Air pollution, bid price bias, and IPO underpricing	13
Corporate growth – Trade credit relationship: Evidence from a panel of countries	13
Finance for a Greener future: Evolving the financial sector for ESG and sustainable corporate debt management	12
Firm-specific or market-wide information: How does analyst coverage influence stock price synchronicity?	12
Indirect effects of flow-performance sensitivity on fund performance	12
Does a search attention index explain portfolio returns in India?	12
More than just sentiment: Using social, cognitive, and behavioral information of social media to predict stock markets with artificial intelligence and big data	12
Spillovers between Twitter Uncertainty Indexes and sector indexes: Evidence from the US	12
Exploring the sentiment in Borsa Istanbul with deep learning	12
Term premium in Turkish lira interest rates: The role of foreign investors’ share	12
COVID-19 and connectedness between Sustainable and Islamic equity markets	12
Fueling the bottom line: Decoding the effects of oil on banking performance in net oil-importing economies	12
The efficacy of green finance for environmental sustainability: Does control of corruption makes a difference?	11
Board social capital in an emerging market: Do directors’ connections affect corporate risk-taking?	11
The relationship between global wealth and happiness: An analytical study of returns and volatility spillovers	11
Option-based variables and future stock returns in normal times and recessions	11
Oil assets and portfolio diversification: Firm-level analysis for Borsa Istanbul	11
Safe-haven and hedging roles of precious metals for BRICS and Turkey	11
Does air pollution matter in a supplier's trade credit strategy? Evidence from an emerging market	11
Oil shocks and the transmission of higher-moment information in US industry: Evidence from an asymmetric puzzle	11
How do loan officer-borrower gender-driven behavioural differences impact on the microfinance lending market?	11
Crash risk and ESG disclosure	10
Unlocking profitability in Borsa Istanbul: The impact of noncash credit and maturity breakdown of cash credit on corporate performance	10
Performance of islamic vs conventional banks in OIC countries: Resilience and recovery during Covid-19	10
Impact of ESG performance on firm value and profitability	10
Do ex-bureaucrats on boards improve efficiency in intellectual capital? Evidence from an emerging country	10
Bank market power and discouraged SMEs: International evidence	10
Does environmental innovation improve investment efficiency?	10
Stock liquidity, stock price crash risk, and foreign ownership	9
The relationship between shari’ah convergence and market-to-book value: A case study of firms in Islamic countries	9
Interconnectedness and idiosyncratic risks in sub-Saharan forex markets: Implications for investment, portfolio management, and policy formulation	9
Analyzing the impact of eco-friendly bonds on economic growth and environmental sustainability	9
Covid-19 pandemic, asset prices, risks, and their convergence: A survey of Islamic and G7 stock market, and alternative assets	9
U.S. options exchange-traded funds: Performance dynamics and managerial expertise	9
Volatility transmitter or receiver? Investigating dynamic connectedness between the carry trade and financial markets	9
Pairs trading: is it applicable to exchange-traded funds?	9
Robo-Sukuk pricing for Chinese equities	9
Climate change governance, Shariah governance quality, and financed emission mitigation: Evidence from Islamic banks in Southeast and West Asia	9
Immigrants and natives’ financial decision making: Evidence from Türkiye	9
Managerial overconfidence and corporate information disclosure	9
Market efficiency and the capacity of stock prices to track a firm's future profitability	9
Asymmetric volatility connectedness among main international stock markets: A high frequency analysis	8
The impacts of foreign portfolio flows and monetary policy responses on stock markets by considering COVID-19 pandemic: Evidence from Turkey	8
ESG performance and organizational resilience ——based on an “extreme heat event”	8
The value relevance of risk-related disclosure: Does the tone of disclosure matter?	8
Impact of geopolitical risk on firm financial fragility: International evidence from listed companies	8
Do financial inclusion and income inequality matter for human capital? Evidence from sub-Saharan economies	8
Dynamic interlinkages between geopolitical stress and agricultural commodity market: Novel findings in the wake of the Russian Ukrainian conflict	8

The role of institutional quality in the relationship between financial development and economic growth: Emerging markets and middle-income economies	8
Oil and GCC foreign exchange forward markets: A wavelet analysis	8
Return and risk spillovers between the ESG global index and stock markets: Evidence from time and frequency analysis	8
Access to an educated workforce and the performance of private firms during the COVID-19 pandemic	8
Directional predictability in foreign exchange rates of emerging markets: New evidence using a cross-quantilogram approach	8
Overconfidence bias and investment performance: A mediating effect of risk propensity	8
The impact of non-performing loan sales on the stock market: The role of corporate governance in an emerging market	8
Investor trends during periods of geopolitical risk in Turkey: Which assets serve as safe havens?	8
Multiple directorships and dividends in Spanish listed firms	8
Product market competition and financial analysts' forecast quality: The mediating role of financial reporting quality	7
Common institutional ownership and investment efficiency: Empirical evidence from China	7
Emerging market portfolios and Islamic financial markets: Diversification benefits and safe havens	7
Stock price prediction using the Sand Cat Swarm Optimization and an improved deep Long Short Term Memory network	7
Institutional shareholding and the dividend payout policy of Islamic mutual funds: Evidence from international Islamic funds industry	7
Investors’ net buying pressure and implied volatility dynamics	7
Determinants of a global financial center: An exploratory analysis	7
CDS risk premia forecasting with multi-featured deep RNNs: An application on BR[I]CS countries	7
What determines the success of equity derivatives markets? A global perspective	7
Effect of air quality on corporate environmental disclosure: The moderating role of institutional investors	7
The impact of ESG rating disagreement on the financial performance of environmentally sensitive industry companies worldwide	7
The domino effect of silicon valley Bank's bankruptcy and the role of FED's monetary policy	7
Digital financial inclusion and sustainable employment: Evidence from countries along the belt and road	7
Editorial Board	7
Blind following in the boardroom: Evidence of overconfidence contagion in Chinese listed companies	7
US Treasury market default risk and global interbank liquidity risk	7
Financial literacy among Chinese rural households and its impact on stock-market participation	7
Do institutional quality and financial development affect sustainable economic growth? Evidence from South Asian countries	7
The role of audit quality in the ESG-corporate financial performance nexus: Empirical evidence from Western European companies	7
Exchange rate uncertainty and the connectedness of inflation	6
Powering perception, echoing green voices: The interplay of Cryptocurrency's energy footprint and environmental discourse in steering the direction of the market	6
Composing a High-Frequency Financial Conditions Index and The Implications for Economic Activity	6
Determinants of corporate carbon disclosure: A step towards sustainability reporting	6
Exploring the impact of financial literacy on predicting credit default among farmers: An analysis using a hybrid machine learning model	6
Exchange rates, credit default swaps and market volatility of emerging markets: Panel CS-ARDL approach	6
Reporting quality, stock market integration, and investment efficiency in Latin America	6
Oil prices and the green bond market: Evidence from time-varying and quantile-varying aspects	6
Does digital technology enhance the global value chain position?	6
Credit portfolio optimization: A multi-objective genetic algorithm approach	6
Investor attention and its impact on portfolio volatility and sectoral risk spillovers in Borsa Istanbul	6
Financial inclusion for the elderly in Thailand and the role of information communication technology	6
“Trust but verify” financial inclusion in the MENA region	6
Board gender diversity and stock price crash risk: Going beyond tokenism	6
Editorial Board	5
Will the cryptocurrency exuberance last? An empirical assessment using AI and the ARDL approach	5
Conditional effects of higher order co-moments in asset pricing: Evidence from Borsa Istanbul	5
Asset pricing anomalies: The case of dividends in the US for Sharia-compliant firms	5
From macro to micro: Enhancing real GDP predictions through business tendency and bank loans surveys	5
Debt maturity structure and stock price crash risk: The case of Turkiye	5
The interplay of skills, digital financial literacy, capability, and autonomy in financial decision making and well-being	5
The factors influencing the selection of fund management companies by Malaysian retail investors in the context of islamic unit trust funds	5
Corporate ESG investments and Firm's value under the real-option framework: Evidence from two world-leading economies	5
Employee turnover and the credit risk of microfinance institutions (MFIs): International evidence	5
Editorial Board	5
Financing or taxation? Assessing the effectiveness of carbon emissions reduction programs	5
The good, the better and the challenging: Insights into predicting high-growth firms using machine learning	5
The dynamic effect of corporate financial hedging on firm value: The case of Indian MNCs	5
Environmental consequences of financial development in emerging and growth-leading economies: A multidimensional assessment	5
Does managerial ability transform organization from the inside out? Evidence from sustainability performance of financially constrained firms in an emerging economy	5
Option pricing with neural networks vs. Black-Scholes under different volatility forecasting approaches for BIST 30 index options	5
Optimal hedge ratios and hedging effectiveness: An analysis of the Turkish futures market	5
Convergence in Islamic financial development: Evidence from Islamic countries using the Fourier panel KPSS stationarity test	5
Frequency connectedness and spillovers among oil and Islamic sector stock markets: Portfolio hedging implications	4
Do industries lead the stock market? Evidence from an emerging stock market	4
An agent-based model of financial market efficiency dynamics	4
Digital inclusive finance and corporate environmental performance: Insights from Chinese micro, small- and medium-sized manufacturing enterprises	4
Unlocking the green vault: A comparative analysis on the impact of green financing initiatives in mitigating ecological footprint in Europe	4
Is excess of everything bad? Ramifications of excess liquidity on bank stability: Evidence from the dual banking system	4
Do market differences matter on dividend policy?	4
A Pandemic's grip: Volatility spillovers in Asia-Pacific equity markets during the onset of Covid-19	4
The effect of the internal control regulation on reporting quality in China	4
Derivatives holdings and bank systemic risk: Cross-country evidence	4
Do manager networks affect the efficiency of capital markets? Empirical research based on social network theory	4
The impact of air pollution on corporate cash holdings	4
Unveiling the impact of firm-characteristics on sustainable development goals disclosure: A cross-country study on non-financial companies in Asia	4
When to bet against beta? Ask Google	4
Food insecurity and sovereignty threat to uncontrolled price spillover effects in financialized agricultural products: The red meat case in Turkiye	4
The impact of ESG controversies on the financial performance of firms: An analysis of industry and country clusters	4
Oil hedging with a multivariate semiparametric value-at-risk portfolio	4
Trading halts and the advantage of institutional investors: Historical evidence from Borsa Istanbul	4
Cross-border sovereign risk transmission in BRICIT Nations: Unveiling asymmetries and the role of country risk premiums	4
How does green finance asymmetrically affect greenhouse gas emissions? Evidence from the top-ten green bond issuer countries	4
Dynamic dependence between sectoral indexes of BRIC countries and the baltic dirty tanker index: An investigation using the generalized R2 approach	4
The role of financial and trade globalization in enhancing environmental sustainability: Evaluating the effectiveness of carbon taxation and renewable energy in EU member countries	4
Blockchain mania: A perspective on corporate executive opportunism	4
The effects of chief executive officer gender on firm labor investment efficiency	4