International Review of Financial Analysis

Article	Citations
Foundation-controlled firms and CEO compensation	606
Should Basel-style liquidity requirements be set countercyclically? Evidence from a numerical analysis	490
Does corporate culture impact tax shelter? A machine learning approach	439
Speaking business: A systematic literature review of linguistic structures and financial reporting behavior	423
Exploring the source of the financial performance in Chinese banks: A risk-adjusted decomposition approach	395
Subsidiary financing choices: The roles of institutional distances from home countries	314
Bank affiliation and mutual funds’ trading strategy distinctiveness	288
Digitalization and banks' efficiency: Evidence from a European analysis	245
Government open data and corporate supply chain concentration	233
The power of religion: Islamic investing in the lab	232
Predicting equity premium out-of-sample by conditioning on newspaper-based uncertainty measures: A comparative study	213
Corporate social responsibility and the choice of payment method in mergers and acquisitions	191
Cybersecurity and executive compensation: Can inside debt-induced risk aversion improve cyber risk management effectiveness?	169
Chaos, overfitting and equilibrium: To what extent can machine learning beat the financial market?	161
Depositor market discipline: New evidence from selling failed banks	161
Risk factors disclosure and corporate philanthropy	157
A conditional higher-moment CAPM	156
Effects of inflation and macroprudential policies on bank risk: Evidence from emerging economies	146
Strategy choices in strategic risk-taking: Does climate risk matter?	145
Can digital inclusive finance narrow the internal and external wage gaps in enterprises?	142
Natural disaster experiences and household entrepreneurship: Evidence from China	140
Concealment and detection: The influence of management tone on analyst forecast revisions	140
Ambiguity and asset pricing: An empirical investigation for an emerging market	140
In government-supported academic institutions we trust: Enterprise postdoctoral programmes and stock liquidity	138
Sustainability arbitrage pricing of ESG derivatives	136

Multinational corporations and share pledging of the controlling shareholder	131
Trade debts and bank lending in years of crisis	131
Can parental financial literacy enhance children's higher education opportunities?	130
Micro Mechanisms Driving China's Clean Energy Flourish: Business Expansion and Financing	129
Retailers' risk attitudes and the value of cooperation in supply chain finance under investment-loan linkage financing	123
Corrigendum to “Specialization in bank lending and firm deleveraging: Evidence from China” [International Review of Financial Analysis; Volume103 (2025) Start page–End page/Article Number 104188]	119
Good volatility, bad volatility, and the cross section of cryptocurrency returns	119
Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises	118
2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms	116
Does the connectedness among fossil energy returns matter for renewable energy stock returns? Fresh insights from the Cross-Quantilogram analysis	114
Does information transmission alleviate the salience bias of fund managers?	114
Information interaction among institutional investors and stock price crash risk based on multiplex networks	113
How active is your (nominally) actively managed quantitative fund?	112
Uncertainty and cryptocurrency returns: A lesson from turbulent times	112
Fund trading divergence and performance contribution	110
Multiscale risk spillovers among critical mineral markets - insights from conditional and aggregated connectedness approach	109
The effects of overnight events on daytime trading sessions	106
Transforming banking: Examining the role of AI technology innovation in boosting banks financial performance	104
Retracted: Towards sustainable development: How does ESG performance promotes corporate green transformation	104
Sustainability indices nexus: Green economy, ESG, environment and clean energy	102
Climate risk and bank liquidity creation: International evidence	99
Empty pledges and powerless conventions: How transition climate risks are disrupting financial markets?	99
Dynamic spillovers between leading cryptocurrencies and derivatives tokens: Insights from a quantile VAR approach	98
Does investor attitude toward carbon neutrality affect stock returns in China?	98
Temperature and trading behaviours	97
University shareholding and corporate innovation: Evidence from China	96
Institutional environment and qualified foreign institutional investors' trust in auditing	94
Impact and moderating mechanism of corporate tax avoidance on firm value from the perspective of corporate governance	92
CEO war trauma and corporate tax avoidance	92
Information connectedness of international crude oil futures: Evidence from SC, WTI, and Brent	92
Risk culture in corporate innovation	90
Corporate social irresponsibility: The relationship between ESG misconduct and the cost of equity	90
Financial flexibility, firm performance, and financial distress: A comparative study of China and the U.S. during pandemics	90
Asset redeployability and firm value amidst the COVID-19 pandemic: A real options perspective	88
Tax incentives, supply chain spillovers, and enterprise technological innovation	88
Heterogeneous impacts of climate change news on China's financial markets	88
Attention to biodiversity and stock returns	86
Does geopolitical risk affect firms' idiosyncratic volatility? Evidence from China	86
Greening the future: How green manufacturing shapes corporate environmental and ESG success	85
Hunting the quicksilver: Using textual news and causality analysis to predict market volatility	85
Herding and market volatility	84
Which is more important in stock market forecasting: Attention or sentiment?	84
Supply chain financing, digital financial inclusion and enterprise innovation: Evidence from China	84
Challenges to corporate supply chain stability under the trend of expert power concentration	83
Do central bankers' characteristics matter for Africa? Ethnic favoritism, fractionalization, and inflation	82
Not all bank systemic risks are alike: Deposit insurance and bank risk revisited	81
Stock price default boundary: A Black-Cox model approach	81
Short-run disequilibrium adjustment and long-run equilibrium in the international stock markets: A network-based approach	80
Politics and Robots	80
Market distraction and near-zero daily volatility persistence	78

Tracking investor gambling intensity	78
Is there more to asset price linkages in China than meets the eye: Cross-asset momentum and the role of hybrid funds	77
Official environmental credit evaluation and corporate debt concentration	77
Information content and sentiment: the role of environmental disclosure in stock price crash risk	77
Can machine learning models save capital for banks? Evidence from a Spanish credit portfolio	75
Serving the truth: Do directors with media background improve financial reporting quality?	75
Rumors in the sky: Corporate rumors and stock price synchronicity	74
Evaluating the impact of report readability on ESG scores: A generative AI approach	74
Stock market reactions to monetary policy surprises under uncertainty	73
Climate change and exchange rate variables: A potential storm of urban debt	72
The impact of digital inclusive finance on household carbon emissions: Empirical evidence from China	72
Empirical research on banks' risk disclosure: Systematic literature review, bibliometric analysis and future research agenda	71
News-based ESG sentiment and stock price crash risk	71
Adoption and content of key audit matters and stock price crash risk	70
Futures volatility forecasting based on big data analytics with incorporating an order imbalance effect	70
Mean-variance versus utility maximization revisited: The case of constant relative risk aversion	70
Bursting the bitcoin bubble: Do market prices reflect fundamental bitcoin value?	69
Why is it difficult for Chinese companies to operate across regions in China?—Evidence from zombie companies	68
Impact of green taxes and fees on corporate ESG performance	67
Inhibition or inducement? The impact of carbon emissions trading scheme (ETS) on corporate earnings management from the perspective of public pressure	66
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending	65
How does tail risk spill over between Chinese and the US stock markets? An empirical study based on multilayer network	65
Exchange rate stability and expectation management under heterogeneous expectations	64
Financial literacy and FinTech market growth around the world	64
Less is more? New evidence from stock market volatility predictability	64
Identifying systemic risk of assets during international financial crises using Value at Risk elasticities	64
Bank loan renegotiation and financial institutions' network	64
Responsible investing: Upside potential and downside protection?	64
Trading restriction and the choice for derivatives	63
Prescreening bank failures with K-means clustering: Pros and cons	62
Trading strategies and Financial Performances: A simulation approach	62
Going mainstream: Cryptocurrency narratives in newspapers	61
Managerial foreign experience and corporate risk-taking: Evidence from China	61
Forecasting Value-at-Risk using functional volatility incorporating an exogenous effect	61
Tax-related information regulatory capacity and accounting information quality	60
Hedging geopolitical risks with diverse commodities	60
Loan amendments and capital structure	60
Transaction-based government-business relationship via government customer	59
Benefits and costs: The impact of capital control on growth-at-risk in China	59
Family firm governance and working capital management policy	59
Industry herding in crypto assets	58
Compulsory liability insurance and excess cash holdings: Evidence from China	58
FinTech and sustainable development: A systematic thematic analysis using human- and machine-generated processing	57
A novel HAR-type realized volatility forecasting model using graph neural network	57
Corporate social responsibility overinvestment in mergers and acquisitions	57
Internal business process governance and external regulation: How does AI technology empower financial performance?	56
Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884]	56
Volatility connectedness on the central European forex markets	56
Global mutual fund flows	56
Identifying the determinants of European carbon allowances prices: A novel robust partial least squares method for open-high-low-close data	55
Climate transition risk in U.S. loan portfolios: Are all banks the same?	55
Can executive green experience improve enterprise total factor productivity? Evidence from China	55
Banking competition and the enhancement of new quality productive forces: Evidence from China	55
The destabilizing effect of mutual fund herding: Evidence from China	55
Evidence of oil market price clustering during the COVID-19 pandemic	55
Tail connectedness of DeFi and CeFi with accessible banking pillars: Unveiling novel insights through wavelet and quantile cross-spectral coherence analyses	53
How cryptocurrency affects economy? A network analysis using bibliometric methods	53
Artificial intelligence-based tokens: Fresh evidence of connectedness with artificial intelligence-based equities	53
Collateral damage: Evidence from share pledging in China	53
Firm-level political risk, liquidity management, and managerial attributes	53
Why do individuals not participate in the stock market?	52
Industry effects of corporate environmental and social scandals: Evidence from China	52
Intelligent manufacturing and trade credit	51
Digitalization of tax administration and corporate performance: Evidence from China	51
MSCI index inclusion and price efficiency evidence from China	51
Why does price deviate from net asset value? The case of Singaporean infrastructure REITs	51
Capital investment, digital economy and innovation of high-tech industries	50
Take it with a pinch of salt—ESG rating of stocks and stock indices	50
How does optimizing the business environment affect the capital flows between northern and southern China? From the perspective of enterprises' location choice for out-of-town investment	50
Corporate ESG performance and manager misconduct: Evidence from China	49
Testing how banks generate credit in the USA under the Basel III framework	49
Gender balance in academia: Evidence from finance departments	49
Break a peg! A study of stablecoin co-instability	48
Up or down? Short-term reversal, momentum, and liquidity effects in cryptocurrency markets	48
Forecasting U.S. Stock Returns Conditional on Geopolitical Risk and Business Cycles	48
Possibility versus feasibility: International portfolio diversification under financial liberalization	48
Does CEO agreeableness personality mitigate real earnings management?	47
The deleveraging puzzle of investment opportunity shock: A quasi-natural experiments on drug marketing authorization holder	46
Using implied volatility jumps for realized volatility forecasting: Evidence from the Chinese market	45
The performance and motivation of serial acquisitions: Evidence from Australia	45

Network connectedness and the contagion structure of informed trading: Evidence from the time and frequency domains	45
Factor price distortion, efficiency loss and enterprises' outward foreign direct investment	45
Asymmetric effects of fair value adjustments on dividend policy	45
A novel downside beta and expected stock returns	45
Be greedy when others are fearful: Evidence from a two-decade assessment of the NDX 100 and S&P 500 indexes	45
Macroeconomic data manipulation and corporate investment efficiency: Evidence from China	44
Atmospheric environmental resources and corporate green innovation: Blessing or curse of the weather?	44
Geographic dispersion and corporate resilience during the COVID-19 pandemic	44
An examination of the effect of stock market liquidity on bank market power	44
In search of climate distress risk	43
Can local policy uncertainty curtail corporate speculation on financial assets?	43
Time to acquire: Regulatory burden and M&A activity	43
Investor sentiment and M&A withdrawal: International evidence	43
Time-varying bond market integration and the impact of financial crises	42
Bank loans, trade credit, and liquidity shortages of small businesses during the global financial crisis	42
Electronic voting in shareholder meetings and the market value of cash holdings	42
Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership	42
How does green credit policy affect polluting firms' dividend policy? The China experience	42
VaR and ES forecasting via recurrent neural network-based stateful models	42
Exploring the relationship between Bitcoin price and network’s hashrate within endogenous system	41
Impact of long-term care insurance on the financial asset allocation of middle-aged and elderly households: Evidence from China	41
Payout policy around the world	41
Reflections of public perception of Russia-Ukraine conflict and Metaverse on the financial outlook of Metaverse coins: Fresh evidence from Reddit sentiment analysis	41
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity	41
Environmental protection tax policy and corporate risk-taking: Evidence from China	41
Financial elderly care security and community satisfaction: The moderating effect of internet usage	41
Understanding crypto-asset exposure: An investigation of its impact on performance and stock sensitivity among listed companies	41
Mandatory disclosure of comment letters and analysts' forecasts	41
Concentrated commonalities and systemic risk in China's banking system: A contagion network approach	40
Do narrative-related disclosures in the annual report enhance firm value? New evidence from an emerging market	40
Gold or Bitcoin, which is the safe haven during the COVID-19 pandemic?	40
Extreme risk spillovers from commodity indexes to sovereign CDS spreads of commodity dependent countries: A VAR quantile analysis	40
How does green finance reform affect corporate ESG greenwashing behavior?	40
Tax burden and enterprises' ESG performance	40
Does rising corporate social responsibility promote firm tax payments? New perspectives from a quantile approach	40
Exploring the connectedness between major volatility indexes and worldwide sustainable investments	39
Financing the green projects: Market efficiency and volatility persistence of green versus conventional bonds, and the comparative effects of health and financial crises	39
Greening the chain: How digital transformation of supply chains drives corporate innovation in China's A-share market	39
Corporate social network and corporate social responsibility: A perspective of interlocking directorates	39
Reevaluating the carbon premium: Evidence of green outperformance	39
The ESG effect on the cost of debt financing: A sharp RD analysis	39
Biodiversity conservation and corporate environmental information disclosure: Evidence from a quasi-natural experiment in China	39
Financial fusion: Bridging Islamic and Green investments in the European stock market	38
Linkages between DeFi assets and conventional currencies: Evidence from the COVID-19 pandemic	38
Achieving the United Nations' sustainable development goals through financial inclusion: A systematic literature review of access to finance across the globe	38
Measuring the multi-scale price transmission effects from crude oil to energy stocks: A cascaded view	38
Family entrepreneurship around the world	38
Hubris or talent? Estimating the role of overconfidence in Chinese households’ investment decisions	38
Strong financial regulation, shadow banking, and enterprise innovation inputs: A quasi-natural experiment based on the introduction of the “new regulation on asset management”	38
The effect of market competition on corporate cash holdings: An analysis of corporate innovation and financial constraint	38
The profitability effect: Insight from a dynamic perspective	38
How technological innovation influence operational risk: Evidence from banks in China	38
Geographic expansion of banks and enterprise investment efficiency: Structural evidence from China	38
A gentle reminder: Should returns be interpreted as log differences?	37
Are more analysts better? The case of convertible bond announcement effects	37
Does goodwill pressure drive business restructuring based on subsidiary disposal?	37
Conformity or differentiation? The role of CEO turnover	37
Does the truth rest with the minority? Divergent views on nonfinancial firms' financial investments from the private equity market	37
The integration of share repurchases into investment decision-making: Evidence from Japan	37
Measuring speculation beyond day trading and bets on lottery-like stocks	37
Editorial Board	37
Political corruption and corporate tax avoidance: A quasi-natural experiment	37
Are carry, momentum and value still there in currencies?	36
Anatomy of recent value premium's travails	36
Corporate social responsibility signalling under external transparency demands	36
Stock market anomalies: An extreme bounds analysis	36
Social capital, syndication, and investment performance: Evidence from PE investing in LBOs	36
Environment-specific political risk discourse and expected crash risk: The role of political activism	36
China's diversification discount: The role of the information environment	36
Presenting a new deep learning-based method with the incorporation of error effects to predict certain cryptocurrencies	35
Chasing ESG performance: How methodologies shape outcomes	35
Does the depth of digital trade rules promote bilateral value chain cooperation?	35
Green and climate finance: Challenges and opportunities	35
Overlapping membership between risk management committee and audit committee and bank risk-taking: Evidence from China	35
Market uncertainty, persistent arbitrage-free violation, and price discovery in RMB market	35
Understanding interconnections among steel, coal, iron ore, and financial assets in the US and China using an advanced methodology	35
Analysts' initial coverage and stock price crashes	34
Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility	34
Nonlinear asset pricing in Chinese stock market: A deep learning approach	34
Can investor-firm interactions mitigate ESG rating divergence? Evidence from China	34
On equity market inefficiency during the COVID-19 pandemic	34
Dynamic portfolio optimization with the MARCOS approach under uncertainty	34
Forecasting global stock market volatilities in an uncertain world	34
United we stand, divided we fall: The impact of top management team stability on corporate litigation	34
Measuring informational efficiency of the European carbon market — A quantitative evaluation of higher order dependence	33
Retreat in order to advance: Environmental performance below legality aspiration and corporate disclosure strategy	33
The existence and severity of the forward premium puzzle during tranquil and turbulent periods: Developed versus developing country currencies	33
‘E’ of ESG and firm performance: Evidence from China	33
Director foreign experience: Geographic specificity and value implication	33
The impact of human resource practices on corporate investment efficiency	33
Chinese corporate governance research over the last decade (2014 - 2023)	32
Can tax reduction incentive policy promote corporate digital and intelligent transformation?	32
Tail risk contagion and multiscale spillovers in the green finance index and large US technology stocks	32
Gender diversity and financial flexibility: Evidence from China	32
The effect of digital infrastructure development on enterprise green transformation	32