Finance Research Letters

Article	Citations
Unconventional, conventional monetary policies, and optimal energy supply structure in China	369
Why Was There More Household Stock Market Participation During the COVID-19 Pandemic?	367
Political appointees and firms’ long-term capital market performance: Evidence from Central European countries	323
Price discovery share: An order invariant measure of price discovery	295
How do Equity Investors Assess the Efficiency of Global Financial Institutions?	283
Exploring the effect of VAT carryforward and refund policy on enhancing innovation efficiency among China's A-share listed firms	265
Can old sin make new shame? Stock market reactions to the release of movies re-exposing past corporate scandals	227
Global value chain participation and income inequality within enterprises: An empirical study based on Chinese-listed companies	226
The impact of economic policy uncertainty on IPO underpricing: Evidence from China	223
Unveiling the Yin and Yang of expansionary monetary policy: Differential impact on inequality in China based on a national-level survey	220
Does customer concentration affect corporate risk-taking? Evidence from China	218
Learning about unprecedented events: Agent-based modelling and the stock market impact of COVID-19	212
Editorial Board	212
Repo haircuts: Market practices and the impact of minimum requirements on leverage	208
The impact of North Korean nuclear threat on stock market linkages in Northeast Asia: The case of South Korea, China, and Japan	207
Cross-country spillover effects of interest rate and credit constraint policies	203
International tax incentives, cross-border research and development, and corporate innovation performance	198
Community activism, Social ties and ESG campaign success	182
Crises and changes: The impacts of CSR expenditure on loan and subsidy allocation in China's Pre- and Post-Pandemic periods	175
Green gains: The impact of REITs' environmental performance on sustainability-linked loan interest rates	170
Assessing the volatility of green firms	163
Historical Determinants of Fintech Development: Evidence from Initial Coin Offerings	163
The effect of COVID-19 vaccine on the international financial markets	159
Editorial Board	157
Does smart transformation in manufacturing promote enterprise value chain upgrades?	153

Do investors herd under global crises? A comparative study between Chinese and the United States stock markets	144
A complementary valuation model and exit multiples	143
Limit Order Book dynamics and order size modelling using Compound Hawkes Process	143
Fintech, financial regulation and corporate financialization: Evidence from China	142
Interconnected dynamics of sustainable cryptocurrencies: Insights from transfer entropy analysis	140
Credit availability, overinvestment, and corporate innovation capability	131
Social governance, financial regulation, and corporate investment efficiency	130
Manual task intensity and male-female wage gap: Evidence from China	129
Financial market reaction to the end of the right-wing populist government: The case of Poland	128
Detecting exuberance phenomena in thematic investing	127
Does gambling culture affect firms’ investment efficiency?	126
Belt and Road Initiative: Driving innovation in tech enterprises through global value chains	124
Brand equity and the Covid-19 stock market crash: Evidence from U.S. listed firms	124
Firm financialization: The role of policy inconsistency	123
Can prospect theory explain anomalies in the Chinese stock market?	122
The Trilogy of Ownership, Income Diversification, and Performance Nexus: Empirical Evidence from Tunisian Banks	120
Invest in depth or breadth? The influence of multidisciplinary practices on the valuation and legitimation of living artists	119
Demographic change and natural interest rate of China	118
Does corporate social responsibility affect the performance of cross-border M&A of emerging market multinationals?	118
Correlation impulse response functions	117
Corporate credit risk and bond yield spreads: Market reactions to the spreads	117
The closed-form approximation to price basket options under stochastic interest rate	117
Digital transformation and labour investment efficiency: Heterogeneity across the enterprise life cycle	116
Community resilience and house prices: A machine learning approach	115
Green bond and corporate environmental investment: The moderating effect of environmental concern	113
Institutional investor networks and crash risk: Evidence from China	112
Human capital and corporate social investment: The effect of public policy	111
How green screening influences risk transmission among stock-bond indices: Insight into the dependence structure	110
Is it a matter of governance or judicial favoritism? Legal expertise at an executive level and its use in cases of corporate financial fraud	110
How Russian-Ukrainian geopolitical risks affect Chinese commodity and financial markets?	110
Regional social capital and stock price crash risk: Evidence from the US	109
Impacts of gender inequality on international trade and innovation	109
Does peer-to-peer crowdfunding boost refugee entrepreneurs?	106
Legal background of corporate management and corporate audit quality	105
Does war spread the herding effect in stock markets? Evidence from emerging and developed markets during the Russia-Ukraine war	105
Environmental policies on the systematic risk of critical metals companies	103
The equity market response to climate change litigation	103
Does the introduction of CSR criteria into CEO incentive pay reduce their earnings management? The case of companies listed in the SBF 120	102
Effects of China’s capital controls on individual asset categories	101
Small price bias in the cryptocurrency market. A cognitive bias revealed by emotions on social networks	98
Stepping forward with ease: Government debt governance as a catalyst for entrepreneurship	98
Foreign equity lookback options with guarantees	98
Rescue one and sacrifice others? Corporate tunneling phenomenon under China's new delisting regulations	98
Management buyouts in times of economic policy uncertainty	97
The role of gender in sales behaviour: Evidence from institutional financial brokerage	97
Does individual SREP results reveal real news?	96
Risk disclosure and stock price crash risk: Evidence from Chinese listed firms	95
An economic definition of ‘Fear of Missing Out’ (FOMO)	94
Peer digitalization and corporate investment decision	93
Remarks on the behaviour of financial market efficiency during the COVID-19 pandemic. The case of VIX	91

Value creation or political trick? An event study on anti-ESG regulations	90
Modelling taxpayers’ behaviour based on prediction of trust using sentiment analysis	89
Are gross financial inflows expansionary or contractionary? Evidence from emerging economies	89
Market reactions to layoff announcements during crises: Examining impacts and conditioners	86
Is it all about noise? Investor sentiment and risk nexus: evidence from China	86
The impact of corporate ESG performance on buyers’ bargaining power in the industrial chain: Evidence from China	85
Futures, provisional sales, and earnings management in the global gold mining industry	85
Management equity incentives, market dynamics, and corporate R&D investment	85
Infection, invasion, and inflation: Recent lessons	85
Using machine learning Meta-Classifiers to detect financial frauds	85
FinTech literature reviews: A hybrid approach	84
Prediction of market value of firms with corporate sustainability performance data using machine learning models	84
Impact of SciTech – Finance integration policy implementation on SME innovation performance: Mediating effect of tax burden	83
Sentiment changes and the Monday effect	83
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics	81
How ESG Engagement Shapes Firm Life Cycle Progression: Evidence from U.S. data	81
The impact of digital transformation on firm productivity: From the perspective of sustainable development	80
Do local innovation systems promote successful equity crowdfunding campaigns? Evidence from Italy	79
ESG ratings and female corporate leadership: Evidence from African firms	79
Risk contagion between commodity and China's stock markets under the impact of major events	78
Transmission effects of real estate risk on municipal bond spreads	78
Bank efficiency and undesirable output: An analysis of non-performing loans in the Brazilian banking sector	77
Corporate social responsibility and credit risk	77
Exploring the time-varying dependence between Bitcoin and the global stock market: Evidence from a TVP-VAR approach	77
Inspection supervision and corporate green total factor productivity	77
Capital market openness and bank credit risk: Evidence from listed commercial banks	77
Executive financial background, external audit quality and shadow banking in non-financial firms	77
Macroprudential policies, national culture, and bank systemic risk: A cross-country comparison	76
Cryptocurrency market efficiency in short- and long-term horizons during COVID-19: An asymmetric multifractal analysis approach	76
Recurrent neural network based parameter estimation of Hawkes model on high-frequency financial data	76
Soybean futures responses to meteorological disaster risk —— Empirical evidence from the Chicago board of trade	75
Correlation among climate risk, climate policy uncertainty, and carbon-intensive stock markets in China	74
Does ESG performance improve firm creditworthiness?	74
Banks’ ESG disclosure: A new scoring model	73
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	73
Financial institution agglomeration and corporate labor allocation efficiency—Based on the context of government debt expansion	72
Climate, geopolitical, and energy market risk interconnectedness: Evidence from a new climate risk index	72
Population aging, digital divide, and household financial asset choices—An empirical study based on prefecture-level population census data	72
Corporate social anti-activism and firm stock price: Evidence from DEI program elimination	71
Firm-level perception of competition and innovation: Textual evidence from China	71
Tax Authority Enforcement and Corporate Social Security Contributions: Evidence from China	71
SFDR Article 9: Is it all about impact?	70
A look across the big pond and into the abyss — Performance of earnout deals in Europe and in times of crisis	70
Development of corporate artificial intelligence and the quality of export products	70
How digital transformation affects bank risk: Evidence from listed Chinese banks	69
Bankruptcy court establishment and corporate risk-taking	69
Does tax policy affect corporate environmental investment?	69
To green or not to green: The influence of board characteristics on carbon emissions	68
Executives' overseas backgrounds and green innovation in manufacturing enterprises	68
Focus on the impact and predictive analysis of digitalization and green finance on the transformation of mineral and energy companies	67
Digital transformation and corporates' green technology innovation performance–The mediating role of knowledge sharing	67
Which are the factors influencing green bonds issuance? Evidence from the European bonds market	66
Do political connections improve corporate performance? Evidence from Chinese listed companies	66
The impact of the Russia-Ukraine conflict on market efficiency: Evidence for the developed stock market	66
The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development	66
How the Economic Policy Uncertainty (EPU) impacts FinTech: The implication of P2P lending markets	65
Cryptocurrencies and the threat versus the act event of geopolitical risk	65
Digital economy policy and corporate low-carbon innovation: Evidence from a quasi-natural experiment in China	65
Risk spillovers among energy, metals, and agriculture commodity markets: A network perspective	64
Media attention, information asymmetry and agribusiness ESG rating divergence	64
The dual effects of digital inclusive finance on the urban-rural income gap: An empirical investigation in China's Yangtze River Delta region	63
Does corporate social responsibility impact mergers & acquisition premia? New international evidence	63
The Return and Volatility Connectedness of NFT Segments and Media Coverage: Fresh Evidence Based on News About the COVID-19 Pandemic	63
The effectiveness of macro-prudential policies in the face of global uncertainty –the role of exchange-rate regimes	63
Environmental regulation and firms' trans-regional investment: Evidence from the implementation of the New Environmental Protection Law	62
The effect of financial advisor reputation on mergers and acquisitions performance	61
How do enterprise big data applications mitigate asset mispricing?	61
Seeking common ground: CSR conformity and stock liquidity	61
Local government debt and household human capital investment	60
Analysis of the impact of bank digitization process on liquidity creation and risk-taking	60
Does dual-class share structure increase risk-taking? Evidence from Chinese firms in the United States	60
Corporate financialization and litigation risk	59
Local gambling preferences and insider trading profits: Evidence from China	59
Stock return predictability in China: Power of oil price trend	59
Commodity tail-risk and exchange rates	59
Intraday analysis of macroeconomic news surprises, and asymmetries in Indian benchmark bond	59
Financial market connectedness: The role of investors’ happiness	58
Female board representation and firm value: International evidence	58
Financial performance index of IPO firms using VIKOR-CRITIC techniques	58
Reform of the administrative approval system, regional financial development, and corporate performance: An exploration of a market-oriented governance mechanism	57

The impact of environmental regulation on green image management of supply chain: Evidence from China	57
Board gender diversity and ESG performance balance in GCC firms	57
Digital transformation and corporate creditworthiness	57
ESG performance and investment efficiency	56
Research on the impact of industrial policy on corporate financialization	56
It takes two to tango: Impact of salary co-movement between top executives and ordinary employees on corporate innovation	56
Digital product trade liberalization and enterprises’ digital innovation in China——Evidence from the ITA expansion	56
Government accounting supervision and risk of stock price crashes of listed companies: Evidence from the ministry of finance in China	55
Impacts of Digital Inclusive Finance, Human Capital and Digital Economy on Rural Development in Developing Countries	55
What has been changed in SPAC mergers? Evidence from Korea since their introduction	55
Panacea for M&A dealmaking? Investor perceptions of earnouts	55
Temperature shocks and bank systemic risk: Evidence from China	55
Advances in Explainable Artificial Intelligence (xAI) in Finance	55
Asset pricing with dividend surprises	55
Bank credit in the digital age: Expansion or excessive expansion?	55
A study of the impact of cryptocurrency price volatility on the stock and gold markets	55
Managerial risk-taking incentives and debt diversity: Evidence from FAS 123R	55
Macroeconomic impact and stock returns' vulnerability by size, solvency, and financial distress	54
The breadth of ownership and corporate earnings management	54
Interlinkage between corporate social, environmental performance and financial performance: Firm-mediators in a multi-country context	54
Tracking customer risk aversion	54
Digital transformation and enterprise external pay gap: Internal mechanism and empirical evidence	54
Does minority management affect a firm's capital structure? Evidence from Japan	54
Bank credit, microfinance and female ownership: Are women more disadvantaged than men?	53
Do other firms’ stock price crashes affect corporate investment decisions within the business group: Evidence from Korean Chaebols	53
Tax avoidance, managerial ownership, and agency conflicts	53
Proprietary algorithmic traders and liquidity supply during the pandemic	53
The month-of-the-year effect in corporate lending	52
Time is money: An analysis of the time-to-failure in a flexible reorganization system	52
Co-movements in sector price indexes during the COVID-19 crisis: Evidence from the US	52
Tax planning ability and the CFO's compensation	51
Market reaction to analyst forecasts by analysts with familyship: Evidence from South Korea	51
Beyond threats: Extreme heatwaves and economic resilience in China	51
Measuring systemic risk contribution: A higher-order moment augmented approach	51
Is China's carbon neutrality commitment truly credible? Evidence from a natural experiment	50
Narcissistic leaders do not share! The relationship between top managers' narcissism and the distribution of value added	50
Return prediction: A tree-based conditional sort approach with firm characteristics	50
Mirroring the urban exodus: The impact of return migration on rural entrepreneurship	50
Macrofinancial information on the post-COVID-19 economic recovery: Will it be V, U or L-shaped?	50
Where does corporate social capital matter the most? Evidence From the COVID-19 crisis	50
Does sovereign ESG shape corporate cash management in emerging markets?	50
COVID-19 and commodity pricing premium: Evidence from the Chinese market	50
The cross section of information transmission in news media and stock returns	50
Network news reporting, information transparency, and corporate technological innovation	49
Editorial Board	49
CEO gender and the probability that firms go public	49
Editorial Board	49
An empirical study of risk diffusion in the cryptocurrency market based on the network analysis	49
Impact of digital finance on agricultural output: From the perspective of digital development of agriculture	49
Overconfidence and US stock market returns	49
Managerial decision, anchoring effects and acquisition premiums	49
Stock bubbles under sudden public crises: A perspective from the excessive financialization of firms	49
Corporate altruism, dual innovation and competitive advantage	48
How does local government debt governance affect corporate credit mismatches? Evidence from implementing the New Budget Law	48
Impact of environmental regulation intensity and digital economy on regional environmental penalties	48
Credit corruption, financial constraint and corporate innovation: Evidence on China	48
The dual driving mechanism of financial literacy and risky financial assets on household entrepreneurial decision-making	48
Blockchain technology and internal control effectiveness	48
Income volatility and household commercial insurance allocation	47
Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19	47
Emigration and outward FDI in China: Key role of institutional quality	47
The industrial internet and green technology innovation	47
Media coverage and corporate green innovation	46
Legal background executives, corporate governance and corporate ESG performance	46
The Power of the Imperial Envoy: The Impact of Central Government Onsite Environmental Supervision Policy on Corporate Green Innovation	46
Digital transformation and bond credit spread	46
COVID-19 and the liquidity network	46
Forecasting volatility in commodity markets with climate risk	46
Digital transformation and the herd behavior of corporate investment	46
ESG performance and financial distress prediction of energy enterprises	46
How does tax revenue sharing affect local government governance? Empirical evidence from Chinese cities	46
Sustainability transmission through focal nodes in supply chain networks	46
The value of diversification: ESG and investment in controversial industries	45
Digital finance, managerial ability, and corporate financing costs	45
The crowding out channel: Housing boom and investment in China	45
Impact of ownership structure on corporate social responsibility investment: The mediating role of analyst coverage	45
Narrative attention and related cryptocurrency returns	45
Big data development, accounting information quality, and corporate innovation	45
Research on antecedent configurations of enterprise digital transformation and enterprise performance from the perspective of dynamic capability	44
Local FinTech development and stock price crash risk	44
Extreme downside risk transmission between green cryptocurrencies and energy markets: The diversification benefits	44
Does the popularization of artificial intelligence increase the risk of corporate digital responsibility?	44
Addressing climate challenges through ESG-real estate investment strategies: An asset allocation perspective	44
Information sharing among cryptocurrencies: Evidence from mutual information and approximate entropy during COVID-19	44
Time-varying risk aversion and its macroeconomic and financial determinants - A comparative analysis in the U.S. and French financial markets	44
The economic value of NFT: Evidence from a portfolio analysis using mean–variance framework	44
How higher education affects corporate human capital investment: Based on Upper Echelons Theory	43
Can Bitcoin Investors Profit from Predictions by Crypto Experts?	43
Changes in volatility leverage and spillover effects of crude oil futures markets affected by the 2022 Russia-Ukraine conflict	43
Bank connectedness and excessive risk-taking: Some cross-country evidence	43
Impact of E-Banking on the Islamic bank profitability in Sub-Saharan Africa: What are the financial determinants?	42
Homeownership and household risky asset holdings: Moderating role of social security and the mediating role of subjective well-being	42
Safe haven for crude oil: Gold or currencies?	42
Human capital upgrading and enterprise innovation efficiency	42
Can “environmental protection fee to tax” reduce carbon emissions? Evidence from China	42