发布求助
文献互助 智能选刊 最新文献

Finance Research Letters最新文献

筛选
英文 中文
Employee Skills Training, Inclusive Financial Development, and Corporate Human Capital Upgrading 员工技能培训、普惠金融发展与企业人力资本升级
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-11-01 DOI: 10.1016/j.frl.2026.111033
Di Fan, Nazrul Hisyam Ab Razak, Wei Ni Soh
{"title":"Employee Skills Training, Inclusive Financial Development, and Corporate Human Capital Upgrading","authors":"Di Fan, Nazrul Hisyam Ab Razak, Wei Ni Soh","doi":"10.1016/j.frl.2026.111033","DOIUrl":"https://doi.org/10.1016/j.frl.2026.111033","url":null,"abstract":"Based on data from A-share listed companies from 2013 to 2023, this paper explores the relationship between employee skills training, inclusive financial development (IFD), and corporate human capital upgrading. The study finds that: employee skills training significantly promotes corporate human capital upgrading; IFD effectively facilitates corporate human capital upgrading; employee skills training plays a significant mediating role in the relationship between IFD and corporate human capital upgrading; the impact of employee skills training on corporate human capital upgrading exhibits heterogeneity between high-tech and non-high-tech enterprises; and the influence of IFD on corporate human capital upgrading shows regional heterogeneity across eastern, central, and western regions. The findings of this study provide important evidence for enterprises to formulate human capital strategies and for governments to optimize inclusive financial policies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"102 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149358866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Factor themes and the principal-component structure of factor momentum 因子主题与因子动量的主成分结构
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-10-29 DOI: 10.1016/j.frl.2026.111012
Hyeonjun Kim, Doojin Ryu
{"title":"Factor themes and the principal-component structure of factor momentum","authors":"Hyeonjun Kim, Doojin Ryu","doi":"10.1016/j.frl.2026.111012","DOIUrl":"https://doi.org/10.1016/j.frl.2026.111012","url":null,"abstract":"We decompose the standard factor-momentum portfolio into within-theme and across-theme rotation components. The within-theme component shows a better signal-to-noise ratio but a similar average return when compared with the across-theme component. Within-theme momentum earns marginally significant net returns after estimated transaction costs over the full sample period. Post-2015 evidence suggests that PC-factor momentum retains significant explanatory power for within-theme momentum.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149358879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Systematic monetary policy and the spillover effects of fiscal policy 系统性货币政策与财政政策的溢出效应
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-10-26 DOI: 10.1016/j.frl.2026.110988
Yang Yang, Liqi Shen, Ren Zhang
{"title":"Systematic monetary policy and the spillover effects of fiscal policy","authors":"Yang Yang, Liqi Shen, Ren Zhang","doi":"10.1016/j.frl.2026.110988","DOIUrl":"https://doi.org/10.1016/j.frl.2026.110988","url":null,"abstract":"We study the role of systematic monetary policy in shaping international fiscal spillovers. Using a proxy SVAR estimated with data from 1973–2019, we identify fiscal shocks via defense investment instruments and apply the counterfactual methodology of McKay and Wolf (2023) to trace out spillovers under alternative monetary policy rules. We find that more aggressive stabilization policy—stronger responses to output gaps and inflation—dampens fiscal spillovers substantially, reducing the contribution of U.S. fiscal shocks to foreign inflation variance by over 20 percent. In contrast, when monetary policy responds to exchange rates, fiscal spillovers are amplified: foreign output gap and inflation rise by 28 and 15 percent, respectively. These results establish that the systematic component of monetary policy is a quantitatively important determinant of cross-border fiscal transmission.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"11 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149292044","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Uncertain Times, Strategic Moves: Corporate Hedging Responses to Political Sentiment 不确定时期，战略行动：企业对冲对政治情绪的反应
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-10-22 DOI: 10.1016/j.frl.2026.110984
Gunratan Lonare, Sumit Tembhurne, Ahmet M. Tuncez
{"title":"Uncertain Times, Strategic Moves: Corporate Hedging Responses to Political Sentiment","authors":"Gunratan Lonare, Sumit Tembhurne, Ahmet M. Tuncez","doi":"10.1016/j.frl.2026.110984","DOIUrl":"https://doi.org/10.1016/j.frl.2026.110984","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"119 1","pages":"110984"},"PeriodicalIF":10.4,"publicationDate":"2026-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149241455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can the development of green finance effectively promote corporate green transformation? 绿色金融的发展能否有效促进企业绿色转型？
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-10-22 DOI: 10.1016/j.frl.2026.110986
Jingjing Lv, Tianlong Zhao, Junwei Liu
{"title":"Can the development of green finance effectively promote corporate green transformation?","authors":"Jingjing Lv, Tianlong Zhao, Junwei Liu","doi":"10.1016/j.frl.2026.110986","DOIUrl":"https://doi.org/10.1016/j.frl.2026.110986","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"64 1","pages":"110986"},"PeriodicalIF":10.4,"publicationDate":"2026-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149241457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Building Export Resilience via Standards Harmonization: The Role of Regional Financial Development 通过标准协调建立出口弹性：区域金融发展的作用
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2026-10-01 DOI: 10.1016/j.frl.2026.110951
Zeshi Yang,Jiahao Guo
{"title":"Building Export Resilience via Standards Harmonization: The Role of Regional Financial Development","authors":"Zeshi Yang,Jiahao Guo","doi":"10.1016/j.frl.2026.110951","DOIUrl":"https://doi.org/10.1016/j.frl.2026.110951","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"25 1","pages":"110951"},"PeriodicalIF":10.4,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149210543","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enterprise Digitalization and New Quality Productive Forces: A Textual Analysis 企业数字化与新型优质生产力：文本分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-06-02 DOI: 10.1016/j.frl.2026.110272
YongZe Ma, HongLi Zhang
{"title":"Enterprise Digitalization and New Quality Productive Forces: A Textual Analysis","authors":"YongZe Ma,&nbsp;HongLi Zhang","doi":"10.1016/j.frl.2026.110272","DOIUrl":"10.1016/j.frl.2026.110272","url":null,"abstract":"<div><div>This study assesses the pivotal role of enterprise digitalization in fostering new quality productive forces (NQPFs). Using annual reports from Chinese listed firms from 2014 to 2023 and leveraging natural language processing techniques, we construct a firm-level digitalization. Results show that higher digitalization promotes the formation of NQPFs, and the effect is robust to various econometric strategies. The positive impact is more pronounced among firms with stronger human capital and those located in regions with supportive digital infrastructure. Mechanism tests indicate that digitalization facilitates resource reallocation efficiency, strengthens innovation output, and improves firms’ capability to integrate production factors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"106 ","pages":"Article 110272"},"PeriodicalIF":6.9,"publicationDate":"2026-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148183057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intellectual Property Demonstration City Construction, Financial Innovation, and Corporate Governance 知识产权示范城市建设、金融创新与公司治理
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-05-28 DOI: 10.1016/j.frl.2026.110261
Pengyue Duan , Huihui Wang , Xiangjian Zhang
{"title":"Intellectual Property Demonstration City Construction, Financial Innovation, and Corporate Governance","authors":"Pengyue Duan ,&nbsp;Huihui Wang ,&nbsp;Xiangjian Zhang","doi":"10.1016/j.frl.2026.110261","DOIUrl":"10.1016/j.frl.2026.110261","url":null,"abstract":"<div><div>This paper uses panel data at the level of Chinese listed companies to empirically investigate the intrinsic relationship and interaction mechanisms among the construction of Intellectual Property Demonstration Cities (IPDC), financial innovation, and corporate governance. The results show that IPDC development significantly promotes the improvement of corporate governance among listed firms. Further analysis reveals that the promoting effect of IPDC on corporate governance varies significantly across corporations with different levels of cash flow levels. Financial innovation plays a key mediating role in the process through which IPDC influences corporate governance. This study not only enriches academic research on IPDC but also provides a theoretical basis for governments to formulate policies that enhance corporate governance. It also helps enterprises leverage the opportunities brought by IPDC development and financial innovation to optimize their governance structures and enhance market competitiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"106 ","pages":"Article 110261"},"PeriodicalIF":6.9,"publicationDate":"2026-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148183058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Testing characteristics importance with neural network gradients: Evidence from the China A-share market 用神经网络梯度检验特征重要性：来自中国a股市场的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-04-01 DOI: 10.1016/j.frl.2026.109856
Hongxu Wu , Zhibin Deng , Shaoze Li
{"title":"Testing characteristics importance with neural network gradients: Evidence from the China A-share market","authors":"Hongxu Wu ,&nbsp;Zhibin Deng ,&nbsp;Shaoze Li","doi":"10.1016/j.frl.2026.109856","DOIUrl":"10.1016/j.frl.2026.109856","url":null,"abstract":"<div><div>This paper develops a hypothesis testing framework based on neural network gradients to evaluate the importance of firm characteristics in predicting monthly excess returns in the China A-share market. Using smooth neural networks with one to five hidden layers, we find that many characteristics, including several traditionally viewed as important, are not statistically significant. Growth and valuation characteristics dominate return prediction, whereas operational and solvency characteristics have limited explanatory power. A comparison with the traditional <span><math><msup><mrow><mi>R</mi></mrow><mrow><mn>2</mn></mrow></msup></math></span>-reduction approach reveals that conclusions on characteristics importance depend on the analytical method. Monte Carlo simulations confirm the robustness of the proposed discrete testing procedure. The framework offers a rigorous and interpretable approach to assessing characteristics importance, contributing to model transparency and financial forecasting.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"99 ","pages":"Article 109856"},"PeriodicalIF":6.9,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147605684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Dynamic portfolio choice with stochastic liquidity risk: A perturbation approach 随机流动性风险下的动态投资组合选择：一个摄动方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-04-01 DOI: 10.1016/j.frl.2026.109847
Jayden Zian Wang , Zheqi Fan , Yifan Ye
{"title":"Dynamic portfolio choice with stochastic liquidity risk: A perturbation approach","authors":"Jayden Zian Wang ,&nbsp;Zheqi Fan ,&nbsp;Yifan Ye","doi":"10.1016/j.frl.2026.109847","DOIUrl":"10.1016/j.frl.2026.109847","url":null,"abstract":"<div><div>We study a dynamic portfolio choice problem under the liquidity-adjusted asset price specification proposed by Feng et al. (2014). Given the intractability of an explicit solution to this problem, we develop a perturbation method to derive a second-order approximate solution, which captures not only the frictionless benchmark and linear liquidity effects, but also nonlinear liquidity corrections Finally, a series of numerical illustrations is provided to demonstrate the sensitivity of the approximate indirect utility function and optimal portfolio strategy to key model parameters.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"99 ","pages":"Article 109847"},"PeriodicalIF":6.9,"publicationDate":"2026-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147598577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书