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Shadow trading detection: A graph-based surveillance approach 影子交易检测：基于图形的监视方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-30 DOI: 10.1016/j.frl.2025.108524
Alexis Stenfors , Ting Guo , Boyu Li , Kaveesha Hewage , Peter Mere , Fang Chen
{"title":"Shadow trading detection: A graph-based surveillance approach","authors":"Alexis Stenfors ,&nbsp;Ting Guo ,&nbsp;Boyu Li ,&nbsp;Kaveesha Hewage ,&nbsp;Peter Mere ,&nbsp;Fang Chen","doi":"10.1016/j.frl.2025.108524","DOIUrl":"10.1016/j.frl.2025.108524","url":null,"abstract":"<div><div>This paper introduces a novel graph-based deep learning framework for detecting risks of shadow trading, an emerging form of insider trading where material nonpublic information is used to trade securities of economically related but distinct companies. Motivated by the landmark SEC v. Panuwat case in April 2024, the study proposes an Adaptive Market Graph Intelligence Network (AMGIN) that integrates both industry relationships (e.g., sectoral ties, inter-organizational connections) and dynamic market behaviors (e.g., short/long-term price co-movements) to uncover hidden trading patterns. By modeling the financial market as a spatio-temporal graph, the framework captures complex interdependencies that traditional statistical methods often overlook. Empirical evaluation using US equity market data demonstrates AMGIN’s superior ability to identify subtle, non-obvious relationships indicative of shadow trading, offering regulators a scalable, data-driven tool for modern market surveillance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108524"},"PeriodicalIF":6.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145236273","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
Supply chain resilience, cash conversion cycle, and E-commerce firm performance 供应链弹性、现金转换周期与电子商务公司绩效
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-30 DOI: 10.1016/j.frl.2025.108601
Xiaodong Zhang , Zuwei Yu
{"title":"Supply chain resilience, cash conversion cycle, and E-commerce firm performance","authors":"Xiaodong Zhang ,&nbsp;Zuwei Yu","doi":"10.1016/j.frl.2025.108601","DOIUrl":"10.1016/j.frl.2025.108601","url":null,"abstract":"<div><div>Using panel data from Chinese e-commerce firms (2014–2023), this study investigates the interaction between supply chain resilience (SCR) and the cash conversion cycle (CCC) on firm performance. Fixed-effects models show that while SCR enhances performance, this positive effect is significantly weakened for firms with longer CCCs. This negative moderating effect suggests that working capital efficiency is crucial for converting resilience capabilities into monetary gains. Our findings, robust to endogeneity tests, highlight the need for an integrated approach to supply chain and financial management, offering guidance on balancing resilience investments with working capital optimization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108601"},"PeriodicalIF":6.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217244","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
ESG performance, industry competition, and financial mismatch ESG绩效、行业竞争和财务错配
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-30 DOI: 10.1016/j.frl.2025.108598
Xianrui Mo , Baoying Huang , Junyao Li
{"title":"ESG performance, industry competition, and financial mismatch","authors":"Xianrui Mo ,&nbsp;Baoying Huang ,&nbsp;Junyao Li","doi":"10.1016/j.frl.2025.108598","DOIUrl":"10.1016/j.frl.2025.108598","url":null,"abstract":"<div><div>This article empirically examines the effect of corporate ESG performance on financial mismatch using data from Chinese A-share listed companies in Shanghai and Shenzhen from 2014 to 2023. The study finds that ESG performance significantly mitigates financial mismatch, a conclusion that remains valid after robustness testing. Further analysis shows that industry competition positively moderates the relationship between ESG performance and financial mismatch, indicating a more significant effect in highly competitive industries. Thirdly, the heterogeneity analysis demonstrates that the improvement effect of ESG performance on financial mismatch is more pronounced in state-owned enterprises relative to non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108598"},"PeriodicalIF":6.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217241","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
Heterogeneity of top management team and supply chain finance 高管团队异质性与供应链金融
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-30 DOI: 10.1016/j.frl.2025.108604
Chuanan Su , Yawen Chen
{"title":"Heterogeneity of top management team and supply chain finance","authors":"Chuanan Su ,&nbsp;Yawen Chen","doi":"10.1016/j.frl.2025.108604","DOIUrl":"10.1016/j.frl.2025.108604","url":null,"abstract":"<div><div>Using 2010–2022 data from China's A-share listed companies, we investigate how top management team (TMT) heterogeneity affects supply chain finance (SCF) development. We find TMT heterogeneity significantly improves SCF performance by enhancing supply chain transparency through three mechanisms: optimizing information disclosure, strengthening technology adoption, and fostering stakeholder collaboration. Our analysis reveals this effect is more pronounced in firms with low financing constraints, with state-owned enterprises benefiting from policy resource alignment while private firms capitalize on market networks. These findings advance upper echelons theory in SCF research and provide actionable insights for corporate governance and regulatory policy design.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108604"},"PeriodicalIF":6.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217152","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
Impact of global tensions on commodity futures from a geopolitical risk perspective 从地缘政治风险角度看全球紧张局势对大宗商品期货的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-30 DOI: 10.1016/j.frl.2025.108605
Dexiang Mei, Huan Zhang
{"title":"Impact of global tensions on commodity futures from a geopolitical risk perspective","authors":"Dexiang Mei,&nbsp;Huan Zhang","doi":"10.1016/j.frl.2025.108605","DOIUrl":"10.1016/j.frl.2025.108605","url":null,"abstract":"<div><div>Against the backdrop of escalating geopolitical frictions from cross-border trade disputes to regional conflicts, global commodity supply chains and price stability have been increasingly disrupted, creating an urgent need to clarify how global tensions influence commodity futures. This study investigates the impact of global tensions on commodity futures, employing the Global Geopolitical Risk (GGPR) index and US‒China Tension (UCT) index as proxies for tension levels. Gold, wheat, and crude oil futures are selected as the core research subjects, with their responses to these tension indices analyzed via asymmetric Granger causality tests and quantile Granger causality tests. These two approaches can not only capture non-linear relationships, but also reveal how impacts vary across different market conditions. Key findings indicate that both the GGPR and UCT indices exert significant asymmetric effects on commodity futures. Moreover, the magnitude and direction of these impacts exhibit notable heterogeneity across the three commodities, driven by their distinct attributes. These results provide valuable empirical evidence, supporting investors in designing targeted asset allocation strategies and assisting policymakers in formulating measures to mitigate the transmission of geopolitical risks in commodity markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108605"},"PeriodicalIF":6.9,"publicationDate":"2025-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217235","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
New quality productivity, optimization of internal audits in commercial banks, and intelligent collaboration 新质量生产力，商业银行内部审计优化，智能协同
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108579
Jinlian Zha
{"title":"New quality productivity, optimization of internal audits in commercial banks, and intelligent collaboration","authors":"Jinlian Zha","doi":"10.1016/j.frl.2025.108579","DOIUrl":"10.1016/j.frl.2025.108579","url":null,"abstract":"<div><div>This paper conducts an empirical analysis based on panel data from Chinese listed commercial banks between 2008 and 2023, investigating the impact of internal audit optimization and intelligent collaboration on new quality productive force. It also explores the moderating effect of intelligent collaboration on the relationship between internal audit optimization and new quality productivity in commercial banks. The study finds that internal audit optimization significantly promotes the new quality productivity of banks. Intelligent collaboration not only directly enhances new quality productivity but also positively reinforces the moderating effect of internal audit optimization on new quality productivity. Further heterogeneity analysis reveals that the promoting effect of internal audit optimization and intelligent collaboration on new quality productivity is more pronounced in the eastern regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108579"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217164","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
Religious traditions, corporate collaborative culture and ESG performance: Experiences from China 宗教传统、企业协作文化与ESG绩效：来自中国的经验
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108585
Liangjun Wang, Xin Chen
{"title":"Religious traditions, corporate collaborative culture and ESG performance: Experiences from China","authors":"Liangjun Wang,&nbsp;Xin Chen","doi":"10.1016/j.frl.2025.108585","DOIUrl":"10.1016/j.frl.2025.108585","url":null,"abstract":"<div><div>While existing research on ESG has predominantly focused on the role of formal institutions—such as laws and regulations—the influence of informal institutions remains underexplored. This study investigates the impact of religious traditions on ESG performance and its underlying mechanisms, using a sample of Chinese A-share listed firms from 2009 to 2020. The results indicate that religious traditions enhance ESG performance by fostering collaborative corporate culture, with Taoism exerting a greater influence on ESG. Furthermore, stringent environmental regulations strengthen this positive relationship, whereas intense product market competition attenuates it. This research highlights the critical influence of informal institutions on corporate sustainability practices, especially in countries with underdeveloped legal systems.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108585"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217234","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
Green finance innovation, digital technology, and air pollution 绿色金融创新、数字技术和大气污染
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108586
Xiaoming Chen , Huanting Wu , Shufang Qian , Dan Wu
{"title":"Green finance innovation, digital technology, and air pollution","authors":"Xiaoming Chen ,&nbsp;Huanting Wu ,&nbsp;Shufang Qian ,&nbsp;Dan Wu","doi":"10.1016/j.frl.2025.108586","DOIUrl":"10.1016/j.frl.2025.108586","url":null,"abstract":"<div><div>Green finance policies serve as a critical nexus for balancing environmental and economic objectives. In this study, city-level panel data from 2011 to 2022 is employed and a difference-in-differences model is used to investigate the pollution abatement effects of green finance reform and innovation pilot zones on air quality and the underlying mechanisms. The findings reveal that the pilot policies significantly reduced PM2.5 concentrations in participating cities, a result that is robust against multiple robustness checks. Notably, digital technology adoption reduced the pollution-reducing effects of green finance policies, potentially because of the “scale expansion effect” and “long-tail effect”. Heterogeneity analysis indicates stronger policy efficacy in regions with higher levels of financial development, stricter environmental regulations, lower levels of industrial structure rationalization, and more severe air pollution. These results provide empirical evidence and policy insights for refining green finance approaches and coordinating digital and green transitions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108586"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217231","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
Confucian culture, financial geographic distance, and business management strategy 儒家文化、金融地理距离、企业经营策略
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108583
Xiaowen Qi
{"title":"Confucian culture, financial geographic distance, and business management strategy","authors":"Xiaowen Qi","doi":"10.1016/j.frl.2025.108583","DOIUrl":"10.1016/j.frl.2025.108583","url":null,"abstract":"<div><div>This paper empirically investigates the relationship between Confucian culture, financial geographic distance, and corporate business strategy based on data from China's A-share listed companies from 2008 to 2023. The study finds that: first, the stronger the regional Confucian culture, the more conservative the corporate business strategy; second, the closer the financial geographic distance, the more aggressive the corporate strategic decision-making; third, financial geographic distance has a significant moderating effect on the relationship between regional Confucian culture and corporate business strategy; fourth, the moderating effect of financial geographic distance on the impact of regional Confucian culture on corporate business strategy exhibits heterogeneity across companies of different sizes. This paper expands the theoretical boundaries of the influence of Confucian culture and financial geography on corporate strategic behavior and provides empirical evidence for optimizing corporate governance and resource allocation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108583"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217228","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
When optimism hurts: Managerial expectations and investment inefficiency 乐观会带来伤害：管理预期和投资效率低下
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108426
Licong Xing , Guchuan Qiu , Xuezhen Chen , Yaoyi Zhang
{"title":"When optimism hurts: Managerial expectations and investment inefficiency","authors":"Licong Xing ,&nbsp;Guchuan Qiu ,&nbsp;Xuezhen Chen ,&nbsp;Yaoyi Zhang","doi":"10.1016/j.frl.2025.108426","DOIUrl":"10.1016/j.frl.2025.108426","url":null,"abstract":"<div><div>Managerial cognitive biases critically affect corporate investment decisions. Unlike prior research on overconfidence, we examine the effect of managerial optimistic expectation on corporate investment. Using BERT to analyze Management Discussion and Analysis sections of Chinese A-share firms’ annual reports, we construct firm-level expectation measures. Analyzing 29,664 firm-year observations (2007–2023), we find optimistic expectations significantly reduce investment efficiency through overinvestment rather than underinvestment. Mechanism analysis reveals that over-optimism drives aggressive strategies, causing suboptimal resource allocation. Long-term institutional ownership and abundant cash flow amplify this effect. The impact intensifies when chairmen possess financial backgrounds, higher education, or during economic expansions. Our findings advance understanding of cognitive biases in investment decisions and inform corporate governance optimization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108426"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217165","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
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