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Gold and cryptocurrencies as safe-havens: Lessons from wartime
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-26 DOI: 10.1016/j.frl.2025.107230
Boris Pastén-Henríquez , Pablo Tapia-Griñen , Jorge Sepúlveda-Velásquez
{"title":"Gold and cryptocurrencies as safe-havens: Lessons from wartime","authors":"Boris Pastén-Henríquez ,&nbsp;Pablo Tapia-Griñen ,&nbsp;Jorge Sepúlveda-Velásquez","doi":"10.1016/j.frl.2025.107230","DOIUrl":"10.1016/j.frl.2025.107230","url":null,"abstract":"<div><div>During wartime, investors seek safe havens for various assets, creating volatility in the financial markets. This study analyzes the safe-haven capacity of a group of assets during the Russia–Ukraine and Palestine–Israel conflicts. Using DCC<span><math><mo>−</mo></math></span>GARCH and event study, we find that assets with an upward correlation with the market before the conflict, which we define as a positive <span><math><mrow><mi>p</mi><mi>u</mi><mi>s</mi><mi>h</mi></mrow></math></span>, manifest safe-haven asset capacity and potentially bullish returns. These results could be key in the design of investment strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107230"},"PeriodicalIF":7.4,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714638","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
Environmental courts, green credit, and corporate carbon reduction
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-26 DOI: 10.1016/j.frl.2025.107274
Yilin Li , Keying Li , Juan Li , Yinglong Zheng , Grace (Li) Tian , David (Han) Wang
{"title":"Environmental courts, green credit, and corporate carbon reduction","authors":"Yilin Li ,&nbsp;Keying Li ,&nbsp;Juan Li ,&nbsp;Yinglong Zheng ,&nbsp;Grace (Li) Tian ,&nbsp;David (Han) Wang","doi":"10.1016/j.frl.2025.107274","DOIUrl":"10.1016/j.frl.2025.107274","url":null,"abstract":"<div><div>Using data from Chinese listed companies from 2008 to 2022, this study examines the impact of environmental courts and green credit on corporate carbon emission reduction. The findings indicate that green credit, as an innovative financial policy tool, significantly contributes to lowering corporate carbon footprints. Additionally, it indirectly supports the transition to a low-carbon economy by enhancing overall factor productivity. Moreover, environmental courts positively influence the effectiveness of green credit in reducing emissions, though this moderating effect varies considerably across firms with different ownership structures and pollution levels.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107274"},"PeriodicalIF":7.4,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748626","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
Attention to climate events and carbon price volatility
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-26 DOI: 10.1016/j.frl.2025.107253
Xue Gong, Shidong Ji, Yaojie Zhang
{"title":"Attention to climate events and carbon price volatility","authors":"Xue Gong,&nbsp;Shidong Ji,&nbsp;Yaojie Zhang","doi":"10.1016/j.frl.2025.107253","DOIUrl":"10.1016/j.frl.2025.107253","url":null,"abstract":"<div><div>This paper investigates the impact of climate change on carbon price volatility. We propose a novel climate indicator that captures investor attention to climate events. Our results show that attention to Drought and Severe storms has significant predictive power for carbon price volatility, both in-sample and out-of-sample. Moreover, we find that the predictive strength of these climate indicators is time-varying and becomes more pronounced during economic recessions. Robustness checks validate these findings. This research offers new insights into the risk factors influencing the carbon market and contributes to the broader understanding of dynamics shaping global low-carbon development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107253"},"PeriodicalIF":7.4,"publicationDate":"2025-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143735320","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
How do green acquisitions facilitate enterprise carbon emission reductions?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107306
Min Hu , Miao Huang
{"title":"How do green acquisitions facilitate enterprise carbon emission reductions?","authors":"Min Hu ,&nbsp;Miao Huang","doi":"10.1016/j.frl.2025.107306","DOIUrl":"10.1016/j.frl.2025.107306","url":null,"abstract":"<div><div>This study examines the impact of green acquisitions on corporate carbon reduction, focusing on A-share listed companies from 2006 to 2022. The findings indicate that environmentally sustainable acquisitions contribute to carbon reduction by enhancing information transparency and fostering green innovation. This research provides insight into the microlevel dynamics of green acquisitions and offers practical recommendations for firms seeking to minimize their carbon footprint. Ultimately, green acquisitions play a crucial role in promoting sustainable business practices and mitigating the effects of climate change.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107306"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143739170","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
Linguistic nuances and the valuation of corporate investments in innovation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107206
Michael Machokoto , Tesfaye T. Lemma , Reon Matemane
{"title":"Linguistic nuances and the valuation of corporate investments in innovation","authors":"Michael Machokoto ,&nbsp;Tesfaye T. Lemma ,&nbsp;Reon Matemane","doi":"10.1016/j.frl.2025.107206","DOIUrl":"10.1016/j.frl.2025.107206","url":null,"abstract":"<div><div>Based on data drawn from 45 countries covering the period 1981–2019, we explore whether and how future time reference in languages (FTR) influences the relationship between corporate innovation investments and firm value. We find a positive association between corporate investments in innovation and firm value, with this association being more pronounced for firms in weak-FTR countries. These findings are robust to various concerns and provide novel insights into the role of language, an informal institution, in shaping the relevance and valuations of corporate decisions by capital markets. The findings underscore the necessity of accounting for not only formal institutional frameworks but also informal sociocultural factors in shaping the capital market dynamics of shareholder value — an aspect that has thus far received limited attention compared to the focus on formal institutions in extant literature.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107206"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705944","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
Establishment of regional environmental courts, development of financial technology, and optimization of the business environment
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107280
ZiYan Chen , Tao Zhao
{"title":"Establishment of regional environmental courts, development of financial technology, and optimization of the business environment","authors":"ZiYan Chen ,&nbsp;Tao Zhao","doi":"10.1016/j.frl.2025.107280","DOIUrl":"10.1016/j.frl.2025.107280","url":null,"abstract":"<div><div>In an era marked by the convergence of ecological civilization and digital economic expansion, this study examines the interplay between regional environmental courts (EC), financial technology (FT) advancements, and business environment optimization. Using data from 285 Chinese cities spanning 2017–2022, the analysis reveals that the establishment of regional EC positively contributes to improving the business environment. Moreover, the development of FT significantly amplifies this positive impact. An examination of the underlying mechanisms indicates that although the initial implementation of EC may intensify corporate financing constraints, advancements in FT effectively mitigate this challenge.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107280"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725511","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
Convertible bond issuance and liquidity of small-cap listed companies
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107297
Conghua Wen , Rui Jiang , Xiao Lin
{"title":"Convertible bond issuance and liquidity of small-cap listed companies","authors":"Conghua Wen ,&nbsp;Rui Jiang ,&nbsp;Xiao Lin","doi":"10.1016/j.frl.2025.107297","DOIUrl":"10.1016/j.frl.2025.107297","url":null,"abstract":"<div><div>Convertible bond is one of the important financing tools for companies and affect their stock market performance. We employ a Multi-period Difference-in-Differences (DID) approach to investigate the impact of convertible bond issuance on stock liquidity of listed small companies. Empirical evidence indicates that their liquidity is significantly enhanced following the issuance of convertible bonds. The issuance can facilitate greater market attention. Meanwhile, the bonds are subject to external supervision of debt credit ratings, which in turn enhances the liquidity. The heterogeneity analysis indicate that conversion dilution ratio is negatively associated with the impact of convertible bond issuance on liquidity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107297"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705951","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
The antecedent configurations of the supply chain finance adoption in China: Evidence from SEM and fsQCA findings
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107302
Xinzhu Pu , Shuochen Luan , Xiaobo Li
{"title":"The antecedent configurations of the supply chain finance adoption in China: Evidence from SEM and fsQCA findings","authors":"Xinzhu Pu ,&nbsp;Shuochen Luan ,&nbsp;Xiaobo Li","doi":"10.1016/j.frl.2025.107302","DOIUrl":"10.1016/j.frl.2025.107302","url":null,"abstract":"<div><div>Supply chain finance (SCF) is an emerging financing solution for small and medium enterprises (SMEs) around the world. As an innovative financing scheme, the adoption and diffusion of supply chain finance is affected by various factors. Therefore, drawing on the Technology-Organization-Environment theoretical framework, our research uses partial least squares and fuzzy set qualitative comparative analysis simultaneously to explore the impact of different factors in various dimensions on the adoption and diffusion of SCF, based on the survey data of 211 SMEs in China. The empirical test results show that all of demand urgency, industry pressure and government support are the essential factors that affect the further diffusion of SCF adoption. Specially, demand urgency is the core condition in the antecedent configurations of SMEs to adopt SCF. Interestingly, technical compatibility and resource readiness have no significant impact on the adoption of SCF, but they play an important role in the antecedent configuration of SCF adoption combined with other factors. The research conclusions can not only provide management enlightenment for potential SCF adopters, but also provide suggestions for relevant policies of further diffusion of SCF.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107302"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748659","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 protection: How bankruptcy courts shape corporate technological innovation and patent quality
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107292
Xiaoming Wu, Kai Wu
{"title":"Intellectual property protection: How bankruptcy courts shape corporate technological innovation and patent quality","authors":"Xiaoming Wu,&nbsp;Kai Wu","doi":"10.1016/j.frl.2025.107292","DOIUrl":"10.1016/j.frl.2025.107292","url":null,"abstract":"<div><div>This study examines the impact of bankruptcy court establishment on corporate technological innovation and patent quality using financial data from listed Chinese companies from 2013 to 2022. Findings indicate that the establishment of bankruptcy courts significantly enhances corporate technological innovation levels and improves patent quality by increasing R&amp;D investment. Furthermore, a heterogeneity analysis reveals that bankruptcy courts’ positive impacts are more pronounced in firms with a unified CEO–chairperson role and high-leverage ratios.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107292"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714640","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
Towards net zero: Implications of environmental regulations on green finance
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-25 DOI: 10.1016/j.frl.2025.107299
Md Al Mamun , Sabri Boubaker , Md Zakir Hassan , Riadh Manita
{"title":"Towards net zero: Implications of environmental regulations on green finance","authors":"Md Al Mamun ,&nbsp;Sabri Boubaker ,&nbsp;Md Zakir Hassan ,&nbsp;Riadh Manita","doi":"10.1016/j.frl.2025.107299","DOIUrl":"10.1016/j.frl.2025.107299","url":null,"abstract":"<div><div>The 2024 IPCC (Intergovernmental Panel on Climate Change) report highlights that financing is a major concern in achieving the net zero goal. This paper studies the impact of environmental regulations and policies adopted by countries in promoting green finance. Using a large sample of 42 countries, we show that environmental regulations and green finance policies significantly boost the size and issuance of green finance instruments both by corporate and government issuers. Moreover, these regulations and policies enhance the longevity and attractiveness of green bonds issued by various economic agents, both in the short and long run. The effect of environmental regulations and policies on green finance is particularly pronounced in countries with lower geopolitical risk, low energy security, and higher energy needs per dollar of GDP. Our results remain robust under the conditions of short-run heterogeneity, long-run homogeneity, and cross-sectional dependence in the sample.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107299"},"PeriodicalIF":7.4,"publicationDate":"2025-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714641","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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