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From medium to risk factor: How crypto investment elevates fraud victimization 从中等到风险因素：加密投资如何增加欺诈受害
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108592
Zefeng Bai, Pengcheng Wang
{"title":"From medium to risk factor: How crypto investment elevates fraud victimization","authors":"Zefeng Bai, Pengcheng Wang","doi":"10.1016/j.frl.2025.108592","DOIUrl":"https://doi.org/10.1016/j.frl.2025.108592","url":null,"abstract":"Conventional wisdom treats cryptocurrency mainly as a payment rail for illicit finance. Using newly released 2024 NFCS data (n = 16,296), we examine whether crypto ownership elevates fraud risk. Through empirical analysis, we find that crypto investors are twice as likely to report being targeted by scams and to incur financial losses from fraud, relative to non-crypto investors. These findings shift the narrative from viewing cryptocurrency as a neutral channel for financial transactions to recognizing it as a risk amplifier that significantly increases the likelihood of fraud victimization. Our findings inform investor protection and regulatory design in digital asset markets.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"11 1","pages":"108592"},"PeriodicalIF":10.4,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145242027","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 rating divergence, investor responses, and managerial myopic behavior ESG评级差异、投资者反应与管理短视行为
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-29 DOI: 10.1016/j.frl.2025.108587
Yufeng Chen , Yi Liu , Chuwen Wang
{"title":"ESG rating divergence, investor responses, and managerial myopic behavior","authors":"Yufeng Chen ,&nbsp;Yi Liu ,&nbsp;Chuwen Wang","doi":"10.1016/j.frl.2025.108587","DOIUrl":"10.1016/j.frl.2025.108587","url":null,"abstract":"<div><div>This paper examines how ESG ratings divergence affects managerial myopic behaviors among Chinese A-share listed firms from 2015 to 2023. The analysis reveals a statistically inverse association between ESG divergence and managerial myopic behaviors, and the negative investor sentiment and reduced institutional ownership serve as potential transmission channels. Notably, the presence of green investors amplifies the dampening effect of ESG divergence on managerial myopic behaviors, whereas information asymmetry mitigates it. The more detailed roles of market competition, managerial equity incentives, and environmental disclosure quality are further examined. The results offer corporate governance dynamics of ESG rating divergence.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108587"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145236274","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 digital finance reduce the risk of corporate bankruptcy? 数字金融能降低企业破产风险吗？
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-28 DOI: 10.1016/j.frl.2025.108580
Chuang Liu , Weiming Tang
{"title":"Can digital finance reduce the risk of corporate bankruptcy?","authors":"Chuang Liu ,&nbsp;Weiming Tang","doi":"10.1016/j.frl.2025.108580","DOIUrl":"10.1016/j.frl.2025.108580","url":null,"abstract":"<div><div>This paper focuses on the impact of digital finance development on corporate bankruptcy risk. Using all A-share listed companies in China from 2012 to 2021 as the research subjects, it employs data such as the Digital Inclusive Finance Index jointly compiled by the Peking University Digital Finance Research Center and Ant Technology Group to conduct the study. The research finds that digital finance development can effectively reduce corporate bankruptcy risk, mainly through pathways such as lowering corporate leverage levels and improving corporate governance, and has a more significant impact on large-scale enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108580"},"PeriodicalIF":6.9,"publicationDate":"2025-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217315","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
Different measurement unit, same finance model 不同的计量单位，相同的财务模式
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-27 DOI: 10.1016/j.frl.2025.108532
Dmitry Makarov
{"title":"Different measurement unit, same finance model","authors":"Dmitry Makarov","doi":"10.1016/j.frl.2025.108532","DOIUrl":"10.1016/j.frl.2025.108532","url":null,"abstract":"<div><div>Changing the measurement unit of a quantity in an existing finance model and re-expressing the results accordingly does not yield a new model with novel economic properties or implications. We reexamine the pricing models developed in Carr and Wu (2020) and Carr and Wu (2023), which are presented as new frameworks. In contrast, we show that these models are fundamentally equivalent to an existing framework in terms of the underlying mechanisms and pricing implications, differing only in how they measure asset value. We outline several undesirable consequences for academics and practitioners that may arise if the equivalence is overlooked.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108532"},"PeriodicalIF":6.9,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145182888","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
Do political ideology and polarization place a discount on M&A premiums? 政治意识形态和两极分化会降低并购溢价吗？
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-27 DOI: 10.1016/j.frl.2025.108575
Victor Barros , Kuan Hon Cheang , Cristina Gaio , Tiago Cruz Gonçalves
{"title":"Do political ideology and polarization place a discount on M&A premiums?","authors":"Victor Barros ,&nbsp;Kuan Hon Cheang ,&nbsp;Cristina Gaio ,&nbsp;Tiago Cruz Gonçalves","doi":"10.1016/j.frl.2025.108575","DOIUrl":"10.1016/j.frl.2025.108575","url":null,"abstract":"<div><div>This study investigates whether M&amp;A premiums are influenced during election years by a country’s political ideology, the degree of political polarization, and the presence of closely contested elections. Using a dataset spanning from 2000 to 2022, comprising 1646 announced deals in election years across 29 countries, we find that political ideology significantly affects M&amp;A premiums. Premiums tend to be lower in countries leaning to the right and higher in those left-leaning ones. However, these effects are not driven by political polarization at ideological extremes, by narrowly decided elections, or by the polarization level of the acquirer’s country. Overall, our findings suggest that investors incorporate the political orientation of the target country into their valuation of M&amp;A deals during election years.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108575"},"PeriodicalIF":6.9,"publicationDate":"2025-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217248","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
Implications of aggregate selling, general, and administrative expense signals on market returns 总销售、一般和管理费用信号对市场回报的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-26 DOI: 10.1016/j.frl.2025.108567
Weiwei Wang , Kenneth Zheng , Yan Zhao
{"title":"Implications of aggregate selling, general, and administrative expense signals on market returns","authors":"Weiwei Wang ,&nbsp;Kenneth Zheng ,&nbsp;Yan Zhao","doi":"10.1016/j.frl.2025.108567","DOIUrl":"10.1016/j.frl.2025.108567","url":null,"abstract":"<div><div>This paper investigates the implications of aggregate selling, general, and administrative expense (hereafter, SG&amp;A) signals on future market returns. We define aggregate SG&amp;A signals as positive changes in the aggregate SG&amp;A cost ratio (i.e., the ratio of SG&amp;A to sales) between two periods. Using U.S. public firms from 1975 to 2019 as a sample and estimating the aggregate-level regression models, we find that aggregate SG&amp;A signals are positively associated with market returns in up to three quarters following the quarter in which the SG&amp;A signals become available after controlling for aggregate earnings and other relevant variables. This positive association is more pronounced in quarters of aggregate sales decreases than sales increases. These results suggest that the market is not fully impounding the stock return implications of aggregate cost behaviors. Furthermore, we find that this positive association between aggregate SG&amp;A signals and market returns is partially driven by the cash flow implications and discount rate news embedded in aggregate SG&amp;A signals. Additional tests demonstrate that the overall association between aggregate SG&amp;A signals and future returns is more pronounced in large firms, in cyclical industries, during the post-1990 period, during expansions, and when more controls are included. These results provide further credence to the mechanisms of cash flow and discount rate news. Overall, our study highlights the incremental contribution of aggregate-level cost behaviors to capital market prediction.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108567"},"PeriodicalIF":6.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217249","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 green economy reduce environmental pollution? Evidence from the pilot zones for green finance reform and innovation 绿色经济能减少环境污染吗？来自绿色金融改革创新试验区的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-26 DOI: 10.1016/j.frl.2025.108572
Xiaojing Lin, Chi Zhang
{"title":"Can green economy reduce environmental pollution? Evidence from the pilot zones for green finance reform and innovation","authors":"Xiaojing Lin,&nbsp;Chi Zhang","doi":"10.1016/j.frl.2025.108572","DOIUrl":"10.1016/j.frl.2025.108572","url":null,"abstract":"<div><div>Using panel data from 248 prefecture-level Chinese cities between 2010 and 2019, this study explores the environmental impact of Green Finance Reform and Innovation Pilot Zones. Findings reveal that implementing these zones significantly reduces industrial soot, sulfur dioxide (SO₂), and wastewater emissions. Further analysis reveals significant regional disparities in policy effectiveness. In eastern and central China, significant wastewater and SO₂ emission reductions are observed but not industrial soot reduction. Alternatively, western China shows significant declines in SO₂ and industrial soot emissions but not in wastewater reduction. These findings show that green finance policies exert spatially differentiated environmental effects, providing empirical evidence for regionally tailored environmental governance pathways.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108572"},"PeriodicalIF":6.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217167","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
Policy reinvention and regional innovation performance: from financial, fiscal, tax, and talent policy mix networks 政策重塑与区域创新绩效：来自金融、财政、税收和人才政策组合网络
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-26 DOI: 10.1016/j.frl.2025.108570
Yu Zhao, Hongling Guan
{"title":"Policy reinvention and regional innovation performance: from financial, fiscal, tax, and talent policy mix networks","authors":"Yu Zhao,&nbsp;Hongling Guan","doi":"10.1016/j.frl.2025.108570","DOIUrl":"10.1016/j.frl.2025.108570","url":null,"abstract":"<div><div>This study discusses central-subnational policy reinvention's impact on regional innovation performance. We employ Large Language Models (LLMs) and network analysis to large-scale data of policy documents, characterizing policy mix of financial and other policies through \"policy instruments-policy targets\" network, and measuring policy reinvention between subnational and central governments. The empirical results demonstrate that policy reinvention significantly enhances regional innovation performance. Mechanism analysis shows that this effect operates primarily through alleviating resource misallocation. Heterogeneity analysis shows that the positive effects of policy reinvention differ by location and are weakened under high fiscal decentralization and fiscal pressure.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108570"},"PeriodicalIF":6.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217238","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
Safe haven currencies: A dependence-switching copula approach 避险货币：依赖转换的联结方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-26 DOI: 10.1016/j.frl.2025.108465
Leo Michelis, Cathy Ning, Jeremey Ponrajah
{"title":"Safe haven currencies: A dependence-switching copula approach","authors":"Leo Michelis,&nbsp;Cathy Ning,&nbsp;Jeremey Ponrajah","doi":"10.1016/j.frl.2025.108465","DOIUrl":"10.1016/j.frl.2025.108465","url":null,"abstract":"<div><div>This paper presents a unique approach to investigating the safe haven properties of five major currencies: the US dollar, the Japanese yen, the Swiss franc, the euro, and the British pound. Unlike other studies, we employ a flexible dependence-switching copula model to examine the joint tail dependence between these currencies and global market risk. This innovative method allows us to directly measure the strength of safe haven currencies when they are most relevant. Using daily data from 1999 to 2024, our empirical results show that the US dollar remains a safe haven currency during periods of heightened global risk aversion. Moreover, the safe haven behavior of the yen persists even in the presence of the US dollar’s appreciation. The Swiss franc exhibits safe haven characteristics, albeit less pronounced than the US dollar, and the euro and the pound demonstrate the weakest safe haven behavior. In addition, we find that the safe haven status of a currency fluctuates over time, with the US dollar being the strongest safe haven currency during periods of major global market turmoil.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108465"},"PeriodicalIF":6.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217239","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
Latent factor model in asset pricing: A deep learning approach in the Chinese stock market 资产定价中的潜在因素模型：中国股票市场的深度学习方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-26 DOI: 10.1016/j.frl.2025.108519
Taiyang Zhu
{"title":"Latent factor model in asset pricing: A deep learning approach in the Chinese stock market","authors":"Taiyang Zhu","doi":"10.1016/j.frl.2025.108519","DOIUrl":"10.1016/j.frl.2025.108519","url":null,"abstract":"<div><div>We construct six deep factors-value, intangibles, investment, profitability, frictions and momentum-using Deep Neural Networks (DNNs) trained on distinct characteristic categories. These factors exhibit significant risk exposures and capture unique information beyond the factors in the Fama–French 5-factor model. Using monthly data from the Chinese stock market over the period 2005–2024, we find that momentum, value, and frictions are the most influential factor groups overall. However, their relative importance varies across portfolios: momentum effects tend to weaken, while value and frictions-related factors become more dominant. Our approach improves interpretability in deep learning-based asset pricing, offering a systematic framework for analyzing characteristic-driven returns.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108519"},"PeriodicalIF":6.9,"publicationDate":"2025-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217307","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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