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Talking Trump and tanking markets 谈论特朗普和暴跌的市场
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107846
Yuqi Zheng , Brian Lucey
{"title":"Talking Trump and tanking markets","authors":"Yuqi Zheng ,&nbsp;Brian Lucey","doi":"10.1016/j.frl.2025.107846","DOIUrl":"10.1016/j.frl.2025.107846","url":null,"abstract":"<div><div>This study investigates the impact of Trump-related events, measured by the urgency around his mentions in central bank speeches, on volatility in the clean energy market. Using advanced textual analysis, we construct event-related variables and assess their significance through Extreme Bounds Analysis (EBA). Based on the EBA results, we identify Urgency and Commitment as the two key factors, selected from the top and bottom percentiles of robustness rankings. These variables form the basis of an event study framework used to assess the causal impact of policy signals on abnormal market returns This approach enables us to assess not only whether Trump-related policy speeches influence the clean energy market, but also when and under what level of commitment such influence occurs. Importantly, central bank speeches that express high urgency may initially cause uncertainty or caution rather than immediate market action. This delayed response highlights the need to consider both the timing and tone of policy communication when evaluating market reactions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107846"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596875","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 one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization 一问多同：个人投资者与企业直接沟通对企业金融化的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107919
Chuanxin Xu , Xingchen Li
{"title":"When one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization","authors":"Chuanxin Xu ,&nbsp;Xingchen Li","doi":"10.1016/j.frl.2025.107919","DOIUrl":"10.1016/j.frl.2025.107919","url":null,"abstract":"<div><div>With the development of technology, individual investors can communicate directly with the company, and the interactive content can be observed by other investors. We explore the influence of this direct communication on corporate financialization. The results show that individual investors' voices can significantly restrain corporate financialization, reducing financing constraints and management shortsightedness are important influencing mechanisms. The quality of communication and the timeliness of enterprise response is also negatively related to corporate financialization, but excessive attention to investors' returns in the communication process will aggravate the financial behavior of enterprises. This conclusion confirms the supervision effect of individual investors on enterprises and helps enterprises strengthen protection of retail investors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107919"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613197","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
Copula-based dynamic networks for forecasting stock market volatility 基于copula的动态网络预测股票市场波动
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107918
Shahab Nankali, Laleh Tafakori, Mahdi Jalili, Xiaolu Hu
{"title":"Copula-based dynamic networks for forecasting stock market volatility","authors":"Shahab Nankali, Laleh Tafakori, Mahdi Jalili, Xiaolu Hu","doi":"10.1016/j.frl.2025.107918","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107918","url":null,"abstract":"This study enhances volatility forecasting by integrating copula-based methods with a dynamic network log- ARCH model. The D-vine copula quantile regression and copula entropy methods, which capture nonlinear dependencies and select key predictors, are used to construct a high-dimensional financial network. The model incorporates time-lagged volatility and information from neighboring stocks, enabling efficient risk propagation. Applied to Dow Jones Index constituents (2012–2024), our approach improves forecasting accuracy while reducing reliance on hyperparameters. We also find that the low-volatility premium coincides with lower downside risk, with low- and high-volatility stocks exhibiting equal or lower return standard deviations across all networks. Notably, the copula-based network identifies stocks that enhance alpha while mitigating portfolio risk, offering a robust tool for portfolio construction and risk management.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"6 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613168","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
Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China 经济政策的不确定性和股市对财报的反应：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107942
Jiangtao Bai , He Song , Haojie Wang , Yuetong Liu
{"title":"Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China","authors":"Jiangtao Bai ,&nbsp;He Song ,&nbsp;Haojie Wang ,&nbsp;Yuetong Liu","doi":"10.1016/j.frl.2025.107942","DOIUrl":"10.1016/j.frl.2025.107942","url":null,"abstract":"<div><div>Economic policy uncertainty (EPU) exacerbates the information asymmetry between companies and investors. This paper uses Chinese A-share listed companies from 2007 to 2021 as the research sample and employs the event study method to investigate the relationship between economic policy uncertainty and stock market reactions to earnings announcements. We find that economic policy uncertainty decreases (increases) investors’ sensitivity to positive (negative) earnings news. We further reveal that investor sentiment can mitigate the impact of economic policy uncertainty on stock market reactions to earnings announcements. These findings can provide practical insights for financial regulators and policymakers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107942"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605646","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 mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment 绿色金融改革与数字化转型对区域产业创新创业的影响机制：来自准自然实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107933
Shifei Zhao , Jianwu Liu , Guizhong Jiang
{"title":"The mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment","authors":"Shifei Zhao ,&nbsp;Jianwu Liu ,&nbsp;Guizhong Jiang","doi":"10.1016/j.frl.2025.107933","DOIUrl":"10.1016/j.frl.2025.107933","url":null,"abstract":"<div><div>Drawing upon data from Chinese prefecture-level cities spanning the period from 2007 to 2023, this paper empirically examines the intrinsic relationships and mechanisms among green financial reform, digital transformation, and regional industrial innovation and entrepreneurship using baseline regression, difference-in-differences, and mediation effect models. The results indicate that green financial reform significantly promotes regional industrial innovation and entrepreneurship; digital transformation also has a positive effect and plays a mediating role in this relationship, with heterogeneous effects across regions with different urbanization levels. It is worth noting that the synergistic effects of green financial reform and digital transformation are also evident in the fields of education and sports. For example, green loans are used to support low-carbon renovations of campuses and educational informatization projects, while digital technologies are leveraged to empower innovation in the sports industry and upgrade public fitness service models. This research enriches academic understanding in these fields and provides valuable theoretical and practical insights for policymaking.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107933"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144662705","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
Energy transformation, green finance, and energy utilization efficiency 能源转型、绿色金融、能源利用效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107914
Ting Li , Xiaoqiang Zheng , Zhiwen Li
{"title":"Energy transformation, green finance, and energy utilization efficiency","authors":"Ting Li ,&nbsp;Xiaoqiang Zheng ,&nbsp;Zhiwen Li","doi":"10.1016/j.frl.2025.107914","DOIUrl":"10.1016/j.frl.2025.107914","url":null,"abstract":"<div><div>This study examines the impact of China’s <em>New energy demonstration city</em> policy on the efficiency of urban energy use. This study demonstrates that the policy significantly promotes energy efficiency by improving human capital, with green finance further amplifying this effect. Heterogeneity analysis reveals that non-resource-based cities and those outside the Yangtze River Economic Belt tend to benefit more.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107914"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596282","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 impact of the digital divide on household wealth accumulation 数字鸿沟对家庭财富积累的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107934
Zhe Li , Chuyu Zhi , Qinghai Li , Hua Qin
{"title":"The impact of the digital divide on household wealth accumulation","authors":"Zhe Li ,&nbsp;Chuyu Zhi ,&nbsp;Qinghai Li ,&nbsp;Hua Qin","doi":"10.1016/j.frl.2025.107934","DOIUrl":"10.1016/j.frl.2025.107934","url":null,"abstract":"<div><div>As the digital economy evolves rapidly, the digital divide has become increasingly salient and emerged as a pivotal factor influencing household wealth accumulation. Drawing on data from the 2019 China Household Finance Survey (CHFS), this study examines the impact of the digital divide on household wealth accumulation and its underlying mechanisms. The results demonstrate that the digital divide significantly curtails household wealth accumulation. This adverse effect is particularly pronounced among urban residents, those in the eastern regions, and areas with higher levels of marketization. Mechanism analysis indicates that the digital divide exerts a negative influence on wealth accumulation by impeding access to credit and diminishing social interactions. This finding underscores the profound impact of the digital divide on economic inequality and offers crucial policy insights for mitigating the digital divide and fostering common prosperity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107934"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633112","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 long-term impact of entrepreneurial financing on job creation based on the roles of venture capital and angel investment 创业融资对就业创造的长期影响——基于风险投资和天使投资的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107930
Mi Zhang , Ning Zhou , Jie Gao , Ping Jiang , Yang Zhang , Yining Wang , Lusha Chen
{"title":"The long-term impact of entrepreneurial financing on job creation based on the roles of venture capital and angel investment","authors":"Mi Zhang ,&nbsp;Ning Zhou ,&nbsp;Jie Gao ,&nbsp;Ping Jiang ,&nbsp;Yang Zhang ,&nbsp;Yining Wang ,&nbsp;Lusha Chen","doi":"10.1016/j.frl.2025.107930","DOIUrl":"10.1016/j.frl.2025.107930","url":null,"abstract":"<div><div>This study explores the long-term impact of angel investment and venture capital on job creation, and examines the moderating effect of executives' financial backgrounds. The findings are as follows: both angel investment and venture capital have a significant positive impact on job creation, and executives' financial backgrounds can moderate the effect of entrepreneurial financing on job creation. Furthermore, the role of executives' financial backgrounds exhibits heterogeneity between profitable and non-profitable enterprises, influencing the effectiveness of entrepreneurial financing on job creation. Through empirical analysis, this study aims to provide valuable insights and recommendations for policymakers, investors, and entrepreneurial companies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107930"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144606081","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
Executives' financial background, artificial intelligence empowerment, and corporate human resource management 高管财务背景、人工智能赋能、企业人力资源管理
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107927
Jialian Wen , Jiayi Song
{"title":"Executives' financial background, artificial intelligence empowerment, and corporate human resource management","authors":"Jialian Wen ,&nbsp;Jiayi Song","doi":"10.1016/j.frl.2025.107927","DOIUrl":"10.1016/j.frl.2025.107927","url":null,"abstract":"<div><div>This study delves deeply into the association between executives' financial backgrounds and human resource management (HRM) efficiency within Chinese listed companies from 2009 to 2022, while also examining the moderating role of artificial intelligence (AI) applications. The empirical findings of this paper indicate a positive correlation between executives' financial backgrounds and HRM efficiency. Moreover, AI applications act as a catalyst, amplifying this relationship and playing a significant moderating role. It is noteworthy that there are significant differences in the impact of executives' financial backgrounds on HRM efficiency between state-owned enterprises (SOEs) and private enterprises (PEs), which underscores the pronounced heterogeneity based on enterprise ownership.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107927"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633124","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
Effect of coupling and coordinated development of green finance and fintech on corporate risk-taking: Evidence from China 绿色金融与金融科技的耦合协调发展对企业风险承担的影响：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107912
Dingjun Yao , Yu Zhang , Jinzhan Hu , Kun Fan
{"title":"Effect of coupling and coordinated development of green finance and fintech on corporate risk-taking: Evidence from China","authors":"Dingjun Yao ,&nbsp;Yu Zhang ,&nbsp;Jinzhan Hu ,&nbsp;Kun Fan","doi":"10.1016/j.frl.2025.107912","DOIUrl":"10.1016/j.frl.2025.107912","url":null,"abstract":"<div><div>By taking all A-share listed companies as samples from 2011 to 2021, the paper empirically studies the impact of the coupling and coordinated development of green finance and fintech on the level of corporate risk-taking. The study finds that, first, the coupling and coordinated development of green finance and fintech can improve the level of corporate risk-taking. Second, the mechanisms are easing financing constraints, improving the quality of information disclosure and promoting green technology innovation. Third, in high-tech industries and state-owned enterprises, the coupling and coordinated development of the two improves the level of corporate risk-taking more significantly.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107912"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633125","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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