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The 2024 US presidential election, trump's victory, and equity market responses: Event-study evidence 2024年美国总统大选、特朗普获胜和股市反应：事件研究证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108516
Fahad Ali , Michael Frömmel , Tabassum Kamal
{"title":"The 2024 US presidential election, trump's victory, and equity market responses: Event-study evidence","authors":"Fahad Ali ,&nbsp;Michael Frömmel ,&nbsp;Tabassum Kamal","doi":"10.1016/j.frl.2025.108516","DOIUrl":"10.1016/j.frl.2025.108516","url":null,"abstract":"<div><div>Donald Trump's victory in the 2024 US presidential election presents a unique opportunity to empirically examine whether and to what extent equity markets responded to it, given the stark policy contrasts between Donald Trump and Joe Biden on several important domestic and international issues, alongside the election’s narrow polling margins. We employ an event study approach, and returns on 27 equity indices from five geographical regions to gauge the impact of Trump's victory on the abnormal returns and cumulative abnormal returns. While we document negative abnormal returns in 21 of 27 markets on the event day (November 5, 2024), the post-victory market responses are considerably divergent, supporting the hope/fear hypothesis. That is, countries with strained ties to the Biden administration or more friendly relationships with the Trump administration exhibited positive and significant reactions to Trump's victory (e.g., Russia, Israel, Türkiye, and Pakistan), whereas those susceptible to Trump's policies (e.g., Germany, France, Brazil, Mexico, and South Africa) exhibited negative and significant responses. The effect on the transitional and intermediate markets—including Canada, Japan, Poland, and Colombia—is mixed, with both positive and negative aspects, but lacks significance. We demonstrate that the US presidential elections have far-reaching economic implications that extend beyond the US market.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108516"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217311","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
Does dual tax incentives benefit green innovation for enterprises? 双重税收优惠是否有利于企业的绿色创新？
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-19 DOI: 10.1016/j.frl.2025.108485
Xiaofeng Wang , Minqiang Zhang , Xiaomei Guo , Yihuo Jiang
{"title":"Does dual tax incentives benefit green innovation for enterprises?","authors":"Xiaofeng Wang ,&nbsp;Minqiang Zhang ,&nbsp;Xiaomei Guo ,&nbsp;Yihuo Jiang","doi":"10.1016/j.frl.2025.108485","DOIUrl":"10.1016/j.frl.2025.108485","url":null,"abstract":"<div><div>Carbon emission reduction constitutes a vital directive for global socioeconomic development in both contemporary and future contexts, with advancing green innovation among high-energy-consumption industrial enterprises representing an essential mechanism for achieving decarbonization. This study empirically investigates the incentive effects of the super-deduction of R&amp;D expenses policy and the income tax rate preferential policy on green innovation within Shanghai and Shenzhen A-share listed high-energy-consumption enterprises, utilizing panel data spanning 2016 to 2022. The analysis specifically examines interaction effects between these policies to assess their combinatorial consistency. Research demonstrates both tax incentive policies significantly stimulate green innovation; however, their concurrent application proves counterproductive, significantly hindering green innovation advancement. Environmental regulations and executive environmental awareness effectively mitigate this adverse interactive effect. Further research reveals that the negative interactive effects of the two policies persist within corporate ESG performance and subsequently influence corporate carbon emissions. By extending tax incentive policy coherence research to the green innovation domain, this investigation provides substantive decision-making references for governments promoting sustainable transformation in energy-intensive industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108485"},"PeriodicalIF":6.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155802","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
Coordinator or colluder: Institutional investor network and excess goodwill 协调者或共谋者：机构投资者网络与超额商誉
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-19 DOI: 10.1016/j.frl.2025.108511
Ziang Chen, Junrui Zhang, Tingting Liu
{"title":"Coordinator or colluder: Institutional investor network and excess goodwill","authors":"Ziang Chen,&nbsp;Junrui Zhang,&nbsp;Tingting Liu","doi":"10.1016/j.frl.2025.108511","DOIUrl":"10.1016/j.frl.2025.108511","url":null,"abstract":"<div><div>Institutional investors are often regarded as external monitors that strengthen governance by counterbalancing controlling shareholders and managers. However, evidence from China’s common ownership networks shows that they may tolerate practices harmful to long-term development, particularly goodwill premiums. Using data on Chinese A-share firms from 2008 to 2022, we find that companies with centrally positioned institutional investors report higher excess goodwill. The effect is stronger in non-state-owned enterprises, vertical and mixed mergers and acquisitions, firms with overconfident executives, and firms with institutional investor concentration exceeding the industry average. More frequent site visits by institutional investors reduce excess goodwill, but they do not eliminate it. These findings remain robust across multiple sensitivity checks and endogeneity tests.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108511"},"PeriodicalIF":6.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119106","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
Mapping sustainable finance (dis)agreements 绘制可持续金融（非）协议
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-19 DOI: 10.1016/j.frl.2025.108512
Marek Hudon , Gilles Solé , Christel Dumas
{"title":"Mapping sustainable finance (dis)agreements","authors":"Marek Hudon ,&nbsp;Gilles Solé ,&nbsp;Christel Dumas","doi":"10.1016/j.frl.2025.108512","DOIUrl":"10.1016/j.frl.2025.108512","url":null,"abstract":"<div><div>Diverse actors, ranging from traditional financial entities to social private equity firms and philanthropists, bring disparate viewpoints to sustainable finance. The lack of common understanding raises critical questions about coherence and justification of sustainable finance practices. The primary goal of this study is to map experts’ divergent perspectives on sustainable finance and the points of agreement and disagreement on the matter.</div><div>Using Q-methodology with an original cohort of 85 experts in sustainable finance, we delineate three coexisting perspectives within sustainable finance: one emphasising urgency, another highlighting the business imperative, and a third emphasising engagement and advocacy. Disagreements gravitate around greenwashing claims, poor incentives and the relative importance of financial objectives or sustainability objectives. Agreements, while less common, point to useful negotiable points of convergence. They include the need to explicitly define and deliver positive environmental and social impact, the expected future growth of ESG, the equal importance of E, S, and G factors, the positive role that digitalization can play in developing sustainable finance and the exclusion of the defense sector. By delving into these perspectives, our study aims to highlight the points of convergence as common ground to build the future of sustainable finance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108512"},"PeriodicalIF":6.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119101","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
Analytic solutions for pricing American style options 美式期权定价的解析解
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-19 DOI: 10.1016/j.frl.2025.108467
Lingfei Li , Jingyu Wu , Minting Zhu , Mancang Wang
{"title":"Analytic solutions for pricing American style options","authors":"Lingfei Li ,&nbsp;Jingyu Wu ,&nbsp;Minting Zhu ,&nbsp;Mancang Wang","doi":"10.1016/j.frl.2025.108467","DOIUrl":"10.1016/j.frl.2025.108467","url":null,"abstract":"<div><div>While many studies focus on determining an optimal exercise boundary or exploring the early exercise premium between American and European options, this work instead considers a scenario in which the option writer consumes a portion of the wealth process when the holder fails to exercise optimally. Under this framework, we propose a modified Black–Scholes partial differential equation for pricing American options, enabling their values to be expressed through European-like closed-form solutions. Numerical comparisons between our method and several established approaches indicate that the resulting option values are closely aligned. This is particularly evident when the option initially enters the exercise region and subsequently returns to the continuation region. In contrast to existing approaches, our method not only yields a closed-form solution but also offers a more straightforward and transparent way to price American options.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108467"},"PeriodicalIF":6.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109462","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
Does fear sentiment drive cryptocurrency volatility? Evidence from Google trends data 恐惧情绪会推动加密货币波动吗？来自谷歌趋势数据的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-19 DOI: 10.1016/j.frl.2025.108510
Pratik Biswas, Chandan Sharma
{"title":"Does fear sentiment drive cryptocurrency volatility? Evidence from Google trends data","authors":"Pratik Biswas,&nbsp;Chandan Sharma","doi":"10.1016/j.frl.2025.108510","DOIUrl":"10.1016/j.frl.2025.108510","url":null,"abstract":"<div><div>This paper examines how fear sentiment drives cryptocurrency volatility using a novel Google Trends-based data. For this purpose, we construct a Cryptocurrency Fear Sentiment Index (CFSI). Using local projection approach, we show that fear sentiment significantly increases Bitcoin and Ethereum volatility, with amplified effects during COVID-19 and the Russia-Ukraine war. Unlike price-focused studies, we uniquely link negative sentiment to volatility dynamics, offering new behavioural insights for crypto markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108510"},"PeriodicalIF":6.9,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109574","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
Public data openness and regional economic development 公共数据开放与区域经济发展
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108496
Xinyan Peng , Ming Li
{"title":"Public data openness and regional economic development","authors":"Xinyan Peng ,&nbsp;Ming Li","doi":"10.1016/j.frl.2025.108496","DOIUrl":"10.1016/j.frl.2025.108496","url":null,"abstract":"<div><div>Leveraging a comprehensive panel dataset from Chinese prefecture-level cities spanning 2009–2023, this study systematically evaluates the impact of public data platform development on regional economic growth. The results indicate that the establishment of public data platforms significantly promotes regional economic development. It achieves this primarily by enhancing firm innovation and optimizing the institutional business environment, which in turn provides market participants with stable expectations. Heterogeneity analysis further shows that the policy effect of data openness is more pronounced in regions with more developed digital infrastructure, larger urban scale, and higher levels of marketization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108496"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119102","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
A novel utility-based approach for enhanced indexation 一种新的基于实用程序的增强索引方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108454
Chao Wang , Minna Zhou
{"title":"A novel utility-based approach for enhanced indexation","authors":"Chao Wang ,&nbsp;Minna Zhou","doi":"10.1016/j.frl.2025.108454","DOIUrl":"10.1016/j.frl.2025.108454","url":null,"abstract":"<div><div>This paper proposes an enhanced index tracking framework based on a novel weighted cumulative utility area ratio (WCUAR) criterion to address the limitations in existing stochastic dominance approaches. By decomposing return distributions into gain and loss regions for pairwise asset comparisons and applying centroid-based weights, our method effectively captures asymmetric investor risk preferences. To reflect real-world investment conditions, we further integrate the cardinality constraint and transaction cost into the optimization framework. Empirical analysis on DJIA and S&amp;P 500 datasets show that WCUAR-based strategies consistently outperform both benchmark indices and competing models across diverse market environments. These results highlight the method’s ability to balance investor preferences with computational feasibility, offering a practical tool for constructing robust enhanced index tracking portfolios.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108454"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145103329","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
Artificial intelligence development and the stimulation of employee creativity: A moderating analysis based on executives’ financial backgrounds 人工智能发展与员工创造力的激发：基于高管财务背景的调节分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108502
Zhaochen Wang , Xiwen Liang , Yuanyuan Yao , Yanwei Zhao
{"title":"Artificial intelligence development and the stimulation of employee creativity: A moderating analysis based on executives’ financial backgrounds","authors":"Zhaochen Wang ,&nbsp;Xiwen Liang ,&nbsp;Yuanyuan Yao ,&nbsp;Yanwei Zhao","doi":"10.1016/j.frl.2025.108502","DOIUrl":"10.1016/j.frl.2025.108502","url":null,"abstract":"<div><div>Based on panel data of non-financial listed companies in China from 2008 to 2023, this paper employs a fixed effects model to analyze the relationship between artificial intelligence (AI) development and employee creativity. The study finds that AI development significantly stimulates employee creativity, and this conclusion remains robust after changing variable measurement approaches and adding regional fixed effects in robustness checks. Moderation effect analysis reveals that executives’ financial backgrounds significantly moderate the relationship between AI development and employee creativity. Heterogeneity analysis indicates that the moderating effect of executives’ financial backgrounds on the relationship between AI development and employee creativity differs significantly between high-tech and non-high-tech enterprises. The impact of AI development on employee creativity also shows significant differences between high-tech and non-high-tech companies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108502"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155799","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 financial policy reform, financing constraints, and corporate risk-taking 绿色金融政策改革、融资约束与企业风险承担
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108504
Yixue Hao , Jia Liang , Kunyuan Liu
{"title":"Green financial policy reform, financing constraints, and corporate risk-taking","authors":"Yixue Hao ,&nbsp;Jia Liang ,&nbsp;Kunyuan Liu","doi":"10.1016/j.frl.2025.108504","DOIUrl":"10.1016/j.frl.2025.108504","url":null,"abstract":"<div><div>Green financial policy reform has emerged as a critical institutional arrangement to balance the efficiency of financial resource allocation and corporate risk. Utilizing data from China’s A-share listed companies in Shanghai and Shenzhen, this study employs a multi-period Difference-in-Differences (DID) model for empirical analysis. The findings reveal that green financial policy reform significantly enhances corporate risk-taking, and this conclusion remains robust after a series of rigorous tests. Mechanism analysis demonstrates that green financial policy reform improves corporate risk-taking by alleviating corporate financing constraints. Further research indicates that the incentivizing effect of green financial policy reform is more pronounced in regions with higher market competition.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108504"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119104","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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