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Information monitoring or emotional contagion? A mechanism analysis of media attention's impact on stock price crash risk 信息监控还是情绪传染？媒体关注度对股价崩盘风险影响的机制分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-28 DOI: 10.1016/j.frl.2025.109447
Leqiong Gu , Chaoran Zhou , Ying Xie
{"title":"Information monitoring or emotional contagion? A mechanism analysis of media attention's impact on stock price crash risk","authors":"Leqiong Gu ,&nbsp;Chaoran Zhou ,&nbsp;Ying Xie","doi":"10.1016/j.frl.2025.109447","DOIUrl":"10.1016/j.frl.2025.109447","url":null,"abstract":"<div><div>Against the backdrop of rising volatility in global capital markets and the growing influence of media, understanding how media attention shapes stock price crash risk is of both theoretical and practical importance. Using data from Chinese A-share listed firms, this study examines the impact of media supervision on stock price crash risk. The results show that greater media attention significantly increases the likelihood of stock price crashes. Mechanism analyses suggest that media coverage amplifies investor pessimism and managerial negative sentiment, leading to the accumulation of bad news and increased information asymmetry, thereby intensifying crash risk. Media pressure also affects firms’ information disclosure quality, constituting an additional transmission channel. Moreover, the study identifies a nonlinear effect: moderate media attention enhances information transparency and reduces the probability of stock price crashes. Overall, this research advances understanding of how media influences extreme downside risk and offers policy implications for promoting more regulated media reporting, improving information transparency, and strengthening investor education.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109447"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145922503","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 goodwill and carbon emission abatement in a monopolistic market: A dynamic game approach 垄断市场中的绿色商誉与碳减排：一个动态博弈方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-05 DOI: 10.1016/j.frl.2026.109475
Xiaoliang Li , Shuie Sun , Yuhao Cheng , Ally Quan Zhang
{"title":"Green goodwill and carbon emission abatement in a monopolistic market: A dynamic game approach","authors":"Xiaoliang Li ,&nbsp;Shuie Sun ,&nbsp;Yuhao Cheng ,&nbsp;Ally Quan Zhang","doi":"10.1016/j.frl.2026.109475","DOIUrl":"10.1016/j.frl.2026.109475","url":null,"abstract":"<div><div>This paper examines how carbon taxation, green awareness, and abatement technology jointly affect emissions and market stability in a monopolistic setting. We develop a dynamic model in which a bounded-rational firm builds green goodwill in response to environmentally conscious consumers. The analysis uncovers a counter-intuitive, market-size-dependent effect: awareness and technology reduce total emissions only when the market is sufficiently large, while in smaller markets they may increase emissions by expanding output. Carbon taxation, by contrast, consistently lowers emissions. Welfare analysis shows that awareness and technology enhance surplus, whereas excessive taxation can reduce welfare. The stability analysis further indicates that while a higher carbon tax rate tends to enhance market stability, excessively strong environmental awareness or overly low abatement costs may instead lead to instability. These findings highlight that effective climate policy must balance awareness, taxation, and technology according to market scale.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109475"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902441","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
Financial accessibility, digital skills, and family entrepreneurship: Evidence from the China family panel studies (CFPS) 金融可及性、数字技能与家庭创业：来自中国家庭小组研究（CFPS）的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI: 10.1016/j.frl.2026.109486
Shuo Qiao , Haoran Xiong , Xiaohan Wu , Jing Zhang
{"title":"Financial accessibility, digital skills, and family entrepreneurship: Evidence from the China family panel studies (CFPS)","authors":"Shuo Qiao ,&nbsp;Haoran Xiong ,&nbsp;Xiaohan Wu ,&nbsp;Jing Zhang","doi":"10.1016/j.frl.2026.109486","DOIUrl":"10.1016/j.frl.2026.109486","url":null,"abstract":"<div><div>This paper utilizes micro-family data from the China Family Panel Studies (CFPS) as a research sample to explore the relationship between financial accessibility, digital skills, and family entrepreneurship. The study finds a significant positive correlation between financial accessibility and family entrepreneurship behavior; the positive impact of financial accessibility on family entrepreneurship is particularly pronounced among urban families and those with higher educational attainment. Digital skills play a mediating role in the relationship between financial accessibility and family entrepreneurship, and this mediating effect is notably significant in families headed by young and middle-aged adults, but not in families headed by older adults. This research provides new micro-level evidence to understand how inclusive finance and digital literacy can synergistically enhance family entrepreneurial vitality in the digital economy era.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109486"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146023673","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
Market anticipation and intraday trading: Evidence from BOJ ETF purchases 市场预期和盘中交易：来自日本央行ETF购买的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-29 DOI: 10.1016/j.frl.2025.109421
Seongdeok Ko
{"title":"Market anticipation and intraday trading: Evidence from BOJ ETF purchases","authors":"Seongdeok Ko","doi":"10.1016/j.frl.2025.109421","DOIUrl":"10.1016/j.frl.2025.109421","url":null,"abstract":"<div><div>We study how financial markets absorb predictable policy interventions when price discovery is temporarily constrained. Using the Bank of Japan’s (BOJ) equity ETF purchase program as a natural experiment, we estimate intervention probabilities from intraday returns and examine their effects on Nikkei 225 futures traded on both the Osaka Exchange (OSE) and the Singapore Exchange (SGX). During the lunch break – when the cash equity market closes but futures remain active – trading volume rises sharply on days with high predicted intervention, even though prices remain stable. No comparable reaction appears in non-targeted futures (TSE Growth Market 250), while the consistent response across OSE and SGX highlights the international transmission of BOJ policy anticipation. These findings indicate that markets internalize expected policy actions through execution timing and liquidity provision rather than price adjustment, revealing a non-price channel of information absorption shaped by market microstructure and trading incentives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109421"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882888","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
Recency biases and the idiosyncratic volatility puzzle 近因偏差和特殊波动之谜
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-01 DOI: 10.1016/j.frl.2025.109468
Wen-Chi Lo , Kuan-Cheng Ko
{"title":"Recency biases and the idiosyncratic volatility puzzle","authors":"Wen-Chi Lo ,&nbsp;Kuan-Cheng Ko","doi":"10.1016/j.frl.2025.109468","DOIUrl":"10.1016/j.frl.2025.109468","url":null,"abstract":"<div><div>In this study, we bring in the role of investors’ excess extrapolation associated with the recency bias as an explanation of the idiosyncratic volatility (IVOL) anomaly. We hypothesize that investors excessively extrapolate past return volatilities of high IVOL stocks if their returns have become more volatile in recent periods compared with earlier periods. Such extrapolation bias accelerates investors’ preference for high IVOL with increased volatilities and further enhances the magnitude of overvaluation. As a result, the underperformance is concentrated among such stocks. Our empirical results confirm this prediction.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109468"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882990","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 sci-tech finance empowers china's low-altitude economy: Mechanisms and countermeasures 科技金融如何赋能中国低空经济：机制与对策
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.frl.2025.109465
Yongdong Chai , Jinpeng Liu , Yuanchao Zhang , Huilei Zhang
{"title":"How sci-tech finance empowers china's low-altitude economy: Mechanisms and countermeasures","authors":"Yongdong Chai ,&nbsp;Jinpeng Liu ,&nbsp;Yuanchao Zhang ,&nbsp;Huilei Zhang","doi":"10.1016/j.frl.2025.109465","DOIUrl":"10.1016/j.frl.2025.109465","url":null,"abstract":"<div><div>This study examines the impact of science and technology finance on China’s low-altitude economy, a sector central to the ongoing Fourth Transportation Revolution. Using a sample of 428 Chinese A-share listed firms in this industry from 2013 to 2023, it constructs a comprehensive evaluation system based on the structure–conduct–performance (SCP) paradigm. Empirical analyses employing fixed effects models and mediation tests reveal that science and technology finance has a significant direct promoting effect on the development of China’s low-altitude economy—a finding that remains robust after multiple robustness tests and endogeneity corrections. Furthermore, it indirectly fosters industry growth by improving credit accessibility. The study also finds that more developed regional financial ecosystems strengthen this promoting effect, and that non-state-owned enterprises utilize resources more efficiently than state-owned enterprises. These results delineate the dual mediation pathways through which science and technology finance supports the low-altitude economy, providing empirical evidence for enhancing financial support policies for China’s strategic emerging industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109465"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882991","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 innovation strengthen organizational resilience? Evidence from Chinese firms 创新能增强组织弹性吗？来自中国公司的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-24 DOI: 10.1016/j.frl.2025.109430
Xue Wang , Shiqi Nie , Qian Liao , Xiaoyan Peng
{"title":"Can innovation strengthen organizational resilience? Evidence from Chinese firms","authors":"Xue Wang ,&nbsp;Shiqi Nie ,&nbsp;Qian Liao ,&nbsp;Xiaoyan Peng","doi":"10.1016/j.frl.2025.109430","DOIUrl":"10.1016/j.frl.2025.109430","url":null,"abstract":"<div><div>This study draws on panel data of Chinese A-share listed firms from 2015 to 2023 to examine whether innovation-driven development enhances organizational resilience. Results show that innovation significantly positively affects resilience, with environmental, social, and governance performance and total factor productivity serving as key transmission channels. Ownership structure moderates this relationship, as state-owned enterprises capture a greater share of the resilience gains from innovation. These findings provide new empirical evidence on the role of innovation in resilience-building and offer policy implications for promoting adaptive capacity and advancing high-quality development amid increasing environmental uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109430"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145882993","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 digitalization and disruption risk: The roles of resilience and financing constraints 供应链数字化与中断风险：弹性和融资约束的作用
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-07 DOI: 10.1016/j.frl.2026.109623
Jinfei Zhang
{"title":"Supply chain digitalization and disruption risk: The roles of resilience and financing constraints","authors":"Jinfei Zhang","doi":"10.1016/j.frl.2026.109623","DOIUrl":"10.1016/j.frl.2026.109623","url":null,"abstract":"<div><div>This study investigates whether and how strategic supply chain digitalization (SCDigital) mitigates manufacturing enterprises’ disruption risk. Using firm-level panel data from 23,005 firm–year observations from Chinese A-share manufacturing firms spanning 2013–2023, this study constructs a moderated mediation model incorporating supply chain resilience and financing constraints. Results show that SCDigital significantly reduces disruption risk, with resilience acting as a key mediating mechanism and financing constraints weakening this effect. Heterogeneity analysis reveals that the risk-mitigating impact of digitalization is strongest for capital-intensive firms, indicating that industry characteristics can influence the value of digital transformation. The findings highlight the importance of digital transformation in enhancing firms’ operational stability and provide policy insights for improving financial flexibility to support digital resilience.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109623"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146138663","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
Cryptocurrency price dynamics during supply chain disruptions: A quantile-on-quantile connectedness approach 供应链中断期间的加密货币价格动态：分位数对分位数连通性方法
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-12 DOI: 10.1016/j.frl.2026.109600
Meriem Youssef , Salma Gallas , Christian Urom
{"title":"Cryptocurrency price dynamics during supply chain disruptions: A quantile-on-quantile connectedness approach","authors":"Meriem Youssef ,&nbsp;Salma Gallas ,&nbsp;Christian Urom","doi":"10.1016/j.frl.2026.109600","DOIUrl":"10.1016/j.frl.2026.109600","url":null,"abstract":"<div><div>Supply-side disruptions have risen to prominence as a critical factor determining macroeconomic conditions and financial market trajectories. This paper analyzes the dynamic connectedness between Supply-chain Bottlenecks Index (SBI) and cryptocurrency (Bitcoin, Ethereum and Cardano) prices using a quantile-on-quantile connectedness approach for the period from December 31, 2017 to September 30, 2025. We constructed a global SBI using Principal Component Analysis (PCA) to capture global supply-chain bottlenecks while we use the SBI for China, the USA and Euro-zone as proxies for Asia, America and Europe. Results show dynamic and state-dependent connectedness between global and regional SBI and cryptocurrencies that intensifies at the joint and cross extreme quantile combinations. Connectedness is strongest between SBI for China and Ethereum at the joint extreme upper quantile pair. At upper and lower quantile pairs, SBI is largely a net transmitter of shocks while at mid quantile combinations, cryptocurrencies dominate the spillover of risks with important implications for supply chain, cryptocurrency portfolio and systemic risk management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109600"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146160148","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 ESG controversies harm firms’ low-carbon product revenues? Empirical evidence from the Carbon Disclosure Project ESG争议会损害企业的低碳产品收入吗？来自碳信息披露项目的经验证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI: 10.1016/j.frl.2026.109497
Yongchao Martin Ma , Zhongzhun Deng
{"title":"Do ESG controversies harm firms’ low-carbon product revenues? Empirical evidence from the Carbon Disclosure Project","authors":"Yongchao Martin Ma ,&nbsp;Zhongzhun Deng","doi":"10.1016/j.frl.2026.109497","DOIUrl":"10.1016/j.frl.2026.109497","url":null,"abstract":"<div><div>Do ESG controversies negatively affect firms’ low-carbon product revenues? This paper investigates how ESG controversies influence firms’ low-carbon product revenues and identifies the underlying mechanism. Drawing on consumer satisfaction research from the marketing literature, it proposes that ESG controversies decrease low-carbon product revenues by reducing consumer satisfaction with the firms involved. Using 1734 firm observations from 374 S&amp;P 500 firms between 2016 and 2021, with data on low-carbon product revenues from the Carbon Disclosure Project (CDP), our analysis provides significant empirical evidence supporting this hypothesis. Moreover, our results indicate that strong ESG performance weakens this negative relationship. Robustness and endogeneity tests further support our findings. This study contributes to the literature on ESG controversies and sustainable consumption and offers insights that help managers enhance the effectiveness of low-carbon product marketing.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109497"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957364","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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