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Revisiting the role of investor sentiment in the stock market
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-02 DOI: 10.1016/j.iref.2025.104089
Quyen Pham , Huy Pham , Tra Pham , Aviral Kumar Tiwari
{"title":"Revisiting the role of investor sentiment in the stock market","authors":"Quyen Pham ,&nbsp;Huy Pham ,&nbsp;Tra Pham ,&nbsp;Aviral Kumar Tiwari","doi":"10.1016/j.iref.2025.104089","DOIUrl":"10.1016/j.iref.2025.104089","url":null,"abstract":"<div><div>The stock market is a critical determinant of global economic growth, and investor irrational behaviors are remarkable forces that are not only forming stock prices but also determining the stock market's performance. To examine the significant impacts of those irrationalities, various methods have been applied to generate an investor sentiment index. However, isolating the irrational judgments of investors is a challenge and the existing sentiment indices are inefficient. To overcome this shortcoming, this paper develops a new investor sentiment index. We take into account only the irrational part of people's behavior biases that lead to misvaluation in stock markets, neither behavioral biases nor misvaluation per se. We then conducted several robust tests toward stock returns' predictability using time-series data for the U.S. and Chinese markets. Various empirical methods, including OLS, TVP-VAR model, and out-of-sample test are used in this study. Our results confirm the advantages of our index to assess the predictability towards stock returns compared to two common existing measures of investor sentiment: survey-based Consumer Sentiment Index and market-based Baker &amp; Wurgler index. To the best of our knowledge, this is the first study that presents this novel approach to capture the irrationalities of investors.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104089"},"PeriodicalIF":4.8,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Quality of accounting information and corporate green innovation performance
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-02 DOI: 10.1016/j.iref.2025.104094
Runfang Xu , Yixiang Qiao , Hongjun Lv
{"title":"Quality of accounting information and corporate green innovation performance","authors":"Runfang Xu ,&nbsp;Yixiang Qiao ,&nbsp;Hongjun Lv","doi":"10.1016/j.iref.2025.104094","DOIUrl":"10.1016/j.iref.2025.104094","url":null,"abstract":"<div><div>Drawing upon data from Chinese publicly traded companies over the span of 2009–2022, this study explores the relationship between the quality of accounting Information and the green innovation performance of firms. The empirical results indicate that the quality of accounting information can enhance corporate green innovation performance; The efficiency of management modulates the link between accounting information quality and green innovation achievements, with state - owned and private enterprises showing different patterns. Moreover, the effect of accounting information quality on green innovation performance varies between these two enterprise types; furthermore, the influence of accounting information quality on green innovation performance demonstrates heterogeneity between high-pollution and non-high-pollution enterprises.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104094"},"PeriodicalIF":4.8,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of mega-mergers on uninsured depositors: Evidence from Indian commercial banks
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.103983
Sakshi Narula
{"title":"The impact of mega-mergers on uninsured depositors: Evidence from Indian commercial banks","authors":"Sakshi Narula","doi":"10.1016/j.iref.2025.103983","DOIUrl":"10.1016/j.iref.2025.103983","url":null,"abstract":"<div><div>This paper investigates how depositors fare in banking mega-mergers. The theoretical section demonstrates that the banks communicate their risk profile to depositors using an interest rate signalling model. These signalling efforts become particularly strong during mega-mergers when depositors’ concerns regarding deposit interest rates intensify. The empirical section examines the impact of the 2019 Indian commercial bank mega-merger on acquiring bank depositors from 2000 to 2023. The study leverages the heterogeneity in the bank’s ownership structure to address two empirical questions (i) Did the 2019 mega-merger affect Indian depositors? (ii) Do depositors associate with the interest ratios following a mega-merger? The study finds that mega-mergers have a positive effect on acquiring bank depositors. The private benefits given to high-value depositors outweigh the public information provided to average depositors. The study reports that average depositors of acquiring banks are positively associated with interest spread post-mega-merger. High-value depositors do not associate with interest ratios during mega-mergers.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 103983"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747446","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can green finance policy promote inclusive green growth?- Based on the quasi-natural experiment of China's green finance reform and innovation pilot zone
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104090
Aiting Xu, Yujie Dai, Zhiyuan Hu, Keyang Qiu
{"title":"Can green finance policy promote inclusive green growth?- Based on the quasi-natural experiment of China's green finance reform and innovation pilot zone","authors":"Aiting Xu,&nbsp;Yujie Dai,&nbsp;Zhiyuan Hu,&nbsp;Keyang Qiu","doi":"10.1016/j.iref.2025.104090","DOIUrl":"10.1016/j.iref.2025.104090","url":null,"abstract":"<div><div>Sustainable development and inclusive growth are widely recognized as the primary objectives of global development today, with green finance emerging as a critical enabler of these goals. This paper explores the impact of green finance policy, particularly within the framework of the Green Finance Reform and Innovation Pilot Zone, by analyzing data from 270 prefecture-level cities across China from 2010 to 2022. The study assesses both the direct effects and the underlying mechanisms through which green finance contributes to inclusive green growth. The findings reveal that green finance policy significantly promote inclusive green growth, a result that remains robust across various validation tests. The effectiveness of these policies is driven by several intermediary factors, including advances in green technology innovation, improvements in energy efficiency, enhanced entrepreneurial activity in urban areas, and growing public awareness of environmental issues. However, the outcomes are also influenced by the availability of urban financial resources, the leadership qualities of local government officials, the degree of market liberalization, and the strength of environmental law enforcement. Further analysis demonstrates that green finance policy have considerable spatial spillover effects, promoting inclusive green growth in neighboring cities and creating a model effect for others to follow.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104090"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767505","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Digital inclusive finance and common prosperity: The threshold effect based on rural revitalization
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104096
Jianying Wang, Zhihui Tan, Yuting Zuo
{"title":"Digital inclusive finance and common prosperity: The threshold effect based on rural revitalization","authors":"Jianying Wang,&nbsp;Zhihui Tan,&nbsp;Yuting Zuo","doi":"10.1016/j.iref.2025.104096","DOIUrl":"10.1016/j.iref.2025.104096","url":null,"abstract":"<div><div>This research, which analyzed data from 31 provinces in China between 2011 and 2022, investigates the interplay between digital inclusive finance, shared prosperity, and the threshold effect of rural rejuvenation. The research results show that: digital inclusive finance can promote regional common prosperity; the level of regional economic development plays a moderating role in the process of digital inclusive finance promoting regional common prosperity; there is heterogeneity in the impact of digital inclusive finance on common prosperity across different regions; and the promotion effect of digital inclusive finance on common prosperity is influenced by the threshold effect of rural revitalization.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104096"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777296","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of city diplomacy on foreign direct investment: Evidence from international sister city diplomacy agreements
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104076
Bei He, Mingyue Tang, Aodi Wei
{"title":"The impact of city diplomacy on foreign direct investment: Evidence from international sister city diplomacy agreements","authors":"Bei He,&nbsp;Mingyue Tang,&nbsp;Aodi Wei","doi":"10.1016/j.iref.2025.104076","DOIUrl":"10.1016/j.iref.2025.104076","url":null,"abstract":"<div><div>International sister cities, as important channels for Chinese cities to engage in foreign exchanges, play a crucial role in national diplomacy. We examine the role of international sister city diplomacy in attracting foreign direct investment (FDI) based on panel data from 286 cities in China from 2010 to 2022. The results show that both the depth and breadth of international sister city development significantly promote FDI. This effect is more pronounced in large cities, cities with a higher degree of marketization, and cities with lower economic policy uncertainty. Mechanism analysis indicates that sister city diplomacy attracts foreign investment through increasing the output value of foreign-invested enterprises and promoting cultural exchange.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"99 ","pages":"Article 104076"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143747447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Institutional investor cliques and ESG performance: Evidence from Chinese firms
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104079
Wenkang Qiu , Cheng Xiang , Chunhong Li , Yinong Chen
{"title":"Institutional investor cliques and ESG performance: Evidence from Chinese firms","authors":"Wenkang Qiu ,&nbsp;Cheng Xiang ,&nbsp;Chunhong Li ,&nbsp;Yinong Chen","doi":"10.1016/j.iref.2025.104079","DOIUrl":"10.1016/j.iref.2025.104079","url":null,"abstract":"<div><div>Using a sample of Chinese firms, we identify groups of coordinated institutional investors (i.e., cliques) based on their common block stakes and study how their coordination shapes the firm's ESG policy. We document that clique ownership shows a robust and causal positive impact on the firm's future ESG performance. Further tests confirm a positive relationship between ESG and firm value in China. Additionally, we find that clique members coordinate their trades, and the coordination enhances their governance via both voice and exit threats. These results suggest that coordination increases institutional investors' governance impact, which improves their portfolio firms' ESG performance. Consistent with this argument, cross-sectional analyses demonstrate that the positive impact of clique ownership on ESG is greater for firms with weaker governance mechanisms or larger ESG motivations.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104079"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143785169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Derivatives use and analysts’ forecasts: new evidence on the mechanisms from China
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104091
Guiling Zhang , Xu Lou , Danliang Yan , Hui Xu
{"title":"Derivatives use and analysts’ forecasts: new evidence on the mechanisms from China","authors":"Guiling Zhang ,&nbsp;Xu Lou ,&nbsp;Danliang Yan ,&nbsp;Hui Xu","doi":"10.1016/j.iref.2025.104091","DOIUrl":"10.1016/j.iref.2025.104091","url":null,"abstract":"<div><div>We examine whether and how corporate derivative use affects analysts' earnings forecast accuracy based on Chinese A-share listed firms during 2010 and 2020. We find that derivative users experience less accurate forecasts, compared to non-users. Such effects are more pronounced for SOEs and firms without risk exposure. Mechanism tests suggest that the negative effects of derivatives on analysts' forecasts are primarily due to ineffective hedging, high complexity and insufficient disclosure. Further analysis indicates that the implementation of <em>Hedging Accounting Standards</em>, the provision of management forecasts, and analysts’ capabilities help to mitigate the adverse impact of derivative use on analysts' forecasts.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104091"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777299","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green density and spillover effects on earnings management
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104080
Hugo Benedetti , Mohammad A. Karim , Sayan Sarkar , Andrew C. Spieler
{"title":"Green density and spillover effects on earnings management","authors":"Hugo Benedetti ,&nbsp;Mohammad A. Karim ,&nbsp;Sayan Sarkar ,&nbsp;Andrew C. Spieler","doi":"10.1016/j.iref.2025.104080","DOIUrl":"10.1016/j.iref.2025.104080","url":null,"abstract":"<div><div>We examine the link between earnings management and the environmental ratings' geographic spillover effect. Additionally, we explore the potential moderating impact of regional cultural traits like religiosity and political leanings. Using a sample of 18,012 firm-year observations, of 2319 publicly traded US firms, from 2010 to 2022, we find a negative relationship between green density and real activity-based earnings management such as abnormal production costs, abnormal discretionary expenses, and a combined measure of real activity-based earning management. These results hold even after including cultural and social standards of a geographic area such as religiosity and political affiliation.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104080"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Examining the role of artificial intelligence, financial innovation, and green energy transition in enhancing environmental quality
IF 4.8 2区 经济学
International Review of Economics & Finance Pub Date : 2025-04-01 DOI: 10.1016/j.iref.2025.104092
Abdul Majeed , Yuantao Xie , Chongyan Gao , Anna Min Du , Muniba
{"title":"Examining the role of artificial intelligence, financial innovation, and green energy transition in enhancing environmental quality","authors":"Abdul Majeed ,&nbsp;Yuantao Xie ,&nbsp;Chongyan Gao ,&nbsp;Anna Min Du ,&nbsp;Muniba","doi":"10.1016/j.iref.2025.104092","DOIUrl":"10.1016/j.iref.2025.104092","url":null,"abstract":"<div><div>The growth of emerging economies has led to heightened environmental challenges, underscoring the importance of implementing sustainable technologies and clean energy transitions to alleviate the ecological consequences. Hence, this study explores the roles of Artificial Intelligence (AI), Financial Innovation (FI), and Green Energy Transition (GET) in improving environmental quality in emerging economies. The results are robust using advanced econometric techniques that account for cross-sectional dependence, heterogeneity, unit roots, and cointegration. We test short- and long-run relationships using the cross-sectional augmented autoregressive distributed lag (CS-ARDL) model and validate the results using feasible generalized least squares (FGLS) estimators. The findings indicated the roles of AI (−0.029), FI (−0.071), and GET (−0.144) in decreasing the ecological footprint and enhancing environmental quality. However, economic growth (0.337) contributes to an increased ecological footprint. These findings highlight that sustainable technologies, FIs, and clean energy transitions are necessary to address environmental issues and sustainable economic growth. These findings provide policymakers with valuable insights into the sustainable development of emerging economies.</div></div>","PeriodicalId":14444,"journal":{"name":"International Review of Economics & Finance","volume":"100 ","pages":"Article 104092"},"PeriodicalIF":4.8,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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