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When Do Narratives Move Prices? Portfolio Allocation and Narrative Diffusion in Financial Markets 叙述何时影响价格？金融市场中的投资组合配置与叙事扩散
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-10-13 DOI: 10.1111/irfi.70105
Yong Ma, Xianxin Duan, Bochuan Dai
{"title":"When Do Narratives Move Prices? Portfolio Allocation and Narrative Diffusion in Financial Markets","authors":"Yong Ma,&nbsp;Xianxin Duan,&nbsp;Bochuan Dai","doi":"10.1111/irfi.70105","DOIUrl":"https://doi.org/10.1111/irfi.70105","url":null,"abstract":"<div>\u0000 \u0000 <p>Why do widely discussed market narratives sometimes trigger large asset-price movements while at other times have little effect? We develop a dynamic equilibrium model in which narratives diffuse through investor communication networks and affect prices through portfolio reallocation. Narratives influence equilibrium prices only when adoption changes perceived asset values sufficiently to alter portfolio demand. The magnitude of their price effects depends on who adopts, is larger when existing narrative valuation is low, and remains bounded by aggregate wealth. Communication networks therefore shape prices indirectly by influencing the distribution of narrative views and investors' adoption decisions. An empirical application to four U.S.-listed firms associated with the quantum-computing investment narrative provides complementary reduced-form evidence. More favorable narrative coverage is associated with higher contemporaneous abnormal returns, while greater narrative intensity is associated with excess volatility and a higher probability of extreme abnormal returns.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Pricing RMB Policy Risk: Evidence From Onshore and Offshore FX Option Markets 人民币政策风险定价：来自在岸和离岸外汇期权市场的证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-10-11 DOI: 10.1111/irfi.70106
Nan He, Tan Wang
{"title":"Pricing RMB Policy Risk: Evidence From Onshore and Offshore FX Option Markets","authors":"Nan He,&nbsp;Tan Wang","doi":"10.1111/irfi.70106","DOIUrl":"https://doi.org/10.1111/irfi.70106","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines how onshore and offshore RMB option markets price potential shifts in China's RMB exchange rate regime. We calibrate a regime-switching option pricing model to USD/CNY and USD/CNH options to recover daily risk-neutral parameters summarizing the pricing of regime-switching risk, including the risk-neutral switching probability, the size of a possible RMB realignment, and exchange-rate volatility under a possible new regime. This allows us to quantify and compare policy-related tail-risk pricing embedded in option prices over the past decade. The results show that CNH options price larger potential RMB devaluations and higher exchange-rate volatility under a possible new regime than CNY options, especially during stress periods, whereas CNY options imply higher risk-neutral switching probabilities. An event study around the introduction of the countercyclical factor further shows that CNY and CNH option-implied risk-neutral distributions evolved differently before and after the policy announcement. These findings point to segmented risk-neutral pricing of RMB policy-related risk across onshore and offshore option markets.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149205397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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-Related Uncertainty and Corporate Financialization 能源相关不确定性与企业金融化
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-10-08 DOI: 10.1111/irfi.70107
Japan Huynh
{"title":"Energy-Related Uncertainty and Corporate Financialization","authors":"Japan Huynh","doi":"10.1111/irfi.70107","DOIUrl":"https://doi.org/10.1111/irfi.70107","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the link between energy uncertainty and corporate financialization using data from 545 nonfinancial listed firms in Vietnam over 2007–2024. We find that higher energy uncertainty is associated with higher financial asset holdings. Mechanism analysis supports both real options and precautionary motives, as firms tend to delay real investment and shift toward liquid financial assets, particularly under conditions of tighter financial constraints. The effect is weaker for state-owned enterprises but stronger in energy-intensive industries and during economic downturns. Overall, the results suggest that energy uncertainty is associated with lower real investment and greater precautionary financialization, highlighting the importance of stabilizing energy markets.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149146136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 Digital Transformation Drive the Adjustment of Bank Loan Structure? Evidence From China 数字化转型驱动银行贷款结构调整吗？来自中国的证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-10-04 DOI: 10.1111/irfi.70104
Chuang Shen, Yajin Zhang, Junyi Wu, Qian Chen
{"title":"Does Digital Transformation Drive the Adjustment of Bank Loan Structure? Evidence From China","authors":"Chuang Shen,&nbsp;Yajin Zhang,&nbsp;Junyi Wu,&nbsp;Qian Chen","doi":"10.1111/irfi.70104","DOIUrl":"https://doi.org/10.1111/irfi.70104","url":null,"abstract":"<div>\u0000 \u0000 <p>This article examines the impact of digital transformation on bank loan structure. We employ text mining and the entropy weight method to measure the five-dimensional digital transformation index of banks and conduct an empirical analysis based on the panel data of 132 commercial banks in China from 2013 to 2022. The results indicate that digital transformation significantly drives the adjustment of various types of bank loan structures, increasing the proportion of unsecured loans, personal loans, medium- and long-term loans, manufacturing loans, and green loans. In terms of the impact mechanism, improving information screening capability and enhancing risk control capability are two key channels through which digital transformation exerts its impact. Furthermore, the heterogeneity analysis reveals that the impact of digital transformation on loan structures varies among banks with different asset size, profitability, and management efficiency. Finally, we propose targeted suggestions for commercial banks and regulatory authorities.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149145642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Labor Mobility, Managerial Evaluation Risk, and Corporate Performance Disclosures 劳动力流动、管理评估风险与公司绩效披露
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-09-30 DOI: 10.1111/irfi.70103
Justin Hung Nguyen, Buhui Qiu, Cameron Truong
{"title":"Labor Mobility, Managerial Evaluation Risk, and Corporate Performance Disclosures","authors":"Justin Hung Nguyen,&nbsp;Buhui Qiu,&nbsp;Cameron Truong","doi":"10.1111/irfi.70103","DOIUrl":"https://doi.org/10.1111/irfi.70103","url":null,"abstract":"<p>This study documents that managers of firms with greater labor mobility (<i>LM</i>) face higher personal evaluation risk (i.e., higher likelihood of performance-driven forced turnover), especially among firms with more transparent performance disclosures. Moreover, managers of high-<i>LM</i> firms tend to adopt lower-quality performance disclosures (i.e., lower financial statement readability, earnings quality, and accounting conservatism) to mitigate their personal evaluation risk. The effect of <i>LM</i> on performance disclosure quality is stronger for firms whose managers are more concerned about personal evaluation risk, but is weaker for firms headquartered in states that restrain mobility. Finally, low-quality disclosures by high-<i>LM</i> firms attract a valuation discount.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70103","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149084068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Unpacking the Local Pay Gap: New Insights Into CSR and Employee Relations 拆解本地薪酬差距：企业社会责任和员工关系的新见解
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-09-10 DOI: 10.1111/irfi.70102
Hsin-I Chou, Tu Nguyen, Jing Zhao
{"title":"Unpacking the Local Pay Gap: New Insights Into CSR and Employee Relations","authors":"Hsin-I Chou,&nbsp;Tu Nguyen,&nbsp;Jing Zhao","doi":"10.1111/irfi.70102","DOIUrl":"https://doi.org/10.1111/irfi.70102","url":null,"abstract":"<p>We examine the relationship between CEO local tournament incentives and corporate social responsibility (CSR) activities. Larger local pay gaps are linked to lower CSR engagement, driven exclusively by weaker performance in the employee relations dimension, characterized by fewer strengths and more concerns. Decomposing the local pay gap, we attribute this negative effect to its externality component, which is unexplained by firm performance, firm-CEO characteristics, or governance measures. Cross-sectional tests suggest that the negative association between local tournament incentives and CSR performance reflects managerial actions aligned with shareholder interests, rather than purely driven by personal career concerns.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70102","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148942868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Information Transparency and the Heterogeneous Effects of Environmental Policy on Firm Value: International Evidence 信息透明度与环境政策对企业价值的异质效应：国际证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-09-08 DOI: 10.1111/irfi.70101
Yuchen Wang, Konari Uchida
{"title":"Information Transparency and the Heterogeneous Effects of Environmental Policy on Firm Value: International Evidence","authors":"Yuchen Wang,&nbsp;Konari Uchida","doi":"10.1111/irfi.70101","DOIUrl":"https://doi.org/10.1111/irfi.70101","url":null,"abstract":"<p>Using firm level data from 28 countries, we examine how disclosure requirements shape the relationship between national environmental policy stringency, measured by the OECD Environmental Policy Stringency Index (<i>EPSI</i>), and firm value. We find that higher <i>EPSI</i> is associated with lower firm valuations in countries with low disclosure quality. In contrast, this relationship turns positive in countries with high-quality disclosure regimes. Furthermore, <i>EPSI</i> is more positively associated with firms' green patent applications in countries with higher disclosure quality. These results suggest that transparent information environments mitigate information asymmetries and enhance the effectiveness of environmental policies in creating firm value.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70101","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148942735","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Determinants of Ex-Dividend Date Price Behavior: Evidence From Taiwan 除息日价格行为的决定因素：来自台湾的证据
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-09-06 DOI: 10.1111/irfi.70100
Po-Hsin Hsieh, Su-Yin Cheng, Han Hou, Wei-Li Chuang
{"title":"Determinants of Ex-Dividend Date Price Behavior: Evidence From Taiwan","authors":"Po-Hsin Hsieh,&nbsp;Su-Yin Cheng,&nbsp;Han Hou,&nbsp;Wei-Li Chuang","doi":"10.1111/irfi.70100","DOIUrl":"https://doi.org/10.1111/irfi.70100","url":null,"abstract":"<div>\u0000 \u0000 <p>Corporate payout policy has been widely examined from the perspectives of taxation, agency conflicts, and information asymmetry. However, empirical evidence on ex-dividend date price behavior remains concentrated in developed markets, such as the United States, Finland, and Australia, where institutional investors and arbitrage activities are expected to reduce temporary mispricing efficiently. However, empirical verification of these mechanisms in emerging markets remains limited, particularly in markets with extensive retail participation and heterogeneous investor tax treatment. This study exploits the institutional environment of the Taiwan Stock Exchange, which is characterized by substantial retail trading, a dividend imputation tax system, and considerable variation in ownership structure, to examine these mechanisms while incorporating governance related ownership factors. Using 5808 firm-year observations from 2013 to 2022, the results show significant price appreciation and higher trading activity before the ex-dividend date followed by incomplete reversal afterward, particularly among firms with high dividend yields and high payout ratios. Cash dividend yield, rather than the payout ratio, is the primary determinant of holding period abnormal returns and gross reversal, whereas return volatility, turnover, and institutional ownership further influence these dynamics. The findings show that governance related ownership characteristics significantly affect ex-dividend price behavior.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148942428","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Foreign-Experienced Independent Directors and Leverage Manipulation in China 外资资深独立董事与中国杠杆操纵
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-08-28 DOI: 10.1111/irfi.70096
Fuying Wei, Hedy Jiaying Huang, Siyuan Xuan, Liping Zou
{"title":"Foreign-Experienced Independent Directors and Leverage Manipulation in China","authors":"Fuying Wei,&nbsp;Hedy Jiaying Huang,&nbsp;Siyuan Xuan,&nbsp;Liping Zou","doi":"10.1111/irfi.70096","DOIUrl":"https://doi.org/10.1111/irfi.70096","url":null,"abstract":"<div>\u0000 \u0000 <p>This study finds that foreign-experienced independent directors play a significant governance role in mitigating corporate leverage manipulation among Chinese listed firms. Using panel data from 2008 to 2023, the analysis shows that their presence on boards is associated with lower levels of leverage manipulation, primarily through improving information disclosure quality and reducing information asymmetry. The effect is stronger in firms with a high level of financing constraints, firms with a higher proportion of short-term institutional investors, and firms in competitive industries. These findings highlight the importance of global experience in board composition while recognizing potential challenges such as cultural and institutional unfamiliarity, underscoring the need for context-sensitive governance policies to enhance financial transparency and stability.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148849226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Tail Dependence: The Impact of Risk Spillovers on Real Estate Markets in Times of Economic and Geo-Political Uncertainty 尾部依赖：经济和地缘政治不确定性时期风险溢出对房地产市场的影响
IF 2.3 4区 经济学
International Review of Finance Pub Date : 2026-08-28 DOI: 10.1111/irfi.70098
Stanimira Milcheva, Simon Stevenson, Lingshan Xie
{"title":"Tail Dependence: The Impact of Risk Spillovers on Real Estate Markets in Times of Economic and Geo-Political Uncertainty","authors":"Stanimira Milcheva,&nbsp;Simon Stevenson,&nbsp;Lingshan Xie","doi":"10.1111/irfi.70098","DOIUrl":"https://doi.org/10.1111/irfi.70098","url":null,"abstract":"<p>The first half of the 2020's has seen a degree of economic and geo-political uncertainty not observed since the 1970s. This paper looks at how listed real estate is exposed to capital market shocks by estimating Conditional Value-at-Risk (CoVaR), which captures the sensitivity of real estate returns to extreme movements in broader equity markets. We use threshold Generalized Autoregressive Conditional Heteroskedasticity (tGARCH) and Copula co-dependency functions to accurately account for tail behavior and dependency structures. We find a significant increase in downside spillovers from capital markets to listed real estate during the Covid period across most countries. However, the response to geo-political events varies across countries, which might provide diversification benefits at international level. Furthermore, geo-political shocks seem more strongly transmitted through stock markets rather than bond markets.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70098","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148849225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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