International Review of Finance最新文献_第2页

Intraday and Daily Price Discovery in Carbon Markets: EUA Futures Versus Carbon ETFs 碳市场的盘中和每日价格发现：EUA期货与碳etf

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-26 DOI: 10.1111/irfi.70099

Yoichi Otsubo

{"title":"Intraday and Daily Price Discovery in Carbon Markets: EUA Futures Versus Carbon ETFs","authors":"Yoichi Otsubo","doi":"10.1111/irfi.70099","DOIUrl":"https://doi.org/10.1111/irfi.70099","url":null,"abstract":"<p>We investigate intraday price discovery between EUA futures and a US-listed carbon ETF (KEUA) using hourly data and a state-space model that separates efficient-price innovations from transitory noise and allows adjustment speeds to differ across trading-hour regimes. Results show that intrinsic-value-relevant innovations are concentrated when the futures market is active: during ETF-only hours, efficient-price innovations are small and the ETF exhibits little contemporaneous adjustment, implying largely transitory quote dynamics. During overlapping hours, both markets incorporate innovations rapidly, with the ETF adjusting at least as quickly as futures on average, while time variation in relative efficiency is linked to cross-market liquidity and policy regimes. Around major within-sample Fit-for-55/EU ETS reform milestones, price discovery shifts relatively toward EUA futures, suggesting that policy-sensitive information is incorporated primarily through the futures market. At the daily frequency, auctions, futures, and the ETF are tightly integrated: shocks transmit bidirectionally, and longer-horizon variation is increasingly associated with ETF-related innovations, consistent with a venue-interactive EU ETS pricing system.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-08-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70099","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148848955","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

The Power of Diversity and Inclusion: Impact on Credit Default Swap Spreads 多样性和包容性的力量：对信用违约互换价差的影响

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-24 DOI: 10.1111/irfi.70095

Erzhuo Liu, Liang Kevin Guo, Qing He, Bailin Liang

引用次数: 0

The Impact of Homeless Encampments on Housing Prices 无家可归者营地对房价的影响

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-23 DOI: 10.1111/irfi.70097

Jarl G. Kallberg, Yoshiki Shimizu

引用次数: 0

The Sustainable Value of Market Discipline: How Short-Selling Enhances Corporate ESG Performance 市场纪律的可持续价值：卖空如何提高公司ESG绩效

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-22 DOI: 10.1111/irfi.70094

Yihui Chen, Xin He, Qilin Ji, Weiran Wang

{"title":"The Sustainable Value of Market Discipline: How Short-Selling Enhances Corporate ESG Performance","authors":"Yihui Chen, Xin He, Qilin Ji, Weiran Wang","doi":"10.1111/irfi.70094","DOIUrl":"https://doi.org/10.1111/irfi.70094","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of the securities margin trading policy on corporate environmental, social, and governance (ESG) performance. Using a quasi-natural experiment, we demonstrate that the short-selling threat significantly enhances firms' ESG performance. Mechanism analyses provide evidence consistent with three ESG-related corporate responses: ESG report disclosure, strengthened corporate environmental practices, and improved internal corporate governance arrangements. Cross-sectional tests indicate that the effect is more pronounced among firms with higher executive compensation, greater external supervision, larger staff size, lower customer concentration, and no history of equity pledging. Further analysis suggests that the observed improvement in ESG performance is primarily driven by ex-ante deterrence effects rather than actual short-selling transactions, with consistent enhancements across all ESG sub-dimensions. Importantly, we find no empirical support for the greenwashing hypothesis; instead, the short-selling threat fosters substantive ESG advancements that positively contribute to firm value. Our findings underscore the pivotal role of market discipline in promoting sustainable business practices, highlighting short-selling mechanisms as an effective complement to traditional ESG governance frameworks.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148785011","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

Institutional Investor Climate Change Concern and Corporate Green Governance: Evidence From China 机构投资者关注气候变化与公司绿色治理：来自中国的证据

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-10 DOI: 10.1111/irfi.70092

Sishi Yue, Mo Yang, Keke Wu, Dayong Dong

引用次数: 0

Beta Estimation Under Infrequent Trading: A Machine Learning Approach 不频繁交易下的Beta估计：一种机器学习方法

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-08-10 DOI: 10.1111/irfi.70093

Alejandro Maldonado Mendoza, Olena Onishchenko

引用次数: 0

FinTech and Bank Efficiency in China: Evidence From a Dynamic Network Perspective 金融科技与中国银行效率：来自动态网络视角的证据

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-07-29 DOI: 10.1111/irfi.70091

Lifang Li, Mengqi Ouyang, Fangming Xu

{"title":"FinTech and Bank Efficiency in China: Evidence From a Dynamic Network Perspective","authors":"Lifang Li, Mengqi Ouyang, Fangming Xu","doi":"10.1111/irfi.70091","DOIUrl":"https://doi.org/10.1111/irfi.70091","url":null,"abstract":"<p>This paper examines whether and through which channels financial technology (FinTech) development improves the efficiency of commercial banks. We adopt a meso-level perspective by measuring external FinTech exposure with two complementary indicators: industry-level innovation intensity (FinTech-related Bank Technology Development Awards) and region-level digital development (municipality digitalization index). Bank efficiency is estimated using a dynamic network slacks-based measure DEA (SBM-DNDEA) framework that opens the banking “black box” by modeling deposit-generation and profit-creation stages jointly over time. Using panel data on Chinese commercial banks from 2011 to 2021, we find that FinTech development significantly increases overall efficiency and improves performance in both stages. Instrumental-variable and system-GMM estimates for DFI provide additional evidence that the regional FinTech results are robust to endogeneity concerns. Mechanism tests show that FinTech raises efficiency through stronger risk-bearing capacity and better management-level cost control. Further analysis indicates that the effects are concentrated in small and medium-sized banks and non-state-owned banks. Overall, our findings showcase that FinTech-driven technological spillovers are an important source of bank efficiency gains.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70091","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148616612","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

Asymmetric Transmission, NIM Pressure, and SMB Lending: State-Dependent Weakening of the Credit Channel 不对称传导、NIM压力和中小企业贷款：国家依赖的信贷渠道弱化

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-07-19 DOI: 10.1111/irfi.70090

Yong-Zheng Qi, Xiancang Fang, Mo Chen, Yongfan Ma

{"title":"Asymmetric Transmission, NIM Pressure, and SMB Lending: State-Dependent Weakening of the Credit Channel","authors":"Yong-Zheng Qi, Xiancang Fang, Mo Chen, Yongfan Ma","doi":"10.1111/irfi.70090","DOIUrl":"https://doi.org/10.1111/irfi.70090","url":null,"abstract":"<div>\u0000 \u0000 <p>Traditional monetary policy transmission theory posits that policy easing enhances credit availability. However, we document a reversal-like attenuation of this channel under net interest margin (NIM) pressure. Using data from 183 small and medium-sized banks (SMBs) in China from 2009 to 2024, we employ high-frequency identification and local projection to conduct empirical tests. We find that lending rates fall significantly faster than deposit rates following monetary easing, leading to a sharp rapid compression of NIMs. State-dependent local projection results indicate that high-NIM banks respond sluggishly to monetary policy and exhibit limited credit growth. By characterizing NIM as an intrinsic equilibrium outcome of cost rigidity and the competitive environment, we employ multiple methods to deconstruct these dual dimensions. The results are consistent with supply-side constraints: cost rigidity emerges as the dominant factor limiting credit expansion, while the competitive environment acts as an amplifier. This paper documents the underlying conditions under which conventional monetary transmission becomes attenuated and state-dependent, offering important implications for economies with similar financial systems.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148615202","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

Automatic Workout Mortgage and Housing Consumption Choice 自动锻炼抵押贷款和住房消费选择

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-07-05 DOI: 10.1111/irfi.70085

Robert J. Shiller, Rafal M. Wojakowski, M. Shahid Ebrahim, Mark B. Shackleton

引用次数: 0

Public Data Availability and Corporate ESG Performance: Evidence From Online Data-Sharing Platforms in China 公共数据可用性与企业ESG绩效：来自中国在线数据共享平台的证据

IF 2.3 4区经济学

International Review of Finance Pub Date : 2026-06-30 DOI: 10.1111/irfi.70089

Lixing Deng, Shaojie Lai, Qing Sophie Wang, Laifeng Yang

{"title":"Public Data Availability and Corporate ESG Performance: Evidence From Online Data-Sharing Platforms in China","authors":"Lixing Deng, Shaojie Lai, Qing Sophie Wang, Laifeng Yang","doi":"10.1111/irfi.70089","DOIUrl":"https://doi.org/10.1111/irfi.70089","url":null,"abstract":"<p>This study examines whether public data availability improves corporate ESG performance. Exploiting the rollout of China's data-sharing platforms as a quasi-natural experiment, we find that platform adoption significantly enhances firms' ESG outcomes. Treated firms exhibit lower toxic emissions, higher labor income shares and charitable giving, and lower overhead costs and excessive managerial perks. Mechanism analyses show that these effects arise through improved firm performance, reduced information asymmetry, greater ESG-oriented institutional ownership, and stronger public attention, with public scrutiny playing the most important role. Heterogeneity tests suggest that public data-sharing platforms function primarily as opacity-reducing, information-forcing interventions: effects are stronger among firms with poorer information quality, tighter financial constraints, and private ownership, and in cities with higher-quality platform data. Public data availability also amplifies the performance penalties associated with negative ESG events, indicating that it makes ESG-related information more salient and economically consequential.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 3","pages":""},"PeriodicalIF":2.3,"publicationDate":"2026-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70089","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148381118","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