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The Impact of Climate Risk Information Disclosure on Corporate Financing Costs: Evidence From Textual Analysis of Listed Companies' Annual Reports 气候风险信息披露对企业融资成本的影响——来自上市公司年报文本分析的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-01-29 DOI: 10.1111/irfi.70064
Changchun Tan, Lingyu Mo, Jun Li, Xinyi Wang
{"title":"The Impact of Climate Risk Information Disclosure on Corporate Financing Costs: Evidence From Textual Analysis of Listed Companies' Annual Reports","authors":"Changchun Tan,&nbsp;Lingyu Mo,&nbsp;Jun Li,&nbsp;Xinyi Wang","doi":"10.1111/irfi.70064","DOIUrl":"https://doi.org/10.1111/irfi.70064","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the effect of climate risk information disclosure on corporate debt financing costs in the context of China's low-carbon transition. Using a panel of Chinese A-share listed firms from 2013 to 2021, we construct a localized climate risk disclosure index based on Word2Vec and textual analysis of annual reports. The results show that higher-quality climate risk disclosure significantly lowers firms' debt financing costs. Mechanism analyses indicate that this effect operates through reduced information asymmetry, driven by stronger external supervision and improved internal governance. Further analyses reveal that the effect is more pronounced for state-owned enterprises, firms in heavy-polluting industries, and companies led by executives without environmental backgrounds. Moreover, transition risk disclosures exert a stronger cost-reducing effect than physical risk disclosures. Overall, this study provides micro-level evidence on the financing implications of climate risk communication and offers policy insights for improving climate disclosure frameworks in emerging markets.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146136626","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
Information Environment, Systematic Volatility, and Stock Return Synchronicity 信息环境、系统波动与股票收益同步性
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-01-21 DOI: 10.1111/irfi.70063
Jing Wang, Steven X. Wei, Wayne Yu
{"title":"Information Environment, Systematic Volatility, and Stock Return Synchronicity","authors":"Jing Wang,&nbsp;Steven X. Wei,&nbsp;Wayne Yu","doi":"10.1111/irfi.70063","DOIUrl":"https://doi.org/10.1111/irfi.70063","url":null,"abstract":"<div>\u0000 \u0000 <p>In this paper, we first develop a theoretical model to demonstrate that systematic volatility—and thus stock price synchronicity, as measured by <i>R</i><sup>2</sup> in an asset pricing model—decreases with enhanced corporate disclosures in the market. We show that if investors can infer a firm's future performance from noisy signals in the market, systematic volatility, and consequently stock price synchronicity, will decline as earnings news helps resolve market-wide uncertainty. We empirically test this prediction by comparing <i>R</i><sup>2</sup> values during earnings announcement seasons with those during non-announcement seasons and find significantly lower <i>R</i><sup>2</sup> values in the earnings season. Furthermore, we show that the decline in stock price synchronicity is driven primarily by a reduction in systematic volatility rather than by an increase in idiosyncratic volatility. We also find that the drop in synchronicity is less pronounced among firms with generally higher information quality—since their earnings news is relatively less informative—but more pronounced in the month when the first industry bellwether firm announces earnings. Finally, we document that stock price synchronicity begins to decline immediately after the first earnings announcement in an industry and reverts following the last announcement. Overall, our paper provides new evidence in support of the information-based interpretation of stock return synchronicity and highlights the importance of the systematic component of stock volatility for future research.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146057971","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
The Power of Voice: Monetary Policy and Cryptocurrency 声音的力量：货币政策和加密货币
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-01-21 DOI: 10.1111/irfi.70062
Dooyeon Cho
{"title":"The Power of Voice: Monetary Policy and Cryptocurrency","authors":"Dooyeon Cho","doi":"10.1111/irfi.70062","DOIUrl":"https://doi.org/10.1111/irfi.70062","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates how nonverbal elements of central bank communication—specifically, the vocal tone of Federal Reserve (Fed) Chairs during Federal Open Market Committee (FOMC) press conferences—shape cryptocurrency market behavior across different phases of the business cycle. Using vocal tone measures extracted from speech audio and controlling for the Fed's textual sentiment and policy actions, we find that tone conveys information beyond what is contained in the Chair's words. A more positive vocal tone raises cryptocurrency prices during economic expansions but has the opposite effect during contractions. These asymmetric responses suggest that, in stable economic conditions, an optimistic tone strengthens investor confidence and encourages greater risk-taking, whereas during downturns, heightened uncertainty and risk aversion dominate, leading market participants to shift away from speculative assets such as cryptocurrencies. Overall, our findings reveal that nonverbal communication functions as a meaningful and state-dependent channel through which monetary policy affects the cryptocurrency market.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146057972","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
Optimal Insurance Pricing and Demands in a Stochastic Stackelberg Differential Game 随机Stackelberg微分对策中的最优保险定价和需求
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-12-31 DOI: 10.1111/irfi.70057
Ming Zhou, Shuang Li, Bing Liu
{"title":"Optimal Insurance Pricing and Demands in a Stochastic Stackelberg Differential Game","authors":"Ming Zhou,&nbsp;Shuang Li,&nbsp;Bing Liu","doi":"10.1111/irfi.70057","DOIUrl":"https://doi.org/10.1111/irfi.70057","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates portfolio selection and risk control between individuals and an insurer in a frame of stochastic Stackelberg differential game. In the Stackelberg game, the insurer plays as the leader who determines the price of insurance, and individuals play as the followers deciding how much insurance they should buy. On one hand, we suppose that there are <span></span><math>\u0000 <semantics>\u0000 <mrow>\u0000 <mi>n</mi>\u0000 </mrow>\u0000 <annotation>$$ n $$</annotation>\u0000 </semantics></math> homogeneous individuals in the market who can purchase insurance from one insurer. Each individual aims to achieve optimal consumption, insurance, and investment policies while considering premium prices and the performance of financial market. On the other hand, the insurer can adjust premium prices and investment policies in response to the individuals' insurance demands and the performance of financial market. Both individuals and the insurer aim to maximize their expectation of utilities. By employing the dynamic programming principle, we obtain closed-form solutions for optimal policies and value functions. The results show that the correlation between financial market and insurance market has a significant impact on the optimal strategy. A strong negative correlation would lead to an inefficient insurance market, but full insurance demand occurs for strong positive correlated markets. Most interestingly, our result indicates that insurance demand can effectively increase individuals consumption level and investment level on risk assets for positive correlated markets. Finally, we also find the equilibrium insurance price decreases and the equilibrium insurance demand increases with respect to the size of insurance market for positive correlated markets.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145887972","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
Environmental Regulation and Corporate Trade Credit Financing: Evidence From the Cleaner Production Standards in China 环境规制与企业贸易信用融资：来自中国清洁生产标准的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-12-31 DOI: 10.1111/irfi.70059
Xianhang Qian, Shanyun Qiu, Xinran Zhang, Yang Zhao
{"title":"Environmental Regulation and Corporate Trade Credit Financing: Evidence From the Cleaner Production Standards in China","authors":"Xianhang Qian,&nbsp;Shanyun Qiu,&nbsp;Xinran Zhang,&nbsp;Yang Zhao","doi":"10.1111/irfi.70059","DOIUrl":"https://doi.org/10.1111/irfi.70059","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates the impact of environmental regulation on corporate trade credit financing using the exogenous passage of industry-level cleaner production standards in China. The results of a staggered difference-in-differences model show that firms in regulated industries receive more trade credit. Further channel analysis shows that environmental regulation increases firms' usage of trade credit by increasing financial pressure and requirements for suppliers' product quality assurance. The effect is more pronounced for firms with greater initial bargaining power and stricter supervision. Moreover, we find that the increased trade credit associated with environmental regulation increases corporate green innovation, operating performance, and mitigates financial distress. Finally, we find that there is downstream propagation of product quality assurance, particularly for firms that rely heavily on downstream partners.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145891651","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
Independent Director Diligence and the Cost of Equity Capital—Evidence From the Performance Reports of Independent Directors 独立董事勤勉与股权资本成本——来自独立董事绩效报告的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-12-21 DOI: 10.1111/irfi.70055
Huiyan Yang, Chun Cai
{"title":"Independent Director Diligence and the Cost of Equity Capital—Evidence From the Performance Reports of Independent Directors","authors":"Huiyan Yang,&nbsp;Chun Cai","doi":"10.1111/irfi.70055","DOIUrl":"https://doi.org/10.1111/irfi.70055","url":null,"abstract":"<div>\u0000 \u0000 <p>Based on the key focus areas in independent directors' performance reports, we investigate the impact of independent director (ID) diligence on equity capital cost using a sample of listed companies in China from 2015 to 2022. We find that firms with more diligent IDs experience significantly lower cost of equity. The effect is especially pronounced when IDs focus on investor return, external guarantees and capital occupation, and the usage of raised funds. Mechanism tests suggest that ID diligence reduces the cost of equity capital by alleviating two types of agency problems and improving information transparency. The impact of ID diligence on the cost of equity capital is stronger in firms with higher fraud risk, weaker equity balance, and lower external attention. The economic consequence tests further show that ID diligence can relieve financing constraints and increase firm value. Our findings inform regulators, investors, IDs, and other stakeholders interested in the economic consequences of ID performance.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145887455","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
Green Bond Investment, Redemption Risk, and Fund Performance: Evidence From Chinese Bond Mutual Funds 绿色债券投资、赎回风险与基金绩效：来自中国债券共同基金的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-12-21 DOI: 10.1111/irfi.70054
Chengyu Li, Dayong Lv, Qingsong Ruan, Xiaokun Wei
{"title":"Green Bond Investment, Redemption Risk, and Fund Performance: Evidence From Chinese Bond Mutual Funds","authors":"Chengyu Li,&nbsp;Dayong Lv,&nbsp;Qingsong Ruan,&nbsp;Xiaokun Wei","doi":"10.1111/irfi.70054","DOIUrl":"https://doi.org/10.1111/irfi.70054","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the influence of green bond investments on bond fund performance in China from June 2016 to June 2023. We find that funds investing in green bonds (“green funds”) significantly outperform their non-green counterparts. This outperformance can be attributed to a “redemption risk story,” where green bond investments mitigate redemption pressures, enabling fund managers to reduce liquidity buffers and reallocate capital to higher-yielding assets. Consistent with this story, the outperformance of green funds is more pronounced during periods of heightened redemption risk. Our research contributes to understanding the benefits of socially responsible investments in bond mutual funds.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145891491","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
Climate Change Exposure and Corporate Cash Reserves: International Evidence 气候变化风险与企业现金储备：国际证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-12-08 DOI: 10.1111/irfi.70050
Woraphon Wattanatorn, Pornsit Jiraporn
{"title":"Climate Change Exposure and Corporate Cash Reserves: International Evidence","authors":"Woraphon Wattanatorn,&nbsp;Pornsit Jiraporn","doi":"10.1111/irfi.70050","DOIUrl":"https://doi.org/10.1111/irfi.70050","url":null,"abstract":"<p>We examined how climate change exposure (CCE) affects corporate cash holdings (CCH), highlighting how firms adjust liquidity strategies in response to environmental risk. Using data from 12,806 firms across 81 countries, we analyzed how physical, regulatory, and opportunity-related climate risks affect cash management. Results reveal a strong positive CCE-CCH relationship driven by precautionary motives to buffer against financial uncertainty. Regulatory risk has the greatest impact, as firms may hold additional cash to meet compliance demands. We found that higher ESG performance reduces cash holdings, reflecting better capital access and aligning firms' financial strategies with climate resilience.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70050","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145750620","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
Correction to “Shareholding Arrangement Within Controlling Family and ESG Performance: Insights From Succession Planning in Chinese Family Businesses” 对“控股家族内部股权安排与ESG绩效：来自中国家族企业继任计划的启示”的更正
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-11-25 DOI: 10.1111/irfi.70053
{"title":"Correction to “Shareholding Arrangement Within Controlling Family and ESG Performance: Insights From Succession Planning in Chinese Family Businesses”","authors":"","doi":"10.1111/irfi.70053","DOIUrl":"https://doi.org/10.1111/irfi.70053","url":null,"abstract":"<p>Jin, X., G. Yuan, S. Wang, and J. Yu. 2025. “Shareholding Arrangement Within Controlling Family and ESG Performance: Insights From Succession Planning in Chinese Family Businesses.” <i>International Review of Finance</i> 25, no. 3: e70028. https://doi.org/10.1111/irfi.70028.</p><p>The third author affiliation 'School of Accountancy, Zhongnan University of Finance and Law, Wuhan, People's Republic of China' has been corrected to 'School of Accountancy, Zhongnan University of Economics and Law, Wuhan, People's Republic of China' throughout the article.</p><p>We apologize for this error.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70053","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145625987","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
Health Risk and Stock Return: Evidence From SARS and COVID-19 健康风险和股票回报：来自SARS和COVID-19的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-11-25 DOI: 10.1111/irfi.70049
Changfeng Ma, Jianfeng Shen, Huiping Zhang
{"title":"Health Risk and Stock Return: Evidence From SARS and COVID-19","authors":"Changfeng Ma,&nbsp;Jianfeng Shen,&nbsp;Huiping Zhang","doi":"10.1111/irfi.70049","DOIUrl":"https://doi.org/10.1111/irfi.70049","url":null,"abstract":"<div>\u0000 \u0000 <p>This study proposes a simple and practical approach to measure firm-level health risk by examining stock performance during a prior crisis of a similar type. Using Chinese A-share firms—the only major market significantly affected by both SARS and COVID-19—we show that SARS returns robustly predict COVID-19 returns, even after controlling for systematic risk, firm characteristics, survivorship, industry effects, and investor behavior. Further analysis indicates that both expected cash flow and discount rate channels contribute to such return predictability. By offering an easily implementable measure of health risk and providing out-of-sample evidence from a major non-U.S. market, our study highlights the persistent role of health risk in firm valuation and extends the literature on pandemic-related financial risk.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145625985","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
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