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Bitcoin Research: What Are the New Frontiers? 比特币研究：新前沿是什么？
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-08-10 DOI: 10.1111/fire.70015
Robert J. R. Elliott, Andrew Urquhart
{"title":"Bitcoin Research: What Are the New Frontiers?","authors":"Robert J. R. Elliott,&nbsp;Andrew Urquhart","doi":"10.1111/fire.70015","DOIUrl":"https://doi.org/10.1111/fire.70015","url":null,"abstract":"<div>\u0000 \u0000 <p>In this article, we discuss how far Bitcoin has come since its formulation 16 years ago and explore promising areas for future research in finance. The future research topics fall into the following three broad areas: institutional and country adoption, criminality, and Bitcoin's relationship to stablecoins. After a brief discussion of the existing literature, we provide a list of open research questions for future research to explore.</p></div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1121-1127"},"PeriodicalIF":1.9,"publicationDate":"2025-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146241","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Target Return Strategy 目标回报策略
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-15 DOI: 10.1111/fire.70006
Ying Xue, Zheng Wen, Xu Jiang
{"title":"Target Return Strategy","authors":"Ying Xue,&nbsp;Zheng Wen,&nbsp;Xu Jiang","doi":"10.1111/fire.70006","DOIUrl":"https://doi.org/10.1111/fire.70006","url":null,"abstract":"<p>We study the target return strategy (TRS), which exits the market once the return reaches a preset target. We show that the holding-period return (HPR) cannot mean-variance dominate TRS, but TRS can mean-variance dominate HPR. We theoretically analyze TRS and quantitatively illustrate that training targets by a mean-variance utility optimization algorithm based on recent HPRs and peak returns can improve welfare. By exiting at targets, TRS preempts potential price reversals, manages investment risk, enhances risk-return profiles, and encourages market participation. TRS justifies the use of price-contingent orders, explains the disposition effect, and questions market efficiency.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1483-1503"},"PeriodicalIF":1.9,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146256","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reputational Damage of Bank Misconduct: The Role of Regulation and ESG Performance 银行不当行为的声誉损害：监管与ESG绩效的作用
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-10 DOI: 10.1111/fire.70001
Alessandro Carretta, Paola Schwizer, Maria Gaia Soana
{"title":"Reputational Damage of Bank Misconduct: The Role of Regulation and ESG Performance","authors":"Alessandro Carretta,&nbsp;Paola Schwizer,&nbsp;Maria Gaia Soana","doi":"10.1111/fire.70001","DOIUrl":"https://doi.org/10.1111/fire.70001","url":null,"abstract":"<p>This study investigates the reputational losses incurred by banks due to detected misconduct and the impact of bank ESG performance on this reputational damage. We use a unique dataset of 400 fines assigned to 39 European listed banks from 2009 to 2022 by US and EU regulatory agencies. Applying the event study methodology, we demonstrate that detected misconduct leads to significant reputational losses. European banks suffer higher reputational penalties when sanctioned by domestic (EU) regulators rather than foreign (US) regulators. Moreover, banks’ global ESG performance significantly mitigates reputational losses resulting from detected misconduct. Among the three sub-pillars of ESG performance, governance performance is shown to be crucial in reducing this reputational damage.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1359-1387"},"PeriodicalIF":1.9,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70001","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Corporate Social Responsibility Facilitate Public Debt Financing? 企业社会责任促进公共债务融资吗？
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-06 DOI: 10.1111/fire.70005
Xin Chang, Bin Xu, Yung Chiang Yang
{"title":"Does Corporate Social Responsibility Facilitate Public Debt Financing?","authors":"Xin Chang,&nbsp;Bin Xu,&nbsp;Yung Chiang Yang","doi":"10.1111/fire.70005","DOIUrl":"https://doi.org/10.1111/fire.70005","url":null,"abstract":"<p>We find that firms with stronger corporate social responsibility (CSR) performance have a larger share of public debt in their total debt, particularly when they are subject to higher information asymmetry or greater financial constraints. Moreover, the CSR effect on public debt is weaker for firms in sin industries or low-trust regions where CSR is less likely to be viewed as a genuine commitment. Utilizing the BP oil spill event as a shock to investors’ CSR awareness, we document that the positive effect of CSR on public debt is more evident after the shock, particularly for firms outside the oil and gas industries.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1457-1481"},"PeriodicalIF":1.9,"publicationDate":"2025-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70005","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimizing Currency Factors 优化货币因素
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-07-01 DOI: 10.1111/fire.70000
Minyou Fan, Fearghal Kearney, Youwei Li, Jiadong Liu
{"title":"Optimizing Currency Factors","authors":"Minyou Fan,&nbsp;Fearghal Kearney,&nbsp;Youwei Li,&nbsp;Jiadong Liu","doi":"10.1111/fire.70000","DOIUrl":"https://doi.org/10.1111/fire.70000","url":null,"abstract":"<p>We introduce a novel framework that dynamically optimizes currency factor strategies via trading currency spot and forward. We examine the performance of 24,336 portfolio optimization approaches and find that the optimized currency factors significantly outperform the naïve factors after correcting for data snooping bias. Our framework suits both symmetric factor portfolios, including carry, momentum, and value, and asymmetric factor portfolios, such as time series momentum and return signal momentum. An out-of-sample procedure that aggregates all the outperforming optimization approaches validates the economic significance of our optimized factor portfolio.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1389-1414"},"PeriodicalIF":1.9,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70000","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145145760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Housing Market Spillovers in China via Trading Volume: A Comparison of Two Spillover Indexes 交易量对中国房地产市场溢出效应的影响：两个溢出指数的比较
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-06-30 DOI: 10.1111/fire.70004
Jian Yang, Ziliang Yu
{"title":"Housing Market Spillovers in China via Trading Volume: A Comparison of Two Spillover Indexes","authors":"Jian Yang,&nbsp;Ziliang Yu","doi":"10.1111/fire.70004","DOIUrl":"https://doi.org/10.1111/fire.70004","url":null,"abstract":"<div>\u0000 \u0000 <p>Proposing a new spillover/connectedness index based on data-determined structural vector autoregression (SVAR) with non-Gaussian residuals, this paper investigates nationwide housing market spillovers via transaction volumes among China's largest cities. Significant daily information transmission is documented across geographically dispersed cities, with a pattern that the first-tier cities generally play a more important role than others in the spillovers. Economic factors (e.g., income) and human capital (e.g., education) are significant determinants of the spillovers. The pattern based on the new spillover index is also substantially better explained by fundamentals than those based on the widely used Diebold-Yilmaz spillover index.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1337-1357"},"PeriodicalIF":1.9,"publicationDate":"2025-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145147005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tone Distance: Managerial Tone Divergence and Market Reaction to Earnings Announcements 语气距离：管理层语气差异和市场对收益公告的反应
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-06-27 DOI: 10.1111/fire.70002
Ben Angelo, Mitchell Johnston, Atul Singh, Yun Qing Wan
{"title":"Tone Distance: Managerial Tone Divergence and Market Reaction to Earnings Announcements","authors":"Ben Angelo,&nbsp;Mitchell Johnston,&nbsp;Atul Singh,&nbsp;Yun Qing Wan","doi":"10.1111/fire.70002","DOIUrl":"https://doi.org/10.1111/fire.70002","url":null,"abstract":"<p>We evaluate the market reaction to the between-manager variance of tone within an earnings call, which we term Tone Distance. We find that greater differences in Tone Distance are negatively associated with event period returns surrounding earnings announcements. Consistent with the notion that Tone Distance is informative, we show that Tone Distance is a positive predictor of stock volatility, information uncertainty, and operational risks. Tone Distance is inversely related to future growth prospects. Tone Distance also positively predicts monthly stock returns following the earnings announcement. We find that Tone Distance is robust to a variety of alternative constructions and after accounting for analyst tone. Overall, the results are consistent with investors interpreting greater Tone Distance as an information leakage related to the future performance of the firm.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1415-1435"},"PeriodicalIF":1.9,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.70002","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Risk Tolerance, Commitment Risk Across Policy Type, and the Demand for Life Insurance 风险承受能力、保单类型间的承诺风险与寿险需求
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-06-25 DOI: 10.1111/fire.70003
James M. Carson, Cassandra R. Cole, Stephen G. Fier
{"title":"Risk Tolerance, Commitment Risk Across Policy Type, and the Demand for Life Insurance","authors":"James M. Carson,&nbsp;Cassandra R. Cole,&nbsp;Stephen G. Fier","doi":"10.1111/fire.70003","DOIUrl":"https://doi.org/10.1111/fire.70003","url":null,"abstract":"<div>\u0000 \u0000 <p>Life insurers face one-sided commitment risk that is partially mitigated by the introduction of various contract features, including front-loading and the option to backdate, that are intended, in part, to “lock in” the policyholder. While prior literature has discussed one-sided commitment and life insurance, research has not, to our knowledge, examined the intersection of risk tolerance, heterogeneity in commitment across policy type, and life insurance ownership. In this study, we employ a multi-step decision model to examine this intersection. Controlling for various financial and demographic characteristics among households that own life insurance, we provide the first evidence that as risk tolerance increases, the likelihood of owning only cash value life insurance decreases, consistent with these consumers having a greater willingness to bear the higher reclassification risks associated with term life insurance.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1437-1455"},"PeriodicalIF":1.9,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146490","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does Resolution Time Really Matter? Evidence From Chapter 11 Firms 解决时间真的很重要吗？来自第11章公司的证据
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-06-04 DOI: 10.1111/fire.12448
Ying Kai Yap, Jean-Pierre Fenech, Barry Williams
{"title":"Does Resolution Time Really Matter? Evidence From Chapter 11 Firms","authors":"Ying Kai Yap,&nbsp;Jean-Pierre Fenech,&nbsp;Barry Williams","doi":"10.1111/fire.12448","DOIUrl":"https://doi.org/10.1111/fire.12448","url":null,"abstract":"<p>This paper investigates how resolution time affects firms under Chapter 11 protection. We find a robust negative association between a firm's resolution time and its probability of emergence, using several controls for endogeneity. The probability of emergence reduces by 0.4% for each month (or 4.8% per year) spent in bankruptcy. Firms filing during recessions have a lower likelihood of emergence. Conditional upon business cycles, the explanatory power of various determinants such as firm size, pre-packaged or pre-negotiated bankruptcy, and industry are found to be different. During economic recessions, firm size and pre-packaged or pre-negotiated filings have no significant impact on the probability of emergence.</p>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1311-1335"},"PeriodicalIF":1.9,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/fire.12448","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145146209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Too Invested to Change: The Role of Uncertainty Avoidance on Corporate Contribution to Global Warming 投资太多而无法改变：不确定性规避在企业对全球变暖贡献中的作用
IF 1.9
FINANCIAL REVIEW Pub Date : 2025-05-29 DOI: 10.1111/fire.12447
Abu Amin, Arun Upadhyay, Marcos Velazquez
{"title":"Too Invested to Change: The Role of Uncertainty Avoidance on Corporate Contribution to Global Warming","authors":"Abu Amin,&nbsp;Arun Upadhyay,&nbsp;Marcos Velazquez","doi":"10.1111/fire.12447","DOIUrl":"https://doi.org/10.1111/fire.12447","url":null,"abstract":"<div>\u0000 \u0000 <p>Climate change due to the emission of greenhouse gases (GHGs) is a global problem yet there is no consensus on how to resolve this problem. Although prior studies have primarily focused on firm-level determinants of GHG emissions, we explore whether the culture of a firm's host country also influences its propensity to control GHG emissions. We posit and find a positive association between collective uncertainty avoidance (Hofstede, 1983) and firm-level GHG emissions using a sample of firms across 38 countries. To the extent that uncertainty avoidance reflects societies' adherence to norms and rejection of a change in the social order, societies with higher uncertainty avoidance would assign higher risk premiums to carbon abatement initiatives thus discouraging the firms to emit less. The positive relationship is accentuated by a firm's dependence on external funding as well as its investment intensity, host country's propensity for economic decline, and the resilience of the social fabric. These findings highlight important policy implications for nations’ carbon neutrality objectives.</p>\u0000 </div>","PeriodicalId":47617,"journal":{"name":"FINANCIAL REVIEW","volume":"60 4","pages":"1277-1309"},"PeriodicalIF":1.9,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145147003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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