International Review of Financial Analysis最新文献

Managing extreme risks and interdependence between green cryptocurrencies and precious metals 管理极端风险和绿色加密货币与贵金属之间的相互依存关系

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-21 DOI: 10.1016/j.irfa.2025.104407

Shafique Ur Rehman, Desheng Wu

{"title":"Managing extreme risks and interdependence between green cryptocurrencies and precious metals","authors":"Shafique Ur Rehman, Desheng Wu","doi":"10.1016/j.irfa.2025.104407","DOIUrl":"https://doi.org/10.1016/j.irfa.2025.104407","url":null,"abstract":"This study examines the relationship between green cryptocurrencies and major precious metals using the EVT-based CoVaR copula methodology, along with the estimation of hedging ratios and effectiveness indices. By analyzing risk and return spillovers, the study uncovers significant interdependencies, revealing the complex interactions between these two asset classes. While our findings indicate a substantial linkage, the decoupling hypothesis suggests that green cryptocurrencies operate independently from conventional investment assets. Moreover, the spillover effects between these two asset classes are asymmetric, with precious metals offering diversification benefits for green cryptocurrencies under extreme conditions, while green cryptocurrencies fail to provide similar benefits. The hedging benefits of green digital assets are minimal, in contrast to classical digital assets, highlighting their limited effectiveness when incorporated into investment portfolios. These insights have significant implications for investors, regulators, and risk managers, offering a new perspective on the position of green cryptocurrencies and precious metals in contemporary portfolio strategies and risk management practices.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"47 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 supply chain vertical integration reduce corporate debt financing costs?☆ 供应链垂直整合是否降低了企业债务融资成本？☆

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-20 DOI: 10.1016/j.irfa.2025.104429

Qian Sun , Wenyu Zhang , Xiaoke Cheng , Bangling Ni , Xiangfei Fu

{"title":"Does supply chain vertical integration reduce corporate debt financing costs?☆","authors":"Qian Sun , Wenyu Zhang , Xiaoke Cheng , Bangling Ni , Xiangfei Fu","doi":"10.1016/j.irfa.2025.104429","DOIUrl":"10.1016/j.irfa.2025.104429","url":null,"abstract":"<div><div>We examine the impact of supply chain vertical integration on corporate debt financing costs using a sample of Chinese firms from 2007 to 2021. By leveraging the Chinese Input-Output Table, we apply Python software to identify a focal firm's supply chain upstream and downstream investment activities. Our findings suggest that when a focal firm invests in or acquires its upstream companies, the debt financing costs are less. Channel analysis demonstrates that supply chain vertical integration can reduce corporate debt financing costs by improving operational efficiency and alleviating information asymmetry. Additional analysis shows that the effect of supply chain vertical integration on corporate debt financing costs is more pronounced for non-state-owned companies, firms operating in competitive industries, firms located in regions with lower levels of marketization, firms in low-concentration supply chains, and firms with low financing constraints. The vertical integration of the whole supply chain can also effectively reduce the cost of corporate debt financing. We expand the boundaries of research on supply chain characteristics and factors influencing debt financing costs, providing empirical evidence for companies to optimize their supply chain allocation and break through debt financing constraints.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104429"},"PeriodicalIF":7.5,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366479","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-20 DOI: 10.1016/j.irfa.2025.104431

Xuehua Zhang , Yun Zhong , Zhenyu Liu , Ye Zhuo

{"title":"Does dialect similarity affect customer stability: Evidence from corporate trust and friction","authors":"Xuehua Zhang , Yun Zhong , Zhenyu Liu , Ye Zhuo","doi":"10.1016/j.irfa.2025.104431","DOIUrl":"10.1016/j.irfa.2025.104431","url":null,"abstract":"<div><div>A stable customer relationship is a key factor for the long-term development of an enterprise and can convey a positive signal to the stakeholders of the capital market. This paper empirically examines the impact of dialect similarity on customer stability by selecting a sample of Chinese A-share listed companies from 2007 to 2022. Our findings reveal that dialect similarity is positively correlated with customer stability, suggesting that an increase in dialect similarity enhances customer relationship stability. Moreover, dialect similarity positively affects customer stability mainly through two channels, including increasing business trust and reducing transaction friction. Furthermore, the effect of dialect similarity on customer stability is more significant in private enterprises, regions with poorer supply chain operating environments, and provinces with lower levels of social trust. In conclusion, this study adds to the literature on the economic consequences of informal systems of culture from a new perspective and provides empirical evidence for policymakers and capital market participants to analyze the economic and social impacts of cultural traditions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104431"},"PeriodicalIF":7.5,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144338554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms 2024年美国总统大选：美国和非美国的事件研究。化石燃料和可再生能源上市公司

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-20 DOI: 10.1016/j.irfa.2025.104430

António Miguel Martins , Bruno Albuquerque , Luís Sardinha , Nuno Moutinho

{"title":"2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firms","authors":"António Miguel Martins , Bruno Albuquerque , Luís Sardinha , Nuno Moutinho","doi":"10.1016/j.irfa.2025.104430","DOIUrl":"10.1016/j.irfa.2025.104430","url":null,"abstract":"<div><div>This study examines the short-term market effect of Donald Trump’ victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104430"},"PeriodicalIF":7.5,"publicationDate":"2025-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 and exchange rate variables: A potential storm of urban debt 气候变化和汇率变量：潜在的城市债务风暴

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-18 DOI: 10.1016/j.irfa.2025.104422

Yan Wang, Lianjiao Hu

{"title":"Climate change and exchange rate variables: A potential storm of urban debt","authors":"Yan Wang, Lianjiao Hu","doi":"10.1016/j.irfa.2025.104422","DOIUrl":"10.1016/j.irfa.2025.104422","url":null,"abstract":"<div><div>In the context of the global economic and environmental landscape, the dynamic changes in local government debt levels driven by climate and exchange rate factors have become the focus of attention of academics and policymakers. Based on panel data from China's prefecture-level cities from 2007 to 2023, this study delves into the intricate relationship between climate change shocks, exchange rate fluctuations, and local government debt levels. Research shows that climate change shocks play an important role in increasing local government debt levels, and that this impact varies across regions with different levels of economic openness. Through mechanism analysis, it is found that exchange rate fluctuations play a mediating role in the process of climate change shocks affecting debt accumulation, and this mediating effect varies greatly in different geographical regions. In addition, the moderating effect analysis shows that the elasticity of industrial structure has a significant moderating effect on the relationship between climate change shocks and local government debt levels, and there is a threshold effect on this impact. This study provides empirical evidence for understanding the complex interaction between environmental factors, financial market volatility and fiscal policy in local economic governance, which can help policymakers formulate region-specific strategies, manage climate-related financial risks, and optimize local government debt management, so as to achieve sustainable local economic development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104422"},"PeriodicalIF":7.5,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 the readability of target firms' annual reports matter to bidders? 目标公司年报的可读性对竞标者来说重要吗？

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-18 DOI: 10.1016/j.irfa.2025.104425

Balasingham Balachandran, Robert W. Faff, Kristina Minnick, Syed Shams

引用次数: 0

Economic policy uncertainty, investor sentiment and IPO underpricing 经济政策不确定性、投资者情绪和IPO定价过低

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-18 DOI: 10.1016/j.irfa.2025.104420

Mengting Zhang , Wenjiao Du

{"title":"Economic policy uncertainty, investor sentiment and IPO underpricing","authors":"Mengting Zhang , Wenjiao Du","doi":"10.1016/j.irfa.2025.104420","DOIUrl":"10.1016/j.irfa.2025.104420","url":null,"abstract":"<div><div>Based on the data of listed companies on the ChiNext and the Science and Technology Innovation Board (STAR Market) after the registration-based IPO system reform in 2019, this paper empirically investigates the impact of economic policy uncertainty (EP) on IPO underpricing rates and its underlying mechanisms. Using a sample of STAR Market companies that conducted IPOs through the registration-based system from July 22, 2019, to December 31, 2023, and by constructing benchmark regression models and mediation effect models, we find that economic policy uncertainty is significantly negatively correlated with IPO underpricing rates. That is, when economic policy uncertainty increases, the first-day return on new stock listings significantly decreases. Further analysis shows that investor sentiment plays a mediating role in the impact of economic policy uncertainty. Specifically, rising economic policy uncertainty dampens investor enthusiasm, manifested as a decrease in the first-day turnover rate and an increase in the lottery rate, thereby reducing IPO underpricing rates. Heterogeneity analysis reveals that the negative impact of economic policy uncertainty on IPO underpricing rates is more pronounced for small and medium-sized enterprises (SMEs), possibly because they face higher financing constraints and market risks and are more sensitive to policy changes.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104420"},"PeriodicalIF":7.5,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144329881","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Assessing the synergy reduction effects of the renewable energy policies on environmental pollution and carbon emissions in China 中国可再生能源政策对环境污染和碳排放的协同减排效应评估

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-18 DOI: 10.1016/j.irfa.2025.104421

Xiufeng Zhang , Tong Yan , Shengxin Zhang , Zhenhua Zhang , Yanchao Feng

{"title":"Assessing the synergy reduction effects of the renewable energy policies on environmental pollution and carbon emissions in China","authors":"Xiufeng Zhang , Tong Yan , Shengxin Zhang , Zhenhua Zhang , Yanchao Feng","doi":"10.1016/j.irfa.2025.104421","DOIUrl":"10.1016/j.irfa.2025.104421","url":null,"abstract":"<div><div>As global efforts to combat environmental pollution and carbon emissions intensify, renewable energy has become a cornerstone of China's strategy to achieve sustainable development. This research examines the synergy reduction effects of China's renewable energy policies on environmental pollution and carbon emissions by utilizing data from 286 Chinese cities from 2003 to 2019. Employing a dynamic panel model and text-mining methodology, we find that: (1) The renewable energy policies significantly contribute to the synergy reduction of environmental pollution and carbon emissions, a conclusion robustly supported by multiple validation tests. (2) Mechanism analysis indicates that industrial structure upgrading serves as a key channel through which the renewable energy policies enhance its synergy reduction effects. (3) The influence of the renewable energy policies on environmental pollution and carbon emissions reduction exhibits regional and developmental heterogeneity, indicating that economic and structural characteristic shape policy effectiveness. These conclusions offer valuable insights into the mechanisms underlying the effect of the renewable energy policies in alleviating environmental pollution and carbon emissions, offering theoretical and policy implications for economies pursuing similar environmental objectives.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104421"},"PeriodicalIF":7.5,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144335707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Limited efficiency of G-SIB capital regulation in curbing brown lending G-SIB资本监管抑制棕色贷款的效率有限

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-17 DOI: 10.1016/j.irfa.2025.104320

Henry Penikas

{"title":"Limited efficiency of G-SIB capital regulation in curbing brown lending","authors":"Henry Penikas","doi":"10.1016/j.irfa.2025.104320","DOIUrl":"10.1016/j.irfa.2025.104320","url":null,"abstract":"<div><div>The natural reaction of banks when increasing the buffer for the capital adequacy ratio seems to be the contraction of lending, as well as vice versa, i.e., buffer reduction should result in more lending. We wish the effects to be equivalent for the green and brown lending. However, we possess granular data for brown lending only. Still, we are able to discover novel findings with respect to brown lending interplay with the capital regulation of global banks. Disregarding the overall trends for the brown lending contraction within the set of global banks since 2019, we reveal that the global banks are more prone to react to capital regulation easing, rather than to its tightening. This means that G-SIB capital buffer rise does not contribute to the brown lending contraction all else being equal, while its reduction finds response in more brown lending. According to our estimate, G-SIB capital buffer reduction since the regulation introduction resulted in extra brown loans in total equal up to 20% of the brown loan book as of end-2022. Though green loans could have spurred to the same pace, all we can to quantitatively prove is the definite impact for the brown lending. It implies that decision-making within one area of Central Bank policies - namely, banking regulation - can have an unintended consequence within the environmental domain same time. In other words, when the regulator thinks that a global bank has become less systemically important and deserves a smaller G-SIB capital buffer, by such an action the regulator deteriorates the path towards meeting the climate-friendly objectives. On the opposite, requiring global banks to be more prudent results in them being greener. The only side-effect in such a case is the potential proliferation of shadow brown banking in parallel.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104320"},"PeriodicalIF":7.5,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321551","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

LGBTQ-friendly employee policies and corporate innovation 对lgbtq友好的员工政策和企业创新

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-16 DOI: 10.1016/j.irfa.2025.104414

Veda Fatmy, Jukka Sihvonen, Sami Vähämaa

引用次数: 0