International Review of Financial Analysis最新文献

Structural evolution of industry association networks in Chinese stock market under major event shocks: A comparative analysis of two crises based on partial Granger causal networks 重大事件冲击下中国股市行业协会网络的结构演化——基于部分格兰杰因果网络的两次危机比较分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-13 DOI: 10.1016/j.irfa.2025.104572

Can-Zhong Yao, Yan-Li Li

{"title":"Structural evolution of industry association networks in Chinese stock market under major event shocks: A comparative analysis of two crises based on partial Granger causal networks","authors":"Can-Zhong Yao, Yan-Li Li","doi":"10.1016/j.irfa.2025.104572","DOIUrl":"10.1016/j.irfa.2025.104572","url":null,"abstract":"<div><div>Based on the inter-industry partial Granger causality network model, this study explores the dynamic impact mechanisms and risk transmission patterns of major events on industry associations in the Chinese stock market. A comparative analysis of data from the 2015 stock market crash and the two phases of the COVID-19 pandemic reveals three key findings. First, market vulnerability exhibits significant heterogeneity during crises. During the 2015 stock market crash, industry network density declined, and centrality shifted from the financial sector to defensive industries. In contrast, during the pandemic, an information hub network emerged, with computers and non-banking financials at its core, highlighting the technology sector’s resource control capacity during crises. Second, the risk transmission path underwent a structural shift. Outward correlation analysis shows that the real estate industry chain benefited from counter-cyclical control policies following the stock market crash, while the influence of the electronics industry surged during the pandemic. Meanwhile, inward intensity analysis identifies the automobile industry as the largest risk recipient in both crises. Finally, network stability weakened significantly. Motif analysis comparing pre-crisis and during-crisis periods reveals that all five key triadic and quadratic structures declined by 38.5% and 49.6%, respectively, with feedback loop motifs experiencing the largest reduction. This confirms that major events amplify market vulnerability by weakening causal linkages. These findings provide new evidence on network dynamics, offering valuable insights into the domino effect of extreme events in capital markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104572"},"PeriodicalIF":9.8,"publicationDate":"2025-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145057393","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

Managerial overconfidence and pay-for-luck 管理过度自信和凭运气买单

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-10 DOI: 10.1016/j.irfa.2025.104607

Xiaoqin (Alex) Wei

引用次数: 0

Capital allocation efficiency of SMEs: Global evidence 中小企业资本配置效率：全球证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-10 DOI: 10.1016/j.irfa.2025.104596

Liang Ma , Xiaowen Zhang

引用次数: 0

Local government implicit debt and corporate bankruptcy: Evidence from China 地方政府隐性债务与企业破产：来自中国的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104617

Liang Yin , Shiyang Hu , Huijun Yan

引用次数: 0

AI and carbon pricing in turbulent times: Navigating market dynamics for a sustainable future 动荡时期的人工智能与碳定价：驾驭市场动态，实现可持续未来

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104632

Ahmed H. Elsayed , Rabeh Khalfaoui , Dongna Zhang , Andrew Urquhart

{"title":"AI and carbon pricing in turbulent times: Navigating market dynamics for a sustainable future","authors":"Ahmed H. Elsayed , Rabeh Khalfaoui , Dongna Zhang , Andrew Urquhart","doi":"10.1016/j.irfa.2025.104632","DOIUrl":"10.1016/j.irfa.2025.104632","url":null,"abstract":"<div><div>The paper explores the impact of AI technologies on carbon pricing dynamics, specifically under the COVID-19 context and its aftermath. We examine whether AI market returns affect carbon pricing, and show that AI market returns exhibited increased volatility during the pandemic, mirroring significant changes in geopolitical risks, while the European Union Allowance (EUA) showed heightened volatility since 2021, suggesting that geopolitical tensions amplify market volatility. The AI returns-EUA connection is time-varying, nonlinear, and asymmetric, with negative impacts observed at lower quantiles of AI returns, indicating market skepticism during periods of low AI performance. This relationship is moderated by geopolitical risks, with a shift from negative to positive impacts from the pre- to post-COVID-19 periods, reflecting a growing confidence in the role of AI in carbon emission markets. AI market returns exert a more substantial influence on carbon pricing in the post-pandemic period, suggesting that AI markets have become more integrated with carbon markets, affecting pricing dynamics over both short and long-term horizons. Our study underscores the dynamic interplay between technological progress and market expectations, influenced by external events such as the pandemic and geopolitical risks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104632"},"PeriodicalIF":9.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049148","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

Digital finance, entrepreneurial activity and urban industrial structure upgrading 数字金融、创业活动与城市产业结构升级

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104628

Fenghui Xu , Ge Gao , Ziyu Li

引用次数: 0

ESG disclosure vs. ESG ratings: Consistent information value? ESG披露与ESG评级：一致的信息价值？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-07 DOI: 10.1016/j.irfa.2025.104623

Andreas Oehler, Charlotte Neuss

引用次数: 0

New environmental protection law, polluting enterprises and capital structure: A dynamic analysis 新环保法、污染企业与资本结构：动态分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-07 DOI: 10.1016/j.irfa.2025.104615

Nianling Wang , Jiacheng Song , Zichen Chao

引用次数: 0

Corporate disclosure quality and financing constraints: Evidence from chinese listed companies 公司信息披露质量与融资约束：来自中国上市公司的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-06 DOI: 10.1016/j.irfa.2025.104621

Shuai Huang , Dongliang Pan , Shengyang Zhong , Zhenxiang Cao

{"title":"Corporate disclosure quality and financing constraints: Evidence from chinese listed companies","authors":"Shuai Huang , Dongliang Pan , Shengyang Zhong , Zhenxiang Cao","doi":"10.1016/j.irfa.2025.104621","DOIUrl":"10.1016/j.irfa.2025.104621","url":null,"abstract":"<div><div>Information asymmetry is a fundamental cause of corporate financing constraints in emerging markets. As a key mechanism for reducing such frictions, the role and heterogeneous effects of information disclosure warrant systematic investigation. This study examines A-share listed companies in China from 2009 to 2023, applying a firm-year two-way fixed effects model to assess the impact of disclosure quality on financing constraints and its underlying mechanisms. The results show that higher-quality disclosure significantly reduces corporate financing constraints, and this finding is robust across multiple test specifications. Mechanism analysis indicates that disclosure alleviates financing constraints through three channels, thus strengthening internal control systems, enhancing corporate reputation, and improving external supervision. This leads to combined effects of governance improvement and market signaling. Notably, heterogeneity tests show that the mitigating effect of disclosure quality is stronger for nonstate-owned enterprises, firms located in central and western regions, and smaller enterprises. This study contributes to the theory linking disclosure quality and financing constraints. Practically, it offers policy implications for improving disclosure systems and sustaining the long-term health of capital market ecosystems in emerging economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104621"},"PeriodicalIF":9.8,"publicationDate":"2025-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145019920","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

Impact of drinking cultures on audit fees: Improving communication, familiarizing with clients, or facilitating bribery? 饮酒文化对审计费用的影响：促进沟通，熟悉客户，还是促进贿赂？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-03 DOI: 10.1016/j.irfa.2025.104605

Jianhua Tan , Wen Li , Tao Chen

引用次数: 0