International Review of Financial Analysis最新文献

The costs of labor exploitation 劳动剥削的成本

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-02 DOI: 10.1016/j.irfa.2026.105365

Giwon Son, Jiung Lee

引用次数: 0

Inherited culture and corporate innovation 传承文化，企业创新

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105377

Jianlei Han,Xiaona Ji,Zheyao Pan

引用次数: 0

Does geopolitical risk matter for cryptocurrencies? 地缘政治风险对加密货币重要吗？

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105355

SeungOh Han

引用次数: 0

Risk contagion and tail risk in energy markets: A time-frequency network approach 能源市场的风险传染和尾部风险：时频网络方法

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105371

Lifang Li, Lina Huang, Fangming Xu

{"title":"Risk contagion and tail risk in energy markets: A time-frequency network approach","authors":"Lifang Li, Lina Huang, Fangming Xu","doi":"10.1016/j.irfa.2026.105371","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105371","url":null,"abstract":"This study investigates risk contagion across traditional energy, clean energy, electricity, and carbon markets across multiple time scales. Employing a time-varying parameter vector autoregressive (TVP-VAR) model integrated with the Diebold–Yılmaz (DY) and Baruník–Křehlík (BK) spillover indices, we construct total, short-term, and long-term risk contagion networks using data from 2010 to 2024. The results reveal that risk contagion is predominantly long-term and exhibits pronounced time-varying dynamics. WTI crude oil emerges as the dominant risk-spillover node across all network layers, whereas conventional electricity predominantly functions as a risk-absorbing node, notably in total and long-term networks. Regression analysis linking network topology to asset tail risk reveals heterogeneous effects of different centrality indicators: net out-degree and eigenvector centrality are negatively associated with tail risk, whereas betweenness centrality is positively associated with it. These findings highlight the structural resilience of the energy market network and its potential to mitigate systemic risk through a dynamic balance between risk-spillover and risk-absorbing entities.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"50 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2026-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148884923","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

Conditional momentum and capital gains overhang: Evidence from Japan 有条件动力和资本收益悬而未决：来自日本的证据

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105384

Yasuhiro Iwanaga

引用次数: 0

Do industrial digitalization policies facilitate urban–rural industrial integration development? 产业数字化政策是否促进城乡产业融合发展？

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105372

Xiaoqing Ai,Boyang Huang,Laijun Luo,Weiying Wang

引用次数: 0

Dollar funding stress and the long-run structure of exchange rates 美元融资压力与汇率的长期结构

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105338

Daniel Ahelegbey,Florian Gerth,Oyakhilome Wallace Ibhagui

引用次数: 0

Sovereign Z-spread relative value and currency risk: Evidence from a cross-asset block network 主权z利差相对价值和货币风险：来自跨资产区块网络的证据

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105369

Taihei Yamamoto

引用次数: 0

Robust solvency, identification, and capital structure under ambiguity 模糊性下稳健的偿付能力、识别和资本结构

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-08-30 DOI: 10.1016/j.irfa.2026.105368

Georgios Kolias, Apostolos Dasilas, Ioannis Ganas, Christos Gogos

{"title":"Robust solvency, identification, and capital structure under ambiguity","authors":"Georgios Kolias, Apostolos Dasilas, Ioannis Ganas, Christos Gogos","doi":"10.1016/j.irfa.2026.105368","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105368","url":null,"abstract":"Capital-structure models typically evaluate financing choices under a trusted return distribution. This paper develops a robust-solvency framework for settings in which firms are uncertain about that distribution itself. Distributional ambiguity enters a Roy–Telser safety-first constraint rather than the objective function, tightening the set of admissible financing policies. Under the stated monotonicity and boundary conditions, greater ambiguity reduces feasible debt capacity wherever the robust solvency constraint binds. The empirical implementation maps the mechanism into a firm-level levered-return model and recovers an ambiguity-equivalent wedge from observed leverage. For observations with an interior Gaussian benchmark, the wedge is exactly the debt-weight target gap scaled by the ratio of debt cost to asset volatility, making its economic content and measurement boundary explicit. In a panel of United States-listed non-financial firms, the wedge-by-interior differential remains negative across all failure-probability calibrations and under System GMM. The implied interior effect is likewise negative under both fixed effects and System GMM, although imprecisely estimated. Asset volatility predicts lower subsequent leverage, without a significantly stronger association in the interior region. The results establish directional coherence with relative debt-capacity contraction while showing that the accounting-based inversion does not separately identify an ambiguity increment beyond conventional risk and target-gap variation.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"8 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2026-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148884924","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

Understanding psychological barriers in crude oil prices: The role of geopolitical tensions beyond policy uncertainty 理解原油价格的心理障碍：地缘政治紧张局势在政策不确定性之外的作用

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-08-28 DOI: 10.1016/j.irfa.2026.105356

Mark J. Holmes, Jesus Otero

{"title":"Understanding psychological barriers in crude oil prices: The role of geopolitical tensions beyond policy uncertainty","authors":"Mark J. Holmes, Jesus Otero","doi":"10.1016/j.irfa.2026.105356","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105356","url":null,"abstract":"This paper investigates the presence of psychological price barriers in crude oil prices and their interaction with geopolitical risk (<ce:sans-serif>gpr</ce:sans-serif>) and economic policy uncertainty (<ce:sans-serif>epu</ce:sans-serif>), using daily data for Brent and WTI crude oils from 1987 to 2025. While our analysis yields mixed evidence in support of psychological barriers, both Brent and WTI tens digit prices are characterised by results that are consistent with clustering away from psychological barriers. Our research provides novel insights in terms of uncovering an asymmetric relationship between geopolitical risk and the likelihood of prices encountering these barriers. To address a high-dimensional setting with numerous lags, the One Covariate at a Time Multiple Testing (OCMT) approach is employed for variable selection. We find that when <ce:sans-serif>gpr</ce:sans-serif> is heightened, there is more likelihood of crude oil prices encountering psychological price barriers. When <ce:sans-serif>gpr</ce:sans-serif> is subdued, decreases in geopolitical risk can be more impactful for downward breaches of such barriers. In contrast, <ce:sans-serif>epu</ce:sans-serif> does not exhibit any explanatory power regarding the likelihood of prices encountering psychological barriers.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"21 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2026-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148884926","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