International Review of Financial Analysis最新文献_第3页

Corrigendum to “Corporate reputation, information disclosure and cost of capital” [International Review of Financial Analysis 107 (2025) 104592] “企业声誉、信息披露和资本成本”的勘误表[国际财务分析评论107 (2025)104592]

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 Epub Date: 2026-08-13 DOI: 10.1016/j.irfa.2026.105330

Zhijie Yang, Zezhong Yang

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Corrigendum to “Janus-faced AI disclosure: How conference call enthusiasm masks workforce setbacks” [Int. Rev. Financ. Anal. 117 (2026) 105255] 《双面人工智能披露：电话会议热情如何掩盖劳动力挫折》的勘误表[英]。启Financ。[au:] 117 (2026) 105255]

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 Epub Date: 2026-06-28 DOI: 10.1016/j.irfa.2026.105273

Diego Ravenda, João Cotter Salvado

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Corrigendum to “Credit default swaps and bondholder governance” International Review of Financial Analysis Volume 117 September 2026 “信用违约掉期和债券持有人治理”的勘误表《金融分析国际评论》第117卷，2026年9月

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 Epub Date: 2026-07-06 DOI: 10.1016/j.irfa.2026.105281

Eujin Kang, Jiyoon Choi, Haerang Park

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Bank run behavior in systemic vs. idiosyncratic risk scenarios: Do deposit insurance and financial literacy matter? 系统风险与特殊风险情景下的银行挤兑行为：存款保险和金融知识重要吗？

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-09-01 DOI: 10.1016/j.irfa.2026.105398

Andrea Kerstin Blum

{"title":"Bank run behavior in systemic vs. idiosyncratic risk scenarios: Do deposit insurance and financial literacy matter?","authors":"Andrea Kerstin Blum","doi":"10.1016/j.irfa.2026.105398","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105398","url":null,"abstract":"While deposit insurance intends to mitigate bank runs, such crises continue to occur, possibly because of the limited awareness and credibility of these systems. Using Swiss survey data, this study examines the relationships between deposit insurance knowledge, fast repayment credibility, coverage limits, financial literacy, and hypothetical withdrawal behavior in two scenarios: a systemic crisis and an idiosyncratic bank shock. In both scenarios, individuals with both full and partial coverage tend to withdraw deposits. During a systemic crisis, individuals are less inclined to withdraw any deposits, and those who consider fast repayment credible are more likely to refrain from withdrawing. Knowledge of the deposit insurance coverage limit is associated with lower withdrawal amounts among those who withdraw. In the case of an idiosyncratic bank shock, individuals who are aware of deposit insurance or know its coverage limit are more likely to refrain from withdrawing. Individuals with deposits above the coverage limit tend to make partial rather than high withdrawals, and among these individuals, knowledge of the coverage limit further reduces withdrawal amounts. Financial literacy is associated with higher withdrawal rates when bank distress is internally driven, but not during a systemic crisis.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"6 1","pages":"105398"},"PeriodicalIF":8.2,"publicationDate":"2026-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123819","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

Executive tenure and corporate innovation: A serial mediation model of failure tolerance and agency costs 高管任期与企业创新：失败容忍度与代理成本的序列中介模型

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-08-19 DOI: 10.1016/j.irfa.2026.105347

Yanlin He

{"title":"Executive tenure and corporate innovation: A serial mediation model of failure tolerance and agency costs","authors":"Yanlin He","doi":"10.1016/j.irfa.2026.105347","DOIUrl":"10.1016/j.irfa.2026.105347","url":null,"abstract":"<div><div>The relationship between executive tenure and corporate innovation is theoretically ambiguous: long tenure may foster resource accumulation and failure tolerance, yet also breed overconfidence and path dependence. Using a sample of China's A-share listed firms from 2013 to 2024, this study reconciles these competing perspectives by demonstrating a significant positive effect of tenure on both innovation inputs and outputs, supporting the resource-based view. Mechanistically, we identify agency costs and failure tolerance as two mediating channels, and crucially, uncover a serial mediation wherein tenure-induced failure tolerance curbs agency problems via the mitigation of residual losses—rather than monitoring or bonding costs—thereby stimulating innovation. Heterogeneity analyses reveal that this effect is more pronounced in state-owned enterprises and in firms with higher managerial ownership. Extending the analysis, we find that tenure enhances managers' willingness to innovate through reduced agency costs and increased failure tolerance, while also strengthening innovation capability by augmenting executive power. Importantly, tenure-driven innovation translates into significant subsequent performance gains. Collectively, our findings provide an integrative framework that bridges behavioral governance (failure tolerance) with traditional financial governance (agency costs), offering novel insights into when and how executive longevity shapes corporate innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105347"},"PeriodicalIF":10.2,"publicationDate":"2026-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148754806","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

Drawing the lines: A cross-jurisdictional analysis of regulatory boundaries in the cryptocurrency market 划清界限：对加密货币市场监管边界的跨司法管辖区分析

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-08-06 DOI: 10.1016/j.irfa.2026.105321

Sascha Hägele

{"title":"Drawing the lines: A cross-jurisdictional analysis of regulatory boundaries in the cryptocurrency market","authors":"Sascha Hägele","doi":"10.1016/j.irfa.2026.105321","DOIUrl":"https://doi.org/10.1016/j.irfa.2026.105321","url":null,"abstract":"The rapid evolution of the cryptocurrency market has prompted major jurisdictions to implement regulatory measures aimed at increasing clarity, consumer protection, and market stability. However, these measures have emerged unevenly, often targeting specific market segments while leaving others in a regulatory gray zone. This paper examines how leading jurisdictions categorize and regulate the cryptocurrency market, what commonalities and contradictions emerge across their approaches, and to what extent the resulting classification contributes to a coherent global regulatory framework. Examining the United States of America, the European Union, Japan, and the United Kingdom through a sequential mixed-method research design, this study maps and systematizes existing and proposed legal frameworks based on a legislative dataset of 33 documents reflecting the regulatory state as of April 1, 2026. It derives a regulatory-induced taxonomy comprising two subtaxonomies – cryptocurrency market assets and market participants – with ten terminal leaves each, organized into a hierarchical classification structure. The taxonomy reveals a pronounced convergence gradient. Cross-jurisdictional alignment is strongest where cryptocurrencies most closely resemble established financial instruments and traditional intermediaries and weakens progressively as the regulated phenomena diverge from conventional financial market paradigms. Case studies of BNB, Bored Ape Yacht Club, and MakerDAO's DAI demonstrate that compliance costs are sensitive to structural design choices such as decentralization, fractionalization, and jurisdictional restructuring. The findings yield three policy recommendations addressing the regulatory treatment of non-fiat-collateralized stablecoins, the absence of a viable paradigm for decentralized market participants, and the sharp regulatory discontinuity at the fungibility boundary for non-fungible tokens.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"14 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2026-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148717514","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 demand for lottery-type stocks: Information spillovers and asset prices comovement 彩票类股票的条件需求：信息溢出与资产价格变动

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-03-06 DOI: 10.1016/j.irfa.2026.105145

Yu Zhang , Konstantina Kappou , Andrew Urquhart

引用次数: 0

The yield curve strikes back: New evidence of its predictive power for economic activity and inflation 收益率曲线做出了反击：这是其预测经济活动和通胀能力的新证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-02-23 DOI: 10.1016/j.irfa.2026.105128

Olga Klinkowska, Olha Zadorozhna

{"title":"The yield curve strikes back: New evidence of its predictive power for economic activity and inflation","authors":"Olga Klinkowska, Olha Zadorozhna","doi":"10.1016/j.irfa.2026.105128","DOIUrl":"10.1016/j.irfa.2026.105128","url":null,"abstract":"<div><div>In this paper, we investigate the informational content of the yield curve for future economic activity and inflation across 40 countries over 2010–2021. We examine developed, Central and Eastern European (CEE),and emerging markets, grouping countries based on their monetary policy credibility and economic stability. First, we extract unobservable yield curve factors (level, slope, and curvature) for each country from its sovereign curve. We then incorporate the estimated slope and curvature into predictive regressions for economic growth and inflation using panel regressions. Finally, as a key innovation, we evaluate the out-of-sample forecasting accuracy of slope and curvature using novel panel forecasting techniques and econometric tests. Our empirical results show that slope and curvature contain predictive power for economic growth in CEE and developed countries. In emerging markets, yield curve factors shape expectations about future growth and inflation, but their out-of-sample forecasting performance remains limited. We further find that the strength of these predictive relationships depends critically on monetary policy credibility, with slope and curvature being more informative for future growth in countries where monetary policy credibility is lower. By contrast, economic stability does not materially affect forecasting performance. Finally, yield curve factors provide only limited and unstable signals for forecasting inflation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"113 ","pages":"Article 105128"},"PeriodicalIF":9.8,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147278904","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

Insurance as a financial ark: Adapting to extreme weather for farmers and agriculture 保险作为金融方舟：为农民和农业适应极端天气

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-02-23 DOI: 10.1016/j.irfa.2026.105131

Sichong Chen, Yunfeng Zhao, Zhihua Dong

{"title":"Insurance as a financial ark: Adapting to extreme weather for farmers and agriculture","authors":"Sichong Chen, Yunfeng Zhao, Zhihua Dong","doi":"10.1016/j.irfa.2026.105131","DOIUrl":"10.1016/j.irfa.2026.105131","url":null,"abstract":"<div><div>Climate risks present significant challenges to agriculture and the welfare of farmers in rural communities. This work aims to unveil the role of insurance as a financial ark in navigating the threats posed by extreme weather events to the income stability of farmers. We analyze a panel dataset covering 318 Chinese prefectural-level cities from 2014 to 2024. This dataset integrates station-level daily precipitation records with socioeconomic indicators manually compiled from local statistical yearbooks. Using a two-way fixed effects regression model to control for unobserved city-specific heterogeneity and common time trends, we find that extreme weather events significantly reduce farmers’ incomes, while agricultural insurance emerges as a stabilizer that compensates farmers for these losses. Although insurance does not mitigate the losses by offsetting the decline in agricultural output caused by extreme weather, it aids in climate risk adaptation by encouraging farmers to seek alternative income sources, particularly through temporary labor migration. These findings highlight the role of insurance in ensuring the financial resilience of farmers amid climate change risks, but also call for reforms in agricultural insurance to enhance its capacity to safeguard crop production.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"113 ","pages":"Article 105131"},"PeriodicalIF":9.8,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147387625","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 disaster risks, response capacities and sovereign bond yield spreads 气候灾害风险、应对能力和主权债券收益率息差

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-05-01 Epub Date: 2026-03-06 DOI: 10.1016/j.irfa.2026.105150

Wenpeng Chen , Jiaqi Wang , Chao Zhao

{"title":"Climate disaster risks, response capacities and sovereign bond yield spreads","authors":"Wenpeng Chen , Jiaqi Wang , Chao Zhao","doi":"10.1016/j.irfa.2026.105150","DOIUrl":"10.1016/j.irfa.2026.105150","url":null,"abstract":"<div><div>From the perspective of extreme heat, this study integrates theoretical model expansion and empirical testing to investigate how climate disasters influence sovereign bond yield spreads and the effectiveness of climate response capabilities. Specifically, it first incorporates extreme heat into the rare disaster theoretical framework and extends the asset pricing model to provide theoretical evidence on how extreme heat influences sovereign bond yield spreads. Next, by utilizing an unbalanced panel of macroeconomic data for 49 countries over the period 1995–2018, this research applies the Least Squares Dummy Variable Corrected (LSDVC) approach for empirical tests concerning the effects, transmission channels, and response measures associated with extreme heat. The findings reveal that: (1) Extreme heat increases sovereign bond yield spreads across various nations, with the yield spread increase being more pronounced for developing countries; (2) The primary transmission channels through which extreme heat affects sovereign bond yield spreads include damage to agricultural production and repercussions on social stability, both of which raise the risk of sovereign default; (3) Enhancements in climate response capacity can effectively mitigate the increase in sovereign bond yield spreads caused by extreme heat. In response to extreme heat shocks, the business environment and social readiness of an economy all have significant alleviating effects. This study enriches the research on climate finance by concentrating on extreme heat and identifies the key sectors for responses to such climate events.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"113 ","pages":"Article 105150"},"PeriodicalIF":9.8,"publicationDate":"2026-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147387310","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