International Review of Financial Analysis最新文献_第5页

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

Are investors influenced by the textual information in IPO prospectuses? Examining IPO pricing based on textual information management 投资者是否受到IPO招股说明书文本信息的影响？基于文本信息管理的IPO定价研究

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104608

Yue Ma , Yongqing Li , Zijie Li

{"title":"Are investors influenced by the textual information in IPO prospectuses? Examining IPO pricing based on textual information management","authors":"Yue Ma , Yongqing Li , Zijie Li","doi":"10.1016/j.irfa.2025.104608","DOIUrl":"10.1016/j.irfa.2025.104608","url":null,"abstract":"<div><div>In the context of China's registration-based capital market reform, the quality of information disclosure in initial public offering (IPO) prospectuses has become increasingly critical. This study investigates the relationship between textual disclosure characteristics and the likelihood of broken IPOs, using a dataset of companies listed on China's STAR and ChiNext markets from 2009 to 2022. The analysis reveals that certain prospectus textual features are significantly associated with IPO pricing outcomes. Furthermore, the effects of these disclosures are influenced by firm-specific factors such as agency costs and audit practices and external factors such as analyst attention. These moderating influences indicate that investors' interpretation of disclosed information is shaped by disclosure content and context. These findings provide empirical support for regulatory efforts to enhance the quality and transparency of information released in the IPO process. This study also contributes to a better understanding of how disclosure practices affect IPO efficiency in emerging capital markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104608"},"PeriodicalIF":9.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049694","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

A protective shield for banks: How fintech curbs earnings manipulation through information transparency and financing constraints 银行的保护盾：金融科技如何通过信息透明和融资约束遏制盈利操纵

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104622

Wenyi Li , Tang Li , Wenhao Shi , Yuqing Long , Wenyu Liu

{"title":"A protective shield for banks: How fintech curbs earnings manipulation through information transparency and financing constraints","authors":"Wenyi Li , Tang Li , Wenhao Shi , Yuqing Long , Wenyu Liu","doi":"10.1016/j.irfa.2025.104622","DOIUrl":"10.1016/j.irfa.2025.104622","url":null,"abstract":"<div><div>Fintech is an important tool to detect firm earnings manipulation and reduce financial risks. Based on the panel dataset of listed firms in China from 2012 to 2022, this study empirically examines the impact of bank fintech innovation on firms' earnings management. This study initially finds that firm borrowers' earnings management is significantly lower when their bank lenders adopt more fintech innovation. After fully eliminating issues of measurement errors, omitted variable bias, and reverse causality, the magnitude and significance of baseline regression results do not change much, which establish the casual link between bank lenders' fintech innovation and earnings management of firm borrowers. Mechanism analyses indicate that fintech innovation can effectively mitigate the information asymmetry between bank lenders and firm borrowers, thereby increasing information transparency to inhibit firms' earnings management. Otherwise, fintech innovation can efficiently enhance credit accessibility, which helps to alleviate financing constraints and reduce firms' earnings manipulation. Compared to other firms, the impacts of fintech innovation on firms' earnings management are more pronounced for non-state-owned enterprises (non-SOEs), firms with multiple major creditors, and regions with more rapid fintech development. In order to mitigate financial risks, policymakers should provide more incentives for commercial banks to accelerate fintech innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104622"},"PeriodicalIF":9.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049690","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

The impact of US experience on financial reporting comparability between Chinese firms and their US industry peers 美国经验对中国公司与美国同行财务报告可比性的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-08 DOI: 10.1016/j.irfa.2025.104631

Ao Shu , Ziru Lian , Lili Jiu , Wei Zhang , Fengwen Chen

{"title":"The impact of US experience on financial reporting comparability between Chinese firms and their US industry peers","authors":"Ao Shu , Ziru Lian , Lili Jiu , Wei Zhang , Fengwen Chen","doi":"10.1016/j.irfa.2025.104631","DOIUrl":"10.1016/j.irfa.2025.104631","url":null,"abstract":"<div><div>This paper explores the effect of US-experienced managership on financial reporting comparability. By analyzing a sample of Chinese A-share companies listed on the Shanghai and Shenzhen Stock Exchanges from 2008 to 2020, we discover that firms with US-experienced managers appointment exhibit greater comparability to US peers. Further, the positive relationship between US-experienced managers and financial reporting comparability is more pronounced when the managers have practical work experience and master's degree in the US. Considering external factors, the presence of US experience within firms enhances comparability more effectively when the firms operate in less competitive industries and more developed regions. In addition, we demonstrate that firms with US-experienced managers attract greater foreign investment, are more likely to achieve successful overseas IPOs, and exhibit lower analyst forecast dispersion, driven by heightened comparability. The findings indicate that enhanced comparability is the key mechanism drawing foreign investors and facilitating the firm's expansion into international markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104631"},"PeriodicalIF":9.8,"publicationDate":"2025-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049146","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

SCF credit risk assessment with limited labeled data using label propagation algorithm and complex network approaches 基于标签传播算法和复杂网络方法的有限标签数据SCF信用风险评估

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-06 DOI: 10.1016/j.irfa.2025.104619

Qiaosheng Peng , You Zhu , Gang-Jin Wang

{"title":"SCF credit risk assessment with limited labeled data using label propagation algorithm and complex network approaches","authors":"Qiaosheng Peng , You Zhu , Gang-Jin Wang","doi":"10.1016/j.irfa.2025.104619","DOIUrl":"10.1016/j.irfa.2025.104619","url":null,"abstract":"<div><div>Assessing enterprise credit risk in supply chain finance (SCF) is critical for maintaining financial stability, but it is often hindered by the limited labeled data. We investigate the effectiveness of label propagation algorithm (LPA)-based approaches in credit risk assessment under condition of labeled data scarcity. We construct the feature-based, graph-based, and Dual Graph Convolutional Networks (DGCN)-optimized LPA models and compare their performances with those of the SL models and traditional SSL models. Based on the credit risk assessment results, we study the mechanism of credit risk transmission in SCF through investigating the influential enterprise and feature's effect in results of SEIRS epidemic model. We find that: (1) the LPA models outperform the SL and traditional SSL models when the labeled data is scarce; (2) the DGCN approach further enhances the LPA method's ability by capturing both the local and global network associations; and (3) the enterprises with high network centrality and operation efficiency have significant influence in credit risk transmission.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104619"},"PeriodicalIF":9.8,"publicationDate":"2025-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145019921","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