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

Economic and financial development as determinants of crypto adoption

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104217

Cosimo Magazzino , Tulia Gattone , Florian Horky

引用次数: 0

Enterprise digitalization and bank-enterprise ESG consistency: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104196

Guoying Deng, Xu Fu, Jin Zou, Jingzhou Yan

{"title":"Enterprise digitalization and bank-enterprise ESG consistency: Evidence from China","authors":"Guoying Deng, Xu Fu, Jin Zou, Jingzhou Yan","doi":"10.1016/j.irfa.2025.104196","DOIUrl":"10.1016/j.irfa.2025.104196","url":null,"abstract":"<div><div>As digitalization and sustainability become central to global economic strategies, understanding their intersection is critical for facilitating a low-carbon transition. This paper examines the impact of enterprise digitalization on bank-enterprise ESG consistency within China’s bank-led financial system, an underexplored context in the existing literature. Utilizing loan data from listed companies and banks between 2008 and 2022, we uncover a significant ‘U-shaped’ relationship: initial digitalization enhances ESG alignment by improving transparency and reducing information asymmetry, but excessive digitalization overwhelms banks’ technological and risk assessment capacities, leading to increased financing constraints that undermine ESG consistency. Additionally, the impact of digitalization on ESG consistency varies across enterprises: greater access to credit tends to enhance its positive effects, while wider digital divides tend to diminish them. These findings underscore the need for a balanced approach to digitalization, ensuring that technological advancements align with ESG goals to effectively support sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104196"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748157","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 artificial intelligence innovation on food company performance

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104219

Yongqin Wang , Fuxing Liu

引用次数: 0

Artificial intelligence and climate risk: A double machine learning approach

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104169

Hua Yin , Xieyu Yin , Fenghua Wen

引用次数: 0

Stock market volatility and oil shocks: A study of G7 economies

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104218

Javier Patricio Cadena-Silva , José Ángel Sanz Lara , José Miguel Rodríguez Fernández

{"title":"Stock market volatility and oil shocks: A study of G7 economies","authors":"Javier Patricio Cadena-Silva , José Ángel Sanz Lara , José Miguel Rodríguez Fernández","doi":"10.1016/j.irfa.2025.104218","DOIUrl":"10.1016/j.irfa.2025.104218","url":null,"abstract":"<div><div>Oil shocks have caused economic recessions over the years, affecting various markets, especially the stock market. The objective of this study is to analyze how global oil price index variable and shocks related to supply, economic activity, demand, and inventory affect the volatility and dynamics of G7 countries' stock market indices in the context of the 2014 oil shock. Using monthly data from January 2003 to September 2023, a combined methodology of Vector AutoRegressive (VAR) and Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) models was applied to capture mean and conditional volatility dynamics, complemented with exponential GARCH (EGARCH) models to detect asymmetries. The results indicate that oil shocks have a significant impact on stock index volatility, with Canada, Japan and the UK showing high sensitivity, especially during and after the 2014 oil shock. Negative shocks affect volatility more than positive ones. Therefore, economic policies to mitigate extreme volatility and reduce economic uncertainty are necessary. Moreover, for oil-dependent economies, such as Canada, their vulnerability to oil price fluctuations needs to be reduced. This study provides a comprehensive understanding of the influence of oil shocks on the volatility and dynamics of G7 stock markets, offering valuable implications for policymaking and future research.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104218"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783578","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

What determines Bitcoin's price over the past decade?

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104174

Muying Chen , Xinyu Zhang , Yunjie Wei , Shouyang Wang

{"title":"What determines Bitcoin's price over the past decade?","authors":"Muying Chen , Xinyu Zhang , Yunjie Wei , Shouyang Wang","doi":"10.1016/j.irfa.2025.104174","DOIUrl":"10.1016/j.irfa.2025.104174","url":null,"abstract":"<div><div>We employ a novel three-stage analysis method of ICEEMDAN-Van der Waerden Test-Elastic Net to analyze Bitcoin's price. Our research aims to explain how Bitcoin's price has been formed at different phases of development over the past decade. We have segmented the daily closing price of Bitcoin from November 1, 2013, to December 31, 2023, into five phases, utilizing the ICEEMDAN method to decompose them into intrinsic mode functions, followed by the reconstruction of high-frequency, low-frequency, and trend curves using the Van der Waerden Test. With Elastic Net, we identify the top ten factors impacting the high-frequency, low-frequency, and trend curves during each phase. Our findings reveal a strong correlation between the high-frequency curve, investor sentiment, and daily transaction frequency in the Bitcoin market. The significant rises and falls in the low-frequency curve correspond to important events in the Bitcoin market or global political and economic occurrences. The trend curve is decisive in determining the long-term trajectory of Bitcoin's price. Over the long term, our analysis indicates that Bitcoin's price is influenced predominantly by macroeconomic fundamentals and market vitality. Bitcoin's price is evolving, shifting from focusing on its internal production factors to relying more on external macroeconomic factors. Of the major asset classes, Bitcoin's correlation with stocks has grown the most significantly. Due to Bitcoin's increasing market vitality and the decrease in Bitcoin's issuance speed changing the supply-demand dynamics, Bitcoin's price is on an upward trajectory in the long term. Furthermore, our findings provide insights into Bitcoin's speculative and safe-haven properties. Our work also facilitates more accurate predictions of Bitcoin's future prices.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104174"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767519","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

Robust Bayesian portfolio optimization

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-31 DOI: 10.1016/j.irfa.2025.104215

Carlos Andres Zapata Quimbayo , Diego Felipe Carmona Espejo , Jhonatan Gamboa Hidalgo

引用次数: 0

Does local government debt replacement affect macroeconomics? Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-30 DOI: 10.1016/j.irfa.2025.104208

Yan Wang , Xiao Wang , Xinyi Zheng

{"title":"Does local government debt replacement affect macroeconomics? Evidence from China","authors":"Yan Wang , Xiao Wang , Xinyi Zheng","doi":"10.1016/j.irfa.2025.104208","DOIUrl":"10.1016/j.irfa.2025.104208","url":null,"abstract":"<div><div>Utilizing the quasi-natural experiment of local debt replacement from 2015 to 2019, this paper employs the intensity difference-in-difference method to investigate the impact of debt replacement on macroeconomics. The findings reveal that local debt replacement significantly increased fixed asset investment, increased industrial output, and reduced financial sector growth, demonstrating its importance in optimizing macroeconomic resource allocation. Simultaneously, local debt replacement improved commercial banks' liquidity risks, slowed stock trading growth, and reduced insurance density, indicating a financial sector constraining effect. Furthermore, local debt replacement significantly stimulated real estate markets by increasing capital availability, increasing newly started construction areas, and accelerating commercial housing sales. Consequently, the fiscal policy space created by such initiatives should be strategically utilized to prioritize investments in major technological advancements, industrial structure optimization, and high-quality development. Second, policymakers must monitor the potential disruptions to financial institutions' operations caused by significant policy changes and promote fiscal–monetary policy synergies. Finally, the stimulative effects of local debt replacement on the real estate sector must be carefully managed to avoid countercyclical policies that unintentionally amplify procyclical distortions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104208"},"PeriodicalIF":7.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776800","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

What drives institutional investors' site visit decisions: The role of local business environment in China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-30 DOI: 10.1016/j.irfa.2025.104204

Xiaofang Xu , Qi Wan , Jingru Ma , Qilin Peng

{"title":"What drives institutional investors' site visit decisions: The role of local business environment in China","authors":"Xiaofang Xu , Qi Wan , Jingru Ma , Qilin Peng","doi":"10.1016/j.irfa.2025.104204","DOIUrl":"10.1016/j.irfa.2025.104204","url":null,"abstract":"<div><div>Corporate site visits are crucial for information discovery, forecasting prospective earnings, and enhancing market liquidity, investment efficiency, and financial performance. However, the factors influencing investors' decisions to conduct corporate site visits remain unclear. Leveraging detailed records of institutional investors' site visits to 3154 listed Chinese firms from 2013 to 2021, we demonstrate that a favorable local business environment positively correlates with the frequency and scope of these visits. This relationship arises from reduced information costs and enhanced returns for investors, particularly benefiting firms with lower market synchronicity, higher agency costs, fewer financial constraints, higher cash reserves, and lower dividend payout ratios. Additionally, employing a difference-in-differences research design with interest rate liberalization as an exogenous shock helps mitigate endogeneity concerns, reinforcing the robustness of our conclusions. Furthermore, We find that the interaction between the local financial environment and institutional investors' site visits significantly improves corporate investment efficiency and mitigates both overinvestment and underinvestment issues. Overall, our findings underscore the critical role of local business environment development in shaping institutional investors' site visit patterns and their complex interplay with firm-specific attributes.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104204"},"PeriodicalIF":7.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143814825","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

How does regional judicial quality improvement enhance enterprises' capital allocation efficiency: Evidence from the establishment of circuit court

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-30 DOI: 10.1016/j.irfa.2025.104212

Lei Liu

{"title":"How does regional judicial quality improvement enhance enterprises' capital allocation efficiency: Evidence from the establishment of circuit court","authors":"Lei Liu","doi":"10.1016/j.irfa.2025.104212","DOIUrl":"10.1016/j.irfa.2025.104212","url":null,"abstract":"<div><div>This paper makes a valuable contribution to the existing research framework on finance and law. The subject of this investigation is the efficacy of capital resource allocation in enterprises in response to regional judicial quality enhancements. This study explicitly employs the establishment of circuit courts as a natural experiment to investigate the causal relationship between the efficacy of capital allocation and judicial enhancement in enterprises that operated from 2012 to 2022. The findings suggest that the effective implementation of circuit courts can enhance the efficiency of capital allocation for firms by reducing finance costs and increasing the productivity of all factors. Nevertheless, the findings do not apply to all enterprises. Heterogeneous analysis suggests that enterprises subject to more severe financial constraints are more susceptible to changes in the legal environment. Furthermore, the heterogeneous effects of a variety of legal environments suggest that the inherent legal environment has a substantial impact on the improvement of regional judicial quality. This paper provides a unique viewpoint on the inefficiency of enterprises' allocation of capital resources.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104212"},"PeriodicalIF":7.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807560","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