International Review of Financial Analysis最新文献_第6页

Investment decision making for large-scale Peer-to-Peer lending data: A Bayesian Neural Network approach

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-15 DOI: 10.1016/j.irfa.2025.104100

Yanhong Guo , Yonghui Zhai , Shuai Jiang

{"title":"Investment decision making for large-scale Peer-to-Peer lending data: A Bayesian Neural Network approach","authors":"Yanhong Guo , Yonghui Zhai , Shuai Jiang","doi":"10.1016/j.irfa.2025.104100","DOIUrl":"10.1016/j.irfa.2025.104100","url":null,"abstract":"<div><div>Peer-to-Peer (P2P) lending, as a pivotal innovation in the financial sector, presents both significant opportunities and complex challenges for portfolio management. This study introduces an advanced P2P lending portfolio optimization model that integrates Bayesian Neural Networks (BNNs) within the Neural Additive Model (NAM) framework to address these challenges. Our primary objective is to enhance the interpretability and operational efficacy of large-scale P2P lending portfolios. By leveraging BNNs, we not only predict returns but also quantify uncertainty to assess loan risks effectively. To augment the model’s transparency, NAMs are employed to elucidate the impact of various features on investment outcomes. Subsequently, a genetic algorithm optimizes the allocation of investment weights, ensuring maximum profitability. The proposed strategy is validated using real-world P2P lending data, demonstrating superior performance compared to traditional benchmarks in predicting P2P lending profits. Empirical evidence suggests that our approach significantly enhances investment returns by facilitating informed decision-making. This research provides actionable insights for investors in the P2P lending domain and represents a substantial advancement in risk management and decision-making through the innovative application of BNNs and NAMs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104100"},"PeriodicalIF":7.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678310","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

An empirical study on the relationship between executives' financial background and corporate ESG performance

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-14 DOI: 10.1016/j.irfa.2025.104141

Junwei Wang , Yafei Xing , Daibo Xiao

引用次数: 0

Iterated Dynamic Model Averaging and application to inflation forecasting

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-14 DOI: 10.1016/j.irfa.2025.104095

Sihan Chen , Lei Ming , Haoxi Yang , Shenggang Yang

{"title":"Iterated Dynamic Model Averaging and application to inflation forecasting","authors":"Sihan Chen , Lei Ming , Haoxi Yang , Shenggang Yang","doi":"10.1016/j.irfa.2025.104095","DOIUrl":"10.1016/j.irfa.2025.104095","url":null,"abstract":"<div><div>This manuscript presents a new forecasting methodology that builds upon the established Dynamic Model Averaging (DMA) method, termed the Iterated Dynamic Model Averaging (IDMA) algorithm. The IDMA algorithm works on the DMA framework by modifying its input parameters to optimize estimation on the training dataset, effectively selecting candidate predictor variables and calibrating key model parameters. To validate the forecasting efficacy of IDMA, we have conducted empirical analyses of IDMA and other benchmark models on inflation rate predictions. First, we present the forecast on the United States (US) as our primary result, followed by sensitivity analyses on various initial predictors and parameters. Subsequently, we expand the discussion to include other countries for further illustration. Finally, we reinforce our conclusions by conducting forecasts on simulated data through numerous replications. Our findings demonstrate that IDMA outperforms other benchmark models at yearly time horizon across diverse economic contexts and exhibits substantial robustness across varied initial configurations of predictors and parameters.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104095"},"PeriodicalIF":7.5,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678312","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

Can business-financial integration mitigate agency problems? Evidence from China's listed firms

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-14 DOI: 10.1016/j.irfa.2025.104132

Liyang Jin , Kaidong Yu , Xuan Zhang

{"title":"Can business-financial integration mitigate agency problems? Evidence from China's listed firms","authors":"Liyang Jin , Kaidong Yu , Xuan Zhang","doi":"10.1016/j.irfa.2025.104132","DOIUrl":"10.1016/j.irfa.2025.104132","url":null,"abstract":"<div><div>The separation between business operations and financial management in China's listed firms creates “information islands” within organizations, hindering effective communication between management and shareholders. This fragmentation exacerbates conflicts of interest and intensifies agency problems. Despite the growing research on executive compensation and corporate governance, the role of Business-Financial Integration (BFII) in alleviating agency problems and enhancing pay-performance sensitivity remains underexplored. Using a dataset of A-share listed firms from 2008 to 2022, we investigate the association between executive pay-performance sensitivity and BFII strategies. Additionally, we examine the moderating role of corporate governance in this relationship. Our findings contribute to the literature by demonstrating that BFII can mitigate agency problems, enhance executive pay-performance sensitivity, and interact with corporate governance mechanisms to reinforce these effects. Furthermore, heterogeneity analysis provides additional insights into the varying impacts of BFII across different firm characteristics.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104132"},"PeriodicalIF":7.5,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143697132","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

Top management team stability and stock price crash risk: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104126

Bofu Deng , Zhenge Peng , Kam C. Chan , Hongce Chen

引用次数: 0

Common institutional investors and the tone of key audit matters

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104118

Xiaoliang Wang , Wei Zhao , Ruizhi Liu

{"title":"Common institutional investors and the tone of key audit matters","authors":"Xiaoliang Wang , Wei Zhao , Ruizhi Liu","doi":"10.1016/j.irfa.2025.104118","DOIUrl":"10.1016/j.irfa.2025.104118","url":null,"abstract":"<div><div>Common institutional investors have attracted considerable attention for their potential to collaborate and influence corporate governance, especially in relation to auditor behavior. Based on A-share listed companies from 2016 to 2022, this study examines the impact of common institutional investors on the tone of key audit matters (KAMs). Empirical findings show that these investors tend to push portfolio firms toward collusive fraud, prompting auditors to use a more negative tone in KAM disclosures. Moreover, major shareholders moderate the effect of common institutional investors on the tone of KAMs. Mechanism examinations reveal that common institutional investors increase a company's operational risks and reduce the comparability of its accounting information, prompting auditors to adopt a more negative tone in KAM disclosures. Heterogeneity analysis shows that the collusive fraud effect of common institutional investors is more significant in groups with low external competition, short-term institutional investors, and less developed regional markets. Furthermore, economic consequence analysis demonstrates that a negative KAM tone acts as an external monitoring tool and reduces the impact of common institutional investors on the risk of stock price crashes. This study complements the literature on the factors influencing KAM tone and the economic outcomes of common institutional investors' influence on auditor behavior. Furthermore, it has significant implications for companies to improve corporate governance and standardize market order.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104118"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629585","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

Can corporate site visits by institutional investors improve the quality of corporate environmental information disclosure? Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104138

Chao Feng , Xi Cheng , Jiaxing Luo , Hao Zheng , Miao Wang

{"title":"Can corporate site visits by institutional investors improve the quality of corporate environmental information disclosure? Evidence from China","authors":"Chao Feng , Xi Cheng , Jiaxing Luo , Hao Zheng , Miao Wang","doi":"10.1016/j.irfa.2025.104138","DOIUrl":"10.1016/j.irfa.2025.104138","url":null,"abstract":"<div><div>With global environmental challenges intensifying, the environmental impact of economic activities has garnered widespread societal attention, heightening stakeholder concerns about the transparency and quality of corporate environmental information. This study examines the influence of institutional investors' corporate site visits on the quality of corporate environmental information disclosure, using a sample of 2264 A-share companies listed on the Shenzhen Stock Exchange from 2013 to 2022. The findings reveal that (1) institutional investors' site visits contribute to improving the quality of corporate environmental information disclosure. (2) Economic policy uncertainty amplifies this positive impact, but environmental regulations weaken this effect. (3) Media attention plays a crucial mediating role in this relationship. (4) The visits enhance the quality of monetary environmental disclosure more significantly than non-monetary disclosure. (5) The impact is more pronounced in non-state-owned enterprises, small- and medium-sized firms, and companies with low equity concentration. These findings offer valuable insights for governments, businesses, and institutional investors seeking to promote and support sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104138"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686108","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

Acquirer board independence and acquisitions performance: A meta-analysis

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104130

Mussa Hussaini

{"title":"Acquirer board independence and acquisitions performance: A meta-analysis","authors":"Mussa Hussaini","doi":"10.1016/j.irfa.2025.104130","DOIUrl":"10.1016/j.irfa.2025.104130","url":null,"abstract":"<div><div>Using meta-analytical techniques, this study examines whether and how acquirer board independence affects acquisition performance. It also investigates the moderating effects of country-level formal institutions on this relationship to shed light on the fragmented empirical results reported by prior studies. Using a sample of 85 primary studies representing 646 effect sizes and a total of 1,131,639 observations, the overall results indicate a positive and significant relationship between acquirer board independence and acquisition performance. Moreover, the results of the three-level meta-regression analysis reveal that the country-level formal institutional factor of shareholder rights negatively moderates the focal relationship, while creditor rights have, at best, a minimal impact. This study blends insights from two theoretical perspectives—agency theory and transaction cost economics—and clarifies the strength and direction of the association between acquirer board independence and acquisition performance. Moreover, by incorporating institutional theory to examine the moderating effects of formal institutions, this study sheds light on how broader institutional contexts impact the effectiveness of corporate governance practices and their value implications in acquisition transactions. Accordingly, this study provides novel findings with empirically validated theoretical underpinnings.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104130"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can digital inclusive finance narrow the internal and external wage gaps in enterprises?

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104140

Ruichen Jiang, Qingtian Wu

引用次数: 0

Heterogeneous effects of common volatility in energy commodity markets on the structure of inter-sectoral connectedness within the Chinese stock market

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104128

Baifan Chen , Jionghao Huang , Lianzhou Tang , Jialu Wu , Xiaohua Xia

{"title":"Heterogeneous effects of common volatility in energy commodity markets on the structure of inter-sectoral connectedness within the Chinese stock market","authors":"Baifan Chen , Jionghao Huang , Lianzhou Tang , Jialu Wu , Xiaohua Xia","doi":"10.1016/j.irfa.2025.104128","DOIUrl":"10.1016/j.irfa.2025.104128","url":null,"abstract":"<div><div>Understanding how volatility in energy commodity markets reshapes the return and risk dependencies among financial assets is crucial for maintaining financial stability. This study investigates the effects of common volatility in energy commodity markets (COVOE) on the network structure of inter-sectoral return connectedness within the Chinese stock market. We classify 5178 Chinese mainland-listed companies into 18 sectors and compute COVOE for these sectors, employing the global common volatility methodology. Concurrently, we construct daily sectoral composite stock price indices, weighted by market capitalization, and employ the Diebold-Yilmaz (DY) connectedness approach to measure return connectedness among them. Further, we develop a novel algorithm to remove insignificant links within inter-sectoral return connectedness networks. Results reveal that increases in common volatility in global energy, oil, and natural gas commodity markets significantly enhance the return connectedness among Chinese stock sectors, whereas rising common volatility in the coal market reduces the connectedness. Different types of energy commodity market volatility exhibit varying impacts on the net spillover of sectoral return information. Time-varying analysis suggests a declining impact of common volatility in energy commodity markets on sectoral return connectedness. Additionally, temporal and cross-sectoral heterogeneity is observed in the impact of common volatility in energy commodity markets on the net spillover of sectoral return information. The study highlights the intricate relationship between energy market volatility and the financial market, providing valuable insights for risk management and policy formulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104128"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143685715","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