International Review of Financial Analysis最新文献_第8页

Equation chapter 0 section 1Macro-driven stock market volatility prediction: Insights from a new hybrid machine learning approach 第 0 章第 1 节宏观驱动的股市波动预测：新型混合机器学习方法的启示

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103711

Qing Zeng , Xinjie Lu , Jin Xu , Yu Lin

引用次数: 0

Demystifying the dynamic relationship between news sentiment index and ESG stocks: Evidence from time-frequency wavelet analysis 解读新闻情绪指数与 ESG 股票之间的动态关系：时间频率小波分析的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103698

Imran Yousaf , Azza Bejaoui , Shoaib Ali , Yanshuang Li

引用次数: 0

The power of religion: Islamic investing in the lab 宗教的力量实验室中的伊斯兰投资

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103690

Sheheryar Banuri , Lucia Milena Murgia , Imtiaz Ul Haq

{"title":"The power of religion: Islamic investing in the lab","authors":"Sheheryar Banuri , Lucia Milena Murgia , Imtiaz Ul Haq","doi":"10.1016/j.irfa.2024.103690","DOIUrl":"10.1016/j.irfa.2024.103690","url":null,"abstract":"<div><div>Faith-based mutual funds have recently become a growing corner of the mutual fund industry. Morality and ethics are thought to exert an influence on investors' decisions in this segment, though their role in driving such investments is not clear as these funds are also attractive due to their distinct risk-return profile. If non-pecuniary motives are predominant, investors in such funds may be less sensitive to financial performance, resulting in different fund flows patterns relative to conventional funds. This paper fills the gap in the literature, by providing an express linkage between religious preferences and investment in an Islamic fund. Using an incentivized lab experiment, we compare the extent to which investors with religious preferences are likely to accept inferior financial performances to pursue investments aligned with their religious preferences. We show that those with stronger religious preferences are more likely to stick with their investment in Islamic funds when these funds underperform. We do not find that social preferences play a similar role in socially responsible funds, and we find that investors prefer religious investments over socially responsible investments, providing strong evidence that religious investors do not view socially responsible funds as substitutes for Islamic funds.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103690"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586842","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

Firm-level political risk and labor performance 企业层面的政治风险与劳动绩效

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-24 DOI: 10.1016/j.irfa.2024.103697

Svetlana Orlova, Li Sun

引用次数: 0

Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility 抑制还是促进？碳排放交易对企业环境责任的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-24 DOI: 10.1016/j.irfa.2024.103703

Yue-Jun Zhang , Wei Shi , Jing-Yue Liu

{"title":"Inhibiting or promoting? The impact of carbon emissions trading on corporate environmental responsibility","authors":"Yue-Jun Zhang , Wei Shi , Jing-Yue Liu","doi":"10.1016/j.irfa.2024.103703","DOIUrl":"10.1016/j.irfa.2024.103703","url":null,"abstract":"<div><div>Carbon emissions trading (CET) policy presents a crucial market-oriented environmental strategy to shape corporate environmentally responsible behaviour. However, how market-oriented environmental strategy may affect corporate environmental responsibility remains to be further investigated. Based on the practice of China's CET, this paper investigates the impact of market-oriented environmental strategy on the environmental responsibility level of high‑carbon enterprises in China. The relevant results are threefold. 1) Contrary to conventional wisdom and CET policy expectation, China's CET policy discourages high‑carbon enterprises from fulfilling environmental responsibility, leading to an overall decrease of 32.6 % in the environmental responsibility level. 2) China's CET policy strengthens the financing constraints of high‑carbon enterprises, which makes them face a financial dilemma wherein it is challenging to balance environmental management and production operations in the absence of financial support. 3) Compared with non-state-owned enterprises and small- and micro-sized enterprises, the inhibitory effect of China's CET policy on the environmental responsibility level of state-owned enterprises (SOEs) and medium- and large-sized enterprises (MLEs) is stronger, whereas the inhibitory effect of financing constraints induced by China's CET policy on the environmental responsibility level of SOEs and MLEs is weaker.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103703"},"PeriodicalIF":7.5,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534226","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 energy diversification on firm performance: The moderating role of corporate social responsibility 能源多样化对公司业绩的影响：企业社会责任的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103704

Giray Gozgor, Thang Ho, Jing Li, Mohammad Mahdi Mousavi

引用次数: 0

Income aspirations and peasants' willingness to borrow in rural China 中国农村的收入愿望与农民的借贷意愿

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103681

Liang You , Qing Ren

引用次数: 0

Stock price spillovers from foreign institutional investor divestment: Evidence from BlackRock's closure of the China Flexible Equity Fund 外国机构投资者撤资的股价溢出效应：贝莱德关闭中国灵活股票基金的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103694

Changchun Pan , Yuhang Song , Long Jin

引用次数: 0

Impact of CSR on stock return resilience during the 2020 public health emergency: Evidence from the Chinese financial market 企业社会责任对 2020 年突发公共卫生事件期间股票回报弹性的影响：来自中国金融市场的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103702

Xiaoling Ouyang , Yuchuan Yang , Kerui Du

{"title":"Impact of CSR on stock return resilience during the 2020 public health emergency: Evidence from the Chinese financial market","authors":"Xiaoling Ouyang , Yuchuan Yang , Kerui Du","doi":"10.1016/j.irfa.2024.103702","DOIUrl":"10.1016/j.irfa.2024.103702","url":null,"abstract":"<div><div>Corporate Social Responsibility (CSR) can enhance firm value through non-profit channels, but it may also divert operational resources, potentially harming short-term financial performance. A key question in the literature is whether CSR can improve stock return resilience during negative shocks. Drawing on stakeholder theory, we hypothesize that CSR investment enhances stock resilience, though the effect may vary among firms. This paper analyzes financial data from 3153 Chinese listed companies alongside CSR ratings from the Hexun CSR database. Our findings indicate that firms with higher pre-event CSR ratings demonstrated stronger stock performance during the early stages of the public health emergency in 2020. These results remain robust across various checks and are supported by two instrumental variable approaches: local Confucian cultural influence and Lewbel's heteroskedasticity instrument. We further investigate the factors influencing the effectiveness of CSR in protecting firm value, revealing that CSR activities focused on shareholder responsibility are particularly effective. This protective effect is most pronounced in firms facing poorer financial conditions, lower proportions of institutional investors, heightened industrial competition, and those not operating in socially sensitive industries. Overall, our findings provide evidence that active engagement in CSR can enhance a company's resilience to negative shocks during global health crises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103702"},"PeriodicalIF":7.5,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534221","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 bank-affiliation on liquidity seeking of foreign mutual funds during adverse shocks: Evidence from China 银行附属机构对外国共同基金在不利冲击下寻求流动性的影响：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103679

Jinhua Zhang , Rui Mao , John W. Goodell , Anna Min Du , Yimin Xu

引用次数: 0