Pub Date : 2026-02-04DOI: 10.1016/j.frl.2026.109604
Jing Hao , Ran Sun , Ziqiao Wang
This study examines the effect of digital media information on household stock market participation. Using data from the China Household Finance Survey (CHFS) project, we find that households exposed to more digital media information of local listed firms are more likely to participate in the stock market. Further analysis reveals that this effect is primarily driven by positive digital media information. Moreover, the effect is more pronounced among households with greater risk tolerance, higher education levels, stronger social security protections, and more developed local legal institutions. These findings enrich the existing literature on the role of digital information in household asset allocation decisions.
{"title":"Digital media information and household stock market participation: Evidence from China","authors":"Jing Hao , Ran Sun , Ziqiao Wang","doi":"10.1016/j.frl.2026.109604","DOIUrl":"10.1016/j.frl.2026.109604","url":null,"abstract":"<div><div>This study examines the effect of digital media information on household stock market participation. Using data from the China Household Finance Survey (CHFS) project, we find that households exposed to more digital media information of local listed firms are more likely to participate in the stock market. Further analysis reveals that this effect is primarily driven by positive digital media information. Moreover, the effect is more pronounced among households with greater risk tolerance, higher education levels, stronger social security protections, and more developed local legal institutions. These findings enrich the existing literature on the role of digital information in household asset allocation decisions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109604"},"PeriodicalIF":6.9,"publicationDate":"2026-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146187311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-03DOI: 10.1016/j.frl.2026.109554
Skander Slim , Mohamed Osman , Yosra Koubaa
In this paper, we examine the differential effects of Climate Policy Uncertainty (CPU) and Cryptocurrency Environmental Attention (ICEA) on monthly realized volatility of cryptocurrencies. Considering the rising concerns about the environmental sustainability of this emerging asset class, we distinguish between dirty and clean cryptocurrencies based on their energy consumption levels. Results reveal that CPU exerts a significant nonlinear impact on cryptocurrency volatility, the relevance of which is supported by its superior predictive ability over alternative specifications incorporating ICEA, under statistical and economic evaluation metrics. By incorporating climate-related variables into volatility modeling, this study contributes to the growing literature on sustainable finance and offers novel insights into the interplay between environmental factors and cryptocurrency market dynamics.
{"title":"Predicting cryptocurrency volatility: Climate policy uncertainty versus environmental attention","authors":"Skander Slim , Mohamed Osman , Yosra Koubaa","doi":"10.1016/j.frl.2026.109554","DOIUrl":"10.1016/j.frl.2026.109554","url":null,"abstract":"<div><div>In this paper, we examine the differential effects of Climate Policy Uncertainty (CPU) and Cryptocurrency Environmental Attention (ICEA) on monthly realized volatility of cryptocurrencies. Considering the rising concerns about the environmental sustainability of this emerging asset class, we distinguish between dirty and clean cryptocurrencies based on their energy consumption levels. Results reveal that CPU exerts a significant nonlinear impact on cryptocurrency volatility, the relevance of which is supported by its superior predictive ability over alternative specifications incorporating ICEA, under statistical and economic evaluation metrics. By incorporating climate-related variables into volatility modeling, this study contributes to the growing literature on sustainable finance and offers novel insights into the interplay between environmental factors and cryptocurrency market dynamics.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109554"},"PeriodicalIF":6.9,"publicationDate":"2026-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-02DOI: 10.1016/j.frl.2026.109602
Klaus Grobys , Davide Sandretto , Janne Äijö
Motivated by the significant illiquidity observed in the cryptocurrency market—exemplified by phenomena such as "defaulted coins"—this study is the first to investigate a cryptocurrency-specific analog of currency momentum, as implemented among G10 currencies. We analyze nine free-floating cryptocurrencies that remained within the top 100 altcoins by market capitalization during the sample period, spanning January 2017 to August 2024. Using weekly data, we evaluate two cryptocurrency momentum strategies: one focused solely on survivor coins and another utilizing the largest 30 coins for a given year (referred to as "plain cryptocurrency momentum"). Our main findings are as follows: (a) Cryptocurrency momentum is not evident when applied to survivor coins; (b) plain cryptocurrency momentum is profitable only after the dataset is trimmed; (c) the profitability of trimmed plain cryptocurrency momentum does not result from leveraging survivor coin-based cryptocurrency momentum; (d) even after trimming, the profitability of plain cryptocurrency momentum is highly sample-dependent.
{"title":"On survivor cryptocurrency momentum","authors":"Klaus Grobys , Davide Sandretto , Janne Äijö","doi":"10.1016/j.frl.2026.109602","DOIUrl":"10.1016/j.frl.2026.109602","url":null,"abstract":"<div><div>Motivated by the significant illiquidity observed in the cryptocurrency market—exemplified by phenomena such as \"defaulted coins\"—this study is the first to investigate a cryptocurrency-specific analog of currency momentum, as implemented among G10 currencies. We analyze nine free-floating cryptocurrencies that remained within the top 100 altcoins by market capitalization during the sample period, spanning January 2017 to August 2024. Using weekly data, we evaluate two cryptocurrency momentum strategies: one focused solely on survivor coins and another utilizing the largest 30 coins for a given year (referred to as \"plain cryptocurrency momentum\"). Our main findings are as follows: (a) Cryptocurrency momentum is not evident when applied to survivor coins; (b) plain cryptocurrency momentum is profitable only after the dataset is trimmed; (c) the profitability of trimmed plain cryptocurrency momentum does not result from leveraging survivor coin-based cryptocurrency momentum; (d) even after trimming, the profitability of plain cryptocurrency momentum is highly sample-dependent.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109602"},"PeriodicalIF":6.9,"publicationDate":"2026-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146109865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-02DOI: 10.1016/j.frl.2026.109601
Daqian Huang, Kwo Ping Tam, Bo Chen
{"title":"Does Exercise Keep Your Wallet Healthy? An Empirical Study between Physical Activity and Household Financial Vulnerability","authors":"Daqian Huang, Kwo Ping Tam, Bo Chen","doi":"10.1016/j.frl.2026.109601","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109601","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":"109601"},"PeriodicalIF":10.4,"publicationDate":"2026-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-02DOI: 10.1016/j.frl.2026.109598
Sarela Enriquez-Perales , Conrado Diego García-Gómez , José María Díez-Esteban
This study examines the association between country-level climate vulnerability and firm-level stock return volatility in Europe. Using panel data on 490 listed firms across 17 European countries from 2013 to 2022, we find that firms located in more climate-vulnerable countries exhibit significantly higher market volatility. The results are robust across alternative measures, fixed-effects specifications, and endogeneity checks. We further show that this relationship is amplified for financially constrained firms when constraints are measured using the Kaplan–Zingales index. Overall, the findings suggest that climate vulnerability primarily manifests as heightened market uncertainty and that financial frictions play a key role in transmitting macro-level climate risk to firm-level market volatility.
{"title":"Climate vulnerability and market volatility: Evidence from European firms","authors":"Sarela Enriquez-Perales , Conrado Diego García-Gómez , José María Díez-Esteban","doi":"10.1016/j.frl.2026.109598","DOIUrl":"10.1016/j.frl.2026.109598","url":null,"abstract":"<div><div>This study examines the association between country-level climate vulnerability and firm-level stock return volatility in Europe. Using panel data on 490 listed firms across 17 European countries from 2013 to 2022, we find that firms located in more climate-vulnerable countries exhibit significantly higher market volatility. The results are robust across alternative measures, fixed-effects specifications, and endogeneity checks. We further show that this relationship is amplified for financially constrained firms when constraints are measured using the Kaplan–Zingales index. Overall, the findings suggest that climate vulnerability primarily manifests as heightened market uncertainty and that financial frictions play a key role in transmitting macro-level climate risk to firm-level market volatility.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109598"},"PeriodicalIF":6.9,"publicationDate":"2026-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-02DOI: 10.1016/j.frl.2026.109596
Xinwei Guo, Zhongguo Li
We comprehensively explore how governance education investment affects firms’ social responsibility behavior. Based on a dataset spanning from 2015 to 2024, the study provides robust evidence that government investment in education strongly enhances the social responsibility performance of firms. The positive effect is further amplified among firms located in economically underdeveloped areas and highly polluting ones. Further investigation uncovers that rural-born executives and highly educated employees are core economic channels. These results are robust to a number of econometric checks. Overall, by shedding light on the unintentional consequences of government education investment, our paper enriches the relevant literature.
{"title":"Impacts of governments’ education investment on firms’ social responsibility behavior","authors":"Xinwei Guo, Zhongguo Li","doi":"10.1016/j.frl.2026.109596","DOIUrl":"10.1016/j.frl.2026.109596","url":null,"abstract":"<div><div>We comprehensively explore how governance education investment affects firms’ social responsibility behavior. Based on a dataset spanning from 2015 to 2024, the study provides robust evidence that government investment in education strongly enhances the social responsibility performance of firms. The positive effect is further amplified among firms located in economically underdeveloped areas and highly polluting ones. Further investigation uncovers that rural-born executives and highly educated employees are core economic channels. These results are robust to a number of econometric checks. Overall, by shedding light on the unintentional consequences of government education investment, our paper enriches the relevant literature.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109596"},"PeriodicalIF":6.9,"publicationDate":"2026-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111034","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-02-02DOI: 10.1016/j.frl.2026.109599
Jing Xu , Yanfang Liu , Chaoxia Yao
This paper uses a sample of listed companies from China's Shanghai and Shenzhen A-shares from 2012 to 2023 to systematically explore the impact, mechanisms, and differences of Confucian academy construction on the moral risk of corporate executives. The study finds that constructing Confucian academies can effectively reduce the moral risk of corporate executives; violations by listed companies play an intermediary role in the relationship between the construction of Confucian academies and the moral risk of corporate executives; the impact of Confucian academy construction on the moral risk of corporate executives shows heterogeneity between state-owned enterprises (SOEs) and private enterprises (PEs); and it also displays heterogeneity between profitable and unprofitable enterprises.
{"title":"Can the construction of confucian academies reduce the moral risk of executives? An analysis based on the intermediary effect of violations by listed companies","authors":"Jing Xu , Yanfang Liu , Chaoxia Yao","doi":"10.1016/j.frl.2026.109599","DOIUrl":"10.1016/j.frl.2026.109599","url":null,"abstract":"<div><div>This paper uses a sample of listed companies from China's Shanghai and Shenzhen A-shares from 2012 to 2023 to systematically explore the impact, mechanisms, and differences of Confucian academy construction on the moral risk of corporate executives. The study finds that constructing Confucian academies can effectively reduce the moral risk of corporate executives; violations by listed companies play an intermediary role in the relationship between the construction of Confucian academies and the moral risk of corporate executives; the impact of Confucian academy construction on the moral risk of corporate executives shows heterogeneity between state-owned enterprises (SOEs) and private enterprises (PEs); and it also displays heterogeneity between profitable and unprofitable enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109599"},"PeriodicalIF":6.9,"publicationDate":"2026-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146111038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-31DOI: 10.1016/j.frl.2026.109595
Chao Meng , Yimei Zhang
This study uses data of China’s A-share listed firms spanning 2012–2022 to analyze the effect of value-added tax (VAT) credit refunds on export competitiveness. Additionally, it explores the characteristics of heterogeneity, analyzing the connection between tax policy and competitiveness. Notably, VAT credit refunds significantly improve firms’ export competitiveness. Mediation effect test concludes that firms’ cash flow and research and development investment play a partial intermediary role between VAT credit refunds and firm export competitiveness. Heterogeneity analysis indicates that the improvement effect is more significant in firms issuing standard audit opinions; firms with financial backgrounds; firms with directors, supervisors, and senior executives; and firms without overseas backgrounds. This study provides empirical evidence and policy reference for improving the VAT credit refund policy and assisting firms enhance their export competitiveness.
{"title":"Can value-added tax reform improve the export competitiveness? Evidence from China","authors":"Chao Meng , Yimei Zhang","doi":"10.1016/j.frl.2026.109595","DOIUrl":"10.1016/j.frl.2026.109595","url":null,"abstract":"<div><div>This study uses data of China’s A-share listed firms spanning 2012–2022 to analyze the effect of value-added tax (VAT) credit refunds on export competitiveness. Additionally, it explores the characteristics of heterogeneity, analyzing the connection between tax policy and competitiveness. Notably, VAT credit refunds significantly improve firms’ export competitiveness. Mediation effect test concludes that firms’ cash flow and research and development investment play a partial intermediary role between VAT credit refunds and firm export competitiveness. Heterogeneity analysis indicates that the improvement effect is more significant in firms issuing standard audit opinions; firms with financial backgrounds; firms with directors, supervisors, and senior executives; and firms without overseas backgrounds. This study provides empirical evidence and policy reference for improving the VAT credit refund policy and assisting firms enhance their export competitiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109595"},"PeriodicalIF":6.9,"publicationDate":"2026-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146187308","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2026-01-30DOI: 10.1016/j.frl.2026.109591
Oguzhan Cepni , Ufuk Can , Ahmet Faruk Aysan
This paper investigates how abnormal weather shocks influence U.S. state-level municipal bond returns, offering evidence on the pricing of climate risk in local public debt markets. Using a composite index of standardized weather anomalies and a panel local projections framework, we find delayed but persistent negative effects of abnormal weather shocks on municipal bond returns. Returns remain stable initially but decline by about 35 basis points after four to six months and by 40 basis points after one year, indicating gradual repricing as fiscal and credit conditions adjust. Furthermore, we document partisan asymmetries: bonds issued by Republican-led states exhibit sharper short-term declines, reflecting weaker climate policies and adaptation efforts. Over the medium term, the effects converge across states, suggesting that abnormal weather shocks ultimately impose real and widespread fiscal costs on municipalities, regardless of political orientation.
{"title":"Abnormal weather shocks and US state level municipal bond returns","authors":"Oguzhan Cepni , Ufuk Can , Ahmet Faruk Aysan","doi":"10.1016/j.frl.2026.109591","DOIUrl":"10.1016/j.frl.2026.109591","url":null,"abstract":"<div><div>This paper investigates how abnormal weather shocks influence U.S. state-level municipal bond returns, offering evidence on the pricing of climate risk in local public debt markets. Using a composite index of standardized weather anomalies and a panel local projections framework, we find delayed but persistent negative effects of abnormal weather shocks on municipal bond returns. Returns remain stable initially but decline by about 35 basis points after four to six months and by 40 basis points after one year, indicating gradual repricing as fiscal and credit conditions adjust. Furthermore, we document partisan asymmetries: bonds issued by Republican-led states exhibit sharper short-term declines, reflecting weaker climate policies and adaptation efforts. Over the medium term, the effects converge across states, suggesting that abnormal weather shocks ultimately impose real and widespread fiscal costs on municipalities, regardless of political orientation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109591"},"PeriodicalIF":6.9,"publicationDate":"2026-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146089527","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号