{"title":"Not all political shocks are alike: Decoding the heterogeneous impacts of political uncertainties in the LNG market","authors":"Junmei Hu, Yuhan Wen, Jianping Wang, Pengxiang Zhai, Liyuan Luan","doi":"10.1016/j.frl.2026.109802","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109802","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448463","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 : 2026-03-13DOI: 10.1016/j.frl.2026.109803
Juan Equiza-Goñi
{"title":"Inflationary U.S. Federal Budget Projections","authors":"Juan Equiza-Goñi","doi":"10.1016/j.frl.2026.109803","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109803","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448467","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 : 2026-03-13DOI: 10.1016/j.frl.2026.109806
Jung-Bin Su
{"title":"A novel spillover connective network approach: Evidence from US energy markets","authors":"Jung-Bin Su","doi":"10.1016/j.frl.2026.109806","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109806","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"20 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448468","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 : 2026-03-13DOI: 10.1016/j.frl.2026.109804
Qiankui Li, Tan Wang
{"title":"Corporate agile responsiveness, product differentiation, and investor confidence","authors":"Qiankui Li, Tan Wang","doi":"10.1016/j.frl.2026.109804","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109804","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448464","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 : 2026-03-12DOI: 10.1016/j.frl.2026.109801
Yu Ren, Xiongfei Liu, Yi Zhu
{"title":"Clean energy transition and enhanced global value chain positioning: The moderating influence of the digital economy","authors":"Yu Ren, Xiongfei Liu, Yi Zhu","doi":"10.1016/j.frl.2026.109801","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109801","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"33 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448469","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 : 2026-03-11DOI: 10.1016/j.frl.2026.109799
Krishan Kumar Sharma
{"title":"A Regime-Switching Approach to Bank Capital and Liquidity Buffers","authors":"Krishan Kumar Sharma","doi":"10.1016/j.frl.2026.109799","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109799","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"9 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147447126","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 : 2026-03-11DOI: 10.1016/j.frl.2026.109797
Linlin Hong, Mingjian Xie, Sisi Liu, Xiaohong Zhao
{"title":"Confucian culture, artificial intelligence, and executive financial misconduct: Internal control and information disclosure as governance channels","authors":"Linlin Hong, Mingjian Xie, Sisi Liu, Xiaohong Zhao","doi":"10.1016/j.frl.2026.109797","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109797","url":null,"abstract":"","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147448473","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 : 2026-03-09DOI: 10.1016/j.frl.2026.109783
Antoine Didisheim, Martina Fraschini, Luciano Somoza, Hanqing Tian
Whether Large Language Models (LLMs) will result in a marginal productivity increase or a technological revolution largely depends on their ability to reason. LLMs with reasoning capabilities outperform vanilla ones on math and coding. However, it remains unclear whether such emergent abilities translate into improved economic insights. We evaluate state-of-the-art general-purpose reasoning-enhanced LLMs by OpenAI and DeepSeek on standard financial tasks: news sentiment and earnings direction prediction. Reasoning-enhanced models fail to demonstrate a significant advantage, while model size does. These findings indicate that improved reasoning does not necessarily translate into enhanced economic intuition, questioning their cost-effectiveness and practical utility in finance. Only finance-specific reasoning models yield a relatively modest increase in performance.
{"title":"Is AI reasoning useful in finance?","authors":"Antoine Didisheim, Martina Fraschini, Luciano Somoza, Hanqing Tian","doi":"10.1016/j.frl.2026.109783","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109783","url":null,"abstract":"Whether Large Language Models (LLMs) will result in a marginal productivity increase or a technological revolution largely depends on their ability to reason. LLMs with reasoning capabilities outperform vanilla ones on math and coding. However, it remains unclear whether such emergent abilities translate into improved economic insights. We evaluate state-of-the-art general-purpose reasoning-enhanced LLMs by OpenAI and DeepSeek on standard financial tasks: news sentiment and earnings direction prediction. Reasoning-enhanced models fail to demonstrate a significant advantage, while model size does. These findings indicate that improved reasoning does not necessarily translate into enhanced economic intuition, questioning their cost-effectiveness and practical utility in finance. Only finance-specific reasoning models yield a relatively modest increase in performance.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"19 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147392298","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 : 2026-03-09DOI: 10.1016/j.frl.2026.109773
Jinhyeong Jo, Doojin Ryu
We develop a model of continuation fund transfers under asymmetric information with verification, participation, and rollover frictions. Conditional on observed deal initiation, Limited Partners update their priors before valuation, and the resulting initiation-conditioned beliefs shift the reliability cutoffs for transfer, rollover, and joint feasibility. Our model implies lemons-type selection: verification frictions and participation costs can exclude high-quality assets unless valuation reliability is sufficiently high, and rollover frictions can remain binding even after a favorable valuation signal.
{"title":"Asymmetric information and valuation frictions in continuation funds","authors":"Jinhyeong Jo, Doojin Ryu","doi":"10.1016/j.frl.2026.109773","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109773","url":null,"abstract":"We develop a model of continuation fund transfers under asymmetric information with verification, participation, and rollover frictions. Conditional on observed deal initiation, Limited Partners update their priors before valuation, and the resulting initiation-conditioned beliefs shift the reliability cutoffs for transfer, rollover, and joint feasibility. Our model implies lemons-type selection: verification frictions and participation costs can exclude high-quality assets unless valuation reliability is sufficiently high, and rollover frictions can remain binding even after a favorable valuation signal.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"414 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147392297","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 : 2026-03-07DOI: 10.1016/j.frl.2026.109761
Huifang He
Localization strategies are critical for multinational corporations (MNCs) eager to enter new markets. To extend current knowledge in this area, this study examines how localization strategies influence MNC brand recognition. Using a large panel of data, we find that localization significantly strengthens brand identity, especially among firms in the fast-moving consumer goods industry. We also identify offline promotions and advertising expenditure as key mechanisms driving this effect. These results are robust across multiple econometric tests. This study contributes to the field by providing a focused empirical assessment of how localization strategies shape MNC brand recognition.
{"title":"Localization strategies and brand recognition of multinational firms","authors":"Huifang He","doi":"10.1016/j.frl.2026.109761","DOIUrl":"https://doi.org/10.1016/j.frl.2026.109761","url":null,"abstract":"Localization strategies are critical for multinational corporations (MNCs) eager to enter new markets. To extend current knowledge in this area, this study examines how localization strategies influence MNC brand recognition. Using a large panel of data, we find that localization significantly strengthens brand identity, especially among firms in the fast-moving consumer goods industry. We also identify offline promotions and advertising expenditure as key mechanisms driving this effect. These results are robust across multiple econometric tests. This study contributes to the field by providing a focused empirical assessment of how localization strategies shape MNC brand recognition.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"1 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2026-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147392347","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}
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