Journal of Empirical Finance

1993 - 2026

Current editor(s): R. T. Baillie, F. C. Palm, Th. J. Vermaelen and C. C. P. Wolff

From Elsevier
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Volume 87, issue C, 2026

Factor pricing across asset classes

Thuy Duong Dang, Fabian Hollstein and Marcel Prokopczuk

Unlocking stability: Corporate site visits and information disclosure

Zhou Liu, Lina Shi, Yaxian Yang and Shunming Zhang

Firm location and the value-growth premium

Brent W. Ambrose, Yifan Chen and Timothy T. Simin

Brown bonds in a green world: Are investors punishing high-carbon issuers with illiquidity?

Alexander Schoeffel, Florian Kiesel, Martin Geissdoerfer, Lukas Mueller and Dirk Schiereck

Salience theory and cross-sectional corporate bond returns

Xi Chen, Junbo Wang, K.C.John Wei, Chunchi Wu and Linti Zhang

Measuring daily systemic risk with intraday data: Evidence from foreign exchange market

Yi Zhou, Wenjing Xia and Wuyi Ye

Positivity and long-lasting momentum

Jingjing Chen, George J. Jiang, Chenye Liu and Dongming Zhu

Are the stylized features of stock returns the same in market downturns and upturns?

Bowen Cheng, Wanling Huang, Cathy Ning and Dinghai Xu

Who hires whom? connected hiring in the CEO labor market

Hyemin Kim and Angie Low

IPO underwriting incentives and macroeconomic forecast optimism

Danyang Jiang, Haoyuan Li and Xiaoli Tian

Deep learning, predictability, and optimal portfolio returns

Mykola Babiak and Jozef Baruník

Prospect theory and stock price behavior in retail trading booms

Xu Guo, Junbo Wang, Chunchi Wu and Xiaoling Zhong

Realized, expected and unexpected returns in asset pricing tests

Olaf Stotz

Sparse heterogeneous auto-regressive model for volatility forecasting

Mingmian Cheng

What drives retail investors’ overconfidence? The role of information acquisition costs

Gang Li, Shuqi Wang and K.C. John Wei

Trust and momentum: International evidence

Qianqiu Liu and Ming Shou

Equity risk factors for the long and short run: Pricing and performance at different frequencies

Terri van der Zwan, Erik Hennink and Patrick Tuijp

Peer effects in financial expectations

Joshua Thornton

Is this time different? Reconsidering inflation hedged portfolios through community detection and fuzzy network

Gregory Gadzinski

Economic conditions and portfolio tail risk: A probability-weighted simulation approach

Lei Jiao and Zhou, Qing (Clara)

Investors awaken: Fragility in China’s wealth management product market

Yabin Wang and Zhang Wu

Volume 85, issue C, 2026

The decay of cay

Moritz Dauber and Jochen Lawrenz

Volatility and jumps in the Chinese Yuan using Gumbel distribution during the trade war and COVID-19 pandemic

Chae-Deug Yi

Information salience, investor attention, and stock price crash risk

Zhenshan Chen, Zhibing Li, Jie Liu and Xiaoyu Liu

A GARCH model with two volatility components and two driving factors

Luca Vincenzo Ballestra, D’Innocenzo, Enzo and Christian Tezza

Can mutual fund “stars” really pick stocks? New evidence from a wild bootstrap analysis

Ulrich Hounyo and Jiahao Lin

On evaluating the style-selection skill of hedge funds

Xiaolin Ye, Baibing Li and Kai-Hong Tee

Global standard and bank liquidity creation: A case study of Basel III liquidity regulation

Yong Kyu Gam

Deleveraging driven by profitability improvement: Evidence from China’s business tax to value-added tax transition

Zhenjie Qian, Dan Xi, Jia Xu and Lingrui Zhou

Factors in the cross-section of Chinese corporate bonds: Evidence from reduced-rank analysis

Xuejun Jin, Yifan Chen, Xiaobin Liu and Tao Zeng

A skew is a skill: Portfolio skewness of mutual fund holdings

Jo Drienko, Chao Gao and Yifei Liu

Volume 84, issue C, 2025

A unified duration-based explanation of the value, profitability, and investment anomalies

Shan Chen and Tao Li

Managerial job security and firm diversification

Ziwen Bu, Suyang Li and Rongbing Xiao

Why does the Cochrane–Piazzesi model predict treasury returns?

Riccardo Rebonato and Ken Nyholm

Ranking finance conferences: An update

Wei Hou, Esad Smajlbegovic and Daniel Urban

Momentum is still there conditional on volatility-amplified pessimism

Soroush Ghazi, Mark Schneider and Jack Strauss

The stock return predictability of treasury bond yield in China

Han Zhang, Xiong Xiong and Bin Guo

Mutual fund performance and flow-performance relationship under ambiguity

Ariel Gu and Hong Il Yoo

Economic aggregation of return signals in global markets

Mengmeng Dong

Media, inventors, and corporate innovation

Yuqi Gu, Mahsa Kaviani, Lily Li, Hosein Maleki and Connie X. Mao

Household debt overhang and bankruptcy abuse prevention

Yunqi Zhang, Yu Meng and Xiaoyu Zhang

Insider trading and anomalies

Jiaxing Tian, Hong Xiang and Minghai Xu

Bank dividends, interest expenses, and leverage

Pierluca Pannella

Understanding climate risk in Europe: Are transition and physical risk priced in equity and fixed-income markets?

Nicola Bartolini, Silvia Romagnoli and Amia Santini

Volume 83, issue C, 2025

A robust latent factor model for high-dimensional portfolio selection

Fangquan Shi, Lianjie Shu and Xinhua Gu

Do investors reach for yield? Evidence from corporate bond mutual fund flows

Jing-Zhi Huang, Peipei Li, Ying Wang, Yuan Wang, Xiangkun Yao and Licheng Zhang

High frequency online inflation and term structure of interest rates: Evidence from China

Tao Zhang, Ke Tang, Taoxiong Liu and Tingfeng Jiang

(In)Attention: distracted shareholders and corporate innovation

Jing Zhao

Strategic implications of corporate disclosure via Twitter

Devendra Kale, Vikram Nanda and Anin Rupp

Public data openness and trade credit: Evidence from China

Xiao Li, Yuan Li, Xiaoxu Yu and Chun Yuan

Behavioral biases, information frictions and interest rate expectations

George Bulkley, Richard D.F. Harris and Vivekanand Nawosah

Improving information leadership share for measuring price discovery

Shulin Shen, Yixuan Zhang and Eric Zivot

Cross-market volatility forecasting with attention-based spatial–temporal graph convolutional networks

Jue Gong, Gang-Jin Wang, Yang Zhou and Chi Xie

On the profitability of influential carry-trade strategies: Data-snooping bias and post-publication performance

Po-Hsuan Hsu, Mark Taylor, Zigan Wang and Yan Li

Foreign currency forecasting in emerging markets: What can stock and bond markets tell us?

Kate Phylaktis and Ehab Yamani

Option-implied idiosyncratic skewness and expected returns: Mind the long run

Deshui Yu, Difang Huang and Mingtao Zhou

Does a sudden breakdown in public information search impair analyst forecast accuracy? Evidence from China

Zihui Li, Lijun Ma and Min Zhang

Default-probability-implied credit ratings for Chinese firms

Xiangzhen Li, Shida Liu and Hao Wang

Predicting risk premiums: A constraint-based model

Ying Yuan, Yong Qu and Tianyang Wang

Unlocking predictive potential: The frequency-domain approach to equity premium forecasting

Gonçalo Faria and Fabio Verona

Risk diversification and extreme risk mitigation

Matteo Bagnara and Benoit Vaucher

Tick size and firm financing decisions: Evidence from a natural experiment

Yangyang Chen, Jeffrey Ng, Emmanuel Ofosu and Xin Yang