Journal of Financial and Quantitative Analysis

1966 - 2026

From Cambridge University Press
Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
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Volume 61, issue 3, 2026

The Crash Risk in Individual Stocks Embedded in Skewness Swap Returns pp. 1036-1072

Paola Pederzoli

Nowcasting Firms’ Operating Activities from Satellite Data on Thermal Infrared Radiation pp. 1073-1111

Yuan Xue, Bohui Zhang and Xiaofeng Zhao

Marijuana Legalization and Firms’ Cost of Equity pp. 1112-1147

Scott Guernsey, Matthew Serfling and Cheng Yan

Adverse Selection in Mortgage Markets: Evidence from Ginnie Mae Early Buyouts pp. 1148-1177

Arka P. Bandyopadhyay, Dongshin Kim and Patrick S. Smith

Government Procurement and Corporate Environmental Policies pp. 1178-1215

Jie Chen, Chenxing Jing, Kevin Keasey and Bin Xu

Equity Premium Predictability over the Business Cycle pp. 1216-1246

Emanuel Moench and Tobias Stein

Irrational Beliefs May Drive the Disposition Effect: Evidence from Financial Professionals pp. 1247-1282

Jianying Qiu, Gijs van de Kuilen, Utz Weitzel and Yilong Xu

Debt–Equity Conflicts and Efficiency of Distressed Firms: Evidence from Japanese Banker-Directors pp. 1283-1314

Kentaro Asai and Dong Beom Choi

Corporate Culture Messaging and National Politics pp. 1315-1347

Kateryna V. Holland and Esther Im

Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures pp. 1348-1386

C.S. Agnes Cheng, Iftekhar Hasan, Feng Tang and Jing Xie

Corporate Diversification and Debt Maturity pp. 1387-1428

Enrico Onali and Xiaoxia Ye

Banking on Competition: The Spillover Effects of Bank Entry into Microfinance pp. 1429-1458

Jonathan Fu, Vasso Ioannidou and Mrinal Mishra

Competition and Debt Conservatism pp. 1459-1491

Seth Armitage and Woon Sau Leung

Options on Interbank Rates and Implied Disaster Risk pp. 1492-1527

Hitesh Doshi, Hyung Joo Kim and Sang Byung Seo

Index Investing and Asset Pricing Under Information Asymmetry and Ambiguity Aversion pp. 1528-1564

David Hirshleifer, Chong Huang and Siew Hong Teoh

Volume 61, issue 2, 2026

ETF Sampling and Index Arbitrage pp. 547-579

Jonathan Brogaard, Davidson Heath and Da Huang

Price-Path Convexity and Short-Horizon Return Predictability pp. 580-611

Huseyin Gulen and Michael Woeppel

Does Disagreement Facilitate Informed Trading? pp. 612-639

J. Anthony Cookson, Vyacheslav Fos and Marina Niessner

Tail Risk Around FOMC Announcements pp. 640-672

Kris Jacobs, Sai Ke and Pan, Xuhui (Nick)

Labor Market Power and Financial Leverage: Evidence from Online Job Postings pp. 673-704

Bai, John (Jianqiu), Massimo Massa, Chi Wan and Yan Wang

Institutional Cross-Ownership of Peer Firms and Revelatory Price Efficiency pp. 705-737

Young Jun Cho, Holly Yang and Yue Zhao

The Industry Expertise Channel in Mortgage Lending pp. 738-767

Yongqiang Chu, Zhanbing Xiao and Yuxiang Zheng

Mutual Fund Trading, Fund Flows, and ESG Portfolios pp. 768-798

Rui Albuquerque, Yrjö Koskinen and Raffaele Santioni

Foreign Capital in the Chinese Stock Market: A Firm-Level Study pp. 799-840

Christian T. Lundblad, Donghui Shi, Xiaoyan Zhang and Zijian Zhang

Evaluating Selection Bias in Early-Stage Investment Returns pp. 841-871

Katja Kisseleva, Aksel Mjøs and David T. Robinson

Optimal Ownership and Capital Structure with Agency Conflicts pp. 872-905

Yunzhi Hu, Zhaojun Yang and Nanhui Zhu

Real(istic) Time-Varying Probability of Consumption Disasters pp. 906-940

Xiaoyu Huang, Tao Jin and Hao Zhou

Ethnic Diversity and Corporate Interstate Investments pp. 941-979

Ying Mao, Zheng Wang and Hong Zou

Winning Teams or Winning Pay? The Impact of Team Allocation on Fund Manager Compensation and Careers pp. 980-1010

Lu Han, Galit Ben Naim and Stanislav Sokolinski

Default Costs and Repayment of Underwater Mortgages pp. 1011-1035

Jan K. Brueckner, James N. Conklin, N. Edward Coulson and Moussa Diop

Volume 61, issue 1, 2026

Labor Links, Comovement, and Predictable Returns pp. 1-31

Yukun Liu and Xi Wu

Option Factor Momentum pp. 32-60

Niclas Käfer, Mathis Mörke and Tobias Wiest

Order Exposure in High-Frequency Markets pp. 61-98

Bidisha Chakrabarty, Terrence Hendershott, Samarpan Nawn and Roberto Pascual

Leverage and Stablecoin Pegs pp. 99-136

Gary B. Gorton, Elizabeth C. Klee, Chase P. Ross, Sharon Y. Ross and Alexandros P. Vardoulakis

Trading in Crowded Markets pp. 137-175

Albert S. Kyle, Anna A. Obizhaeva and Yajun Wang

Are Share Repurchases Really Flexible? pp. 176-205

Heitor Almeida, Ruidi Huang and Yuhai Xuan

Measuring the Economic Value of an Innovation When Some Investors Are Inattentive pp. 206-238

Thomas J. Chemmanur, Dongmei Li, Kevin Tseng and Yvonne Yu Wang

Learning About Directors pp. 239-280

Léa Stern

The Epidemiology of Financial Constraints and Corporate Investment pp. 281-314

William Grieser, Ioannis Spyridopoulos and Morad Zekhnini

Sentiment, Productivity, and Economic Growth pp. 315-369

George M. Constantinides, Maurizio Montone, Valerio Potì and Stella Spilioti

A Social Norm Perspective on Distorted Information in China pp. 370-408

Zhe Li, Massimo Massa, Nianhang Xu and Hong Zhang

Outside Employment Opportunities and Tournament Incentives pp. 409-440

Yue Feng, Amedeo De Cesari and Konstantinos Stathopoulos

Local Labor Markets and Corporate Innovation pp. 441-479

Cheng Jiang, Kose John, Kyeong Hun Lee and Emma Qianying Xu

When Spotlights Fade: Local Newspaper Closures and Financial Advisor Misconduct pp. 480-510

Zhi Li, Qiyuan Peng and Rui-Zhong Zhang

Gender Pay Gap and Cultural Values pp. 511-546

Natasha Burns, Kristina Minnick, Jeffry Netter and Laura Starks

Volume 60, issue 8, 2025

Cryptocurrency Pump-and-Dump Schemes pp. 3622-3659

Tao Li, Donghwa Shin and Baolian Wang

Anomalies as New Hedge Fund Factors pp. 3660-3693

Yong Chen, Sophia Zhengzi Li, Yushan Tang and Guofu Zhou

Idiosyncratic Volatility and the ICAPM Covariance Risk pp. 3694-3721

Bing Han and Gang Li

How Can Innovation Screening Be Improved? A Machine Learning Analysis with Economic Consequences for Firm Performance pp. 3722-3752

Xiang Zheng

Optimal Portfolio Choice with Fat Tails and Parameter Uncertainty pp. 3753-3790

Raymond Kan and Nathan Lassance

Horizon Effects in the Pricing Kernel: How Investors Price Short-Term Versus Long-Term Risks pp. 3791-3825

Joost Driessen, Joren Koëter and Ole Wilms

Institutional Liquidity Costs, Internalized Retail Trade Imbalances, and the Cross Section of Stock Returns pp. 3826-3865

Yashar H. Barardehi, Dan Bernhardt, Zhi Da and Mitch Warachka

Country Rotation and International Mutual Fund Performance pp. 3866-3898

Wei Jiao, G. Andrew Karolyi and David Ng

Do Individual Investors Ignore Transaction Costs? pp. 3899-3931

Deniz Anginer, Snow Xue Han and Çelim Yıldızhan

Return Extrapolation and Volatility Expectations pp. 3932-3970

Tarun Chordia, Tse-Chun Lin and Vincent Xiang

Compensation Consultants: Whom Do They Serve? Evidence from Consultant Changes pp. 3971-4008

Ryan G. Chacon, Rachel E. Gordon and Adam S. Yore

The Role of Bank CEOs in Zombie Lending During a Crisis: Evidence from India pp. 4009-4034

Prasanna Tantri

Nexus Effect: Unraveling the Impact of Political Patronage Connections on Corporate Investment pp. 4035-4064

Ping Guo, Guifeng Shi and Gary Gang Tian

Filing Agents and Information Leakage pp. 4065-4090

Leonce Bargeron, Christopher P. Clifford and Tian Qiu

Green Pressure, Lean Measures: Unveiling Corporate Downsizing Within the European Union Emissions Trading System pp. 4091-4130

Jana Boeckx, Kristof Struyfs and Wouter Torsin

Volume 60, issue 7, 2025

Social Media Analysts’ Skill: Evidence from Text-Implied Beliefs pp. 3081-3115

Chukwuma Dim

A Trend Factor for the Cross Section of Cryptocurrency Returns pp. 3116-3153

Christian Fieberg, Gerrit Liedtke, Thorsten Poddig, Thomas Walker and Adam Zaremba

The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification pp. 3154-3194

He, Jie (Jack), Ren, Xiao (Shaun), Tao Shu and Huan Yang

Product Similarity, Benchmarking, and Corporate Fraud pp. 3195-3227

Audra Boone, William Grieser, Rachel Li and Parth Venkat

The Cost of Equity: Evidence from Investment Banking Valuations pp. 3228-3266

Gregory W. Eaton, Feng Guo, Tingting Liu and Danni Tu

Information Disclosure and Peer Innovation: Evidence from Mandatory Reporting of Clinical Trials pp. 3267-3310

Po-Hsuan Hsu, Kyungran Lee, S. Katie Moon and Seungjoon Oh

Swimming Upstream: Struggling Firms in Corrupt Cities pp. 3311-3343

Christopher A. Parsons, Johan Sulaeman and Sheridan Titman

Strategic Mutual Fund Tournaments pp. 3344-3379

Joseph Chen, Eric Hughson and Neal Stoughton

How Are Firms Sold? The Role of Common Ownership pp. 3380-3411

Irani, Mohammad (Vahid), Wenhao Yang and Feng Zhang

Competition and the Reputational Costs of Litigation pp. 3412-3442

Felix von Meyerinck, Vesa Pursiainen and Markus Schmid

Price Discovery from Offer Price to Opening Price of Initial Public Offerings pp. 3443-3474

Reena Aggarwal and Yanbin Wu

Regional Clusters and Product Market Outcomes During Turbulent Times pp. 3475-3513

Sandy Klasa, Hernán Ortiz-Molina and Matthew Serfling

Value-Based CEO Equity Grants pp. 3514-3550

Jin Xu, Pengfei Ye and Cheng Zhang

The New Keynesian Model and Bond Yields pp. 3551-3590

Martin M. Andreasen

Better Tax Enforcement Moderates Airbnb’s Pressure on Housing Costs pp. 3591-3621

Jesse A. Ellis, David G. Kenchington, Jared D. Smith and Roger M. White

Volume 60, issue 6, 2025

IPOs, Human Capital, and Labor Reallocation pp. 2584-2614

Tania Babina, Paige Ouimet and Rebecca Zarutskie

Investor Corporate Visits and Predictable Returns pp. 2615-2648

Ran Zhang, Eric So and Rongfei Wang

The Lender’s Lender: Trade Credit and the Monitoring Role of Banks pp. 2649-2677

Kayla M. Freeman

The Political Economy of Tariff Exemption Grants pp. 2678-2717

Veljko Fotak, Lee, Hye Seung (Grace), William L. Megginson and Jesus M. Salas

Poison Pills in the Shadow of the Law pp. 2718-2752

K. J. Martijn Cremers, Simone M. Sepe, Michal Zator and Lubomir P. Litov

Busy Venture Capitalists and Investment Performance pp. 2753-2787

Rustam Abuzov

Is It all Noise? The Microstructure Implications of Corporate Recurring Advertisements pp. 2788-2818

Vivian W. Fang, Joshua Madsen and Xinyuan Shao

Gambling on Crypto Tokens? pp. 2819-2846

Sudheer Chava, Fred Hu and Nikhil Paradkar

Demand-Driven Bond Financing in the Euro Area pp. 2847-2878

Stefano Pegoraro and Mattia Montagna

Political Activism and Market Power pp. 2879-2920

Elia Ferracuti, Roni Michaely and Laura A. Wellman

Minimum Wages, State Ownership, and Corporate Environmental Policies pp. 2921-2951

Tao Chen, Xi Xiong and Kunru Zou

Does Speculative News Hurt Productivity? Evidence from Takeover Rumors pp. 2952-2996

Christian Andres, Dmitry Bazhutov, Douglas Cumming, Gerrit Köchling and Peter Limbach

Tackling the Volatility Paradox: Spillover Persistence and Systemic Risk pp. 2997-3023

Christian Kubitza

Individual Experience and Home Price Expectations pp. 3024-3050

Shuai Fang, Xiaolong Liu and Arno J. van der Vlist

The Crowding-In Effect of Public Information on Private Information Acquisition pp. 3051-3080

Jun Aoyagi

Volume 60, issue 5, 2025

Innovation Under Pressure pp. 2088-2120

Heitor Almeida, Vyacheslav Fos, Po-Hsuan Hsu, Mathias Kronlund and Kevin Tseng

Valuation and Long-Term Growth Expectations pp. 2121-2158

Angel Tengulov, Josef Zechner and Jeffrey Zwiebel

Cross-Border Property Rights and the Globalization of Innovation pp. 2159-2193

Bo Bian, Jean-Marie Meier and Ting Xu

Competition Shocks, Rival Reactions, and Stock Return Comovement pp. 2194-2228

Eric de Bodt, Bjorn Eckbo and Richard W. Roll

How Do Cash Windfalls Affect Entrepreneurship? Evidence from the Spanish Christmas Lottery pp. 2229-2258

Vicente J. Bermejo, Miguel A. Ferreira, Daniel Wolfenzon and Rafael Zambrana

The Valuation of Corporate Coupon Bonds pp. 2259-2292

Jens Hilscher, Robert Jarrow and Donald R. van Deventer

Investor Attention and Insider Trading pp. 2293-2333

Sattar Mansi, Lin Peng, Jianping Qi and Han Shi

Repurchases for Price Impact: Evidence from Fragile Stocks pp. 2334-2366

Massimo Massa, David Schumacher and Yan Wang

Nepotism in IPOs: Consequences for Issuers and Investors pp. 2367-2397

Francois Degeorge and Giuseppe Pratobevera

Government Credit and International Trade pp. 2398-2430

Hong Ru and Endong Yang

Debt Maturity and Investor Heterogeneity pp. 2431-2468

Matthew Darst and Ehraz Refayet

Visible Hands: Professional Asset Managers’ Expectations and the Stock Market in China pp. 2469-2499

John Ammer, John Rogers, Gang Wang and Yang Yu

Managerial Response to Shareholder Empowerment: Evidence from Majority-Voting Legislation Changes pp. 2500-2525

Vicente Cuñat, Yiqing Lü and Hong Wu

Predatory Lending and Hidden Risks pp. 2526-2554

Sumit Agarwal, Gene Amromin, Itzhak Ben-David and Douglas D. Evanoff

Foreign Exchange Order Flow as a Risk Factor pp. 2555-2582

Craig Burnside, Mario Cerrato and Zhekai Zhang

Foreign Exchange Order Flow as a Risk Factor – ERRATUM pp. 2583-2583

Craig Burnside, Mario Cerrato and Zhekai Zhang

Volume 60, issue 4, 2025

Financing Payouts pp. 1586-1624

Joan Farre-Mensa, Roni Michaely and Martin Schmalz

Exposing the Revolving Door in Executive Branch Agencies pp. 1625-1655

Logan P. Emery and Mara Faccio

Judge Ideology and Opportunistic Insider Trading pp. 1656-1685

Allen H. Huang, Kai Wai Hui and Yue Zheng

Gender, Competition, and Performance: International Evidence pp. 1686-1726

Kai Li, Qiyuan Peng, Rui Shen and Gabriel Wong

Attention Constraints and Financial Inclusion pp. 1727-1759

Bo Huang, Jiacui Li, Tse-Chun Lin, Mingzhu Tai and Zoey Yiyuan Zhou

Macroeconomic Expectations and Expected Returns pp. 1760-1796

Yizhe Deng, Yunqi Wang and Ti Zhou

A Tale of Fear and Euphoria in the Stock Market pp. 1797-1826

Hui Guo, Qian Lin and Yujou Pai

Does the Options Market Underreact to Firms’ Left-Tail Risk? pp. 1827-1858

Bei Chen, Quan Gan and Aurelio Vasquez

Variance Decomposition and Cryptocurrency Return Prediction pp. 1859-1890

Suzanne S. Lee and Minho Wang

ETFs, Creation and Redemption Processes, and Bond Liquidity pp. 1891-1924

John D. Finnerty, Natalia Reisel and Xun Zhong

Transitory and Permanent Cash Flow Shocks in Debt Contract Design pp. 1925-1964

Le Ma, Anywhere Sikochi and Yajun Xiao

COVID-19 Vaccinations, Business Activity, and Firm Value pp. 1965-1993

John M. Bizjak, Swaminathan L. Kalpathy, Vassil T. Mihov and Jue Ren

Dynamic Adverse Selection and Belief Update in Credit Markets pp. 1994-2025

Inkee Jang and Kee-Youn Kang

Protecting Your Friends: The Role of Connections in Division Manager Careers pp. 2026-2059

Charles J. Hadlock, Jing Huang, Paul Obermann and Joshua R. Pierce

Stealth Mergers and Investment Outcomes pp. 2060-2087

Rajesh K. Aggarwal and Mufaddal Baxamusa

Volume 60, issue 3, 2025

Estimating Stock Market Betas via Machine Learning pp. 1074-1110

Wolfgang Drobetz, Fabian Hollstein, Tizian Otto and Marcel Prokopczuk

Paying Managers of Complex Portfolios: Evidence on Compensation and Performance from Endowments pp. 1111-1145

Matteo Binfarè and Robert S. Harris

How Does Labor Mobility Affect Corporate Leverage and Investment? pp. 1146-1184

Ali Sanati

Book-to-Market, Mispricing, and the Cross Section of Corporate Bond Returns pp. 1185-1233

Söhnke M. Bartram, Mark Grinblatt and Yoshio Nozawa

Evolution of Debt Financing Toward Less-Regulated Financial Intermediaries in the United States pp. 1234-1271

Isil Erel and Eduard Inozemtsev

Securities Lending and Trading by Active and Passive Funds pp. 1272-1309

Pekka Honkanen

Nominal U.S. Treasuries Embed Liquidity Premiums, Too pp. 1310-1341

J. Benson Durham

Financing Negative Shocks: Evidence from Hurricane Harvey pp. 1342-1372

Benjamin L. Collier, Lawrence S. Powell, Marc A. Ragin and Xuesong You

Mutual Funds’ Conditional Performance Free of Data Snooping Bias pp. 1373-1400

Po-Hsuan Hsu, Ioannis Kyriakou, Tren Ma and Georgios Sermpinis

Factor Model Comparisons with Conditioning Information pp. 1401-1426

Wayne E. Ferson, Andrew F. Siegel and Junbo L. Wang

Informational Efficiency of Cryptocurrency Markets pp. 1427-1456

Mahendrarajah Nimalendran, Praveen Pathak, Mariia Petryk and Liangfei Qiu

Government Investment Stimulus and Household Balance Sheet Externalities pp. 1457-1499

Abhishek Bhardwaj and Saptarshi Mukherjee

Market Liquidity in a Natural Experiment: Evidence from CDS Standard Coupons pp. 1500-1526

Xinjie Wang, Ge Wu and Zhaodong Zhong

Firm Resiliency: The Role of Spillovers pp. 1527-1557

Meghana Ayyagari, Yuxi Cheng and Ariel Weinberger

Does CFO Board Membership Benefit Shareholders? The Case of Corporate Acquisitions pp. 1558-1585

Zhong Chen, Zicheng Lei and Chunling Xia

Volume 60, issue 2, 2025

On the Capital Market Consequences of Big Data: Evidence from Outer Space pp. 551-579

Zsolt Katona, Marcus O. Painter, Panos N. Patatoukas and Jean Zeng

Lawyer CEOs pp. 580-616

M. Todd Henderson, Irena Hutton, Danling Jiang and Matthew Pierson

Strategic CEO Activism in Polarized Markets pp. 617-657

Swarnodeep Homroy and Shubhashis Gangopadhyay

Brokers and Finders in Startup Offerings pp. 658-694

Emmanuel Yimfor

Mispricing and Risk Premia in Currency Markets pp. 695-733

Söhnke Bartram, Leslie Djuranovik, Anthony Garratt and Yan Xu

The Corporate Investment Benefits of Mutual Fund Dual Holdings pp. 734-770

Rex Wang Renjie, Patrick Verwijmeren and Shuo Xia

Bank Loan Announcement Effects: Evidence from a Comprehensive 8-K Sample pp. 771-809

Steven Wei Ho, Clark Liu and Shujing Wang

Consumption Growth Persistence and the Stock–Bond Correlation pp. 810-838

Christopher S. Jones and Sungjune Pyun

Currency Carry, Momentum, and Global Interest Rate Volatility pp. 839-873

Ming Zeng

Governance by One-Lot Shares pp. 874-909

Feng Cao, Yuhai Xuan, Rongli Yuan and Hong Zou

How Do Foreign Labor Regulations Affect Firms’ Operating Strategies? pp. 910-947

S. Katie Moon and Giorgo Sertsios

Who Pays a Visit to Brussels? Firm Value Effects of Cross-Border Political Access to European Commissioners pp. 948-973

Kizkitza Biguri and Jörg R. Stahl

Where Have All the IPOs Gone? Trade Liberalization and the Changing Nature of U.S. Public Corporations pp. 974-1013

Thomas P. Griffin

Credit Default Swaps and Firm Cyclicality pp. 1014-1041

Lars Norden, Chao Yin and Lei Zhao

Construction, Real Uncertainty, and Stock-Level Investment Anomalies pp. 1042-1073

Kevin Aretz and Anastasios Kagkadis

Volume 60, issue 1, 2025

Is Carbon Risk Priced in the Cross Section of Corporate Bond Returns? pp. 1-35

Tinghua Duan, Frank Weikai Li and Quan Wen

Does Central Bank Tone Move Asset Prices? pp. 36-67

Maik Schmeling and Christian Wagner

Retail Trading and Return Predictability in China pp. 68-104

Charles Jones, Donghui Shi, Xiaoyan Zhang and Xinran Zhang

Overlapping Ownership Along the Supply Chain pp. 105-134

Kayla M. Freeman

Stakeholder Value: A Convenient Excuse for Underperforming Managers? pp. 135-168

Ryan Flugum and Matthew E. Souther

Directors: Older and Wiser, or Too Old to Govern? pp. 169-208

Ronald Masulis, Cong Wang, Fei Xie and Shuran Zhang

Merger-Driven Listing Dynamics pp. 209-257

Bjorn Eckbo and Markus Lithell

Time Variation in the News–Returns Relationship pp. 258-294

Paul Glasserman, Fulin Li and Harry Mamaysky

The Effect of Takeover Protection in Quiet Life and Bonding Firms pp. 295-335

Eliezer M. Fich, Jarrad Harford and Adam S. Yore

Corporate Venture Capital and Firm Scope pp. 336-373

Yifei Zhang

Borrowing Stigma and Lender of Last Resort Policies pp. 374-405

Yunzhi Hu and Hanzhe Zhang

Incentivizing Investors for a Greener Economy pp. 406-446

Nam Nguyen, Alejandro Rivera and Harold H. Zhang

Information Spillover and Corporate Policies: The Case of Listed Options pp. 447-481

Gennaro Bernile, Jianfeng Hu, Guangzhong Li and Roni Michaely

Predictability Puzzles pp. 482-523

Bjørn Eraker

Firm Size, Capital Investment, and Debt Financing over Industry Business Cycles pp. 524-550

Praveen Kumar and Vijay Yerramilli