Annual Review of Financial Economics

2009 - 2025

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Volume 17, issue 1, 2025

Systemic Risk Measures: From the Panic of 1907 to the Banking Stress of 2023 pp. 1-26

Viral V. Acharya, Markus K. Brunnermeier and Diane Pierret

Fragility of Financial Markets pp. 27-48

Itay Goldstein, Chong Huang and Liyan Yang

US Treasury Market Functioning from the Global Financial Crisis to the Pandemic pp. 49-76

Tobias Adrian, Michael Fleming and Kleopatra Nikolaou

Why Are There Financial Crises? Recent Developments in Theory pp. 77-92

Péter Kondor

Model-Based Capital Regulation: Where Do We Stand and Where Should We Go from Here? pp. 93-111

M. Behn, R. Haselmann and V. Vig

Fiscal Dominance: Implications for Bond Markets and Central Banking pp. 113-132

Jean Barthélemy, Eric Mengus and Guillaume Plantin

Market Macrostructure: Institutions and Asset Prices pp. 133-150

Valentin Haddad and Tyler Muir

Inflation and Regulation of Government Debt: US Historical Evidence pp. 151-172

Jonathan Payne and Bálint Szőke

Regulating Market Microstructure pp. 173-187

Thomas H. Ernst and Chester S. Spatt

The Evolution of Financial Services in the United States pp. 189-206

Robin Greenwood, Robert Ialenti and David Scharfstein

New Payment Rails: Implications for Banking pp. 207-223

Christine A. Parlour and Uday Rajan

The Demand and Supply of Convenience Assets pp. 225-242

Arvind Krishnamurthy and Yiming Ma

Public Policies for Private Finance pp. 243-266

Ralph De Haas and Juanita González-Uribe

The Effect of the Federal Reserve on the Stock Market: Magnitudes, Channels, and Shocks pp. 267-294

Benjamin Knox and Annette Vissing-Jorgensen

Information in Derivatives Markets: Forecasting Prices with Prices pp. 295-319

Ian Martin

Sustainable Investing pp. 321-341

Ľuboš Pástor, Robert F. Stambaugh and Lucian A. Taylor

The Economics of Net Zero Banking pp. 343-361

Adair Morse and Parinitha Sastry

Generative AI and Finance pp. 363-393

Andrea L. Eisfeldt and Gregor Schubert

Financial Decision-Making Across the Lifespan: Insights from Neuroeconomics pp. 395-410

Camelia Kuhnen

Risk, the Limits of Financial Risk Management, and Corporate Resilience pp. 411-430

René M. Stulz

Market Power in Finance pp. 431-453

Alexandre Corhay, Howard Kung and Lukas Schmid

Volume 16, issue 1, 2024

Comparative Valuation Dynamics in Production Economies: Long-Run Uncertainty, Heterogeneity, and Market Frictions pp. 1-38

Lars Peter Hansen, Paymon Khorrami and Fabrice Tourre

Recent Developments in Financial Risk and the Real Economy pp. 39-60

Ian Dew-Becker and Stefano Giglio

Optimists, Pessimists, and Stock Prices pp. 61-87

Kent Daniel, Alexander Klos and Simon Rottke

A Critical Review of the Common Ownership Literature pp. 89-114

Kristopher Gerardi, Michelle Lowry and Carola Schenone

Supply and Demand and the Term Structure of Interest Rates pp. 115-151

Robin Greenwood, Samuel Hanson and Dimitri Vayanos

Margin Rules and Margin Trading: Past, Present, and Implications pp. 153-177

Zhuo Chen, Zhiguo He and Wei Wei

Central Banks, Stock Markets, and the Real Economy pp. 179-205

Ricardo J. Caballero and Alp Simsek

Retail CBDC: Implications for Banking and Financial Stability pp. 207-232

Sebastian Infante, Kyungmin Kim, Anna Orlik, André F. Silva and Robert Tetlow

Market Power in Banking pp. 233-251

Elena Carletti, Agnese Leonello and Robert Marquez

Britain's Liability-Driven Investment Episode Was a Canary No One Elsewhere Bothered to Think About pp. 253-271

Paul M.W. Tucker

Nonbank Financial Intermediation: Stock Take of Research, Policy, and Data pp. 273-294

Stijn Claessens

The Marginal Value of Cash: Corporate Savings, Investment, and Financing pp. 295-324

Patrick Bolton, Hui Chen and Neng Wang

The Benefits and Costs of Secured Debt pp. 325-342

Efraim Benmelech

Contingent Credit Under Stress pp. 343-365

Viral V. Acharya, Maximilian Jager and Sascha Steffen

Government Intervention in Innovation pp. 367-390

Sabrina T. Howell

Demand-Side and Supply-Side Constraints in the Market for Financial Advice pp. 391-411

Jonathan Reuter and Antoinette Schoar

Political Polarization and Finance pp. 413-434

Elisabeth Kempf and Margarita Tsoutsoura

Long-Run Asset Returns pp. 435-458

David Chambers, Elroy Dimson, Antti Ilmanen and Paul Rintamäki

Retail and Institutional Investor Trading Behaviors: Evidence from China pp. 459-483

Lin Tan, Xiaoyan Zhang and Xinran Zhang

Volume 15, issue 1, 2023

Introduction to the ARFE Theme on Financial Economics and COVID-19 pp. 1-5

Matthew Richardson

COVID-19: Epidemiological Models pp. 7-27

Andrew Atkeson

Macro-Financial Stability in the COVID-19 Crisis: Some Reflections pp. 29-54

Tobias Adrian, Fabio M. Natalucci and Mahvash Qureshi

Things Fall Apart: Fixed Income Markets in the COVID-19 Crisis pp. 55-68

Maureen O'Hara and Xing (Alex) Zhou

Financial Markets and the COVID-19 Pandemic pp. 69-89

Niels Gormsen and Ralph S.J. Koijen

Household Behavior (Consumption, Credit, and Investments) During the COVID-19 Pandemic pp. 91-113

Constantine Yannelis and Livia Amato

Introduction to the ARFE Theme on the Social Discount Rate pp. 115-125

Deborah Lucas

The Social Discount Rate: Legal and Philosophical Underpinnings pp. 127-145

W Viscusi

Fixing Our Public Discounting Systems pp. 147-164

Frédéric Cherbonnier and Christian Gollier

Missing Participants, Missing Markets, and the Social Discount Rate: Borrowing Constraints, Intergenerational Transfers, Altruism, and the Desire for Legacy pp. 165-184

Andrew Caplin and John Leahy

Reflections on What Financial Economics Can and Cannot Teach Us About the Social Discount Rate pp. 185-195

Deborah Lucas

Fiscal Capacity: An Asset Pricing Perspective pp. 197-219

Zhengyang Jiang, Hanno Lustig, Stijn Van Nieuwerburgh and Mindy Z. Xiaolan

Trends in State and Local Pension Funds pp. 221-238

Oliver Giesecke and Joshua Rauh

Sovereign Debt Puzzles pp. 239-263

Patrick Bolton, Mitu Gulati and Ugo Panizza

Banking Crises in Historical Perspective pp. 265-290

Carola Frydman and Chenzi Xu

Climate Stress Testing pp. 291-326

Viral V. Acharya, Richard Berner, Robert Engle, Hyeyoon Jung, Johannes Stroebel, Xuran Zeng and Yihao Zhao

Corporate Social Responsibility pp. 327-350

Harrison Hong and Edward Shore

The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research pp. 351-367

Edith Hotchkiss, Karin Thorburn and Wei Wang

Default and Bankruptcy Resolution in China pp. 369-385

Edith Hotchkiss, Kose John, Bo Li, Jacopo Ponticelli and Wei Wang

How to Use Microdata for Macro-Finance pp. 387-406

David Sraer and David Thesmar

Macro-Finance Models with Nonlinear Dynamics pp. 407-432

Winston Dou, Xiang Fang, Andrew W. Lo and Harald Uhlig

Inflation and Asset Returns pp. 433-448

Anna Cieslak and Carolin Pflueger

Inflation-Adjusted Bonds, Swaps, and Derivatives pp. 449-471

Robert Jarrow and Yildiray Yildirim

Short-Term Rate Benchmarks: The Post-LIBOR Regime pp. 473-491

Bruce Tuckman

The Q-Measure Dynamics of Forward Rates pp. 493-522

Riccardo Rebonato

Smart Contracts and Decentralized Finance pp. 523-542

Kose John, Leonid Kogan and Fahad Saleh

Robo-Advice: Transforming Households into Rational Economic Agents pp. 543-563

Francesco D'Acunto and Alberto G. Rossi

Algorithmic Fairness pp. 565-593

Sanjiv Das, Richard Stanton and Nancy Wallace

IPOs and SPACs: Recent Developments pp. 595-615

Rongbing Huang, Jay Ritter and Donghang Zhang

Swing Pricing: Theory and Evidence pp. 617-640

Agostino Capponi, Paul Glasserman and Marko Weber

Pari-Mutuel Betting Markets: Racetracks and Lotteries Revisited pp. 641-662

William T. Ziemba