Journal of Finance

1946 - 2025

From American Finance Association
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Volume 80, issue 2, 2025

The Disappearing Index Effect pp. 657-698

Robin Greenwood and Marco Sammon

Sustainability or Greenwashing: Evidence from the Asset Market for Industrial Pollution pp. 699-754

Ran Duchin, Janet Gao and Qiping Xu

The Allocation of Socially Responsible Capital pp. 755-781

Daniel Green and Benjamin N. Roth

Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics pp. 783-832

Mathias S. Kruttli, Brigitte Roth Tran and Sumudu W. Watugala

Designing Stress Scenarios pp. 833-873

Cecilia Parlatore and Thomas Philippon

Crisis Interventions in Corporate Insolvency pp. 875-910

Samuel Antill and Christopher Clayton

Repo over the Financial Crisis pp. 911-936

Adam Copeland and Antoine Martin

Worker Runs pp. 937-979

Florian Hoffmann and Vladimir Vladimirov

Feedback Effects and Systematic Risk Exposures pp. 981-1028

Snehal Banerjee, Bradyn Breon‐drish and Kevin Smith

Simplicity and Risk pp. 1029-1080

Indira Puri

Regulatory Fragmentation pp. 1081-1126

Joseph Kalmenovitz, Michelle Lowry and Ekaterina Volkova

Wealth and Insurance Choices: Evidence from U.S. Households pp. 1127-1170

Michael J. Gropper and Camelia M. Kuhnen

Working More to Pay the Mortgage: Household Debt, Interest Rates, and Family Labor Supply pp. 1171-1207

Michał Zator

The Impact of Minority Representation at Mortgage Lenders pp. 1209-1260

W. Scott Frame, Ruidi Huang, Erica Xuewei Jiang, Yeonjoon Lee, Will Shuo Liu, Erik J. Mayer and Adi Sunderam

Uncovering the Hidden Effort Problem pp. 1261-1311

Azi Ben‐rephael, Bruce I. Carlin, Zhi Da and Ryan D. Israelsen

Volume 80, issue 1, 2025

Bank Funding Risk, Reference Rates, and Credit Supply pp. 5-56

Harry Cooperman, Darrell Duffie, Stephan Luck, Zachry Wang and Yilin (david) Yang

Intermediary Leverage Shocks and Funding Conditions pp. 57-99

Jean‐sébastien Fontaine, René Garcia and Sermin Gungor

The Global Credit Spread Puzzle pp. 101-162

Jing‐zhi Huang, Yoshio Nozawa and Zhan Shi

Private Equity and Financial Stability: Evidence from Failed‐Bank Resolution in the Crisis pp. 163-210

Emily Johnston‐ross, Song Ma and Manju Puri

Equilibrium Data Mining and Data Abundance pp. 211-258

Jérôme Dugast and Thierry Foucault

Test Assets and Weak Factors pp. 259-319

Stefano Giglio, Dacheng Xiu and Dake Zhang

Decentralized Exchange: The Uniswap Automated Market Maker pp. 321-374

Alfred Lehar and Christine Parlour

Does Floor Trading Matter? pp. 375-414

Jonathan Brogaard, Matthew Ringgenberg and Dominik Roesch

Scope, Scale, and Concentration: The 21st‐Century Firm pp. 415-466

Gerard Hoberg and Gordon M. Phillips

Sending Out an SMS: Automatic Enrollment Experiments for Overdraft Alerts pp. 467-514

Michael D. Grubb, Darragh Kelly, Jeroen Nieboer, Matthew Osborne and Jonathan Shaw

Personal Communication in an Automated World: Evidence from Loan Repayments pp. 515-559

Christine Laudenbach and Stephan Siegel

Dynamic Competition in Negotiated Price Markets pp. 561-614

Jason Allen and Shaoteng Li

Carbon Returns across the Globe pp. 615-645

Shaojun Zhang

Volume 79, issue 6, 2024

Presidential Address: Macrofinance and Resilience pp. 3683-3728

Markus K. Brunnermeier

Mortgage Lock‐In, Mobility, and Labor Reallocation pp. 3729-3772

Julia Fonseca and Lu Liu

Financial Sophistication and Consumer Spending pp. 3773-3820

Adam Tejs Jørring

Time‐Consistent Individuals, Time‐Inconsistent Households pp. 3821-3857

Andrew Hertzberg

A Multifactor Perspective on Volatility‐Managed Portfolios pp. 3859-3891

DeMIGUEL Victor, Alberto Martín‐utrera and Raman Uppal

Bonds versus Equities: Information for Investment pp. 3893-3941

Huifeng Chang, Adrien D'Avernas and Andrea L. Eisfeldt

Putting the Price in Asset Pricing pp. 3943-3984

Thummim Cho and Christopher Polk

Liquidity Transformation and Fragility in the U.S. Banking Sector pp. 3985-4036

Qi Chen, Itay Goldstein, Zeqiong Huang and Rahul Vashishtha

Currency Management by International Fixed‐Income Mutual Funds pp. 4037-4081

Clemens Sialm and Qifei Zhu

Treasury Bill Shortages and the Pricing of Short‐Term Assets pp. 4083-4141

Adrien D'Avernas and Quentin Vandeweyer

Equity Term Structures without Dividend Strips Data pp. 4143-4196

Stefano Giglio, Bryan Kelly and Serhiy Kozak

Utility Tokens as a Commitment to Competition pp. 4197-4246

Itay Goldstein, Deeksha Gupta and Ruslan Sverchkov

The Working Capital Credit Multiplier pp. 4247-4302

Heitor Almeida, Daniel Carvalho and Taehyun Kim

Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission pp. 4303-4352

Paul Povel and Günter Strobl

Volume 79, issue 4, 2024

A (Sub)penny for Your Thoughts: Tracking Retail Investor Activity in TAQ pp. 2403-2427

Brad Barber, Xing Huang, Philippe Jorion, Terrance Odean and Christopher Schwarz

Spending Less after (Seemingly) Bad News pp. 2429-2471

Mark J. Garmaise, Yaron Levi and Hanno Lustig

Insensitive Investors pp. 2473-2503

Constantin Charles, Cary Frydman and Mete Kilic

Money and Banking with Reserves and CBDC pp. 2505-2552

Dirk Niepelt

The Time‐Varying Price of Financial Intermediation in the Mortgage Market pp. 2553-2602

Andreas Fuster, Stephanie H. Lo and Paul Willen

What Drives Variation in the U.S. Debt‐to‐Output Ratio? The Dogs that Did not Bark pp. 2603-2665

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

Inside and Outside Information pp. 2667-2714

Daniel Quigley and Ansgar Walther

Information Aggregation with Asymmetric Asset Payoffs pp. 2715-2758

Elias Albagli, Christian Hellwig and Aleh Tsyvinski

Half Banked: The Economic Impact of Cash Management in the Marijuana Industry pp. 2759-2796

Elizabeth A. Berger and Nathan Seegert

Treasury Richness pp. 2797-2844

Matthias Fleckenstein and Francis A. Longstaff

Meeting Targets in Competitive Product Markets pp. 2845-2884

Emilio Bisetti and Stephen A. Karolyi

Is Long‐Run Risk Really Priced? Revisiting Liu and Matthies (2022) pp. 2885-2900

Paulo Maio

Volume 79, issue 3, 2024

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect pp. 1719-1753

Ricardo Caballero and Alp Simsek

Countercyclical Income Risk and Portfolio Choices: Evidence from Sweden pp. 1755-1788

Sylvain Catherine, Paolo Sodini and Yapei Zhang

Tracing the International Transmission of a Crisis through Multinational Firms pp. 1789-1829

Marcus Biermann and Kilian Huber

A Horizon‐Based Decomposition of Mutual Fund Value Added Using Transactions pp. 1831-1882

Jules van Binsbergen, Jungsuk Han, Hongxun Ruan and Ran Xing

Zombie Credit and (Dis‐)Inflation: Evidence from Europe pp. 1883-1929

Viral V. Acharya, Matteo Crosignani, Tim Eisert and Christian Eufinger

Goal Setting and Saving in the FinTech Era pp. 1931-1976

Antonio Gargano and Alberto G. Rossi

Rent or Buy? Inflation Experiences and Homeownership within and across Countries pp. 1977-2023

Ulrike Malmendier and Alexandra Steiny Wellsjo

A Portfolio Approach to Global Imbalances pp. 2025-2076

Zhengyang Jiang, Robert J. Richmond and Tony Zhang

The Term Structure of Covered Interest Rate Parity Violations pp. 2077-2114

Patrick Augustin, Mikhail Chernov, Lukas Schmid and Dongho Song

Due Diligence pp. 2115-2161

Brendan Daley, Thomas Geelen and Brett Green

Broadband Internet and the Stock Market Investments of Individual Investors pp. 2163-2194

Hans K. Hvide, Tom G. Meling, Magne Mogstad and Ola Vestad

Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry pp. 2195-2236

Alice Bonaimé and Ye (emma) Wang

Does Alternative Data Improve Financial Forecasting? The Horizon Effect pp. 2237-2287

Olivier Dessaint, Thierry Foucault and Laurent Fresard

Modeling Conditional Factor Risk Premia Implied by Index Option Returns pp. 2289-2338

Mathieu Fournier, Kris Jacobs and Piotr Orłowski

Nonstandard Errors pp. 2339-2390

Albert Menkveld, Anna Dreber, Felix Holzmeister, Juergen Huber, Magnus Johannesson, Michael Kirchler, NEUSÜß Sebastian, Michael Razen, Utz Weitzel, David Abad‐díaz, Menachem Abudy, Tobias Adrian, Yacine Ait‐sahalia, Olivier Akmansoy, Jamie T. Alcock, Vitali Alexeev, Arash Aloosh, Livia Amato, Diego Amaya, James J. Angel, Alejandro T. Avetikian, Amadeus Bach, Edwin Baidoo, Gaetan Bakalli, Li Bao, Andrea Barbon, Oksana Bashchenko, Parampreet C. Bindra, Geir H. Bjønnes, Jeffrey R. Black, Bernard S. Black, Dimitar Bogoev, Santiago Bohorquez Correa, Oleg Bondarenko, Charles Bos, Ciril Bosch‐rosa, Elie Bouri, Christian Brownlees, Anna Calamia, Viet Nga Cao, Gunther Capelle‐blancard, Laura M. Capera Romero, Massimiliano Caporin, Allen Carrion, Tolga Caskurlu, Bidisha Chakrabarty, Jian Chen, Mikhail Chernov, William Cheung, Ludwig B. Chincarini, Tarun Chordia, Sheung‐chi Chow, Benjamin Clapham, Jean‐edouard Colliard, Carole Comerton‐forde, Edward Curran, Thong Dao, Wale Dare, Ryan Davies, Riccardo de Blasis, Gianluca F. de Nard, Fany Declerck, Oleg Deev, Hans Degryse, Solomon Deku, Christophe Desagre, Mathijs A. van Dijk, Chukwuma Dim, Thomas Dimpfl, Yun Jiang Dong, Philip A. Drummond, Tom Dudda, Teodor Duevski, Ariadna Dumitrescu, Teodor Dyakov, Anne Haubo Dyhrberg, Michał Dzieliński, Asli Eksi, Izidin El Kalak, Saskia Ter Ellen, Nicolas Eugster, Martin D. D. Evans, Michael Farrell, Ester Felez‐vinas, Gerardo Ferrara, El Mehdi Ferrouhi, Andrea Flori, Jonathan T. Fluharty‐jaidee, Sean D. V. Foley, Kingsley Y. L. Fong, Thierry Foucault, Tatiana Franus, Francesco Franzoni, Bart Frijns, Michael Frömmel, Servanna M. Fu, Sascha Füllbrunn, Baoqing Gan, Ge Gao, Thomas Gehrig, Roland Gemayel, Dirk Gerritsen, Javier Gil‐bazo, Dudley Gilder, Lawrence R. Glosten, Thomas Gomez, Arseny Gorbenko, Joachim Grammig, Vincent Grégoire, Ufuk Güçbilmez, Björn Hagströmer, Julien Hambuckers, Erik Hapnes, Jeffrey H. Harris, Lawrence Harris, Simon Hartmann, Jean‐baptiste Hasse, Nikolaus Hautsch, Xue‐zhong (tony) He, Davidson Heath, Simon Hediger, Terrence Hendershott, Ann Marie Hibbert, Erik Hjalmarsson, Seth A. Hoelscher, Peter Hoffmann, Craig W. Holden, Alex R. Horenstein, Wenqian Huang, Da Huang, Christophe Hurlin, Konrad Ilczuk, Alexey Ivashchenko, Subramanian R. Iyer, Hossein Jahanshahloo, Naji Jalkh, Charles Jones, Simon Jurkatis, Petri Jylhä, Andreas T. Kaeck, Gabriel Kaiser, Arzé Karam, Egle Karmaziene, Bernhard Kassner, Markku Kaustia, Ekaterina Kazak, Fearghal Kearney, Vincent van Kervel, Saad A. Khan, Marta K. Khomyn, Tony Klein, Olga Klein, Alexander Klos, Michael Koetter, Aleksey Kolokolov, Robert Korajczyk, Roman Kozhan, Jan P. Krahnen, Paul Kuhle, Amy Kwan, Quentin Lajaunie, F. Y. Eric C. Lam, Marie Lambert, Hugues Langlois, Jens Lausen, Tobias Lauter, Markus Leippold, Vladimir Levin, Yijie Li, Hui Li, Chee Liew, Thomas Lindner, Oliver Linton, Jiacheng Liu, Anqi Liu, Guillermo Llorente, Matthijs Lof, Ariel Lohr, Francis Longstaff, Alejandro Lopez‐lira, Shawn Mankad, Nicola Mano, Alexis Marchal, Charles Martineau, Francesco Mazzola, Debrah Meloso, Michael G. Mi, Roxana Mihet, Vijay Mohan, Sophie Moinas, David Moore, Liangyi Mu, Dmitriy Muravyev, Dermot Murphy, Gabor Neszveda, Christian Neumeier, Ulf Nielsson, Mahendrarajah Nimalendran, Sven Nolte, Lars L. Norden, Peter O'Neill, Khaled Obaid, Bernt Ødegaard, Per Östberg, Emiliano Pagnotta, Marcus Painter, Stefan Palan, Imon J. Palit, Andreas Park, Roberto Pascual, Paolo Pasquariello, Lubos Pastor, Vinay Patel, Andrew J. Patton, Neil D. Pearson, Loriana Pelizzon, Michele Pelli, Matthias Pelster, Christophe Pérignon, Cameron Pfiffer, Richard Philip, Tomáš Plíhal, Puneet Prakash, Oliver‐alexander Press, Tina Prodromou, Marcel Prokopczuk, Talis Putnins, Ya Qian, Gaurav Raizada, David Rakowski, Angelo Ranaldo, Luca Regis, Stefan Reitz, Thomas Renault, Rex W. Renjie, Roberto Reno, Steven J. Riddiough, Kalle Rinne, Paul Rintamäki, Ryan Riordan, Thomas Rittmannsberger, Iñaki Rodríguez Longarela, Dominik Roesch, Lavinia Rognone, Brian Roseman, Ioanid Roşu, Saurabh Roy, Nicolas Rudolf, Stephen R. Rush, Khaladdin Rzayev, Aleksandra A. Rzeźnik, Anthony Sanford, Harikumar Sankaran, Asani Sarkar, Lucio Sarno, Olivier Scaillet, Stefan Scharnowski, Klaus R. Schenk‐hoppé, Andrea Schertler, Michael Schneider, Florian Schroeder, Norman Schürhoff, Philipp Schuster, Marco A. Schwarz, Mark S. Seasholes, Norman J. Seeger, Or Shachar, Andriy Shkilko, Jessica Shui, Mario Sikic, Giorgia Simion, Lee Smales, Paul Söderlind, Elvira Sojli, Konstantin Sokolov, Jantje Sönksen, Laima Spokeviciute, Denitsa Stefanova, Marti G. Subrahmanyam, Barnabas Szaszi, Oleksandr Talavera, Yuehua Tang, Nick Taylor, Wing Wah Tham, Erik Theissen, Julian Thimme, Ian Tonks, Hai Tran, Luca Trapin, Anders B. Trolle, M. Andreea Vaduva, Giorgio Valente, Robert A. van Ness, Aurelio Vasquez, Thanos Verousis, Patrick Verwijmeren, Anders Vilhelmsson, Grigory Vilkov, Vladimir Vladimirov, Sebastian Vogel, Stefan Voigt, Wolf Wagner, Thomas Walther, Patrick Weiss, Michel van der Wel, Ingrid M. Werner, P. Joakim Westerholm, Christian Westheide, Hans C. Wika, Evert Wipplinger, Michael Wolf, Christian Wolff, Leonard Wolk, Wing‐keung Wong, Jan Wrampelmeyer, Zhen‐xing Wu, Shuo Xia, Dacheng Xiu, Ke Xu, Caihong Xu, Pradeep K. Yadav, José Yagüe, Cheng Yan, Antti Yang, Woongsun Yoo, Wenjia Yu, Yihe Yu, Shihao Yu, Bart Z. Yueshen, Darya Yuferova, Marcin Zamojski, Abalfazl Zareei, Stefan M. Zeisberger, Lu Zhang, S. Sarah Zhang, Xiaoyu Zhang, Lu Zhao, Zhuo Zhong, Z. Ivy Zhou, Chen Zhou, Xingyu S. Zhu, Marius Zoican and Remco Zwinkels

Volume 79, issue 2, 2024

Political Polarization Affects Households' Financial Decisions: Evidence from Home Sales pp. 795-841

W. Ben McCartney, John Orellana‐li and Calvin Zhang

Measuring “Dark Matter” in Asset Pricing Models pp. 843-902

Hui Chen, Winston Dou and Leonid Kogan

Informed Trading Intensity pp. 903-948

Vincent Bogousslavsky, Vyacheslav Fos and Dmitriy Muravyev

How Integrated are Credit and Equity Markets? Evidence from Index Options pp. 949-992

Pierre Collin‐dufresne, Benjamin Junge and Anders B. Trolle

Dissecting the Long‐Term Performance of the Chinese Stock Market pp. 993-1054

Franklin Allen, Jun (qj) Qian, Chenyu Shan and Julie Lei Zhu

The Narrow Channel of Quantitative Easing: Evidence from YCC Down Under pp. 1055-1085

David O. Lucca and Jonathan Wright

Overconfidence and Preferences for Competition pp. 1087-1121

Ernesto Reuben, Paola Sapienza and Luigi Zingales

Disclosing a Random Walk pp. 1123-1146

Ilan Kremer, Amnon Schreiber and Andrzej Skrzypacz

A q$q$ Theory of Internal Capital Markets pp. 1147-1197

Min Dai, Xavier Giroud, Wei Jiang and Neng Wang

Fee Variation in Private Equity pp. 1199-1247

Juliane Begenau and Emil N. Siriwardane

Aversion to Student Debt? Evidence from Low‐Wage Workers pp. 1249-1295

Radhakrishnan Gopalan, Barton H. Hamilton, Jorge Sabat and David Sovich

The Equilibrium Size and Value‐Added of Venture Capital pp. 1297-1352

Francesco Sannino

Auctions with Endogenous Initiation pp. 1353-1403

Alexander S. Gorbenko and Andrey Malenko

The Dark Side of Circuit Breakers pp. 1405-1455

Hui Chen, Anton Petukhov, Jiang Wang and Hao Xing

Lender Automation and Racial Disparities in Credit Access pp. 1457-1512

Sabrina T. Howell, Theresa Kuchler, David Snitkof, Johannes Stroebel and Jun Wong

Disclosing to Informed Traders pp. 1513-1578

Snehal Banerjee, Iván Marinovic and Kevin Smith

Leverage Is a Double‐Edged Sword pp. 1579-1634

Avanidhar Subrahmanyam, Ke Tang, Jingyuan Wang and Xuewei Yang

Choosing to Disagree: Endogenous Dismissiveness and Overconfidence in Financial Markets pp. 1635-1695

Snehal Banerjee, Jesse Davis and Naveen Gondhi

Report of the Editor of The Journal of Finance for the Year 2023 pp. 1697-1706

Antoinette Schoar

Volume 79, issue 1, 2024

Front‐Page News: The Effect of News Positioning on Financial Markets pp. 5-33

Anastassia Fedyk

The Decline of Secured Debt pp. 35-93

Efraim Benmelech, Nitish Kumar and Raghuram Rajan

Liquidation Value and Loan Pricing pp. 95-128

Francesca Barbiero, Glenn Schepens and Jean‐david Sigaux

Neglected Risks in the Communication of Residential Mortgage‐Backed Securities Offerings pp. 129-172

Harold H. Zhang, Feng Zhao and Xiaofei Zhao

Interest Rate Skewness and Biased Beliefs pp. 173-217

Michael Bauer and Mikhail Chernov

Financing the Gig Economy pp. 219-256

Greg Buchak

Trading and Shareholder Democracy pp. 257-304

Doron Levit, Nadya Malenko and Ernst Maug

Legal Risk and Insider Trading pp. 305-355

Marcin Kacperczyk and Emiliano S. Pagnotta

Intervention with Screening in Panic‐Based Runs pp. 357-412

Lin Shen and Junyuan Zou

The Global Impact of Brexit Uncertainty pp. 413-458

Tarek A. Hassan, Stephan Hollander, Laurence van Lent and Ahmed Tahoun

The Virtue of Complexity in Return Prediction pp. 459-503

Bryan Kelly, Semyon Malamud and Kangying Zhou

Prestige, Promotion, and Pay pp. 505-540

Daniel Ferreira and Radoslawa Nikolowa

Foreign Exchange Fixings and Returns around the Clock pp. 541-578

Ingomar Krohn, Philippe Mueller and Paul Whelan

Information Cascades and Threshold Implementation: Theory and an Application to Crowdfunding pp. 579-629

Lin Cong and Yizhou Xiao

Artificial Intelligence, Education, and Entrepreneurship pp. 631-667

Michael Gofman and Zhao Jin