Journal of Finance

1946 - 2025

From American Finance Association
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Volume 78, issue 3, 2023

CLO Performance pp. 1235-1278

Larry Cordell, Michael R. Roberts and Michael Schwert

Pockets of Predictability pp. 1279-1341

Leland Farmer, Lawrence Schmidt and Allan Timmermann

The Pollution Premium pp. 1343-1392

Po‐hsuan Hsu, Kai Li and Chi‐yang Tsou

Duration‐Driven Returns pp. 1393-1447

Niels Gormsen and Eben Lazarus

Firm‐Level Climate Change Exposure pp. 1449-1498

Zacharias Sautner, Laurence van Lent, Grigory Vilkov and Ruishen Zhang

Macroeconomic News in Asset Pricing and Reality pp. 1499-1543

Greg Duffee

Who Owns What? A Factor Model for Direct Stockholding pp. 1545-1591

Vimal Balasubramaniam, John Campbell, Tarun Ramadorai and Benjamin Ranish

Integrating Factor Models pp. 1593-1646

Doron Avramov, Si Cheng, Lior Metzker and Stefan Voigt

Visibility Bias in the Transmission of Consumption Beliefs and Undersaving pp. 1647-1704

Bing Han, David Hirshleifer and Johan Walden

Naïve Buying Diversification and Narrow Framing by Individual Investors pp. 1705-1741

John Gathergood, David Hirshleifer, David Leake, Hiroaki Sakaguchi and Neil Stewart

Model Comparison with Transaction Costs pp. 1743-1775

Andrew Detzel, Robert Novy‐marx and Mihail Velikov

Did FinTech Lenders Facilitate PPP Fraud? pp. 1777-1827

John M. Griffin, Samuel Kruger and Prateek Mahajan

Volume 78, issue 2, 2023

Pricing Currency Risks pp. 693-730

Mikhail Chernov, Magnus Dahlquist and Lars Lochstoer

A Model of Systemic Bank Runs pp. 731-793

Xuewen Liu

Biased Auctioneers pp. 795-833

Mathieu Aubry, Roman Kräussl, Gustavo Manso and Christophe Spaenjers

Discount‐Rate Risk in Private Equity: Evidence from Secondary Market Transactions pp. 835-885

Brian H. Boyer, Taylor D. Nadauld, Keith P. Vorkink and Michael Weisbach

Do Municipal Bond Dealers Give Their Customers “Fair and Reasonable” Pricing? pp. 887-934

John M. Griffin, Nicholas Hirschey and Samuel Kruger

Information Aggregation via Contracting pp. 935-965

Jiasun Li

Equilibrium Bitcoin Pricing pp. 967-1014

Bruno Biais, Christophe Bisière, Matthieu Bouvard, Catherine Casamatta and Albert Menkveld

Local Experiences, Search, and Spillovers in the Housing Market pp. 1015-1053

Antonio Gargano, Marco Giacoletti and Elvis Jarnecic

Model Secrecy and Stress Tests pp. 1055-1095

Yaron Leitner and Basil Williams

The Gender Gap in Housing Returns pp. 1097-1145

Paul Goldsmith‐pinkham and Kelly Shue

Monetary Stimulus amidst the Infrastructure Investment Spree: Evidence from China's Loan‐Level Data pp. 1147-1204

Kaiji Chen, Haoyu Gao, Patrick Higgins, Daniel Waggoner and Tao Zha

Report of the Editor of The Journal of Finance for the Year 2022 pp. 1205-1214

Antoinette Schoar

Report of the Executive Secretary and Treasurer for the Fiscal Year Ending June 30, 2022 pp. 1219-1220

Jim Schallheim

Volume 78, issue 1, 2023

Optimal Financial Transaction Taxes pp. 5-61

Eduardo Davila

Less Mainstream Credit, More Payday Borrowing? Evidence from Debt Collection Restrictions pp. 63-103

Julia Fonseca

Disruption and Credit Markets pp. 105-139

Bo Becker and Victoria Ivashina

How Risky Are U.S. Corporate Assets? pp. 141-208

Tetiana Davydiuk, Scott Richard, Ivan Shaliastovich and Amir Yaron

International Yield Curves and Currency Puzzles pp. 209-245

Mikhail Chernov and Drew Creal

Decentralization through Tokenization pp. 247-299

Michael Sockin and Wei Xiong

Beyond Basis Basics: Liquidity Demand and Deviations from the Law of One Price pp. 301-345

Todd M. Hazelkorn, Tobias J. Moskowitz and Kaushik Vasudevan

Principal Portfolios pp. 347-387

Bryan Kelly, Semyon Malamud and Lasse Heje Pedersen

Small Business Equity Returns: Empirical Evidence from the Business Credit Card Securitization Market pp. 389-425

Matthias Fleckenstein and Francis A. Longstaff

Beliefs Aggregation and Return Predictability pp. 427-486

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

Bayesian Solutions for the Factor Zoo: We Just Ran Two Quadrillion Models pp. 487-557

Svetlana Bryzgalova, Jiantao Huang and Christian Julliard

Volume 77, issue 6, 2022

Loan Terms and Collateral: Evidence from the Bilateral Repo Market pp. 2997-3036

Jun Kyung Auh and Mattia Landoni

Import Competition and Household Debt pp. 3037-3091

Jean‐noël Barrot, Erik Loualiche, Matthew Plosser and Julien Sauvagnat

The Two‐Pillar Policy for the RMB pp. 3093-3140

Urban Jermann, Bin Wei and Vivian Yue

Attention‐Induced Trading and Returns: Evidence from Robinhood Users pp. 3141-3190

Brad Barber, Xing Huang, Terrance Odean and Christopher Schwarz

Belief Disagreement and Portfolio Choice pp. 3191-3247

Maarten Meeuwis, Jonathan Parker, Antoinette Schoar and Duncan Simester

Asset Pricing with Cohort‐Based Trading in MBS Markets pp. 3249-3287

Nicola Fusari, Wei Li, Haoyang Liu and Zhaogang Song

The Price of Higher Order Catastrophe Insurance: The Case of VIX Options pp. 3289-3337

Bjørn Eraker and Aoxiang Yang

Financial Crises and Political Radicalization: How Failing Banks Paved Hitler's Path to Power pp. 3339-3372

Sebastian Doerr, Stefan Gissler, José‐luis Peydró and Hans‐joachim Voth

Stock Market Spillovers via the Global Production Network: Transmission of U.S. Monetary Policy pp. 3373-3421

Julian di Giovanni and Galina Hale

Volume 77, issue 5, 2022

The Anatomy of the Transmission of Macroprudential Policies pp. 2533-2575

Viral V. Acharya, Katharina Bergant, Matteo Crosignani, Tim Eisert and Fergal McCann

The Cost of Capital for Banks: Evidence from Analyst Earnings Forecasts pp. 2577-2611

Jens Dick‐nielsen, Jacob Gyntelberg and Christoffer Thimsen

Commodity Financialization and Information Transmission pp. 2613-2667

Itay Goldstein and Liyan Yang

When Should Bankruptcy Law Be Creditor‐ or Debtor‐Friendly? Theory and Evidence pp. 2669-2717

David Schoenherr and Jan Starmans

Rare Disasters, Financial Development, and Sovereign Debt pp. 2719-2764

Sergio Rebelo, Neng Wang and Jinqiang Yang

Common Ownership Does Not Have Anticompetitive Effects in the Airline Industry pp. 2765-2798

Patrick Dennis, Kristopher Gerardi and Carola Schenone

Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut pp. 2799-2852

Antonio Falato, Dalida Kadyrzhanova, Jae Sim and Roberto Steri

A Theory of Equivalent Expectation Measures for Contingent Claim Returns pp. 2853-2906

Sanjay K. Nawalkha and Xiaoyang Zhuo

The Golden Mean: The Risk‐Mitigating Effect of Combining Tournament Rewards with High‐Powered Incentives pp. 2907-2947

Dunhong Jin and Thomas Noe

CEO Political Leanings and Store‐Level Economic Activity during the COVID‐19 Crisis: Effects on Shareholder Value and Public Health pp. 2949-2986

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

Volume 77, issue 4, 2022

Presidential Address: Corporate Finance and Reality pp. 1975-2049

John R. Graham

Do Firms Respond to Gender Pay Gap Transparency? pp. 2051-2091

Morten Bennedsen, Elena Simintzi, Margarita Tsoutsoura and Daniel Wolfenzon

Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation pp. 2093-2141

Yifei Wang, Toni Whited, Yufeng Wu and Kairong Xiao

Quantifying Reduced‐Form Evidence on Collateral Constraints pp. 2143-2181

Sylvain Catherine, Thomas Chaney, Zongbo Huang, David Sraer and David Thesmar

A New Test of Risk Factor Relevance pp. 2183-2238

Alex Chinco, Samuel M. Hartzmark and Abigail B. Sussman

Testing Disagreement Models pp. 2239-2285

Yen-Cheng Chang, Pei‐jie Hsiao, Alexander Ljungqvist and Kevin Tseng

Debt Refinancing and Equity Returns pp. 2287-2329

Nils Friewald, Florian Nagler and Christian Wagner

Risk‐Sharing and the Term Structure of Interest Rates pp. 2331-2374

Andrés Schneider

Stock Market's Assessment of Monetary Policy Transmission: The Cash Flow Effect pp. 2375-2421

Refet Gürkaynak, Hati̇ce Gökçe Karasoy‐can and Sang Seok Lee

The Economics of Deferral and Clawback Requirements pp. 2423-2470

Florian Hoffmann, Roman Inderst and Marcus Opp

Financial Crisis, Creditor‐Debtor Conflict, and Populism pp. 2471-2523

Gyozo Gyongyosi and Emil Verner

Volume 77, issue 3, 2022

Barbarians at the Store? Private Equity, Products, and Consumers pp. 1439-1488

Cesare Fracassi, Alessandro Previtero and Albert Sheen

The Wisdom of the Robinhood Crowd pp. 1489-1527

Ivo Welch

Fully Closed: Individual Responses to Realized Gains and Losses pp. 1529-1585

Steffen Meyer and Michaela Pagel

Long‐Run Risk: Is It There? pp. 1587-1633

Yukun Liu and Ben Matthies

The Limits of Model‐Based Regulation pp. 1635-1684

Markus Behn, Rainer Haselmann and Vikrant Vig

Resource Allocation in Bank Supervision: Trade‐Offs and Outcomes pp. 1685-1736

Thomas Eisenbach, David O. Lucca and Robert M. Townsend

Learning by Owning in a Lemons Market pp. 1737-1785

Jordan Martel, Kenneth Mirkin and Brian Waters

Is There a Risk Premium in the Stock Lending Market? Evidence from Equity Options pp. 1787-1828

Dmitriy Muravyev, Neil D. Pearson and Joshua M. Pollet

Are Analyst Short‐Term Trade Ideas Valuable? pp. 1829-1875

Justin Birru, Sinan Gokkaya, Xi Liu and René M. Stulz

Factor Momentum and the Momentum Factor pp. 1877-1919

Sina Ehsani and Juhani T. Linnainmaa

Luck versus Skill in the Cross Section of Mutual Fund Returns: Reexamining the Evidence pp. 1921-1966

Campbell R. Harvey and Yan Liu

Volume 77, issue 2, 2022

The Fragility of Market Risk Insurance pp. 815-862

Ralph S.J. Koijen and Motohiro Yogo

Predictable Financial Crises pp. 863-921

Robin Greenwood, Samuel G. Hanson, Andrei Shleifer and Jakob Ahm Sørensen

Late to Recessions: Stocks and the Business Cycle pp. 923-966

Roberto Gómez‐cram

Monetary Policy and Asset Valuation pp. 967-1017

Francesco Bianchi, Martin Lettau and Sydney C. Ludvigson

Payment System Externalities pp. 1019-1053

Christine A. Parlour, Uday Rajan and Johan Walden

Volatility Expectations and Returns pp. 1055-1096

Lars A. Lochstoer and Tyler Muir

Dissecting Conglomerate Valuations pp. 1097-1131

Oliver Boguth, Ran Duchin and Mikhail Simutin

Common Risk Factors in Cryptocurrency pp. 1133-1177

Yukun Liu, Aleh Tsyvinski and Xi Wu

Do Market Prices Improve the Accuracy of Court Valuations in Chapter 11? pp. 1179-1218

Cem Demiroglu, Julian Franks and Ryan Lewis

Regulation of Charlatans in High‐Skill Professions pp. 1219-1258

Jonathan B. Berk and Jules H. van Binsbergen

Going the Extra Mile: Distant Lending and Credit Cycles pp. 1259-1324

João Granja, Christian Leuz and Raghuram Rajan

Liquidity Fluctuations in Over‐the‐Counter Markets pp. 1325-1369

Vincent Maurin

Do Equity Markets Care about Income Inequality? Evidence from Pay Ratio Disclosure pp. 1371-1411

Yihui Pan, Elena S. Pikulina, Stephan Siegel and Tracy Yue Wang

Report of the Editor of The Journal of Finance for the Year 2021 pp. 1413-1421

Stefan Nagel

Volume 77, issue 1, 2022

Predictably Unequal? The Effects of Machine Learning on Credit Markets pp. 5-47

Andreas Fuster, Paul Goldsmith‐pinkham, Tarun Ramadorai and Ansgar Walther

Forced Entrepreneurs pp. 49-83

Isaac Hacamo and Kristoph Kleiner

The Loan Covenant Channel: How Bank Health Transmits to the Real Economy pp. 85-128

Gabriel Chodorow‐reich and Antonio Falato

Monetary Policy Spillovers through Invoicing Currencies pp. 129-161

Tony Zhang

Cultural Biases in Equity Analysis pp. 163-211

Vesa Pursiainen

Institutional Investors and Corporate Governance: The Incentive to Be Engaged pp. 213-264

Jonathan Lewellen and Katharina Lewellen

Non‐Deal Roadshows, Informed Trading, and Analyst Conflicts of Interest pp. 265-315

Daniel Bradley, Russell Jame and Jared Williams

Female Representation in the Academic Finance Profession pp. 317-365

Mila Getmansky Sherman and Heather E. Tookes

Increasing Enrollment in Income‐Driven Student Loan Repayment Plans: Evidence from the Navient Field Experiment pp. 367-402

Holger Mueller and Constantine Yannelis

Borrowing to Save? The Impact of Automatic Enrollment on Debt pp. 403-447

John Beshears, James Choi, David Laibson, Brigitte Madrian and William Skimmyhorn

How Do Financial Constraints Affect Product Pricing? Evidence from Weather and Life Insurance Premiums pp. 449-503

Shan Ge

Clients' Connections: Measuring the Role of Private Information in Decentralized Markets pp. 505-544

Péter Kondor and Gabor Pinter

Stock Market and No‐Dividend Stocks pp. 545-599

Adem Atmaz and Suleyman Basak

Skill, Scale, and Value Creation in the Mutual Fund Industry pp. 601-638

Laurent Barras, Patrick Gagliardini and Olivier Scaillet

Anomalies and the Expected Market Return pp. 639-681

Xi Dong, Yan Li, David E. Rapach and Guofu Zhou