Journal of Finance

1946 - 2026

From American Finance Association
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Volume 78, issue 6, 2023

Selling Fast and Buying Slow: Heuristics and Trading Performance of Institutional Investors pp. 3055-3098

Klakow Akepanidtaworn, Rick Di Mascio, Alex Imas and Lawrence D.W. Schmidt

Informational Black Holes in Financial Markets pp. 3099-3140

Ulf Axelson and Igor Makarov

Option Momentum pp. 3141-3192

Steven L. Heston, Christopher S. Jones, Mehdi Khorram, Shuaiqi Li and Haitao Mo

(Re‐)Imag(in)ing Price Trends pp. 3193-3249

Jingwen Jiang, Bryan Kelly and Dacheng Xiu

Household Liquidity Constraints and Labor Market Outcomes: Evidence from a Danish Mortgage Reform pp. 3251-3298

Alex Xi He and Daniel Le Maire

Booms, Busts, and Common Risk Exposures pp. 3299-3341

Alexandr Kopytov

Entrepreneurial Wealth and Employment: Tracing Out the Effects of a Stock Market Crash pp. 3343-3386

Marius A. K. Ring

Operating Hedge and Gross Profitability Premium pp. 3387-3422

Leonid Kogan, Jun Li and Harold H. Zhang

The Legal Origins of Financial Development: Evidence from the Shanghai Concessions pp. 3423-3464

Ross Levine, Chen Lin, Chicheng Ma and Yuchen Xu

Retail Trading in Options and the Rise of the Big Three Wholesalers pp. 3465-3514

Svetlana Bryzgalova, Anna Pavlova and Taisiya Sikorskaya

Attention Spillover in Asset Pricing pp. 3515-3559

Xin Chen, Li An, Zhengwei Wang and Jianfeng Yu

Discount Rates, Debt Maturity, and the Fiscal Theory pp. 3561-3620

Alexandre Corhay, Thilo Kind, Howard Kung and Gonzalo Morales

Optimal Forbearance of Bank Resolution pp. 3621-3675

Linda M. Schilling

Global Pricing of Carbon‐Transition Risk pp. 3677-3754

Patrick Bolton and Marcin Kacperczyk

Volume 78, issue 5, 2023

Johannes Stroebel: Winner of the 2023 Fischer Black Prize pp. 2417-2420

Stijn van Nieuwerburgh

Moral Hazard versus Liquidity in Household Bankruptcy pp. 2421-2464

Sasha Indarte

Is There a Replication Crisis in Finance? pp. 2465-2518

Theis Ingerslev Jensen, Bryan Kelly and Lasse Heje Pedersen

Complex Asset Markets pp. 2519-2562

Andrea L. Eisfeldt, Hanno Lustig and Lei Zhang

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets pp. 2563-2620

Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu and Rengming Xie

Investor Tax Credits and Entrepreneurship: Evidence from U.S. States pp. 2621-2671

Matthew Denes, Sabrina T. Howell, Filippo Mezzanotti, Xinxin Wang and Ting Xu

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds pp. 2673-2723

Jonathan A. Parker, Antoinette Schoar and Yang Sun

Contracting in Peer Networks pp. 2725-2778

Peter M. Demarzo and Ron Kaniel

Dynamic Contracting with Intermediation: Operational, Governance, and Financial Engineering pp. 2779-2836

Sebastian Gryglewicz and Simon Mayer

Stealth Acquisitions and Product Market Competition pp. 2837-2900

John D. Kepler, Vic Naiker and Christopher R. Stewart

Do Credit Markets Respond to Macroeconomic Shocks? The Case for Reverse Causality pp. 2901-2943

Martijn Boons, Giorgio Ottonello and Rossen Valkanov

Monetary Policy and Inequality pp. 2945-2989

Asger Lau Andersen, Niels Johannesen, Mia Jørgensen and José‐luis Peydró

(Why) Do Central Banks Care about Their Profits? pp. 2991-3045

Igor Goncharov, Vasso Ioannidou and Martin C. Schmalz

Volume 78, issue 4, 2023

Presidential Address: Sustainable Finance and ESG Issues—Value versus Values pp. 1837-1872

Laura T. Starks

Rents and Intangible Capital: A Q+ Framework pp. 1873-1916

Nicolas Crouzet and Janice Eberly

Can Security Design Foster Household Risk‐Taking? pp. 1917-1966

Laurent E. Calvet, Claire Celerier, Paolo Sodini and Boris Vallee

Modeling Corporate Bond Returns pp. 1967-2008

Bryan Kelly, Diogo Palhares and Seth Pruitt

Barter Credit: Warehouses as a Contracting Technology pp. 2009-2047

Janis Skrastins

Specialization in Bank Lending: Evidence from Exporting Firms pp. 2049-2085

Daniel Paravisini, Veronica Rappoport and Philipp Schnabl

Employee Costs of Corporate Bankruptcy pp. 2087-2137

John R. Graham, Hyunseob Kim, Si Li and Jiaping Qiu

Optimal Sequential Selling Mechanism and Deal Protections in Mergers and Acquisitions pp. 2139-2188

Yi Chen and Zhe Wang

Liquidity, Volume, and Order Imbalance Volatility pp. 2189-2232

Vincent Bogousslavsky and Pierre Collin‐dufresne

Is COVID Revealing a Virus in CMBS 2.0? pp. 2233-2276

John M. Griffin and Alex Priest

Competition and Misconduct pp. 2277-2327

John Thanassoulis

Reusing Natural Experiments pp. 2329-2364

Davidson Heath, Matthew C. Ringgenberg, Mehrdad Samadi and Ingrid M. Werner

Retail Derivatives and Sentiment: A Sentiment Measure Constructed from Issuances of Retail Structured Equity Products pp. 2365-2407

Brian J. Henderson, Neil D. Pearson and Li Wang

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