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 4, 2026

Skewness Risk Premia and the Cross Section of Currency Returns pp. 1565-1603

Junye Li, Lucio Sarno and Gabriele Zinna

Opioid Crisis and Real Estate Prices pp. 1604-1631

Cláudia Custódio, Dragana Cvijanović and Moritz Wiedemann

A Bayesian Stochastic Discount Factor for the Cross-Section of Individual Equity Options pp. 1632-1659

Niclas Käfer, Mathis Mörke, Florian Weigert and Tobias Wiest

Bank Competition and Entrepreneurial Gaps: Evidence from Bank Deregulation pp. 1660-1694

Xiang Li

Climate-Triggered Institutional Price Pressure: Does It Affect Firms’ Cost of Equity? pp. 1695-1722

George Skiadopoulos and Cheng Xue

Disagreement and Scheduled Announcements: Explaining the Pre-Announcement Drift pp. 1723-1764

Paula Cocoma

Active Mutual Fund Common Owners’ Returns and Proxy Voting Behavior pp. 1765-1802

Ben Charoenwong, Zhenghui Ni and Qiaozhi Ye

Women in Politics: The Effect on Board Diversity pp. 1803-1840

Simi Kedia and Ankur Pareek

Insiders’ Information Advantage: Evidence from Competition with Short Sellers pp. 1841-1880

Harold Contreras, Jana P. Fidrmuc and Roman Kozhan

The Aftermath of Credit Booms: Evidence from Credit Ceiling Removals pp. 1881-1914

Matthew Baron and Isaac Green

Employment Under Marijuana pp. 1915-1948

Wei-Fong Pan

Cultural Origins of Risk Taking in Financial Markets pp. 1949-1978

Andreas Ek, Gunes Gokmen and Kaveh Majlesi

Why Do Investors Hold Overpriced Shares? pp. 1979-2006

Paul Schultz

Debt and Taxes: The Role of Tax Avoidance pp. 2007-2032

Peter Brok

Do Shareholder Leverage Constraints Affect Debtholders? pp. 2033-2072

Xiaoran Huang, Massimo Massa and Lei Zhang

Climate-Triggered Institutional Price Pressure: Does It Affect Firms’ Cost of Equity? – ERRATUM pp. 2073-2074

George Skiadopoulos and Cheng Xue

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