Journal of Financial and Quantitative Analysis

1966 - 2025

From Cambridge University Press
Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
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Volume 46, issue 6, 2011

Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition pp. 1545-1580

Meghana Ayyagari, Asli Demirguc-Kunt and Vojislav Maksimovic

Manager Characteristics and Capital Structure: Theory and Evidence pp. 1581-1627

Sanjai Bhagat, Brian Bolton and Ajay Subramanian

New Evidence on the Relation between the Enterprise Multiple and Average Stock Returns pp. 1629-1650

Tim Loughran and Jay W. Wellman

On the Scope and Drivers of the Asset Growth Effect pp. 1651-1682

Marc L. Lipson, Sandra Mortal and Michael J. Schill

The Determinants of Operational Risk in U.S. Financial Institutions pp. 1683-1725

Anna Chernobai, Philippe Jorion and Fan Yu

The Two Sides of Derivatives Usage: Hedging and Speculating with Interest Rate Swaps pp. 1727-1754

Sergey Chernenko and Michael Faulkender

IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists pp. 1755-1793

Onur Bayar and Thomas Chemmanur

Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State-Controlled Banking System pp. 1795-1830

Warren Bailey, Wei Huang and Zhishu Yang

Institutions and Corporate Investment: Evidence from Investment-Implied Return on Capital in China pp. 1831-1863

Qiao Liu and Alan Siu

Corporate Lobbying and Fraud Detection pp. 1865-1891

Frank Yu and Xiaoyun Yu

An Extended Macro-Finance Model with Financial Factors pp. 1893-1916

Hans Dewachter and Leonardo Iania

Do Investors See through Mistakes in Reported Earnings? pp. 1917-1946

Katsiaryna Salavei Bardos, Joseph Golec and John P. Harding

Volume 46, issue 5, 2011

Purchasing IPOs with Commissions pp. 1193-1225

Michael Goldstein, Paul Irvine and Andy Puckett

Margins and Hedge Fund Contagion pp. 1227-1257

Evan Dudley and Mahendrarajah Nimalendran

Where Did All the Dollars Go? The Effect of Cash Flows on Capital and Asset Structure pp. 1259-1294

Sudipto Dasgupta, Thomas Noe and Zhen Wang

Venture Capital Reputation, Post-IPO Performance, and Corporate Governance pp. 1295-1333

C. N. V. Krishnan, Vladimir I. Ivanov, Ronald Masulis and Ajai K. Singh

Why Do Firms Form New Banking Relationships? pp. 1335-1365

Radhakrishnan Gopalan, Gregory Udell and Vijay Yerramilli

A Theory of Merger-Driven IPOs pp. 1367-1405

Jim Hsieh, Evgeny Lyandres and Alexei Zhdanov

Creditor Coordination, Liquidation Timing, and Debt Valuation pp. 1407-1436

Max Bruche

Pricing Two Heterogeneous Trees pp. 1437-1462

Nicole Branger, Christian Schlag and Lue Wu

Irrational Diversification: An Examination of Individual Portfolio Choice pp. 1463-1491

Guido Baltussen and Gerrit T. Post

Demographic Trends, the Dividend-Price Ratio, and the Predictability of Long-Run Stock Market Returns pp. 1493-1520

Carlo Favero, Arie E. Gozluklu and Andrea Tamoni

Dividend Increases and Initiations and Default Risk in Equity Returns pp. 1521-1543

Andreas Charitou, Neophytos Lambertides and Giorgos Theodoulou

Volume 46, issue 4, 2011

Estimating the Effects of Large Shareholders Using a Geographic Instrument pp. 907-942

Bo Becker, Henrik Cronqvist and Ruediger Fahlenbrach

Governance Problems in Closely Held Corporations pp. 943-966

Venky Nagar, Kathy Petroni and Daniel Wolfenzon

The Effects of Derivatives on Firm Risk and Value pp. 967-999

Söhnke Bartram, Gregory W. Brown and Jennifer Conrad

IPO Timing, Buyout Sponsors’ Exit Strategies, and Firm Performance of RLBOs pp. 1001-1024

Jerry X. Cao

Why Do Traders Choose to Trade Anonymously? pp. 1025-1049

Carole Comerton-Forde, Talis Putnins and Kar Mei Tang

Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan pp. 1051-1072

Vikas Mehrotra, Dimitri van Schaik, Jaap Spronk and Onno Steenbeek

Derivatives Use and Risk Taking: Evidence from the Hedge Fund Industry pp. 1073-1106

Yong Chen

The Time-Varying Systematic Risk of Carry Trade Strategies pp. 1107-1125

Charlotte Christiansen, Angelo Ranaldo and Paul Söderlind

Large Foreign Ownership and Firm-Level Stock Return Volatility in Emerging Markets pp. 1127-1155

Donghui Li, Quang N. Nguyen, Peter K. Pham and Steven X. Wei

Endogenous Labor/Leisure/Investment Choice under Time Constraints pp. 1157-1192

Dong-Hyun Ahn and Sun-Joong Yoon

Volume 46, issue 3, 2011

The Influence of Affect on Beliefs, Preferences, and Financial Decisions pp. 605-626

Camelia Kuhnen and Brian Knutson

Liquidity and Arbitrage in the Market for Credit Risk pp. 627-656

Amrut Nashikkar, Marti G. Subrahmanyam and Sriketan Mahanti

Negative Hedging: Performance-Sensitive Debt and CEOs’ Equity Incentives pp. 657-686

Alexei Tchistyi, David Yermack and Hayong Yun

Earnings Management Surrounding Seasoned Bond Offerings: Do Managers Mislead Ratings Agencies and the Bond Market? pp. 687-708

Gary L. Caton, Chiraphol N. Chiyachantana, Choong-Tze Chua and Jeremy Goh

Liquidity Dynamics and Cross-Autocorrelations pp. 709-736

Tarun Chordia, Asani Sarkar and Avanidhar Subrahmanyam

The Global Rise of the Value-Weighted Portfolio pp. 737-756

Utpal Bhattacharya and Neal Galpin

Analysts’ Incentives to Produce Industry-Level versus Firm-Specific Information pp. 757-784

Mark H. Liu

Renewing Assets with Uncertain Revenues and Operating Costs pp. 785-813

Roger Adkins and Dean Paxson

New Methods for Inference in Long-Horizon Regressions pp. 815-839

Erik Hjalmarsson

The Role of Commonality between CEO and Divisional Managers in Internal Capital Markets pp. 841-869

José-Miguel Gaspar and Massimo Massa

IPO First-Day Return and Ex Ante Equity Premium pp. 871-905

Hui Guo

Volume 46, issue 2, 2011

Shareholders’ Say on Pay: Does It Create Value? pp. 299-339

Jie Cai and Ralph A. Walkling

Holdings Data, Security Returns, and the Selection of Superior Mutual Funds pp. 341-367

Edwin J. Elton, Martin J. Gruber and Christopher R. Blake

Stale Prices and the Performance Evaluation of Mutual Funds pp. 369-394

Meijun Qian

Venture Capital Conflicts of Interest: Evidence from Acquisitions of Venture-Backed Firms pp. 395-430

Ronald Masulis and Rajarishi Nahata

VC Funds: Aging Brings Myopia pp. 431-457

Eugene Kandel, Dima Leshchinskii and Harry Yuklea

Rare Event Risk and Heterogeneous Beliefs: The Case of Incomplete Markets pp. 459-488

Stephan Dieckmann

Lemons or Cherries? Growth Opportunities and Market Temptations in Going Public and Private pp. 489-526

Hadiye Aslan and Praveen Kumar

Information Shocks, Liquidity Shocks, Jumps, and Price Discovery: Evidence from the U.S. Treasury Market pp. 527-551

George J. Jiang, Ingrid Lo and Adrien Verdelhan

The Term Structure of Lease Rates with Endogenous Default Triggers and Tenant Capital Structure: Theory and Evidence pp. 553-584

Sumit Agarwal, Brent Ambrose, Henry Huang and Yildiray Yildirim

The Price Pressure of Aggregate Mutual Fund Flows pp. 585-603

Azi Ben-Rephael, Shmuel Kandel and Avi Wohl

Volume 46, issue 1, 2011

Has the Propensity to Pay Out Declined? pp. 1-24

Gustavo Grullon, Bradley Paye, Shane Underwood and James P. Weston

Labor Unions, Operating Flexibility, and the Cost of Equity pp. 25-58

Huafeng (Jason) Chen, Marcin Kacperczyk and Hernán Ortiz-Molina

Investing in Talents: Manager Characteristics and Hedge Fund Performances pp. 59-82

Haitao Li, Xiaoyan Zhang and Rui Zhao

Value-Maximizing Managers, Value-Increasing Mergers, and Overbidding pp. 83-110

Evrim Akdoğu

The Term Structure of Bond Market Liquidity and Its Implications for Expected Bond Returns pp. 111-139

Ruslan Goyenko, Avanidhar Subrahmanyam and Andrey Ukhov

Managing Underwriters and the Marketing of Seasoned Equity Offerings pp. 141-170

Rongbing Huang and Donghang Zhang

Agency Costs of Free Cash Flow and the Effect of Shareholder Rights on the Implied Cost of Equity Capital pp. 171-207

Kevin C. W. Chen, Zhihong Chen and K. C. John Wei

Patterns in the Timing of Corporate Event Waves pp. 209-246

Raghavendra Rau and Aris Stouraitis

Corporate Governance and Institutional Ownership pp. 247-273

Kee H. Chung and Hao Zhang

Why Are Derivative Warrants More Expensive Than Options? An Empirical Study pp. 275-297

Gang Li and Chu Zhang