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 57, issue 8, 2022

Political Uncertainty and Household Stock Market Participation pp. 2899-2928

Vikas Agarwal, Hadiye Aslan, Lixin Huang and Honglin Ren

Using Patent Capital to Estimate Tobin’s Q pp. 2929-2967

Michael Woeppel

Consolidating Product Lines via Mergers and Acquisitions: Evidence From the USPTO Trademark Data pp. 2968-2992

Po-Hsuan Hsu, Kai Li, Xing Liu and Hong Wu

The Informational Role of Ownership Networks in Bank Lending pp. 2993-3017

Haoyu Gao, Hong Ru and Xiaoguang Yang

Business Cycle Variation in Short Selling Strategies: Picking During Expansions and Timing During Recessions pp. 3018-3047

Peter N. Dixon and Eric K. Kelley

Agency Costs of Debt in Conglomerate Firms pp. 3048-3080

Michela Altieri

De Facto Bank Bailouts pp. 3081-3113

Phong T. H. Ngo and Diego L. Puente-Moncayo

The China Syndrome Affects Banks: The Credit Supply Channel of Foreign Import Competition pp. 3114-3144

Sergio Mayordomo and Omar Rachedi

Capital Inflows and Property Prices: Ethnicity, Education, and Spillovers pp. 3145-3177

Yuk-Ying Chang and Sudipto Dasgupta

Exporting Uncertainty: The Impact of Brexit on Corporate America pp. 3178-3222

Murillo Campello, Gustavo Cortes, d’Almeida, Fabrício and Gaurav Kankanhalli

Financial Globalization and Bank Lending: The Limits of Domestic Monetary Policy pp. 3223-3251

Jin Cao and Valeriya Dinger

Private Funds for Ordinary People: Fees, Flows, and Performance pp. 3252-3280

Timothy J. Riddiough and Jonathan A. Wiley

Language Skills and Stock Market Participation: Evidence From Immigrants pp. 3281-3312

Xu Gan, Frank Song and Yang Zhou

Exporting Uncertainty: The Impact of Brexit on Corporate America—CORRIGENDUM pp. 3313-3313

Murillo Campello, Gustavo Cortes, d’Almeida, Fabrício and Gaurav Kankanhalli

Volume 57, issue 7, 2022

Speculation Sentiment pp. 2485-2515

Shaun William Davies

Actively Keeping Secrets From Creditors: Evidence From the Uniform Trade Secrets Act pp. 2516-2558

Scott Guernsey, Kose John and Lubomir P. Litov

Skin in the Game: Operating Growth, Firm Performance, and Future Stock Returns pp. 2559-2590

Sean Shun Cao, Zhe Wang and P. Eric Yeung

Relative Versus Absolute Performance Evaluation and CEO Decision-Making pp. 2591-2626

Karen H. Wruck and YiLin Wu

Flooded Through the Back Door: The Role of Bank Capital in Local Shock Spillovers pp. 2627-2658

Oliver Rehbein and Steven Ongena

The Digital Credit Divide: Marketplace Lending and Entrepreneurship pp. 2659-2692

Douglas Cumming, Hisham Farag, Sofia Johan and Danny McGowan

The Shadow Costs of Illiquidity pp. 2693-2723

Kristy A. E. Jansen and Bas J. M. Werker

Taxing the Disposition Effect: The Impact of Tax Awareness on Investor Behavior pp. 2724-2765

William J. Bazley, Jordan Moore and Melina Murren Vosse

CEO Marketability, Employment Opportunities, and Compensation: Evidence from Compensation Peer Citations pp. 2766-2797

Daewoung Choi, David Cicero and Shawn Mobbs

Investor Heterogeneity and Liquidity pp. 2798-2833

Kalok Chan, Si Cheng and Allaudeen Hameed

Blockholder Disclosure Thresholds and Hedge Fund Activism pp. 2834-2859

Guillem Ordóñez-Calafi and Dan Bernhardt

Why Are Bidder Termination Provisions Included in Takeovers? pp. 2860-2896

Zhiyao Chen, Hamed Mahmudi, Aazam Virani and Xiaofei Zhao

RQ Innovative Efficiency and Firm Value – CORRIGENDUM pp. 2897-2897

Michael Cooper, Anne Marie Knott and Wenhao Yang

Volume 57, issue 6, 2022

How Does Human Capital Matter? Evidence from Venture Capital pp. 2063-2094

Lifeng Gu, Ruidi Huang, Yifei Mao and Xuan Tian

Do Social Networks Facilitate Informed Option Trading? Evidence from Alumni Reunion Networks pp. 2095-2139

Harvey Cheong, Joon Ho Kim, Florian Münkel and Harold D. Spilker

Where Do Shareholder Gains in Hedge Fund Activism Come From? Evidence From Employee Pension Plans pp. 2140-2176

Anup Agrawal and Yuree Lim

The Bond-Pricing Implications of Rating-Based Capital Requirements pp. 2177-2207

Scott Murray and Stanislava (Stas) Nikolova

Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing pp. 2208-2250

Di Bu, Tobin Hanspal, Yin Liao and Yong Liu

The Geography of Information Acquisition pp. 2251-2285

Honghui Chen, Yuanyu Qu, Tao Shen, Qinghai Wang and David X. Xu

Unintended Consequences of the Dodd–Frank Act on Credit Rating Risk and Corporate Finance pp. 2286-2323

Bina Sharma, Binay K. Adhikari, Anup Agrawal, Bruno R. Arthur and Monika K. Rabarison

Deleting Unreported Innovation pp. 2324-2354

Ping-Sheng Koh, David M. Reeb, Elvira Sojli, Wing Wah Tham and Wendun Wang

Does CEO Succession Planning (Disclosure) Create Shareholder Value? pp. 2355-2384

John J. McConnell and Qianru Qi

The Pricing of Volatility and Jump Risks in the Cross-Section of Index Option Returns pp. 2385-2411

Guanglian Hu and Yuguo Liu

Global Board Reforms and the Pricing of IPOs pp. 2412-2443

Yangyang Chen, Abhinav Goyal and Leon Zolotoy

Underwriter Reputation, Issuer–Underwriter Matching, and SEO Performance pp. 2444-2483

Charles W. Calomiris, Yehuda Izhakian and Jaime F. Zender

Volume 57, issue 5, 2022

RQ Innovative Efficiency and Firm Value pp. 1649-1694

Michael Cooper, Anne Marie Knott and Wenhao Yang

Hot-Stove Effects: The Impact of CEO Past Corporate Experiences on Dividend Policy pp. 1695-1726

Matthew Faulkner and Luis Garcia-Feijoo

Do Alpha Males Deliver Alpha? Facial Width-to-Height Ratio and Hedge Funds pp. 1727-1770

Yan Lu and Melvyn Teo

Liability Structure and Risk Taking: Evidence from the Money Market Fund Industry pp. 1771-1804

Ramin P. Baghai, Mariassunta Giannetti and Ivika Jäger

Do Capital Requirements Make Banks Safer? Evidence From a Quasinatural Experiment pp. 1805-1833

Denefa Bostandzic, Felix Irresberger, Ragnar Juelsrud and Gregor Weiß

Financial Development and Micro-Entrepreneurship pp. 1834-1861

Rajeev Dehejia and Nandini Gupta

Active Technological Similarity and Mutual Fund Performance pp. 1862-1884

Ping McLemore, Richard Sias, Chi Wan and H. Zafer Yüksel

Competition and R&D Financing: Evidence From the Biopharmaceutical Industry pp. 1885-1928

Richard Thakor and Andrew W. Lo

Eyes on the Prize: Do Industry Tournament Incentives Shape the Structure of Executive Compensation? pp. 1929-1959

Emdad Islam, Lubna Rahman, Rik Sen and Jason Zein

Deposit-Lending Synergies: Evidence from Chinese Students at U.S. Universities pp. 1960-1986

Jun Yang

Finance in the New U.S. Economy: Local Finance and Service Job Growth in the Post-industrial Economy pp. 1987-2021

Elizabeth A. Berger

Identifying the Effect of Stock Indexing: Impetus or Impediment to Arbitrage and Price Discovery? pp. 2022-2062

Byung Hyun Ahn and Panos N. Patatoukas

Volume 57, issue 4, 2022

Vertical and Horizontal Agency Problems in Private Firms: Ownership Structure and Operating Performance pp. 1237-1278

Sridhar Gogineni, Scott Linn and Pradeep K. Yadav

How Does Past Experience Impact Hedge Fund Activism? pp. 1279-1312

Nicole M. Boyson, Linlin Ma and Robert M. Mooradian

Crowding and Tail Risk in Momentum Returns pp. 1313-1342

Pedro Barroso, Roger M. Edelen and Paul Karehnke

Activist-Appointed Directors pp. 1343-1376

Jun-Koo Kang, Hyemin Kim, Jungmin Kim and Angie Low

Corporate R&D and Stock Returns: International Evidence pp. 1377-1408

Kewei Hou, Po-Hsuan Hsu, Shiheng Wang, Akiko Watanabe and Yan Xu

Social Capital, Trusting, and Trustworthiness: Evidence from Peer-to-Peer Lending pp. 1409-1453

Iftekhar Hasan, Qing He and Haitian Lu

Managerial Trustworthiness and Buybacks pp. 1454-1485

Sterling Huang, Kaisa Snellman and Theo Vermaelen

Do Large Gains Make Willing Sellers? pp. 1486-1528

Dong Hong, Roger K. Loh and Mitch Warachka

Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds pp. 1529-1563

Teodor Dyakov, Jarrad Harford and Buhui Qiu

Why Do Directors Join Poorly Performing Firms? pp. 1564-1590

Ying Dou and Emma Jincheng Zhang

Credit Ratings and Corporate Information Production: Evidence from Sovereign Downgrades pp. 1591-1620

Wang, Daisy (Sicong) and Wensi Xie

Dividend Smoothing and Firm Valuation pp. 1621-1647

Paul Brockman, Jan Hanousek, Jiri Tresl and Emre Unlu

Volume 57, issue 3, 2022

Why Do Mutual Funds Hold Lottery Stocks? pp. 825-856

Vikas Agarwal, Lei Jiang and Quan Wen

The Fragility of Organization Capital pp. 857-887

Oliver Boguth, David Newton and Mikhail Simutin

Does Government Spending Crowd Out R&D Investment? Evidence from Government-Dependent Firms and Their Peers pp. 888-922

Phong T. H. Ngo and Jared Stanfield

Short-Selling Equity Exchange Traded Funds and Its Effect on Stock Market Liquidity pp. 923-956

Egle Karmaziene and Valeri Sokolovski

Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation pp. 957-987

Yingmei Cheng, Jarrad Harford, Irena Hutton and Stephan Shipe

From Playground to Boardroom: Endowed Social Status and Managerial Performance pp. 988-1022

Fangfang Du

An American Call Is Worth More Than a European Call: The Value of American Exercise When the Market Is Not Perfectly Liquid pp. 1023-1057

Stephen Figlewski

Counterparty Risk in Over-the-Counter Markets pp. 1058-1082

Christoph Frei, Agostino Capponi and Celso Brunetti

Naïve Style-Level Feedback Trading in Passive Funds pp. 1083-1114

Markus S. Broman

Systemic Banking Crises, Institutional Environment, and Corporate Leverage pp. 1115-1141

Ozde Oztekin

Systemic Risk and Collateral Adequacy: Evidence from the Futures Market pp. 1142-1173

Radoslav Raykov

Do Funding Conditions Explain the Relation Between Cash Holdings and Stock Returns? pp. 1174-1203

Tyler K. Jensen

Foreign-Born Resident Networks and Stock Comovement: When Local Bias Meets Home (Country) Bias pp. 1204-1235

Yun Meng and Christos Pantzalis

Volume 57, issue 2, 2022

The Capital Structure Puzzle: What Are We Missing? pp. 413-454

Harry DeAngelo

Investor Attention and Stock Returns pp. 455-484

Jian Chen, Guohao Tang, Jiaquan Yao and Guofu Zhou

Gender Gaps in Venture Capital Performance pp. 485-513

Paul Gompers, Vladimir Mukharlyamov, Emily Weisburst and Yuhai Xuan

Maturity Driven Mispricing of Options pp. 514-542

Assaf Eisdorfer, Ronnie Sadka and Alexei Zhdanov

Benchmark Discrepancies and Mutual Fund Performance Evaluation pp. 543-571

K. J. Martijn Cremers, Jon A. Fulkerson and Timothy B. Riley

Media Partisanship and Fundamental Corporate Decisions pp. 572-598

April Knill, Baixiao Liu and John J. McConnell

Expert Advice: Industry Expertise of M&A Advisors and Acquirer Shareholder Returns pp. 599-628

Cong Wang, Fei Xie and Kuo Zhang

Does Corporate Investment Respond to the Time-Varying Cost of Capital? Empirical Evidence pp. 629-668

Yongjin Kim

Inferring Stock Duration Around FOMC Surprises: Estimates and Implications pp. 669-703

Zhanhui Chen

Network Centrality and Managerial Market-Timing Ability pp. 704-760

Theodoros Evgeniou, Joel Peress, Theo Vermaelen and Ling Yue

Housing Wealth as Precautionary Saving: Evidence from Urban China pp. 761-789

Gary Painter, Xi Yang and Ninghua Zhong

Cash Holdings, Capital Structure, and Financing Risk pp. 790-824

Qi Sun and Junjie Xia

Volume 57, issue 1, 2022

A Global Macroeconomic Risk Model for Value, Momentum, and Other Asset Classes pp. 1-30

Ilan Cooper, Andreea Mitrache and Richard Priestley

Proactive Capital Structure Adjustments: Evidence from Corporate Filings pp. 31-66

Arthur Korteweg, Michael Schwert and Ilya A. Strebulaev

Moment Risk Premia and Stock Return Predictability pp. 67-93

Zhenzhen Fan, Xiao Xiao and Hao Zhou

Minimum Wage and Corporate Investment: Evidence from Manufacturing Firms in China pp. 94-126

Geng, Heng (Griffin), Yi Huang, Chen Lin and Sibo Liu

The Exploratory Mindset and Corporate Innovation pp. 127-169

Zhaozhao He and David Hirshleifer

The Puzzle of Frequent and Large Issues of Debt and Equity pp. 170-206

Rongbing Huang and Jay Ritter

Lender Forbearance pp. 207-239

Andrew Bird, Aytekin Ertan, Stephen A. Karolyi and Thomas Ruchti

Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry pp. 240-290

Massimo Massa, Chengwei Wang, Hong Zhang and Jian Zhang

Local, Regional, or Global Asset Pricing? pp. 291-320

Fabian Hollstein

Do Private Equity Managers Have Superior Information on Public Markets? pp. 321-358

Oleg R. Gredil

Gender, Credit, and Firm Outcomes pp. 359-389

Manthos Delis, Iftekhar Hasan, Maria Iosifidi and Steven Ongena

Social Transmission Bias and Investor Behavior pp. 390-412

Bing Han, David Hirshleifer and Johan Walden