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 56, issue 8, 2021

Misvaluation and Corporate Inventiveness pp. 2605-2633

Ming Dong, David Hirshleifer and Siew Hong Teoh

Where Does the Predictability from Sorting on Returns of Economically Linked Firms Come From? pp. 2634-2658

Aaron Burt and Christopher Hrdlicka

Algorithmic Trading and Market Quality: International Evidence pp. 2659-2688

Ekkehart Boehmer, Kingsley Fong and Wu, Juan (Julie)

Safe-Asset Shortages: Evidence from the European Government Bond Lending Market pp. 2689-2719

Reena Aggarwal, Jennie Bai and Luc Laeven

Corporate Governance and Loan-Syndicate Structure pp. 2720-2763

Sreedhar T. Bharath, Sandeep Dahiya and Issam Hallak

Quoting Activity and the Cost of Capital pp. 2764-2799

Ioanid Rosu, Elvira Sojli and Wing Wah Tham

Creditor Rights and Bank Loan Losses pp. 2800-2842

Amanda Rae Heitz and Ganapathi Narayanamoorthy

The Predictive Power of the Dividend Risk Premium pp. 2843-2869

Davide E. Avino, Andrei Stancu and Chardin Wese Simen

Portfolio Choice: Familiarity, Hedging, and Industry Bias pp. 2870-2893

Xin Che, Andre P. Liebenberg and Andrew A. Lynch

Hometown Lending pp. 2894-2933

Ivan Lim and Duc Duy Nguyen

Does Securitization Weaken Screening Incentives? pp. 2934-2962

Dong Beom Choi and Jung-Eun Kim

The Dark Side of Executive Compensation Duration: Evidence from Mergers and Acquisitions pp. 2963-2997

Zhi Li and Qiyuan Peng

Volume 56, issue 7, 2021

The COVID-19 Crisis and the Allocation of Capital pp. 2309-2319

Ran Duchin and Jarrad Harford

Shadow Banking in a Crisis: Evidence from Fintech During COVID-19 pp. 2320-2355

Zhengyang Bao and Difang Huang

Flattening the Illiquidity Curve: Retail Trading During the COVID-19 Lockdown pp. 2356-2388

Gideon Ozik, Ronnie Sadka and Siyi Shen

The COVID-19 Pandemic and Corporate Dividend Policy pp. 2389-2410

Georg Cejnek, Otto Randl and Josef Zechner

Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships, and the COVID Crisis pp. 2411-2438

Lei Li and Philip E. Strahan

Buying the Vote? The Economics of Electoral Politics and Small-Business Loans pp. 2439-2473

Ran Duchin and John Hackney

Venture Capitalists and COVID-19 pp. 2474-2499

Paul Gompers, Will Gornall, Steven N. Kaplan and Ilya A. Strebulaev

Small-Business Survival Capabilities and Fiscal Programs: Evidence from Oakland pp. 2500-2544

Robert P. Bartlett and Adair Morse

The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic pp. 2545-2583

Kai Li, Xing Liu, Feng Mai and Tengfei Zhang

Natural Disaster Effects on Popular Sentiment Toward Finance pp. 2584-2604

Manish Jha, Hongyi Liu and Asaf Manela

Volume 56, issue 6, 2021

FinTechs and the Market for Financial Analysis pp. 1877-1907

Jillian Grennan and Roni Michaely

Stakeholder Orientation and the Cost of Debt: Evidence from State-Level Adoption of Constituency Statutes pp. 1908-1944

Huasheng Gao, Kai Li and Yujing Ma

Informed Trading in the Stock Market and Option-Price Discovery pp. 1945-1984

Pierre Collin-Dufresne, Vyacheslav Fos and Dmitry Muravyev

Climate Change News Risk and Corporate Bond Returns pp. 1985-2009

Thanh Huynh and Ying Xia

Searching for Gambles: Gambling Sentiment and Stock Market Outcomes pp. 2010-2038

Yao Chen, Alok Kumar and Chendi Zhang

Dynamic Compensation Under Uncertainty Shocks and Limited Commitment pp. 2039-2071

Felix Zhiyu Feng

Private Placements of Equity and Firm Value: Value Enhancing or Value Destroying? pp. 2072-2102

Jun-Koo Kang and James L. Park

Institutional Debtholder Governance pp. 2103-2135

Aneel Keswani, Anh Tran and Paolo Volpin

Does Industry Timing Ability of Hedge Funds Predict Their Future Performance, Survival, and Fund Flows? pp. 2136-2169

Turan G. Bali, Stephen Brown, Mustafa O. Caglayan and Umut Celiker

Neglecting Peter to Fix Paul: How Shared Directors Transmit Bank Shocks to Nonfinancial Firms pp. 2170-2207

Leonid Pugachev and Andrea Schertler

Income Fluctuations and Firm Choice pp. 2208-2236

Scott Baker, Brian Baugh and Lorenz Kueng

Liquidity Regulation and Financial Intermediaries pp. 2237-2271

Marco Macchiavelli and Luke Pettit

Why Did the Investment–Cash Flow Sensitivity Decline over Time? pp. 2272-2308

Zhen Wang and Chu Zhang

Volume 56, issue 5, 2021

Common Analysts: Method for Defining Peer Firms pp. 1505-1536

Markku Kaustia and Ville Rantala

Fiscal Deficits, Bank Credit Risk, and Loan-Loss Provisions pp. 1537-1589

Felipe Bastos Gurgel Silva

Governance Changes through Shareholder Initiatives: The Case of Proxy Access pp. 1590-1621

Tara Bhandari, Peter Iliev and Jonathan Kalodimos

Dynamic Liquidity Management by Corporate Bond Mutual Funds pp. 1622-1652

Hao Jiang, Dan Li and Ashley Wang

The Macroeconomic Uncertainty Premium in the Corporate Bond Market pp. 1653-1678

Turan G. Bali, Avanidhar Subrahmanyam and Quan Wen

Do Social Connections Mitigate Hold-up and Facilitate Cooperation? Evidence from Supply Chain Relationships pp. 1679-1712

Sudipto Dasgupta, Kuo Zhang and Chenqi Zhu

Risk-Neutral Skewness, Informed Trading, and the Cross Section of Stock Returns pp. 1713-1737

Tarun Chordia, Tse-Chun Lin and Vincent Xiang

Overconfident Institutions and Their Self-Attribution Bias: Evidence from Earnings Announcements pp. 1738-1770

Hsin-I Chou, Mingyi Li, Xiangkang Yin and Jing Zhao

Does Financial Market Structure Affect the Cost of Raising Capital? pp. 1771-1808

James Brugler, Carole Comerton-Forde and Terrence Hendershott

Does Local Capital Supply Matter for Public Firms’ Capital Structures? pp. 1809-1843

Binay K. Adhikari, David C. Cicero and Johan Sulaeman

Global Liquidity Provision and Risk Sharing pp. 1844-1876

Feng Jiao and Sergei Sarkissian

Volume 56, issue 4, 2021

Granularity of Corporate Debt pp. 1127-1162

Jaewon Choi, Dirk Hackbarth and Josef Zechner

How Does Forced-CEO-Turnover Experience Affect Directors? pp. 1163-1191

Jesse Ellis, Lixiong Guo and Shawn Mobbs

Internal Labor Markets, Wage Convergence, and Investment pp. 1192-1227

Rui C. Silva

When Are Stocks Less Volatile in the Long Run? pp. 1228-1258

Eric Jondeau, Qunzi Zhang and Xiaoneng Zhu

The Impact of Stronger Shareholder Control on Bondholders pp. 1259-1295

Sadra Amiri-Moghadam, Siamak Javadi and Mahdi Rastad

Board Reforms and Dividend Policy: International Evidence pp. 1296-1320

Kee-Hong Bae, Sadok El Ghoul, Omrane Guedhami and Xiaolan Zheng

Funding Liquidity Risk and the Dynamics of Hedge Fund Lockups pp. 1321-1349

Adam L. Aiken, Christopher P. Clifford, Jesse A. Ellis and Qiping Huang

Dynamics of Arbitrage pp. 1350-1380

Louis H. Ederington, Chitru S. Fernando, Kateryna V. Holland, Thomas K. Lee and Scott Linn

How Does Acquisition Experience Affect Managerial Career Outcomes? pp. 1381-1407

Daniel Greene and Jared Smith

Debtholder Monitoring Incentives and Bank Earnings Opacity pp. 1408-1445

Piotr Danisewicz, Danny McGowan, Enrico Onali and Klaus Schaeck

Economic Policy Uncertainty and Self-Control: Evidence from Unhealthy Choices pp. 1446-1475

Ivalina Kalcheva, Ping McLemore and Richard Sias

Can Restructuring Gains Be Sustained Without Ownership Changes? Evidence from Withdrawn Privatizations pp. 1476-1504

Gabriele Lattanzio and William L. Megginson

Volume 56, issue 3, 2021

Do Analysts and Their Employers Value Access to Management? Evidence from Earnings Conference Call Participation pp. 745-787

Ling Cen, Jing Chen, Sudipto Dasgupta and Vanitha Ragunathan

Publicizing Arbitrage pp. 789-820

Bige Kahraman

Do Excess Control Rights Benefit Creditors? Evidence from Dual-Class Firms pp. 821-852

Ting Xu

Employee Flexibility, Exogenous Risk, and Firm Value pp. 853-884

Shiu-Yik Au, Ming Dong and Andreanne Tremblay

The Spillover Effects of Hurricane Katrina on Corporate Bonds and the Choice Between Bank and Bond Financing pp. 885-913

Massimo Massa and Lei Zhang

Do Firms Purposefully Change Capital Structure? Evidence from an Investment-Opportunity Shock to Drug Firms pp. 915-944

Erasmo Giambona, Joseph Golec and Florencio Lopez-de-Silanes

The Effects of Cultural Values on Bank Failures around the World pp. 945-993

Allen N. Berger, Xinming Li, Charles Morris and Raluca Roman

Debt Renegotiation and Debt Overhang: Evidence from Lender Mergers pp. 995-1021

Yongqiang Chu

Cross-Border LBOs, Human Capital, and Proximity: Value Addition through Monitoring in Private Equity Investments pp. 1023-1063

Thomas Chemmanur, Tyler J. Hull and Karthik Krishnan

Bank Geographic Diversification and Corporate Innovation: Evidence from the Lending Channel pp. 1065-1096

Saiying Deng, Connie X. Mao and Cong Xia

Rethinking Measures of Mergers & Acquisitions Deal Premiums pp. 1097-1126

Gregory W. Eaton, Tingting Liu and Micah S. Officer

Volume 56, issue 2, 2021

Pricing Liquidity Risk with Heterogeneous Investment Horizons pp. 373-408

Alessandro Beber, Joost Driessen, Anthony Neuberger and Patrick Tuijp

Government Employment Guarantee, Labor Supply, and Firms’ Reaction: Evidence from the Largest Public Workfare Program in the World pp. 409-442

Sumit Agarwal, Shashwat Alok, Yakshup Chopra and Prasanna Tantri

Corporate Liquidity, Acquisitions, and Macroeconomic Conditions pp. 443-474

Isil Erel, Yeejin Jang, Bernadette A. Minton and Michael Weisbach

Intangible Capital and Leverage pp. 475-498

Philipp Horsch, Philip Longoni and David Oesch

Corporate Leverage and the Dynamics of Its Components pp. 499-530

Armen Hovakimian and Gayané Hovakimian

Unconventional Monetary Policy, Bank Lending, and Security Holdings: The Yield-Induced Portfolio-Rebalancing Channel pp. 531-568

Karol Paludkiewicz

Alternative Work Arrangements and Cost of Equity: Evidence from a Quasi-Natural Experiment pp. 569-606

Atsushi Chino

Positive Externality of the American Jobs Creation Act of 2004 pp. 607-646

Xiaoli Hu, Oliver Zhen Li, Yuehua Li and Sha Pei

Asset Variance Risk Premium and Capital Structure pp. 647-691

Babak Lotfaliei

Does Independent Advice to the Board Affect CEO Compensation? pp. 693-744

Tor-Erik Bakke and Hamed Mahmudi

Volume 56, issue 1, 2021

More Cash, Less Innovation: The Effect of the American Jobs Creation Act on Patent Value pp. 1-28

Heitor Almeida, Po-Hsuan Hsu, Dongmei Li and Kevin Tseng

Will I Get Paid? Employee Stock Options and Mergers and Acquisitions pp. 29-64

Ilona Babenko, Fangfang Du and Yuri Tserlukevich

Option-Based Estimation of the Price of Coskewness and Cokurtosis Risk pp. 65-91

Peter Christoffersen, Mathieu Fournier, Kris Jacobs and Mehdi Karoui

Trading in Fragmented Markets pp. 93-121

Markus Baldauf and Joshua Mollner

Board Gender Diversity and Corporate Innovation: International Evidence pp. 123-154

Dale Griffin, Kai Li and Ting Xu

Corporate Innovation: Do Diverse Boards Help? pp. 155-182

Heng An, Carl R. Chen, Qun Wu and Ting Zhang

Do (Should) Brokers Route Limit Orders to Options Exchanges That Purchase Order Flow? pp. 183-211

Robert Battalio, Todd Griffith and Robert Van Ness

Does Political Corruption Impede Firm Innovation? Evidence from the United States pp. 213-248

Qianqian Huang and Tao Yuan

Financial Flexibility: At What Cost? pp. 249-282

Mark J. Garmaise and Gabriel Natividad

Less Popular but More Effective Toeholds in Corporate Takeovers pp. 283-312

Yun Dai, Sebastian Gryglewicz and Han T. J. Smit

Does Board Independence Increase Firm Value? Evidence from Closed-End Funds pp. 313-336

Matthew E. Souther

Tri-Party Repo Pricing pp. 337-371

Grace Xing Hu, Jun Pan and Jiang Wang