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 55, issue 8, 2020

Why Do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information pp. 2431-2465

Leonce Bargeron and Alice Bonaime

Optimists and Pessimists in (In)Complete Markets pp. 2466-2499

Nicole Branger, Patrick Konermann and Christian Schlag

Managerial Entrenchment and Information Production pp. 2500-2529

Chen Lin, Lai Wei and Wensi Xie

Do Public and Private Firms Behave Differently? An Examination of Investment in the Chemical Industry pp. 2530-2554

Albert Sheen

Order-Flow Segmentation, Liquidity, and Price Discovery: The Role of Latency Delays pp. 2555-2587

Michael Brolley and David Cimon

Anchoring on Historical High Prices and Seasoned Equity Offerings pp. 2588-2612

Armen Hovakimian and Huajing Hu

Fire Sales and Impediments to Liquidity Provision in the Corporate Bond Market pp. 2613-2640

Z. Jay Wang, Hanjiang Zhang and Xinde Zhang

Information in Electricity Forward Prices pp. 2641-2664

Richard A. Michelfelder and Eugene A. Pilotte

Investment Shocks and Asset Prices: An Investment-Based Approach pp. 2665-2699

Lorenzo Garlappi and Zhongzhi Song

Improving Minimum-Variance Portfolios by Alleviating Overdispersion of Eigenvalues pp. 2700-2731

Fangquan Shi, Lianjie Shu, Aijun Yang and Fangyi He

On the Expected Earnings Hypothesis Explanation of the Aggregate Returns–Earnings Association Puzzle pp. 2732-2763

Warren Bailey and Huiwen Lai

Volume 55, issue 7, 2020

Relative Performance Evaluation in CEO Compensation: A Talent-Retention Explanation pp. 2099-2123

David De Angelis and Yaniv Grinstein

Corruption and Corporate Innovation pp. 2124-2149

Jesse Ellis, Jared Smith and Roger White

Growth Options and Related Stock Market Anomalies: Profitability, Distress, Lotteryness, and Volatility pp. 2150-2180

Turan G. Bali, Luca Del Viva, Neophytos Lambertides and Lenos Trigeorgis

Busy Directors and Shareholder Satisfaction pp. 2181-2210

Kevin D. Chen and Wayne R. Guay

Trust and Local Bias pp. 2211-2245

Chishen Wei and Lei Zhang

Shorting in Broad Daylight: Short Sales and Venue Choice pp. 2246-2269

Adam V. Reed, Mehrdad Samadi and Jonathan S. Sokobin

Emerging Markets Are Catching Up: Economic or Financial Integration? pp. 2270-2303

Amir Akbari, Lilian Ng and Bruno Solnik

The Efficient IPO Market Hypothesis: Theory and Evidence pp. 2304-2333

Kevin R. James and Marcela Valenzuela

Consumption and Portfolio Choice under Internal Multiplicative Habit Formation pp. 2334-2371

Servaas van Bilsen, A. Lans Bovenberg and Roger Laeven

Does Trading Anonymously Enhance Liquidity? pp. 2372-2396

Patrick J. Dennis and Patrik Sandås

Personal Bankruptcy Laws and Corporate Policies pp. 2397-2428

Yi-Wen Chen, Joseph T. Halford, Hung-Chia Scott Hsu and Chu-Bin Lin

Emerging Markets Are Catching Up: Economic or Financial Integration? - CORRIGENDUM pp. 2429-2429

Amir Akbari, Lilian Ng and Bruno Solnik

Volume 55, issue 6, 2020

CEO Turnover and Volatility under Long-Term Employment Contracts pp. 1757-1791

Peter Cziraki and Moqi Groen-Xu

Liquidity and Information in Limit Order Markets pp. 1792-1839

Ioanid Roşu

Model Comparison with Sharpe Ratios pp. 1840-1874

Francisco Barillas, Raymond Kan, Cesare Robotti and Jay Shanken

Peer Monitoring, Syndication, and the Dynamics of Venture Capital Interactions: Theory and Evidence pp. 1875-1914

Onur Bayar, Thomas Chemmanur and Xuan Tian

Measuring the Added Value of Stock Recommendations pp. 1915-1945

Anders Anderson, Howard Jones and Jose Vicente Martinez

The Speed of Adjustment to the Target Market Value Leverage Is Slower Than You Think pp. 1946-1977

Qie Ellie Yin and Jay Ritter

The Causal Effects of Proximity on Investment: Evidence from Flight Introductions pp. 1978-2004

Jesse Ellis, Leonardo Madureira and Shane Underwood

Do Underwriters Price Up IPOs to Prevent Withdrawal? pp. 2005-2036

Walid Y. Busaba, Zheng Liu and Felipe Restrepo

Information Barriers in Global Markets: Evidence from International Subcontracting Relationships pp. 2037-2072

Massimo Massa and David Schumacher

Individual Commitment and Team Performance: Evidence from Mutual Fund Managers pp. 2073-2098

Jiang Luo and Zheng Qiao

Volume 55, issue 5, 2020

Can Corporate Income Tax Cuts Stimulate Innovation? pp. 1415-1465

Julian Atanassov and Xiaoding Liu

The Speed of Information and the Sell-Side Research Industry pp. 1467-1490

Daniel Bradley, Jonathan Clarke and Linghang Zeng

Leverage and the Beta Anomaly pp. 1491-1514

Malcolm Baker, Mathias F. Hoeyer and Jeffrey Wurgler

Media Coverage and IPO Pricing around the World pp. 1515-1553

Yangyang Chen, Abhinav Goyal, Madhu Veeraraghavan and Leon Zolotoy

Short-Sale Constraints and Options Trading: Evidence from Reg SHO pp. 1555-1579

Yi-Wen Chen, Sheng-Syan Chen and Robin K. Chou

Investor Sentiment and Employment pp. 1581-1618

Maurizio Montone and Remco C. J. Zwinkels

Asset Redeployability, Liquidation Value, and Endogenous Capital Structure Heterogeneity pp. 1619-1656

Antonio E. Bernardo, Alex Fabisiak and Ivo Welch

Do Informal Contracts Matter for Corporate Innovation? Evidence from Social Capital pp. 1657-1684

Atul Gupta, Kartik Raman and Chenguang Shang

The Ownership Complaint Gap: Mutual versus Stock Intermediaries pp. 1685-1715

Jiang Cheng, Wenlan Qian and David M. Reeb

Partisan Bias in Fund Portfolios pp. 1717-1754

M. Babajide Wintoki and Yaoyi Xi

Can Corporate Income Tax Cuts Stimulate Innovation? - ERRATUM pp. 1755-1755

Julian Atanassov and Xiaoding Liu

Volume 55, issue 4, 2020

Good Carry, Bad Carry pp. 1063-1094

Geert Bekaert and George Panayotov

Intermediation in Private Equity: The Role of Placement Agents pp. 1095-1116

Matthew D. Cain, Stephen B. McKeon and Steven Davidoff Solomon

A Tractable Framework for Option Pricing with Dynamic Market Maker Inventory and Wealth pp. 1117-1162

Mathieu Fournier and Kris Jacobs

Optimal Portfolios under Time-Varying Investment Opportunities, Parameter Uncertainty, and Ambiguity Aversion pp. 1163-1198

Thomas Dangl and Alex Weissensteiner

Dividend Risk Premia pp. 1199-1242

Georg Cejnek and Otto Randl

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort under an Incomplete Contract pp. 1243-1267

Patrick Behr, Alejandro Drexler, Reint Gropp and Andre Guettler

Bank Branching Deregulation and the Syndicated Loan Market pp. 1269-1303

Jan Keil and Karsten Müller

Insider Trading: What Really Protects U.S. Investors? pp. 1305-1332

Roger White

Dynamic Moral Hazard and Risk-Shifting Incentives in a Leveraged Firm pp. 1333-1367

Alejandro Rivera

The Coming Wave: Where Do Emerging Market Investors Put Their Money? pp. 1369-1414

G. Andrew Karolyi, David T. Ng and Eswar Prasad

Volume 55, issue 3, 2020

Using Stocks or Portfolios in Tests of Factor Models pp. 709-750

Andrew Ang, Jun Liu and Krista Schwarz

Good Volatility, Bad Volatility, and the Cross Section of Stock Returns pp. 751-781

Tim Bollerslev, Sophia Zhengzi Li and Bingzhi Zhao

Capital Asset Pricing with a Stochastic Horizon pp. 783-827

Michael J. Brennan and Yuzhao Zhang

The Dividend Term Structure pp. 829-867

Jac Kragt, Frank de Jong and Joost Driessen

Analyst Promotions within Credit Rating Agencies: Accuracy or Bias? pp. 869-896

Darren J. Kisgen, Jordan Nickerson, Matthew Osborn and Jonathan Reuter

Cultural Preferences and Firm Financing Choices pp. 897-930

Mascia Bedendo, Emilia Garcia-Appendini and Linus Siming

Market Evidence on Investor Preference for Fewer Directorships pp. 931-954

Keren Bar-Hava, Feng Gu and Baruch Lev

Foreign Investment, Regulatory Arbitrage, and the Risk of U.S. Banking Organizations pp. 955-988

W Frame, Atanas Mihov and Leandro Sanz

Political Activism and Firm Innovation pp. 989-1024

Alexei Ovtchinnikov, Syed Walid Reza and Yanhui Wu

Volatility and Expected Option Returns pp. 1025-1060

Guanglian Hu and Kris Jacobs

Financial Development and the Cash Flow Sensitivity of Cash - CORRIGENDUM pp. 1061-1062

Inder K. Khurana, Xiumin Martin and Raynolde Pereira

Volume 55, issue 2, 2020

Stock Return Asymmetry: Beyond Skewness pp. 357-386

Lei Jiang, Ke Wu, Guofu Zhou and Yifeng Zhu

The Real Effect of Smoking Bans: Evidence from Corporate Innovation pp. 387-427

Huasheng Gao, Po-Hsuan Hsu, Kai Li and Jin Zhang

Media Coverage and the Cost of Debt pp. 429-471

Haoyu Gao, Junbo Wang, Yanchu Wang, Chunchi Wu and Xi Dong

Employee-Manager Alliances and Shareholder Returns from Acquisitions pp. 473-516

Ronald Masulis, Cong Wang and Fei Xie

Competition and Operating Volatilities around the World pp. 517-547

Tanakorn Makaew and Vojislav Maksimovic

Googling Investor Sentiment around the World pp. 549-580

Zhenyu Gao, Haohan Ren and Bohui Zhang

Are Generalists Beneficial to Corporate Shareholders? Evidence from Exogenous Executive Turnovers pp. 581-619

André Betzer, Lee, Hye Seung (Grace), Peter Limbach and Jesus M. Salas

Venture Capital Communities pp. 621-651

Amit Bubna, Sanjiv Das and Nagpurnanand Prabhala

Real-Option Valuation in Multiple Dimensions Using Poisson Optional Stopping Times pp. 653-677

Rutger-Jan Lange, Daniel Ralph and Kristian Støre

Rhetoric, Reality, and Reputation: Do CSR and Political Lobbying Protect Shareholder Wealth against Environmental Lawsuits? pp. 679-706

Chelsea Liu, Chee Seng Cheong and Ralf Zurbruegg

Stock Return Asymmetry: Beyond Skewness — CORRIGENDUM pp. 707-707

Lei Jiang, Ke Wu, Guofu Zhou and Yifeng Zhu

Volume 55, issue 1, 2020

A Survey of the Microstructure of Fixed-Income Markets pp. 1-45

Hendrik Bessembinder, Chester Spatt and Kumar Venkataraman

Signaling in OTC Markets: Benefits and Costs of Transparency pp. 47-75

Kerry Back, Ruomeng Liu and Alberto Teguia

Short Selling and Price Discovery in Corporate Bonds pp. 77-115

Terrence Hendershott, Roman Kozhan and Vikas Raman

Government Intervention and Strategic Trading in the U.S. Treasury Market pp. 117-157

Paolo Pasquariello, Jennifer Roush and Clara Vega

Centralized Trading, Transparency, and Interest Rate Swap Market Liquidity: Evidence from the Implementation of the Dodd–Frank Act pp. 159-192

Evangelos Benos, Richard Payne and Michalis Vasios

The Market Microstructure of Central Bank Bond Purchases pp. 193-221

Kathi Schlepper, Heiko Hofer, Ryan Riordan and Andreas Schrimpf

Do Mutual Fund Investors Overweight the Probability of Extreme Payoffs in the Return Distribution? pp. 223-261

Ferhat Akbas and Egemen Genc

The Effect of Financial Flexibility on Payout Policy pp. 263-289

Anil Kumar and Carles Vergara-Alert

Does Option-Based Compensation Affect Payout Policy? Evidence from FAS 123R pp. 291-329

Fabrizio Ferri and Nan Li

Early Exercise Decision in American Options with Dividends, Stochastic Volatility, and Jumps pp. 331-356

Antonio Cosma, Stefano Galluccio, Paola Pederzoli and Olivier Scaillet