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 54, issue 6, 2019

CEOs and the Product Market: When Are Powerful CEOs Beneficial? pp. 2295-2326

Minwen Li, Yao Lu and Gordon Phillips

Shaping Expectations and Coordinating Attention: The Unintended Consequences of FOMC Press Conferences pp. 2327-2353

Oliver Boguth, Vincent Grégoire and Charles Martineau

Liquidity Transformation and Financial Fragility: Evidence from Funds of Hedge Funds pp. 2355-2381

Vikas Agarwal, George O. Aragon and Zhen Shi

Top Management Human Capital, Inventor Mobility, and Corporate Innovation pp. 2383-2422

Thomas Chemmanur, Lei Kong, Karthik Krishnan and Qianqian Yu

Volatility-of-Volatility Risk pp. 2423-2452

Darien Huang, Christian Schlag, Ivan Shaliastovich and Julian Thimme

Distracted Institutional Investors pp. 2453-2491

Daniel Schmidt

Attention to Market Information and Underreaction to Earnings on Market Moving Days pp. 2493-2516

Badrinath Kottimukkalur

New Entropy Restrictions and the Quest for Better-Specified Asset-Pricing Models pp. 2517-2541

Gurdip Bakshi and Fousseni Chabi-Yo

Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads pp. 2543-2574

Vikram Nanda, Wei Wu and Zhou, Xing (Alex)

Predicting U.S. Bank Failures with MIDAS Logit Models pp. 2575-2603

Francesco Audrino, Alexander Kostrov and Juan-Pablo Ortega

Effect of Trading Relationships on Execution Costs in Low-Information-Asymmetry Over-the-Counter Markets pp. 2605-2634

George Issa and Elvis Jarnecic

Financial versus Strategic Buyers pp. 2635-2661

Marc Martos-Vila, Matthew Rhodes-Kropf and Jarrad Harford

Volume 54, issue 5, 2019

Are Buybacks Good for Long-Term Shareholder Value? Evidence from Buybacks around the World pp. 1899-1935

Alberto Manconi, Urs Peyer and Theo Vermaelen

Does Unusual News Forecast Market Stress? pp. 1937-1974

Paul Glasserman and Harry Mamaysky

New Evidence on Conditional Factor Models pp. 1975-2016

Ilan Cooper and Paulo Maio

Hometown Biased Acquisitions pp. 2017-2051

Feng Jiang, Yiming Qian and Scott E. Yonker

Estimation of Multivariate Asset Models with Jumps pp. 2053-2083

Laura Ballotta, Gianluca Fusai, Angela Loregian and M. Fabricio Perez

When Does the Family Govern the Family Firm? pp. 2085-2117

Øyvind Bøhren, Bogdan Stacescu, Line F. Almli and Kathrine L. Søndergaard

The Relation between Corporate and Government Debt Maturity in Europe pp. 2119-2140

Stefano Lugo and Giulia Piccillo

Does Political Uncertainty Increase External Financing Costs? Measuring the Electoral Premium in Syndicated Lending pp. 2141-2178

Olivia S. Kim

Bank Interventions and Trade Credit: Evidence from Debt Covenant Violations pp. 2179-2207

Zilong Zhang

Risk Aversion in a Dynamic Asset Allocation Experiment pp. 2209-2232

Isabelle Brocas, Juan D. Carrillo, Aleksandar Giga and Fernando Zapatero

Currency Regimes and the Carry Trade pp. 2233-2260

Olivier Accominotti, Jason Cen, David Chambers and Ian Marsh

A Shadow Rate or a Quadratic Policy Rule? The Best Way to Enforce the Zero Lower Bound in the United States pp. 2261-2292

Martin M. Andreasen and Andrew Meldrum

Bank Interventions and Trade Credit: Evidence from Debt Covenant Violations - ERRATUM pp. 2293-2293

Zilong Zhang

Volume 54, issue 4, 2019

High-Frequency Trading Competition pp. 1469-1497

Jonathan Brogaard and Corey Garriott

The Information Content of Sudden Insider Silence pp. 1499-1538

Claire Yurong Hong and Frank Weikai Li

The Effect of Investment Constraints on Hedge Fund Investor Returns pp. 1539-1571

Juha Joenväärä, Robert Kosowski and Pekka Tolonen

Can Strong Corporate Governance Selectively Mitigate the Negative Influence of “Special Interest” Shareholder Activists? Evidence from the Labor Market for Directors pp. 1573-1614

Diane Del Guercio and Tracie Woidtke

Dead Hand Proxy Puts and Hedge Fund Activism pp. 1615-1642

Sean J. Griffith and Natalia Reisel

Optimal Consumption and Investment under Time-Varying Liquidity Constraints pp. 1643-1681

Seryoong Ahn, Kyoung Jin Choi and Byung Hwa Lim

Do Mutual Funds Have Decreasing Returns to Scale? Evidence from Fund Mergers pp. 1683-1711

Ping McLemore

Best of the Best: A Comparison of Factor Models pp. 1713-1758

Shamim Ahmed, Ziwen Bu and Daniel Tsvetanov

Pricing Intertemporal Risk When Investment Opportunities Are Unobservable pp. 1759-1789

Scott Cederburg

Two Trees with Heterogeneous Beliefs: Spillover Effect of Disagreement pp. 1791-1819

Bing Han, Lei Lu and Yi Zhou

Pension Deficits and the Design of Private Debt Contracts pp. 1821-1854

Balasingham Balachandran, Huu Nhan Duong and Van Hoang Vu

Employment, Corporate Investment, and Cash-Flow Risk pp. 1855-1898

Saad Alnahedh, Sanjai Bhagat and Iulian Obreja

Volume 54, issue 3, 2019

Risk and Return in High-Frequency Trading pp. 993-1024

Matthew Baron, Jonathan Brogaard, Björn Hagströmer and Andrei Kirilenko

Local Economic Spillover Effects of Stock Market Listings pp. 1025-1050

Alexander Butler, Larry Fauver and Ioannis Spyridopoulos

Regional Economic Activity and Stock Returns pp. 1051-1082

Esad Smajlbegovic

Factor Structure in Commodity Futures Return and Volatility pp. 1083-1115

Peter Christoffersen, Asger Lunde and Kasper V. Olesen

Board Ancestral Diversity and Firm-Performance Volatility pp. 1117-1155

Mariassunta Giannetti and Mengxin Zhao

Getting Paid to Hedge: Why Don’t Investors Pay a Premium to Hedge Downturns? pp. 1157-1192

Nishad Kapadia, Barbara Bennett Ostdiek, James P. Weston and Morad Zekhnini

Relationship-Based Resource Allocations: Evidence from the Use of “Guanxi” during SEOs pp. 1193-1230

Paul Brockman, Michael Firth, Xianjie He, Xinyang Mao and Oliver Rui

Relationship Bank Behavior during Borrower Distress pp. 1231-1262

Yan Li, Ruichang Lu and Anand Srinivasan

At-the-Market Offerings pp. 1263-1283

Matthew T. Billett, Ioannis V. Floros and Jon A. Garfinkel

Shelf versus Traditional Seasoned Equity Offerings: The Impact of Potential Short Selling pp. 1285-1311

Marie Dutordoir, Norman Strong and Ping Sun

State Ownership and Debt Choice: Evidence from Privatization pp. 1313-1346

Narjess Boubakri and Walid Saffar

Investor Inattention and Stock Prices: Evidence from Acquisitions with a Choice of Payment Type pp. 1347-1369

Erik Lie

Do Unlisted Targets Sell at Discounts? pp. 1371-1401

Jeffrey F. Jaffe, Jan Jindra, David J. Pedersen and Torben Voetmann

The Boss Knows Best: Directors of Research and Subordinate Analysts pp. 1403-1446

Daniel Bradley, Sinan Gokkaya and Xi Liu

Labor Adjustment Costs and Risk Management pp. 1447-1468

Yue Qiu

Volume 54, issue 2, 2019

Covenants, Creditors’ Simultaneous Equity Holdings, and Firm Investment Policies pp. 481-512

Sudheer Chava, Rui Wang and Hong Zou

Competition and Bank Liquidity Creation pp. 513-538

Liangliang Jiang, Ross Levine and Chen Lin

How Does Illiquidity Affect Delegated Portfolio Choice? pp. 539-585

Min Dai, Luis Goncalves-Pinto and Jing Xu

Is It the Investment Bank or the Investment Banker? A Study of the Role of Investment Banker Human Capital in Acquisitions pp. 587-627

Thomas Chemmanur, Mine Ertugrul and Karthik Krishnan

Stock Price Co-Movement and the Foundations of Pairs Trading pp. 629-665

Adam Farago and Erik Hjalmarsson

Bank Capital and Lending: Evidence from Syndicated Loans pp. 667-694

Yongqiang Chu, Donghang Zhang and Zhao, Yijia (Eddie)

Good Volatility, Bad Volatility, and Option Pricing pp. 695-727

Bruno Feunou and Cédric Okou

Anticipatory Traders and Trading Speed pp. 729-758

Raymond P. H. Fishe, Richard Haynes and Esen Onur

SOX Section 404 and Corporate Innovation pp. 759-787

Huasheng Gao and Jin Zhang

A Single-Factor Consumption-Based Asset Pricing Model pp. 789-827

Stefanos Delikouras and Alexandros Kostakis

Industry Tournament Incentives and the Product-Market Benefits of Corporate Liquidity pp. 829-876

Jian Huang, Bharat A. Jain and Omesh Kini

Accounting Losses as a Heuristic for Managerial Failure: Evidence from CEO Turnovers pp. 877-906

Ghosh, Aloke (Al) and Jun Wang

Risk Shifting and Corporate Pension Plans: Evidence from a Natural Experiment pp. 907-923

David J. Pedersen

Business Loans and the Transmission of Monetary Policy pp. 925-965

Santiago Barraza, Andrea Civelli and Nicola Zaniboni

Attitudes Toward Noncompliance and the Demand for External Financing pp. 967-991

Robert H. Davidson and Christo Pirinsky

Volume 54, issue 1, 2019

Panel-Data Estimation in Finance: Testable Assumptions and Parameter (In)Consistency pp. 1-29

William D. Grieser and Charles J. Hadlock

Asymmetric Information, Debt Capacity, and Capital Structure pp. 31-59

Michael L. Lemmon and Jaime F. Zender

Investor Protection and the Long-Run Performance of Activism pp. 61-100

Pouyan Foroughi, Namho Kang, Gideon Ozik and Ronnie Sadka

The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-On Activities pp. 101-153

Jim Hsieh and Tao-Hsien Dolly King

Bank Lending and the European Sovereign Debt Crisis pp. 155-182

Filippo De Marco

Effects of CEO Turnover in Banks: Evidence Using Exogenous Turnovers in Indian Banks pp. 183-214

Arkodipta Sarkar, Krishnamurthy Subramanian and Prasanna Tantri

Heterogeneity of Beliefs and Trade in Experimental Asset Markets pp. 215-245

Tim Carle, Yaron Lahav, Tibor Neugebauer and Charles Noussair

Holdup by Junior Claimholders: Evidence from the Mortgage Market pp. 247-274

Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet and Yan Zhang

Cross-Country Evidence on the Relationship between Societal Trust and Risk-Taking by Banks pp. 275-301

Kiridaran Kanagaretnam, Gerald J. Lobo, Chong Wang and Dennis J. Whalen

Outside Insiders: Does Access to Information Prior to an IPO Generate a Trading Advantage After the IPO? pp. 303-334

Umit Ozmel, Timothy E. Trombley and M. Deniz Yavuz

Coskewness Risk Decomposition, Covariation Risk, and Intertemporal Asset Pricing pp. 335-368

Petko S. Kalev, Konark Saxena and Leon Zolotoy

Operating Leverage, Profitability, and Capital Structure pp. 369-392

Zhiyao Chen, Jarrad Harford and Avraham Kamara

Union Concessions following Asset Sales and Takeovers pp. 393-424

Erik Lie and Tingting Que

Tail Risk and the Cross-Section of Mutual Fund Expected Returns pp. 425-447

Nikolaos Karagiannis and Konstantinos Tolikas

Price Drift Before U.S. Macroeconomic News: Private Information about Public Announcements? pp. 449-479

Alexander Kurov, Alessio Sancetta, Georg Strasser and Marketa Wolfe