Journal of Financial Economics

1974 - 2025

Current editor(s): G. William Schwert

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Volume 108, issue 3, 2013

Are there too many safe securities? Securitization and the incentives for information production pp. 565-584

Samuel Hanson and Adi Sunderam

New evidence on the first financial bubble pp. 585-607

Rik Frehen, William Goetzmann and K. Rouwenhorst

General equilibrium with heterogeneous participants and discrete consumption times pp. 608-614

Oldrich Alfons Vasicek

A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts? pp. 615-640

Eric C. So

The role of state and foreign owners in corporate risk-taking: Evidence from privatization pp. 641-658

Narjess Boubakri, Jean-Claude Cosset and Walid Saffar

CEO contract design: How do strong principals do it? pp. 659-674

Henrik Cronqvist and Ruediger Fahlenbrach

Labor unions and tax aggressiveness pp. 675-698

James A. Chyz, Winnie Siu Ching Leung, Oliver Zhen Li and Oliver Rui

The cross section of conditional mutual fund performance in European stock markets pp. 699-726

Ayelen Banegas, Ben Gillen, Allan Timmermann and Russell Wermers

“When the cat's away the mice will play”: Does regulation at home affect bank risk-taking abroad? pp. 727-750

Steven Ongena, Alexander Popov and Gregory Udell

Exploring the role Delaware plays as a domestic tax haven pp. 751-772

Scott D. Dyreng, Bradley P. Lindsey and Jacob R. Thornock

Institutional trading and stock resiliency: Evidence from the 2007–2009 financial crisis pp. 773-797

Amber Anand, Paul Irvine, Andy Puckett and Kumar Venkataraman

Pyramidal ownership and the creation of new firms pp. 798-821

Jan Bena and Hernán Ortiz-Molina

Gender and corporate finance: Are male executives overconfident relative to female executives? pp. 822-839

Jiekun Huang and Darren J. Kisgen

Adoptive expectations: Rising sons in Japanese family firms pp. 840-854

Vikas Mehrotra, Randall Morck, Jungwook Shim and Yupana Wiwattanakantang

Volume 108, issue 2, 2013

The role of shorting, firm size, and time on market anomalies pp. 275-301

Ronen Israel and Tobias J. Moskowitz

Connecting two markets: An equilibrium framework for shorts, longs, and stock loans pp. 302-322

Jesse Blocher, Adam Reed and Edward D. Van Wesep

Learning and the disappearing association between governance and returns pp. 323-348

Lucian A. Bebchuk, Alma Cohen and Charles C.Y. Wang

What do boards really do? Evidence from minutes of board meetings☆☆Miriam Schwartz-Ziv is from Harvard University and Northeastern University, e-mail: miriam.schwartz@mail.huji.ac.il. Michael S. Weisbach is from Ohio State University, NBER, and SIFR, e-mail: weisbach@fisher.osu.edu. Miriam Schwartz-Ziv is very grateful to Eugene Kandel and Michael Weisbach, the co-advisors of her Hebrew University doctoral dissertation, upon which this paper is based. We thank the executive and non-executive employees of the Government Companies Authority of Israel who allowed us both formally and practically to conduct this research; the companies studied that kindly provided us with private and sensitive data; and seminar participants at Babson University, Brown University, Northeastern University, Ohio State University, Purdue University, the European Financial Management Association 2011 conference, the Western Economic Association 2012 conference, and the Financial Management Association 2012 conference, as well as the following people who shared their thoughts and advice at different stages of the preparation of this paper: Renée Adams, Amir Barnea, Steven Davidoff, Ada Demb, Dave Denis, Alon Eizenberg, Isil Erel, Rudi Fahlenbrach, Julian Franks, Ann Gillette, Ilan Guttman, Assaf Hamdani, Randal Heron, E. Han Kim, Stephanie Kramer, Saul Lach, Alexander Ljungqvist, Udi Nisan, Nadya Malenko, Avri Ravid, Artur Raviv, Karen Selody, Daniel Schwartz, Schraga Schwartz, Eytan Sheshinski, Léa Stern, Yuhai Xuan, Jun Yang, Scott Yonker, Tammar Zilber, and Clifford Smith, the referee, Miriam Schwartz-Ziv also thanks the Israeli Ministry of Science and Technology and Hebrew University's School of Business Administration for financial support pp. 349-366

Miriam Schwartz-Ziv and Michael Weisbach

Valuation of VIX derivatives pp. 367-391

Javier Mencia and Enrique Sentana

Real effects of stock underpricing pp. 392-408

Harald Hau and Sandy Lai

Risk and return: Long-run relations, fractional cointegration, and return predictability pp. 409-424

Tim Bollerslev, Daniela Osterrieder, Natalia Sizova and George Tauchen

Flow and stock effects of large-scale treasury purchases: Evidence on the importance of local supply pp. 425-448

D’Amico, Stefania and Thomas King

Labor unemployment risk and corporate financing decisions pp. 449-470

Ashwini Agrawal and David A. Matsa

Generalists versus specialists: Lifetime work experience and chief executive officer pay pp. 471-492

Claudia Custodio, Miguel Ferreira and Pedro Matos

The economics of club bidding and value creation pp. 493-505

Robert Marquez and Rajdeep Singh

Mutual fund risk and market share-adjusted fund flows pp. 506-528

Matthew Spiegel and Hong Zhang

The asset growth effect: Insights from international equity markets pp. 529-563

Akiko Watanabe, Yan Xu, Tong Yao and Tong Yu

Volume 108, issue 1, 2013

The other side of value: The gross profitability premium pp. 1-28

Robert Novy-Marx

Systemic risk and the refinancing ratchet effect pp. 29-45

Amir E. Khandani, Andrew Lo and Robert Merton

Rating agencies in the face of regulation pp. 46-61

Christian Opp, Marcus Opp and Milton Harris

Ratings quality over the business cycle pp. 62-78

Heski Bar-Isaac and Joel Shapiro

CEO wage dynamics: Estimates from a learning model pp. 79-98

Lucian A. Taylor

Learning from repetitive acquisitions: Evidence from the time between deals pp. 99-117

Nihat Aktas, Eric de Bodt and Richard Roll

The earnings announcement premium around the globe pp. 118-138

Brad Barber, Emmanuel T. De George, Reuven Lehavy and Brett Trueman

Anomalies and financial distress pp. 139-159

Doron Avramov, Tarun Chordia, Gergana Jostova and Alexander Philipov

Peer choice in CEO compensation pp. 160-181

Ana M. Albuquerque, Gus De Franco and Rodrigo S. Verdi

Why are US firms using more short-term debt? pp. 182-212

Claudia Custodio, Miguel Ferreira and Luís Laureano

Does shareholder coordination matter? Evidence from private placements pp. 213-230

Indraneel Chakraborty and Nickolay Gantchev

Cross section of option returns and idiosyncratic stock volatility pp. 231-249

Jie Cao and Bing Han

The acquisitiveness of youth: CEO age and acquisition behavior pp. 250-273

Soojin Yim

Volume 107, issue 3, 2013

Securitization without risk transfer pp. 515-536

Viral Acharya, Philipp Schnabl and Gustavo Suarez

The “out-of-sample” performance of long run risk models pp. 537-556

Wayne Ferson, Suresh Nallareddy and Biqin Xie

Inventory investment and the cost of capital pp. 557-579

Christopher S. Jones and Selale Tuzel

Probability weighting functions implied in options prices pp. 580-609

Valery Polkovnichenko and Feng Zhao

The costs of shareholder activism: Evidence from a sequential decision model pp. 610-631

Nickolay Gantchev

Innovative efficiency and stock returns pp. 632-654

David Hirshleifer, Po-Hsuan Hsu and Dongmei Li

Strategic alliances, venture capital, and exit decisions in early stage high-tech firms pp. 655-670

Umit Ozmel, David Robinson and Toby E. Stuart

Alliances and corporate governance pp. 671-693

Andriy Bodnaruk, Massimo Massa and Andrei Simonov

The inefficiency of refinancing: Why prepayment penalties are good for risky borrowers pp. 694-714

Chris Mayer, Tomasz Piskorski and Alexei Tchistyi

Prospect theory, the disposition effect, and asset prices pp. 715-739

Yan Li and Liyan Yang

Inequality, stock market participation, and the equity premium pp. 740-759

Jack Favilukis

Political activism, information costs, and stock market participation pp. 760-786

Yosef Bonaparte and Alok Kumar

Volume 107, issue 2, 2013

Delegated asset management, investment mandates, and capital immobility pp. 239-258

Zhiguo He and Wei Xiong

Is there price discovery in equity options? pp. 259-283

Dmitriy Muravyev, Neil D. Pearson and John Broussard

Realizing smiles: Options pricing with realized volatility pp. 284-304

Fulvio Corsi, Nicola Fusari and Davide La Vecchia

Government spending, political cycles, and the cross section of stock returns pp. 305-324

Frederico Belo, Vito D. Gala and Jun Li

Growth to value: Option exercise and the cross section of equity returns pp. 325-349

Hengjie Ai and Dana Kiku

Growth options, macroeconomic conditions, and the cross section of credit risk pp. 350-385

Marc Arnold, Alexander Wagner and Ramona Westermann

Contagion of a liquidity crisis between two firms pp. 386-400

Frederick Dongchuhl Oh

Capacity constraints, investor information, and hedge fund returns pp. 401-416

Tarun Ramadorai

The impact of investor protection law on corporate policy and performance: Evidence from the blue sky laws pp. 417-435

Ashwini Agrawal

Nonlinear incentives and mortgage officers’ decisions pp. 436-453

Konstantinos Tzioumis and Matthew Gee

The impact of securitization on the expansion of subprime credit pp. 454-476

Taylor D. Nadauld and Shane Sherlund

CEO compensation contagion: Evidence from an exogenous shock pp. 477-493

Frederick L. Bereskin and David C. Cicero

Changes to the ownership and control of East Asian corporations between 1996 and 2008: The primacy of politics pp. 494-513

Richard W. Carney and Travers Barclay Child

Volume 107, issue 1, 2013

Payout taxes and the allocation of investment pp. 1-24

Bo Becker, Marcus Jacob and Martin Jacob

Laying off credit risk: Loan sales versus credit default swaps pp. 25-45

Christine A. Parlour and Andrew Winton

Market skewness risk and the cross section of stock returns pp. 46-68

Bo Young Chang, Peter Christoffersen and Kris Jacobs

Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions pp. 69-88

Ran Duchin and Breno Schmidt

Do stock prices influence corporate decisions? Evidence from the technology bubble pp. 89-110

Murillo Campello and John R. Graham

Optimal incentives and securitization of defaultable assets pp. 111-135

Semyon Malamud, Huaxia Rui and Andrew Whinston

Style investing, comovement and return predictability pp. 136-154

Sunil Wahal and M. Deniz Yavuz

The market for borrowing corporate bonds pp. 155-182

Paul Asquith, Andrea S. Au, Thomas Covert and Parag Pathak

A nonlinear wealth transfer from shareholders to creditors around Chapter 11 filing pp. 183-198

Yuanzhi Li

Diagnosing affine models of options pricing: Evidence from VIX pp. 199-219

Gang Li and Chu Zhang

Are mutual funds sitting ducks? pp. 220-237

Sophie Shive and Hayong Yun