Journal of Financial Economics

1974 - 2025

Current editor(s): G. William Schwert

From Elsevier
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Volume 140, issue 3, 2021

Why are firms with more managerial ownership worth less? pp. 699-725

Kornelia Fabisik, Ruediger Fahlenbrach, René M. Stulz and Jérôme P. Taillard

Understanding momentum and reversal pp. 726-743

Bryan T. Kelly, Tobias J. Moskowitz and Seth Pruitt

Do limits to arbitrage explain the benefits of volatility-managed portfolios? pp. 744-767

Pedro Barroso and Andrew Detzel

Geographic diversification and bank lending during crises pp. 768-788

Sebastian Doerr and Philipp Schaz

Monetary policy at work: Security and credit application registers evidence pp. 789-814

Jose-Luis Peydro, Andrea Polo and Enrico Sette

Negative peer disclosure pp. 815-837

Sean Shun Cao, Vivian W. Fang and (Gillian) Lei, Lijun

Family comes first: Reproductive health and the gender gap in entrepreneurship pp. 838-864

Jonathan Zandberg

Calendar rotations: A new approach for studying the impact of timing using earnings announcements pp. 865-893

Suzie Noh, Eric C. So and Rodrigo S. Verdi

Directors’ career concerns: Evidence from proxy contests and board interlocks pp. 894-915

Shuran Zhang

Information shocks, disagreement, and drift pp. 916-940

Will J. Armstrong, Laura Cardella and Nasim Sabah

Asset pricing with heterogeneous agents and long-run risk pp. 941-964

Walter Pohl, Karl Schmedders and Ole Wilms

Learning from noise: Evidence from India’s IPO lotteries pp. 965-986

Santosh Anagol, Vimal Balasubramaniam and Tarun Ramadorai

Contracting without contracting institutions: The trusted assistant loan in 19th century China pp. 987-1007

Meng Miao, Guanjie Niu and Thomas Noe

Volume 140, issue 2, 2021

Persistent government debt and aggregate risk distribution pp. 347-367

M. Croce, Thien T. Nguyen and S. Raymond

The electronic evolution of corporate bond dealers pp. 368-390

Maureen O'Hara and Xing Alex Zhou

Asymmetric information risk in FX markets pp. 391-411

Angelo Ranaldo and Fabricius Somogyi

Treasury yield implied volatility and real activity pp. 412-435

Martijn Cremers, Matthias Fleckenstein and Priyank Gandhi

Why is stock market concentration bad for the economy? pp. 436-459

Kee-Hong Bae, Warren Bailey and Jisok Kang

Salience theory and stock prices: Empirical evidence pp. 460-483

Mathijs Cosemans and Rik Frehen

Do low search costs facilitate like-buys-like mergers? Evidence from common bank networks1 pp. 484-513

Jiakai Chen, Joon Ho Kim and S. Ghon Rhee

A BIT goes a long way: Bilateral investment treaties and cross-border mergers pp. 514-538

Vineet Bhagwat, Jonathan Brogaard and Brandon Julio

To own or not to own: Stock loans around dividend payments pp. 539-559

Peter N. Dixon, Corbin A. Fox and Eric K. Kelley

Dynamic resource allocation with hidden volatility pp. 560-581

Felix Zhiyu Feng and Mark Westerfield

Competition, profitability, and discount rates pp. 582-620

Winston Dou, Yan Ji and Wei Wu

Does personal liability deter individuals from serving as independent directors? pp. 621-643

S. Lakshmi Naaraayanan and Kasper Meisner Nielsen

Frequency dependent risk pp. 644-675

Andreas Neuhierl and Rasmus T. Varneskov

Surprise election for Trump connections pp. 676-697

Travers Barclay Child, Nadia Massoud, Mario Schabus and Yifan Zhou

Volume 140, issue 1, 2021

Inspecting the mechanism of quantitative easing in the euro area pp. 1-20

Ralph S.J. Koijen, Francois Koulischer, Benoît Nguyen and Motohiro Yogo

Voluntary disclosure with evolving news pp. 21-53

Cyrus Aghamolla and Byeong-Je An

What to expect when everyone is expecting: Self-fulfilling expectations and asset-pricing puzzles pp. 54-73

Nicolae Gârleanu and Stavros Panageas

Benchmark interest rates when the government is risky pp. 74-100

P. Augustin, Mikhail Chernov, L. Schmid and Dongho Song

Estimating the anomaly base rate pp. 101-126

Alex Chinco, Andreas Neuhierl and Michael Weber

Implied volatility duration: A measure for the timing of uncertainty resolution pp. 127-144

Christian Schlag, Julian Thimme and Rüdiger Weber

Macroprudential FX regulations: Shifting the snowbanks of FX vulnerability? pp. 145-174

Toni Ahnert, Kristin Forbes, Christian Friedrich and Dennis Reinhardt

Extrapolative beliefs in the cross-section: What can we learn from the crowds? pp. 175-196

Zhi Da, Xing Huang and Lawrence J. Jin

Real effects of share repurchases legalization on corporate behaviors pp. 197-219

Zigan Wang, Qie Ellie Yin and Luping Yu

Competition among liquidity providers with access to high-frequency trading technology pp. 220-249

Dion Bongaerts and Mark Van Achter

Investors’ appetite for money-like assets: The MMF industry after the 2014 regulatory reform pp. 250-269

Marco Cipriani and Gabriele La Spada

What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market pp. 270-291

Craig W. Holden, Dong Lu, Volodymyr Lugovskyy and Daniela Puzzello

Common pricing across asset classes: Empirical evidence revisited pp. 292-324

Nikolay Gospodinov and Cesare Robotti

The high volume return premium and economic fundamentals pp. 325-345

Zijun Wang

Volume 139, issue 3, 2021

The real value of China’s stock market pp. 679-696

Jennifer N. Carpenter, Fangzhou Lu and Robert F. Whitelaw

Firm selection and corporate cash holdings pp. 697-718

Juliane Begenau and Berardino Palazzo

Risk management, firm reputation, and the impact of successful cyberattacks on target firms pp. 719-749

Shinichi Kamiya, Jun-Koo Kang, Jungmin Kim, Andreas Milidonis and René M. Stulz

Rare disaster probability and options pricing pp. 750-769

Robert Barro and Gordon Y. Liao

Systematic risk, debt maturity, and the term structure of credit spreads pp. 770-799

Hui Chen, Yu Xu and Jun Yang

Deleting misconduct: The expungement of BrokerCheck records pp. 800-831

Colleen Honigsberg and Matthew Jacob

Measuring institutional trading costs and the implications for finance research: The case of tick size reductions pp. 832-851

Gregory W. Eaton, Paul J. Irvine and Tingting Liu

Business groups and the incorporation of firm-specific shocks into stock prices pp. 852-871

Mara Faccio, Randall Morck and M. Deniz Yavuz

Loan guarantees and credit supply pp. 872-894

Natalie Bachas, Olivia S. Kim and Constantine Yannelis

On the direct and indirect real effects of credit supply shocks pp. 895-921

Laura Alfaro, Manuel Garcia-Santana and Enrique Moral-Benito

Slow-moving capital and execution costs: Evidence from a major trading glitch pp. 922-949

Vincent Bogousslavsky, Pierre Collin-Dufresne and Mehmet Sağlam

The cross-section of currency volatility premia pp. 950-970

Pasquale Della Corte, Roman Kozhan and Anthony Neuberger

Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts pp. 971-984

Rui Dong, Raymond Fisman, Yongxiang Wang and Nianhang Xu

Stock market liberalization and innovation pp. 985-1014

Fariborz Moshirian, Xuan Tian, Bohui Zhang and Wenrui Zhang

Index option returns and generalized entropy bounds pp. 1015-1036

Yan Liu

Volume 139, issue 2, 2021

What’s wrong with Pittsburgh? Delegated investors and liquidity concentration pp. 337-358

Andra Ghent

Sticking to your plan: The role of present bias for credit card paydown pp. 359-388

Theresa Kuchler and Michaela Pagel

A dynamic theory of multiple borrowing pp. 389-404

Daniel Green and Ernest Liu

Signaling safety pp. 405-427

Roni Michaely, Stefano Rossi and Michael Weber

Time-varying state variable risk premia in the ICAPM pp. 428-451

Pedro Barroso, Martijn Boons and Paul Karehnke

Bank monitoring: Evidence from syndicated loans pp. 452-477

Matthew T. Gustafson, Ivan T. Ivanov and Ralf R. Meisenzahl

The Sources of Financing Constraints pp. 478-501

Boris Nikolov, Lukas Schmid and Roberto Steri

Rejected stock exchange applicants pp. 502-521

Sturla Fjesme, Neal E. Galpin and Lyndon Moore

Can unpredictable risk exposure be priced? pp. 522-544

Ricardo Barahona, Joost Driessen and Rik Frehen

Funding liquidity shocks in a quasi-experiment: Evidence from the CDS Big Bang pp. 545-560

Xinjie Wang, Yangru Wu, Hongjun Yan and Zhaodong Zhong

Can investors time their exposure to private equity? pp. 561-577

Gregory Brown, Robert Harris, Wendy Hu, Tim Jenkinson, Steven N. Kaplan and David Robinson

Friends with bankruptcy protection benefits pp. 578-605

Kristoph Kleiner, Noah Stoffman and Scott E. Yonker

The hidden costs of being public: Evidence from multinational firms operating in an emerging market pp. 606-626

Pablo Slutzky

Politicizing consumer credit pp. 627-655

Pat Akey, Rawley Z. Heimer and Stefan Lewellen

Long-term reversals in the corporate bond market pp. 656-677

Turan G. Bali, Avanidhar Subrahmanyam and Quan Wen

Volume 139, issue 1, 2021

Picking funds with confidence pp. 1-28

Niels S. Grønborg, Asger Lunde, Allan Timmermann and Russell Wermers

Reputation and investor activism: A structural approach pp. 29-56

Travis L. Johnson and Nathan Swem

Windfall gains and stock market participation pp. 57-83

Joseph Briggs, David Cesarini, Erik Lindqvist and Robert Östling

Mutual fund flows and fluctuations in credit and business cycles pp. 84-108

Azi Ben-Rephael, Jaewon Choi and Itay Goldstein

Common ownership and competition in product markets pp. 109-137

Andrew Koch, Marios Panayides and Shawn Thomas

Are return seasonalities due to risk or mispricing? pp. 138-161

Matti Keloharju, Juhani T. Linnainmaa and Peter Nyberg

Impact investing pp. 162-185

Brad Barber, Adair Morse and Ayako Yasuda

Creditor control rights and resource allocation within firms pp. 186-208

Nuri Ersahin, Rustom M. Irani and Hanh Le

Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices pp. 209-233

Stephan Jank, Christoph Roling and Esad Smajlbegovic

Global market inefficiencies pp. 234-259

Söhnke Bartram and Mark Grinblatt

Identifying and boosting “Gazelles”: Evidence from business accelerators pp. 260-287

Juanita González-Uribe and Santiago Reyes

Procyclicality of the comovement between dividend growth and consumption growth pp. 288-312

Nancy R. Xu

The difference a day makes: Timely disclosure and trading efficiency in the muni market pp. 313-335

John Chalmers, Liu, Yu (Steve) and Z. Jay Wang