Critical Finance Review

2012 - 2025

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Volume 14, issue 2, 2025

Bidder and Target Size Effects in M&A Are Not Driven by Overconfidence or Agency Problems pp. 187-215

Christoph Schneider and Oliver Spalt

Law of One Price Violation in Parent-Subsidiary Relations pp. 217-232

Anne-Marie Anderson and Benjamin Jansen

The Bright Side of Foreign Competition: Import Penetration and Default Risk pp. 233-275

Nader Atawnah, Ghasan A. Baghdadi, Huu Nhan Duong and Edward J. Podolski

Runs to Banks: The Role of Sweep Banking Deposits During Market Downturns pp. 277-328

James R. Barth, Mark Mitchell and Yanfei Sun

Volume 14, issue 1, 2025

Mutual Fund Flows and Performance in Rational Markets (Revisited) pp. 1-25

Heber Farnsworth

Complex Instruments Have Increased Risk and Reduced Performance at Mutual Funds pp. 27-64

Paul Calluzzo, Fabio Moneta and Selim Topaloglu

How the Stock Ticker Decreased Price Efficiency in the Early 20th Century pp. 65-100

Barbara A. Bliss, Mitch Warachka and Marc Weidenmier

The Ungeheuer and Weber (2021) Comove and Stock Returns Effect Disappears with Control for Idiosyncratic Volatility pp. 101-122

Peixin Li and Baolian Wang

So What Do We Learn from Li and Wang (2025)? pp. 123-128

Michael Ungeheuer and Martin Weber

Robust Inference for Consumption-Based Asset Pricing with Power pp. 129-178

Tim A. Kroencke

A Powerful Test Needs to Be Size-Correct: Response to “Robust Inference for Consumption-Based Asset Pricing with Power” pp. 179-185

Frank Kleibergen and Zhaoguo Zhan

Volume 13, issue 3-4, 2024

The Relation Between Equity Misvaluation and Stock Payment in Mergers is Spurious pp. 265-304

Eric de Bodt, Jean-Gabriel Cousin and Micah S. Officer

Existing Methods Provide Unreliable Estimates of the Marginal Value of Cash pp. 305-349

Joseph T. Halford, John J. McConnell, Valeriy Sibilkov and Nataliya Zaiats

The Cash Flow Sensitivity of Cash: Replication, Extension, and Robustness pp. 351-365

Heitor Almeida, Murillo Campello and Michael S. Weisbach

The Corporate Propensity to Dissave pp. 367-418

Vikram K. Nanda and Alexander A. Vadilyev

Employee Compensation Still Impacts Payout Policy pp. 419-463

Alice Bonaimé, Kathleen Kahle, David Moore and Alok Nemani

Insider Ownership and Firm Value: One Shape Does Not Fit All pp. 465-500

Nilanjan Basu, Imants Paeglis and Melissa Toffanin

Are Two-Way Fixed-Effect Difference-In-Differences Estimates Blowing Smoke? A Cautionary Tale from State-Level Bank Branching Deregulation pp. 501-529

Anthony Zdrojewski and Alexander W. Butler

The Pre-Holiday Premium of Ariel (1990) Has Largely Become A Small-Firm Effect Out of Sample pp. 531-538

Kuan-Cheng Ko and Nien-Tzu Yang

Volume 13, issue 1-2, 2024

The Berger–Ofek Diversification Discount Is Just Poor Firm Matching pp. 1-44

John E. Hund, Donald Monk and Sheri Tice

Does Macro-Asset Pricing Matter for Corporate Finance? pp. 45-82

Yongjin Kim and Bryan R. Routledge

Selection Bias or Treatment Effect? A Re-Examination of Russell 1000/2000 Index Reconstitution pp. 83-115

Wei Wei and Alex Young

Russell Index Reconstitutions, Institutional Investors, and Corporate Social Responsibility pp. 117-150

Simon Glossner

Identification Using Russell 1000/2000 Index Assignments: A Discussion of Methodologies pp. 151-224

Ian R. Appel, Todd A. Gormley and Donald B. Keim

Demand Curves for Stocks Slope Down in the Long Run: Evidence from the Chinese Split-Share Structure Reform pp. 225-264

Clark Liu and Baolian Wang

Volume 12, issue 1-4, 2023

Introduction pp. 1-7

Juhani T. Linnainmaa

The Cross-Section of Volatility and Expected Returns: Then and Now pp. 9-56

Andrew Detzel, Jefferson Duarte, Avraham Kamara, Stephan Siegel and Celine Sun

The Fu (2009) Positive Relation Between Idiosyncratic Volatility and Expected Returns is Due to Look-Ahead Bias pp. 57-124

Seongkyu (Gilbert) Park, K. C. John Wei and Linti Zhang

Has Idiosyncratic Volatility Increased? Not in Recent Times pp. 125-170

Mardy Chiah, Philip Gharghori and Angel Zhong

Trend and Reversal of Idiosyncratic Volatility Revisited pp. 171-202

Markus Leippold and Michal Svatoň

Idiosyncratic Equity Risk Two Decades Later pp. 203-223

John Campbell, Martin Lettau, Burton Malkiel and Yexiao Xu

A New Look at Expected Stock Returns and Volatility pp. 225-270

Russell P. Robins and Geoffrey Peter Smith

Expected Stock Market Returns and Volatility: Three Decades Later pp. 271-307

Haimanot Kassa, Feifei Wang and Yan Xuemin (Sterling)

Asset Pricing with Systematic Skewness: Two Decades Later pp. 309-354

Dan Gabriel Anghel, Petre Caraiani, Alina RoÅŸu and Ioanid RoÅŸu

Conditional Skewness in Asset Pricing: 25 Years of Out-of-Sample Evidence pp. 355-366

Campbell R. Harvey and Akhtar Siddique

Better Performance of Mutual Funds with Lower R2’s Does Not Suggest that Active Management Pays pp. 367-387

Juan Carlos Matallín-Sáez

Volume 11, issue 3-4, 2022

The Jobs Act Did Not Raise IPO Underpricing pp. 431-471

Even-Tov Omri, N. Patatoukas Panos and S. Yoon Young

Analyst Recommendations Respond More Symmetrically to Major News After Regulation FD and the Global Settlement: A Replication and Extension of Conrad, Cornell, Landsman, and Rountree (2006) pp. 473-504

Yu-An Chen and Dan Palmon

High Funding Risk and Low Hedge Fund Returns pp. 505-539

Sven Klingler

Scale and Performance in Active Management are Not Negatively Related pp. 541-592

John Adams, Darren Hayunga and Sattar Mansi

Diseconomies of Scale in Active Management: Robust Evidence pp. 593-611

Luboš Pástor, Robert Stambaugh, Lucian A. Taylor and Min Zhu

Rest in Peace Post-Earnings Announcement Drift pp. 613-646

Charles Martineau

It Could Be Overreaction, Not Lottery Seeking, That Is Behind Bali, Cakici and Whitelaw’s Max Effect pp. 647-675

Jake Gorman, Farida Akhtar, Robert B. Durand and John Gould

Clientele Effect in Sovereign Bonds: Evidence From Islamic Sukuk Bonds in Malaysia pp. 677-745

Minxia Chen, Joseph Cherian, Ziyun Li, Yuping Shao and Marti G. Subrahmanyam

Volume 11, issue 2, 2022

Open Source Cross-Sectional Asset Pricing pp. 207-264

Andrew Y. Chen and Tom Zimmermann

An Intangible-Adjusted Book-to-Market Ratio Still Predicts Stock Returns pp. 265-297

Hyuna Park

Intangible Value pp. 299-332

Andrea L. Eisfeldt, Edward T. Kim and Dimitris Papanikolaou

Explaining the Recent Failure of Value Investing pp. 333-360

Baruch Lev and Srivastava Anup

Dissecting Market Expectations in the Cross-Section of Book-to-Market Ratios pp. 361-373

Thiago de Oliveira Souza

Dissecting Market Expectations in the Cross-Section of Book-to-Market Ratios: A Comment pp. 375-381

Bryan Kelly and Seth Pruitt

Risk Neutral Skewness Predicts Price Rebounds and So Can Improve Momentum Performance pp. 383-429

Paul Borochin and Yanhui Zhao

Volume 11, issue 1, 2022

Understanding the Performance of Components in Betting Against Beta pp. 1-36

Xing Han

Simply Better Market Betas pp. 37-64

Ivo Welch

Equity Premium Forecasts Tend to Perform Worse Against a Buy-and-Hold Benchmark pp. 65-77

Gunter Löffler

Economic Uncertainty, Aggregate Debt, and the Real Effects of Corporate Finance pp. 79-116

Timothy C. Johnson

On Long-Run Stock Returns After Corporate Events pp. 117-167

James W. Kolari, Seppo Pynnonen and Ahmet M. Tuncez

Long Run Stock Returns after Corporate Events Revisited pp. 169-183

Hendrik Bessembinder and Feng Zhang

Is Economics Research Replicable? Sixty Published Papers From Thirteen Journals Say “Often Not†pp. 185-206

Andrew C. Chang and Phillip Li