Critical Finance Review

2012 - 2025

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In Full-Information Estimates, Long-Run Risks Explain at Most a Quarter of P/D Variance, and Habit Explains Even Less pp. 329-381: Andrew Y. Chen, Fabian Winkler and Rebecca Wasyk
High Aversion to Stochastic Time Preference Shocks and Counterfactual Long-Run Risk in the Albuquerque et al., Valuation Risk Model pp. 383-408: Samuel Kruger
Stock Prices Still Move Too Much For Dividends But Less So: A Reappraisal of Shiller 1981 pp. 409-418: Dan Gabriel Anghel and Petre Caraiani
Documenting the Post-2000 Decline in the Idiosyncratic Volatility Effect pp. 419-427: Chaehyun Pyun
Treasury Rates No Longer Predict Returns: A Reappraisal of Breen, Glosten and Jagannathan (1989) pp. 429-444: Philip Gray and Thanh Huynh
Dividend Growth Does Not Help Predict Returns Compared To Likelihood-Based Tests: An Anatomy of the Dog pp. 445-464: Erik Hjalmarsson and TamÃ¡s Kiss
The Dog and the Straw Man: Response to â€œDividend Growth Does Not Help Predict Returns Compared to Likelihood-Based Tests: An Anatomy of the Dogâ€ pp. 465-470: John H. Cochrane

The Supply and Demand of S&P 500 Put Options pp. 1-20: George Constantinides and Lei Lian
Mispricing of Index Options with Respect to Stochastic Dominance Bounds? pp. 21-55: Martin Wallmeier
Mispricing of Index Options with Respect to Stochastic Dominance Bounds? A Reply pp. 57-63: George Constantinides, Michal Czerwonko, Jens Carsten Jackwerth and Stylianos Perrakis
Dispersion in Options Investorsâ€™ Versus Analystsâ€™ Expectations: Predictive Inference for Stock Returns pp. 65-81: Panayiotis C. Andreou, Anastasios Kagkadis, Paulo Maio and Dennis Philip
Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications pp. 83-123: Robert Hodrick and Tuomas Tomunen

Corporate Taxes and Capital Structure: A Long-Term Historical Perspective pp. 1-28: Matthias Fleckenstein, Francis A. Longstaff and Ilya A. Strebulaev
Real Options, Taxes and Financial Leverage pp. 29-76: Stewart C. Myers and James A. Read
Repo Priority Right and the Bankruptcy Code pp. 77-114: Jun Kyung Auh and Suresh Sundaresan
Are Corporate Spin-offs Prone to Insider Trading? pp. 115-155: Patrick Augustin, Menachem Brenner, Jianfeng Hu and Marti G. Subrahmanyam
Patents Do Not Measure Innovation Success pp. 157-199: David M. Reeb and Wanli Zhao
The Choice of Valuation Techniques in Practice: Education Versus Profession pp. 201-265: Lilia Mukhlynina and Kjell Nyborg
Are Competitive Banking Systems Really More Stable? pp. 267-303: Bandaranayake Bandaranayake, Kuntal Das and W. Reed
Firms from Financially Developed Economies Do Not Save Less pp. 305-351: Alexander A. Vadilyev

Editorial: Replication in Financial Economics pp. 1-9: Campbell Harvey
Editorial: Replication? Do You Even Have Access to the Data? pp. 11-13: Matthew Spiegel
Editorial: Realistic Academic Standards and the Value of Replications pp. 15-17: Avanidhar Subrahmanyam
Editorial: An Opinionated FAQ pp. 19-24: Ivo Welch
Introduction pp. 25-28: Ivo Welch
Illiquidity and Stock Returns: Cross-Section and Time-Series Effects: A Replication pp. 29-71: Craig W. Holden and Jayoung Nam
Asset Pricing with Liquidity Risk: A Replication and Out-of-Sample Tests with the Recent US and the Japanese Market Data pp. 73-110: Eiichiro Kazumori, Raj Sharman, Fumiko Takeda and Hong Yu
Economics with Market Liquidity Risk pp. 111-125: Viral Acharya and Lasse Pedersen
A Review of the Returnâ€”Illiquidity Relationship pp. 127-171: Jozef Drienko, Tom Smith and Anna von Reibnitz
Illiquidity and Stock Returns: Cross-Section and Time-Series Effects: A Replication pp. 173-202: Larry Harris and Andrea Amato
Illiquidity and Stock Returns: A Revisit pp. 203-221: Yakov Amihud
Liquidity Risk and Asset Pricing pp. 223-255: Hongtao Li, Robert Novy-Marx and Mihail Velikov
Liquidity Risk? pp. 257-276: Jeffrey Pontiff and Rohit Singla
Liquidity Risk After 20 Years pp. 277-299: PÃ¡stor, LuboÅ¡ and Robert Stambaugh
Reproducing, Extending, Updating, Replicating, Reexamining, and Reconciling pp. 301-304: Ivo Welch

Closed-End Fund IPOs: Sold, Not Bought pp. 201-240: Diana Shao and Jay Ritter
Conditional Diseconomies of Scale in the Actively-Managed Mutual Fund Industry: What Do the Outliers in the Data Tell Us? pp. 273-329: John Adams, Darren Hayunga and Sattar Mansi
Conditional Benchmarks and Predictors of Mutual Fund Performance pp. 331-372: Scott Cederburg, Oâ€™Doherty, Michael S., N. E. Savin and Ashish Tiwari
Diseconomies of Scale in the Actively-Managed Mutual Fund Industry: Fund Industry: What Do the Outliers in the Data Tell Us?: A Response pp. 373-377: Harrison Hong and Wenxi Jiang

The Changing Nature of Institutional Stock Investing pp. 1-41: Marshall E. Blume and Donald B. Keim
Catering Through Nominal Share Prices Revisited pp. 43-75: M. Fabricio Perez and Andriy Shkilko
Why Do Firms Go Public Through Debt Instead of Equity? pp. 85-110: Denys Glushkov, Ajay Khorana, Raghavendra Rau and Jingxuan Zhang
Obesity and Household Financial Distress pp. 133-178: Katherine Guthrie and Jan Sokolowsky
Corporate Sport Sponsorship and Stock Returns: Evidence from the NFL pp. 179-209: Assaf Eisdorfer and Elizabeth Kohl

The Carry Trade: Risks and Drawdowns pp. 211-262: Kent Daniel, Robert Hodrick and Zhongjin Lu
Inflation Bets or Deflation Hedges? The Changing Risks of Nominal Bonds pp. 263-301: John Campbell, Adi Sunderam and Luis Viceira
When Opportunity Knocks: Cross-Sectional Return Dispersion and Active Fund Performance pp. 303-356: Anna von Reibnitz
An Improved Version of the Volume-Synchronized Probability of Informed Trading pp. 357-376: Wen-Chyan Ke and Hsiou-Wei William Lin
An Improved Version of the Volume-Synchronized Probability of Informed Trading: A Comment pp. 377-379: David Easley, Marcos Lopez de Prado and Maureen O'Hara
Sensitivity, Moment Conditions, and the Risk-Free Rate in Yogo (2006) pp. 381-393: Nicola Borri and Giuseppe Ragusa

Acquisitions as Lotteries? The Selection of Target-Firm Risk and its Impact on Merger Outcomes pp. 77-132: Christoph Schneider and Oliver Spalt