Review of Finance

1997 - 2025

Continuation of Review of Finance.

Current editor(s): Marcin Kacperczyk

From European Finance Association
Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().

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Volume 26, issue 6, 2022

Sustainable Finance (A simplemodel of capital market equilibrium with incomplete information) pp. 1309-1313

Alex Edmans and Marcin Kacperczyk

Aggregate Confusion: The Divergence of ESG Ratings* (Corporate social responsibility and firm risk: theory and empirical evidence) pp. 1315-1344

Florian Berg, Julian F Kölbel and Roberto Rigobon

A Sustainable Capital Asset Pricing Model (S-CAPM): Evidence from Environmental Integration and Sin Stock Exclusion* (Asset pricing with liquidity risk) pp. 1345-1388

Olivier Zerbib

Do Responsible Investors Invest Responsibly?* (Why and how investors use ESG information: evidence from a global survey) pp. 1389-1432

Rajna Gibson Brandon, Simon Glossner, Philipp Krueger, Pedro Matos and Tom Steffen

Asset Prices and Portfolios with Externalities* (Pricedetermination in the EU ETS market: theory and econometric analysis with market fundamentals) pp. 1433-1468

Steven D. Baker, Burton Hollifield and Emilio Osambela

Does Money Talk? Divestitures and Corporate Environmental and Social Policies* (The “Wall Street Walk” and Shareholder Activism: Exit as a Form of Voice) pp. 1469-1508

Nickolay Gantchev, Mariassunta Giannetti and Rachel Li

Climate Change Risk and the Cost of Mortgage Credit* (Does climate change affect real estate prices? Only if you believe in it) pp. 1509-1549

Duc Duy Nguyen, Steven Ongena, Shusen Qi and Vathunyoo Sila

Financial Literacy in the Age of Green Investment* (Evaluating behaviorally motivated policy: experimental evidence from the lightbulb market) pp. 1551-1584

Anders Anderson and David Robinson

Responsible Hedge Funds* (Role of managerial incentives and discretion in hedge fund performance) pp. 1585-1633

Hao Liang, Lin Sun and Melvyn Teo

Volume 26, issue 5, 2022

The Coming Rise in Residential Inflation* (The repeat rent index) pp. 1051-1072

Marijn A Bolhuis, Judd N L Cramer and Lawrence Summers

Comparing Past and Present Inflation* (Supply and demand in disaggregated Keynesian economies with an application to the covid-19 crisis) pp. 1073-1100

Marijn A Bolhuis, Judd N L Cramer and Lawrence Summers

Leverage and Cash Dynamics* (Is cash negative debt? A hedging perspective on corporate financial policies) pp. 1101-1144

Harry DeAngelo, Andrei S Gonçalves and René M Stulz

Passive-Aggressive Trading: The Supply and Demand of Liquidity by Mutual Funds* (Does motivation matter when assessing trade performance? An analysis of mutual funds) pp. 1145-1177

Susan K Christoffersen, Donald B Keim, David K Musto and Aleksandra Rzeźnik

Political Beta* (The impact of the 2018 tariffs on prices and welfare) pp. 1179-1215

Raymond Fisman, April Knill, Sergey Mityakov and Margarita Portnykh

The Choice of Peers for Relative Performance Evaluation in Executive Compensation (Peer choice in CEO compensation) pp. 1217-1239

John Bizjak, Swaminathan Kalpathy, Zhichuan Frank Li and Brian Young

Anticipating Disagreement in Dynamic Contracting* (An incomplete contracts approach to financial contracting) pp. 1241-1265

John Zhu

Social Networks and Hedge Fund Activism* (The “Wall Street Walk” and shareholder activism: Exit as a form of voice) pp. 1267-1308

Yazhou Ellen He and Tao Li

Volume 26, issue 4, 2022

Economic Policy Uncertainty and the Yield Curve* (Pricing the term structure with linear regressions) pp. 751-797

Markus Leippold and Felix Matthys

Advertising Arbitrage (Synchronization risk and delayed arbitrage) pp. 799-827

Sergey Kovbasyuk and Marco Pagano

A Wake-Up Call Theory of Contagion* (Asymmetric business cycles: theory and time-series evidence) pp. 829-854

Toni Ahnert and Christoph Bertsch

The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments* (The investor in structured retail products: advice driven or gambling oriented) pp. 855-898

Andreas Hackethal, Tobin Hanspal, Dominique M Lammer and Kevin Rink

Forward Guidance and Corporate Lending (Measuring euro area monetary policy) pp. 899-935

Manthos D Delis, Sizhe Hong, Nikos Paltalidis and Dennis Philip

Do Credit Rating Agencies Influence Elections?* (The economic effects of public financing: evidence from municipal bond ratings recalibration) pp. 937-969

Igor Cunha, Miguel A Ferreira and Rui C Silva

How Important is Affiliation Between Mutual Funds and Distributors for Fund Flows?* (Is unbiased financial advice to retail investors sufficient? Answers from a large field study) pp. 971-1009

Bjarne Florentsen, Ulf Nielsson, Peter Raahauge and Jesper Rangvid

Uniform Mortgage Regulation and Distortion in Capital Allocation* (Loan originations and defaults in the mortgage crisis: the role of the middle class) pp. 1011-1050

Tim Zhang

Volume 26, issue 3, 2022

Introduction: Special Issue on China I pp. 445-447

Zhiguo He and Yongxiang Wang

Going Bankrupt in China (The politics of foreclosures) pp. 449-486

Bo Li and Jacopo Ponticelli

Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission* (Policy intervention in debt renegotiation: evidence from the home affordable modification program) pp. 487-520

Sumit Agarwa, Yongheng Deng, Quanlin Gu, Jia He, Wenlan Qian and Yuan Ren

Political Networks and Stock Price Comovement: Evidence from Network-Connected Firms in China* (Do some outside directors play a political role?) pp. 521-559

Joseph D Piotroski, T J Wong and Tianyu Zhang

Investor Attention and Asset Pricing Anomalies* (Synchronization risk and delayed arbitrage) pp. 563-593

Lei Jiang, Jinyu Liu, Lin Peng and Baolian Wang

Do Place-Based Policies Promote Local Innovation and Entrepreneurship?* (A model of growth through creative destruction) pp. 595-635

Xuan Tian and Jiajie Xu

How Do Individual Politicians Affect Privatization? Evidence from China (Formal and real authority in organizations) pp. 637-672

Hong Ru and Kunru Zou

Language and Domain Specificity: A Chinese Financial Sentiment Dictionary* (The effects of analyst-country institutions on biased research: Evidence from target prices) pp. 673-719

Zijia Du, Alan Guoming Huang, Russ Wermers and Wenfeng Wu

Finance Leases: In the Shadow of Banks* (Entrusted loans: a close look at China’s shadow banking system) pp. 721-749

Jeffery (Jinfan) Chang, Ting Yang and Yanping Shi

Volume 26, issue 2, 2022

Momentum, Reversals, and Investor Clientele* (Illiquidity and stock returns: Cross-section and time-series effects) pp. 217-255

Andy C. W. Chui, Avanidhar Subrahmanyam and Sheridan Titman

Sources of Value Creation in Private Equity Buyouts of Private Firms* (Corporate governance and value creation: Evidence from private equity) pp. 257-285

Jonathan B Cohn, Edith S Hotchkiss and Erin M Towery

Third-Party Credit Guarantees and the Cost of Debt: Evidence from Corporate Loans* (Loan guarantees and credit supply) pp. 287-317

Mehdi Beyhaghi

The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool* (Crisis resolution and bank liquidity) pp. 319-353

Christopher J Curfman and John Kandrac

The Distress Anomaly is Deeper than You Think: Evidence from Stocks and Bonds* (The prediction of corporate bankruptcy: a discriminant analysis) pp. 355-405

Doron Avramov, Tarun Chordia, Gergana Jostova and Alexander Philipov

Cancer and Portfolio Choice: Evidence from Norwegian Register Data* (The age of reason: financial decisions over the life cycle and implications for regulation) pp. 407-442

Trond Døskeland and Jens Soerlie Kvaerner

Correction to: The TIPS Liquidity Premium pp. 443-443

Martin M Andreasen, Jens H E Christensen and Simon Riddell

Volume 26, issue 1, 2022

Portfolios for Long-Term Investors* (Rare disasters and asset markets in the twentieth century) pp. 1-42

John H Cochrane

Secondary Market Transparency and Corporate Bond Issuing Costs (Asset pricing and the bid–ask spread) pp. 43-77

James Brugler, Carole Comerton-Forde and J Spencer Martin

Trading Volume and Time Varying Betas* (Alpha or beta in the eye of the beholder: what drives hedge fund flows?) pp. 79-116

Christopher Hrdlicka

Special Repo Rates and the Cross-Section of Bond Prices: The Role of the Special Collateral Risk Premium* (Pr icing the term structure with linear regressions) pp. 117-162

Stefania D’Amico and N Aaron Pancost

Entrepreneur Death and Startup Performance* (The knowledge spillover theory of entrepreneurship) pp. 163-185

Sascha Becker and Hans Hvide

The Strategic Response of Banks to Macroprudential Policies: Evidence from Mortgage Stress Tests in Canada* (LIBOR manipulation?) pp. 187-216

Robert Clark and Shaoteng Li

Volume 25, issue 6, 2021

The TIPS Liquidity Premium* (Decomposing real and nominal yield curves) pp. 1639-1675

Martin M Andreasen, Jens H E Christensen and Simon Riddell

Do Country-Level Creditor Protections Affect Firm-Level Debt Structure Concentration? (Why not a political Coase theorem? Social conflict, commitment, and politics) pp. 1677-1725

Kose John, Mahsa S Kaviani, Lawrence Kryzanowski and Hosein Maleki

Disastrous Defaults* (Risk premia and term premia in general equilibrium) pp. 1727-1772

Christian Gouriéroux, Alain Monfort, Sarah Mouabbi and Jean-Paul Renne

Informed Trading and Momentum in the Corporate Bond Market* (Asset pricing with liquidity risk) pp. 1773-1816

Lifang Li and Valentina Galvani

Central Hub M&A Advisors* (Common advisers in mergers and acquisitions: determinants and consequences) pp. 1817-1857

Alfred Yawson and Huizhong Zhang

Whose Disagreement Matters? Household Belief Dispersion and Stock Trading Volume* (Belief dispersion in the stock market) pp. 1859-1900

Dan Li and Geng Li

Volume 25, issue 5, 2021

Experience Effects in Finance: Foundations, Applications, and Future Directions* (X-capm: an extrapolative capital asset pricing model) pp. 1339-1363

Ulrike Malmendier

Financing Labor* (Corporate debt maturity and the real effects of the 2007 credit crisis) pp. 1365-1393

Efraim Benmelech, Nittai Bergman and Amit Seru

How Much Does Size Erode Mutual Fund Performance? A Regression Discontinuity Approach* (Mutual fund’s R2 as predictor of performance) pp. 1395-1432

Jonathan Reuter and Eric Zitzewitz

The Active World of Passive Investing* (Mutual fund’s R2 as predictor of performance) pp. 1433-1471

David Easley, David Michayluk, Maureen O’Hara and Tālis and J Putniņš

Access to Finance and Job Growth: Firm-Level Evidence across Developing Countries* (Big constraints to small firms’ growth? Business environment and employment growth across firms) pp. 1473-1496

Meghana Ayyagari, Pedro Juarros, Maria Martinez Peria and Sandeep Singh

Hub-and-Spoke Regulation and Bank Leverage* (Inconsistent regulators: evidence from banking) pp. 1499-1545

Yadav Gopalan, Ankit Kalda and Asaf Manela

The Dollar Profits to Insider Trading* (Information networks: evidence from illegal insider trading tips) pp. 1547-1580

Peter Cziraki and Jasmin Gider

Sovereign Credit Quality and Violations of the Law of One Price* (Asset pricing and the bid-ask spread) pp. 1581-1607

Jacob Boudoukh, Jordan Brooks, Matthew Richardson and Zhikai Xu

Stress Tests, Entrepreneurship, and Innovation* (Lending implications of U.S. bank stress tests: costs or benefits?) pp. 1609-1637

Sebastian Doerr

Volume 25, issue 4, 2021

ETF Arbitrage, Non-Fundamental Demand, and Return Predictability* (The equity share in new issues and aggregate stock returns) pp. 937-972

David C Brown, Shaun William Davies and Matthew Ringgenberg

A Theory of Collateral for the Lender of Last Resort* (Imperfect competition in the interbank market for liquidity as a rationale for central banking) pp. 973-996

Dong Beom Choi, Joao Santos and Tanju Yorulmazer

Financial Media, Price Discovery, and Merger Arbitrage* (Who writes the news? Corporate press releases during merger negotiations) pp. 997-1046

Matthias M M Buehlmaier and Josef Zechner

The Role of Internal M&A Teams in Takeovers (Women in the boardroom and their impact on governance and performance) pp. 1047-1088

Nihat Aktas, Audra Boone, Alexander Witkowski, Guosong Xu and Burcin Yurtoglu

The Leverage–Profitability Puzzle Resurrected* (Is cash negative debt? A hedging perspective on corporate financial policies) pp. 1089-1128

Bjorn Eckbo and Michael Kisser

ADHD Symptoms and Financial Distress* (Behavioral problems and competencies reported by parents of normal and disturbed children aged four through sixteen) pp. 1129-1210

Chi Liao

“Sorry, We're Closed” Bank Branch Closures, Loan Pricing, and Information Asymmetries* (Distance and private information in lending) pp. 1211-1259

Diana Bonfim, Gil Nogueira and Steven Ongena

Time-Varying Crash Risk Embedded in Index Options: The Role of Stock Market Liquidity* (Does realized skewness predict the cross-section of equity returns?) pp. 1261-1298

Peter Christoffersen, Bruno Feunou, Yoontae Jeon and Chayawat Ornthanalai

New Mortgage Lenders and the Housing Market* (Loan originations and defaults in the mortgage crisis: the role of the middle class) pp. 1299-1336

Nikodem Szumilo

Erratum to: ADHD Symptoms and Financial Distress pp. 1337-1337

Chi Liao

Volume 25, issue 3, 2021

Learning from Feedback: Evidence from New Ventures* (Large sample properties of matching estimators for average treatment effects) pp. 595-627

Sabrina T Howell

The Externalities of Corruption: Evidence from Entrepreneurial Firms in China pp. 629-667

Mariassunta Giannetti, Guanmin Liao, Jiaxing You and Xiaoyun Yu

Intellectual Property Protection and Financial Markets: Patenting versus Secrecy pp. 669-711

Nishant Dass, Vikram Nanda, Haemin Dennis Park and Steven Chong Xiao

Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing* (Whatever it takes: the real effects of unconventional monetary policy) pp. 713-743

Ben Charoenwong, Randall Morck and Yupana Wiwattanakantang

More is Less: Publicizing Information and Market Feedback* (Illiquidity and stock returns: cross-section and time-series effects) pp. 745-775

Andrew Bird, Stephen A Karolyi, Thomas Ruchti and Phong Truong

Equilibrium Asset Pricing in Directed Networks* (Risk premia and term premia in general equilibrium) pp. 777-818

Nicole Branger, Patrick Konermann, Christoph Meinerding and Christian Schlag

Managing Liquidity in Production Networks: The Role of Central Firms (, and Ferrell A. (2009): What matters corporate governance?) pp. 819-861

Janet Gao

Is Currency Risk Priced in Global Equity Markets?* (Exposure to currency risk: definition and measurement) pp. 863-902

George Andrew Karolyi and Ying Wu

Spillovers in Prices: The Curious Case of Haunted Houses* (Fire sales and house prices: evidence from estate sales due to sudden death) pp. 903-935

Utpal Bhattacharya, Daisy Huang and Kasper Meisner Nielsen

Volume 25, issue 2, 2021

Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Backers, and Taste-Based Discrimination* (Women on the verge of a breakthrough: networking among entrepreneurs in the United States and Italy) pp. 235-274

Hadar Gafni, Dan Marom, Alicia Robb and Orly Sade

Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers* (The leverage ratchet effect) pp. 275-324

Bjorn Eckbo and Michael Kisser

First Impression Bias: Evidence from Analyst Forecasts* (Biased beliefs, asset prices, and investment: a structural approach) pp. 325-364

David Hirshleifer, Ben Lourie, Thomas Ruchti and Phong Truong

The Persistence of Fee Dispersion among Mutual Funds* (The emerging landscape of retail e-commerce) pp. 365-402

Michael Cooper, Michael Halling and Wenhao Yang

Improving Access to Banking: Evidence from Kenya* (A matter of experience? Understanding the decline in group lending) pp. 403-447

Franklin Allen, Elena Carletti, Robert Cull, Jun QJ Qian, Lemma Senbet and Patricio Valenzuela

Value Return Predictability across Asset Classes and Commonalities in Risk Premia* (Financial intermediaries and the cross-section of asset returns) pp. 449-484

Fahiz Baba Yara, Martijn Boons and Andrea Tamoni

What Constrains Liquidity Provision? Evidence from Institutional Trades* (Illiquidity and stock returns: cross-section and time-series effects) pp. 485-517

Efe Çötelioğlu, Francesco Franzoni and Alberto Plazzi

What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps* (Do strict capital requirements raise the cost of capital? Bank regulation, capital structure, and the low-risk anomaly) pp. 519-559

Janet Gao and Yeejin Jang

Fintech for the Poor: Financial Intermediation Without Discrimination* (Predatory lending and the subprime crisis) pp. 561-593

Prasanna Tantri

Volume 25, issue 1, 2021

An Augmented q-Factor Model with Expected Growth* (Abnormal returns to a fundamental analysis strategy) pp. 1-41

Kewei Hou, Haitao Mo, Chen Xue and Lu Zhang

Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE* (Whatever it takes: the real effects of unconventional monetary policy) pp. 43-84

Óscar Arce, Sergio Mayordomo and Ricardo Gimeno

Sentiment in Central Banks’ Financial Stability Reports* (CoVaR) pp. 85-120

Ricardo Correa, Keshav Garud, Juan M. Londono and Nathan Mislang

Credit Default Swaps and Bank Regulatory Capital* (Securitization without risk transfer) pp. 121-152

Chenyu Shan, Dragon Yongjun Tang, Hong Yan and Xing (Alex) Zhou

Default Option Exercise over the Financial Crisis and beyond* (Predatory lending and the subprime crisis) pp. 153-187

Xudong An, Yongheng Deng and Stuart Gabriel

The Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds* (Large sample properties of matching estimators for average treatment effects) pp. 189-233

Juha Joenväärä and Robert Kosowski