The Review of Financial Studies

1988 - 2025

Current editor(s): Itay Goldstein

From Society for Financial Studies
Oxford University Press, Journals Department, 2001 Evans Road, Cary, NC 27513 USA..
Contact information at EDIRC.
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Volume 38, issue 8, 2025

Near-Rational Equilibria in Heterogeneous-Agent Models: A Verification Method pp. 2227-2274

Leonid Kogan and Indrajit Mitra

In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle pp. 2275-2325

Antonio Coppola

Who Holds Sovereign Debt and Why It Matters pp. 2326-2361

Xiang Fang, Bryan Hardy and Karen K Lewis

Is Capital Structure Irrelevant with ESG Investors? pp. 2362-2385

Peter Feldhütter and Lasse Heje Pedersen

An Intermediation-Based Model of Exchange Rates pp. 2386-2433

Semyon Malamud, Andreas Schrimpf and Yuan Zhang

Speculating on Higher-Order Beliefs pp. 2434-2466

Paul Schmidt-Engelbertz and Kaushik Vasudevan

The Effects of Going Public on Firm Profitability and Strategy pp. 2467-2514

Borja Larrain, Gordon M Phillips, Giorgo Sertsios and Francisco Urzúa

Volume 38, issue 7, 2025

Digital Tokens and Platform Building pp. 1921-1954

Jiasun Li and William Mann

Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis pp. 1955-2004

Kose John, Thomas J Rivera and Fahad Saleh

Pretending Ignorance Is Bliss: Competing Insurers with Heterogeneous Informational Advantages pp. 2005-2033

Laura Abrardi, Luca Colombo and Piero Tedeschi

Hedging, Contract Enforceability, and Competition pp. 2034-2087

Erasmo Giambona, Anil Kumar and Gordon M Phillips

An Equilibrium Model of Imperfect Hedging: Transaction Costs, Heterogeneity in Risk Aversion, and Return Volatility pp. 2088-2139

Mark Loewenstein and Zhenjiang Qin

Real Effects of Centralized Markets: Evidence from Steel Futures pp. 2140-2181

Thorsten Martin

Uncertainty, Contracting, and Beliefs in Organizations pp. 2182-2225

David L Dicks and Paolo Fulghieri

Volume 38, issue 6, 2025

Investor Memory pp. 1595-1640

Katrin Gödker, Peiran Jiao and Paul Smeets

Memory Moves Markets pp. 1641-1686

Constantin Charles

Return Predictability, Expectations, and Investment: Experimental Evidence pp. 1687-1729

Marianne Andries, Milo Bianchi, Karen K Huynh and Sébastien Pouget

Earnings Extrapolation and Predictable Stock Market Returns pp. 1730-1782

Hongye Guo

Can Equity Option Returns Be Explained by a Factor Model? IPCA Says Yes pp. 1783-1821

Amit Goyal and Alessio Saretto

Common Pricing of Decentralized Risk: A Linear Option Pricing Model pp. 1822-1867

Liuren Wu and Yuzhao Zhang

Short-Term Debt and Corporate Governance pp. 1868-1919

Paul Voss

Volume 38, issue 5, 2025

The Impact of the Opioid Crisis on Firm Value and Investment pp. 1291-1332

Paige Ouimet, Elena Simintzi and Kailei Ye

Build or Buy? Human Capital and Corporate Diversification pp. 1333-1367

Paul Beaumont, Camille Hebert and Victor Lyonnet

Financing Infrastructure in the Shadow of Expropriation pp. 1368-1418

Viral V Acharya, Cecilia Parlatore and Suresh Sundaresan

The Shadow Cost of Collateral pp. 1419-1463

Guangqian Pan, Zheyao Pan and Kairong Xiao

Cross-Subsidization of Bad Credit in a Lending Crisis pp. 1464-1501

Nikolaos Artavanis, Brian Jonghwan Lee, Stavros Panageas and Margarita Tsoutsoura

Effects of Credit Expansions on Stock Market Booms and Busts pp. 1502-1544

Christopher Hansman, Harrison Hong, Wenxi Jiang, Yu-Jane Liu and Juan-Juan Meng

Macroprudential Regulation, Quantitative Easing, and Bank Lending pp. 1545-1593

Andrea Orame, Rodney Ramcharan and Roberto Robatto

Volume 38, issue 4, 2025

The Fed and the Secular Decline in Interest Rates pp. 981-1013

Sebastian Hillenbrand

Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets? pp. 1014-1066

Mattia Landoni and Stephen P Zeldes

Moving the Goalposts? Mutual Fund Benchmark Changes and Relative Performance Manipulation pp. 1067-1119

Kevin Mullally and Andrea Rossi

Unmasking Mutual Fund Derivative Use pp. 1120-1166

Ron Kaniel and Pingle Wang

Informed Voting pp. 1167-1210

Meng Gao and Jiekun Huang

Socially Responsible Finance: How to Optimize Impact pp. 1211-1258

Augustin Landier and Stefano Lovo

Technological Progress and Rent Seeking pp. 1259-1289

Vincent Glode and Guillermo Ordoñez

Volume 38, issue 3, 2025

The Next Chapter of Big Data in Finance pp. 605-622

Itay Goldstein, Chester S Spatt and Mao Ye

Fractional Trading pp. 623-660

Zhi Da, Vivian W Fang and Wenwei Lin

The Market Inside the Market: Odd-Lot Quotes pp. 661-711

Robert P Bartlett, Justin McCrary and Maureen O’Hara

News and Asset Pricing: A High-Frequency Anatomy of the SDF pp. 712-759

Saketh Aleti and Tim Bollerslev

Missing Data in Asset Pricing Panels pp. 760-802

Joachim Freyberger, Bjoern Hoeppner, Andreas Neuhierl and Michael Weber

Missing Financial Data pp. 803-882

Svetlana Bryzgalova, Sven Lerner, Martin Lettau and Markus Pelger

News Diffusion in Social Networks and Stock Market Reactions pp. 883-937

David Hirshleifer, Lin Peng and Qiguang Wang

Valuing Financial Data pp. 938-980

Maryam Farboodi, Dhruv Singal, Laura Veldkamp and Venky Venkateswaran

Volume 38, issue 2, 2025

Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds pp. 337-380

Shiyang Huang, Wenxi Jiang, Xiaoxi Liu and Xin Liu

Deconstructing the Yield Curve pp. 381-421

Richard Crump and Nikolay Gospodinov

Gold’s Value as an Investment pp. 422-456

Urban Jermann

War Discourse and Disaster Premium: 160 Years of Evidence from the Stock Market pp. 457-506

David Hirshleifer, Dat Mai and Kuntara Pukthuanthong

Corporate Loan Spreads and Economic Activity pp. 507-546

Anthony Saunders, Alessandro Spina, Sascha Steffen and Daniel Streitz

House Prices and Rents pp. 547-563

Eugene F Fama and Kenneth R French

The Effects of Macroeconomic Shocks: Household Financial Distress Matters pp. 564-604

José Mustre-del-Río, Juan M Sánchez, Ryan Mather and Kartik Athreya

Volume 38, issue 1, 2025

The Hedging Channel of Exchange Rate Determination pp. 1-38

Gordon Y Liao and Tony Zhang

Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments pp. 39-113

Hyeyoon Jung

Long-Term Investors, Demand Shifts, and Yields pp. 114-157

Kristy A E Jansen

Duration-Based Valuation of Corporate Bonds pp. 158-191

Jules H van Binsbergen, Yoshio Nozawa and Michael Schwert

Capital Investment, Equity Returns, and Aggregate Dynamics in Oligopolistic Production Economies pp. 192-234

Hitesh Doshi and Praveen Kumar

Dynamic Market Making with Asymmetric Information and Market Power pp. 235-293

Wen Chen and Yajun Wang

The Brand Premium pp. 294-336

Hamid Boustanifar and Young Dae Kang