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Review of Financial Studies

1988 - 2019

Current editor(s): Maureen O'Hara

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 32, issue 6, 2019

Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions pp. 2107-2148 Downloads
Chen Lian, Yueran Ma and Carmen Wang
Unleashing Animal Spirits: Self-Control and Overpricing in Experimental Asset Markets pp. 2149-2178 Downloads
Martin Kocher, Konstantin E Lucks and David Schindler
Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment pp. 2179-2224 Downloads
Jarrad Harford, Feng Jiang, Rong Wang and Fei Xie
Is Silence Golden? Real Effects of Mandatory Disclosure pp. 2225-2259 Downloads
Sudarshan Jayaraman and Joanna Shuang Wu
Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency pp. 2260-2301 Downloads
Matthijs Breugem and Adrian Buss
Contingent Convertibles with Stock Price Triggers: The Case of Perpetuities pp. 2302-2340 Downloads
George Pennacchi and Alexei Tchistyi
Social Risk, Fiscal Risk, and the Portfolio of Government Programs pp. 2341-2382 Downloads
Samuel Hanson, David S Scharfstein and Adi Sunderam
Bank Resolution and the Structure of Global Banks pp. 2384-2421 Downloads
Patrick Bolton and Martin Oehmke
Asset Encumbrance, Bank Funding, and Fragility pp. 2422-2455 Downloads
Toni Ahnert, Kartik Anand, Prasanna Gai, James Chapman and Philip StrahanEditor
Financial Sector Stress and Risk Sharing: Evidence from the Weather Derivatives Market pp. 2456-2497 Downloads
Daniel Weagley

Volume 32, issue 5, 2019

To FinTech and Beyond pp. 1647-1661 Downloads
Itay Goldstein, Wei Jiang and G Andrew Karolyi
The Blockchain Folk Theorem pp. 1662-1715 Downloads
Bruno Biais, Christophe Bisière, Matthieu Bouvard and Catherine Casamatta
Blockchain-Based Settlement for Asset Trading pp. 1716-1753 Downloads
Jonathan Chiu and Thorsten V Koeppl
Blockchain Disruption and Smart Contracts pp. 1754-1797 Downloads
Lin William Cong and Zhiguo He
Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? pp. 1798-1853 Downloads
Sean Foley, Jonathan R Karlsen and Talis Putnins
The Role of Technology in Mortgage Lending pp. 1854-1899 Downloads
Andreas Fuster, Matthew Plosser, Philipp Schnabl and James Vickery
Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? pp. 1900-1938 Downloads
Huan Tang
Marketplace Lending: A New Banking Paradigm? pp. 1939-1982 Downloads
Boris Vallée and Yao Zeng
The Promises and Pitfalls of Robo-Advising pp. 1983-2020 Downloads
Francesco D’Acunto, Nagpurnanand Prabhala and Alberto G Rossi
Big Data as a Governance Mechanism pp. 2021-2061 Downloads
Christina Zhu
How Valuable Is FinTech Innovation? pp. 2062-2106 Downloads
Mark A Chen, Qinxi Wu and Baozhong Yang

Volume 31, issue 11, 2018

Strategic News Releases in Equity Vesting Months pp. 4099-4141 Downloads
Alex Edmans, Luis Goncalves-Pinto, Moqi Groen-Xu and Yanbo Wang
The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting pp. 4142-4186 Downloads
Torsten Jochem, Tomislav Ladika and Zacharias Sautner
Product Market Competition Shocks, Firm Performance, and Forced CEO Turnover pp. 4187-4231 Downloads
Sudipto Dasgupta, Xi Li and Albert Y Wang
Agency Conflicts around the World pp. 4232-4287 Downloads
Erwan Morellec, Boris Nikolov and Norman Schürhoff
The Evolution of Corporate Cash pp. 4288-4344 Downloads
John R Graham and Mark T Leary
Extrapolation Bias and the Predictability of Stock Returns by Price-Scaled Variables pp. 4345-4397 Downloads
Stefano Cassella and Huseyin Gulen
The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software pp. 4398-4446 Downloads
Arna Olafsson and Michaela Pagel
Financial Advice and Bank Profits pp. 4447-4492 Downloads
Daniel Hoechle, Stefan Ruenzi, Nic Schaub and Markus Schmid
Debt Priority Structure, Market Discipline, and Bank Conduct pp. 4493-4555 Downloads
Piotr Danisewicz, Danny McGowan, Enrico Onali and Klaus Schaeck
Contagious Effects of a Political Intervention in Debt Contracts: Evidence Using Loan-Level Data pp. 4556-4592 Downloads
Prasanna L Tantri

Volume 31, issue 10, 2018

Quantifying Sentiment with News Media across Local Housing Markets pp. 3689-3719 Downloads
Cindy K Soo
Destabilizing Financial Advice: Evidence from Pension Fund Reallocations pp. 3720-3755 Downloads
Zhi Da, Borja Larrain, Clemens Sialm and José Tessada
Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds pp. 3756-3820 Downloads
Oleg Chuprinin and Denis Sosyura
The Investment Value of Fund Managers’ Experience outside the Financial Sector pp. 3821-3853 Downloads
Gjergji Cici, Monika Gehde-Trapp, Marc-André Göricke and Alexander Kempf
Decentralized Privatization and Change of Control Rights in China pp. 3854-3894 Downloads
Jie Gan, Yan Guo and Chenggang Xu
Financial Frictions and the Stock Price Reaction to Monetary Policy pp. 3895-3936 Downloads
Ali K Ozdagli
The Timing and Method of Payment in Mergers when Acquirers Are Financially Constrained pp. 3937-3978 Downloads
Alexander S Gorbenko and Andrey Malenko
What’s behind Smooth Dividends? Evidence from Structural Estimation pp. 3979-4016 Downloads
Yufeng Wu
Implications of Incomplete Markets for International Economies pp. 4017-4062 Downloads
Gurdip Bakshi, Mario Cerrato and John Crosby
Market and Regional Segmentation and Risk Premia in the First Era of Financial Globalization pp. 4063-4098 Downloads
David Chambers, Sergei Sarkissian and Michael J Schill

Volume 31, issue 9, 2018

Short-Rate Expectations and Unexpected Returns in Treasury Bonds pp. 3265-3306 Downloads
Anna Cieslak
Asset Price Dynamics in Partially Segmented Markets pp. 3307-3343 Downloads
Robin Greenwood, Samuel Hanson and Gordon Y Liao
Government Intervention and Arbitrage pp. 3344-3408 Downloads
Paolo Pasquariello
Managerial Short-Termism, Turnover Policy, and the Dynamics of Incentives pp. 3409-3451 Downloads
Felipe Varas
Optimal Capital Structure and Investment with Real Options and Endogenous Debt Costs pp. 3452-3490 Downloads
Praveen Kumar and Vijay Yerramilli
How Management Risk Affects Corporate Debt pp. 3491-3531 Downloads
Yihui Pan, Tracy Yue Wang and Michael Weisbach
Screening on Loan Terms: Evidence from Maturity Choice in Consumer Credit pp. 3532-3567 Downloads
Andrew Hertzberg, Andres Liberman and Daniel Paravisini
Spillovers from Costly Credit pp. 3568-3594 Downloads
Brian Melzer
Mortgage Loan Flow Networks and Financial Norms pp. 3595-3642 Downloads
Richard Stanton, Johan Walden and Nancy Wallace
Monetary Policy Implementation and Financial Vulnerability: Evidence from the Overnight Reverse Repurchase Facility pp. 3643-3686 Downloads
Alyssa G Anderson and John Kandrac

Volume 31, issue 8, 2018

Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans pp. 2855-2896 Downloads
Viral V Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch
The Myth of the Credit Spread Puzzle pp. 2897-2942 Downloads
Peter Feldhütter and Stephen M Schaefer
Lending Standards over the Credit Cycle pp. 2943-2982 Downloads
Giacomo Rodano, Nicolas Serrano-Velarde and Emanuele Tarantino
Notes on Bonds: Illiquidity Feedback During the Financial Crisis pp. 2983-3018 Downloads
David Musto, Greg Nini and Krista Schwarz
Interest Rate Risk Management in Uncertain Times pp. 3019-3060 Downloads
Lorenzo Bretscher, Lukas Schmid and Andrea Vedolin
Kicking Maturity Down the Road: Early Refinancing and Maturity Management in the Corporate Bond Market pp. 3061-3097 Downloads
Qiping Xu
Shareholder-Creditor Conflict and Payout Policy: Evidence from Mergers between Lenders and Shareholders pp. 3098-3121 Downloads
Yongqiang Chu
Corporate Deleveraging and Financial Flexibility pp. 3122-3174 Downloads
Harry DeAngelo, Andrei S Gonçalves and René M Stulz
Vote Avoidance and Shareholder Voting in Mergers and Acquisitions pp. 3176-3211 Downloads
Kai Li, Tingting Liu and Juan (Julie) Wu
Winning by Losing: Evidence on the Long-run Effects of Mergers pp. 3212-3264 Downloads
Ulrike Malmendier, Enrico Moretti and Florian S Peters

Volume 31, issue 7, 2018

News Shocks and the Production-Based Term Structure of Equity Returns pp. 2423-2467 Downloads
Hengjie Ai, Mariano Max Croce, Anthony M Diercks and Kai Li
The Information Content of Realized Losses pp. 2468-2498 Downloads
Peter Kelly
Detecting Repeatable Performance pp. 2499-2552 Downloads
Campbell Harvey and Yan Liu
Innovative Originality, Profitability, and Stock Returns pp. 2553-2605 Downloads
David Hirshleifer, Po-Hsuan Hsu and Dongmei Li
The History of the Cross-Section of Stock Returns pp. 2606-2649 Downloads
Juhani T Linnainmaa and Michael R Roberts
Do Hedge Funds Exploit Rare Disaster Concerns? pp. 2650-2692 Downloads
George P Gao, Pengjie Gao and Zhaogang Song
Are Financial Constraints Priced? Evidence from Textual Analysis pp. 2693-2728 Downloads
Matthias Buehlmaier and Toni Whited
Risk Everywhere: Modeling and Managing Volatility pp. 2729-2773 Downloads
Tim Bollerslev, Benjamin Hood, John Huss and Lasse Heje Pedersen
Learning from History: Volatility and Financial Crises pp. 2774-2805 Downloads
Jon Danielsson, Marcela Valenzuela and Ilknur Zer
Housing Price Booms and Crowding-Out Effects in Bank Lending pp. 2806-2853 Downloads
Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay

Volume 31, issue 6, 2018

The Labor Market Effects of Credit Market Information pp. 2005-2037 Downloads
Marieke Bos, Emily Breza and Andres Liberman
Credit Ratings and the Cost of Municipal Financing pp. 2038-2079 Downloads
Jess Cornaggia, Kimberly J. Cornaggia and Ryan D. Israelsen
Banks’ Incentives and Inconsistent Risk Models pp. 2080-2112 Downloads
Matthew C Plosser and Joao Santos
Banks, Firms, and Jobs pp. 2113-2156 Downloads
Fabio Berton, Sauro Mocetti, Andrea Presbitero and Matteo Richiardi
Why Trading Speed Matters: A Tale of Queue Rationing under Price Controls pp. 2157-2183 Downloads
Chen Yao and Mao Ye
Does Algorithmic Trading Reduce Information Acquisition? pp. 2184-2226 Downloads
Brian Weller
The Competitive Landscape of High-Frequency Trading Firms pp. 2227-2276 Downloads
Ekkehart Boehmer, Dan Li and Gideon Saar
Identifying Information Asymmetry in Securities Markets pp. 2277-2325 Downloads
Kerry Back, Kevin Crotty and Tao Li
High-Frequency Measures of Informed Trading and Corporate Announcements pp. 2326-2376 Downloads
Michael J. Brennan, Sahn-Wook Huh and Avanidhar Subrahmanyam
When Transparency Improves, Must Prices Reflect Fundamentals Better? pp. 2377-2414 Downloads
Snehal Banerjee, Jesse Davis and Naveen Gondhi

Volume 31, issue 5, 2018

Managing the Family Firm: Evidence from CEOs at Work pp. 1605-1653 Downloads
Oriana Bandiera, Renata Lemos, Andrea Prat and Raffaella Sadun
Home Bias Abroad: Domestic Industries and Foreign Portfolio Choice pp. 1654-1706 Downloads
David Schumacher
The Costs of Sovereign Default: Evidence from the Stock Market pp. 1707-1751 Downloads
Sandro C. Andrade and Vidhi Chhaochharia
The Economic Effects of a Borrower Bailout: Evidence from an Emerging Market pp. 1752-1783 Downloads
Xavier Gine and Martin Kanz
Cross-Sectional and Time-Series Tests of Return Predictability: What Is the Difference? pp. 1784-1824 Downloads
Amit Goyal and Narasimhan Jegadeesh
Decomposing Value pp. 1825-1854 Downloads
Joseph Gerakos and Juhani T. Linnainmaa
Safe Haven CDS Premiums pp. 1856-1895 Downloads
Sven Klingler and David Lando
Mutual Fund Competition, Managerial Skill, and Alpha Persistence pp. 1896-1929 Downloads
Gerard Hoberg, Nitin Kumar and Nagpurnanand Prabhala
Reaching for Yield in Corporate Bond Mutual Funds pp. 1930-1965 Downloads
Jaewon Choi and Mathias Kronlund
Mutual Fund Transparency and Corporate Myopia pp. 1966-2003 Downloads
Vikas Agarwal, Rahul Vashishtha and Mohan Venkatachalam

Volume 31, issue 4, 2018

Corporate Tax Havens and Transparency pp. 1221-1264 Downloads
Morten Bennedsen and Stefan Zeume
How Does Financial Reporting Regulation Affect Firms’ Banking? pp. 1265-1297 Downloads
Matthias Breuer, Katharina Hombach and Maximilian A Müller
Employment and Wage Insurance within Firms: Worldwide Evidence pp. 1298-1340 Downloads
Andrew Ellul, Marco Pagano and Fabiano Schivardi
Trust Busting: The Effect of Fraud on Investor Behavior pp. 1341-1376 Downloads
Umit G Gurun, Noah Stoffman and Scott E Yonker
Manipulation in the VIX? pp. 1377-1417 Downloads
John M Griffin and Amin Shams
Industry Tournament Incentives pp. 1418-1459 Downloads
Jeffrey L Coles, Zhichuan (Frank) Li and Albert Y Wang
Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data pp. 1460-1498 Downloads
Stuart L Gillan, Jay C Hartzell, Andrew Koch and Laura T Starks
Do Director Elections Matter? pp. 1499-1531 Downloads
Vyacheslav Fos, Kai Li and Margarita Tsoutsoura
Founder Replacement and Startup Performance pp. 1532-1565 Downloads
Michael Ewens and Matt Marx
The Effects of Business Accelerators on Venture Performance: Evidence from Start-Up Chile pp. 1566-1603 Downloads
Juanita Gonzalez-Uribe and Michael Leatherbee

Volume 31, issue 3, 2018

Illiquidity Premia in the Equity Options Market pp. 811-851 Downloads
Peter Christoffersen, Ruslan Goyenko, Kris Jacobs and Mehdi Karoui
Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle pp. 852-897 Downloads
Hui Chen, Rui Cui, Zhiguo He and Konstantin Milbradt
The Twilight Zone: OTC Regulatory Regimes and Market Quality pp. 898-942 Downloads
Ulf Brüggemann, Aditya Kaul, Christian Leuz and Ingrid M. Werner
Does a Larger Menu Increase Appetite? Collateral Eligibility and Credit Supply pp. 943-979 Downloads
Sjoerd Van Bekkum, Marc Gabarro and Rustom M. Irani
Bankruptcy and the Cost of Organized Labor: Evidence from Union Elections pp. 980-1013 Downloads
Murillo Campello, Janet Gao, Jiaping Qiu and Yue Zhang
Why Does Fast Loan Growth Predict Poor Performance for Banks? pp. 1014-1063 Downloads
Ruediger Fahlenbrach, Robert Prilmeier and René M. Stulz
Distributional Implications of Government Guarantees in Mortgage Markets pp. 1064-1097 Downloads
Pedro Gete and Franco Zecchetto
Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default pp. 1098-1131 Downloads
Kristopher Gerardi, Kyle Herkenhoff, Lee Ohanian and Paul S. Willen
Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities pp. 1132-1183 Downloads
Mikhail Chernov, Brett R. Dunn and Francis A. Longstaff
Unsecured Credit Supply, Credit Cycles, and Regulation pp. 1184-1217 Downloads
Song Han, Benjamin J. Keys and Geng Li

Volume 31, issue 2, 2018

Robust Bond Risk Premia pp. 399-448 Downloads
Michael Bauer and James D. Hamilton
Structural GARCH: The Volatility-Leverage Connection pp. 449-492 Downloads
Robert Engle and Emil N. Siriwardane
Pricing Kernel Monotonicity and Conditional Information pp. 493-531 Downloads
Matthew Linn, Sophie Shive and Tyler Shumway
A Recovery that We Can Trust? Deducing and Testing the Restrictions of the Recovery Theorem pp. 532-555 Downloads
Gurdip Bakshi, Fousseni Chabi-Yo and Xiaohui Gao
Are Stocks Riskier over the Long Run? Taking Cues from Economic Theory pp. 556-594 Downloads
Doron Avramov, Scott Cederburg and Katarína Lučivjanská
The Factor Structure in Equity Options pp. 595-637 Downloads
Peter Christoffersen, Mathieu Fournier and Kris Jacobs
Cross-Subsidization in Institutional Asset Management Firms pp. 638-677 Downloads
Ranadeb Chaudhuri, Zoran Ivković and Charles Trzcinka
Forecasting through the Rearview Mirror: Data Revisions and Bond Return Predictability pp. 678-714 Downloads
Eric Ghysels, Casidhe Horan and Emanuel Moench
Are Mutual Fund Managers Paid for Investment Skill? pp. 715-772 Downloads
Markus Ibert, Ron Kaniel, Stijn Van Nieuwerburgh and Roine Vestman
Open-End Organizational Structures and Limits to Arbitrage pp. 773-810 Downloads
Mariassunta Giannetti and Bige Kahraman

Volume 31, issue 1, 2018

The Power of the Street: Evidence from Egypt’s Arab Spring pp. 1-42 Downloads
Daron Acemoglu, Tarek Hassan and Ahmed Tahoun
Who Captures the Power of the Pen? pp. 43-96 Downloads
Jiaxing You, Bohui Zhang and Le Zhang
Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure? pp. 97-141 Downloads
Duc Duy Nguyen, Jens Hagendorff and Arman Eshraghi
The Historical Slave Trade and Firm Access to Finance in Africa pp. 142-174 Downloads
Lamar Pierce and Jason A. Snyder
What Drives Racial and Ethnic Differences in High-Cost Mortgages? The Role of High-Risk Lenders pp. 175-205 Downloads
Patrick Bayer, Fernando Ferreira and Stephen Ross
Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms pp. 206-238 Downloads
Shu Lin and Haichun Ye
Global Relation between Financial Distress and Equity Returns pp. 239-277 Downloads
Pengjie Gao, Christopher A. Parsons and Jianfeng Shen
Inflexibility and Stock Returns pp. 278-321 Downloads
Lifeng Gu, Dirk Hackbarth and Tim Johnson
Estimating and Testing Dynamic Corporate Finance Models pp. 322-361 Downloads
Santiago Bazdresch, R. Jay Kahn and Toni Whited
Rolling Mental Accounts pp. 362-397 Downloads
Cary Frydman, Samuel M. Hartzmark and David H. Solomon
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