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.
Bibliographic data for series maintained by Oxford University Press ().

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Volume 36, issue 12, 2023

More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency pp. 4713-4758

Adrian Buss, Savitar Sundaresan and Holger Mueller

Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text pp. 4759-4787

Leland Bybee, Bryan Kelly, Yinan Su and Tarun Ramadorai

Mandatory Financial Disclosure and M&A Activity pp. 4788-4823

Marcelo Ortiz, Caspar David Peter, Francisco Urzúa and Paolo F

ES Risks and Shareholder Voice pp. 4824-4863

Yazhou Ellen, Bige Kahraman and Michelle Lowry

Welfare Consequences of Sustainable Finance pp. 4864-4918

Harrison Hong, Neng Wang, Jinqiang Yang and Stefano Giglio

Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1 pp. 4919-4964

Tarek A, Stephan Hollander, Laurence van, Markus Schwedeler, Ahmed Tahoun and Ralph Koijen

Measuring the Expected Effects of the Global Tax Reform pp. 4965-5011

Roberto Gómez-Cram, Marcel Olbert and Holger Müller

Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation pp. 5012-5045

Fabio Braggion, Felix von, Nic Schaub and Tarun Ramadorai

Volume 36, issue 11, 2023

Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression pp. 4271-4317

Tania Babina, Asaf Bernstein, Filippo Mezzanotti and Holger Mueller

Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China pp. 4318-4372

Xinni Cai, Fuxiu Jiang, Jun-Koo Kang and Wei Jiang

The Partisanship of Financial Regulators pp. 4373-4416

Joseph Engelberg, Matthew Henriksson, Asaf Manela, Jared Williams and Gregor Matvos

Freeze! Financial Sanctions and Bank Responses pp. 4417-4459

Matthias Efing, Stefan Goldbach, Volker Nitsch and Manju Puri

The Design of Macroprudential Stress Tests pp. 4460-4501

Dmitry Orlov, Pavel Zryumov and Andrzej Skrzypacz

Private Renegotiations and Government Interventions in Credit Chains pp. 4502-4545

Vincent Glode, Christian C and Gregor Matvos

Connected Funds pp. 4546-4587

Daniel Fricke and Hannes Wilke

Sea-Level Rise Exposure and Municipal Bond Yields pp. 4588-4635

Paul Goldsmith-Pinkham, Matthew T Gustafson, Ryan C Lewis, Michael Schwert and Gregor Matvos

Reference Points Spillovers: Micro-Level Evidence from Real Estate pp. 4636-4676

Marco Giacoletti, Christopher A Parsons and Tarun Ramadorai

Field of Study and Financial Problems: How Economics Reduces the Risk of Default pp. 4677-4711

Kristoffer Balle and Tarun Ramadorai

Volume 36, issue 10, 2023

Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition pp. 3861-3905

Erica Xuewei and Tarun Ramadorai

Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards pp. 3906-3952

Sudheer Chava, Rohan Ganduri, Nikhil Paradkar and Linghang Zeng

Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey pp. 3953-3998

Sumit Agarwal, Muris Hadzic, Changcheng Song, Yildiray Yildirim and Tarun Ramadorai

Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice pp. 3999-4044

Nitzan Tzur-Ilan and Tarun Ramadorai

Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets pp. 4045-4081

Sasha Indarte and Ralph Koijen

Stock Market Stimulus pp. 4082-4112

Robin Greenwood, Toomas Laarits, Jeffrey Wurgler and Tarun Ramadorai

Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation? pp. 4113-4157

Yu AnCarey, Zhaogang Song and Ralph Koijen

Money Market Disconnect pp. 4158-4189

Benedikt Ballensiefen, Angelo Ranaldo, Hannah Winterberg and Ralph Koijen

When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets pp. 4190-4232

Mohammad R and Filip Zikes

International Portfolio Choice with Frictions: Evidence from Mutual Funds pp. 4233-4270

Philippe Bacchetta, Simon Tièche, Eric van and Ralph Koijen

Volume 36, issue 9, 2023

How ETFs Amplify the Global Financial Cycle in Emerging Markets pp. 3423-3462

Nathan Converse, Eduardo Levy-Yeyati and Tomas Williams

SPACs pp. 3463-3501

Minmo Gahng, Jay Ritter and Donghang Zhang

The Overnight Drift pp. 3502-3547

Nina Boyarchenko, Lars C Larsen, Paul Whelan and Stefano Giglio

Option Return Predictability with Machine Learning and Big Data pp. 3548-3602

Turan G Bali, Heiner Beckmeyer, Mathis Mörke, Florian Weigert and Stefano Giglio

How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI pp. 3603-3642

Sean Cao Robert H. Smith, Wei Jiang, Baozhong Yang J. Mack Robinson, Alan Zhang and Tarun Ramadorai

Secret and Overt Information Acquisition in Financial Markets pp. 3643-3692

Yan Xiong, Liyan Yang and Tarun Ramadorai

Designing Securities for Scrutiny pp. 3693-3737

Brendan Daley, Brett Green and Victoria Vanasco

Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel pp. 3738-3780

Haoyang Liu, Dean Parker and Rodney Ramcharan

Joining Forces: The Spillover Effects of EPA Enforcement Actions and the Role of Socially Responsible Investors pp. 3781-3824

Sudipto Dasgupta, Thanh D, Ying Xia and Holger Mueller

What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective pp. 3825-3860

Frederico Belo, Andres Donangelo, Xiaoji Lin, Ding Luo and Stijn Van

Volume 36, issue 8, 2023

Dollar and Exports pp. 2963-2996

Valentina Bruno and Hyun Song

The Leading Premium pp. 2997-3033

Mariano M, Tatyana Marchuk, Christian Schlag and Ralph Koijen

Factor Momentum pp. 3034-3070

Robert D Arnott, Vitali Kalesnik, Juhani T Linnainmaa and Tarun Ramadorai

Finding Fortune: How Do Institutional Investors Pick Asset Managers? pp. 3071-3121

Gregory W Brown, Oleg R Gredil, Preetesh Kantak and Tarun Ramadorai

Is There Investment Value in the Soft-Dollar Arrangement? Evidence from Mutual Funds* pp. 3122-3162

Sinan Gokkaya, Xi Liu, Veronika Krepely, Fei Xie, Jinfan Zhang and Lauren Cohen

Do Corporate Disclosures Constrain Strategic Analyst Behavior? pp. 3163-3212

Yen-Cheng Chang, Alexander Ljungqvist and Kevin Tseng

Trust, Transparency, and Complexity pp. 3213-3256

Richard T, Robert C and Lauren Cohen

Neglected Peers in Merger Valuations pp. 3257-3310

Feng GuoIowa, Tingting Liu, Danni Tu and Lauren Cohen

Regulatory Intensity and Firm-Specific Exposure pp. 3311-3347

Joseph Kalmenovitz and Ralph Koijen

How Has COVID-19 Impacted Research Production in Economics and Finance? pp. 3348-3381

Samuel Kruger, Gonzalo Maturana and Jordan Nickerson

How Large Are Bequest Motives? Estimates Based on Health Shocks pp. 3382-3422

Jens Soerlie and Tarun Ramadorai

Volume 36, issue 7, 2023

Climate Risk Disclosure and Institutional Investors pp. 2617-2650

Emirhan Ilhan, Philipp Krueger, Zacharias Sautner and Laura T Starks

Human Capital Investment after the Storm pp. 2651-2684

Emily A Gallagher, Stephen B Billings and Lowell Ricketts

Real Effects of Search Frictions in Consumer Credit Markets pp. 2685-2720

Bronson Argyle, Taylor Nadauld and Christopher Palmer

Deposit Insurance and Depositor Behavior: Evidence from Colombia pp. 2721-2755

Nicolás de Roux and Nicola Limodio

The Missing Homebuyers: Regional Heterogeneity and Credit Contractions pp. 2756-2796

Pierre Mabille

Labor Force Demographics and Corporate Innovation pp. 2797-2838

Francois Derrien, Ambrus Kecskés and Phuong-Anh Nguyen

Do Corporations Retain Too Much Cash? Evidence from a Natural Experiment pp. 2839-2877

Hwanki Brian Kim, Woojin Kim and Mathias Kronlund

Precautionary Saving in a Financially Constrained Firm pp. 2878-2921

Andrew B Abel and Stavros Panageas

The Impact of Risk Cycles on Business Cycles: A Historical View pp. 2922-2961

Jon Danielsson, Marcela Valenzuela and Ilknur Zer

Volume 36, issue 6, 2023

Regulatory Limits to Risk Management pp. 2175-2223

Ishita Sen

Watch What They Do, Not What They Say: Estimating Regulatory Costs from Revealed Preferences pp. 2224-2273

Adrien Alvero, Sakai Ando and Kairong Xiao

Redemption in Kind and Mutual Fund Liquidity Management pp. 2274-2318

Vikas Agarwal, Honglin Ren, Ke Shen and Haibei Zhao

Are CLO Collateral and Tranche Ratings Disconnected? pp. 2319-2360

John M Griffin and Jordan Nickerson

Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases pp. 2361-2396

Jules H van Binsbergen, Xiao Han and Alejandro Lopez-Lira

How Fast Do Investors Learn? Asset Management Investors and Bayesian Learning pp. 2397-2430

Christopher Schwarz and Zheng Sun

The Dynamics of Disagreement pp. 2431-2467

Kent Daniel, Alexander Klos and Simon Rottke

Pricing Implications of Noise pp. 2468-2508

Christian L Goulding, Shrihari Santosh and Xingtan Zhang

Trendy Business Cycles and Asset Prices pp. 2509-2570

Jesse Davis and Gill Segal

Persistent Crises and Levered Asset Prices pp. 2571-2616

Lars-Alexander Kuehn, David Schreindorfer and Florian Schulz

Volume 36, issue 5, 2023

Do Investors Care about Impact? pp. 1737-1787

Florian Heeb, Julian F Kölbel, Falko Paetzold and Stefan Zeisberger

Why Do Boards Exist? Governance Design in the Absence of Corporate Law pp. 1788-1836

Mike Burkart, Salvatore Miglietta and Charlotte Ostergaard

Disloyal Managers and Shareholders’ Wealth pp. 1837-1888

Eliezer M FichLe, Jarrad Harford and Anh Tran

Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms pp. 1889-1929

Sabrina T Howell and J. David Brown

Product Innovation and Credit Market Disruptions pp. 1930-1969

João Granja and Sara Moreira

Intellectual Property Rights and Debt Financing pp. 1970-2003

Paula Suh

Rating Agency Fees: Pay to Play in Public Finance? pp. 2004-2045

Jess Cornaggia, Kimberly J Cornaggia and Ryan Israelsen

Macroprudential Policy with Liquidity Panics pp. 2046-2090

Daniel Garcia-Macia and Alonso Villacorta

The Demand for Money, Near-Money, and Treasury Bonds pp. 2091-2130

Arvind Krishnamurthy and Wenhao Li

Illiquidity and Higher Cumulants pp. 2131-2173

Sergei Glebkin, Semyon Malamud and Alberto Teguia

Volume 36, issue 4, 2023

Advising the Management: A Theory of Shareholder Engagement pp. 1319-1363

Ali Kakhbod, Uliana Loginova, Andrey Malenko and Nadya Malenko

Corporate Capture of Blockchain Governance pp. 1364-1407

Daniel Ferreira, Jin Li and Radoslawa Nikolowa

A Quantitative Model of Dynamic Moral Hazard pp. 1408-1463

Hengjie Ai, Dana Kiku, Rui Li and Stijn Van

Are Intermediary Constraints Priced? pp. 1464-1507

Wenxin Du, Benjamin Hébert, Amy Wang Huber and Stefano Giglio

Roads and Loans pp. 1508-1547

Sumit Agarwal, Abhiroop Mukherjee, S Lakshmi and Francesca Cornelli

Estimating General Equilibrium Spillovers of Large-Scale Shocks pp. 1548-1584

Kilian Huber and Holger Mueller

Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States pp. 1585-1620

Jeremy Burke, Julian Jamison, Dean Karlan, Kata Mihaly, Jonathan Zinman and Tarun Ramadorai

The Incidence of Student Loan Subsidies: Evidence from the PLUS Program pp. 1621-1666

Mahyar Kargar and William Mann

Tuition, Debt, and Human Capital pp. 1667-1702

Rajashri Chakrabarti, Vyacheslav Fos, Andres Liberman, Constantine Yannelis and Tarun Ramadorai

The Disutility of Stock Market Losses: Evidence From Domestic Violence pp. 1703-1736

Tse-Chun Lin, Vesa Pursiainen and Lauren Cohen

Volume 36, issue 3, 2023

Benchmarking Intensity pp. 859-903

Anna Pavlova, Taisiya Sikorskaya and Ralph Koijen

Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices pp. 904-944

Chengdong Yin, Xiaoyan Zhang and Wei Jiang

Nowcasting Net Asset Values: The Case of Private Equity pp. 945-986

Gregory W, Eric Ghysels, Oleg R Gredil and Stijn Van

Competition for Attention in the ETF Space pp. 987-1042

Itzhak Ben-David, Francesco Franzoni, Byungwook Kim, Rabih Moussawi and Ralph Koijen

Exchange-Traded Funds and Real Investment pp. 1043-1093

Constantinos, Frank Weikai, Xuewen Liu, Avanidhar Subrahmanyam and Chengzhu Sun

The Effect of Stock Liquidity on the Firm’s Investment and Production pp. 1094-1147

Yakov Amihud and Shai Levi

Information versus Investment* pp. 1148-1191

Stephen J, Toni M and Anastasia A

High Inflation: Low Default Risk and Low Equity Valuations pp. 1192-1252

Harjoat S, Christian Dorion, Alexandre Jeanneret, Michael Weber and Stijn Van

Horizon Bias and the Term Structure of Equity Returns pp. 1253-1288

Stefano Cassella, Benjamin Golez, Huseyin Gulen, Peter Kelly and Stefano Giglio

A Model-Free Term Structure of U.S. Dividend Premiums pp. 1289-1318

Maxim Ulrich, Stephan Florig, Ralph Seehuber and Ralph Koijen

Volume 36, issue 2, 2023

The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity pp. 409-449

William Gerken and Marcus O Painter

Echo Chambers pp. 450-500

J Anthony Cookson, Joseph E Engelberg and William Mullins

Recommendations with Feedback pp. 501-533

Ganesh Iyer and Gustavo Manso

Financial Market Ethics pp. 534-570

David Easley and Maureen O’Hara

Simultaneous Multilateral Search pp. 571-614

Sergei Glebkin, Bart Zhou Yueshen and Ji Shen

OTC Intermediaries pp. 615-677

Andrea L Eisfeldt, Bernard Herskovic, Sriram Rajan, Emil Siriwardane and Ralph Koijen

From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity? pp. 678-732

Gideon Saar, Jian Sun, Ron Yang and Haoxiang Zhu

The Effects of Capital Requirements on Good and Bad Risk-Taking pp. 733-774

N Aaron Pancost and Roberto Robatto

Trade Credit and the Transmission of Unconventional Monetary Policy pp. 775-813

Manuel Adelino, Miguel A Ferreira, Mariassunta Giannetti and Pedro Pires

Counterparty Risk: Implications for Network Linkages and Asset Prices pp. 814-858

Fotis Grigoris, Yunzhi Hu, Gill Segal and Ralph Koijen

Volume 36, issue 1, 2023

Racial Disparities in the Auto Loan Market pp. 1-41

Alexander Butler, Erik J Mayer and James P Weston

What Determines Consumer Financial Distress? Place- and Person-Based Factors pp. 42-69

Benjamin J, Neale Mahoney, Hanbin Yang and Tarun Ramadorai

Do Wall Street Landlords Undermine Renters’ Welfare? pp. 70-121

Umit G Gurun, Jiabin Wu, Steven Chong, Serena Wenjing and Tarun Ramadorai

Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment pp. 122-154

Efraim Benmelech, Adam Guren, Brian T Melzer and Stijn Van

It Takes Two to Borrow: The Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples pp. 155-193

Alina Kristin and Tarun Ramadorai

The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity pp. 194-234

Tim Liu, Christos A, Paige Ouimet and Elena Simintzi

Bank Bonus Pay as a Risk Sharing Contract pp. 235-280

Matthias Efing, Harald Hau, Patrick Kampkötter and Jean Rochet

Import Penetration and Executive Compensation pp. 281-316

Erik Lie, Keyang (Daniel) Yang and Wei Jiang

Do Temporary Demand Shocks Have Long-Term Effects for Startups? pp. 317-350

Hans K Hvide, Tom G Meling and Tarun Ramadorai

Cybersecurity Risk pp. 351-407

Chris Florackis, Christodoulos Louca, Roni Michaely and Michael Weber