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 27, issue 12, 2014

Editor's Choice No News Is News: Do Markets Underreact to Nothing? pp. 3389-3440

Stefano Giglio and Kelly Shue

Does Media Coverage of Stocks Affect Mutual Funds' Trading and Performance? pp. 3441-3466

Lily H. Fang, Joel Peress and Lu Zheng

Media Makes Momentum pp. 3467-3501

Alexander Hillert, Heiko Jacobs and Sebastian Müller

Opacity in Financial Markets pp. 3502-3546

Yuki Sato

Strategic Complementarity, Fragility, and Regulation pp. 3547-3592

Xavier Vives

What Happens in Nevada? Self-Selecting into Lax Law pp. 3593-3627

Michal Barzuza and David C. Smith

Cash-Flow Sensitivities and the Allocation of Internal Cash Flow pp. 3628-3657

Xin Chang, Sudipto Dasgupta, George Wong and Jiaquan Yao

Money Left on the Table: An Analysis of Participation in Employee Stock Purchase Plans pp. 3658-3698

Ilona Babenko and Rik Sen

Volume 27, issue 11, 2014

Editor's Choice Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors pp. 3099-3132

Geetesh Bhardwaj, Gary B. Gorton and K. Rouwenhorst

Window Dressing in Mutual Funds pp. 3133-3170

Vikas Agarwal, Gerald D. Gay and Leng Ling

Trading for Status pp. 3171-3212

Harrison Hong, Wenxi Jiang, Na Wang and Bin Zhao

Peer Effects in Risk Aversion and Trust pp. 3213-3240

Kenneth Ahern, Ran Duchin and Tyler Shumway

Aggregate Investment and Investor Sentiment pp. 3241-3279

Salman Arif and Charles Lee

Asset Prices and Real Exchange Rates with Deep Habits pp. 3280-3317

Christian Heyerdahl-Larsen

Debtholder Responses to Shareholder Activism: Evidence from Hedge Fund Interventions pp. 3318-3342

Jayanthi Sunder, Shyam V. Sunder and Wan Wongsunwai

Mutual Funds and Information Diffusion: The Role of Country-Level Governance pp. 3343-3387

Chunmei Lin, Massimo Massa and Hong Zhang

Volume 27, issue 10, 2014

Editor's Choice Tail Risk and Asset Prices pp. 2841-2871

Bryan Kelly and Hao Jiang

Complex Securities and Underwriter Reputation: Do Reputable Underwriters Produce Better Securities? pp. 2872-2925

John Griffin, Richard Lowery and Alessio Saretto

Does the Tail Wag the Dog?: The Effect of Credit Default Swaps on Credit Risk pp. 2927-2960

Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang

Collateral-Motivated Financial Innovation pp. 2961-2997

Ji Shen, Hongjun Yan and Jinfan Zhang

Learning from Stock Prices and Economic Growth pp. 2998-3059

Joel Peress

Ambiguity Aversion and Asset Prices in Production Economies pp. 3060-3097

Mohammad Jahan-Parvar and Hening Liu

Volume 27, issue 9, 2014

Editor's Choice The Labor Market for Bankers and Regulators pp. 2539-2579

Philip Bond and Vincent Glode

The Ownership of Japanese Corporations in the 20th Century pp. 2580-2625

Julian Franks, Colin Mayer and Hideaki Miyajima

Nationalism and Economic Exchange: Evidence from Shocks to Sino-Japanese Relations pp. 2626-2660

Raymond Fisman, Yasushi Hamao and Yongxiang Wang

Repossession and the Democratization of Credit pp. 2661-2689

Juliano J. Assunção, Efraim Benmelech and Fernando S. S. Silva

Real Estate Prices and Firm Capital Structure pp. 2690-2735

Dragana Cvijanović

Guarantees, Leverage, and Taxes pp. 2736-2772

Elisa Luciano and Giovanna Nicodano

Referee Recommendations pp. 2773-2804

Ivo Welch

In Harm's Way? Payday Loan Access and Military Personnel Performance pp. 2805-2840

Scott Carrell and Jonathan Zinman

Volume 27, issue 8, 2014

High-Frequency Trading and Price Discovery pp. 2267-2306

Jonathan Brogaard, Terrence Hendershott and Ryan Riordan

The Swaption Cube pp. 2307-2353

Anders B. Trolle and Eduardo S. Schwartz

Do Lenders Still Monitor When They Can Securitize Loans? pp. 2354-2391

Yihui Wang and Han Xia

Does Stock Liquidity Affect Incentives to Monitor? Evidence from Corporate Takeovers pp. 2392-2433

Peter Roosenboom, Frederik P. Schlingemann and Manuel Vasconcelos

Corporate Venture Capital, Value Creation, and Innovation pp. 2434-2473

Thomas Chemmanur, Elena Loutskina and Xuan Tian

Prior Client Performance and the Choice of Investment Bank Advisors in Corporate Acquisitions pp. 2474-2503

Valeriy Sibilkov and John J. McConnell

Advance Disclosure of Insider Trading pp. 2504-2537

Stephen L. Lenkey

Volume 27, issue 7, 2014

Do Going-Private Transactions Affect Plant Efficiency and Investment? pp. 1929-1976

Sreedhar Bharath, Amy Dittmar and Jagadeesh Sivadasan

Valuing Private Equity pp. 1977-2021

Morten Sorensen, Neng Wang and Jinqiang Yang

Smart Money? The Effect of Education on Financial Outcomes pp. 2022-2051

Shawn Cole, Anna Paulson and Gauri Shastry

Risk Choice under High-Water Marks pp. 2052-2096

Itamar Drechsler

Microprudential Regulation in a Dynamic Model of Banking pp. 2097-2138

Gianni De Nicolò, Andrea Gamba and Marcella Lucchetta

Misspecification-Robust Inference in Linear Asset-Pricing Models with Irrelevant Risk Factors pp. 2139-2170

Nikolay Gospodinov, Raymond Kan and Cesare Robotti

Frog in the Pan: Continuous Information and Momentum pp. 2171-2218

Zhi Da, Umit Gurun and Mitch Warachka

The Variety of Maturities Offered by Firms and Institutional Investment in Corporate Bonds pp. 2219-2266

Nishant Dass and Massimo Massa

Volume 27, issue 6, 2014

Illiquidity Contagion and Liquidity Crashes pp. 1615-1660

Giovanni Cespa and Thierry Foucault

Investors' and Central Bank's Uncertainty Embedded in Index Options pp. 1661-1716

Alexander David and Pietro Veronesi

Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Mutual Funds pp. 1717-1750

Sergey Chernenko and Adi Sunderam

Co-opted Boards pp. 1751-1796

Jeffrey Coles, Naveen D. Daniel and Lalitha Naveen

Attracting Investor Attention through Advertising pp. 1797-1829

Dong Lou

Heterogeneity and Stability: Bolster the Strong, Not the Weak pp. 1830-1867

Dong Beom Choi

Financial Market Dislocations pp. 1868-1914

Paolo Pasquariello

Index Option Returns: Still Puzzling pp. 1915-1928

Donald R. Chambers, Matthew Foy, Jeffrey Liebner and Qin Lu

Volume 27, issue 5, 2014

Do Security Analysts Speak in Two Tongues? pp. 1287-1322

Ulrike Malmendier and Devin Shanthikumar

Investor Networks in the Stock Market pp. 1323-1366

Han Ozsoylev, Johan Walden, M. Deniz Yavuz and Recep Bildik

Wisdom of Crowds: The Value of Stock Opinions Transmitted Through Social Media pp. 1367-1403

Hailiang Chen, Prabuddha De, Yu (Jeffrey) Hu and Byoung-Hyoun Hwang

Household Debt and Social Interactions pp. 1404-1433

Dimitris Georgarakos, Michael Haliassos and Giacomo Pasini

Liquidity Shocks and Stock Market Reactions pp. 1434-1485

Turan G. Bali, Lin Peng, Yannan Shen and Yi Tang

Communication and Decision-Making in Corporate Boards pp. 1486-1532

Nadya Malenko

Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap? pp. 1533-1592

Nishant Dass, Omesh Kini, Vikram Nanda, Bunyamin Onal and Jun Wang

The Year-End Trading Activities of Institutional Investors: Evidence from Daily Trades pp. 1593-1614

Gang Hu, R. David McLean, Jeffrey Pontiff and Qinghai Wang

Volume 27, issue 4, 2014

Repo Runs pp. 957-989

Antoine Martin, David Skeie and Ernst-Ludwig von Thadden

Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees pp. 990-1030

Victor Stango and Jonathan Zinman

Stock Return Serial Dependence and Out-of-Sample Portfolio Performance pp. 1031-1073

Victor DeMiguel, Francisco J. Nogales and Raman Uppal

Financial Flexibility, Risk Management, and Payout Choice pp. 1074-1101

Alice Adams Bonaimé, Kristine Watson Hankins and Jarrad Harford

Internal Capital Market and Dividend Policies: Evidence From Business Groups pp. 1102-1142

Radhakrishnan Gopalan, Vikram Nanda and Amit Seru

Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates pp. 1143-1189

Gregor Matvos and Amit Seru

Opaque Trading, Disclosure, and Asset Prices: Implications for Hedge Fund Regulation pp. 1190-1237

David Easley, Maureen O'Hara and Liyan Yang

The Growth and Limits of Arbitrage: Evidence from Short Interest pp. 1238-1286

Samuel G. Hanson and Adi Sunderam

Volume 27, issue 3, 2014

Bond Supply and Excess Bond Returns pp. 663-713

Robin Greenwood and Dimitri Vayanos

Expectations of Returns and Expected Returns pp. 714-746

Robin Greenwood and Andrei Shleifer

Do Dark Pools Harm Price Discovery? pp. 747-789

Haoxiang Zhu

Expected Returns and Dividend Growth Rates Implied by Derivative Markets pp. 790-822

Benjamin Golez

Optimal Portfolio Choice with Predictability in House Prices and Transaction Costs pp. 823-880

Stefano Corradin, Jose Fillat and Carles Vergara-Alert

Speculation and Hedging in Segmented Markets pp. 881-922

Itay Goldstein, Yan Li and Liyan Yang

Preventing Zombie Lending pp. 923-956

Max Bruche and Gerard Llobet

Volume 27, issue 2, 2014

Procyclical Leverage and Value-at-Risk pp. 373-403

Tobias Adrian and Hyun Song Shin

Why Did Holdings of Highly Rated Securitization Tranches Differ So Much across Banks? pp. 404-453

Isil Erel, Taylor Nadauld and René M. Stulz

Securitization and Loan Performance: Ex Ante and Ex Post Relations in the Mortgage Market pp. 454-483

Wei Jiang, Ashlyn Aiko Nelson and Edward Vytlacil

The Economics of Solicited and Unsolicited Credit Ratings pp. 484-518

Paolo Fulghieri, Günter Strobl and Han Xia

Asset Prices with Heterogeneity in Preferences and Beliefs pp. 519-580

Harjoat Bhamra and Raman Uppal

When There Is No Place to Hide: Correlation Risk and the Cross-Section of Hedge Fund Returns pp. 581-616

Andrea Buraschi, Robert Kosowski and Fabio Trojani

Common Errors: How to (and Not to) Control for Unobserved Heterogeneity pp. 617-661

Todd A. Gormley and David A. Matsa

Volume 27, issue 1, 2014

Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research pp. 1-19

Thomas Chemmanur and Paolo Fulghieri

The Consequences of Entrepreneurial Finance: Evidence from Angel Financings pp. 20-55

William Kerr, Josh Lerner and Antoinette Schoar

Venture Capitalists on Boards of Mature Public Firms pp. 56-101

Ugur Celikyurt, Merih Sevilir and Anil Shivdasani

Informational Holdup and Performance Persistence in Venture Capital pp. 102-152

Yael V. Hochberg, Alexander Ljungqvist and Annette Vissing-Jorgensen

The Capital Structure Decisions of New Firms pp. 153-179

Alicia M. Robb and David Robinson

Real Option Financing Under Asymmetric Information pp. 180-210

Matthieu Bouvard

Tolerance for Failure and Corporate Innovation pp. 211-255

Xuan Tian and Tracy Yue Wang

Incentives to Innovate and the Decision to Go Public or Private pp. 256-300

Daniel Ferreira, Gustavo Manso and Andre Silva

Wrongful Discharge Laws and Innovation pp. 301-346

Viral Acharya, Ramin P. Baghai and Krishnamurthy V. Subramanian

Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007--2009 Crisis pp. 347-372

Rajkamal Iyer, Jose-Luis Peydro, Samuel Da-Rocha-Lopes and Antoinette Schoar