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 23, issue 12, 2010

The Aggregate Dynamics of Capital Structure and Macroeconomic Risk pp. 4187-4241

Harjoat Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev

Capital Structure and Debt Structure pp. 4242-4280

Joshua D. Rauh and Amir Sufi

Dollars Dollars Everywhere, Nor Any Dime to Lend: Credit Limit Constraints on Financial Sector Absorptive Capacity pp. 4281-4323

Asim Khwaja, Atif Mian and Bilal Zia

Do Regulations Based on Credit Ratings Affect a Firm's Cost of Capital? pp. 4324-4347

Darren J. Kisgen and Philip E. Strahan

Entrepreneurial Finance and Nondiversifiable Risk pp. 4348-4388

Hui Chen, Jianjun Miao and Neng Wang

Short Selling Around Seasoned Equity Offerings pp. 4389-4418

Tyler R. Henry and Jennifer Koski

Interim News and the Role of Proxy Voting Advice pp. 4419-4454

Cindy R. Alexander, Mark A. Chen, Duane J. Seppi and Chester S. Spatt

Dividend Stickiness and Strategic Pooling pp. 4455-4495

Ilan Guttman, Ohad Kadan and Eugene Kandel

The Role of Institutional Investors in Initial Public Offerings pp. 4496-4540

Thomas Chemmanur, Gang Hu and Jiekun Huang

Volume 23, issue 11, 2010

The Effects of Price Risk on Housing Demand: Empirical Evidence from U.S. Markets pp. 3889-3928

Lu Han

Why Do Household Portfolio Shares Rise in Wealth? pp. 3929-3965

Jessica Wachter and Motohiro Yogo

Stock Market Liquidity and the Long-run Stock Performance of Debt Issuers pp. 3966-3995

Alexander Butler and Hong Wan

Event Study Testing with Cross-sectional Correlation of Abnormal Returns pp. 3996-4025

James W. Kolari and Seppo Pynnönen

SEO Risk Dynamics pp. 4026-4077

Murray Carlson, Adlai Fisher and Ron Giammarino

Judicial Discretion in Corporate Bankruptcy pp. 4078-4114

Nicola Gennaioli and Stefano Rossi

Control of Corporate Decisions: Shareholders vs. Management pp. 4115-4147

Milton Harris and Artur Raviv

Incentives, Targeting, and Firm Performance: An Analysis of Non-executive Stock Options pp. 4148-4186

Yael V. Hochberg and Laura Lindsey

Volume 23, issue 10, 2010

When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Non-commercial Banking Institutions pp. 3595-3637

Wei Jiang, Kai Li and Pei Shao

Does Competition Reduce the Risk of Bank Failure? pp. 3638-3664

David Martinez-Miera and Rafael Repullo

Credit Line Usage, Checking Account Activity, and Default Risk of Bank Borrowers pp. 3665-3699

Lars Norden and Martin Weber

The Information Content of Bank Loan Covenants pp. 3700-3737

Cem Demiroglu and Christopher James

Risk and Return Characteristics of Venture Capital-Backed Entrepreneurial Companies pp. 3738-3772

Arthur Korteweg and Morten Sorensen

Product Market Synergies and Competition in Mergers and Acquisitions: A Text-Based Analysis pp. 3773-3811

Gerard Hoberg and Gordon Phillips

Pay (Be)for(e) Performance: The Signing Bonus as an Incentive Device pp. 3812-3848

Edward Dickersin Van Wesep

Stock and Option Grants with Performance-based Vesting Provisions pp. 3849-3888

Carr Bettis, John Bizjak, Jeffrey Coles and Swaminathan Kalpathy

Volume 23, issue 9, 2010

Measurement Errors in Investment Equations pp. 3279-3328

Heitor Almeida, Murillo Campello and Antonio Galvao

Reward for Luck in a Dynamic Agency Model pp. 3329-3345

Florian Hoffmann and Sebastian Pfeil

Solving Consumption and Portfolio Choice Problems: The State Variable Decomposition Method pp. 3346-3400

Lorenzo Garlappi and Georgios Skoulakis

A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns pp. 3401-3436

David Hirshleifer and Danling Jiang

The Mispricing Return Premium pp. 3437-3468

Michael J. Brennan and Ashley W. Wang

Expected Returns and Expected Growth in Rents of Commercial Real Estate pp. 3469-3519

Alberto Plazzi, Walter Torous and Rossen Valkanov

Does Public Financial News Resolve Asymmetric Information? pp. 3520-3557

Paul C. Tetlock

Originator Performance, CMBS Structures, and the Risk of Commercial Mortgages pp. 3558-3594

Sheridan Titman and Sergey Tsyplakov

Volume 23, issue 8, 2010

CEO Replacement Under Private Information pp. 2935-2969

Roman Inderst and Holger M. Mueller

Dynamic Mean-Variance Asset Allocation pp. 2970-3016

Suleyman Basak and Georgy Chabakauri

The Representative Agent of an Economy with External Habit Formation and Heterogeneous Risk Aversion pp. 3017-3047

Costas Xiouros and Fernando Zapatero

Formal versus Informal Finance: Evidence from China pp. 3048-3097

Meghana Ayyagari, Asli Demirguc-Kunt and Vojislav Maksimovic

Optimal Mortgage Design pp. 3098-3140

Tomasz Piskorski and Alexei Tchistyi

Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns, and Option Prices pp. 3141-3189

Peter Christoffersen, Kris Jacobs and Karim Mimouni

Long-Run Risk through Consumption Smoothing pp. 3190-3224

Georg Kaltenbrunner and Lars A. Lochstoer

Do Market Efficiency Measures Yield Correct Inferences? A Comparison of Developed and Emerging Markets pp. 3225-3277

John M. Griffin, Patrick Kelly and Federico Nardari

Volume 23, issue 7, 2010

Temporary versus Permanent Shocks: Explaining Corporate Financial Policies pp. 2591-2647

Alexander S. Gorbenko

The Design of Corporate Debt Structure and Bankruptcy pp. 2648-2679

Ernst-Ludwig von Thadden, Erik Berglof and Gérard Roland

On Correlation and Default Clustering in Credit Markets pp. 2680-2729

Antje Berndt, Peter Ritchken and Zhiqiang Sun

The "Dominant Bank Effect:" How High Lender Reputation Affects the Information Content and Terms of Bank Loans pp. 2730-2756

David Gaddis Ross

Distance and Private Information in Lending pp. 2757-2788

Sumit Agarwal

Financing under Extreme Risk: Contract Terms and Returns to Private Investments in Public Equity pp. 2789-2820

Susan Chaplinsky

The Information Content of IPO Prospectuses pp. 2821-2864

Kathleen Weiss Hanley

Acquisition Values and Optimal Financial (In)Flexibility pp. 2865-2899

Ulrich Hege

Outstanding Debt and the Household Portfolio pp. 2900-2934

Thomas A. Becker

Volume 23, issue 6, 2010

Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households pp. 2229-2267

Jie Gan

Corporate Real Estate Holdings and the Cross-Section of Stock Returns pp. 2268-2302

Selale Tuzel

The Economics of Private Equity Funds pp. 2303-2341

Andrew Metrick

Side-by-Side Management of Hedge Funds and Mutual Funds pp. 2342-2373

Tom Nohel, Z. Jay Wang and Lu Zheng

The Determinants of Stock and Bond Return Comovements pp. 2374-2428

Lieven Baele

Information Immobility and Foreign Portfolio Investment pp. 2429-2463

Sandro C. Andrade and Vidhi Chhaochharia

The Market Portfolio May Be Mean/Variance Efficient After All pp. 2464-2491

Moshe Levy and Richard Roll

Convertible Bond Arbitrageurs as Suppliers of Capital pp. 2492-2522

Darwin Choi, Mila Getmansky, Brian Henderson and Heather Tookes

Is Default Risk Negatively Related to Stock Returns? pp. 2523-2559

Sudheer Chava and Amiyatosh Purnanandam

Information, the Cost of Credit, and Operational Efficiency: An Empirical Study of Microfinance pp. 2560-2590

Mark J. Garmaise and Gabriel Natividad

Volume 23, issue 5, 2010

Why Do Firms Use Private Equity to Opt Out of Public Markets? pp. 1771-1818

Sreedhar T. Bharath and Amy K. Dittmar

Performance-Sensitive Debt pp. 1819-1854

Gustavo Manso, Bruno Strulovici and Alexei Tchistyi

The Going-Public Decision and the Product Market pp. 1855-1908

Thomas Chemmanur, Shan He and Debarshi Nandy

New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index pp. 1909-1940

Charles J. Hadlock and Joshua R. Pierce

Which Firms Follow the Market? An Analysis of Corporate Investment Decisions pp. 1941-1980

Tor-Erik Bakke and Toni Whited

Repeated Signaling and Firm Dynamics pp. 1981-2023

Christopher A. Hennessy, Dmitry Livdan and Bruno Miranda

The Economic Consequences of IPO Spinning pp. 2024-2059

Xiaoding Liu and Jay Ritter

Strategic Flexibility and the Optimality of Pay for Sector Performance pp. 2060-2098

Radhakrishnan Gopalan, Todd Milbourn and Fenghua Song

Executive Compensation: A New View from a Long-Term Perspective, 1936--2005 pp. 2099-2138

Carola Frydman and Raven E. Saks

Option Valuation with Conditional Heteroskedasticity and Nonnormality pp. 2139-2183

Peter Christoffersen, Redouane Elkamhi, Bruno Feunou and Kris Jacobs

Discrete-Time Affine-super-ℚ Term Structure Models with Generalized Market Prices of Risk pp. 2184-2227

Anh Le, Kenneth J. Singleton and Qiang Dai

Volume 23, issue 4, 2010

Ambiguity in Asset Markets: Theory and Experiment pp. 1325-1359

Peter Bossaerts, Paolo Ghirardato, Serena Guarnaschelli and William Zame

Investment under Uncertainty, Heterogeneous Beliefs, and Agency Conflicts pp. 1360-1404

Yahel Giat, Steve T. Hackman and Ajay Subramanian

Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds pp. 1405-1432

James Choi, David Laibson and Brigitte Madrian

Heterogeneous Expectations and Bond Markets pp. 1433-1466

Wei Xiong and Hongjun Yan

Improved Estimates of Higher-Order Comoments and Implications for Portfolio Selection pp. 1467-1502

Lionel Martellini and Volker Ziemann

Equilibrium Asset Pricing and Portfolio Choice Under Asymmetric Information pp. 1503-1543

Bruno Biais, Peter Bossaerts and Chester Spatt

Insider Trades and Demand by Institutional and Individual Investors pp. 1544-1595

Richard W. Sias

The Market Price of Aggregate Risk and the Wealth Distribution pp. 1596-1650

YiLi Chien and Hanno Lustig

Asset Return Dynamics and Learning pp. 1651-1680

William Branch and George Evans

Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change pp. 1681-1717

Harald Hau, Massimo Massa and Joel Peress

Excess Comovement in International Equity Markets: Evidence from Cross-border Mergers pp. 1718-1740

Richard A. Brealey, Ian A. Cooper and Evi Kaplanis

The Value of Control in Emerging Markets pp. 1741-1770

Anusha Chari, Paige P. Ouimet and Linda Tesar

Volume 23, issue 3, 2010

The State of Corporate Governance Research pp. 939-961

Lucian A. Bebchuk and Michael Weisbach

What Do Independent Directors Know? Evidence from Their Trading pp. 962-1003

Enrichetta Ravina and Paola Sapienza

Wall Street and Main Street: What Contributes to the Rise in the Highest Incomes? pp. 1004-1050

Steven Kaplan and Joshua Rauh

Extreme Governance: An Analysis of Dual-Class Firms in the United States pp. 1051-1088

Paul Gompers, Joy Ishii and Andrew Metrick

Investor Protection and Interest Group Politics pp. 1089-1119

Lucian A. Bebchuk and Zvika Neeman

Managerial Agency and Bond Covenants pp. 1120-1148

Sudheer Chava, Praveen Kumar and Arthur Warga

Lending Relationships and Information Rents: Do Banks Exploit Their Information Advantages? pp. 1149-1199

Carola Schenone

Endogenous Entry and Partial Adjustment in IPO Auctions: Are Institutional Investors Better Informed? pp. 1200-1230

Yao-Min Chiang, Yiming Qian and Ann E. Sherman

The Evolution of Corporate Ownership after IPO: The Impact of Investor Protection pp. 1231-1260

C. Fritz Foley and Robin Greenwood

Internal Governance Mechanisms and Operational Performance: Evidence from Index Mutual Funds pp. 1261-1286

John C. Adams, Sattar A. Mansi and Takeshi Nishikawa

How Do Pensions Affect Corporate Capital Structure Decisions? pp. 1287-1323

Anil Shivdasani and Irina Stefanescu

Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund pp. 3093-3129

Marco Becht, Julian Franks, Colin Mayer and Stefano Rossi

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences pp. 3131-3169

Reena Aggarwal, Isil Erel, René Stulz and Rohan Williamson

Do Foreigners Invest Less in Poorly Governed Firms? pp. 3245-3285

Christian Leuz, Karl Lins and Francis Warnock

Volume 23, issue 2, 2010

The "Antidirector Rights Index" Revisited pp. 467-486

Holger Spamann

Do Envious CEOs Cause Merger Waves? pp. 487-517

Anand Goel and Anjan Thakor

Financial Visibility and the Decision to Go Private pp. 519-547

Hamid Mehran and Stavros Peristiani

How Law Affects Lending pp. 549-580

Rainer Haselmann, Katharina Pistor and Vikrant Vig

Evidence on the Dark Side of Internal Capital Markets pp. 581-599

Oguzhan Ozbas and David S. Scharfstein

Shareholders at the Gate? Institutional Investors and Cross-Border Mergers and Acquisitions pp. 601-644

Miguel Ferreira, Massimo Massa and Pedro Matos

The Levered Equity Risk Premium and Credit Spreads: A Unified Framework pp. 645-703

Harjoat Bhamra, Lars-Alexander Kuehn and Ilya A. Strebulaev

Learning by Trading pp. 705-739

Amit Seru, Tyler Shumway and Noah Stoffman

When Can Life Cycle Investors Benefit from Time-Varying Bond Risk Premia? pp. 741-780

Ralph Koijen, Theo Nijman and Bas J. M. Werker

Market-Based Corrective Actions pp. 781-820

Philip Bond, Itay Goldstein and Edward Prescott

Out-of-Sample Equity Premium Prediction: Combination Forecasts and Links to the Real Economy pp. 821-862

David E. Rapach, Jack K. Strauss and Guofu Zhou

The Idiosyncratic Volatility Puzzle: Time Trend or Speculative Episodes? pp. 863-899

Michael W. Brandt, Alon Brav, John R. Graham and Alok Kumar

Do Analysts Herd? An Analysis of Recommendations and Market Reactions pp. 901-937

Narasimhan Jegadeesh and Woojin Kim

Volume 23, issue 1, 2010

Portfolio Performance and Agency pp. 1-23

Philip Dybvig, Heber K. Farnsworth and Jennifer N. Carpenter

Dynamic Asset Allocation: Portfolio Decomposition Formula and Applications pp. 25-100

Jerome Detemple and Marcel Rindisbacher

Dynamic Investment and Financing under Personal Taxation pp. 101-146

Erwan Morellec and Norman Schürhoff

Return Reversals, Idiosyncratic Risk, and Expected Returns pp. 147-168

Wei Huang, Qianqiu Liu, S. Ghon Rhee and Liang Zhang

Expected Idiosyncratic Skewness pp. 169-202

Brian Boyer, Todd Mitton and Keith Vorkink

Information Linkages and Correlated Trading pp. 203-246

Paolo Colla and Antonio Mele

Financial Constraints, Investment, and the Value of Cash Holdings pp. 247-269

David J. Denis and Valeriy Sibilkov

Ex-dividend Arbitrage in Option Markets pp. 271-303

Jia Hao, Avner Kalay and Stewart Mayhew

Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns pp. 305-344

John Campbell, Christopher Polk and Tuomo Vuolteenaho

Variance Risk-Premium Dynamics: The Role of Jumps pp. 345-383

Viktor Todorov

The Effects of Marital Status and Children on Savings and Portfolio Choice pp. 385-432

David Love

Expanding Credit Access: Using Randomized Supply Decisions to Estimate the Impacts pp. 433-464

Dean Karlan and Jonathan Zinman