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..
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Volume 22, issue 12, 2009

Tunnel-Proofing the Executive Suite: Transparency, Temptation, and the Design of Executive Compensation pp. 4849-4880

Thomas Noe

A Multiplicative Model of Optimal CEO Incentives in Market Equilibrium pp. 4881-4917

Alex Edmans, Xavier Gabaix and Augustin Landier

Empire-Building or Bridge-Building? Evidence from New CEOs' Internal Capital Allocation Decisions pp. 4919-4948

Yuhai Xuan

Bankruptcy Codes and Innovation pp. 4949-4988

Viral Acharya and Krishnamurthy V. Subramanian

Investment Banks as Insiders and the Market for Corporate Control pp. 4989-5026

Andriy Bodnaruk, Massimo Massa and Andrei Simonov

Macro Factors in Bond Risk Premia pp. 5027-5067

Sydney Ludvigson and Serena Ng

Empirical Analysis of Corporate Credit Lines pp. 5069-5098

Gabriel Jimenez, Jose Lopez and Jesus Saurina

Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms pp. 5099-5131

Benjamin Yibin Zhang, Hao Zhou and Haibin Zhu

Basis Assets pp. 5133-5174

Dong-Hyun Ahn, Jennifer Conrad and Robert Dittmar

Brokerage Commissions and Institutional Trading Patterns pp. 5175-5212

Michael Goldstein, Paul Irvine, Eugene Kandel and Zvi Wiener

Return Decomposition pp. 5213-5249

Long Chen and Xinlei Zhao

Expected Returns and the Business Cycle: Heterogeneous Goods and Time-Varying Risk Aversion pp. 5251-5294

Lars A. Lochstoer

Volume 22, issue 11, 2009

Anomalies pp. 4301-4334

Xuenan Li, Dmitry Livdan and Lu Zhang

Nonparametric Estimation of State-Price Densities Implicit in Interest Rate Cap Prices pp. 4335-4376

Haitao Li and Feng Zhao

Good Times or Bad Times? Investors' Uncertainty and Stock Returns pp. 4377-4422

Arzu Ozoguz

Unspanned Stochastic Volatility and the Pricing of Commodity Derivatives pp. 4423-4461

Anders B. Trolle and Eduardo S. Schwartz

Expected Stock Returns and Variance Risk Premia pp. 4463-4492

Tim Bollerslev, George Tauchen and Hao Zhou

Understanding Index Option Returns pp. 4493-4529

Mark Broadie, Mikhail Chernov and Michael Johannes

Open-Loop Equilibria and Perfect Competition in Option Exercise Games pp. 4531-4552

Kerry Back and Dirk Paulsen

Benchmarking Money Manager Performance: Issues and Evidence pp. 4553-4599

Louis K. C. Chan, Stephen Dimmock and Josef Lakonishok

A Dynamic Model of the Limit Order Book pp. 4601-4641

Ioanid Rosu

Size and Focus of a Venture Capitalist's Portfolio pp. 4643-4680

Paolo Fulghieri

Incentive Contracts in Delegated Portfolio Management pp. 4681-4714

C. Wei Li and Ashish Tiwari

On the Growth Effect of Stock Market Liberalizations pp. 4715-4752

Nandini Gupta and Kathy Yuan

A Reexamination of Corporate Governance and Equity Prices pp. 4753-4786

Shane Johnson, Ted Moorman and Sorin Sorescu

The Sale of Multiple Assets with Private Information pp. 4787-4820

Zhiguo He

Option Backdating and Board Interlocks pp. 4821-4847

John Bizjak, Michael Lemmon and Ryan Whitby

Volume 22, issue 10, 2009

The Limitations of Industry Concentration Measures Constructed with Compustat Data: Implications for Finance Research pp. 3839-3871

Ashiq Ali, Sandy Klasa and Eric Yeung

Disagreement and Learning in a Dynamic Contracting Model pp. 3873-3906

Tobias Adrian and Mark Westerfield

Liquidity and Manipulation of Executive Compensation Schemes pp. 3907-3939

Ulf Axelson and Sandeep Baliga

Large Shareholders and Corporate Policies pp. 3941-3976

Henrik Cronqvist and Ruediger Fahlenbrach

Scaling the Hierarchy: How and Why Investment Banks Compete for Syndicate Co-management Appointments pp. 3977-4007

Alexander Ljungqvist, Felicia Marston and William J. Wilhelm

Ownership: Evolution and Regulation pp. 4009-4056

Julian Franks, Colin Mayer and Stefano Rossi

Estimating the Effect of Hierarchies on Information Use pp. 4057-4090

Jose Liberti and Atif Mian

Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment pp. 4091-4127

Mariassunta Giannetti and Luc Laeven

Assessing the Costs and Benefits of Brokers in the Mutual Fund Industry pp. 4129-4156

Daniel Bergstresser, John M. R. Chalmers and Peter Tufano

Ambiguity Aversion and the Term Structure of Interest Rates pp. 4157-4188

Patrick Gagliardini, Paolo Porchia and Fabio Trojani

Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations pp. 4189-4217

Ohad Kadan, Leonardo Madureira, Rong Wang and Tzachi Zach

Measuring Abnormal Bond Performance pp. 4219-4258

Hendrik Bessembinder, Kathleen M. Kahle, William F. Maxwell and Danielle Xu

Demand-Based Option Pricing pp. 4259-4299

Nicolae Garleanu, Lasse Pedersen and Allen M. Poteshman

Volume 22, issue 9, 2009

How Active Is Your Fund Manager? A New Measure That Predicts Performance pp. 3329-3365

K. J. Martijn Cremers and Antti Petajisto

On the Relation Between the Credit Spread Puzzle and the Equity Premium Puzzle pp. 3367-3409

Long Chen, Pierre Collin-Dufresne and Robert S. Goldstein

Parametric Portfolio Policies: Exploiting Characteristics in the Cross-Section of Equity Returns pp. 3411-3447

Michael W. Brandt, Pedro Santa-Clara and Rossen Valkanov

Model Comparison Using the Hansen-Jagannathan Distance pp. 3449-3490

Raymond Kan and Cesare Robotti

An Economic Evaluation of Empirical Exchange Rate Models pp. 3491-3530

Pasquale Della Corte, Lucio Sarno and Ilias Tsiakas

The Geography of Hedge Funds pp. 3531-3561

Melvyn Teo

Institutional Investors and the Informational Efficiency of Prices pp. 3563-3594

Ekkehart Boehmer and Eric K. Kelley

Information in Equity Markets with Ambiguity-Averse Investors pp. 3595-3627

Judson Caskey

Theory-Based Illiquidity and Asset Pricing pp. 3629-3668

Tarun Chordia, Sahn-Wook Huh and Avanidhar Subrahmanyam

Simulation-Based Estimation of Contingent-Claims Prices pp. 3669-3705

Peter Phillips and Jun Yu

Price Drift as an Outcome of Differences in Higher-Order Beliefs pp. 3707-3734

Snehal Banerjee, Ron Kaniel and Ilan Kremer

The Effectiveness of Reputation as a Disciplinary Mechanism in Sell-Side Research pp. 3735-3777

Lily Fang and Ayako Yasuda

Bank Liquidity Creation pp. 3779-3837

Allen N. Berger and Christa Bouwman

Volume 22, issue 8, 2009

Government Control of Privatized Firms pp. 2907-2939

Bernardo Bortolotti and Mara Faccio

Strategic Financial Innovation in Segmented Markets pp. 2941-2971

Rohit Rahi and Jean-Pierre Zigrand

Do Shareholder Rights Affect the Cost of Bank Loans? pp. 2973-3004

Sudheer Chava, Dmitry Livdan and Amiyatosh Purnanandam

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability pp. 3005-3046

&Lubos Pástor, Lucian A. Taylor and Pietro Veronesi

How Are U.S. Family Firms Controlled? pp. 3047-3091

Belén Villalonga and Raphael Amit

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

The Euro and Corporate Valuations pp. 3171-3209

Arturo Bris, Yrjö Koskinen and Mattias Nilsson

Does Asymmetric Information Drive Capital Structure Decisions? pp. 3211-3243

Sreedhar T. Bharath, Paolo Pasquariello and Guojun Wu

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

Christian Leuz, Karl Lins and Francis Warnock

The Effects and Unintended Consequences of the Sarbanes-Oxley Act on the Supply and Demand for Directors pp. 3287-3328

James S. Linck, Jeffry M. Netter and Tina Yang

Volume 22, issue 7, 2009

Is the Market for Mortgage-Backed Securities a Market for Lemons? pp. 2257-2294

Chris Downing and Dwight Jaffee

Are "Market Neutral" Hedge Funds Really Market Neutral? pp. 2295-2330

Andrew Patton

How Smart Are the Smart Guys? A Unique View from Hedge Fund Stock Holdings pp. 2331-2370

John M. Griffin and Jin Xu

New Measures for Performance Evaluation pp. 2371-2406

Alexander Cherny and Dilip Madan

Liquidity and Market Crashes pp. 2407-2443

Jennifer Huang and Jiang Wang

The "Wall Street Walk" and Shareholder Activism: Exit as a Form of Voice pp. 2445-2485

Anat Admati and Paul Pfleiderer

Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans pp. 2487-2533

Joshua D. Rauh

Testing Portfolio Efficiency with Conditioning Information pp. 2535-2558

Wayne E. Ferson and Andrew F. Siegel

Optimal Filtering of Jump Diffusions: Extracting Latent States from Asset Prices pp. 2559-2599

Michael S. Johannes, Nicholas G. Polson and Jonathan R. Stroud

Time-Varying Risk Premiums and the Output Gap pp. 2601-2633

Ilan Cooper

On Loan Sales, Loan Contracting, and Lending Relationships pp. 2635-2672

Steven Drucker and Manju Puri

Corruption, Political Connections, and Municipal Finance pp. 2673-2705

Alexander Butler, Larry Fauver and Sandra Mortal

Volume 22, issue 6, 2009

Big Business Owners in Politics pp. 2133-2168

Pramuan Bunkanwanicha and Yupana Wiwattanakantang

The Economics of Fraudulent Accounting pp. 2169-2199

Simi Kedia and Thomas Philippon

Market Liquidity and Funding Liquidity pp. 2201-2238

Markus Brunnermeier and Lasse Pedersen

Asset Returns and the Listing Choice of Firms pp. 2239-2274

Shmuel Baruch and Gideon Saar

How Noise Trading Affects Markets: An Experimental Analysis pp. 2275-2302

Robert Bloomfield, Maureen O'Hara and Gideon Saar

The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns When Agents Differ in Risk Aversion pp. 2303-2330

Harjoat Bhamra and Raman Uppal

Do Politically Connected Boards Affect Firm Value? pp. 2331-2360

Eitan Goldman, Jörg Rocholl and Jongil So

Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms pp. 2361-2392

C. Edward Fee, Charles J. Hadlock and Joshua R. Pierce

The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation pp. 2393-2421

Michael King and Dan Segal

Dividends and Corporate Shareholders pp. 2423-2455

Michael J. Barclay, Clifford G. Holderness and Dennis P. Sheehan

Volume 22, issue 5, 2009

Incentives and Mutual Fund Performance: Higher Performance or Just Higher Risk Taking? pp. 1777-1815

Massimo Massa

Ambiguity and Nonparticipation: The Role of Regulation pp. 1817-1843

David Easley and Maureen O'Hara

Insider Trading Laws and Stock Price Informativeness pp. 1845-1887

Nuno Fernandes and Miguel Ferreira

Distinguishing the Effect of Overconfidence from Rational Best-Response on Information Aggregation pp. 1889-1914

Shimon Kogan

Optimal Versus Naive Diversification: How Inefficient is the 1-N Portfolio Strategy? pp. 1915-1953

Victor DeMiguel, Lorenzo Garlappi and Raman Uppal

Failure Is an Option: Impediments to Short Selling and Options Prices pp. 1955-1980

Richard B. Evans, Christopher Geczy and Adam Reed

Systematic Risk and the Price Structure of Individual Equity Options pp. 1981-2006

Jin-Chuan Duan and Jason Wei

A General Stochastic Volatility Model for the Pricing of Interest Rate Derivatives pp. 2007-2057

Anders B. Trolle and Eduardo S. Schwartz

Margin Trading, Overpricing, and Synchronization Risk pp. 2059-2085

Sanjeev Bhojraj, Robert J. Bloomfield and William B. Tayler

Financial Analysts' Performance: Sector Versus Country Specialization pp. 2087-2131

Frédéric Sonney

Volume 22, issue 4, 2009

The Myth of Diffuse Ownership in the United States pp. 1377-1408

Clifford G. Holderness

Takeovers and the Cross-Section of Returns pp. 1409-1445

K. J. Martijn Cremers, Vinay Nair and Kose John

The Choice of Corporate Liquidity and Corporate Governance pp. 1447-1475

Hayong Yun

IPO Pricing and Allocation: A Survey of the Views of Institutional Investors pp. 1477-1504

Tim Jenkinson and Howard Jones

Do IPOs Affect the Prices of Other Stocks? Evidence from Emerging Markets pp. 1505-1544

Matias Braun and Borja Larrain

Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads pp. 1545-1584

Efraim Benmelech

Strategic Disclosure and Stock Returns: Theory and Evidence from US Cross-Listing pp. 1585-1620

Shingo Goto, Masahiro Watanabe and Yan Xu

Leasing, Ability to Repossess, and Debt Capacity pp. 1621-1657

Andrea Eisfeldt and Adriano Rampini

The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings pp. 1659-1691

Amir Sufi

The Nature and Persistence of Buyback Anomalies pp. 1693-1745

Urs Peyer

The Performance of Private Equity Funds pp. 1747-1776

Ludovic Phalippou and Oliver Gottschalg

Volume 22, issue 3, 2009

Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market pp. 925-957

Alessandro Beber, Michael W. Brandt and Kenneth A. Kavajecz

Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market pp. 925-957

Alessandro Beber, Michael W. Brandt and Kenneth A. Kavajecz

Nondiversification Traps in Catastrophe Insurance Markets pp. 959-993

Rustam Ibragimov, Dwight Jaffee and Johan Walden

Nondiversification Traps in Catastrophe Insurance Markets pp. 959-993

Rustam Ibragimov, Dwight Jaffee and Johan Walden

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions pp. 995-1020

Evan Gatev, Til Schuermann and Philip E. Strahan

Managing Bank Liquidity Risk: How Deposit-Loan Synergies Vary with Market Conditions pp. 995-1020

Evan Gatev, Til Schuermann and Philip E. Strahan

Y2K Options and the Liquidity Premium in Treasury Markets pp. 1021-1056

Suresh Sundaresan and Zhenyu Wang

Y2K Options and the Liquidity Premium in Treasury Markets pp. 1021-1056

Suresh Sundaresan and Zhenyu Wang

Bank Lines of Credit in Corporate Finance: An Empirical Analysis pp. 1057-1088

Amir Sufi

Bank Lines of Credit in Corporate Finance: An Empirical Analysis pp. 1057-1088

Amir Sufi

Motivating Entrepreneurial Activity in a Firm pp. 1089-1118

Antonio E. Bernardo, Hongbin Cai and Jiang Luo

Motivating Entrepreneurial Activity in a Firm pp. 1089-1118

Antonio E. Bernardo, Hongbin Cai and Jiang Luo

Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion pp. 1119-1148

Augustin Landier, Vinay Nair and Julie Wulf

Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion pp. 1119-1148

Augustin Landier, Vinay Nair and Julie Wulf

Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition pp. 1149-1177

Paul J. Irvine and Jeffrey Pontiff

Idiosyncratic Return Volatility, Cash Flows, and Product Market Competition pp. 1149-1177

Paul J. Irvine and Jeffrey Pontiff

How Do Mergers Create Value? A Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies pp. 1179-1211

Erik Devos, Palani-Rajan Kadapakkam and Srinivasan Krishnamurthy

How Do Mergers Create Value? A Comparison of Taxes, Market Power, and Efficiency Improvements as Explanations for Synergies pp. 1179-1211

Erik Devos, Palani-Rajan Kadapakkam and Srinivasan Krishnamurthy

Loyalty-Based Portfolio Choice pp. 1213-1245

Lauren Cohen

Loyalty-Based Portfolio Choice pp. 1213-1245

Lauren Cohen

Mispricing of S&P 500 Index Options pp. 1247-1277

George Constantinides, Jens Carsten Jackwerth and Stylianos Perrakis

Mispricing of S&P 500 Index Options pp. 1247-1277

George Constantinides, Jens Carsten Jackwerth and Stylianos Perrakis

Mutual Fund Fees Around the World pp. 1279-1310

Ajay Khorana, Henri Servaes and Peter Tufano

Mutual Fund Fees Around the World pp. 1279-1310

Ajay Khorana, Henri Servaes and Peter Tufano

Variance Risk Premiums pp. 1311-1341

Peter Carr and Liuren Wu

Variance Risk Premiums pp. 1311-1341

Peter Carr and Liuren Wu

Cointegration and Consumption Risks in Asset Returns pp. 1343-1375

Ravi Bansal, Robert Dittmar and Dana Kiku

Cointegration and Consumption Risks in Asset Returns pp. 1343-1375

Ravi Bansal, Robert Dittmar and Dana Kiku

Volume 22, issue 2, 2009

Controlling for Fixed-Income Exposure in Portfolio Evaluation: Evidence from Hybrid Mutual Funds pp. 481-507

George Comer, Norris Larrymore and Javier Rodriguez

Trading Restrictions and Stock Prices pp. 509-539

Robin Greenwood

Hedge Funds as Investors of Last Resort? pp. 541-574

David J. Brophy, Paige P. Ouimet and Clemens Sialm

Short-Sale Strategies and Return Predictability pp. 575-607

Karl B. Diether, Kuan-Hui Lee and Ingrid M. Werner

Just How Much Do Individual Investors Lose by Trading? pp. 609-632

Brad Barber, Yi-Tsung Lee, Yu-Jane Liu and Terrance Odean

Market Valuation and Acquisition Quality: Empirical Evidence pp. 633-679

Christa Bouwman, Kathleen Fuller and Amrita S. Nain

Equity and Cash in Intercorporate Asset Sales: Theory and Evidence pp. 681-714

Ulrich Hege, Stefano Lovo, Myron B. Slovin and Marie E. Sushka

Consensus in Diverse Corporate Boards pp. 715-747

Nina Baranchuk and Philip Dybvig

Design and Renegotiation of Debt Covenants pp. 749-781

Nicolae Garleanu and Jeffrey Zwiebel

What Matters in Corporate Governance? pp. 783-827

Lucian Bebchuk, Alma Cohen and Allen Ferrell

Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions pp. 829-858

Cong Wang and Fei Xie

Optimal Executive Compensation when Firm Size Follows Geometric Brownian Motion pp. 859-892

Zhiguo He

Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed? pp. 893-924

Xuemin (Sterling) Yan and Zhe Zhang

Volume 22, issue 1, 2009

Harming Depositors and Helping Borrowers: The Disparate Impact of Bank Consolidation pp. 1-40

Kwangwoo Park and George Pennacchi

Bank Debt and Corporate Governance pp. 41-77

Victoria Ivashina, Vinay Nair, Anthony Saunders, Nadia Massoud and Roger Stover

Disappearing Dividends, Catering, and Risk pp. 79-116

Gerard Hoberg and Nagpurnanand R. Prabhala

Financial Contracting with Optimistic Entrepreneurs pp. 117-150

Augustin Landier and David Thesmar

Do Retail Trades Move Markets? pp. 151-186

Brad Barber, Terrance Odean and Ning Zhu

The Stock Market and Corporate Investment: A Test of Catering Theory pp. 187-217

Christopher Polk and Paola Sapienza

Promotion Tournaments and Capital Rationing pp. 219-255

Bing Han, David Hirshleifer and John C. Persons

A Liquidity-Based Theory of Closed-End Funds pp. 257-297

Martin Cherkes, Jacob Sagi and Richard Stanton

Differences of Opinion of Public Information and Speculative Trading in Stocks and Options pp. 299-335

Huining Cao and Hui Ou-Yang

Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment pp. 337-369

Malcolm Baker, C. Fritz Foley and Jeffrey Wurgler

Are there permanent valuation gains to overseas listing? pp. 371-412

Sergei Sarkissian and Michael J. Schill

Multiple-Predictor Regressions: Hypothesis Testing pp. 413-434

Yakov Amihud, Clifford M. Hurvich and Yi Wang

Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches pp. 435-480

Mitchell Petersen