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 21, issue 6, 2008

Unobserved Actions of Mutual Funds pp. 2379-2416

Marcin Kacperczyk, Clemens Sialm and Lu Zheng

Momentum Profits, Factor Pricing, and Macroeconomic Risk pp. 2417-2448

Laura Xiaolei Liu and Lu Zhang

Time-Varying Liquidity Risk and the Cross Section of Stock Returns pp. 2449-2486

Akiko Watanabe and Masahiro Watanabe

Inflation Uncertainty, Asset Valuations, and the Credit Spreads Puzzle pp. 2487-2534

Alexander David

Jumps in Financial Markets: A New Nonparametric Test and Jump Dynamics pp. 2535-2563

Suzanne S. Lee and Per A. Mykland

Learning and Asset Prices Under Ambiguous Information pp. 2565-2597

Markus Leippold, Fabio Trojani and Paolo Vanini

Can Growth Options Explain the Trend in Idiosyncratic Risk? pp. 2599-2633

Charles Cao, Timothy Simin and Jing Zhao

Information Quality and Options pp. 2635-2676

Joel M. Vanden

Monopoly and Information Advantage in the Residential Mortgage Market pp. 2677-2703

Jie Gan and Timothy J. Riddiough

Cash-in-the-Market Pricing and Optimal Resolution of Bank Failures pp. 2705-2742

Viral Acharya and Tanju Yorulmazer

Default Risk, Shareholder Advantage, and Stock Returns pp. 2743-2778

Lorenzo Garlappi, Tao Shu and Hong Yan

Shareholder Diversification and the Decision to Go Public pp. 2779-2824

Andriy Bodnaruk, Eugene Kandel, Massimo Massa and Andrei Simonov

The New Issues Puzzle: Testing the Investment-Based Explanation pp. 2825-2855

Evgeny Lyandres, Le Sun and Lu Zhang

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Depreciations pp. 2857-2888

Mihir A. Desai, C. Fritz Foley and Kristin Forbes

Volume 21, issue 5, 2008

Good IPOs Draw in Bad: Inelastic Banking Capacity and Hot Markets pp. 1873-1906

Naveen Khanna, Thomas Noe and Ramana Sonti

The Dating Game: Do Managers Designate Option Grant Dates to Increase their Compensation? pp. 1907-1945

M. P. Narayanan and H. Nejat Seyhun

Contracts and Exits in Venture Capital Finance pp. 1947-1982

Douglas Cumming

Do Sovereign Bonds Benefit Corporate Bonds in Emerging Markets? pp. 1983-2014

Robert Dittmar

Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups pp. 2015-2060

Gil S. Bae, Youngsoon S. Cheon and Jun-Koo Kang

Do Retail Incentives Work in Privatizations? pp. 2061-2095

Matti Keloharju, Samuli Knüpfer and Sami Torstila

The Returns on Human Capital: Good News on Wall Street is Bad News on Main Street pp. 2097-2137

Hanno Lustig and Stijn Van Nieuwerburgh

Habit Formation, Incomplete Markets, and the Significance of Regional Risk for Expected Returns pp. 2139-2172

George M. Korniotis

Taxable and Tax-Deferred Investing: A Tax-Arbitrage Approach pp. 2173-2207

Jennifer Huang

Explaining the Level of Credit Spreads: Option-Implied Jump Risk Premia in a Firm Value Model pp. 2209-2242

K.J. Martijn Cremers, Joost Driessen and Pascal Maenhout

Biases in Decomposing Holding-Period Portfolio Returns pp. 2243-2274

Weimin Liu and Norman Strong

Strong-Form Efficiency with Monopolistic Insiders pp. 2275-2306

Minh Chau and Dimitri Vayanos

Market Discipline and Internal Governance in the Mutual Fund Industry pp. 2307-2343

Thomas Dangl, Youchang Wu and Josef Zechner

A Bayesian Analysis of Return Dynamics with Lévy Jumps pp. 2345-2378

Haitao Li, Martin T. Wells and Cindy L. Yu

Volume 21, issue 4, 2008

Forecasting the Equity Premium: Where We Stand Today pp. 1453-1454

Matthew Spiegel

A Comprehensive Look at The Empirical Performance of Equity Premium Prediction pp. 1455-1508

Ivo Welch and Amit Goyal

Predicting Excess Stock Returns Out of Sample: Can Anything Beat the Historical Average? pp. 1509-1531

John Campbell and Samuel B. Thompson

The Dog That Did Not Bark: A Defense of Return Predictability pp. 1533-1575

John Cochrane

The Myth of Long-Horizon Predictability pp. 1577-1605

Jacob Boudoukh, Matthew Richardson and Robert F. Whitelaw

Reconciling the Return Predictability Evidence pp. 1607-1652

Martin Lettau and Stijn Van Nieuwerburgh

The Declining Equity Premium: What Role Does Macroeconomic Risk Play? pp. 1653-1687

Martin Lettau, Sydney Ludvigson and Jessica Wachter

The Causal Effect of Mortgage Refinancing on Interest Rate Volatility: Empirical Evidence and Theoretical Implications pp. 1689-1731

Jefferson Duarte

Why Leverage Affects Pricing pp. 1733-1765

Pegaret Pichler, Alex Stomper and Christine Zulehner

Interpreting the Value Effect Through the Q-Theory: An Empirical Investigation pp. 1767-1795

Yuhang Xing

A Theory of Board Control and Size pp. 1797-1832

Milton Harris and Artur Raviv

How Well Do Institutional Theories Explain Firms' Perceptions of Property Rights? pp. 1833-1871

Meghana Ayyagari, Asli Demirguc-Kunt and Vojislav Maksimovic

Volume 21, issue 3, 2008

Estimation Risk, Information, and the Conditional CAPM: Theory and Evidence pp. 1037-1075

Praveen Kumar, Sorin M. Sorescu, Rodney D. Boehme and Bartley R. Danielsen

Robust Stochastic Discount Factors pp. 1077-1122

Phelim Boyle, Shui Feng, Weidong Tian and Tan Wang

Small Trades and the Cross-Section of Stock Returns pp. 1123-1151

Soeren Hvidkjaer

Excess Comovement of Stock Returns: Evidence from Cross-Sectional Variation in Nikkei 225 Weights pp. 1153-1186

Robin Greenwood

The Spline-GARCH Model for Low-Frequency Volatility and Its Global Macroeconomic Causes pp. 1187-1222

Robert Engle and Jose Rangel

A GARCH Option Pricing Model with Filtered Historical Simulation pp. 1223-1258

Giovanni Barone-Adesi, Robert Engle and Loriano Mancini

Average Idiosyncratic Volatility in G7 Countries pp. 1259-1296

Hui Guo and Robert Savickas

Expected returns, yield spreads, and asset pricing tests pp. 1297-1338

Murillo Campello, Long Chen and Lu Zhang

Forecasting Default with the Merton Distance to Default Model pp. 1339-1369

Sreedhar T. Bharath and Tyler Shumway

Who Monitors the Monitor? The Effect of Board Independence on Executive Compensation and Firm Value pp. 1371-1401

Praveen Kumar

Does Capital Account Liberalization Lead to Growth? pp. 1403-1449

Dennis P. Quinn and A. Maria Toyoda

Volume 21, issue 2, 2008

Choosing to Cofinance: Analysis of Project-Specific Alliances in the Movie Industry pp. 483-511

Darius Palia, S. Abraham Ravid and Natalia Reisel

Building Relationships Early: Banks in Venture Capital pp. 513-541

Thomas Hellmann, Laura Lindsey and Manju Puri

Production in Entrepreneurial Firms: The Effects of Financial Constraints on Labor and Capital pp. 543-577

Mark J. Garmaise

Complex Ownership Structures and Corporate Valuations pp. 579-604

Luc Laeven and Ross Levine

The Value of Investor Protection: Firm Evidence from Cross-Border Mergers pp. 605-648

Arturo Bris and Christos Cabolis

Strategic Alliances and the Boundaries of the Firm pp. 649-681

David Robinson

Analytic Pricing of Employee Stock Options pp. 683-724

Jakša Cvitanić, Zvi Wiener and Fernando Zapatero

Where Is the Market? Evidence from Cross-Listings in the United States pp. 725-761

Michael Halling, Marco Pagano, Otto Randl and Josef Zechner

Distance Still Matters: Evidence from Municipal Bond Underwriting pp. 763-784

Alexander Butler

All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors pp. 785-818

Brad Barber and Terrance Odean

Identifying Term Structure Volatility from the LIBOR-Swap Curve pp. 819-854

Samuel Thompson

Endogenous Events and Long-Run Returns pp. 855-888

S Viswanathan and Bin Wei

International asset allocation under regime switching, skew, and kurtosis preferences pp. 889-935

Massimo Guidolin and Allan Timmermann

Institutional Portfolio Flows and International Investments pp. 937-971

Kenneth Froot and Tarun Ramadorai

State Dependence Can Explain the Risk Aversion Puzzle pp. 973-1011

Fousseni Chabi-Yo, René Garcia and Eric Renault

Tournaments in Mutual-Fund Families pp. 1013-1036

Alexander Kempf and Stefan Ruenzi

Volume 21, issue 1, 2008

A Note from the Editor pp. 1-1

Matthew Spiegel Spiegel

The Causes and Consequences of Recent Financial Market Bubbles: An Introduction pp. 3-10

Utpal Bhattacharya

Bubbles: Some Perspectives (and Loose Talk) from History pp. 11-17

Maureen O'Hara

Relative Wealth Concerns and Financial Bubbles pp. 19-50

Peter DeMarzo, Ron Kaniel and Ilan Kremer

Mutual Funds and Bubbles: The Surprising Role of Contractual Incentives pp. 51-99

Nishant Dass, Massimo Massa and Rajdeep Patgiri

Analyst Behavior Following IPOs: The 'Bubble Period' Evidence pp. 101-133

Daniel J. Bradley, Bradford Jordan and Jay Ritter

Money Illusion and Housing Frenzies pp. 135-180

Markus Brunnermeier and Christian Julliard

Conditioning Information and Variance Bounds on Pricing Kernels with Higher- Order Moments: Theory and Evidence pp. 181-231

Fousseni Chabi-Yo

Estimating the Dynamics of Mutual Fund Alphas and Betas pp. 233-264

Harry Mamaysky, Matthew Spiegel and Hong Zhang

A Dynamic Model for the Forward Curve pp. 265-310

Choong Tze Chua, Dean Foster, Krishna Ramaswamy and Robert Stine

Is Nonlinear Drift Implied by the Short End of the Term Structure? pp. 311-346

Hideyuki Takamizawa

Two Trees pp. 347-385

John Cochrane, Francis Longstaff and Pedro Santa-Clara

Investor Sentiment and Option Prices pp. 387-414

Bing Han

Asset Pricing with Limited Risk Sharing and Heterogeneous Agents pp. 415-448

Francisco Gomes and Alexander Michaelides

Stocks or Options? Moral Hazard, Firm Viability, and the Design of Compensation Contracts pp. 451-482

Ohad Kadan