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 35, issue 12, 2022

New Perspectives on Insurance pp. 5275-5286

Ralph S J Koijen and Motohiro Yogo

Trust and Insurance Contracts pp. 5287-5333

Nicola Gennaioli, Rafael La Porta, Florencio Lopez- de-Silanes and Andrei Shleifer

Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities pp. 5334-5386

Mark Egan, Shan Ge and Johnny Tang

Can Risk Be Shared across Investor Cohorts? Evidence from a Popular Savings Product pp. 5387-5437

Johan Hombert and Victor Lyonnet

Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class pp. 5438-5482

Bo Becker, Marcus Opp and Farzad Saidi

Insurers as Asset Managers and Systemic Risk pp. 5483-5534

Andrew Ellul, Chotibhak Jotikasthira, Anastasia Kartasheva, Christian T Lundblad and Wolf Wagner

Unemployment Insurance as a Subsidy to Risky Firms pp. 5535-5595

Bernardus Van Doornik, Dimas Fazio, David Schoenherr and Janis Skrastins

Volume 35, issue 11, 2022

The Rise of Finance Companies and FinTech Lenders in Small Business Lending pp. 4859-4901

Manasa Gopal and Philipp Schnabl

Why Do Firms Borrow Directly from Nonbanks? pp. 4902-4947

Sergey Chernenko, Isil Erel and Robert Prilmeier

Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow? pp. 4948-4984

Taylor A Begley and Kandarp Srinivasan

When FinTech Competes for Payment Flows pp. 4985-5024

Christine A Parlour, Uday Rajan and Haoxiang Zhu

The Good, the Bad, and the Missed Boom pp. 5025-5056

Enrico Perotti and Magdalena Rola-Janicka

Macroeconomic Attention and Announcement Risk Premia pp. 5057-5093

Adlai Fisher, Charles Martineau and Jinfei Sheng

Decision Weights for Experimental Asset Prices Based on Visual Salience pp. 5094-5126

Devdeepta Bose, Henning Cordes, Sven Nolte, Judith Christiane Schneider and Colin Camerer

Risk Price Variation: The Missing Half of Empirical Asset Pricing pp. 5127-5184

Andrew Patton and Brian M Weller

Covered Interest Parity Arbitrage pp. 5185-5227

Dagfinn Rime, Andreas Schrimpf and Olav Syrstad

Global Portfolio Rebalancing and Exchange Rates pp. 5228-5274

Nelson Camanho, Harald Hau and Helene Rey

Volume 35, issue 10, 2022

Credit Ratings and Market Information pp. 4425-4473

Alessio Piccolo and Joel Shapiro

Acquiring Innovation under Information Frictions* pp. 4474-4517

Murat Celik, Xu Tian and Wenyu Wang

Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms pp. 4518-4560

James R Brown, Gustav Martinsson and Christian Thomann

Zombies at Large? Corporate Debt Overhang and the Macroeconomy pp. 4561-4586

Oscar Jorda, Martin Kornejew, Moritz Schularick and Alan Taylor

Sovereign Risk, Currency Risk, and Corporate Balance Sheets pp. 4587-4629

Wenxin Du and Jesse Schreger

Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress pp. 4630-4673

Zhiguo He, Paymon Khorrami and Zhaogang Song

Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity pp. 4674-4711

Yiming Ma, Kairong Xiao and Yao Zeng

Order Flows and Financial Investor Impacts in Commodity Futures Markets pp. 4712-4755

Mark J Ready and Robert C Ready

The Market Risk Premium for Unsecured Consumer Credit Risk pp. 4756-4801

Matthias Fleckenstein and Francis A Longstaff

Consuming Dividends pp. 4802-4857

Konstantin Bräuer, Andreas Hackethal and Tobin Hanspal

Volume 35, issue 9, 2022

Does Career Risk Deter Potential Entrepreneurs? pp. 3973-4015

Joshua Gottlieb, Richard R Townsend and Ting Xu

Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle pp. 4016-4054

Sylvain Catherine

An Analytic Framework for Interpreting Investment Regressions in the Presence of Financial Constraints pp. 4055-4104

Andrew B Abel and Stavros Panageas

Group-Managed Real Options pp. 4105-4151

Lorenzo Garlappi, Ron Giammarino and Ali Lazrak

Can Corporate Debt Foster Innovation and Growth? pp. 4152-4200

Thomas Geelen, Jakub Hajda and Erwan Morellec

The Geography of Value Creation pp. 4201-4248

Casey Dougal, Christopher A Parsons and Sheridan Titman

Product Life Cycles in Corporate Finance pp. 4249-4299

Gerard Hoberg and Vojislav Maksimovic

Competition Links and Stock Returns pp. 4300-4340

Assaf Eisdorfer, Kenneth Froot, Gideon Ozik and Ronnie Sadka

What Moves Stock Prices? The Roles of News, Noise, and Information pp. 4341-4386

Jonathan Brogaard, Thanh Huong Nguyen, Talis Putnins and Eliza Wu

Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity pp. 4387-4422

Filippo De Marco, Marco Macchiavelli and Rosen Valchev

Volume 35, issue 8, 2022

Housing Consumption and Investment: Evidence from Shared Equity Mortgages pp. 3525-3573

Matteo Benetton, Philippe Bracke, João F Cocco and Nicola Garbarinoifo

The Real Effects of Secondary Market Trading Structure: Evidence from the Mortgage Market pp. 3574-3616

Yesol Huh and You Suk Kim

Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters pp. 3617-3665

Amine Ouazad and Matthew Kahn

Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics pp. 3666-3709

Laura A Bakkensen and Lint Barrage

Subjective Bond Returns and Belief Aggregation pp. 3710-3741

Andrea Buraschi, Ilaria Piatti and Paul Whelan

Public Debt, Consumption Growth, and the Slope of the Term Structure pp. 3742-3776

Thien T Nguyen

The Return Expectations of Public Pension Funds pp. 3777-3822

Aleksandar Andonov and Joshua D Rauh

Do Investment-Based Models Explain Equity Returns? Evidence from Euler Equations pp. 3823-3866

Stefanos Delikouras and Robert F Dittmar

The Oligopoly Lucas Tree pp. 3867-3921

Winston Dou, Yan Ji and Wei Wu

Understanding Cash Flow Risk pp. 3922-3973

Sebastian Gryglewicz, Loriano Mancini, Erwan Morellec, Enrique Schroth and Philip Valta

Volume 35, issue 7, 2022

Where Has All the Data Gone? pp. 3101-3138

Maryam Farboodi, Adrien Matray, Laura Veldkamp and Venky Venkateswaran

Markets versus Mechanisms pp. 3139-3174

Raphael Boleslavsky, Christopher A Hennessy and David Kelly

The Equilibrium Consequences of Indexing pp. 3175-3230

Philip Bond and Diego García

Crowded Trades and Tail Risk pp. 3231-3271

Gregory W Brown, Philip Howard and Christian T Lundblad

Comomentum: Inferring Arbitrage Activity from Return Correlations pp. 3272-3302

Dong Lou and Christopher Polk

The Momentum Gap and Return Predictability pp. 3303-3336

Simon Huang

How Global Is Your Mutual Fund? International Diversification from Multinationals pp. 3337-3372

Irem Demirci, Miguel A Ferreira, Pedro Matos and Clemens Sialm

Corporate ESG Profiles and Banking Relationships pp. 3373-3417

Joel F Houston and Hongyu Shan

The Relationship Dilemma: Why Do Banks Differ in the Pace at Which They Adopt New Technology? pp. 3418-3466

Prachi Mishra, Nagpurnanand Prabhala and Raghuram Rajan

Short-Termism Spillovers from the Financial Industry pp. 3467-3524

Andrew Bird, Aytekin Ertan, Stephen A Karolyi and Thomas Ruchti

Volume 35, issue 6, 2022

The Use and Misuse of Patent Data: Issues for Finance and Beyond pp. 2667-2704

Josh Lerner and Amit Seru

Quick or Broad Patents? Evidence from U.S. Startups pp. 2705-2742

Deepak Hegde, Alexander Ljungqvist and Manav Raj

Social Proximity to Capital: Implications for Investors and Firms pp. 2743-2789

Theresa Kuchler, Yan Li, Lin Peng, Johannes Stroebel and Dexin Zhou

Ratings-Driven Demand and Systematic Price Fluctuations pp. 2790-2838

Itzhak Ben-David, Jiacui Li, Andrea Rossi and Yang Song

The Party Structure of Mutual Funds pp. 2839-2878

Ryan Bubb and Emiliano M Catan

The Life Cycle Effects of Corporate Takeover Defenses pp. 2879-2927

William C Johnson, Jonathan M Karpoff and Sangho Yi

Outraged by Compensation: Implications for Public Pension Performance pp. 2928-2980

Alexander Dyck, Paulo Manoel and Adair Morse

A Fistful of Dollars: Financial Incentives, Peer Information, and Retirement Savings pp. 2981-3020

Rob Bauer, Inka Eberhardt and Paul Smeets

Consumption Imputation Errors in Administrative Data pp. 3021-3059

Scott Baker, Lorenz Kueng, Steffen Meyer and Michaela Pagel

Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions pp. 3060-3099

Yinglu Deng, Li Liao, Jiaheng Yu and Yu Zhang

Volume 35, issue 5, 2022

The Cross-Section of Bank Value pp. 2101-2143

Mark Egan, Stefan Lewellen and Adi Sunderam

Intermediaries and Asset Prices: International Evidence since 1870 pp. 2144-2189

Matthew Baron and Tyler Muir

Asset Pricing with Fading Memory pp. 2190-2245

Stefan Nagel and Zhengyang Xu

A Model of Two Days: Discrete News and Asset Prices pp. 2246-2307

Jessica A Wachter and Yicheng Zhu

Monetary Policy Risk: Rules versus Discretion pp. 2308-2344

David Backus, Mikhail Chernov, Stanley E Zin and Irina Zviadadze

Volatility Risk Pass-Through pp. 2345-2385

Riccardo Colacito, Mariano M Croce, Yang Liu and Ivan Shaliastovich

Foreign Exchange Volume pp. 2386-2427

Giovanni Cespa, Antonio Gargano, Steven J Riddiough and Lucio Sarno

Can Shorts Predict Returns? A Global Perspective pp. 2428-2463

Ekkehart Boehmer, Zsuzsa R Huszár, Yanchu Wang, Xiaoyan Zhang and Xinran Zhang

Credit Default Swaps around the World pp. 2464-2524

Söhnke Bartram, Jennifer Conrad, Jongsub Lee and Marti G Subrahmanyam

A Theory of Liquidity Spillover between Bond and CDS Markets pp. 2525-2569

Batchimeg Sambalaibat

Exchange Competition, Entry, and Welfare pp. 2570-2624

Giovanni Cespa and Xavier Vives

Dark Pool Trading and Information Acquisition pp. 2625-2666

Jonathan Brogaard and Jing Pan

Volume 35, issue 4, 2022

Managing Households’ Expectations with Unconventional Policies pp. 1597-1642

Francesco D’Acunto, Daniel Hoang and Michael Weber

Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes pp. 1643-1681

Rawley Z Heimer and Alex Imas

Extrapolative Bubbles and Trading Volume pp. 1682-1722

Jingchi Liao, Cameron Peng and Ning Zhu

What Do Mutual Fund Investors Really Care About? pp. 1723-1774

Itzhak Ben-David, Jiacui Li, Andrea Rossi and Yang Song

Distortions and Efficiency in Production Economies with Heterogeneous Beliefs pp. 1775-1812

Christian Heyerdahl-Larsen and Johan Walden

When Shareholders Disagree: Trading after Shareholder Meetings pp. 1813-1867

Sophia Zhengzi Li, Ernst Maug and Miriam Schwartz-Ziv

Activism and Takeovers pp. 1868-1896

Mike Burkart and Samuel Lee

Creditor Control of Corporate Acquisitions pp. 1897-1932

David Becher, Thomas P Griffin and Greg Nini

Director Appointments: It Is Who You Know pp. 1933-1982

Jay CaiThe Le, Tu Nguyen and Ralph Walkling

Political Determinants of Competition in the Mobile Telecommunication Industry pp. 1983-2018

Mara Faccio and Luigi Zingales

Opioid Crisis Effects on Municipal Finance pp. 2019-2066

Kimberly Cornaggia, John Hund, Giang Nguyen and Zihan Ye

Socially Responsible Investing in Good and Bad Times pp. 2067-2099

Ravi Bansal, Di (Andrew) Wu and Amir Yaron

Volume 35, issue 3, 2022

Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings pp. 1105-1140

Jeongmin Lee and Christine A Parlour

Contractual Restrictions and Debt Traps pp. 1141-1182

Ernest Liu and Benjamin N Roth

Persistent Blessings of Luck: Theory and an Application to Venture Capital pp. 1183-1221

Lin Cong and Yizhou Xiao

Lest We Forget: Learn from Out-of-Sample Forecast Errors When Optimizing Portfolios pp. 1222-1278

Pedro Barroso and Konark Saxena

Efficiency of Dynamic Portfolio Choices: An Experiment pp. 1279-1309

Jacopo Magnani, Jean Paul Rabanal, Olga A Rud and Yabin Wang

Conditional Dynamics and the Multihorizon Risk-Return Trade-Off pp. 1310-1347

Mikhail Chernov, Lars A Lochstoer and Stig R H Lundeby

Stock Return Extrapolation, Option Prices, and Variance Risk Premium pp. 1348-1393

Adem Atmaz

Option Return Predictability pp. 1394-1442

Xintong (Eunice) Zhan, Bing Han, Jie Cao and Qing Tong

Disagreement in the Equity Options Market and Stock Returns pp. 1443-1479

Benjamin Golez and Ruslan Goyenko

Short-term Momentum pp. 1480-1526

Mamdouh Medhat and Maik Schmeling

Fiscal Cyclicality and Currency Risk Premia pp. 1527-1552

Zhengyang Jiang

Inflating Away the Public Debt? An Empirical Assessment pp. 1553-1595

Jens Hilscher, Alon Raviv and Ricardo Reis

Volume 35, issue 2, 2022

Methodological Variation in Empirical Corporate Finance pp. 527-575

Todd Mitton

Financial Constraints and Corporate Environmental Policies pp. 576-635

Qiping Xu and Taehyun Kim

Missing Novelty in Drug Development* pp. 636-679

Joshua Krieger, Danielle Li and Dimitris Papanikolaou

Credit Supply and Housing Speculation pp. 680-719

Atif Mian and Amir Sufi

Selection, Leverage, and Default in the Mortgage Market pp. 720-770

Arpit Gupta and Christopher Hansman

Moral Hazard during the Housing Boom: Evidence from Private Mortgage Insurance pp. 771-813

Neil Bhutta and Benjamin Keys

Too Much Skin-in-the-Game? The Effect of Mortgage Market Concentration on Credit and House Prices pp. 814-865

Deeksha Gupta

Decentralizing Money: Bitcoin Prices and Blockchain Security pp. 866-907

Emiliano S Pagnotta

Dynamics of Research and Strategic Trading pp. 908-961

Snehal Banerjee and Bradyn Breon-Drish

Asset Price Dynamics with Limited Attention pp. 962-1008

Terrence Hendershott, Albert Menkveld, Rémy Praz and Mark Seasholes

Private Information, Securities Lending, and Asset Prices pp. 1009-1063

Mahdi Nezafat and Mark Schroder

The State Price Density Implied by Crude Oil Futures and Option Prices pp. 1064-1103

Peter Christoffersen, Kris Jacobs and Xuhui (Nick) Pan

Volume 35, issue 1, 2022

Swing Pricing and Fragility in Open-End Mutual Funds pp. 1-50

Dunhong Jin, Marcin Kacperczyk, Bige Kahraman and Felix Suntheim

The Unintended Consequences of Corporate Bond ETFs: Evidence from the Taper Tantrum pp. 51-90

Caitlin D Dannhauser and Saeid Hoseinzade

Do Index Funds Monitor? pp. 91-131

Davidson Heath, Daniele Macciocchi, Roni Michaely and Matthew Ringgenberg

Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws pp. 132-167

Pouyan Foroughi, Alan J Marcus, Vinh Nguyen and Hassan Tehranian

How Should Performance Signals Affect Contracts? pp. 168-206

Pierre Chaigneau, Alex Edmans and Daniel Gottlieb

Competing for Talent: Firms, Managers, and Social Networks pp. 207-253

Isaac Hacamo and Kristoph Kleiner

Buy-Side Competition and Momentum Profits pp. 254-298

Gerard Hoberg, Nitin Kumar and Nagpurnanand Prabhala

Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting pp. 299-342

Erik Stafford

Reconsidering Returns pp. 343-393

Samuel M Hartzmark and David H Solomon

Can Cross-Border Funding Frictions Explain Financial Integration Reversals? pp. 394-437

Amir Akbari, Francesca Carrieri and Aytek Malkhozov

Cross-Border Bank Flows and Monetary Policy pp. 438-481

Ricardo Correa, Teodora Paligorova, Horacio Sapriza and Andrei Zlate

Regressive Mortgage Credit Redistribution in the Post-Crisis Era pp. 482-525

Francesco D’Acunto and Alberto G Rossi