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 33, issue 12, 2020

The Deregulation of the Private Equity Markets and the Decline in IPOs pp. 5463-5509

Michael Ewens and Joan Farre-Mensa

Information Revealed through the Regulatory Process: Interactions between the SEC and Companies ahead of Their IPO pp. 5510-5554

Michelle Lowry, Roni Michaely, Ekaterina Volkova and Francesca Cornelli

The Role of Government in Firm Outcomes pp. 5555-5593

Ran Duchin, Zhenyu Gao, Haibing Shu and David Denis

Rules versus Discretion in Bank Resolution pp. 5594-5629

Ansgar Walther, Lucy White and Itay Goldstein

Overcoming Discount Window Stigma: An Experimental Investigation pp. 5630-5659

Olivier Armantier, Charles Holt and Itay Goldstein

Pipeline Risk in Leveraged Loan Syndication pp. 5660-5705

Max Bruche, Frederic Malherbe and Ralf R Meisenzahl

Credit and Punishment: Are Corporate Bankers Disciplined for Risk-Taking? pp. 5706-5749

Janet Gao, Kristoph Kleiner, Joseph Pacelli and Itay Goldstein

Communication within Banking Organizations and Small Business Lending pp. 5750-5783

Ross Levine, Chen Lin, Qilin Peng and Wensi Xie

Creditor Rights, Technology Adoption, and Productivity: Plant-Level Evidence pp. 5784-5820

Nuri Ersahin and Philip Strahan

The Collateralizability Premium pp. 5821-5855

Hengjie Ai, Jun E Li, Kai Li and Christian Schlag

Production Networks and Stock Returns: The Role of Vertical Creative Destruction pp. 5856-5905

Michael Gofman, Gill Segal, Youchang Wu and Stijn Van Nieuwerburgh

Competition, Markups, and Predictable Returns pp. 5906-5939

Alexandre Corhay, Howard Kung, Lukas Schmid and Stijn Van Nieuwerburgh

Volume 33, issue 11, 2020

Options Trading Costs Are Lower than You Think pp. 4973-5014

Dmitriy Muravyev, Neil D Pearson and Stijn Van Nieuwerburgh

Derivatives Supply and Corporate Hedging: Evidence from the Safe Harbor Reform of 2005 pp. 5015-5050

Erasmo Giambona, Ye Wang and Philip Strahan

Renting Balance Sheet Space: Intermediary Balance Sheet Rental Costs and the Valuation of Derivatives pp. 5051-5091

Matthias Fleckenstein, Francis A Longstaff and Stijn Van Nieuwerburgh

The Effect of Cash Injections: Evidence from the 1980s Farm Debt Crisis pp. 5092-5130

Nittai K Bergman, Rajkamal Iyer, Richard Thakor and Philip Strahan

Informational Efficiency in Securitization after Dodd-Frank pp. 5131-5172

Sean J Flynn, Andra C Ghent, Alexei Tchistyi and Stijn Van Nieuwerburgh

Safe Collateral, Arm’s-Length Credit: Evidence from the Commercial Real Estate Market pp. 5173-5211

Lamont K Black, John Krainer, Joseph B Nichols and Stijn Van Nieuwerburgh

Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market pp. 5212-5247

Patrick Bayer, Christopher Geissler, Kyle Mangum, James W Roberts and Andrew Karolyi

Economic Consequences of Housing Speculation pp. 5248-5287

Zhenyu Gao, Michael Sockin, Wei Xiong and Itay Goldstein

Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom pp. 5288-5332

Vahid Saadi and Stijn Van Nieuwerburgh

Financial Inclusion, Human Capital, and Wealth Accumulation: Evidence from the Freedman’s Savings Bank pp. 5333-5377

Luke C D Stein, Constantine Yannelis and Francesca Cornelli

The Effects of Competition in Consumer Credit Markets pp. 5378-5415

Stefan Gissler, Rodney Ramcharan, Edison Yu and Philip Strahan

Monthly Payment Targeting and the Demand for Maturity pp. 5416-5462

Bronson S Argyle, Taylor D Nadauld, Christopher J Palmer and Itay Goldstein

Volume 33, issue 10, 2020

Deadlock on the Board pp. 4445-4488

Jason Roderick Donaldson, Nadya Malenko, Giorgia Piacentino and Itay Goldstein

Monitoring the Monitor: Distracted Institutional Investors and Board Governance pp. 4489-4531

Claire Liu, Angie Low, Ronald Masulis, Le Zhang and Wei Jiang

Public Oversight and Reporting Credibility: Evidence from the PCAOB Audit Inspection Regime pp. 4532-4579

Brandon Gipper, Christian Leuz and Mark Maffett

Expectations Management and Stock Returns pp. 4580-4626

Travis L Johnson, Jinhwan Kim, Eric C So and Lauren Cohen

Institutional Trading around Corporate News: Evidence from Textual Analysis pp. 4627-4675

Alan Guoming Huang, Hongping Tan, Russell Wermers and Wei Jiang

Advertising, Attention, and Financial Markets pp. 4676-4720

Florens Focke, Stefan Ruenzi and Michael Ungeheuer

Geographic Lead-Lag Effects pp. 4721-4770

Christopher A Parsons, Riccardo Sabbatucci and Sheridan Titman

Home Bias and Local Contagion: Evidence from Funds of Hedge Funds pp. 4771-4810

Clemens Sialm, Zheng Sun and Lu Zheng

Bank Geographic Diversification and Systemic Risk pp. 4811-4838

Yongqiang Chu, Saiying Deng, Cong Xia and Philip Strahan

Shock Transmission Through Cross-Border Bank Lending: Credit and Real Effects pp. 4839-4882

Galina Hale, Tümer Kapan, Camelia Minoiu and Philip Strahan

Mutual Funding pp. 4883-4915

Javier Gil-Bazo, Peter Hoffmann and Sergio Mayordomo

Industry Structure and the Strategic Provision of Trade Credit by Upstream Firms pp. 4916-4972

Alfred Lehar, Victor Y Song, Lasheng Yuan and Itay Goldstein

Volume 33, issue 9, 2020

Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales pp. 3925-3974

Sabrina T Howell, Marina Niessner, David Yermack and Jiang Wei

Financing Efficiency of Securities-Based Crowdfunding pp. 3975-4023

David C Brown, Shaun William Davies and Itay Goldstein

When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education pp. 4024-4060

Charlie Eaton, Sabrina T Howell, Constantine Yannelis and Francesca Cornelli

Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship pp. 4061-4101

Tania Babina

Why Do Firms Hold Cash? Evidence from Demographic Demand Shifts pp. 4102-4138

Igor Cunha, Joshua Pollet and David Denis

Dividend Payouts and Rollover Crises pp. 4139-4185

Ragnar Juelsrud, Plamen T Nenov and Itay Goldstein

Countercyclical Bank Equity Issuance pp. 4186-4230

Matthew Baron and Itay Goldstein

Equity Is Cheap for Large Financial Institutions pp. 4231-4271

Priyank Gandhi, Hanno Lustig and Alberto Plazzi

Asset Price Bubbles and Systemic Risk pp. 4272-4317

Markus Brunnermeier, Simon Rother, Isabel Schnabel and Itay Goldstein

Beta Risk in the Cross-Section of Equities pp. 4318-4366

Ali Boloorforoosh, Peter Christoffersen, Mathieu Fournier, Christian Gouriéroux and Stijn Van Nieuwerburgh

Financial Constraints, Monetary Policy Shocks, and the Cross-Section of Equity Returns pp. 4367-4402

Sudheer Chava, Alex Hsu and Robin Greenwood

Testing for Multiple-Horizon Predictability: Direct Regression Based versus Implication Based pp. 4403-4443

Ke-Li Xu and Lauren Cohen

Volume 33, issue 8, 2020

Uncertainty and Economic Activity: A Multicountry Perspective pp. 3393-3445

Ambrogio Cesa-Bianchi, Mohammad Pesaran, Alessandro Rebucci and Stijn Van Nieuwerburgh

Measuring Sovereign Bond Market Integration pp. 3446-3491

Ines Chaieb, Vihang Errunza, Rajna Gibson Brandon and Andrew Karolyi

Gravity in the Exchange Rate Factor Structure pp. 3492-3540

Hanno Lustig, Robert J Richmond and Andrew Karolyi

Macroeconomic Tail Risks and Asset Prices pp. 3541-3582

David Schreindorfer and Stijn Van Nieuwerburgh

The Equity Premium and the One Percent pp. 3583-3623

Alexis Akira Toda, Kieran James Walsh and Stijn Van Nieuwerburgh

Time-Varying Risk Premium and Unemployment Risk across Age Groups pp. 3624-3673

Indrajit Mitra, Yu Xu and Stijn Van Nieuwerburgh

History-Dependent Risk Preferences: Evidence from Individual Choices and Implications for the Disposition Effect pp. 3674-3718

Angie Andrikogiannopoulou, Filippos Papakonstantinou and Francesca Cornelli

Core and ‘Crust’: Consumer Prices and the Term Structure of Interest Rates pp. 3719-3765

Andrea Ajello, Luca Benzoni, Olena Chyruk and Stijn Van Nieuwerburgh

Equity Price Discovery with Informed Private Debt pp. 3766-3803

Jawad M Addoum, Justin R Murfin and Itay Goldstein

Stock Market Rumors and Credibility pp. 3804-3853

Daniel Schmidt and Itay Goldstein

Should I Stay or Should I Grow? Using Voluntary Disclosure to Elicit Market Feedback pp. 3854-3888

Sudarshan Jayaraman, Joanna Shuang Wu and Wei Jiang

Transparency and Talent Allocation in Money Management pp. 3889-3924

Simon Gervais, Günter Strobl and Francesca Cornelli

Volume 33, issue 7, 2020

On the Rise of FinTechs: Credit Scoring Using Digital Footprints pp. 2845-2897

Tobias Berg, Valentin Burg, Ana Gombović and Manju Puri

Asymmetric or Incomplete Information about Asset Values? pp. 2898-2936

Crocker H Liu, Adam D Nowak, Patrick S Smith and Stijn Van Nieuwerburgh

Innovation Activities and Integration through Vertical Acquisitions pp. 2937-2976

Laurent Frésard, Gerard Hoberg, Gordon Phillips and Francesca Cornelli

The Cultural Origin of CEOs’ Attitudes toward Uncertainty: Evidence from Corporate Acquisitions pp. 2977-3030

Yihui Pan, Stephan Siegel and Tracy Yue Wang

Politics, State Ownership, and Corporate Investments pp. 3031-3087

Shashwat Alok and Meghana Ayyagari

Political Investment Cycles of State-Owned Enterprises pp. 3088-3129

Qingyuan Li, Chen Lin and Li Xu

Shareholder Governance and CEO Compensation: The Peer Effects of Say on Pay pp. 3130-3173

Diane K Denis, Torsten Jochem, Anjana Rajamani and Wei Jiang

Symmetry in Pay for Luck pp. 3174-3204

Naveen D Daniel, Yuanzhi Li, Lalitha Naveen and Francesca Cornelli

Why Does an IPO Affect Rival Firms? pp. 3205-3249

Matthew Spiegel and Heather Tookes

Real Option Exercise: Empirical Evidence pp. 3250-3306

Paul H Décaire, Erik P Gilje, Jérôme P Taillard and Stijn Van Nieuwerburgh

The Value of Green Energy: Optimal Investment in Mutually Exclusive Projects and Operating Leverage pp. 3307-3347

Jerome Detemple, Yerkin Kitapbayev and Philip Strahan

Peer Financial Distress and Individual Leverage pp. 3348-3390

Ankit Kalda and Lauren Cohen

Volume 33, issue 6, 2020

Monetary Transmission through Shadow Banks pp. 2379-2420

Kairong Xiao and Francesca Cornelli

Banks’ Risk Dynamics and Distance to Default pp. 2421-2467

Stefan Nagel and Amiyatosh Purnanandam

Risk Management Failures pp. 2468-2505

Matthieu Bouvard, Samuel Lee and Itay Goldstein

Do Financial Regulations Shape the Functioning of Financial Institutions’ Risk Management in Asset-Backed Securities Investment? pp. 2506-2553

Xuanjuan Chen, Eric Higgins, Han Xia, Hong Zou and Wei Jiang

Bank Regulation under Fire Sale Externalities pp. 2554-2584

Gazi I Kara, S Mehmet Ozsoy and Itay Goldstein

Cheap Talk and Strategic Rounding in LIBOR Submissions pp. 2585-2621

Ángel Hernando-Veciana, Michael Tröge and Philip Strahan

Bank Deposits and the Stock Market pp. 2622-2658

Leming Lin and Strahan

Bubbles and Financial Professionals pp. 2659-2696

Utz Weitzel, Christoph Huber, Jürgen Huber, Michael Kirchler, Florian Lindner, Julia Rose and Lauren Cohen

Impediments to Financial Trade: Theory and Applications pp. 2697-2727

Nicolae Gârleanu, Stavros Panageas, Jianfeng Yu and Stijn Van Nieuwerburgh

Aggregation, Capital Heterogeneity, and the Investment CAPM pp. 2728-2771

Andrei S Gonçalves, Chen Xue, Lu Zhang and Stijn Van Nieuwerburgh

Symmetric and Asymmetric Market Betas and Downside Risk pp. 2772-2795

Yaron Levi, Ivo Welch and Andrew Karolyi

Testing Beta-Pricing Models Using Large Cross-Sections pp. 2796-2842

Valentina Raponi, Cesare Robotti, Paolo Zaffaroni and Andrew Karolyi

Volume 33, issue 5, 2020

New Methods for the Cross-Section of Returns pp. 1879-1890

Stijn Van Nieuwerburgh

Comparing Cross-Section and Time-Series Factor Models pp. 1891-1926

Eugene F Fama and Kenneth French

The Cross-Section of Risk and Returns pp. 1927-1979

Kent Daniel, Lira Mota, Simon Rottke and Tano Santos

Factor Timing pp. 1980-2018

Valentin Haddad, Serhiy Kozak, Shrihari Santosh and Stijn Van Nieuwerburgh

Replicating Anomalies pp. 2019-2133

Kewei Hou, Chen Xue and Lu Zhang

Anomalies and False Rejections pp. 2134-2179

Tarun Chordia, Amit Goyal and Alessio Saretto

A Transaction-Cost Perspective on the Multitude of Firm Characteristics pp. 2180-2222

Victor DeMiguel, Alberto Martín-Utrera, Francisco J Nogales and Raman Uppal

Empirical Asset Pricing via Machine Learning pp. 2223-2273

Shihao Gu, Bryan Kelly and Dacheng Xiu

Factors That Fit the Time Series and Cross-Section of Stock Returns pp. 2274-2325

Martin Lettau, Markus Pelger and Stijn Van Nieuwerburgh

Dissecting Characteristics Nonparametrically pp. 2326-2377

Joachim Freyberger, Andreas Neuhierl and Michael Weber

Volume 33, issue 4, 2020

Informing the Market: The Effect of Modern Information Technologies on Information Production pp. 1367-1411

Meng Gao, Jiekun Huang and Itay Goldstein

Contracting on Credit Ratings: Adding Value to Public Information pp. 1412-1444

Christine A Parlour and Uday Rajan

Investor Information Acquisition and Money Market Fund Risk Rebalancing during the 2011–2012 Eurozone Crisis pp. 1445-1483

Emily A Gallagher, Lawrence D W Schmidt, Allan Timmermann and Russ Wermers

Back-Running: Seeking and Hiding Fundamental Information in Order Flows pp. 1484-1533

Liyan Yang and Haoxiang Zhu

Order Cancellations, Fees, and Execution Quality in U.S. Equity Options pp. 1534-1564

Todd G Griffith and Robert A Van Ness

A Bound on Expected Stock Returns pp. 1565-1617

Ohad Kadan and Xiaoxiao Tang

Ambiguity, Volatility, and Credit Risk pp. 1618-1672

Patrick Augustin, Yehuda Izhakian and Stijn Van Nieuwerburgh

Short- and Long-Horizon Behavioral Factors pp. 1673-1736

Kent Daniel, David Hirshleifer and Lin Sun

Global Political Uncertainty and Asset Prices pp. 1737-1780

Jonathan Brogaard, Lili Dai, Phong T H Ngo and Bohui Zhang

Do CEOs Affect Employees’ Political Choices? (The value of connections in turbulent times: Evidence from the United States) pp. 1781-1817

Ilona Babenko, Viktar Fedaseyeu and Song Zhang

How Much Do Directors Influence Firm Value? pp. 1818-1847

Aaron Burt, Christopher Hrdlicka and Jarrad Harford

The Strategic Effects of Trademark Protection pp. 1848-1877

Davidson Heath and Christopher Mace

Volume 33, issue 3, 2020

Climate Finance pp. 1011-1023

Harrison Hong and José A Scheinkman

Pricing Uncertainty Induced by Climate Change pp. 1024-1066

Michael Barnett, William Brock, Lars Peter Hansen and Harrison Hong

The Importance of Climate Risks for Institutional Investors pp. 1067-1111

Philipp Krueger, Zacharias Sautner and Laura T Starks

Attention to Global Warming pp. 1112-1145

Darwin Choi, Zhenyu Gao and Wenxi Jiang

Do Fund Managers Misestimate Climatic Disaster Risk pp. 1146-1183

Shashwat Alok, Nitin Kumar, Russell Wermers and Harrison Hong

Hedging Climate Change News pp. 1184-1216

Robert Engle, Stefano Giglio, Bryan Kelly, Heebum Lee and Johannes Stroebel

Is the Risk of Sea Level Rise Capitalized in Residential Real Estate? pp. 1217-1255

Justin Murfin, Matthew Spiegel and Jose Scheinkman

Does Climate Change Affect Real Estate Prices? Only If You Believe In It pp. 1256-1295

Markus Baldauf, Lorenzo Garlappi, Constantine Yannelis and José Scheinkman

Corporate Governance and Pollution Externalities of Public and Private Firms pp. 1296-1330

Sophie A Shive, Margaret M Forster and Jose Scheinkman

Temperature Shocks and Establishment Sales pp. 1331-1366

Jawad M Addoum, David T Ng, Ariel Ortiz-Bobea and Harrison Hong

Volume 33, issue 2, 2020

Financial Frictions and the Great Productivity Slowdown pp. 475-503

Romain Duval, Gee Hee Hong, Yannick Timmer and Philip Strahan

Banks’ Balance Sheets and Liquidation Values: Evidence from Real Estate Collateral pp. 504-535

Rodney Ramcharan

The Limits of Lending? Banks and Technology Adoption across Russia pp. 536-609

Çağatay Bircan and Ralph De Haas

Government as Customer of Last Resort: The Stabilizing Effects of Government Purchases on Firms pp. 610-643

Jim Goldman and Philip Strahan

Employment Protection, Investment, and Firm Growth pp. 644-688

John (Jianqiu) Bai, Douglas Fairhurst, Matthew Serfling and David Denis

Flights to Safety pp. 689-746

Lieven Baele, Geert Bekaert, Koen Inghelbrecht and Min Wei

Resiliency and Stock Returns pp. 747-782

Jian Hua, Lin Peng, Robert A Schwartz and Nazli Sila Alan

Career Risk and Market Discipline in Asset Management pp. 783-828

Andrew Ellul, Marco Pagano and Annalisa Scognamiglio

Dynamic Asset Sales with a Feedback Effect pp. 829-865

Sivan Frenkel and Itay Goldstein

Over-the-Counter versus Limit-Order Markets: The Role of Traders’ Expertise pp. 866-915

Vincent Glode and Christian Opp

Financial Illiteracy and Pension Contributions: A Field Experiment on Compound Interest in China pp. 916-949

Changcheng Song and Stijn Van Nieuwerburgh

Financial Literacy Externalities pp. 950-989

Michael Haliassos, Thomas Jansson, Yigitcan Karabulut and Lauren Cohen

Annual Report of the Society for Financial Studies for 2018–2019 pp. 990-1008

Andrew Ellul, Itay Goldstein, Craig Holden, Ronald Masulis, Jeffrey Pontiff and Antoinette Schoar

Volume 33, issue 1, 2020

On the Effects of Restricting Short-Term Investment pp. 1-43

Nicolas Crouzet, Ian Dew-Becker and Charles G Nathanson

Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange pp. 44-74

Hendrik Bessembinder, Jia Hao and Kuncheng Zheng

Dash for Cash: Monthly Market Impact of Institutional Liquidity Needs pp. 75-111

Erkko Etula, Kalle Rinne, Matti Suominen and Lauri Vaittinen

Cross-Listings and the Dynamics between Credit and Equity Returns pp. 112-154

Patrick Augustin, Feng Jiao, Sergei Sarkissian and Michael J Schill

Idiosyncratic Jump Risk Matters: Evidence from Equity Returns and Options pp. 155-211

Jean-François Bégin, Christian Dorion and Geneviève Gauthier

Negative Swap Spreads and Limited Arbitrage pp. 212-238

Urban Jermann

On the Asset Market View of Exchange Rates pp. 239-260

Craig Burnside and Jeremy J Graveline

Priority Spreading of Corporate Debt pp. 261-308

Dominique C Badoer, Evan Dudley and Christopher James

Investment Timing and Incentive Costs pp. 309-357

Sebastian Gryglewicz and Barney Hartman-Glaser

The Life Cycle of Corporate Venture Capital pp. 358-394

Song Ma

Socioeconomic Status and Macroeconomic Expectations pp. 395-432

Sreyoshi Das, Camelia Kuhnen and Stefan Nagel

Peers’ Income and Financial Distress: Evidence from Lottery Winners and Neighboring Bankruptcies pp. 433-472

Sumit Agarwal, Vyacheslav Mikhed and Barry Scholnick