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 32, issue 12, 2019

Dynamic Interpretation of Emerging Risks in the Financial Sector pp. 4543-4603

Kathleen Weiss Hanley and Gerard Hoberg

Are the Largest Banks Valued More Highly? pp. 4604-4652

Bernadette A Minton, René M Stulz and Alvaro G Taboada

The Distortive Effects of Too Big To Fail: Evidence from the Danish Market for Retail Deposits pp. 4653-4695

Rajkamal Iyer, Thais Lærkholm Jensen, Niels Johannesen and Adam Sheridan

Strategic Liquidity Mismatch and Financial Sector Stability pp. 4696-4733

André F Silva

Auto Credit and the 2005 Bankruptcy Reform: The Impact of Eliminating Cramdowns pp. 4734-4766

Rajashri Chakrabarti and Nathaniel Pattison

Bank-Branch Supply, Financial Inclusion, and Wealth Accumulation pp. 4767-4809

Claire Célerier and Adrien Matray

Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans pp. 4810-4854

Ying Dou, Ronald Masulis and Jason Zein

Owners’ Portfolio Diversification and Firm Investment pp. 4855-4904

Evgeny Lyandres, Maria-Teresa Marchica, Roni Michaely and Roberto Mura

Investor Protection and Asset Prices pp. 4905-4946

Suleyman Basak, Georgy Chabakauri and M Deniz Yavuz

Cancellable Insider Trading Plans: An Analysis of SEC Rule 10b5-1 pp. 4947-4996

Stephen L Lenkey

Chasing Private Information pp. 4997-5047

Marcin Kacperczyk and Emiliano S Pagnotta

The Fix Is In: Properly Backing out Backfill Bias pp. 5048-5099

Philippe Jorion and Christopher Schwarz

Volume 32, issue 11, 2019

The Value of Offshore Secrets: Evidence from the Panama Papers pp. 4117-4155

James O’Donovan, Hannes Wagner and Stefan Zeume

Private Contracting, Law and Finance pp. 4156-4195

Graeme G Acheson, Gareth Campbell and John Turner

Blockholder Heterogeneity, Multiple Blocks, and the Dance between Blockholders pp. 4196-4227

Charles J Hadlock and Miriam Schwartz-Ziv

The Bright Side of Fire Sales pp. 4228-4270

Jean-Marie Meier and Henri Servaes

Corporate Investment and Innovation in the Presence of Competitor Constraints pp. 4271-4303

William Grieser and Zack Liu

Incentive Pay and Systemic Risk pp. 4304-4342

Rui Albuquerque, Luis Cabral and José Guedes

Product Market Competition and Option Prices pp. 4343-4386

Erwan Morellec and Alexei Zhdanov

Venture Capital and the Macroeconomy pp. 4387-4446

Christian Opp

A Theory of Multiperiod Debt Structure pp. 4447-4500

Chong Huang, Martin Oehmke and Hongda Zhong

Bank Capital, Borrower Power, and Loan Rates pp. 4501-4541

João A C Santos and Andrew Winton

Volume 32, issue 10, 2019

Life below Zero: Bank Lending under Negative Policy Rates pp. 3728-3761

Florian Heider, Farzad Saidi and Glenn Schepens

The Supply Side of Household Finance pp. 3762-3798

Gabriele Foà, Leonardo Gambacorta, Luigi Guiso and Paolo Emilio Mistrulli

Understanding Mortgage Spreads pp. 3799-3850

Nina Boyarchenko, Andreas Fuster and David Lucca

The Persistence of Financial Distress pp. 3851-3883

Kartik Athreya, Jose Mustre-del-Rio and Juan M Sánchez

Noncognitive Abilities and Financial Distress: Evidence from a Representative Household Panel pp. 3884-3919

Gianpaolo Parise and Kim Peijnenburg

Teachers Teaching Teachers: The Role of Workplace Peer Effects in Financial Decisions pp. 3920-3957

Gonzalo Maturana and Jordan Nickerson

Matching in Housing Markets: The Role of Ethnic Social Networks pp. 3958-4004

Sumit Agarwal, Hyun-Soo Choi, Jia He and Tien Foo Sing

Returns to Talent and the Finance Wage Premium pp. 4005-4040

Claire Célérier and Boris Vallee

Financial Markets with Trade on Risk and Return pp. 4042-4078

Kevin Smith

Interfund Lending in Mutual Fund Families: Role in Liquidity Management pp. 4079-4115

Vikas Agarwal and Haibei Zhao

Volume 32, issue 9, 2019

Understanding the Rise in Corporate Cash: Precautionary Savings or Foreign Taxes pp. 3299-3334

Michael W Faulkender, Kristine W Hankins and Mitchell A Petersen

External Governance and Debt Structure pp. 3335-3365

Sreedhar T Bharath and Michael Hertzel

Whatever It Takes: The Real Effects of Unconventional Monetary Policy pp. 3366-3411

Viral Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch

Credit Allocation Under Economic Stimulus: Evidence from China pp. 3412-3460

Lin Cong, Haoyu Gao, Jacopo Ponticelli and Xiaoguang Yang

The Economic Impact of Index Investing pp. 3461-3499

Jonathan Brogaard, Matthew Ringgenberg and David Sovich

External Equity Financing Shocks, Financial Flows, and Asset Prices pp. 3500-3543

Frederico Belo, Xiaoji Lin and Fan Yang

Stock Volatility and the Great Depression pp. 3544-3570

Gustavo Cortes and Marc D Weidenmier

Measuring Tail Risks at High Frequency pp. 3571-3616

Brian M Weller

Does Smooth Ambiguity Matter for Asset Pricing? pp. 3617-3666

A Ronald Gallant, Mohammad Jahan-Parvar and Hening Liu

Cumulative Prospect Theory, Option Returns, and the Variance Premium pp. 3667-3723

Lieven Baele, Joost Driessen, Sebastian Ebert, Juan M. Londono and Oliver G Spalt

Volume 32, issue 8, 2019

Who Bears Interest Rate Risk? pp. 2921-2954

Peter Hoffmann, Sam Langfield, Federico Pierobon and Guillaume Vuillemey

Mortgage Dollar Roll pp. 2955-2996

Zhaogang Song and Haoxiang Zhu

Multinational Banks and Supranational Supervision pp. 2997-3035

Giacomo Calzolari, Jean-Edouard Colliard and Gyongyi Lóránth

The Effects of Losing a Business Group Affiliation pp. 3036-3074

Borja Larrain, Giorgo Sertsios and Francisco Urzúa I.

Information Sharing, Holdup, and External Finance: Evidence from Private Firms pp. 3075-3104

Andrew Bird, Stephen Karolyi and Thomas Ruchti

Repatriation Taxes and Foreign Cash Holdings: The Impact of Anticipated Tax Reform pp. 3105-3143

Lisa De Simone, Joseph D Piotroski and Rimmy Tomy

Consumption Taxes and Corporate Investment pp. 3144-3182

Martin Jacob, Roni Michaely and Maximilian A Müller

How Close Are Close Shareholder Votes? pp. 3183-3214

Laurent Bach and Daniel Metzger

Opportunistic Proposals by Union Shareholders pp. 3215-3265

John Matsusaka, Oguzhan Ozbas and Irene Yi

Freeze-Out Mergers pp. 3266-3297

Elif Dalkır, Mehmet Dalkır and Doron Levit

Volume 32, issue 7, 2019

Shock Propagation and Banking Structure pp. 2499-2540

Mariassunta Giannetti and Farzad Saidi

The Agglomeration of Bankruptcy pp. 2541-2586

Efraim Benmelech, Nittai Bergman, Anna Milanez and Vladimir Mukharlyamov

Anticollusion Enforcement: Justice for Consumers and Equity for Firms pp. 2587-2624

Sudipto Dasgupta and Alminas Zaldokas

Noisy Stock Prices and Corporate Investment pp. 2625-2672

Olivier Dessaint, Thierry Foucault, Laurent Frésard and Adrien Matray

Governance Under Common Ownership pp. 2673-2719

Alex Edmans, Doron Levit and Devin Reilly

Standing on the Shoulders of Giants: The Effect of Passive Investors on Activism pp. 2720-2774

Ian R Appel, Todd A Gormley and Donald B Keim

Soft Shareholder Activism pp. 2775-2808

Doron Levit

Asset Pricing with Persistence Risk pp. 2809-2849

Daniel Andrei, Michael Hasler and Alexandre Jeanneret

Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns pp. 2850-2889

Kewei Hou, Mathijs A van Dijk and Laura StarksEditor

Approaching Mean-Variance Efficiency for Large Portfolios pp. 2890-2919

Mengmeng Ao, Li Yingying and Xinghua Zheng

Volume 32, issue 6, 2019

Low Interest Rates and Risk-Taking: Evidence from Individual Investment Decisions pp. 2107-2148

Chen Lian, Yueran Ma and Carmen Wang

Unleashing Animal Spirits: Self-Control and Overpricing in Experimental Asset Markets pp. 2149-2178

Martin Kocher, Konstantin E Lucks and David Schindler

Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment pp. 2179-2224

Jarrad Harford, Feng Jiang, Rong Wang and Fei Xie

Is Silence Golden? Real Effects of Mandatory Disclosure pp. 2225-2259

Sudarshan Jayaraman and Joanna Shuang Wu

Institutional Investors and Information Acquisition: Implications for Asset Prices and Informational Efficiency pp. 2260-2301

Matthijs Breugem and Adrian Buss

Contingent Convertibles with Stock Price Triggers: The Case of Perpetuities pp. 2302-2340

George Pennacchi and Alexei Tchistyi

Social Risk, Fiscal Risk, and the Portfolio of Government Programs pp. 2341-2382

Samuel G Hanson, David S Scharfstein and Adi Sunderam

Bank Resolution and the Structure of Global Banks pp. 2384-2421

Patrick Bolton and Martin Oehmke

Asset Encumbrance, Bank Funding, and Fragility pp. 2422-2455

Toni Ahnert, Kartik Anand, Prasanna Gai, James Chapman and Philip StrahanEditor

Financial Sector Stress and Risk Sharing: Evidence from the Weather Derivatives Market pp. 2456-2497

Daniel Weagley

Volume 32, issue 5, 2019

To FinTech and Beyond pp. 1647-1661

Itay Goldstein, Wei Jiang and G Andrew Karolyi

The Blockchain Folk Theorem pp. 1662-1715

Bruno Biais, Christophe Bisière, Matthieu Bouvard and Catherine Casamatta

Blockchain-Based Settlement for Asset Trading pp. 1716-1753

Jonathan Chiu and Thorsten Koeppl

Blockchain Disruption and Smart Contracts pp. 1754-1797

Lin Cong and Zhiguo He

Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies? pp. 1798-1853

Sean Foley, Jonathan R Karlsen and Talis Putnins

The Role of Technology in Mortgage Lending pp. 1854-1899

Andreas Fuster, Matthew Plosser, Philipp Schnabl and James Vickery

Peer-to-Peer Lenders Versus Banks: Substitutes or Complements? pp. 1900-1938

Huan Tang

Marketplace Lending: A New Banking Paradigm? pp. 1939-1982

Boris Vallee and Yao Zeng

The Promises and Pitfalls of Robo-Advising pp. 1983-2020

Francesco D’Acunto, Nagpurnanand Prabhala and Alberto G Rossi

Big Data as a Governance Mechanism pp. 2021-2061

Christina Zhu

How Valuable Is FinTech Innovation? pp. 2062-2106

Mark A Chen, Qinxi Wu and Baozhong Yang

Volume 32, issue 4, 2019

Firm Financing over the Business Cycle pp. 1235-1274

Juliane Begenau and Juliana Salomao

Cyclical Dispersion in Expected Defaults pp. 1275-1308

João F Gomes, Marco Grotteria and Jessica A Wachter

Private Equity and Financial Fragility during the Crisis pp. 1309-1373

Shai Bernstein, Josh Lerner and Filippo Mezzanotti

Ratings-Based Regulation and Systematic Risk Incentives pp. 1374-1415

Giuliano Iannotta, George Pennacchi and João A C Santos

Riding the Bubble with Convex Incentives pp. 1416-1456

Juan Sotes-Paladino and Fernando Zapatero

Do Shocks to Personal Wealth Affect Risk-taking in Delegated Portfolios? pp. 1457-1493

Veronika K Pool, Noah Stoffman, Scott E Yonker and Hanjiang Zhang

Limited Stock Market Participation Among Renters and Homeowners pp. 1494-1535

Roine Vestman

Exploration Activity, Long-run Decisions, and the Risk Premium in Energy Futures pp. 1536-1572

Alexander David

A Protocol for Factor Identification pp. 1573-1607

Kuntara Pukthuanthong, Richard Roll and Avanidhar Subrahmanyam

Arbitrage Trading: The Long and the Short of It pp. 1608-1646

Yong Chen, Zhi Da and Dayong Huang

Volume 32, issue 3, 2019

Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition pp. 819-863

Ming Yang and Yao Zeng

Investing for Impact pp. 864-904

Bhagwan Chowdhry, Shaun William Davies and Brian Waters

Corporate Strategy, Conformism, and the Stock Market pp. 905-950

Thierry Foucault and Laurent Fresard

Estimating the Value of Information pp. 951-991

Ohad Kadan and Asaf Manela

Information, Trading, and Volatility: Evidence from Firm-Specific News pp. 992-1033

Jacob Boudoukh, Ronen Feldman, Shimon Kogan and Matthew Richardson

High-Frequency Market Making to Large Institutional Trades pp. 1034-1067

Robert Korajczyk and Dermot Murphy

Why Discrete Price Fragments U.S. Stock Exchanges and Disperses Their Fee Structures pp. 1068-1101

Yong Chao, Chen Yao and Mao Ye

Grown-up Business Cycles pp. 1102-1147

Benjamin Pugsley and Ay’egul Ahin

Macroeconomic Risk and Idiosyncratic Risk-taking pp. 1148-1187

Zhiyao Chen and Ilya A Strebulaev

Inventory Behavior and Financial Constraints: Theory and Evidence pp. 1188-1233

Sudipto Dasgupta, Erica X N Li and Dong Yan

Volume 32, issue 2, 2019

Credit Supply and the Rise in College Tuition: Evidence from the Expansion in Federal Student Aid Programs pp. 423-466

David Lucca, Taylor Nadauld and Karen Shen

What’s the Catch? Suspicion of Bank Motives and Sluggish Refinancing pp. 467-495

Eric J Johnson, Stephan Meier and Olivier Toubia

How Do Payday Loans Affect Borrowers? Evidence from the U.K. Market pp. 496-523

John Gathergood, Benedict Guttman-Kenney and Stefan Hunt

Birds of a Feather: The Impact of Homophily on the Propensity to Follow Financial Advice pp. 524-563

Oscar Stolper and Andreas Walter

How Organizational Hierarchy Affects Information Production pp. 564-604

Janis Skrastins and Vikrant Vig

Informed Trading by Advisor Banks: Evidence from Options Holdings pp. 605-645

Michelle Lowry, Marco Rossi and Zhongyan Zhu

Option Pricing of Earnings Announcement Risks pp. 646-687

Andrew Dubinsky, Michael Johannes, Andreas Kaeck and Norman J Seeger

Comparables Pricing pp. 688-737

Justin Murfin and Ryan Pratt

International Corporate Governance Spillovers: Evidence from Cross-Border Mergers and Acquisitions pp. 738-770

Rui Albuquerque, Luis Brandão-Marques, Miguel A Ferreira and Pedro Matos

Hostile Resistance to Hedge Fund Activism pp. 771-817

Nicole M Boyson and Pegaret Pichler

Volume 32, issue 1, 2019

The Cost of Immediacy for Corporate Bonds pp. 1-41

Jens Dick-Nielsen and Marco Rossi

The Relevance of Credit Ratings in Transparent Bond Markets pp. 42-74

Dominique C Badoer and Cem Demiroglu

Characteristic-Based Benchmark Returns and Corporate Events pp. 75-125

Hendrik Bessembinder, Michael Cooper and Feng Zhang

Trade-Time Measures of Liquidity pp. 126-179

Yashar H Barardehi, Dan Bernhardt and Ryan Davies

The VIX Premium pp. 180-227

Ing-Haw Cheng

Demand for Crash Insurance, Intermediary Constraints, and Risk Premia in Financial Markets pp. 228-265

Hui Chen, Scott Joslin and Sophie Xiaoyan Ni

Banks Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment pp. 266-299

Reint Gropp, Thomas Mosk, Steven Ongena and Carlo Wix

Heterogeneity in Target Date Funds: Strategic Risk-taking or Risk Matching? pp. 300-337

Pierluigi Balduzzi and Jonathan Reuter

Revealing Downturns pp. 338-373

Martin C Schmalz and Sergey Zhuk

Trading Regularity and Fund Performance pp. 374-422

Jeffrey A Busse, Lin Tong, Qing Tong and Zhe Zhang