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 31, issue 12, 2018

Does It Pay to Pay Attention? pp. 4595-4649

Antonio Gargano and Alberto G Rossi

Rent Seeking by Low-Latency Traders: Evidence from Trading on Macroeconomic Announcements pp. 4650-4687

Tarun Chordia, T Clifton Green and Badrinath Kottimukkalur

Active Fundamental Performance pp. 4688-4719

Hao Jiang and Lu Zheng

Skewness Consequences of Seeking Alpha pp. 4720-4761

Kerry Back, Alan D Crane and Kevin Crotty

Risk, Unemployment, and the Stock Market: A Rare-Event-Based Explanation of Labor Market Volatility pp. 4762-4814

Mete Kilic and Jessica A Wachter

Can People Learn about ‘Black Swans’? Experimental Evidence pp. 4815-4862

Elise Payzan-LeNestour

Long Forward Probabilities, Recovery, and the Term Structure of Bond Risk Premiums pp. 4863-4883

Likuan Qin, Vadim Linetsky and Yutian Nie

Mortgage Supply and Housing Rents pp. 4884-4911

Pedro Gete and Michael Reher

Got Rejected? Real Effects of Not Getting a Loan pp. 4912-4957

Tobias Berg

Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market pp. 4958-4994

Tomas Williams

Volume 31, issue 11, 2018

Strategic News Releases in Equity Vesting Months pp. 4099-4141

Alex Edmans, Luis Goncalves-Pinto, Moqi Groen-Xu and Yanbo Wang

The Retention Effects of Unvested Equity: Evidence from Accelerated Option Vesting pp. 4142-4186

Torsten Jochem, Tomislav Ladika and Zacharias Sautner

Product Market Competition Shocks, Firm Performance, and Forced CEO Turnover pp. 4187-4231

Sudipto Dasgupta, Xi Li and Albert Y Wang

Agency Conflicts around the World pp. 4232-4287

Erwan Morellec, Boris Nikolov and Norman Schürhoff

The Evolution of Corporate Cash pp. 4288-4344

John R Graham and Mark T Leary

Extrapolation Bias and the Predictability of Stock Returns by Price-Scaled Variables pp. 4345-4397

Stefano Cassella and Huseyin Gulen

The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software pp. 4398-4446

Arna Olafsson and Michaela Pagel

Financial Advice and Bank Profits pp. 4447-4492

Daniel Hoechle, Stefan Ruenzi, Nic Schaub and Markus Schmid

Debt Priority Structure, Market Discipline, and Bank Conduct pp. 4493-4555

Piotr Danisewicz, Danny McGowan, Enrico Onali and Klaus Schaeck

Contagious Effects of a Political Intervention in Debt Contracts: Evidence Using Loan-Level Data pp. 4556-4592

Prasanna L Tantri

Volume 31, issue 10, 2018

Quantifying Sentiment with News Media across Local Housing Markets pp. 3689-3719

Cindy K Soo

Destabilizing Financial Advice: Evidence from Pension Fund Reallocations pp. 3720-3755

Zhi Da, Borja Larrain, Clemens Sialm and José Tessada

Family Descent as a Signal of Managerial Quality: Evidence from Mutual Funds pp. 3756-3820

Oleg Chuprinin and Denis Sosyura

The Investment Value of Fund Managers’ Experience outside the Financial Sector pp. 3821-3853

Gjergji Cici, Monika Gehde-Trapp, Marc-André Göricke and Alexander Kempf

Decentralized Privatization and Change of Control Rights in China pp. 3854-3894

Jie Gan, Yan Guo and Chenggang Xu

Financial Frictions and the Stock Price Reaction to Monetary Policy pp. 3895-3936

Ali Ozdagli

The Timing and Method of Payment in Mergers when Acquirers Are Financially Constrained pp. 3937-3978

Alexander S Gorbenko and Andrey Malenko

What’s behind Smooth Dividends? Evidence from Structural Estimation pp. 3979-4016

Yufeng Wu

Implications of Incomplete Markets for International Economies pp. 4017-4062

Gurdip Bakshi, Mario Cerrato and John Crosby

Market and Regional Segmentation and Risk Premia in the First Era of Financial Globalization pp. 4063-4098

David Chambers, Sergei Sarkissian and Michael J Schill

Volume 31, issue 9, 2018

Short-Rate Expectations and Unexpected Returns in Treasury Bonds pp. 3265-3306

Anna Cieslak

Asset Price Dynamics in Partially Segmented Markets pp. 3307-3343

Robin Greenwood, Samuel G Hanson and Gordon Liao

Government Intervention and Arbitrage pp. 3344-3408

Paolo Pasquariello

Managerial Short-Termism, Turnover Policy, and the Dynamics of Incentives pp. 3409-3451

Felipe Varas

Optimal Capital Structure and Investment with Real Options and Endogenous Debt Costs pp. 3452-3490

Praveen Kumar and Vijay Yerramilli

How Management Risk Affects Corporate Debt pp. 3491-3531

Yihui Pan, Tracy Yue Wang and Michael Weisbach

Screening on Loan Terms: Evidence from Maturity Choice in Consumer Credit pp. 3532-3567

Andrew Hertzberg, Andres Liberman and Daniel Paravisini

Spillovers from Costly Credit pp. 3568-3594

Brian Melzer

Mortgage Loan Flow Networks and Financial Norms pp. 3595-3642

Richard Stanton, Johan Walden and Nancy Wallace

Monetary Policy Implementation and Financial Vulnerability: Evidence from the Overnight Reverse Repurchase Facility pp. 3643-3686

Alyssa G Anderson and John Kandrac

Volume 31, issue 8, 2018

Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans pp. 2855-2896

Viral Acharya, Tim Eisert, Christian Eufinger and Christian Hirsch

The Myth of the Credit Spread Puzzle pp. 2897-2942

Peter Feldhütter and Stephen M Schaefer

Lending Standards over the Credit Cycle pp. 2943-2982

Giacomo Rodano, Nicolas Serrano-Velarde and Emanuele Tarantino

Notes on Bonds: Illiquidity Feedback During the Financial Crisis pp. 2983-3018

David Musto, Greg Nini and Krista Schwarz

Interest Rate Risk Management in Uncertain Times pp. 3019-3060

Lorenzo Bretscher, Lukas Schmid and Andrea Vedolin

Kicking Maturity Down the Road: Early Refinancing and Maturity Management in the Corporate Bond Market pp. 3061-3097

Qiping Xu

Shareholder-Creditor Conflict and Payout Policy: Evidence from Mergers between Lenders and Shareholders pp. 3098-3121

Yongqiang Chu

Corporate Deleveraging and Financial Flexibility pp. 3122-3174

Harry DeAngelo, Andrei S Gonçalves and René M Stulz

Vote Avoidance and Shareholder Voting in Mergers and Acquisitions pp. 3176-3211

Kai Li, Tingting Liu and Juan (Julie) Wu

Winning by Losing: Evidence on the Long-run Effects of Mergers pp. 3212-3264

Ulrike Malmendier, Enrico Moretti and Florian S Peters

Volume 31, issue 7, 2018

News Shocks and the Production-Based Term Structure of Equity Returns pp. 2423-2467

Hengjie Ai, Mariano Max Croce, Anthony M Diercks and Kai Li

The Information Content of Realized Losses pp. 2468-2498

Peter Kelly

Detecting Repeatable Performance pp. 2499-2552

Campbell R Harvey and Yan Liu

Innovative Originality, Profitability, and Stock Returns pp. 2553-2605

David Hirshleifer, Po-Hsuan Hsu and Dongmei Li

The History of the Cross-Section of Stock Returns pp. 2606-2649

Juhani T Linnainmaa and Michael R Roberts

Do Hedge Funds Exploit Rare Disaster Concerns? pp. 2650-2692

George P Gao, Pengjie Gao and Zhaogang Song

Are Financial Constraints Priced? Evidence from Textual Analysis pp. 2693-2728

Matthias Buehlmaier and Toni Whited

Risk Everywhere: Modeling and Managing Volatility pp. 2729-2773

Tim Bollerslev, Benjamin Hood, John Huss and Lasse Pedersen

Learning from History: Volatility and Financial Crises pp. 2774-2805

Jon Danielsson, Marcela Valenzuela and Ilknur Zer

Housing Price Booms and Crowding-Out Effects in Bank Lending pp. 2806-2853

Indraneel Chakraborty, Itay Goldstein and Andrew MacKinlay

Volume 31, issue 6, 2018

The Labor Market Effects of Credit Market Information pp. 2005-2037

Marieke Bos, Emily Breza and Andres Liberman

Credit Ratings and the Cost of Municipal Financing pp. 2038-2079

Jess Cornaggia, Kimberly J. Cornaggia and Ryan Israelsen

Banks’ Incentives and Inconsistent Risk Models pp. 2080-2112

Matthew C Plosser and João A C Santos

Banks, Firms, and Jobs pp. 2113-2156

Fabio Berton, Sauro Mocetti, Andrea Presbitero and Matteo Richiardi

Why Trading Speed Matters: A Tale of Queue Rationing under Price Controls pp. 2157-2183

Chen Yao and Mao Ye

Does Algorithmic Trading Reduce Information Acquisition? pp. 2184-2226

Brian M. Weller

The Competitive Landscape of High-Frequency Trading Firms pp. 2227-2276

Ekkehart Boehmer, Dan Li and Gideon Saar

Identifying Information Asymmetry in Securities Markets pp. 2277-2325

Kerry Back, Kevin Crotty and Tao Li

High-Frequency Measures of Informed Trading and Corporate Announcements pp. 2326-2376

Michael J. Brennan, Sahn-Wook Huh and Avanidhar Subrahmanyam

When Transparency Improves, Must Prices Reflect Fundamentals Better? pp. 2377-2414

Snehal Banerjee, Jesse Davis and Naveen Gondhi

Volume 31, issue 5, 2018

Managing the Family Firm: Evidence from CEOs at Work pp. 1605-1653

Oriana Bandiera, Renata Lemos, Andrea Prat and Raffaella Sadun

Home Bias Abroad: Domestic Industries and Foreign Portfolio Choice pp. 1654-1706

David Schumacher

The Costs of Sovereign Default: Evidence from the Stock Market pp. 1707-1751

Sandro C. Andrade and Vidhi Chhaochharia

The Economic Effects of a Borrower Bailout: Evidence from an Emerging Market pp. 1752-1783

Xavier Gine and Martin Kanz

Cross-Sectional and Time-Series Tests of Return Predictability: What Is the Difference? pp. 1784-1824

Amit Goyal and Narasimhan Jegadeesh

Decomposing Value pp. 1825-1854

Joseph Gerakos and Juhani T. Linnainmaa

Safe Haven CDS Premiums pp. 1856-1895

Sven Klingler and David Lando

Mutual Fund Competition, Managerial Skill, and Alpha Persistence pp. 1896-1929

Gerard Hoberg, Nitin Kumar and Nagpurnanand Prabhala

Reaching for Yield in Corporate Bond Mutual Funds pp. 1930-1965

Jaewon Choi and Mathias Kronlund

Mutual Fund Transparency and Corporate Myopia pp. 1966-2003

Vikas Agarwal, Rahul Vashishtha and Mohan Venkatachalam

Volume 31, issue 4, 2018

Corporate Tax Havens and Transparency pp. 1221-1264

Morten Bennedsen and Stefan Zeume

How Does Financial Reporting Regulation Affect Firms’ Banking? pp. 1265-1297

Matthias Breuer, Katharina Hombach and Maximilian A Müller

Employment and Wage Insurance within Firms: Worldwide Evidence pp. 1298-1340

Andrew Ellul, Marco Pagano and Fabiano Schivardi

Trust Busting: The Effect of Fraud on Investor Behavior pp. 1341-1376

Umit G Gurun, Noah Stoffman and Scott E Yonker

Manipulation in the VIX? pp. 1377-1417

John M Griffin and Amin Shams

Industry Tournament Incentives pp. 1418-1459

Jeffrey Coles, Zhichuan (Frank) Li and Albert Y Wang

Getting the Incentives Right: Backfilling and Biases in Executive Compensation Data pp. 1460-1498

Stuart L Gillan, Jay C Hartzell, Andrew Koch and Laura T Starks

Do Director Elections Matter? pp. 1499-1531

Vyacheslav Fos, Kai Li and Margarita Tsoutsoura

Founder Replacement and Startup Performance pp. 1532-1565

Michael Ewens and Matt Marx

The Effects of Business Accelerators on Venture Performance: Evidence from Start-Up Chile pp. 1566-1603

Juanita Gonzalez-Uribe and Michael Leatherbee

Volume 31, issue 3, 2018

Illiquidity Premia in the Equity Options Market pp. 811-851

Peter Christoffersen, Ruslan Goyenko, Kris Jacobs and Mehdi Karoui

Quantifying Liquidity and Default Risks of Corporate Bonds over the Business Cycle pp. 852-897

Hui Chen, Rui Cui, Zhiguo He and Konstantin Milbradt

The Twilight Zone: OTC Regulatory Regimes and Market Quality pp. 898-942

Ulf Brüggemann, Aditya Kaul, Christian Leuz and Ingrid M. Werner

Does a Larger Menu Increase Appetite? Collateral Eligibility and Credit Supply pp. 943-979

Sjoerd Van Bekkum, Marc Gabarro and Rustom M. Irani

Bankruptcy and the Cost of Organized Labor: Evidence from Union Elections pp. 980-1013

Murillo Campello, Janet Gao, Jiaping Qiu and Yue Zhang

Why Does Fast Loan Growth Predict Poor Performance for Banks? pp. 1014-1063

Ruediger Fahlenbrach, Robert Prilmeier and René M. Stulz

Distributional Implications of Government Guarantees in Mortgage Markets pp. 1064-1097

Pedro Gete and Franco Zecchetto

Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default pp. 1098-1131

Kristopher Gerardi, Kyle F. Herkenhoff, Lee Ohanian and Paul Willen

Macroeconomic-Driven Prepayment Risk and the Valuation of Mortgage-Backed Securities pp. 1132-1183

Mikhail Chernov, Brett R. Dunn and Francis A. Longstaff

Unsecured Credit Supply, Credit Cycles, and Regulation pp. 1184-1217

Song Han, Benjamin Keys and Geng Li

Volume 31, issue 2, 2018

Robust Bond Risk Premia pp. 399-448

Michael Bauer and James D. Hamilton

Structural GARCH: The Volatility-Leverage Connection pp. 449-492

Robert Engle and Emil N. Siriwardane

Pricing Kernel Monotonicity and Conditional Information pp. 493-531

Matthew Linn, Sophie Shive and Tyler Shumway

A Recovery that We Can Trust? Deducing and Testing the Restrictions of the Recovery Theorem pp. 532-555

Gurdip Bakshi, Fousseni Chabi-Yo and Xiaohui Gao

Are Stocks Riskier over the Long Run? Taking Cues from Economic Theory pp. 556-594

Doron Avramov, Scott Cederburg and Katarína Lučivjanská

The Factor Structure in Equity Options pp. 595-637

Peter Christoffersen, Mathieu Fournier and Kris Jacobs

Cross-Subsidization in Institutional Asset Management Firms pp. 638-677

Ranadeb Chaudhuri, Zoran Ivković and Charles Trzcinka

Forecasting through the Rearview Mirror: Data Revisions and Bond Return Predictability pp. 678-714

Eric Ghysels, Casidhe Horan and Emanuel Moench

Are Mutual Fund Managers Paid for Investment Skill? pp. 715-772

Markus Ibert, Ron Kaniel, Stijn Van Nieuwerburgh and Roine Vestman

Open-End Organizational Structures and Limits to Arbitrage pp. 773-810

Mariassunta Giannetti and Bige Kahraman

Volume 31, issue 1, 2018

The Power of the Street: Evidence from Egypt’s Arab Spring pp. 1-42

Daron Acemoglu, Tarek A. Hassan and Ahmed Tahoun

Who Captures the Power of the Pen? pp. 43-96

Jiaxing You, Bohui Zhang and Le Zhang

Does a CEO’s Cultural Heritage Affect Performance under Competitive Pressure? pp. 97-141

Duc Duy Nguyen, Jens Hagendorff and Arman Eshraghi

The Historical Slave Trade and Firm Access to Finance in Africa pp. 142-174

Lamar Pierce and Jason A. Snyder

What Drives Racial and Ethnic Differences in High-Cost Mortgages? The Role of High-Risk Lenders pp. 175-205

Patrick Bayer, Fernando Ferreira and Stephen Ross

Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms pp. 206-238

Shu Lin and Haichun Ye

Global Relation between Financial Distress and Equity Returns pp. 239-277

Pengjie Gao, Christopher A. Parsons and Jianfeng Shen

Inflexibility and Stock Returns pp. 278-321

Lifeng Gu, Dirk Hackbarth and Tim Johnson

Estimating and Testing Dynamic Corporate Finance Models pp. 322-361

Santiago Bazdresch, Robert Kahn and Toni Whited

Rolling Mental Accounts pp. 362-397

Cary Frydman, Samuel M. Hartzmark and David H. Solomon