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 30, issue 12, 2017

Does Hedging Affect Firm Value? Evidence from a Natural Experiment pp. 4083-4132

Erik P. Gilje and Jérôme P. Taillard

International Corporate Diversification and Financial Flexibility pp. 4133-4178

Yeejin Jang

Risk Management with Supply Contracts pp. 4179-4215

Heitor Almeida, Kristine Watson Hankins and Ryan Williams

Product Market Competition and Industry Returns pp. 4216-4266

M. Cecilia Bustamante and Andres Donangelo

Authority, Consensus, and Governance pp. 4267-4316

Archishman Chakraborty and Bilge Yılmaz

Rational Opacity pp. 4317-4348

Cyril Monnet and Erwan Quintin

Nonlinear Shrinkage of the Covariance Matrix for Portfolio Selection: Markowitz Meets Goldilocks pp. 4349-4388

Olivier Ledoit and Michael Wolf

The Characteristics that Provide Independent Information about Average U.S. Monthly Stock Returns pp. 4389-4436

Jeremiah Green, John R. M. Hand and X. Frank Zhang

A Simple Estimation of Bid-Ask Spreads from Daily Close, High, and Low Prices pp. 4437-4480

Farshid Abdi and Angelo Ranaldo

Price Impact or Trading Volume: Why Is the Amihud (2002) Measure Priced? pp. 4481-4520

Xiaoxia Lou and Tao Shu

Volume 30, issue 11, 2017

Credit-Induced Boom and Bust pp. 3711-3758

Marco Di Maggio and Amir Kermani

The Dynamics of Investment, Payout and Debt pp. 3759-3800

Bart M. Lambrecht and Stewart C. Myers

Do Professional Norms in the Banking Industry Favor Risk-taking? pp. 3801-3823

Alain Cohn, Ernst Fehr and Michel Maréchal

When Are Modifications of Securitized Loans Beneficial to Investors? pp. 3824-3857

Gonzalo Maturana

The Effects of Quantitative Easing on Bank Lending Behavior pp. 3858-3887

Alexander Rodnyansky and Olivier Darmouni

Endogenous Leverage and Advantageous Selection in Credit Markets pp. 3888-3920

Plamen T. Nenov

Contingent Capital, Tail Risk, and Debt-Induced Collapse pp. 3921-3969

Nan Chen, Paul Glasserman, Behzad Nouri and Markus Pelger

Risk-Based Capital Requirements for Banks and International Trade pp. 3970-4002

Banu Demir, Tomasz Michalski and Evren Ors

Speculation and the Term Structure of Interest Rates pp. 4003-4037

Francisco Barillas and Kristoffer Nimark

De Facto Seniority, Credit Risk, and Corporate Bond Prices pp. 4038-4080

Jack Bao and Kewei Hou

Volume 30, issue 10, 2017

Mortgages and Monetary Policy pp. 3337-3375

Carlos Garriga, Finn E. Kydland and Roman Šustek

The Strategic Underreporting of Bank Risk pp. 3376-3415

Taylor A. Begley, Amiyatosh Purnanandam and Kuncheng Zheng

Small Bank Comparative Advantages in Alleviating Financial Constraints and Providing Liquidity Insurance over Time pp. 3416-3454

Allen N. Berger, Christa H. S. Bouwman and Dasol Kim

Loan Sales and Bank Liquidity Management: Evidence from a U.S. Credit Register pp. 3455-3501

Rustom M. Irani and Ralf R. Meisenzahl

Nothing Special About Banks: Competition and Bank Lending in Britain, 1885–1925 pp. 3502-3537

Fabio Braggion, Narly Dwarkasing and Lyndon Moore

How Excessive Is Banks’ Maturity Transformation? pp. 3538-3580

Anatoli Segura and Javier Suarez

Do Managers Give Hometown Labor an Edge? pp. 3581-3604

Scott E. Yonker

Within-Firm Pay Inequality pp. 3605-3635

Holger M. Mueller, Paige P. Ouimet and Elena Simintzi

Cash Holdings and Labor Heterogeneity: The Role of Skilled Labor pp. 3636-3668

Mohamed Ghaly, Viet Dang and Konstantinos Stathopoulos

Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor pp. 3669-3709

Frederico Belo, Jun Li, Xiaoji Lin and Xiaofei Zhao

Volume 30, issue 9, 2017

Returns to Hedge Fund Activism: An International Study pp. 2933-2971

Marco Becht, Julian Franks, Jeremy Grant and Hannes Wagner

Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations pp. 2972-3008

Chunxin Jia, Yaping Wang and Wei Xiong

It Depends on Where You Search: Institutional Investor Attention and Underreaction to News pp. 3009-3047

Azi Ben-Rephael, Zhi Da and Ryan Israelsen

Bid-Ask Spreads, Trading Networks, and the Pricing of Securitizations pp. 3048-3085

Burton Hollifield, Artem Neklyudov and Chester Spatt

Risk Sharing and Contagion in Networks pp. 3086-3127

Antonio Cabrales, Piero Gottardi and Fernando Vega-Redondo

Tax Rates and Corporate Decision-making pp. 3128-3175

John R. Graham, Michelle Hanlon, Terry Shevlin and Nemit Shroff

Taxation and Dividend Policy: The Muting Effect of Agency Issues and Shareholder Conflicts pp. 3176-3222

Martin Jacob and Roni Michaely

The Economic Effects of Public Financing: Evidence from Municipal Bond Ratings Recalibration pp. 3223-3268

Manuel Adelino, Igor Cunha and Miguel Ferreira

Information Sharing and Rating Manipulation pp. 3269-3304

Mariassunta Giannetti, José María Liberti and Jason Sturgess

Gender and Connections among Wall Street Analysts pp. 3305-3335

Lily Hua Fang and Sterling Huang

Volume 30, issue 8, 2017

Pension Fund Asset Allocation and Liability Discount Rates pp. 2555-2595

Aleksandar Andonov, Rob M.M.J. Bauer and K.J. Martijn Cremers

On the Demand for High-Beta Stocks: Evidence from Mutual Funds pp. 2596-2620

Susan Christoffersen and Mikhail Simutin

Fund Flows and Market States pp. 2621-2673

Francesco Franzoni and Martin C. Schmalz

Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings pp. 2674-2718

Jie (Jack) He and Jiekun Huang

Deflation Risk pp. 2719-2760

Matthias Fleckenstein, Francis A. Longstaff and Hanno Lustig

Bond Market Exposures to Macroeconomic and Monetary Policy Risks pp. 2761-2817

Dongho Song

The Information Content of a Nonlinear Macro-Finance Model for Commodity Prices pp. 2818-2850

Saqib Khan, Zeigham Khokher and Timothy Simin

Where’s the Kink? Disappointment Events in Consumption Growth and Equilibrium Asset Prices pp. 2851-2889

Stefanos Delikouras

External Habit in a Production Economy: A Model of Asset Prices and Consumption Volatility Risk pp. 2890-2932

Andrew Y. Chen

Volume 30, issue 7, 2017

Equity Vesting and Investment pp. 2229-2271

Alex Edmans, Vivian W. Fang and Katharina A. Lewellen

Market Forces and CEO Pay: Shocks to CEO Demand Induced by IPO Waves pp. 2272-2312

Jordan Nickerson

Do Independent Director Departures Predict Future Bad Events? pp. 2313-2358

Ruediger Fahlenbrach, Angie Low and René M. Stulz

Do Takeover Defense Indices Measure Takeover Deterrence? pp. 2359-2412

Jonathan Karpoff, Robert J. Schonlau and Eric W. Wehrly

The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility pp. 2413-2445

Johan Hombert and Adrien Matray

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China pp. 2446-2477

Lily H. Fang, Josh Lerner and Chaopeng Wu

What Determines Entrepreneurial Outcomes in Emerging Markets? The Role of Initial Conditions pp. 2478-2522

Meghana Ayyagari, Asli Demirguc-Kunt and Vojislav Maksimovic

How Does Personal Bankruptcy Law Affect Startups? pp. 2523-2554

Geraldo Cerqueiro and María Penas

Volume 30, issue 6, 2017

Fraudulent Income Overstatement on Mortgage Applications During the Credit Expansion of 2002 to 2005 pp. 1832-1864

Atif Mian and Amir Sufi

Housing Demand During the Boom: The Role of Expectations and Credit Constraints pp. 1865-1902

Tim Landvoigt

The Political Economy of Financial Innovation: Evidence from Local Governments pp. 1903-1934

Christophe Perignon and Boris Vallee

How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment pp. 1935-1970

Shawn Cole, Xavier Gine and James Vickery

Does Aggregated Returns Disclosure Increase Portfolio Risk Taking? pp. 1971-2005

John Beshears, James Choi, David Laibson and Brigitte Madrian

Optimal Long-Term Contracting with Learning pp. 2006-2065

Zhiguo He, Bin Wei, Jianfeng Yu and Feng Gao

A Mind Is a Terrible Thing to Change: Confirmatory Bias in Financial Markets pp. 2066-2109

Sebastien Pouget, Julien Sauvagnat and Stephane Villeneuve

The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect pp. 2110-2129

Urs Fischbacher, Gerson Hoffmann and Simeon Schudy

Information Choice and Amplification of Financial Crises pp. 2130-2178

Toni Ahnert and Ali Kakhbod

The Freedom of Information Act and the Race Toward Information Acquisition pp. 2179-2228

Antonio Gargano, Alberto G. Rossi and Russell Wermers

Volume 30, issue 5, 2017

Shaped by Booms and Busts: How the Economy Impacts CEO Careers and Management Styles pp. 1425-1456

Antoinette Schoar and Luo Zuo

Bribes and Firm Value pp. 1457-1489

Stefan Zeume

Foreign Cash: Taxes, Internal Capital Markets, and Agency Problems pp. 1490-1538

Jarrad Harford, Cong Wang and Kuo Zhang

Extending Industry Specialization through Cross-Border Acquisitions pp. 1539-1582

Laurent Frésard, Ulrich Hege and Gordon Phillips

Competition and Ownership Structure of Closely Held Firms pp. 1583-1626

Jan Bena and Ting Xu

The Effects of Short-Selling Threats on Incentive Contracts: Evidence from an Experiment pp. 1627-1659

David De Angelis, Gustavo Grullon and Sébastien Michenaud

Distracted Shareholders and Corporate Actions pp. 1660-1695

Elisabeth Kempf, Alberto Manconi and Oliver Spalt

Spillovers Inside Conglomerates: Incentives and Capital pp. 1696-1743

Ran Duchin, Amir Goldberg and Denis Sosyura

Financing and New Product Decisions of Private and Publicly Traded Firms pp. 1744-1789

Gordon Phillips and Giorgo Sertsios

Impact of Financial Leverage on the Incidence and Severity of Product Failures: Evidence from Product Recalls pp. 1790-1829

Omesh Kini, Jaideep Shenoy and Venkat Subramaniam

Volume 30, issue 4, 2017

Toxic Arbitrage pp. 1053-1094

Thierry Foucault, Roman Kozhan and Wing Wah Tham

Size Discovery pp. 1095-1150

Darrell Duffie and Haoxiang Zhu

The Dynamics of Market Efficiency pp. 1151-1187

Dominik M. Rösch, Avanidhar Subrahmanyam and Mathijs van Dijk

Need for Speed? Exchange Latency and Liquidity pp. 1188-1228

Albert Menkveld and Marius Zoican

An Asset Pricing Approach to Liquidity Effects in Corporate Bond Markets pp. 1229-1269

Dion Bongaerts, Frank de Jong and Joost Driessen

Mispricing Factors pp. 1270-1315

Robert F. Stambaugh and Yu Yuan

Which Alpha? pp. 1316-1338

Francisco Barillas and Jay Shanken

Aggregation of Information About the Cross Section of Stock Returns: A Latent Variable Approach pp. 1339-1381

Nathaniel Light, Denys Maslov and Oleg Rytchkov

Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach pp. 1382-1423

Xuemin (Sterling) Yan and Lingling Zheng

Volume 30, issue 3, 2017

Global Dollar Credit and Carry Trades: A Firm-Level Analysis pp. 703-749

Valentina Bruno and Hyun Song Shin

Differences of Opinion and International Equity Markets pp. 750-800

Bernard Dumas, Karen Lewis and Emilio Osambela

Retail Short Selling and Stock Prices pp. 801-834

Eric K. Kelley and Paul C. Tetlock

Pre-market Trading and IPO Pricing pp. 835-865

Chun Chang, Yao-Min Chiang, Yiming Qian and Jay Ritter

Individual Investor Activity and Performance pp. 866-899

Magnus Dahlquist, Jose Vicente Martinez and Paul Söderlind

Inflation Bets on the Long Bond pp. 900-947

Harrison Hong, David Sraer and Jialin Yu

Mind the Gap: The Difference between U.S. and European Loan Rates pp. 948-987

Tobias Berg, Anthony Saunders, Sascha Steffen and Daniel Streitz

Bank Capital and Dividend Externalities pp. 988-1018

Viral Acharya, Hanh T. Le and Hyun Song Shin

Law and Finance Matter: Lessons from Externally Imposed Courts pp. 1019-1051

James Brown, J. Anthony Cookson and Rawley Z. Heimer

Volume 30, issue 2, 2017

Currency Value pp. 416-441

Lukas Menkhoff, Lucio Sarno, Maik Schmeling and Andreas Schrimpf

What Is the Consumption-CAPM Missing? An Information-Theoretic Framework for the Analysis of Asset Pricing Models pp. 442-504

Anisha Ghosh, Christian Julliard and Alex P. Taylor

Asset Pricing When ‘This Time Is Different’ pp. 505-535

Pierre Collin-Dufresne, Michael Johannes and Lars A. Lochstoer

Are Stocks Real Assets? Sticky Discount Rates in Stock Markets pp. 539-587

Michael Katz, Hanno Lustig and Lars Nielsen

How Risky Is Consumption in the Long-Run? Benchmark Estimates from a Robust Estimator pp. 631-666

Ian Dew-Becker

Volume 30, issue 1, 2017

Measuring Systemic Risk pp. 2-47

Viral Acharya, Lasse Pedersen, Thomas Philippon and Matthew Richardson

SRISK: A Conditional Capital Shortfall Measure of Systemic Risk pp. 48-79

Christian Brownlees and Robert Engle

The Anatomy of the CDS Market pp. 80-119

Martin Oehmke and Adam Zawadowski

Design of Financial Securities: Empirical Evidence from Private-Label RMBS Deals pp. 120-161

Taylor A. Begley and Amiyatosh Purnanandam

Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages pp. 211-244

Philip Bond, Ronel Elul, Sharon Garyn-Tal and David K. Musto

The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment pp. 245-280

Hyunseob Kim and Howard Kung

Being Surprised by the Unsurprising: Earnings Seasonality and Stock Returns pp. 281-323

Tom Y. Chang, Samuel M. Hartzmark, David H. Solomon and Eugene F. Soltes

Actual Share Repurchases, Price Efficiency, and the Information Content of Stock Prices pp. 324-362

Pascal Busch and Stefan Obernberger