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.
Bibliographic data for series maintained by Oxford University Press ().

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Volume 28, issue 12, 2015

Editor's Choice Active Ownership pp. 3225-3268

Elroy Dimson, Oğuzhan Karakaş and Xi Li

Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices pp. 3269-3302

Narasimhan Jegadeesh, Roman Kräussl and Joshua M. Pollet

Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets pp. 3303-3337

Martin Oehmke and Adam Zawadowski

CEO Assessment and the Structure of Newly Formed Boards pp. 3338-3366

David J. Denis, Diane K. Denis and Mark D. Walker

Playing the Devil's Advocate: The Causal Effect of Risk Management on Loan Quality pp. 3367-3406

Tobias Berg

Trading Fast and Slow: Colocation and Liquidity pp. 3407-3443

Jonathan Brogaard, Björn Hagströmer, Lars Nordén and Ryan Riordan

Volume 28, issue 11, 2015

Editor's Choice The Sovereign Wealth Fund Discount: Evidence from Public Equity Investments pp. 2993-3035

Bernardo Bortolotti, Veljko Fotak and William L. Megginson

How Important Are Foreign Ownership Linkages for International Stock Returns? pp. 3036-3072

Söhnke Bartram, John M. Griffin, Tae-Hoon Lim and David T. Ng

Understanding FX Liquidity pp. 3073-3108

Nina Karnaukh, Angelo Ranaldo and Paul Söderlind

Thinking Outside the Borders: Investors' Underreaction to Foreign Operations Information pp. 3109-3152

Xing Huang

Information, Analysts, and Stock Return Comovement pp. 3153-3187

Allaudeen Hameed, Randall Morck, Jianfeng Shen and Bernard Yeung

Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections pp. 3188-3223

Pat Akey

Volume 28, issue 10, 2015

Editor's Choice The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes pp. 2723-2769

Alon Brav, Wei Jiang and Hyunseob Kim

Board Structure and Monitoring: New Evidence from CEO Turnovers pp. 2770-2811

Lixiong Guo and Ronald Masulis

Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act pp. 2812-2858

Suman Banerjee, Mark Humphery-Jenner and Vikram Nanda

Expected Returns in Treasury Bonds pp. 2859-2901

Anna Cieslak and Pavol Povala

Exploring Return Dynamics via Corridor Implied Volatility pp. 2902-2945

Torben Andersen, Oleg Bondarenko and Maria T. Gonzalez-Perez

Dynamic Thin Markets pp. 2946-2992

Marzena Rostek and Marek Weretka

Volume 28, issue 9, 2015

Editor's Choice Financing Constraints and the Amplification of Aggregate Downturns pp. 2463-2501

Daniel Carvalho

Capital Structure, Investment, and Fire Sales pp. 2502-2533

Douglas Gale and Piero Gottardi

A Theory of Income Smoothing When Insiders Know More Than Outsiders pp. 2534-2574

Viral Acharya and Bart M. Lambrecht

Valuation, Adverse Selection, and Market Collapses pp. 2575-2607

Michael J. Fishman and Jonathan Parker

On Bounding Credit-Event Risk Premia pp. 2608-2642

Jennie Bai, Pierre Collin-Dufresne, Robert S. Goldstein and Jean Helwege

Why Are University Endowments Large and Risky? pp. 2643-2686

Thomas Gilbert and Christopher Hrdlicka

Optimal Tax Timing with Asymmetric Long-Term/Short-Term Capital Gains Tax pp. 2687-2721

Min Dai, Hong Liu, Chen Yang and Yifei Zhong

Volume 28, issue 8, 2015

Editor's Choice Shareholder Voting and Corporate Governance Around the World pp. 2167-2202

Peter Iliev, Karl Lins, Darius P. Miller and Lukas Roth

The Bright Side of Corporate Diversification: Evidence from Internal Labor Markets pp. 2203-2249

Geoffrey Tate and Liu Yang

Territorial Tax System Reform and Corporate Financial Policies pp. 2250-2280

Matteo P. Arena and George W. Kutner

What's in a Name? Mutual Fund Flows When Managers Have Foreign-Sounding Names pp. 2281-2321

Alok Kumar, Alexandra Niessen-Ruenzi and Oliver G. Spalt

Information Management in Banking Crises pp. 2322-2363

Joel Shapiro and David Skeie

Can "High Costs" Justify Weak Demand for the Home Equity Conversion Mortgage? pp. 2364-2398

Thomas Davidoff

House Prices, Home Equity Borrowing, and Entrepreneurship pp. 2399-2428

Stefano Corradin and Alexander Popov

Testing for Information Asymmetries in Real Estate Markets pp. 2429-2461

Pablo Kurlat and Johannes Stroebel

Volume 28, issue 7, 2015

Editor's Choice Confusion of Confusions: A Test of the Disposition Effect and Momentum pp. 1849-1873

Justin Birru

Learning About Unstable, Publicly Unobservable Payoffs pp. 1874-1913

Elise Payzan-LeNestour and Peter Bossaerts

Differences of Opinion, Endogenous Liquidity, and Asset Prices pp. 1914-1959

Emilio Osambela

Modeling Credit Contagion via the Updating of Fragile Beliefs pp. 1960-2008

Luca Benzoni, Pierre Collin-Dufresne, Robert S. Goldstein and Jean Helwege

Home away from Home: Geography of Information and Local Investors pp. 2009-2049

Gennaro Bernile, Alok Kumar and Johan Sulaeman

Rumor Has It: Sensationalism in Financial Media pp. 2050-2093

Kenneth Ahern and Denis Sosyura

Competition for Order Flow with Fast and Slow Traders pp. 2094-2127

Vincent van Kervel

Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments pp. 2128-2166

Xiaohui Gao and Tse-Chun Lin

Volume 28, issue 6, 2015

Editor's Choice Capital Account Opening and Wage Inequality pp. 1555-1587

Mauricio Larrain

Does Takeover Activity Cause Managerial Discipline? Evidence from International M&A Laws pp. 1588-1622

Ugur Lel and Darius P. Miller

Learning About CEO Ability and Stock Return Volatility pp. 1623-1666

Yihui Pan, Tracy Yue Wang and Michael Weisbach

When Less Is More: The Benefits of Limits on Executive Pay pp. 1667-1700

Peter Cebon and Benjamin E. Hermalin

The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management? pp. 1701-1736

Massimo Massa, Bohui Zhang and Hong Zhang

The Real Effects of Short-Selling Constraints pp. 1737-1767

Gustavo Grullon, Sébastien Michenaud and James P. Weston

Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment pp. 1768-1809

Karthik Krishnan, Debarshi Nandy and Manju Puri

Financial Distress, Stock Returns, and the 1978 Bankruptcy Reform Act pp. 1810-1847

Dirk Hackbarth, Rainer Haselmann and David Schoenherr

Volume 28, issue 5, 2015

Editor's Choice New Evidence on the Financialization of Commodity Markets pp. 1285-1311

Brian J. Henderson, Neil D. Pearson and Li Wang

Redefining Financial Constraints: A Text-Based Analysis pp. 1312-1352

Gerard Hoberg and Vojislav Maksimovic

Dynamics of Innovation and Risk pp. 1353-1380

Bruno Biais, Jean Rochet and Paul Woolley

The Informational Role of Stock and Bond Volume pp. 1381-1427

Kerry Back and Kevin Crotty

Modeling Covariance Risk in Merton's ICAPM pp. 1428-1461

Alberto G. Rossi and Allan Timmermann

Monotonicity of the Stochastic Discount Factor and Expected Option Returns pp. 1462-1505

Ranadeb Chaudhuri and Mark Schroder

Robust Econometric Inference for Stock Return Predictability pp. 1506-1553

Alexandros Kostakis, Tassos Magdalinos and Michalis P. Stamatogiannis

Volume 28, issue 4, 2015

Money Creation and the Shadow Banking System pp. 939-977

Adi Sunderam

Editor's Choice Human Capital as an Asset Class Implications from a General Equilibrium Model pp. 978-1023

Miguel Palacios

The Worst, the Best, Ignoring All the Rest: The Rank Effect and Trading Behavior pp. 1024-1059

Samuel M. Hartzmark

The Costs of Closing Failed Banks: A Structural Estimation of Regulatory Incentives pp. 1060-1102

Ari Kang, Richard Lowery and Malcolm Wardlaw

The Geography of Funding Markets and Limits to Arbitrage pp. 1103-1152

Andrea Buraschi, Murat Menguturk and Emrah Sener

Traders vs. Relationship Managers: Reputational Conflicts in Full-Service Investment Banks pp. 1153-1198

Zhaohui Chen, Alan D. Morrison and William J. Wilhelm

Predictable Corporate Distributions and Stock Returns pp. 1199-1241

Hendrik Bessembinder and Feng Zhang

Post-Earnings-Announcement Drift in Global Markets: Evidence from an Information Shock pp. 1242-1283

Mingyi Hung, Xi Li and Shiheng Wang

Volume 28, issue 3, 2015

Editor's Choice Editorial: Cosmetic Surgery in the Academic Review Process pp. 637-649

David Hirshleifer

Editor's Choice Digesting Anomalies: An Investment Approach pp. 650-705

Kewei Hou, Chen Xue and Lu Zhang

Investor Information, Long-Run Risk, and the Term Structure of Equity pp. 706-742

Mariano M. Croce, Martin Lettau and Sydney Ludvigson

Dynamic Hedging and Extreme Asset Co-movements pp. 743-790

Redouane Elkamhi and Denitsa Stefanova

Investor Sentiment Aligned: A Powerful Predictor of Stock Returns pp. 791-837

Dashan Huang, Fuwei Jiang, Jun Tu and Guofu Zhou

Cognitive Limitation and Investment Performance: Evidence from Limit Order Clustering pp. 838-875

Wei-Yu Kuo, Tse-Chun Lin and Jing Zhao

Self-Exciting Jumps, Learning, and Asset Pricing Implications pp. 876-912

Andras Fulop, Junye Li and Jun Yu

Can Housing Risk Be Diversified? A Cautionary Tale from the Housing Boom and Bust pp. 913-936

John Cotter, Stuart Gabriel and Richard Roll

Volume 28, issue 2, 2015

Editor's Choice Strategic Investment and Industry Risk Dynamics pp. 297-341

M. Cecilia Bustamante

Corporate Investment and Stock Market Listing: A Puzzle? pp. 342-390

John Asker, Joan Farre-Mensa and Alexander Ljungqvist

Capital Supply Uncertainty, Cash Holdings, and Investment pp. 391-445

Julien Hugonnier, Semyon Malamud and Erwan Morellec

Are Mutual Funds Active Voters? pp. 446-485

Peter Iliev and Michelle Lowry

Liquidity and Shareholder Activism pp. 486-520

Oyvind Norli, Charlotte Ostergaard and Ibolya Schindele

Ownership Structure, Voting, and Risk pp. 521-560

Amrita Dhillon and Silvia Rossetto

Labor Protection and Leverage pp. 561-591

Elena Simintzi, Vikrant Vig and Paolo Volpin

Agency Problems of Corporate Philanthropy pp. 592-636

Ronald Masulis and Syed Walid Reza

Volume 28, issue 1, 2015

Editor's Choice The Sum of All FEARS Investor Sentiment and Asset Prices pp. 1-32

Zhi Da, Joseph Engelberg and Pengjie Gao

Investor Attention and Stock Market Volatility pp. 33-72

Daniel Andrei and Michael Hasler

Weather-Induced Mood, Institutional Investors, and Stock Returns pp. 73-111

William Goetzmann, Dasol Kim, Alok Kumar and Qin Wang

The Implicit Costs of Trade Credit Borrowing by Large Firms pp. 112-145

Justin Murfin and Ken Njoroge

Shadow Banking and Bank Capital Regulation pp. 146-175

Guillaume Plantin

Securitization and the Fixed-Rate Mortgage pp. 176-211

Andreas Fuster and James Vickery

Regression Discontinuity and the Price Effects of Stock Market Indexing pp. 212-246

Yen-Cheng Chang, Harrison Hong and Inessa Liskovich

Feedback Trading between Fundamental and Nonfundamental Information pp. 247-296

Ming Guo and Hui Ou-Yang