Journal of Financial and Quantitative Analysis

1966 - 2025

From Cambridge University Press
Cambridge University Press, UPH, Shaftesbury Road, Cambridge CB2 8BS UK.
Bibliographic data for series maintained by Kirk Stebbing (csjnls@cambridge.org).

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Volume 60, issue 2, 2025

On the Capital Market Consequences of Big Data: Evidence from Outer Space pp. 551-579

Zsolt Katona, Marcus O. Painter, Panos N. Patatoukas and Jean Zeng

Lawyer CEOs pp. 580-616

M. Todd Henderson, Irena Hutton, Danling Jiang and Matthew Pierson

Strategic CEO Activism in Polarized Markets pp. 617-657

Swarnodeep Homroy and Shubhashis Gangopadhyay

Brokers and Finders in Startup Offerings pp. 658-694

Emmanuel Yimfor

Mispricing and Risk Premia in Currency Markets pp. 695-733

Söhnke Bartram, Leslie Djuranovik, Anthony Garratt and Yan Xu

The Corporate Investment Benefits of Mutual Fund Dual Holdings pp. 734-770

Rex Wang Renjie, Patrick Verwijmeren and Shuo Xia

Bank Loan Announcement Effects: Evidence from a Comprehensive 8-K Sample pp. 771-809

Steven Wei Ho, Clark Liu and Shujing Wang

Consumption Growth Persistence and the Stock–Bond Correlation pp. 810-838

Christopher S. Jones and Sungjune Pyun

Currency Carry, Momentum, and Global Interest Rate Volatility pp. 839-873

Ming Zeng

Governance by One-Lot Shares pp. 874-909

Feng Cao, Yuhai Xuan, Rongli Yuan and Hong Zou

How Do Foreign Labor Regulations Affect Firms’ Operating Strategies? pp. 910-947

S. Katie Moon and Giorgo Sertsios

Who Pays a Visit to Brussels? Firm Value Effects of Cross-Border Political Access to European Commissioners pp. 948-973

Kizkitza Biguri and Jörg R. Stahl

Where Have All the IPOs Gone? Trade Liberalization and the Changing Nature of U.S. Public Corporations pp. 974-1013

Thomas P. Griffin

Credit Default Swaps and Firm Cyclicality pp. 1014-1041

Lars Norden, Chao Yin and Lei Zhao

Construction, Real Uncertainty, and Stock-Level Investment Anomalies pp. 1042-1073

Kevin Aretz and Anastasios Kagkadis

Volume 60, issue 1, 2025

Is Carbon Risk Priced in the Cross Section of Corporate Bond Returns? pp. 1-35

Tinghua Duan, Frank Weikai Li and Quan Wen

Does Central Bank Tone Move Asset Prices? pp. 36-67

Maik Schmeling and Christian Wagner

Retail Trading and Return Predictability in China pp. 68-104

Charles Jones, Donghui Shi, Xiaoyan Zhang and Xinran Zhang

Overlapping Ownership Along the Supply Chain pp. 105-134

Kayla M. Freeman

Stakeholder Value: A Convenient Excuse for Underperforming Managers? pp. 135-168

Ryan Flugum and Matthew E. Souther

Directors: Older and Wiser, or Too Old to Govern? pp. 169-208

Ronald Masulis, Cong Wang, Fei Xie and Shuran Zhang

Merger-Driven Listing Dynamics pp. 209-257

Bjorn Eckbo and Markus Lithell

Time Variation in the News–Returns Relationship pp. 258-294

Paul Glasserman, Fulin Li and Harry Mamaysky

The Effect of Takeover Protection in Quiet Life and Bonding Firms pp. 295-335

Eliezer M. Fich, Jarrad Harford and Adam S. Yore

Corporate Venture Capital and Firm Scope pp. 336-373

Yifei Zhang

Borrowing Stigma and Lender of Last Resort Policies pp. 374-405

Yunzhi Hu and Hanzhe Zhang

Incentivizing Investors for a Greener Economy pp. 406-446

Nam Nguyen, Alejandro Rivera and Harold H. Zhang

Information Spillover and Corporate Policies: The Case of Listed Options pp. 447-481

Gennaro Bernile, Jianfeng Hu, Guangzhong Li and Roni Michaely

Predictability Puzzles pp. 482-523

Bjørn Eraker

Firm Size, Capital Investment, and Debt Financing over Industry Business Cycles pp. 524-550

Praveen Kumar and Vijay Yerramilli

Volume 59, issue 8, 2024

Choosing Investment Managers pp. 3531-3563

Amit Goyal, Sunil Wahal and M. D. Yavuz

News and Markets in the Time of COVID-19 pp. 3564-3600

Harry Mamaysky

Why Naive $ 1/N $ Diversification Is Not So Naive, and How to Beat It? pp. 3601-3632

Ming Yuan and Guofu Zhou

High-Frequency Tail Risk Premium and Stock Return Predictability pp. 3633-3670

Caio Almeida, Kym Ardison, Gustavo Freire, René Garcia and Piotr Orłowski

CEO Political Ideology and Voluntary Forward-Looking Disclosure pp. 3671-3707

Ahmed Elnahas, Lei Gao, Md Noman Hossain and Jeong-Bon Kim

Credit Provision and Stock Trading: Evidence from the South Sea Bubble pp. 3708-3738

Fabio Braggion, Rik Frehen and Emiel Jerphanion

The Deterrent Effect of Whistleblowing on Insider Trading pp. 3739-3769

Jacob Raleigh

Loss-Driven Activism pp. 3770-3802

Marco Elia

Subsidizing Failing Firms: Evidence from Chinese Restaurants pp. 3803-3834

Yinglu Deng, Fangzhou Lu, Jiaheng Yu and Hao Zheng

The Real Effects of Financing and Trading Frictions pp. 3835-3870

Francesca Zucchi

Long-Run Labor Costs of Housing Booms and Busts pp. 3871-3899

Taylor Begley, Peter Haslag and Daniel Weagley

Revisiting Family Firms pp. 3900-3920

Gianpaolo Parise

Capital Structure with Information about the Upside and the Downside pp. 3921-3958

Pierre Chaigneau

Common Lender, Ex-Banker Director, and Corporate Investment pp. 3959-3993

Kentaro Asai, Thao Hoang and Takeshi Yamada

How Forced Switches Reveal Switching Costs: Evidence from the Loan Market pp. 3994-4034

Karolis Liaudinskas

Volume 59, issue 7, 2024

Deep Learning in Characteristics-Sorted Factor Models pp. 3001-3036

Guanhao Feng, Jingyu He, Nicholas G. Polson and Jianeng Xu

Population Aging and Bank Risk-Taking pp. 3037-3061

Sebastian Doerr, Gazi Kabaş and Steven Ongena

Discontinued Positive Feedback Trading and the Decline of Return Predictability pp. 3062-3100

Itzhak Ben-David, Jiacui Li, Andrea Rossi and Yang Song

Peer Versus Pure Benchmarks in the Compensation of Mutual Fund Managers pp. 3101-3138

Richard Evans, Juan-Pedro Gómez, Linlin Ma and Yuehua Tang

Option-Implied Dependence and Correlation Risk Premium pp. 3139-3189

Oleg Bondarenko and Carole Bernard

Innovation Under Ambiguity and Risk pp. 3190-3229

Gabriela Coiculescu, Yehuda Izhakian and S. Abraham Ravid

Measuring “State-Level” Economic Policy Uncertainty pp. 3230-3266

Redouane Elkamhi, Chanik Jo and Marco Salerno

The Effects of Antitrust Laws on Horizontal Mergers: International Evidence pp. 3267-3298

Chune Young Chung, Iftekhar Hasan, JiHoon Hwang and Incheol Kim

Gender and Managerial Job Mobility: Career Prospects for Executives Displaced by Acquisitions pp. 3299-3339

Xiaohu Guo, Vishal K. Gupta, Sandra Mortal and Vikram Nanda

TAXI! Do Mutual Funds Pursue and Exploit Information on Local Companies? pp. 3340-3375

David C. Cicero, Andy Puckett, Albert Y. Wang and Shen Zhang

Contracting Costs, Covenant-Lite Lending, and Reputational Capital pp. 3376-3415

Dominique C. Badoer, Mustafa Emin and Christopher M. James

Fast Filtering with Large Option Panels: Implications for Asset Pricing pp. 3416-3447

Arnaud Dufays, Kris Jacobs, Yuguo Liu and Jeroen Rombouts

Expropriation Risk and Investment: A Natural Experiment pp. 3448-3478

Siddharth M. Bhambhwani, Hui Dong and Allen H. Huang

Bank Competition and Information Production pp. 3479-3499

Filippo De Marco and Silvio Petriconi

Are Shadow Rate Models of the Treasury Yield Curve Structurally Stable? pp. 3500-3530

Don H. Kim and Marcel A. Priebsch

Volume 59, issue 6, 2024

Measuring Firm Complexity pp. 2487-2514

Tim Loughran and Bill McDonald

The Smart Beta Mirage pp. 2515-2546

Shiyang Huang, Yang Song and Hong Xiang

Resolving a Paradox: Retail Trades Positively Predict Returns but Are Not Profitable pp. 2547-2581

Brad Barber, Shengle Lin and Terrance Odean

Uncovering Financial Constraints pp. 2582-2617

Matthew Linn and Daniel Weagley

Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic pp. 2618-2646

Alan Kwan, Chen Lin, Vesa Pursiainen and Mingzhu Tai

Friends During Hard Times: Evidence from the Great Depression pp. 2647-2694

Tania Babina, Diego García and Geoffrey Tate

The Downstream Impact of Upstream Tariffs: Evidence from Investment Decisions in Supply Chains pp. 2695-2732

Thorsten Martin and Clemens A. Otto

Networking Frictions in Venture Capital, and the Gender Gap in Entrepreneurship pp. 2733-2761

Sabrina T. Howell and Ramana Nanda

Hiring High-Skilled Labor Through Mergers and Acquisitions pp. 2762-2798

Jun Chen, Shenje Hshieh and Feng Zhang

Earnings Autocorrelation and the Post-Earnings-Announcement Drift: Experimental Evidence pp. 2799-2837

Josef Fink, Stefan Palan and Erik Theissen

Currency Redenomination Risk pp. 2838-2868

Lukas Kremens

Friendly Investing and Information Sharing in the Asset Management Industry pp. 2869-2898

Benjamin Golez, Antonino Emanuele Rizzo and Rafael Zambrana

In the CEO We Trust: Negative Effects of Trust Between the Board and the CEO pp. 2899-2932

Kee-Hong Bae, Sadok El Ghoul, Gong, Zhaoran (Jason) and Omrane Guedhami

Big Banks, Household Credit Access, and Intergenerational Economic Mobility pp. 2933-2969

Erik J. Mayer

Bank Influence at a Discount pp. 2970-3000

Hans Gersbach and Stylianos Papageorgiou

Volume 59, issue 5, 2024

Reintermediation in FinTech: Evidence from Online Lending pp. 1997-2037

Tetyana Balyuk and Sergei Davydenko

The Valuation of Collateral in Bank Lending pp. 2038-2067

Stephan Luck and João A. C. Santos

From L.A. to Boise: How Migration Has Changed During the COVID-19 Pandemic pp. 2068-2098

Peter Haslag and Daniel Weagley

Labor Mobility and Loan Origination pp. 2099-2132

Sumit Agarwal, Yupeng Lin, Yunqi Zhang and Zilong Zhang

Refinancing Inequality During the COVID-19 Pandemic pp. 2133-2163

Sumit Agarwal, Souphala Chomsisengphet, Hua Kiefer, Leonard C. Kiefer and Paolina C. Medina

Public Disclosure and Consumer Financial Protection pp. 2164-2198

Yiwei Dou and Yongoh Roh

Fintech Lending and Credit Market Competition pp. 2199-2225

Yinxiao Chu and Jianxing Wei

Executive Partisanship and Corporate Investment pp. 2226-2255

Anthony B. Rice

Corporate Financial Frictions and Employee Mental Health pp. 2256-2298

Dániel Kárpáti and Luc Renneboog

An Experiment in Tight Monetary Policy: Revisiting the 1920–1921 Depression pp. 2299-2339

Bruce Carlin and William Mann

Government Stock Purchase Undermines Price Informativeness: Evidence from China’s “National Team” pp. 2340-2374

Tri Vi Dang, Wei Li and Yongqin Wang

Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decisions pp. 2375-2398

Huo, Da (Derek), Bo Sun, Mingzhu Tai and Yuhai Xuan

Can Capital Adjustment Costs Explain the Decline in Investment–Cash Flow Sensitivity? pp. 2399-2424

Shushu Liao, Ingmar Nolte and Grzegorz Pawlina

Corporate Patenting, Customer Capital, and Financial Market Outcomes pp. 2425-2458

Mine Ertugrul, Karthik Krishnan, Bo Xu and Qianqian Yu

Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey pp. 2459-2485

Alejandro del Valle, Therese Scharlemann and Stephen Shore

Volume 59, issue 4, 2024

Holding Horizon: A New Measure of Active Investment Management pp. 1471-1515

Chunhua Lan, Fabio Moneta and Russ Wermers

Options Trading and Stock Price Informativeness pp. 1516-1540

Jie Cao, Amit Goyal, Sai Ke and Xintong Zhan

Corporate Hiring Under COVID-19: Financial Constraints and the Nature of New Jobs pp. 1541-1585

Murillo Campello, Gaurav Kankanhalli and Pradeep Muthukrishnan

Analyst Coverage and Corporate Environmental Policies pp. 1586-1619

Chenxing Jing, Kevin Keasey, Ivan Lim and Bin Xu

Minimum Wage Hikes and Technology Adoption: Evidence from U.S. Establishments pp. 1620-1658

Xin Dai and Yue Qiu

Impact of Regulations on Firm Value: Evidence from the 2016 U.S. Presidential Election pp. 1659-1691

Santanu Kundu

Information in Financial Contracts: Evidence from Securitization Agreements pp. 1692-1725

Brent Ambrose, Yiqiang Han, Sanket Korgaonkar and Lily Shen

Does Shareholder Litigation Risk Cause Public Firms to Delist? Evidence from Securities Class Action Lawsuits pp. 1726-1759

Jonathan Brogaard, Nhan Le, Duc Duy Nguyen and Vathunyoo Sila

Independent Director Tenure and Corporate Governance: Evidence from Insider Trading pp. 1760-1795

Meng Gao and Sheng Huang

Generalized Disappointment Aversion and the Variance Term Structure pp. 1796-1820

Mykola Babiak

ETF Ownership and Seasoned Equity Offerings pp. 1821-1848

Kevin P. Evans, Woon Sau Leung, Junqiu Li and Khelifa Mazouz

The Effects of Foreign Acquisitions on the Value of Industry Peers pp. 1849-1885

Umit Yilmaz

The Use of Peer Groups in Setting Director Compensation: Competition for Talent Versus Self-Serving Behavior pp. 1886-1925

Sheng-Syan Chen, Cheng-Yi Chien and Chia-Wei Huang

Convertible Debt Arbitrage Crashes Revisited pp. 1926-1962

Craig Lewis, Ben Munyan and Patrick Verwijmeren

Credit Default Swaps, Fire-Sale Risk, and the Liquidity Provision in the Bond Market pp. 1963-1996

Massimo Massa and Lei Zhang

Volume 59, issue 3, 2024

Anomaly Discovery and Arbitrage Trading pp. 933-955

Xi Dong, Qi Liu, Lei Lu, Bo Sun and Hongjun Yan

Speculation with Information Disclosure pp. 956-1002

Paolo Pasquariello and Yifei Wang

Double Machine Learning: Explaining the Post-Earnings Announcement Drift pp. 1003-1030

Jacob H. Hansen and Mathias V. Siggaard

Industry Clusters and the Geography of Portfolio Choice pp. 1031-1063

Jawad M. Addoum, Stefanos Delikouras, Da Ke and George M. Korniotis

Inferring Aggregate Market Expectations from the Cross Section of Stock Prices pp. 1064-1099

Turan G. Bali, D. Craig Nichols and David Weinbaum

Online Reputation and Debt Capacity pp. 1100-1140

Francois Derrien, Alexandre Garel, Arthur Romec and Jean-Philippe Weisskopf

Stock Comovement and Financial Flexibility pp. 1141-1184

Teng Huang, Anil Kumar, Stefano Sacchetto and Carles Vergara-Alert

One Vol to Rule Them All: Common Volatility Dynamics in Factor Returns pp. 1185-1212

Nishad Kapadia, Matthew Linn and Bradley Paye

Getting Back to the Source: A New Approach to Measuring Ex Ante Litigation Risk Using Plaintiff-Lawyer Views of SEC Filings pp. 1213-1256

Antonis Kartapanis and Christopher G. Yust

The Design of a Central Counterparty pp. 1257-1299

John Chi-Fong Kuong and Vincent Maurin

Does Main Street Benefit from What Benefits Wall Street? pp. 1300-1336

Sean J. Flynn and Andra Ghent

Heterogeneity of Beliefs and Trading Behavior: A Reexamination pp. 1337-1361

Sascha Füllbrunn, Christoph Huber, Catherine Eckel and Utz Weitzel

Informational Holdup by Venture Capital Syndicates pp. 1362-1400

Suting Hong and Pierre Mella-Barral

Media Sentiment and Currency Reversals pp. 1401-1429

Ilias Filippou, Mark Taylor and Zigan Wang

Financial Literacy and IPO Underpricing pp. 1430-1469

Xiaoran Jia, Kiridaran Kanagaretnam, Chee Yeow Lim and Gerald J. Lobo

Volume 59, issue 2, 2024

Sustainability Preferences Under Stress: Evidence from COVID-19 pp. 435-473

Robin Döttling and Sehoon Kim

Bringing Innovation to Fruition: Insights From New Trademarks pp. 474-520

Lucile Faurel, Qin Li, Devin Shanthikumar and Siew Hong Teoh

EPS Sensitivity and Mergers pp. 521-556

Sudipto Dasgupta, Jarrad Harford and Fangyuan Ma

Withholding Bad News in the Face of Credit Default Swap Trading: Evidence from Stock Price Crash Risk pp. 557-595

Jinyu Liu, Jeffrey Ng, Dragon Yongjun Tang and Rui Zhong

Do Capital Markets Punish Managerial Myopia? Evidence from Myopic Research and Development Cuts pp. 596-625

Jamie Y. Tong and Zhang, Feida (Frank)

Monetary Policy and Bond Prices with Drifting Equilibrium Rates pp. 626-651

Carlo A. Favero, Alessandro Melone and Andrea Tamoni

Director Job Security and Corporate Innovation pp. 652-689

Po-Hsuan Hsu, Yiqing Lü, Hong Wu and Yuhai Xuan

Taking Over the Size Effect: Asset Pricing Implications of Merger Activity pp. 690-726

Sara Easterwood, Jeffry Netter, Bradley Paye and Michael Stegemoller

Capital Commitment and Performance: The Role of Mutual Fund Charges pp. 727-758

Juan-Pedro Gómez, Melissa Porras Prado and Rafael Zambrana

Do Classified Boards Deter Takeovers? Evidence from Merger Waves pp. 759-795

Kose John, Dalida Kadyrzhanova and Sangho Lee

The Information in Industry-Neutral Self-Financed Trades pp. 796-829

Yashar H. Barardehi, Zhi Da and Mitch Warachka

Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital? pp. 830-862

Reint Gropp, Thomas Mosk, Steven Ongena, Ines Simac and Carlo Wix

What Can Volatility Smiles Tell Us About the Too Big to Fail Problem? pp. 863-895

Phong T. H. Ngo and Diego L. Puente-Moncayo

Insurance Pricing, Distortions, and Moral Hazard: Quasi-Experimental Evidence from Deposit Insurance pp. 896-932

George F. Shoukry

Volume 59, issue 1, 2024

Initial Public Offerings Chinese Style pp. 1-38

Yiming Qian, Jay Ritter and Xinjian Shao

Standing Out from the Crowd via CSR Engagement: Evidence from Non-Fundamental-Driven Price Pressure pp. 39-67

Lei Gao, He, Jie (Jack) and Wu, Juan (Julie)

Short Squeezes and Their Consequences pp. 68-96

Paul Schultz

Overcoming Arbitrage Limits: Option Trading and Momentum Returns pp. 97-120

Abhay Abhyankar, Ilias Filippou and Pedro A. Garcia-Ares

The Effects of a U.S. Approach to Enforcement: Evidence from China pp. 121-156

Tinghua Duan, Kai Li, Rafael Rogo and Ray Zhang

Derivatives and Market (Il)liquidity pp. 157-194

Shiyang Huang, Bart Z. Yueshen and Cheng Zhang

Cash Induced Demand pp. 195-220

Huaizhi Chen

Trader Competition in Fragmented Markets: Liquidity Supply Versus Picking-Off Risk pp. 221-248

Alejandro Bernales, Nicolás Garrido, Satchit Sagade, Marcela Valenzuela and Christian Westheide

Initial Margin Requirements and Market Efficiency pp. 249-282

Ferhat Akbas, Lezgin Ay and Paul D. Koch

Labor and Finance: The Effect of Bank Relationships pp. 283-306

Patrick Behr, Lars Norden and Raquel de Freitas Oliveira

The Impact of Uncertainty on Investment: Empirical Challenges and a New Estimator pp. 307-338

Delong Li and Yiguo Sun

Cross-Subsidization in Conglomerate Firms: Evidence from Government Spending Shocks pp. 339-368

Darren J. Kisgen and Lei Kong

Do Underwriters Short-Change Corporations Issuing Bonds? pp. 369-394

Jeremy C. Goh and Yang, Lisa (Zongfei)

A Liberalization Spillover: From Equities to Loans pp. 395-433

Xin Liu, Shang-Jin Wei and Yifan Zhou