OOIR: Observatory of International Research

Papers

(The median citation count of Review of Financial Studies is 8. The table below lists those papers that are above that threshold based on CrossRef citation counts [max. 250 papers]. The publications cover those that have been published in the past four years, i.e., from 2022-01-01 to 2026-01-01.)

Article	Citations
Bail-Ins, Optimal Regulation, and Crisis Resolution	457
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	274
Missing Data in Asset Pricing Panels	242
Valuing Financial Data	224
How ETFs Amplify the Global Financial Cycle in Emerging Markets	207
Collateral Effects: The Role of FinTech in Small Business Lending	175
Duration-Based Valuation of Corporate Bonds	169
Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision	154
Macroprudential Regulation, Quantitative Easing, and Bank Lending	144
Private Renegotiations and Government Interventions in Credit Chains	134
Factor Momentum	130
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	123
The Pace of Change: Socially Responsible Investing in Private Markets	111
Bond Price Fragility and the Structure of the Mutual Fund Industry	108
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	106
Human Capital Portability and Careers in Finance	105
Tuition, Debt, and Human Capital	99
Investor Memory	98
Tax Policy and Abnormal Investment Behavior	98
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	97
The Coholding Puzzle: New Evidence from Transaction-Level Data	86
Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments	82
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	82
Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	81
Estimating Discount Functions with Consumption Choices over the Lifecycle	78

The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	73
Who Mismanages Student Loans, and Why?	71
Insurers as Asset Managers and Systemic Risk	71
Counterparty Risk: Implications for Network Linkages and Asset Prices	69
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	68
Nonbank Lending and Credit Cyclicality	66
The Rise of Star Firms: Intangible Capital and Competition	66
Holding Period Effects in Dividend Strip Returns	60
Can Human Capital Explain Income-Based Disparities in Financial Services?	60
Failure to Share Natural Disaster Risk	57
Deconstructing the Yield Curve	56
Simultaneous Multilateral Search	56
Bank Bonus Pay as a Risk Sharing Contract	55
Size Discount and Size Penalty: Trading Costs in Bond Markets	53
Are Bankruptcy Professional Fees Excessively High?	52
Horizon Bias and the Term Structure of Equity Returns	52
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	52
Conflicts of Interest in Municipal Bond Advising and Underwriting	51
Firm Networks and Asset Returns	49
Monetary Policy through Production Networks: Evidence from the Stock Market	49
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	46
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	45
Cross-Subsidization of Bad Credit in a Lending Crisis	44
The Cost of Bank Regulatory Capital	43
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	41
Is Capital Structure Irrelevant with ESG Investors?	39
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	39
Racial Disparities in the Auto Loan Market	38
SPACs	38
The Financial Channel of the Exchange Rate and Global Trade	37
Technological Progress and Rent Seeking	35
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	34
An Intermediation-Based Model of Exchange Rates	34
Institutional Brokerage Networks: Facilitating Liquidity Provision	34
Macroeconomic Attention and Announcement Risk Premia	34
Continuous-Time Fama-MacBeth Regressions	34
Regulatory Intensity and Firm-Specific Exposure	34
Identifying Price Informativeness	33
Institutional Corporate Bond Pricing	33
Political Sentiment and Innovation: Evidence from Patenters	33
Investor Sentiment and the Pricing of Characteristics-Based Factors	32
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	32
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	32
Health Care Costs and Corporate Investment	32
Bond Market Resiliency: The Role of Insurers	31
The Fed and the Secular Decline in Interest Rates	31
Credit Cycles, Expectations, and Corporate Investment	30
International Portfolio Choice with Frictions: Evidence from Mutual Funds	29
Trade Credit and the Transmission of Unconventional Monetary Policy	29
Competition for Attention in the ETF Space	29

Unmasking Mutual Fund Derivative Use	29
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	28
Hedging, Contract Enforceability, and Competition	28
Deposit Insurance and Depositor Behavior: Evidence from Colombia	28
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	27
Dynamic Coordination and Bankruptcy Regulations	27
What Determines Consumer Financial Distress? Place- and Person-Based Factors	26
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	25
The Psychological Externalities of Investing: Evidence from Stock Returns and Crime	24
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	24
Are Analyst “Top Picks” Informative?	24
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	23
Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets	23
Income Shifting out of the United States by Foreign Multinational Firms	23
Heterogeneous Real Estate Agents and the Housing Cycle	23
Are All ESG Funds Created Equal? Only Some Funds Are Committed	23
Neglected Peers in Merger Valuations	23
Adverse Selection and Climate Risk: A Response to	22
The Effects of Going Public on Firm Profitability and Strategy	22
Syndicated Lending, Competition, and Relative Performance Evaluation	22
How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform	21
Gold’s Value as an Investment	21
Connected Funds	21
Mandatory Financial Disclosure and M&A Activity	21
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	21
The Impact of the Opioid Crisis on Firm Value and Investment	21
Dynamic Equilibrium with Costly Short-Selling and Lending Market	20
Product Innovation and Credit Market Disruptions	20
Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in Financial Networks	20
Digital Tokens and Platform Building	20
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	19
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment	19
The Effect of Stock Liquidity on the Firm’s Investment and Production	19
Earnings Extrapolation and Predictable Stock Market Returns	19
The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown	19
Benchmarking Intensity	18
Common Venture Capital Investors and Startup Growth	18
Finance, Advertising, and Race	18
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	17
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets	17
The Labor Market Effects of Loan Guarantee Programs	17
Order Flows and Financial Investor Impacts in Commodity Futures Markets	17
Seller Debt in Acquisitions of Private Firms: A Security Design Approach	17
Unemployment Insurance as a Subsidy to Risky Firms	16
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing	16
The Effects of Macroeconomic Shocks: Household Financial Distress Matters	16
Nonbank Lending and the Transmission of Monetary Policy	16
Intellectual Property Rights and Debt Financing	16
Option Pricing with Time-Varying Volatility Risk Aversion	16
Risk Price Variation: The Missing Half of Empirical Asset Pricing	16
Uncertainty, Contracting, and Beliefs in Organizations	15
A Dynamic Theory of Lending Standards	15
The Savings of Corporate Giants	15
Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China	15
Information versus Investment	15
Correction to: A Dynamic Theory of Lending Standards	15
A Quantitative Model of Dynamic Moral Hazard	15
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	15
When FinTech Competes for Payment Flows	15
High-Yield Debt Covenants and Their Real Effects	14
Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments	14
New Perspectives on Insurance	14
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune	14
Competition and Innovation Revisited: A Project-Level View	14
Technological Obsolescence	14
Stock Market Stimulus	13
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	13
Liquidity Provision on Blockchain-Based Decentralized Exchanges	13
Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	13
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	13
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	13
Banks as Liquidity Multipliers	12
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets	12
Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice	12
The Elasticity of Quantitative Investment	12
The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax	12
Common Factors in Equity Option Returns	12
Existence of the Wealth-Consumption Ratio in Asset Pricing Models with Recursive Preferences	12
News Diffusion in Social Networks and Stock Market Reactions	12
The Persistence of Miscalibration	11

The Structure of Leveraged Buyouts and the Free-Rider Problem	11
Pretending Ignorance Is Bliss: Competing Insurers with Heterogeneous Informational Advantages	11
Steering a Ship in Illiquid Waters: Active Management of Passive Funds	11
From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?	11
Can Equity Option Returns Be Explained by a Factor Model? IPCA Says Yes	11
Societal Inequality and Bank Deposit Dynamics: Evidence from the Freedman’s Savings Bank	11
Price elasticity of demand and risk-bearing capacity in sovereign bond auctions	11
When Discounted Rates End: The Costs of Taking Action in the Mortgage Market	11
Leaky Director Networks and Innovation Herding	11
An Equilibrium Model of Imperfect Hedging: Transaction Costs, Heterogeneity in Risk Aversion, and Return Volatility	10
The Effects of Capital Requirements on Good and Bad Risk-Taking	10
The Financial Consequences of Pretrial Detention	10
What Private Equity Does Differently: Evidence from Life Insurance	10
Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation?	10
Relative Performance Evaluation and Strategic Competition	10
Capital Investment, Equity Returns, and Aggregate Dynamics in Oligopolistic Production Economies	10
The Effect of Student Loan Payment Burdens and Nonfinancial Frictions on Borrower Outcomes	10
Acquiring Innovation under Information Frictions	9
Credit Ratings and Market Information	9
Blood Money: Selling Plasma to Avoid High-Interest Loans	9
Measuring the Expected Effects of the Global Tax Reform	9
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards	9
Cybersecurity Risk	9
The Disutility of Stock Market Losses: Evidence From Domestic Violence	9
The Overnight Drift	9
Why Do Firms Borrow Directly from Nonbanks?	9
How Do Short-Term Incentives Affect Long-Term Productivity?	9
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	9
Financial Advisors and Investors’ Bias	9
The Market Risk Premium for Unsecured Consumer Credit Risk	8
Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis	8
Socially Responsible Finance: How to Optimize Impact	8
Who Holds Sovereign Debt and Why It Matters	8
Currency Risk Premiums Redux	8
Shared Destinies? Small Banks and Small Businesses	8
Reference Points Spillovers: Micro-Level Evidence from Real Estate	8
The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship	8
The Partisanship of Financial Regulators	8
The Hedging Channel of Exchange Rate Determination	8
How Has COVID-19 Impacted Research Production in Economics and Finance?	8
Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath	8
The Dynamics of Disagreement	8
The Gender Investment Gap over the Life Cycle	8
Committee-Based Blockchains as Games between Opportunistic Players and Adversaries	8