Review of Financial Studies

Article	Citations
The Real Effects of Secondary Market Trading Structure: Evidence from the Mortgage Market	302
Disloyal Managers and Shareholders’ Wealth	280
Publisher's Note	273
Teams and Bankruptcy	266
New Perspectives on Insurance	261
Do Corporations Retain Too Much Cash? Evidence from a Natural Experiment	186
Duration-Based Valuation of Corporate Bonds	174
Corporate Capture of Blockchain Governance	166
Volatility Risk Pass-Through	145
Monetary Policy Risk: Rules versus Discretion	129
The Leading Premium	124
Erratum to: Investors’ Attention to Corporate Governance	123
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	121
The Dynamics of Loan Sales and Lender Incentives	121
Can Risk Be Shared across Investor Cohorts? Evidence from a Popular Savings Product	121
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	112
Fractional Trading	104
Missing Data in Asset Pricing Panels	99
Valuing Financial Data	97
Health Care Costs and Corporate Investment	94
Bail-Ins, Optimal Regulation, and Crisis Resolution	93
The Fed and the Secular Decline in Interest Rates	92
Noise in Expectations: Evidence from Analyst Forecasts	90
High Inflation: Low Default Risk and Low Equity Valuations	90
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	87

Long-Term Investors, Demand Shifts, and Yields	80
Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments	75
Competition and Innovation Revisited: A Project-Level View	74
Macroprudential Regulation, Quantitative Easing, and Bank Lending	73
Housing Consumption and Investment: Evidence from Shared Equity Mortgages	73
A Fistful of Dollars: Financial Incentives, Peer Information, and Retirement Savings	72
A Theory of the Term Structure of Interest Rates under Limited Household Risk Sharing	71
Digitalization and Retirement Contribution Behavior: Evidence from Administrative Data	70
Student Loans, Access to Credit, and Consumer Credit Demand	68
Designing Securities for Scrutiny	68
Pay, Stay, or Delay? How to Settle a Run	67
Credit Cycles, Expectations, and Corporate Investment	66
How ETFs Amplify the Global Financial Cycle in Emerging Markets	66
The Human Factor in Acquisitions: Cross-industry Labor Mobility and Corporate Diversification	59
Labor Force Demographics and Corporate Innovation	59
Gendered Prices	55
Machine Learning for Continuous-Time Finance	55
Illiquidity and Higher Cumulants	54
The Total Return and Risk to Residential Real Estate	53
Institutional Investors and Infrastructure Investing	51
Stock Market Stimulus	51
What Moves Stock Prices? The Roles of News, Noise, and Information	51
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	51
Opioid Crisis Effects on Municipal Finance	48
Asset Pricing with Fading Memory	47
Trade Credit and the Transmission of Unconventional Monetary Policy	47
OTC Intermediaries	46
Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	46
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups	45
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	45
RETRACTED: Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	44
Competition for Attention in the ETF Space	43
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	43
What Do Mutual Fund Investors Really Care About?	42
Persistent Crises and Levered Asset Prices	40
Import Penetration and Executive Compensation	40
Bond Price Fragility and the Structure of the Mutual Fund Industry	40
Markets versus Mechanisms	39
Unmasking Mutual Fund Derivative Use	38
Moving the Goalposts? Mutual Fund Benchmark Changes and Relative Performance Manipulation	38
Banks as Liquidity Multipliers	37
Proxy Advisory Firms and Corporate Shareholder Engagement	37
House Prices and Rents	36
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	36
Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class	36
Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice	36
The Good, the Bad, and the Missed Boom	36
Private Information, Securities Lending, and Asset Prices	35
Human Capital Portability and Careers in Finance	35
Short-Termism Spillovers from the Financial Industry	33

Are Analyst “Top Picks” Informative?	33
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets	32
Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms	32
Rating Agency Fees: Pay to Play in Public Finance?	32
Fiscal Cyclicality and Currency Risk Premia	32
International Portfolio Choice with Frictions: Evidence from Mutual Funds	32
Asset Price Dynamics with Limited Attention	30
Zombies at Large? Corporate Debt Overhang and the Macroeconomy	30
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	28
Selection, Leverage, and Default in the Mortgage Market	28
Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds	27
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	27
The Market Inside the Market: Odd-Lot Quotes	27
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	27
Do Wall Street Landlords Undermine Renters’ Welfare?	27
The Next Chapter of Big Data in Finance	27
The Coholding Puzzle: New Evidence from Transaction-Level Data	27
The Missing Homebuyers: Regional Heterogeneity and Credit Contractions	26
Financial Market Ethics	26
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	25
Corporate Bond Liquidity during the COVID-19 Crisis	25
How Global Is Your Mutual Fund? International Diversification from Multinationals	25
Common Pricing of Decentralized Risk: A Linear Option Pricing Model	25
Investor Memory	25
Real Effects of Search Frictions in Consumer Credit Markets	25
Deposit Insurance and Depositor Behavior: Evidence from Colombia	24
Estimating General Equilibrium Spillovers of Large-Scale Shocks	24
Disagreement in the Equity Options Market and Stock Returns	24
What Determines Consumer Financial Distress? Place- and Person-Based Factors	24
Do Investors Care about Impact?	23
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	23
Echo Chambers	23
Tuition, Debt, and Human Capital	23
Can Shorts Predict Returns? A Global Perspective	23
Subjective Bond Returns and Belief Aggregation	22
Tax Policy and Abnormal Investment Behavior	22
Intermediaries and Asset Prices: International Evidence since 1870	22
Private Renegotiations and Government Interventions in Credit Chains	22
News Diffusion in Social Networks and Stock Market Reactions	22
Comomentum: Inferring Arbitrage Activity from Return Correlations	21
Extrapolative Bubbles and Trading Volume	21
Factor Momentum	21
The Impact of Risk Cycles on Business Cycles: A Historical View	20
Trust and Insurance Contracts	20
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	20
Sovereign Risk, Currency Risk, and Corporate Balance Sheets	20
Public Debt, Consumption Growth, and the Slope of the Term Structure	19
Corporate ESG Profiles and Banking Relationships	19
Who Can Tell Which Banks Will Fail?	19
Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	19
The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax	19
Stock Return Extrapolation, Option Prices, and Variance Risk Premium	19
Neglected Peers in Merger Valuations	19
Why Did Bank Stocks Crash during COVID-19?	18
The Technical Default Spread	18
Money Market Disconnect	18
The Equilibrium Consequences of Indexing	17
Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation	17
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	17
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	16
Adverse Selection and Climate Risk: A Response to	16
The Psychological Externalities of Investing: Evidence from Stock Returns and Crime	16
Lest We Forget: Learn from Out-of-Sample Forecast Errors When Optimizing Portfolios	16
The Bright Side of Political Uncertainty: The Case of R&D	16
Estimating Discount Functions with Consumption Choices over the Lifecycle	16
Regulatory Limits to Risk Management	16
Heterogeneous Real Estate Agents and the Housing Cycle	16
Recommendations with Feedback	16
Persistent Blessings of Luck: Theory and an Application to Venture Capital	15
The Role of Intermediaries in Selection Markets: Evidence from Mortgage Lending	15
Do Robots Increase Wealth Dispersion?	15
Short-term Momentum	15
From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?	15
Connected Funds	15
Group-Managed Real Options	15
Exchange-Traded Funds and Real Investment	14
Insurers as Asset Managers and Systemic Risk	14
Does Career Risk Deter Potential Entrepreneurs?	14
Where Has All the Data Gone?	14
Who Mismanages Student Loans, and Why?	14

The Imitation Game: The Imitation Game: How Encouraging Renegotiation Makes Good Borrowers Bad	14
Syndicated Lending, Competition, and Relative Performance Evaluation	14
The Rise of Star Firms: Intangible Capital and Competition	14
War Discourse and Disaster Premium: 160 Years of Evidence from the Stock Market	13
Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?	13
Financing Infrastructure in the Shadow of Expropriation	13
The Geography of Value Creation	13
Existence of the Wealth-Consumption Ratio in Asset Pricing Models with Recursive Preferences	13
Managing Mental Accounts: Payment Cards and Consumption Expenditures	13
Which Subjective Expectations Explain Asset Prices?	13
Counterparty Risk: Implications for Network Linkages and Asset Prices	13
Mandatory Financial Disclosure and M&A Activity	13
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	12
Consumption Imputation Errors in Administrative Data	12
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	12
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	12
Computational Reproducibility in Finance: Evidence from 1,000 Tests	12
Get Real! Individuals Prefer More Sustainable Investments	11
Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes	11
Learning in Financial Markets: Implications for Debt-Equity Conflicts	11
Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings	11
Welfare Consequences of Sustainable Finance	10
Socially Responsible Investing in Good and Bad Times	10
Option Return Predictability with Machine Learning and Big Data	10
Price elasticity of demand and risk-bearing capacity in sovereign bond auctions	10
The Design of Macroprudential Stress Tests	10
Creditor Control of Corporate Acquisitions	10
Big Data in Finance	9
Why Do Boards Exist? Governance Design in the Absence of Corporate Law	9
Product Life Cycles in Corporate Finance	9
Real and Private-Value Assets	9
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards	9
Managing Households’ Expectations with Unconventional Policies	9
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	9
Dark Pool Trading and Information Acquisition	9
Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market	8
Business Restrictions and COVID-19 Fatalities	8
When Shareholders Disagree: Trading after Shareholder Meetings	8
Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation?	8
Acquiring Innovation under Information Frictions	8
Distortions and Efficiency in Production Economies with Heterogeneous Beliefs	8
Short Campaigns by Hedge Funds	8
Dynamic Equilibrium with Costly Short-Selling and Lending Market	8
Pretending Ignorance Is Bliss: Competing Insurers with Heterogeneous Informational Advantages	7
The Oligopoly Lucas Tree	7
Credit Ratings and Market Information	7
Efficiency of Dynamic Portfolio Choices: An Experiment	7
The Relationship Dilemma: Why Do Banks Differ in the Pace at Which They Adopt New Technology?	7
Corporate Loan Spreads and Economic Activity	7
Trendy Business Cycles and Asset Prices	7
The Impact of Crisis-Period Interest Rate Declines on Distressed Borrowers	7
Holding Period Effects in Dividend Strip Returns	7
Crowded Trades and Tail Risk	7
Effects of Credit Expansions on Stock Market Booms and Busts	7
Gold’s Value as an Investment	7
Product Innovation and Credit Market Disruptions	7
It Takes Two to Borrow: The Effects of the Equal Credit Opportunity Act on Housing, Credit, and Labor Market Decisions of Married Couples	7