Review of Financial Studies

Article	Citations
Carbon Tail Risk	385
Risks and Returns of Cryptocurrency	385
Measuring Corporate Culture Using Machine Learning	308
Tokenomics: Dynamic Adoption and Valuation	297
Blockchain without Waste: Proof-of-Stake	269
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis	249
The Macroeconomics of Epidemics	249
Bond Risk Premiums with Machine Learning	192
Get Real! Individuals Prefer More Sustainable Investments	180
Climate Change and Long-Run Discount Rates: Evidence from Real Estate	169
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response	162
Financial Constraints and Corporate Environmental Policies	150
Corporate ESG Profiles and Banking Relationships	143
What Do Mutual Fund Investors Really Care About?	130
The Rise of Shadow Banking: Evidence from Capital Regulation	121
Corporate Bond Liquidity during the COVID-19 Crisis	120
Performance-Induced CEO Turnover	111
The Deregulation of the Private Equity Markets and the Decline in IPOs	101
Fintech Borrowers: Lax Screening or Cream-Skimming?	100
Do Foreign Institutional Investors Improve Price Efficiency?	100
Climate Risk Disclosure and Institutional Investors	99
COVID-19 and Its Impact on Financial Markets and the Real Economy	93
Decentralizing Money: Bitcoin Prices and Blockchain Security	90
Asset Pricing with Fading Memory	88
Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home	86

Selecting Directors Using Machine Learning	83
Do Index Funds Monitor?	83
The Rise of Finance Companies and FinTech Lenders in Small Business Lending	82
The Use and Misuse of Patent Data: Issues for Finance and Beyond	78
Innovation and Informed Trading: Evidence from Industry ETFs	74
Political Influence and the Renegotiation of Government Contracts	73
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	71
Investors’ Attention to Corporate Governance	69
Big Data in Finance	68
How Did Depositors Respond to COVID-19?	65
Thousands of Alpha Tests	65
The Economics of the Fed Put	64
Private Equity Buyouts and Workplace Safety	63
Marketing Mutual Funds	62
Do Investors Care about Impact?	62
Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	61
Managing Households’ Expectations with Unconventional Policies	60
Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics	60
Echo Chambers	58
Asset Insulators	55
Arbitrage Portfolios	55
Does Borrower and Broker Race Affect the Cost of Mortgage Credit?	54
Cybersecurity Risk	53
Option Return Predictability	52
Socially Responsible Investing in Good and Bad Times	51
The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years	48
Macroeconomic Attention and Announcement Risk Premia	47
The Cross-Section of Bank Value	47
Social Proximity to Capital: Implications for Investors and Firms	47
Review Article: Perspectives on the Future of Asset Pricing	46
Global Portfolio Rebalancing and Exchange Rates	46
Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds	45
Why Do Firms Borrow Directly from Nonbanks?	45
Credit Supply and Housing Speculation	44
Mutual Funds as Venture Capitalists? Evidence from Unicorns	43
Illiquidity and Stock Returns II: Cross-section and Time-series Effects	43
Kicking the Can Down the Road: Government Interventions in the European Banking Sector	42
The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism	42
Business Restrictions and COVID-19 Fatalities	42
Where Has All the Data Gone?	42
When FinTech Competes for Payment Flows	41
Benchmarking Intensity	41
Extrapolative Bubbles and Trading Volume	41
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects	40
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	40
Corporate Cash Shortfalls and Financing Decisions	39
Missing Novelty in Drug Development	39
Option Return Predictability with Machine Learning and Big Data	39
Debt Maturity and the Dynamics of Leverage	38
Swing Pricing and Fragility in Open-End Mutual Funds	38

Microstructure in the Machine Age	38
Demand for Information, Uncertainty, and the Response of U.S. Treasury Securities to News	37
Competition, Markups, and Predictable Returns	37
Break Risk	37
Does Option Trading Have a Pervasive Impact on Underlying Stock Prices?	37
Asset-Level Risk and Return in Real Estate Investments	37
Opioid Crisis Effects on Municipal Finance	37
Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings	36
Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws	36
Institutional Order Handling and Broker-Affiliated Trading Venues	34
CAPM-Based Company (Mis)valuations	34
The Total Return and Risk to Residential Real Estate	34
Mutual Fund Trading Style and Bond Market Fragility	34
A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a “COVID-19” Shock	33
Methodological Variation in Empirical Corporate Finance	33
Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field	32
Mortgage Securitization and Shadow Bank Lending	32
The Equilibrium Consequences of Indexing	31
Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins	31
SPACs	31
Short-term Momentum	31
Dark Pool Trading and Information Acquisition	30
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence	30
Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class	30
Ratings-Driven Demand and Systematic Price Fluctuations	30
Competition for Attention in the ETF Space	30
The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment	29
Sea-Level Rise Exposure and Municipal Bond Yields	29
Idiosyncratic Risk in Housing Markets	29
The Party Structure of Mutual Funds	28
Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes	28
What Moves Stock Prices? The Roles of News, Noise, and Information	28
Racial Disparities in the Auto Loan Market	28
Side Effects of Nudging: Evidence from a Randomized Intervention in the Credit Card Market	28
The Collateralizability Premium	28
Can Shorts Predict Returns? A Global Perspective	28
Corporate Money Demand	27
Personal Wealth, Self-Employment, and Business Ownership	27
CEO Noncompete Agreements, Job Risk, and Compensation	27
Paying by Donating: Corporate Donations Affiliated with Independent Directors	27
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	26
Institutional Investors and Infrastructure Investing	26
Director Appointments: It Is Who You Know	26
Uncertainty, Investor Sentiment, and Innovation	25
How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI	25
Implications of Stochastic Transmission Rates for Managing Pandemic Risks	25
Bank Concentration and Product Market Competition	25
The Return Expectations of Public Pension Funds	24
Information Dispersion across Employees and Stock Returns	24
Conditional Dynamics and the Multihorizon Risk-Return Trade-Off	24
Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle	24
Bank Lending in the Knowledge Economy	23
Gendered Prices	23
Factor Momentum	22
Exchange-Traded Funds and Real Investment	21
Comomentum: Inferring Arbitrage Activity from Return Correlations	21
The Unintended Consequences of Corporate Bond ETFs: Evidence from the Taper Tantrum	21
When Shareholders Disagree: Trading after Shareholder Meetings	20
Bank Cleanups, Capitalization, and Lending: Evidence from India	20
Regressive Mortgage Credit Redistribution in the Post-Crisis Era	20
Insurers as Asset Managers and Systemic Risk	20
Incentivizing Financial Regulators	20
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	20
When a Master Dies: Speculation and Asset Float	20
Sovereign Risk, Currency Risk, and Corporate Balance Sheets	19
How Much Information Is Incorporated into Financial Asset Prices? Experimental Evidence	19
Winners, Losers, and Regulators in a Derivatives Market Bubble	19
Asset Price Dynamics with Limited Attention	19
Cross-Border Bank Flows and Monetary Policy	19
International Trade and the Propagation of Merger Waves	19
Demand Effects in the FX Forward Market: Micro Evidence from Banks’ Dollar Hedging	18
Covered Interest Parity Arbitrage	18
Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas	18
Why Does Equity Capital Flow out of High Tobin’s $\boldsymbol{q}$ Industries?	18
Exchange Competition, Entry, and Welfare	18
Credit Default Swaps around the World	18
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	18
Creditor Control of Corporate Acquisitions	18
Regulatory Intensity and Firm-Specific Exposure	18
Skilled Labor Mobility and Firm Value: Evidence from Green Card Allocations	18

How Important Are Inflation Expectations for the Nominal Yield Curve?	18
Product Life Cycles in Corporate Finance	18
Zombies at Large? Corporate Debt Overhang and the Macroeconomy	18
Foreign Exchange Volume	18
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	17
The Yield Spread and Bond Return Predictability in Expansions and Recessions	17
Selection, Leverage, and Default in the Mortgage Market	17
(Debt) Overhang: Evidence from Resource Extraction	17
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	17
ES Risks and Shareholder Voice	17
Intermediaries and Asset Prices: International Evidence since 1870	17
Public Market Players in the Private World: Implications for the Going-Public Process	16
The Effect of Stock Liquidity on the Firm’s Investment and Production	16
Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?	16
Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions	16
Real and Private-Value Assets	16
Lest We Forget: Learn from Out-of-Sample Forecast Errors When Optimizing Portfolios	16
Experience Does Not Eliminate Bubbles: Experimental Evidence	16
Who Is Afraid of BlackRock?	16
Marketplace Lending, Information Aggregation, and Liquidity	16
Regulatory Limits to Risk Management	15
The Life Cycle Effects of Corporate Takeover Defenses	15
High Inflation: Low Default Risk and Low Equity Valuations	15
Corrigendum: Bond Risk Premiums with Machine Learning	15
A Model of Two Days: Discrete News and Asset Prices	15
Trade Credit and the Transmission of Unconventional Monetary Policy	15
Self-Fulfilling Fire Sales: Fragility of Collateralized Short-Term Debt Markets	14
Political Cycles in Bank Lending to the Government	14
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting	14
The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy	14
Product Innovation and Credit Market Disruptions	14
Does Career Risk Deter Potential Entrepreneurs?	14
How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements	14
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	14
Housing, Mortgages, and Self-Control	14
Collateral Runs	14
Do Wall Street Landlords Undermine Renters’ Welfare?	14
Inflating Away the Public Debt? An Empirical Assessment	14
Do Neighborhoods Affect the Credit Market Decisions of Low-Income Borrowers? Evidence from the Moving to Opportunity Experiment	13
Minimum Wages and Consumer Credit: Effects on Access and Borrowing	13
The Effects of a Targeted Financial Constraint on the Housing Market	13
Political Determinants of Competition in the Mobile Telecommunication Industry	13
Decision Weights for Experimental Asset Prices Based on Visual Salience	13
Trust and Insurance Contracts	13
Information versus Investment	13
Risk Price Variation: The Missing Half of Empirical Asset Pricing	13
The Oligopoly Lucas Tree	13
How Global Is Your Mutual Fund? International Diversification from Multinationals	13
Dollar and Exports	13
The Momentum Gap and Return Predictability	13
Horizon Bias and the Term Structure of Equity Returns	13
Advising the Management: A Theory of Shareholder Engagement	12
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	12
Investor Protection and Capital Fragility: Evidence from Hedge Funds around the World	12
A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession	12
Are Intermediary Constraints Priced?	12
The Changing Economics of Knowledge Production	12
Reconsidering Returns	12
Stock Return Extrapolation, Option Prices, and Variance Risk Premium	12
The PPP View of Multihorizon Currency Risk Premiums	12
Consuming Dividends	12
What If Dividends Were Tax-Exempt? Evidence from a Natural Experiment	12
A Theory of Liquidity Spillover between Bond and CDS Markets	12
The Design of Macroprudential Stress Tests	12
Redemption in Kind and Mutual Fund Liquidity Management	11
Funding Constraints and Informational Efficiency	11
Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms	11
The State Price Density Implied by Crude Oil Futures and Option Prices	11
Competition Links and Stock Returns	11
Acquiring Innovation under Information Frictions	11
Disagreement in the Equity Options Market and Stock Returns	11
Outraged by Compensation: Implications for Public Pension Performance	11
Best Buys and Own Brands: Investment Platforms’ Recommendations of Mutual Funds	11
Overcoming Discount Window Stigma: An Experimental Investigation	11
Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	11