Review of Financial Studies

Article	Citations
Missing Data in Asset Pricing Panels	345
Valuing Financial Data	345
How ETFs Amplify the Global Financial Cycle in Emerging Markets	208
Macroprudential Regulation, Quantitative Easing, and Bank Lending	171
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	169
The Real Effects of Secondary Market Trading Structure: Evidence from the Mortgage Market	150
RETRACTED: Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	141
Duration-Based Valuation of Corporate Bonds	141
Bail-Ins, Optimal Regulation, and Crisis Resolution	134
Human Capital Portability and Careers in Finance	127
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	122
Tax Policy and Abnormal Investment Behavior	112
Comomentum: Inferring Arbitrage Activity from Return Correlations	105
Private Renegotiations and Government Interventions in Credit Chains	104
Bond Price Fragility and the Structure of the Mutual Fund Industry	98
Factor Momentum	97
Tuition, Debt, and Human Capital	96
The Coholding Puzzle: New Evidence from Transaction-Level Data	93
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	91
Investor Memory	90
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	90
Group-Managed Real Options	89
Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	88
The Geography of Value Creation	88
Who Mismanages Student Loans, and Why?	79

Consumption Imputation Errors in Administrative Data	77
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	71
Public Debt, Consumption Growth, and the Slope of the Term Structure	71
Where Has All the Data Gone?	69
Insurers as Asset Managers and Systemic Risk	67
Counterparty Risk: Implications for Network Linkages and Asset Prices	64
The Rise of Star Firms: Intangible Capital and Competition	60
Estimating Discount Functions with Consumption Choices over the Lifecycle	59
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	59
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	59
Nonbank Lending and Credit Cyclicality	56
The Oligopoly Lucas Tree	54
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	53
Size Discount and Size Penalty: Trading Costs in Bond Markets	53
Are Bankruptcy Professional Fees Excessively High?	53
Conflicts of Interest in Municipal Bond Advising and Underwriting	52
Simultaneous Multilateral Search	50
Firm Networks and Asset Returns	48
Deconstructing the Yield Curve	47
Holding Period Effects in Dividend Strip Returns	45
Horizon Bias and the Term Structure of Equity Returns	44
Can Human Capital Explain Income-Based Disparities in Financial Services?	44
Bank Bonus Pay as a Risk Sharing Contract	44
Ratings-Driven Demand and Systematic Price Fluctuations	43
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	43
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	42
SPACs	42
Is Capital Structure Irrelevant with ESG Investors?	42
The Cost of Bank Regulatory Capital	41
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	41
Cross-Subsidization of Bad Credit in a Lending Crisis	41
Racial Disparities in the Auto Loan Market	40
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	40
Technological Progress and Rent Seeking	39
The Life Cycle Effects of Corporate Takeover Defenses	39
Institutional Brokerage Networks: Facilitating Liquidity Provision	38
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	38
Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics	37
The Financial Channel of the Exchange Rate and Global Trade	36
An Intermediation-Based Model of Exchange Rates	36
Health Care Costs and Corporate Investment	33
Regulatory Intensity and Firm-Specific Exposure	33
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	33
Macroeconomic Attention and Announcement Risk Premia	33
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	32
Credit Cycles, Expectations, and Corporate Investment	32
A Fistful of Dollars: Financial Incentives, Peer Information, and Retirement Savings	31
Monetary Policy Risk: Rules versus Discretion	31
Trade Credit and the Transmission of Unconventional Monetary Policy	31
The Fed and the Secular Decline in Interest Rates	29

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

What Private Equity Does Differently: Evidence from Life Insurance	11
Price elasticity of demand and risk-bearing capacity in sovereign bond auctions	11
Pretending Ignorance Is Bliss: Competing Insurers with Heterogeneous Informational Advantages	11
The Effects of Capital Requirements on Good and Bad Risk-Taking	11
An Equilibrium Model of Imperfect Hedging: Transaction Costs, Heterogeneity in Risk Aversion, and Return Volatility	11
From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?	11
Leaky Director Networks and Innovation Herding	11
Can Equity Option Returns Be Explained by a Factor Model? IPCA Says Yes	11
Capital Investment, Equity Returns, and Aggregate Dynamics in Oligopolistic Production Economies	11
The Elasticity of Quantitative Investment	11
Steering a Ship in Illiquid Waters: Active Management of Passive Funds	11
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards	11
Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation?	11
Acquiring Innovation under Information Frictions	10
Dark Pool Trading and Information Acquisition	10
The Relationship Dilemma: Why Do Banks Differ in the Pace at Which They Adopt New Technology?	10
How Do Short-Term Incentives Affect Long-Term Productivity?	10
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	10
Credit Ratings and Market Information	10
Cybersecurity Risk	10
Why Do Firms Borrow Directly from Nonbanks?	10
The Financial Consequences of Pretrial Detention	10
The Disutility of Stock Market Losses: Evidence From Domestic Violence	9
Measuring the Expected Effects of the Global Tax Reform	9
Committee-Based Blockchains as Games between Opportunistic Players and Adversaries	9
The Partisanship of Financial Regulators	9
Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions	9
Blood Money: Selling Plasma to Avoid High-Interest Loans	9
The Overnight Drift	9
Currency Risk Premiums Redux	9
Who Holds Sovereign Debt and Why It Matters	8
The Market Risk Premium for Unsecured Consumer Credit Risk	8
Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis	8
The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship	8
The Dynamics of Disagreement	8
Reference Points Spillovers: Micro-Level Evidence from Real Estate	8
Socially Responsible Finance: How to Optimize Impact	8
Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle	8
The Hedging Channel of Exchange Rate Determination	8
Shared Destinies? Small Banks and Small Businesses	8
Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey	8
The Gender Investment Gap over the Life Cycle	8