Review of Financial Studies

Article	Citations
Risks and Returns of Cryptocurrency	366
Carbon Tail Risk	365
Dissecting Characteristics Nonparametrically	361
Tokenomics: Dynamic Adoption and Valuation	283
Measuring Corporate Culture Using Machine Learning	280
Blockchain without Waste: Proof-of-Stake	259
The Macroeconomics of Epidemics	246
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis	237
Bond Risk Premiums with Machine Learning	176
Get Real! Individuals Prefer More Sustainable Investments	166
Decentralized Mining in Centralized Pools	159
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response	152
Climate Change and Long-Run Discount Rates: Evidence from Real Estate	151
Financial Constraints and Corporate Environmental Policies	138
Corporate ESG Profiles and Banking Relationships	131
What Do Mutual Fund Investors Really Care About?	121
The Rise of Shadow Banking: Evidence from Capital Regulation	114
Corporate Bond Liquidity during the COVID-19 Crisis	113
A Transaction-Cost Perspective on the Multitude of Firm Characteristics	112
Performance-Induced CEO Turnover	112
The Deregulation of the Private Equity Markets and the Decline in IPOs	96
Fintech Borrowers: Lax Screening or Cream-Skimming?	91
COVID-19 and Its Impact on Financial Markets and the Real Economy	90
Do Foreign Institutional Investors Improve Price Efficiency?	89
The Cross-Section of Risk and Returns	85

Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home	84
Selecting Directors Using Machine Learning	81
Asset Pricing with Fading Memory	81
Decentralizing Money: Bitcoin Prices and Blockchain Security	79
Climate Risk Disclosure and Institutional Investors	79
Do Index Funds Monitor?	78
The Use and Misuse of Patent Data: Issues for Finance and Beyond	75
The Rise of Finance Companies and FinTech Lenders in Small Business Lending	72
Innovation and Informed Trading: Evidence from Industry ETFs	71
Political Influence and the Renegotiation of Government Contracts	70
Investors’ Attention to Corporate Governance	67
Models or Stars: The Role of Asset Pricing Models and Heuristics in Investor Risk Adjustment	66
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	64
How Did Depositors Respond to COVID-19?	63
Big Data in Finance	62
Private Equity Buyouts and Workplace Safety	62
The Economics of the Fed Put	60
Thousands of Alpha Tests	60
Marketing Mutual Funds	59
Do Minorities Pay More for Mortgages?	57
Managing Households’ Expectations with Unconventional Policies	57
Do Investors Care about Impact?	55
Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics	53
Asset Insulators	52
Arbitrage Portfolios	51
Does Borrower and Broker Race Affect the Cost of Mortgage Credit?	51
Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	51
Option Return Predictability	50
Socially Responsible Investing in Good and Bad Times	47
Echo Chambers	47
Cybersecurity Risk	47
The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years	46
The Cross-Section of Bank Value	45
Review Article: Perspectives on the Future of Asset Pricing	44
Social Proximity to Capital: Implications for Investors and Firms	44
Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds	44
Macroeconomic Attention and Announcement Risk Premia	43
Credit Supply and Housing Speculation	43
Mutual Funds as Venture Capitalists? Evidence from Unicorns	43
Illiquidity and Stock Returns II: Cross-section and Time-series Effects	43
Global Portfolio Rebalancing and Exchange Rates	42
Taper Tantrums: Quantitative Easing, Its Aftermath, and Emerging Market Capital Flows	42
Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market	42
Why Do Firms Borrow Directly from Nonbanks?	42
The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism	41
Kicking the Can Down the Road: Government Interventions in the European Banking Sector	41
Business Restrictions and COVID-19 Fatalities	39
Extrapolative Bubbles and Trading Volume	39
Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects	38
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	37

Microstructure in the Machine Age	37
Does Option Trading Have a Pervasive Impact on Underlying Stock Prices?	37
Break Risk	36
Where Has All the Data Gone?	36
Corporate Cash Shortfalls and Financing Decisions	36
Missing Novelty in Drug Development	36
Debt Maturity and the Dynamics of Leverage	36
Asset-Level Risk and Return in Real Estate Investments	36
Competition, Markups, and Predictable Returns	36
When FinTech Competes for Payment Flows	35
Demand for Information, Uncertainty, and the Response of U.S. Treasury Securities to News	34
Swing Pricing and Fragility in Open-End Mutual Funds	33
Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings	33
Benchmarking Intensity	33
A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a “COVID-19” Shock	32
CAPM-Based Company (Mis)valuations	32
Short-term Momentum	31
The Total Return and Risk to Residential Real Estate	31
Institutional Order Handling and Broker-Affiliated Trading Venues	31
Opioid Crisis Effects on Municipal Finance	31
Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws	31
Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins	31
Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field	31
Mortgage Securitization and Shadow Bank Lending	30
Mutual Fund Trading Style and Bond Market Fragility	30
The Equilibrium Consequences of Indexing	30
Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class	29
Idiosyncratic Risk in Housing Markets	29
Dark Pool Trading and Information Acquisition	28
Can Shorts Predict Returns? A Global Perspective	28
Ratings-Driven Demand and Systematic Price Fluctuations	28
Methodological Variation in Empirical Corporate Finance	28
The Party Structure of Mutual Funds	28
The Effect of Bank Supervision and Examination on Risk Taking: Evidence from a Natural Experiment	28
Competition for Attention in the ETF Space	28
Corporate Money Demand	27
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence	27
Option Return Predictability with Machine Learning and Big Data	27
Racial Disparities in the Auto Loan Market	27
The Collateralizability Premium	26
Side Effects of Nudging: Evidence from a Randomized Intervention in the Credit Card Market	26
Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes	26
SPACs	26
Paying by Donating: Corporate Donations Affiliated with Independent Directors	26
Implications of Stochastic Transmission Rates for Managing Pandemic Risks	25
Personal Wealth, Self-Employment, and Business Ownership	25
Institutional Investors and Infrastructure Investing	25
Director Appointments: It Is Who You Know	25
Bank Concentration and Product Market Competition	25
CEO Noncompete Agreements, Job Risk, and Compensation	25
Bank Lending in the Knowledge Economy	24
Information Dispersion across Employees and Stock Returns	24
The Return Expectations of Public Pension Funds	24
Conditional Dynamics and the Multihorizon Risk-Return Trade-Off	23
Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle	22
Sea-Level Rise Exposure and Municipal Bond Yields	22
What Moves Stock Prices? The Roles of News, Noise, and Information	22
Uncertainty, Investor Sentiment, and Innovation	21
Factor Momentum	21
When Shareholders Disagree: Trading after Shareholder Meetings	21
Gendered Prices	21
The Unintended Consequences of Corporate Bond ETFs: Evidence from the Taper Tantrum	20
Credit and Punishment: Are Corporate Bankers Disciplined for Risk-Taking?	20
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	19
Insurers as Asset Managers and Systemic Risk	19
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	19
Comomentum: Inferring Arbitrage Activity from Return Correlations	19
How Important Are Inflation Expectations for the Nominal Yield Curve?	18
When a Master Dies: Speculation and Asset Float	18
How Much Information Is Incorporated into Financial Asset Prices? Experimental Evidence	18
Exchange-Traded Funds and Real Investment	18
International Trade and the Propagation of Merger Waves	18
Incentivizing Financial Regulators	18
Asset Price Dynamics with Limited Attention	18
Bank Cleanups, Capitalization, and Lending: Evidence from India	18
Regressive Mortgage Credit Redistribution in the Post-Crisis Era	17
Exchange Competition, Entry, and Welfare	17
Does Collateral Value Affect Asset Prices? Evidence from a Natural Experiment in Texas	17
Winners, Losers, and Regulators in a Derivatives Market Bubble	17
Product Life Cycles in Corporate Finance	17

Why Does Equity Capital Flow out of High Tobin’s $\boldsymbol{q}$ Industries?	17
How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI	17
Public Market Players in the Private World: Implications for the Going-Public Process	16
Real and Private-Value Assets	16
Selection, Leverage, and Default in the Mortgage Market	16
Intermediaries and Asset Prices: International Evidence since 1870	16
Demand Effects in the FX Forward Market: Micro Evidence from Banks’ Dollar Hedging	16
Creditor Control of Corporate Acquisitions	16
Sovereign Risk, Currency Risk, and Corporate Balance Sheets	16
Foreign Exchange Volume	16
Covered Interest Parity Arbitrage	16
Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?	16
Zombies at Large? Corporate Debt Overhang and the Macroeconomy	16
Credit Default Swaps around the World	15
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	15
Marketplace Lending, Information Aggregation, and Liquidity	15
(Debt) Overhang: Evidence from Resource Extraction	15
Skilled Labor Mobility and Firm Value: Evidence from Green Card Allocations	15
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	15
Corrigendum: Bond Risk Premiums with Machine Learning	15
A Model of Two Days: Discrete News and Asset Prices	15
The Effect of Stock Liquidity on the Firm’s Investment and Production	15
The Skewness of the Stock Market over Long Horizons	15
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	15
Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions	14
Cross-Border Bank Flows and Monetary Policy	14
Lest We Forget: Learn from Out-of-Sample Forecast Errors When Optimizing Portfolios	14
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting	14
ES Risks and Shareholder Voice	14
Self-Fulfilling Fire Sales: Fragility of Collateralized Short-Term Debt Markets	14
Who Is Afraid of BlackRock?	14
Trade Credit and the Transmission of Unconventional Monetary Policy	14
Experience Does Not Eliminate Bubbles: Experimental Evidence	14
The Yield Spread and Bond Return Predictability in Expansions and Recessions	14
Collateral Runs	14
The Effects of a Targeted Financial Constraint on the Housing Market	13
The Oligopoly Lucas Tree	13
Does Career Risk Deter Potential Entrepreneurs?	13
The Momentum Gap and Return Predictability	13
The Life Cycle Effects of Corporate Takeover Defenses	13
Housing, Mortgages, and Self-Control	13
Do Wall Street Landlords Undermine Renters’ Welfare?	13
Dollar and Exports	13
Horizon Bias and the Term Structure of Equity Returns	13
Political Cycles in Bank Lending to the Government	13
The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy	13
Does Household Finance Affect the Political Process? Evidence from Voter Turnout During a Housing Crisis	12
The PPP View of Multihorizon Currency Risk Premiums	12
What If Dividends Were Tax-Exempt? Evidence from a Natural Experiment	12
Risk Price Variation: The Missing Half of Empirical Asset Pricing	12
Regulatory Limits to Risk Management	12
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	12
Reconsidering Returns	12
Decision Weights for Experimental Asset Prices Based on Visual Salience	12
Stock Return Extrapolation, Option Prices, and Variance Risk Premium	12
Inflating Away the Public Debt? An Empirical Assessment	12
Information versus Investment	12
Political Determinants of Competition in the Mobile Telecommunication Industry	12
Do Neighborhoods Affect the Credit Market Decisions of Low-Income Borrowers? Evidence from the Moving to Opportunity Experiment	12
Consuming Dividends	11
Investor Protection and Capital Fragility: Evidence from Hedge Funds around the World	11
Disagreement in the Equity Options Market and Stock Returns	11
Minimum Wages and Consumer Credit: Effects on Access and Borrowing	11
Best Buys and Own Brands: Investment Platforms’ Recommendations of Mutual Funds	11
Overcoming Discount Window Stigma: An Experimental Investigation	11
A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession	11
High Inflation: Low Default Risk and Low Equity Valuations	11
Are Intermediary Constraints Priced?	11
Product Innovation and Credit Market Disruptions	11
How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements	11
The State Price Density Implied by Crude Oil Futures and Option Prices	11
Impulsive Consumption and Financial Well-Being: Evidence from an Increase in the Availability of Alcohol	10
Order Flows and Financial Investor Impacts in Commodity Futures Markets	10
Watch What They Do, Not What They Say: Estimating Regulatory Costs from Revealed Preferences	10
Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms	10
Competition Links and Stock Returns	10
The Babies of Mortgage Market Deregulation	10
Activism and Takeovers	10
Acquiring Innovation under Information Frictions	10
Trust and Insurance Contracts	10
Regulatory Intensity and Firm-Specific Exposure	10
Redemption in Kind and Mutual Fund Liquidity Management	10
Funding Constraints and Informational Efficiency	10
Firm Characteristics and Empirical Factor Models: A Model Mining Experiment	10
A Theory of Liquidity Spillover between Bond and CDS Markets	10
Advising the Management: A Theory of Shareholder Engagement	10