Journal of Financial Economics

Article	Citations
The theory and practice of corporate finance: evidence from the field	3092
Estimating betas from nonsynchronous data	1831
Firm size and the gains from acquisitions	1436
The real effects of financial constraints: Evidence from a financial crisis	1252
The distribution of realized stock return volatility	1213
The jump-risk premia implicit in options: evidence from an integrated time-series study	1181
Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms	977
Cronyism and capital controls: evidence from Malaysia	933
Does function follow organizational form? Evidence from the lending practices of large and small banks	928
Does governance travel around the world? Evidence from institutional investors	891
Corporate social responsibility and stakeholder value maximization: Evidence from mergers	792
Do institutional investors drive corporate social responsibility? International evidence	720
Testing static tradeoff against pecking order models of capital structure1This paper has benefited from comments by seminar participants at Boston College, Boston Unsiversity, Dartmouth College, Massa	708
Private benefits from control of public corporations	685
Ownership concentration, foreign shareholding, audit quality, and stock price synchronicity: Evidence from China	622
Managerial performance, Tobin's Q, and the gains from successful tender offers	595
The choice among bank debt, non-bank private debt, and public debt: evidence from new corporate borrowings	590
Alternative factor specifications, security characteristics, and the cross-section of expected stock returns1We are especially grateful to Eugene Fama (a referee), an anonymous referee and Bill Schwer	581
The gains to bidding firms from merger	558
Corporate governance and firm profitability: evidence from Korea before the economic crisis	542
Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong☆	537
Political relationships, global financing, and corporate transparency: Evidence from Indonesia☆	530
Short-sellers, fundamental analysis, and stock returns	521
Corporate governance and firm value: evidence from the Korean financial crisis	520
Stealth-trading: Which traders' trades move stock prices?	506

Renegotiation of financial contracts: Evidence from private credit agreements	468
Does industry-wide distress affect defaulted firms? Evidence from creditor recoveries	465
Sources of gains in horizontal mergers: evidence from customer, supplier, and rival firms	446
The market reaction to international cross-listings: evidence from Depositary Receipts	445
Stock option plans for non-executive employees	429
Political uncertainty and investment: Causal evidence from U.S. gubernatorial elections	419
Separating microstructure noise from volatility	418
Affiliated firms and financial support: Evidence from Indian business groups	415
Firm boundaries matter: Evidence from conglomerates and R&D activity	397
CEO compensation and incentives: Evidence from M&A bonuses	395
Who are the active investors?☆Evidence from venture capital	386
Market microstructure and securities values: Evidence from the Tel Aviv Stock Exchange	385
Payoff complementarities and financial fragility: Evidence from mutual fund outflows	385
Trade credit and bank credit: Evidence from recent financial crises	371
Good and bad credit contagion: Evidence from credit default swaps☆	363
Stockholder gains from focusing versus diversifying bank mergers	362
U.S. cross-listings and the private benefits of control: evidence from dual-class firms	346
Multifactor models do not explain deviations from the CAPM	345
Do analysts matter for governance? Evidence from natural experiments	344
The role of state and foreign owners in corporate risk-taking: Evidence from privatization	335
On the exclusion of assets from tests of the two-parameter model	330
Stock options and managerial incentives for risk taking: Evidence from FAS 123R	329
The value of independent directors: Evidence from sudden deaths☆	323
Intermediary asset pricing: New evidence from many asset classes	322
Governance with poor investor protection: evidence from top executive turnover in Italy	322
Limited arbitrage and short sales restrictions: evidence from the options markets	322
Determinants of corporate cash policy: Insights from private firms	318
Share restrictions and asset pricing: Evidence from the hedge fund industry☆	315
Executive pay and performance Evidence from the U.S. banking industry	315
Funding growth in bank-based and market-based financial systems: evidence from firm-level data	311
Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders	311
As certain as debt and taxes: Estimating the tax sensitivity of leverage from state tax changes	309
The value of connections in turbulent times: Evidence from the United States	308
Size and value in China	303
The flight home effect: Evidence from the syndicated loan market during financial crises	303
Informational effects of regulation FD: evidence from rating agencies	302
Structural models of credit risk are useful: Evidence from hedge ratios on corporate bonds☆	301
Predicting stock price movements from past returns: the role of consistency and tax-loss selling	298
Firms as liquidity providers: Evidence from the 2007–2008 financial crisis	298
Who underreacts to cash-flow news? evidence from trading between individuals and institutions	292
Informed trading before analyst downgrades: Evidence from short sellers	288
The economic consequences of increased disclosure: Evidence from international cross-listings☆	281
CEO compensation and bank mergers	273
Agents watching agents?: evidence from pension fund ownership and firm value	267
Disaster on the horizon: The price effect of sea level rise	266
Learning from peers' stock prices and corporate investment	266
Drawing inferences from statistics based on multiyear asset returns	264
Corporate focus and value creation evidence from spinoffs	261
Characteristics are covariances: A unified model of risk and return	250
Information and volatility linkages in the stock, bond, and money markets11This paper was previously under the title, `Volatility and common information in the stock, bond, and money markets’. We than	248

Collateral, debt capacity, and corporate investment: Evidence from a natural experiment	248
Externalities of public firm presence: Evidence from private firms' investment decisions	247
From mining to markets: The evolution of bitcoin transaction fees	247
Manager sentiment and stock returns	243
China׳s secondary privatization: Perspectives from the Split-Share Structure Reform	243
Securitization and distressed loan renegotiation: Evidence from the subprime mortgage crisis	242
Disentangling diffusion from jumps	241
Limits to arbitrage and hedging: Evidence from commodity markets	234
Measuring investment distortions arising from stockholder–bondholder conflicts	234
Capital structure and product markets interactions: evidence from business cycles	227
Do equity financing cycles matter? evidence from biotechnology alliances	226
Investment-cash flow sensitivity cannot be a good measure of financial constraints: Evidence from the time series	222
Do mutual funds time the market? Evidence from portfolio holdings	220
Do managers overreact to salient risks? Evidence from hurricane strikes	216
Does good corporate governance include employee representation? Evidence from German corporate boards	215
Do firms have leverage targets? Evidence from acquisitions	214
Common risk factors in the cross-section of corporate bond returns	214
The impacts of political uncertainty on asset prices: Evidence from the Bo scandal in China	212
The structure and formation of business groups: Evidence from Korean chaebols	212
Conflicts between principals and agents: evidence from residential brokerage	206
Exchange rate exposure and competition: evidence from the automotive industry	205
Firm diversification and asymmetric information: evidence from analysts' forecasts and earnings announcements	195
Why do stock prices drop by less than the value of the dividend? Evidence from a country without taxes	193
Do takeover laws matter? Evidence from five decades of hostile takeovers	191
Government ownership and the cost of debt: Evidence from government investments in publicly traded firms	190
An application of a three-factor performance index to measure stockholder gains from merger	189
Creditor rights and innovation: Evidence from patent collateral	186
Evaluating the impact of unconventional monetary policy measures: Empirical evidence from the ECB׳s Securities Markets Programme	185
Information asymmetry and firms’ credit market access: Evidence from Moody's credit rating format refinement	181
What do boards really do? Evidence from minutes of board meetings	181
The costs of shareholder activism: Evidence from a sequential decision model	177
Deviation from the target capital structure and acquisition choices	177
Will the U.S. bank recapitalization succeed? Eight lessons from Japan	177
Is there a pecking order? Evidence from a panel of IPO firms	175
Hedge funds as liquidity providers: Evidence from the Lehman bankruptcy	175
The value of excess cash and corporate governance: Evidence from US cross-listings	172
Monitoring and corporate disclosure: Evidence from a natural experiment	165
Private benefits from block ownership and discounts on closed-end funds	164
Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it?	163
Profitability and capital structure: Evidence from import penetration	161
Employment risk, compensation incentives, and managerial risk taking: Evidence from the mutual fund industry	161
Alternative flotation methods, adverse selection, and ownership structure: evidence from seasoned equity issuance in the U.K.	160
Asset liquidity, capital structure, and secured debt	160
Board classification and managerial entrenchment: Evidence from the market for corporate control	158
CEO overconfidence and financial crisis: Evidence from bank lending and leverage	157
Profiting from government stakes in a command economy: Evidence from Chinese asset sales	155
The internal capital markets of business groups: Evidence from intra-group loans	154
Does diversification destroy value? Evidence from the industry shocks	153
Information production, dilution costs, and optimal security design	153
Gains in bank mergers: Evidence from the bond markets	153