Review of Financial Studies

Article	Citations
Bail-Ins, Optimal Regulation, and Crisis Resolution	417
Valuing Financial Data	397
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	228
RETRACTED: Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	226
How ETFs Amplify the Global Financial Cycle in Emerging Markets	211
Macroprudential Regulation, Quantitative Easing, and Bank Lending	193
Collateral Effects: The Role of FinTech in Small Business Lending	162
Missing Data in Asset Pricing Panels	154
Duration-Based Valuation of Corporate Bonds	140
The Coholding Puzzle: New Evidence from Transaction-Level Data	138
Human Capital Portability and Careers in Finance	132
Factor Momentum	119
Tuition, Debt, and Human Capital	116
Tax Policy and Abnormal Investment Behavior	112
Bond Price Fragility and the Structure of the Mutual Fund Industry	109
The Pace of Change: Socially Responsible Investing in Private Markets	103
Private Renegotiations and Government Interventions in Credit Chains	102
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	98
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	94
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	94
Investor Memory	92
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	90
Who Mismanages Student Loans, and Why?	80
Nonbank Lending and Credit Cyclicality	79
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	77

Public Debt, Consumption Growth, and the Slope of the Term Structure	77
The Geography of Value Creation	75
Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	68
Estimating Discount Functions with Consumption Choices over the Lifecycle	66
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	65
The Rise of Star Firms: Intangible Capital and Competition	62
Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments	62
Insurers as Asset Managers and Systemic Risk	61
Counterparty Risk: Implications for Network Linkages and Asset Prices	60
Size Discount and Size Penalty: Trading Costs in Bond Markets	59
Deconstructing the Yield Curve	58
Failure to Share Natural Disaster Risk	55
Holding Period Effects in Dividend Strip Returns	53
The Oligopoly Lucas Tree	53
Are Bankruptcy Professional Fees Excessively High?	52
Bank Bonus Pay as a Risk Sharing Contract	51
Can Human Capital Explain Income-Based Disparities in Financial Services?	51
Horizon Bias and the Term Structure of Equity Returns	50
Firm Networks and Asset Returns	48
Simultaneous Multilateral Search	47
Conflicts of Interest in Municipal Bond Advising and Underwriting	47
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	47
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	47
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	46
The Cost of Bank Regulatory Capital	46
Racial Disparities in the Auto Loan Market	46
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	44
Cross-Subsidization of Bad Credit in a Lending Crisis	40
SPACs	38
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	37
Is Capital Structure Irrelevant with ESG Investors?	37
Institutional Brokerage Networks: Facilitating Liquidity Provision	37
Continuous-Time Fama-MacBeth Regressions	36
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	34
Technological Progress and Rent Seeking	33
The Financial Channel of the Exchange Rate and Global Trade	33
Macroeconomic Attention and Announcement Risk Premia	33
Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics	32
An Intermediation-Based Model of Exchange Rates	32
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	32
Regulatory Intensity and Firm-Specific Exposure	32
Health Care Costs and Corporate Investment	31
Identifying Price Informativeness	31
Political Sentiment and Innovation: Evidence from Patenters	30
Trade Credit and the Transmission of Unconventional Monetary Policy	30
Investor Sentiment and the Pricing of Characteristics-Based Factors	30
Institutional Corporate Bond Pricing	29
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	28
Credit Cycles, Expectations, and Corporate Investment	28
The Fed and the Secular Decline in Interest Rates	28

Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	27
Are Analyst “Top Picks” Informative?	27
Competition for Attention in the ETF Space	27
Deposit Insurance and Depositor Behavior: Evidence from Colombia	27
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	27
Dynamic Coordination and Bankruptcy Regulations	26
International Portfolio Choice with Frictions: Evidence from Mutual Funds	26
Hedging, Contract Enforceability, and Competition	26
What Determines Consumer Financial Distress? Place- and Person-Based Factors	25
Unmasking Mutual Fund Derivative Use	25
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	25
Are All ESG Funds Created Equal? Only Some Funds Are Committed	24
The Psychological Externalities of Investing: Evidence from Stock Returns and Crime	24
Mandatory Financial Disclosure and M&A Activity	24
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	24
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	24
The Effects of Going Public on Firm Profitability and Strategy	23
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	23
Income Shifting out of the United States by Foreign Multinational Firms	23
Adverse Selection and Climate Risk: A Response to	22
Syndicated Lending, Competition, and Relative Performance Evaluation	21
Heterogeneous Real Estate Agents and the Housing Cycle	21
Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets	21
Connected Funds	20
Gold’s Value as an Investment	20
How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform	20
Digital Tokens and Platform Building	20
Neglected Peers in Merger Valuations	20
Product Innovation and Credit Market Disruptions	20
The Impact of the Opioid Crisis on Firm Value and Investment	20
Earnings Extrapolation and Predictable Stock Market Returns	19
Dynamic Equilibrium with Costly Short-Selling and Lending Market	19
Benchmarking Intensity	19
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	19
Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in Financial Networks	19
Common Venture Capital Investors and Startup Growth	19
The Effect of Stock Liquidity on the Firm’s Investment and Production	18
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment	18
Seller Debt in Acquisitions of Private Firms: A Security Design Approach	18
The Effects of Macroeconomic Shocks: Household Financial Distress Matters	17
Order Flows and Financial Investor Impacts in Commodity Futures Markets	17
The Labor Market Effects of Loan Guarantee Programs	17
The Savings of Corporate Giants	17
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing	17
Unemployment Insurance as a Subsidy to Risky Firms	17
Option Pricing with Time-Varying Volatility Risk Aversion	17
Intellectual Property Rights and Debt Financing	16
Risk Price Variation: The Missing Half of Empirical Asset Pricing	16
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	16
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets	16
When FinTech Competes for Payment Flows	16
Finance, Advertising, and Race	16
Correction to: A Dynamic Theory of Lending Standards	15
A Quantitative Model of Dynamic Moral Hazard	15
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	15
Uncertainty, Contracting, and Beliefs in Organizations	15
Information versus Investment	15
A Dynamic Theory of Lending Standards	15
Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China	15
Liquidity Provision on Blockchain-Based Decentralized Exchanges	14
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	14
High-Yield Debt Covenants and Their Real Effects	14
Competition Links and Stock Returns	14
Technological Obsolescence	14
Competition and Innovation Revisited: A Project-Level View	14
Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments	14
New Perspectives on Insurance	14
Stock Market Stimulus	13
Banks as Liquidity Multipliers	13
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	13
Markets versus Mechanisms	13
Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	13
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	13
News Diffusion in Social Networks and Stock Market Reactions	12
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets	12
Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice	12
Common Factors in Equity Option Returns	12
The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax	11
Societal Inequality and Bank Deposit Dynamics: Evidence from the Freedman’s Savings Bank	11
The Persistence of Miscalibration	11

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