Review of Financial Studies

Article	Citations
Payment for Order Flow and Option Internalization	631
Bail-Ins, Optimal Regulation, and Crisis Resolution	434
Macroprudential Regulation, Quantitative Easing, and Bank Lending	308
Collective Moral Hazard, Risk Sharing, and Banking Unions	280
Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision	195
How ETFs Amplify the Global Financial Cycle in Emerging Markets	188
Valuing Financial Data	176
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	173
Duration-Based Valuation of Corporate Bonds	152
Missing Data in Asset Pricing Panels	145
Investor Memory	144
Collateral Effects: The Role of FinTech in Small Business Lending	144
Private Renegotiations and Government Interventions in Credit Chains	117
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	113
Thematic Concentration and Mutual Fund Performance	109
The Broader Role of Venture Capital Due Diligence	108
The Pace of Change: Socially Responsible Investing in Private Markets	107
Voting Choice	105
Tuition, Debt, and Human Capital	102
Bond Price Fragility and the Structure of the Mutual Fund Industry	101
The Coholding Puzzle: New Evidence from Transaction-Level Data	92
Human Capital Portability and Careers in Finance	89
Tax Policy and Abnormal Investment Behavior	81
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	69
Factor Momentum	68

Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	68
The Rise of Star Firms: Intangible Capital and Competition	66
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	63
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	62
Who Mismanages Student Loans, and Why?	61
Estimating Discount Functions with Consumption Choices over the Lifecycle	58
Insurers as Asset Managers and Systemic Risk	58
Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments	58
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	54
Nonbank Lending and Credit Cyclicality	51
The Response of Mortgage Supply to Expected Flood Insurance Lapses	51
Institutional Synergies and the Fragility of Loan Funds	50
The Present Value of Future Market Power	46
Firm Networks and Asset Returns	46
Can Human Capital Explain Income-Based Disparities in Financial Services?	46
Are Bankruptcy Professional Fees Excessively High?	45
Conflicts of Interest in Municipal Bond Advising and Underwriting	44
Deconstructing the Yield Curve	44
Voting on Public Goods: Citizens vs Shareholders	43
Holding Period Effects in Dividend Strip Returns	42
Size Discount and Size Penalty: Trading Costs in Bond Markets	42
Pension Liquidity Risk	41
Monetary Policy through Production Networks: Evidence from the Stock Market	41
Failure to Share Natural Disaster Risk	39
Learning by Investing: Entrepreneurial Spillovers from Venture Capital	38
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	37
Smokestacks and the Swamp	37
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	37
Is Capital Structure Irrelevant with ESG Investors?	35
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	35
SPACs	35
The Cost of Bank Regulatory Capital	34
Beliefs and Portfolios: Causal Evidence	34
Cross-Subsidization of Bad Credit in a Lending Crisis	34
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	34
Dynamics of Asset Demands with Confidence Heterogeneity	33
An Intermediation-Based Model of Exchange Rates	33
Continuous-Time Fama-MacBeth Regressions	33
The Financial Channel of the Exchange Rate and Global Trade	33
Regulatory Intensity and Firm-Specific Exposure	32
Institutional Brokerage Networks: Facilitating Liquidity Provision	32
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	32
Technological Progress and Rent Seeking	30
The Fed and the Secular Decline in Interest Rates	30
Machine Learning and the Implementable Efficient Frontier	30
Investor Sentiment and the Pricing of Characteristics-Based Factors	30
Health Care Costs and Corporate Investment	29
Identifying Price Informativeness	29
Competition for Attention in the ETF Space	28
Price Discovery on Decentralized Exchanges	28

Institutional Corporate Bond Pricing	28
Too Good to Be True: Look-Ahead Bias in Empirical Options Research	28
Credit Cycles, Expectations, and Corporate Investment	28
Political Sentiment and Innovation: Evidence from Patenters	27
Deposit Insurance and Depositor Behavior: Evidence from Colombia	27
Bond Market Resiliency: The Role of Insurers	27
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	26
Are Analyst “Top Picks” Informative?	26
Hedging, Contract Enforceability, and Competition	26
Dynamic Coordination and Bankruptcy Regulations	26
International Portfolio Choice with Frictions: Evidence from Mutual Funds	26
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	26
Unmasking Mutual Fund Derivative Use	26
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	25
Connected Funds	24
Syndicated Lending, Competition, and Relative Performance Evaluation	23
Proud to Not Own Stocks: How Identity Shapes Financial Decisions	23
Investor-Driven Corporate Finance: Evidence from Insurance Markets	23
Heterogeneous Real Estate Agents and the Housing Cycle	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 Psychological Externalities of Investing: Evidence from Stock Returns and Crime	22
Neglected Peers in Merger Valuations	21
Are All ESG Funds Created Equal? Only Some Funds Are Committed	21
Mandatory Financial Disclosure and M&A Activity	21
Mutual Fund Flows at Long Horizons	21
Adverse Selection and Climate Risk: A Response to	21
How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform	20
Product Innovation and Credit Market Disruptions	20
The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown	20
Earnings Extrapolation and Predictable Stock Market Returns	20
The Effects of Going Public on Firm Profitability and Strategy	20
Partial Equilibrium Thinking, Extrapolation, and Bubbles	19
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment	19
Dynamic Equilibrium with Costly Short-Selling and Lending Market	19
Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in Financial Networks	19
The Impact of the Opioid Crisis on Firm Value and Investment	19
Cooling Auction Fever: Evidence from the Housing Market	19
Benchmarking Intensity	19
Gold’s Value as an Investment	19
Finance, Advertising, and Race	18
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	18
The Labor Market Effects of Loan Guarantee Programs	18
What Drives Momentum and Reversal? Evidence from Day and Night Signals	18
Common Venture Capital Investors and Startup Growth	18
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	18
Digital Tokens and Platform Building	18
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets	17
Algorithmic Pricing and Liquidity in Securities Markets	17
Seller Debt in Acquisitions of Private Firms: A Security Design Approach	17
Remeasuring Scale in Active Management	17
The Effects of Macroeconomic Shocks: Household Financial Distress Matters	17
The Savings of Corporate Giants	17
Option Pricing with Time-Varying Volatility Risk Aversion	16
Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China	16
Nonbank Lending and the Transmission of Monetary Policy	16
Correction to: A Dynamic Theory of Lending Standards	16
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing	16
Intellectual Property Rights and Debt Financing	16
Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments	15
Excess Commitment in R&D	15
Information versus Investment	15
ESG Shocks in Global Supply Chains	15
A Quantitative Model of Dynamic Moral Hazard	15
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune	15
A Dynamic Theory of Lending Standards	15
Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments	14
Stock Market Stimulus	14
Technological Obsolescence	14
Uncertainty, Contracting, and Beliefs in Organizations	14
High-Yield Debt Covenants and Their Real Effects	14
Machine Forecast Disagreement	14
Risk Managers in Banks	14
New Perspectives on Insurance	14
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	14
Competition and Innovation Revisited: A Project-Level View	14
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	13
Voting and Trading on Public Information	13
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets	13
News Diffusion in Social Networks and Stock Market Reactions	13

Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	13
Generative AI and Asset Management	13
Banks as Liquidity Multipliers	13
Liquidity Provision on Blockchain-Based Decentralized Exchanges	13
Macroeconomic Expectations and Credit Card Spending	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
Common Factors in Equity Option Returns	12
The Elasticity of Quantitative Investment	12
The Structure of Leveraged Buyouts and the Free-Rider Problem	12
The Effect of Carbon Pricing on Firm Emissions: Evidence from the Swedish CO2 Tax	12
The Covenant-Defeasance Option in Corporate Bonds	12
Price elasticity of demand and risk-bearing capacity in sovereign bond auctions	12
Steering a Ship in Illiquid Waters: Active Management of Passive Funds	12
A Dynamic Model of the Racial Wealth Gap	12
Societal Inequality and Bank Deposit Dynamics: Evidence from the Freedman’s Savings Bank	12
From Market Making to Matchmaking: Does Bank Regulation Harm Market Liquidity?	12
How Do Short-Term Incentives Affect Long-Term Productivity?	11
The Persistence of Miscalibration	11
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards	11
What Private Equity Does Differently: Evidence from Life Insurance	11
How Financial Markets Create Superstars	11
Leaky Director Networks and Innovation Herding	11
The Financial Consequences of Pretrial Detention	11
When Discounted Rates End: The Costs of Taking Action in the Mortgage Market	11
Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation?	11
Capital Investment, Equity Returns, and Aggregate Dynamics in Oligopolistic Production Economies	11
What Drives Variation in Investor Portfolios? Estimating the Roles of Beliefs and Risk Preferences	11
The Effect of Student Loan Payment Burdens and Nonfinancial Frictions on Borrower Outcomes	10
Relative Performance Evaluation and Strategic Competition	10
Financial Advisors and Investors’ Bias	10
The Overnight Drift	10
The Partisanship of Financial Regulators	10
Pretending Ignorance Is Bliss: Competing Insurers with Heterogeneous Informational Advantages	10
An Equilibrium Model of Imperfect Hedging: Transaction Costs, Heterogeneity in Risk Aversion, and Return Volatility	10
The Disutility of Stock Market Losses: Evidence From Domestic Violence	10
The Hedging Channel of Exchange Rate Determination	10
New Frontiers in Household Finance	10
Can Equity Option Returns Be Explained by a Factor Model? IPCA Says Yes	10
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	10
Measuring the Expected Effects of the Global Tax Reform	10
Who Holds Sovereign Debt and Why It Matters	10
Blood Money: Selling Plasma to Avoid High-Interest Loans	9
Shared Destinies? Small Banks and Small Businesses	9
The Gender Investment Gap over the Life Cycle	9
The Dynamics of Disagreement	9
Committee-Based Blockchains as Games between Opportunistic Players and Adversaries	9
Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath	9
Broken Relationships: Derisking by Correspondent Banks and International Trade	9
Proof-of-Work versus Proof-of-Stake: A Comparative Economic Analysis	9
Currency Risk Premiums Redux	9
Reference Points Spillovers: Micro-Level Evidence from Real Estate	9
When Do Judges Throw the Book at Companies? The Influence of Partisanship in Corporate Prosecutions	9
Socially Responsible Finance: How to Optimize Impact	9
Student Loans, Access to Credit, and Consumer Credit Demand	8
Disloyal Managers and Shareholders’ Wealth	8
The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship	8
Fractional Trading	8
Machine Learning for Continuous-Time Finance	8
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups	8
A Theory of the Term Structure of Interest Rates under Limited Household Risk Sharing	8
Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey	8
Incentivizing Effort and Informing Investment: The Dual Role of Stock Prices	8
Long-Term Investors, Demand Shifts, and Yields	8
The Dynamics of Loan Sales and Lender Incentives	8
How Has COVID-19 Impacted Research Production in Economics and Finance?	8
Correction to: Which Subjective Expectations Explain Asset Prices?	8