Review of Financial Studies

Article	Citations
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	539
Missing Data in Asset Pricing Panels	355
Payment for Order Flow and Option Internalization	272
Collateral Effects: The Role of FinTech in Small Business Lending	255
Duration-Based Valuation of Corporate Bonds	251
Valuing Financial Data	243
Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision	176
How ETFs Amplify the Global Financial Cycle in Emerging Markets	162
Macroprudential Regulation, Quantitative Easing, and Bank Lending	159
Bail-Ins, Optimal Regulation, and Crisis Resolution	157
Bond Price Fragility and the Structure of the Mutual Fund Industry	135
Tuition, Debt, and Human Capital	133
Private Renegotiations and Government Interventions in Credit Chains	130
Human Capital Portability and Careers in Finance	126
The Coholding Puzzle: New Evidence from Transaction-Level Data	103
The Pace of Change: Socially Responsible Investing in Private Markets	100
Tax Policy and Abnormal Investment Behavior	96
Factor Momentum	96
The Broader Role of Venture Capital Due Diligence	94
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	90
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	89
Investor Memory	86
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	85
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	84
Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	77

Who Mismanages Student Loans, and Why?	72
Estimating Discount Functions with Consumption Choices over the Lifecycle	72
The Response of Mortgage Supply to Expected Flood Insurance Lapses	64
The Rise of Star Firms: Intangible Capital and Competition	63
Counterparty Risk: Implications for Network Linkages and Asset Prices	62
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	61
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	58
Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments	57
Nonbank Lending and Credit Cyclicality	56
Insurers as Asset Managers and Systemic Risk	55
Firm Networks and Asset Returns	55
Failure to Share Natural Disaster Risk	54
Size Discount and Size Penalty: Trading Costs in Bond Markets	53
The Present Value of Future Market Power	52
Horizon Bias and the Term Structure of Equity Returns	51
Holding Period Effects in Dividend Strip Returns	50
Bank Bonus Pay as a Risk Sharing Contract	50
Are Bankruptcy Professional Fees Excessively High?	49
Monetary Policy through Production Networks: Evidence from the Stock Market	44
Deconstructing the Yield Curve	44
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	43
Conflicts of Interest in Municipal Bond Advising and Underwriting	43
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	42
Can Human Capital Explain Income-Based Disparities in Financial Services?	42
Cross-Subsidization of Bad Credit in a Lending Crisis	40
SPACs	39
Is Capital Structure Irrelevant with ESG Investors?	39
The Cost of Bank Regulatory Capital	39
Racial Disparities in the Auto Loan Market	39
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	38
Smokestacks and the Swamp	38
Beliefs and Portfolios: Causal Evidence	38
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	36
An Intermediation-Based Model of Exchange Rates	36
The Financial Channel of the Exchange Rate and Global Trade	36
Institutional Brokerage Networks: Facilitating Liquidity Provision	35
Technological Progress and Rent Seeking	35
Continuous-Time Fama-MacBeth Regressions	34
Regulatory Intensity and Firm-Specific Exposure	33
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	33
Machine Learning and the Implementable Efficient Frontier	33
Dynamics of Asset Demands with Confidence Heterogeneity†	32
Health Care Costs and Corporate Investment	31
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	31
Political Sentiment and Innovation: Evidence from Patenters	31
Institutional Corporate Bond Pricing	30
Competition for Attention in the ETF Space	30
Price Discovery on Decentralized Exchanges	29
Credit Cycles, Expectations, and Corporate Investment	29
Investor Sentiment and the Pricing of Characteristics-Based Factors	29

Identifying Price Informativeness	29
Bond Market Resiliency: The Role of Insurers	29
The Fed and the Secular Decline in Interest Rates	29
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	28
What Determines Consumer Financial Distress? Place- and Person-Based Factors	28
Trade Credit and the Transmission of Unconventional Monetary Policy	28
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	28
International Portfolio Choice with Frictions: Evidence from Mutual Funds	27
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	26
Hedging, Contract Enforceability, and Competition	26
Unmasking Mutual Fund Derivative Use	26
Dynamic Coordination and Bankruptcy Regulations	25
Deposit Insurance and Depositor Behavior: Evidence from Colombia	25
Are Analyst “Top Picks” Informative?	25
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	25
The Effects of Going Public on Firm Profitability and Strategy	24
Investor-Driven Corporate Finance: Evidence from Insurance Markets	24
Syndicated Lending, Competition, and Relative Performance Evaluation	24
Neglected Peers in Merger Valuations	23
Connected Funds	22
Income Shifting out of the United States by Foreign Multinational Firms	22
Adverse Selection and Climate Risk: A Response to	22
Mandatory Financial Disclosure and M&A Activity	22
The Psychological Externalities of Investing: Evidence from Stock Returns and Crime	22
Are All ESG Funds Created Equal? Only Some Funds Are Committed	22
Heterogeneous Real Estate Agents and the Housing Cycle	21
The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown	21
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	21
Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets	21
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	21
Cooling Auction Fever: Evidence from the Housing Market	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
Dynamic Equilibrium with Costly Short-Selling and Lending Market	19
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	19
Digital Tokens and Platform Building	19
The Impact of the Opioid Crisis on Firm Value and Investment	19
Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in Financial Networks	19
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment	18
Earnings Extrapolation and Predictable Stock Market Returns	18
The Effect of Stock Liquidity on the Firm’s Investment and Production	18
Common Venture Capital Investors and Startup Growth	18
Finance, Advertising, and Race	17
The Effects of Macroeconomic Shocks: Household Financial Distress Matters	17
Algorithmic Pricing and Liquidity in Securities Markets	17
Benchmarking Intensity	17
What Drives Momentum and Reversal? Evidence from Day and Night Signals	17
Nonbank Lending and the Transmission of Monetary Policy	17
Product Innovation and Credit Market Disruptions	17
Seller Debt in Acquisitions of Private Firms: A Security Design Approach	16
The Labor Market Effects of Loan Guarantee Programs	16
Option Pricing with Time-Varying Volatility Risk Aversion	16
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing	16
Remeasuring Scale in Active Management	16
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	16
Intellectual Property Rights and Debt Financing	16
Correction to: A Dynamic Theory of Lending Standards	15
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune	15
The Savings of Corporate Giants	15
A Quantitative Model of Dynamic Moral Hazard	15
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets	15
A Dynamic Theory of Lending Standards	14
Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China	14
Technological Obsolescence	14
Information versus Investment	14
Excess Commitment in R&D	14
Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments	14
Machine Forecast Disagreement	14
Uncertainty, Contracting, and Beliefs in Organizations	14
ESG Shocks in Global Supply Chains	14
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	14
Risk Managers in Banks	14
Competition and Innovation Revisited: A Project-Level View	13
New Perspectives on Insurance	13
Stock Market Stimulus	13
High-Yield Debt Covenants and Their Real Effects	13
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	13
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets	13
Liquidity Provision on Blockchain-Based Decentralized Exchanges	13
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	13

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