Review of Financial Studies

Article	Citations
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis	294
The Macroeconomics of Epidemics	278
Get Real! Individuals Prefer More Sustainable Investments	227
Climate Change and Long-Run Discount Rates: Evidence from Real Estate	197
Financial Constraints and Corporate Environmental Policies	196
Corporate ESG Profiles and Banking Relationships	191
When Selling Becomes Viral: Disruptions in Debt Markets in the COVID-19 Crisis and the Fed’s Response	184
What Do Mutual Fund Investors Really Care About?	159
Climate Risk Disclosure and Institutional Investors	153
Corporate Bond Liquidity during the COVID-19 Crisis	142
The Rise of Finance Companies and FinTech Lenders in Small Business Lending	121
Fintech Borrowers: Lax Screening or Cream-Skimming?	119
Asset Pricing with Fading Memory	103
COVID-19 and Its Impact on Financial Markets and the Real Economy	102
Decentralizing Money: Bitcoin Prices and Blockchain Security	101
The Use and Misuse of Patent Data: Issues for Finance and Beyond	100
Do Index Funds Monitor?	97
Selecting Directors Using Machine Learning	96
Do Investors Care about Impact?	94
Optimal Mitigation Policies in a Pandemic: Social Distancing and Working from Home	90
Investors’ Attention to Corporate Governance	89
Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity	89
Going Underwater? Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics	79
Big Data in Finance	78
Private Equity Buyouts and Workplace Safety	78

Echo Chambers	78
How Did Depositors Respond to COVID-19?	76
Cybersecurity Risk	76
Mortgage Finance and Climate Change: Securitization Dynamics in the Aftermath of Natural Disasters	76
Managing Households’ Expectations with Unconventional Policies	71
Option Return Predictability with Machine Learning and Big Data	66
Socially Responsible Investing in Good and Bad Times	64
Option Return Predictability	62
Global Portfolio Rebalancing and Exchange Rates	62
Macroeconomic Attention and Announcement Risk Premia	61
The Cross-Section of Bank Value	60
Review Article: Perspectives on the Future of Asset Pricing	59
Benchmarking Intensity	57
Social Proximity to Capital: Implications for Investors and Firms	54
Why Do Firms Borrow Directly from Nonbanks?	54
The Costs and Benefits of Shareholder Democracy: Gadflies and Low-Cost Activism	53
Can Environmental Policy Encourage Technical Change? Emissions Taxes and R&D Investment in Polluting Firms	52
Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds	52
Credit Supply and Housing Speculation	51
When FinTech Competes for Payment Flows	51
Where Has All the Data Gone?	50
Missing Novelty in Drug Development	49
Kicking the Can Down the Road: Government Interventions in the European Banking Sector	49
Extrapolative Bubbles and Trading Volume	48
Swing Pricing and Fragility in Open-End Mutual Funds	48
Sea-Level Rise Exposure and Municipal Bond Yields	48
Business Restrictions and COVID-19 Fatalities	47
Opioid Crisis Effects on Municipal Finance	45
Competition for Attention in the ETF Space	44
Debt Maturity and the Dynamics of Leverage	44
Ratings-Driven Demand and Systematic Price Fluctuations	42
Peer Effects in Corporate Governance Practices: Evidence from Universal Demand Laws	42
SPACs	42
Consumers as Financiers: Consumer Surplus, Crowdfunding, and Initial Coin Offerings	42
The Total Return and Risk to Residential Real Estate	41
Methodological Variation in Empirical Corporate Finance	40
How to Talk When a Machine Is Listening: Corporate Disclosure in the Age of AI	39
The Equilibrium Consequences of Indexing	38
Dark Pool Trading and Information Acquisition	38
The Rate of Return on Real Estate: Long-Run Micro-Level Evidence	38
Can Shorts Predict Returns? A Global Perspective	37
Household Portfolio Underdiversification and Probability Weighting: Evidence from the Field	37
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	36
Short-term Momentum	36
The Party Structure of Mutual Funds	36
Institutional Order Handling and Broker-Affiliated Trading Venues	36
Firm-Level Exposure to Epidemic Diseases: COVID-19, SARS, and H1N1	35
Idiosyncratic Risk in Housing Markets	35
Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class	34
Personal Wealth, Self-Employment, and Business Ownership	33

A Model of Endogenous Risk Intolerance and LSAPs: Asset Prices and Aggregate Demand in a “COVID-19” Shock	33
Racial Disparities in the Auto Loan Market	33
Bank Concentration and Product Market Competition	33
Exchange-Traded Funds and Real Investment	31
Director Appointments: It Is Who You Know	31
When Shareholders Disagree: Trading after Shareholder Meetings	31
ES Risks and Shareholder Voice	30
The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship	30
Biased by Choice: How Financial Constraints Can Reduce Financial Mistakes	30
Countercyclical Labor Income Risk and Portfolio Choices over the Life Cycle	30
Factor Momentum	30
The Return Expectations of Public Pension Funds	29
Institutional Investors and Infrastructure Investing	28
What Moves Stock Prices? The Roles of News, Noise, and Information	28
Regulatory Intensity and Firm-Specific Exposure	27
Bank Lending in the Knowledge Economy	27
Implications of Stochastic Transmission Rates for Managing Pandemic Risks	27
Insurers as Asset Managers and Systemic Risk	27
Regressive Mortgage Credit Redistribution in the Post-Crisis Era	26
Sovereign Risk, Currency Risk, and Corporate Balance Sheets	26
Foreign Exchange Volume	26
Gendered Prices	26
The Effect of Stock Liquidity on the Firm’s Investment and Production	25
Comomentum: Inferring Arbitrage Activity from Return Correlations	25
Covered Interest Parity Arbitrage	25
Conditional Dynamics and the Multihorizon Risk-Return Trade-Off	24
Trade Credit and the Transmission of Unconventional Monetary Policy	24
The Unintended Consequences of Corporate Bond ETFs: Evidence from the Taper Tantrum	24
High Inflation: Low Default Risk and Low Equity Valuations	24
Asset Price Dynamics with Limited Attention	24
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	23
Zombies at Large? Corporate Debt Overhang and the Macroeconomy	23
Skilled Labor Mobility and Firm Value: Evidence from Green Card Allocations	23
Cross-Border Bank Flows and Monetary Policy	22
The Changing Economics of Knowledge Production	22
Commonality in Credit Spread Changes: Dealer Inventory and Intermediary Distress	22
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	22
Does Career Risk Deter Potential Entrepreneurs?	21
Incentivizing Financial Regulators	21
Are Intermediary Constraints Priced?	21
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	21
Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions	21
How Much Information Is Incorporated into Financial Asset Prices? Experimental Evidence	21
Exchange Competition, Entry, and Welfare	20
Small Bank Lending in the Era of Fintech and Shadow Banks: A Sideshow?	20
Inflating Away the Public Debt? An Empirical Assessment	20
Narrative Asset Pricing: Interpretable Systematic Risk Factors from News Text	20
The Life Cycle Effects of Corporate Takeover Defenses	20
Lest We Forget: Learn from Out-of-Sample Forecast Errors When Optimizing Portfolios	20
When a Master Dies: Speculation and Asset Float	20
A Model of Two Days: Discrete News and Asset Prices	20
Product Life Cycles in Corporate Finance	20
Creditor Control of Corporate Acquisitions	20
Selection, Leverage, and Default in the Mortgage Market	20
Credit Default Swaps around the World	19
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	19
Real and Private-Value Assets	19
Intermediaries and Asset Prices: International Evidence since 1870	19
Dollar and Exports	19
How Global Is Your Mutual Fund? International Diversification from Multinationals	19
Corrigendum: Bond Risk Premiums with Machine Learning	18
Decision Weights for Experimental Asset Prices Based on Visual Salience	18
The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy	18
Replicating Private Equity with Value Investing, Homemade Leverage, and Hold-to-Maturity Accounting	18
The Demand for Money, Near-Money, and Treasury Bonds	18
The Momentum Gap and Return Predictability	17
Do Wall Street Landlords Undermine Renters’ Welfare?	17
Advising the Management: A Theory of Shareholder Engagement	17
Marketplace Lending, Information Aggregation, and Liquidity	17
Horizon Bias and the Term Structure of Equity Returns	17
Political Determinants of Competition in the Mobile Telecommunication Industry	16
Product Innovation and Credit Market Disruptions	16
Regulatory Limits to Risk Management	16
Reconsidering Returns	16
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	16
Stock Return Extrapolation, Option Prices, and Variance Risk Premium	16
The Oligopoly Lucas Tree	16
The Design of Macroprudential Stress Tests	16
Trust and Insurance Contracts	16
Competition Links and Stock Returns	15

Shareholder Monitoring through Voting: New Evidence from Proxy Contests	15
Welfare Consequences of Sustainable Finance	15
Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition	15
Corporate Climate Risk: Measurements and Responses	15
Disagreement in the Equity Options Market and Stock Returns	15
The Effects of a Targeted Financial Constraint on the Housing Market	15
Collateral Runs	15
The State Price Density Implied by Crude Oil Futures and Option Prices	15
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	14
Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms	14
Can Corporate Debt Foster Innovation and Growth?	14
Risk Price Variation: The Missing Half of Empirical Asset Pricing	14
Corporate Capture of Blockchain Governance	14
Consuming Dividends	14
Estimating General Equilibrium Spillovers of Large-Scale Shocks	14
How ETFs Amplify the Global Financial Cycle in Emerging Markets	14
Information versus Investment	14
Outraged by Compensation: Implications for Public Pension Performance	13
Subjective Bond Returns and Belief Aggregation	13
Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity	13
The Geography of Value Creation	13
Fiscal Cyclicality and Currency Risk Premia	13
The Dynamics of Disagreement	13
A Theory of Liquidity Spillover between Bond and CDS Markets	13
Inflation and Individual Investors’ Behavior: Evidence from the German Hyperinflation	13
Quick or Broad Patents? Evidence from U.S. Startups	12
Joining Forces: The Spillover Effects of EPA Enforcement Actions and the Role of Socially Responsible Investors	12
Tuition, Debt, and Human Capital	12
Climate Change and Adaptation in Global Supply-Chain Networks	12
Activism and Takeovers	12
Redemption in Kind and Mutual Fund Liquidity Management	12
What If Dividends Were Tax-Exempt? Evidence from a Natural Experiment	12
Acquiring Innovation under Information Frictions	12
Funding Constraints and Informational Efficiency	11
Order Flows and Financial Investor Impacts in Commodity Futures Markets	11
Real Effects of Search Frictions in Consumer Credit Markets	11
Competing for Talent: Firms, Managers, and Social Networks	11
Firm Characteristics and Empirical Factor Models: A Model Mining Experiment	11
Watch What They Do, Not What They Say: Estimating Regulatory Costs from Revealed Preferences	11
What Determines Consumer Financial Distress? Place- and Person-Based Factors	11
Financing Corporate Growth	11
Roads and Loans	11
Currency Risk Premiums Redux	11
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	11
Do Temporary Demand Shocks Have Long-Term Effects for Startups?	11
Consumption Imputation Errors in Administrative Data	10
The Price of Law: The Case of the Eurozone Collective Action Clauses	10
Nowcasting Net Asset Values: The Case of Private Equity	10
Dynamics of Research and Strategic Trading	10
Illiquidity and Higher Cumulants	10
Crowded Trades and Tail Risk	10
Import Penetration and Executive Compensation	10
Counterparty Risk: Implications for Network Linkages and Asset Prices	9
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	9
Term Structure of Risk in Expected Returns	9
Efficiency of Dynamic Portfolio Choices: An Experiment	9
Short-Termism Spillovers from the Financial Industry	9
More Risk, More Information: How Passive Ownership Can Improve Informational Efficiency	9
How is Liquidity Priced in Global Markets?	9
OTC Intermediaries	9
Freeze! Financial Sanctions and Bank Responses	9
Distortions and Efficiency in Production Economies with Heterogeneous Beliefs	9