OOIR: Observatory of International Research

Papers

(The median citation count of Review of Financial Studies is 8. The table below lists those papers that are above that threshold based on CrossRef citation counts [max. 250 papers]. The publications cover those that have been published in the past four years, i.e., from 2022-06-01 to 2026-06-01.)

Article	Citations
Macroprudential Regulation, Quantitative Easing, and Bank Lending	557
Payment for Order Flow and Option Internalization	382
Bail-Ins, Optimal Regulation, and Crisis Resolution	280
How ETFs Amplify the Global Financial Cycle in Emerging Markets	263
Collateral Effects: The Role of FinTech in Small Business Lending	257
Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision	180
Credit Building or Credit Crumbling? A Credit Builder Loan’s Effects on Consumer Behavior and Market Efficiency in the United States	168
Missing Data in Asset Pricing Panels	163
Collective Moral Hazard, Risk Sharing, and Banking Unions	163
Valuing Financial Data	142
Duration-Based Valuation of Corporate Bonds	135
Tax Policy and Abnormal Investment Behavior	133
Factor Momentum	132
The Broader Role of Venture Capital Due Diligence	106
Digital Payments and Consumption: Evidence from the 2016 Demonetization in India	104
Using Social Media to Identify the Effects of Congressional Viewpoints on Asset Prices	101
The Coholding Puzzle: New Evidence from Transaction-Level Data	99
Bond Price Fragility and the Structure of the Mutual Fund Industry	97
Banking on Carbon: Corporate Lending and Cap-and-Trade Policy	96
Investor Memory	95
Tuition, Debt, and Human Capital	92
Human Capital Portability and Careers in Finance	87
Private Renegotiations and Government Interventions in Credit Chains	85
The Pace of Change: Socially Responsible Investing in Private Markets	77
Who Mismanages Student Loans, and Why?	73

Risking or Derisking: How Management Fees Affect Hedge Fund Risk-Taking Choices	68
Should the Government Be Paying Investment Fees on $3 Trillion of Tax-Deferred Retirement Assets?	65
The Response of Mortgage Supply to Expected Flood Insurance Lapses	64
Insurers as Asset Managers and Systemic Risk	61
Price and Volume Divergence in China’s Real Estate Markets: The Role of Local Governments	59
Counterparty Risk: Implications for Network Linkages and Asset Prices	58
In Safe Hands: The Financial and Real Impact of Investor Composition over the Credit Cycle	57
The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach	56
Nonbank Lending and Credit Cyclicality	56
Estimating Discount Functions with Consumption Choices over the Lifecycle	56
The Rise of Star Firms: Intangible Capital and Competition	55
Firm Networks and Asset Returns	53
The Present Value of Future Market Power	52
Are Bankruptcy Professional Fees Excessively High?	51
Horizon Bias and the Term Structure of Equity Returns	51
Deconstructing the Yield Curve	46
Monetary Policy through Production Networks: Evidence from the Stock Market	45
Failure to Share Natural Disaster Risk	45
Can Human Capital Explain Income-Based Disparities in Financial Services?	44
Size Discount and Size Penalty: Trading Costs in Bond Markets	44
Holding Period Effects in Dividend Strip Returns	42
Conflicts of Interest in Municipal Bond Advising and Underwriting	42
Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes	41
Fast and Slow Arbitrage: The Predictive Power of (Persistent) Capital Flows for Factor Returns	41
Cross-Subsidization of Bad Credit in a Lending Crisis	40
Is Capital Structure Irrelevant with ESG Investors?	40
The Cost of Bank Regulatory Capital	39
Beliefs and Portfolios: Causal Evidence	39
Financial Disruptions and the Organization of Innovation: Evidence from the Great Depression	39
Smokestacks and the Swamp	37
Equity Return Expectations and Portfolios: Evidence from Large Asset Managers	36
SPACs	36
The Financial Channel of the Exchange Rate and Global Trade	35
Institutional Brokerage Networks: Facilitating Liquidity Provision	35
Continuous-Time Fama-MacBeth Regressions	34
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective	34
Machine Learning and the Implementable Efficient Frontier	33
Technological Progress and Rent Seeking	33
An Intermediation-Based Model of Exchange Rates	33
Dynamics of Asset Demands with Confidence Heterogeneity	32
Regulatory Intensity and Firm-Specific Exposure	32
The Incidence of Student Loan Subsidies: Evidence from the PLUS Program	31
Health Care Costs and Corporate Investment	31
Price Discovery on Decentralized Exchanges	31
The Fed and the Secular Decline in Interest Rates	30
Bond Market Resiliency: The Role of Insurers	30
Investor Sentiment and the Pricing of Characteristics-Based Factors	30
Political Sentiment and Innovation: Evidence from Patenters	30
Credit Cycles, Expectations, and Corporate Investment	29
Trade Credit and the Transmission of Unconventional Monetary Policy	29

Identifying Price Informativeness	29
International Portfolio Choice with Frictions: Evidence from Mutual Funds	29
Institutional Corporate Bond Pricing	29
Competition for Attention in the ETF Space	29
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets	27
Dynamic Coordination and Bankruptcy Regulations	27
Deposit Insurance and Depositor Behavior: Evidence from Colombia	26
Are Analyst “Top Picks” Informative?	26
Hedging, Contract Enforceability, and Competition	26
Unmasking Mutual Fund Derivative Use	26
Do Corporate Disclosures Constrain Strategic Analyst Behavior?	25
Syndicated Lending, Competition, and Relative Performance Evaluation	25
A Comprehensive 2022 Look at the Empirical Performance of Equity Premium Prediction	25
Neglected Peers in Merger Valuations	24
The Effects of Going Public on Firm Profitability and Strategy	24
Income Shifting out of the United States by Foreign Multinational Firms	24
Investor-Driven Corporate Finance: Evidence from Insurance Markets	23
Making the House a Home: The Stimulative Effect of Home Purchases on Consumption and Investment	23
Π-CAPM: The Classical CAPM with Probability Weighting and Skewed Assets	23
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity	22
The Psychological Externalities of Investing: Evidence from Stock Returns and Crime	22
Mandatory Financial Disclosure and M&A Activity	22
Are All ESG Funds Created Equal? Only Some Funds Are Committed	22
Adverse Selection and Climate Risk: A Response to	22
Proud to Not Own Stocks: How Identity Shapes Financial Decisions	21
Cooling Auction Fever: Evidence from the Housing Market	21
Heterogeneous Real Estate Agents and the Housing Cycle	21
Connected Funds	21
Gold’s Value as an Investment	20
The Impact of the Opioid Crisis on Firm Value and Investment	20
The Effect of Principal Reduction on Household Distress: Evidence from Mortgage Cramdown	20
Credit Freezes, Equilibrium Multiplicity, and Optimal Bailouts in Financial Networks	20
Product Innovation and Credit Market Disruptions	19
Common Venture Capital Investors and Startup Growth	19
Earnings Extrapolation and Predictable Stock Market Returns	19
Dynamic Equilibrium with Costly Short-Selling and Lending Market	19
How Does Removing the Tax Benefits of Debt Affect Firms? Evidence from the 2017 U.S. Tax Reform	18
Digital Tokens and Platform Building	18
What Drives Momentum and Reversal? Evidence from Day and Night Signals	18
Man versus Machine Learning: The Term Structure of Earnings Expectations and Conditional Biases	18
The Effect of Stock Liquidity on the Firm’s Investment and Production	18
The Effects of Macroeconomic Shocks: Household Financial Distress Matters	18
Beliefs about the Stock Market and Investment Choices: Evidence from a Survey and a Field Experiment	18
Benchmarking Intensity	18
What Problem Do Intermediaries Solve? Evidence From Real Estate Markets	18
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities	17
Intellectual Property Rights and Debt Financing	17
Seller Debt in Acquisitions of Private Firms: A Security Design Approach	17
The Savings of Corporate Giants	17
Option Pricing with Time-Varying Volatility Risk Aversion	17
Finance, Advertising, and Race	17
Algorithmic Pricing and Liquidity in Securities Markets	17
Nonbank Lending and the Transmission of Monetary Policy	16
Remeasuring Scale in Active Management	16
Cross-Selling in Bank-Household Relationships: Mechanisms and Implications for Pricing	16
Excess Commitment in R&D	15
A Quantitative Model of Dynamic Moral Hazard	15
Information versus Investment	15
Correction to: A Dynamic Theory of Lending Standards	15
A Dynamic Theory of Lending Standards	15
The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune	15
The Labor Market Effects of Loan Guarantee Programs	15
Uncertainty, Contracting, and Beliefs in Organizations	14
Real Consequences of Shocks to Intermediaries Supplying Corporate Hedging Instruments	14
Macroeconomic Expectations and Credit Card Spending	14
Stock Market Stimulus	14
Too Many Managers: The Strategic Use of Titles to Avoid Overtime Payments	14
Monetary Policy, Business Liquidity and Survival: Evidence from the Refinancing Channel	14
Liquidity Provision on Blockchain-Based Decentralized Exchanges	14
High-Yield Debt Covenants and Their Real Effects	14
The Distribution of Nonwage Benefits: Maternity Benefits and Gender Diversity	14
ESG Shocks in Global Supply Chains	14
Remote Board Meetings and Board Monitoring Effectiveness: Evidence from China	14
Field of Study and Financial Problems: How Economics Reduces the Risk of Default	14
Voting and Trading on Public Information	13
Risk Managers in Banks	13
New Perspectives on Insurance	13
Common Factors in Equity Option Returns	13
Banks as Liquidity Multipliers	13
Machine Forecast Disagreement	13

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