Review of Financial Studies

Article	Citations
Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test	2233
The Risk in Hedge Fund Strategies: Theory and Evidence from Trend Followers	854
Liquidity and Expected Returns: Lessons from Emerging Markets	645
Recovering Risk Aversion from Option Prices and Realized Returns	606
Efficiency with Costly Information: A Reinterpretation of Evidence from Managed Portfolios	524
Financial Development and Financing Constraints: International Evidence from the Structural Investment Model	499
Formal versus Informal Finance: Evidence from China	471
Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market	468
Blockchain Disruption and Smart Contracts	432
Replicating Anomalies	413
Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards	381
Margin-based Asset Pricing and Deviations from the Law of One Price	375
Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?	370
The Role of Technology in Mortgage Lending	326
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund	325
Executive Compensation: A New View from a Long-Term Perspective, 1936–2005	300
The Value of Investor Protection: Firm Evidence from Cross-Border Mergers	300
What Do Independent Directors Know? Evidence from Their Trading	286
The Consequences of Entrepreneurial Finance: Evidence from Angel Financings	285
Which Factors Matter to Investors? Evidence from Mutual Fund Flows	275
Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007–2009 Crisis	260
Recourse and Residential Mortgage Default: Evidence from US States	256
The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings	255
Corporate Dividend Policies: Lessons from Private Firms	252
Volatility Timing in Mutual Funds: Evidence from Daily Returns	249

Bank Bailouts and Moral Hazard: Evidence from Germany	243
Does Family Control Matter? International Evidence from the 2008–2009 Financial Crisis	241
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China	235
Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China	233
Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns, and Option Prices	232
Peer-to-Peer Lenders Versus Banks: Substitutes or Complements?	226
How Valuable Is FinTech Innovation?	224
Executive Networks and Firm Policies: Evidence from the Random Assignment of MBA Peers	215
How Smart Are the Smart Guys? A Unique View from Hedge Fund Stock Holdings	215
The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds	212
Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009	211
R&D and the Incentives from Merger and Acquisition Activity	209
To FinTech and Beyond	209
The Blockchain Folk Theorem	209
Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries	207
The Importance of Trust for Investment: Evidence from Venture Capital	205
Whatever It Takes: The Real Effects of Unconventional Monetary Policy	204
Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study	204
The Costs of Being Private: Evidence from the Loan Market	203
On the Rise of FinTechs: Credit Scoring Using Digital Footprints	197
Corporate Governance and Value Creation: Evidence from Private Equity	193
Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions	193
Does Government Ownership Affect the Cost of Debt? Evidence from Privatization	190
Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections	187
Banks Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment	186
Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap?	183
Short- and Long-Horizon Behavioral Factors	180
Bank Power and Cash Holdings: Evidence from Japan	179
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales	178
Confronting Information Asymmetries: Evidence from Real Estate Markets	178
Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans	176
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases	172
Board Structure and Monitoring: New Evidence from CEO Turnovers	172
Life below Zero: Bank Lending under Negative Policy Rates	170
Interbank Contagion at Work: Evidence from a Natural Experiment	169
Learning from Prices and the Dispersion in Beliefs	169
Credit Allocation Under Economic Stimulus: Evidence from China	169
Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings	166
Excess Comovement of Stock Returns: Evidence from Cross-Sectional Variation in Nikkei 225 Weights	152
Distance Still Matters: Evidence from Municipal Bond Underwriting	150
The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design	150
Informed and Strategic Order Flow in the Bond Markets	150
With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship	149
Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks	144
Home away from Home: Geography of Information and Local Investors	143
Lender Screening and the Role of Securitization: Evidence from Prime and Subprime Mortgage Markets	141
Are U.S. CEOs Paid More Than U.K. CEOs? Inferences from Risk-adjusted Pay	140
Pay for Performance from Future Fund Flows: The Case of Private Equity	138
A Simple Estimation of Bid-Ask Spreads from Daily Close, High, and Low Prices	138
Adverse Selection and Competitive Market Making: Empirical Evidence from a Limit Order Market	137

The Promises and Pitfalls of Robo-Advising	135
Convergence from Discrete- to Continuous-Time Contingent Claims Prices	134
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis	134
Trading Volume with Private Valuation: Evidence from The Ex-Dividend Day	134
Taxes and Capital Structure: Evidence from Firms’ Response to the Tax Reform Act of 1986	134
Optimal Filtering of Jump Diffusions: Extracting Latent States from Asset Prices	133
Do Investors Learn from Experience? Evidence from Frequent IPO Investors	132
Blockchain-Based Settlement for Asset Trading	131
Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment	130
The Power of the Street: Evidence from Egypt’s Arab Spring	130
Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting	129
Inflation Expectations, Real Rates, and Risk Premia: Evidence from Inflation Swaps	128
Flights to Safety	123
Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act	120
Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads	119
Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees	119
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Mutual Funds	116
Does Takeover Activity Cause Managerial Discipline? Evidence from International M&A Laws	116
Institutional Investors and Mutual Fund Governance: Evidence from Retail–Institutional Fund Twins	113
Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates	113
Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households	110
Marketplace Lending: A New Banking Paradigm?	108
Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments	105
Estimating the profits from trading strategies	105
Financing Constraints and the Cost of Capital: Evidence from the Funding of Corporate Pension Plans	104
How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment	104
Identifying Control Motives in Managerial Ownership: Evidence from Antitakeover Legislation	103
When Can Life Cycle Investors Benefit from Time-Varying Bond Risk Premia?	102
Empire-Building or Bridge-Building? Evidence from New CEOs’ Internal Capital Allocation Decisions	102
Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups	102
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund	98
Employment Protection, Investment, and Firm Growth	98
Where Is the Market? Evidence from Cross-Listings in the United States	93
Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment	93
High-Frequency Market Making to Large Institutional Trades	91
Big Data as a Governance Mechanism	91
Financing from Family and Friends	91
Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans	91
Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms	90
Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market	90
The Growth and Limits of Arbitrage: Evidence from Short Interest	88
The Effect of Bank Mergers on Loan Prices: Evidence from the United States	88
The Effects of Short-Selling Threats on Incentive Contracts: Evidence from an Experiment	87
Bank-Branch Supply, Financial Inclusion, and Wealth Accumulation	87