Review of Financial Studies

Papers
(The TQCC of Review of Financial Studies is 87. The table below lists those papers that are above that threshold based on CrossRef citation counts. The publications cover those that have been published in the past four years, i.e., from 2019-06-01 to 2023-06-01.)
ArticleCitations
Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test2233
The Risk in Hedge Fund Strategies: Theory and Evidence from Trend Followers854
Liquidity and Expected Returns: Lessons from Emerging Markets645
Recovering Risk Aversion from Option Prices and Realized Returns606
Efficiency with Costly Information: A Reinterpretation of Evidence from Managed Portfolios524
Financial Development and Financing Constraints: International Evidence from the Structural Investment Model499
Formal versus Informal Finance: Evidence from China471
Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market468
Blockchain Disruption and Smart Contracts432
Replicating Anomalies413
Bank Risk-taking, Securitization, Supervision, and Low Interest Rates: Evidence from the Euro-area and the U.S. Lending Standards381
Margin-based Asset Pricing and Deviations from the Law of One Price375
Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?370
The Role of Technology in Mortgage Lending326
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund325
Executive Compensation: A New View from a Long-Term Perspective, 1936–2005300
The Value of Investor Protection: Firm Evidence from Cross-Border Mergers300
What Do Independent Directors Know? Evidence from Their Trading286
The Consequences of Entrepreneurial Finance: Evidence from Angel Financings285
Which Factors Matter to Investors? Evidence from Mutual Fund Flows275
Interbank Liquidity Crunch and the Firm Credit Crunch: Evidence from the 2007–2009 Crisis260
Recourse and Residential Mortgage Default: Evidence from US States256
The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings255
Corporate Dividend Policies: Lessons from Private Firms252
Volatility Timing in Mutual Funds: Evidence from Daily Returns249
Bank Bailouts and Moral Hazard: Evidence from Germany243
Does Family Control Matter? International Evidence from the 2008–2009 Financial Crisis241
Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China235
Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China233
Volatility Dynamics for the S&P500: Evidence from Realized Volatility, Daily Returns, and Option Prices232
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 Peers215
How Smart Are the Smart Guys? A Unique View from Hedge Fund Stock Holdings215
The Effect of Institutional Ownership on Payout Policy: Evidence from Index Thresholds212
Implications of Data Screens on Merger and Acquisition Analysis: A Large Sample Study of Mergers and Acquisitions from 1992 to 2009211
R&D and the Incentives from Merger and Acquisition Activity209
To FinTech and Beyond209
The Blockchain Folk Theorem209
Do Investors Trade More When Stocks Have Performed Well? Evidence from 46 Countries207
The Importance of Trust for Investment: Evidence from Venture Capital205
Whatever It Takes: The Real Effects of Unconventional Monetary Policy204
Is Unbiased Financial Advice to Retail Investors Sufficient? Answers from a Large Field Study204
The Costs of Being Private: Evidence from the Loan Market203
On the Rise of FinTechs: Credit Scoring Using Digital Footprints197
Corporate Governance and Value Creation: Evidence from Private Equity193
Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions193
Does Government Ownership Affect the Cost of Debt? Evidence from Privatization190
Valuing Changes in Political Networks: Evidence from Campaign Contributions to Close Congressional Elections187
Banks Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment186
Board Expertise: Do Directors from Related Industries Help Bridge the Information Gap?183
Short- and Long-Horizon Behavioral Factors180
Bank Power and Cash Holdings: Evidence from Japan179
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales178
Confronting Information Asymmetries: Evidence from Real Estate Markets178
Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans176
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases172
Board Structure and Monitoring: New Evidence from CEO Turnovers172
Life below Zero: Bank Lending under Negative Policy Rates170
Interbank Contagion at Work: Evidence from a Natural Experiment169
Learning from Prices and the Dispersion in Beliefs169
Credit Allocation Under Economic Stimulus: Evidence from China169
Product Market Competition in a World of Cross-Ownership: Evidence from Institutional Blockholdings166
Excess Comovement of Stock Returns: Evidence from Cross-Sectional Variation in Nikkei 225 Weights152
Distance Still Matters: Evidence from Municipal Bond Underwriting150
The Role of Proxy Advisory Firms: Evidence from a Regression-Discontinuity Design150
Informed and Strategic Order Flow in the Bond Markets150
With a Little Help from My (Random) Friends: Success and Failure in Post-Business School Entrepreneurship149
Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of U.S. Banks144
Home away from Home: Geography of Information and Local Investors143
Lender Screening and the Role of Securitization: Evidence from Prime and Subprime Mortgage Markets141
Are U.S. CEOs Paid More Than U.K. CEOs? Inferences from Risk-adjusted Pay140
Pay for Performance from Future Fund Flows: The Case of Private Equity138
A Simple Estimation of Bid-Ask Spreads from Daily Close, High, and Low Prices138
Adverse Selection and Competitive Market Making: Empirical Evidence from a Limit Order Market137
The Promises and Pitfalls of Robo-Advising135
Convergence from Discrete- to Continuous-Time Contingent Claims Prices134
How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis134
Trading Volume with Private Valuation: Evidence from The Ex-Dividend Day134
Taxes and Capital Structure: Evidence from Firms’ Response to the Tax Reform Act of 1986134
Optimal Filtering of Jump Diffusions: Extracting Latent States from Asset Prices133
Do Investors Learn from Experience? Evidence from Frequent IPO Investors132
Blockchain-Based Settlement for Asset Trading131
Does Financing Spur Small Business Productivity? Evidence from a Natural Experiment130
The Power of the Street: Evidence from Egypt’s Arab Spring130
Corporate Governance Objectives of Labor Union Shareholders: Evidence from Proxy Voting129
Inflation Expectations, Real Rates, and Risk Premia: Evidence from Inflation Swaps128
Flights to Safety123
Restraining Overconfident CEOs through Improved Governance: Evidence from the Sarbanes-Oxley Act120
Asset Salability and Debt Maturity: Evidence from Nineteenth-Century American Railroads119
Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees119
Frictions in Shadow Banking: Evidence from the Lending Behavior of Money Market Mutual Funds116
Does Takeover Activity Cause Managerial Discipline? Evidence from International M&A Laws116
Institutional Investors and Mutual Fund Governance: Evidence from Retail–Institutional Fund Twins113
Resource Allocation within Firms and Financial Market Dislocation: Evidence from Diversified Conglomerates113
Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households110
Marketplace Lending: A New Banking Paradigm?108
Do Individual Investors Treat Trading as a Fun and Exciting Gambling Activity? Evidence from Repeated Natural Experiments105
Estimating the profits from trading strategies105
Financing Constraints and the Cost of Capital: Evidence from the Funding of Corporate Pension Plans104
How Does Risk Management Influence Production Decisions? Evidence from a Field Experiment104
Identifying Control Motives in Managerial Ownership: Evidence from Antitakeover Legislation103
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 Decisions102
Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups102
Returns to Shareholder Activism: Evidence from a Clinical Study of the Hermes UK Focus Fund98
Employment Protection, Investment, and Firm Growth98
Where Is the Market? Evidence from Cross-Listings in the United States93
Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment93
High-Frequency Market Making to Large Institutional Trades91
Big Data as a Governance Mechanism91
Financing from Family and Friends91
Shareholder Wealth Consequences of Insider Pledging of Company Stock as Collateral for Personal Loans91
Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms90
Universal Banks and Corporate Control: Evidence from the Global Syndicated Loan Market90
The Growth and Limits of Arbitrage: Evidence from Short Interest88
The Effect of Bank Mergers on Loan Prices: Evidence from the United States88
The Effects of Short-Selling Threats on Incentive Contracts: Evidence from an Experiment87
Bank-Branch Supply, Financial Inclusion, and Wealth Accumulation87
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