Department of Finance
Research

Research

The department prides itself in providing a vibrant research atmosphere characterized by extensive collaboration and a shared goal of excelling through the production of cutting-edge research. For complete information on publications and impact, please refer to each faculty member’s profile.

Research Highlights

  • Forthcoming Papers

    2021

    Ben-David, I., Kim, B., Moussawi, H., and Roulstone, D., Corporate Transactions in Hard-to-Value Stocks, Review of Corporate Financial Studies, forthcoming.

    Ben-David, I., Li, J., Rossi, A., and Yang, S., Ratings-Driven Demand and Systematic Price Fluctuations, Review of Financial Studies, forthcoming.

    Ben-David, I., Li, J., Rossi, A., and Yang, S., What Do Mutual Fund Investors Really Care About? Review of Financial Studies, forthcoming.

    Birru, J., Gokkaya, S., Liu, X., Stulz, R.M., Are Analyst Short-Term Trade Ideas Valuable? Journal of Finance, forthcoming.

    Cong, L., Li, Y., Wang, N., Tokenomics: Dynamic Adoption and Valuation. Review of Financial Studies, forthcoming.

    Croce, M. M., Nguyen, T. T., Raymond, S., Persistent Government Debt and Aggregate Risk Distribution. Journal of Financial Economics, forthcoming.

    Denbee, E., Julliard, C., Li, Y., Yuan, K., Network Risk and Key Players: A Structural Analysis of Interbank Liquidity. Journal of Financial Economics, forthcoming.

    Erel, I., Chernenko, S., Prilmeier. R., Why Do Firms Borrow Directly from Nonbanks? Review of Financial Studies, forthcoming.

    Kahle, K., Stulz, R. M., Why Are Payouts So High in the 2000s? Journal of Financial Economics, forthcoming.

    Merrill, C. B., Nadauld, T. D., Sherlund, S. M., Stulz, R. M., Where their Fire Sales in the RMBS Market?,Journal of Monetary Economics, forthcoming.

    Schlingemann, F. P., Stulz, R. M., Have Exchange-Listed Firms Become Less Important for the Economy? Journal of Financial Economics, forthcoming.

    Wruck, K. H., Wu, Y., Relative versus Absolute Performance Evaluation and CEO Decision-Making, Journal of Financial and Quantitative Analysis, forthcoming.

    Zhang, S., Dissecting Currency Momentum, Journal of Financial Economics, forthcoming.

  • Recent Publications

    2021

    Ben-David, I., Bos M. (2021).  Impulsive Consumption and Financial Wellbeing: Evidence from an Increase in the Availability of Alcohol, Review of Financial Studies, 34 (5), 2608–2647.

    Baugh, B., Ben-David, I., Park, H., Parker, J. (2021). Asymmetric Consumption Smoothing, American Economic Review, 111(1), 192–230.

    Barber, B. M., Jiang, W., Morse, A., Puri, M., Tookes, H., Werner, I. M. (2021). What Explains Differences in Finance Research Productivity during the Pandemic? Journal of Finance, 76 (4) 1655-1697.

    Erel, I., Jang, Y., Minton, B. A., Weisbach, M. (2021). Corporate Liquidity, Acquisitions, and Macroeconomic Conditions, Journal of Financial and Quantitative Analysis, 56, 443-474.

    Erel, I. Stern, L., Tan, C., Weisbach, M. (2021). Selecting Directors Using Machine Learning, Review of Financial Studies, 37, 3226–3264.

    Eldar, O., Wittry, M.D. (2021). Crisis Poison Pills, ​Review of Corporate Finance Studies10(1), 204-251.

    Fahlenbrach, R., Taillard, J. P., Stulz, R. M. (2021). Why Are Firms with More Managerial Ownership Worth Less? Journal of Financial Economics, 140(3), 699-725.

    Fahlenbrach, R., Rageth., Stulz, R. M. (2021). How Valuable is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis, Review of Financial Studies, 2021, 34(11), 5474-5521.

    Ge, S., Weisbach, M. S. (2021). The Role of Financial Conditions in Portfolio Management: The Case of Insurers, Journal of Financial Economics, 142, 803-830.

    Kamiya, S., Kim, J., Milidonis, A., Stulz, R. M. (2021) Risk Management, Firm Reputation, and the Impact of Successful Cyberattacks on Target Firms, Journal of Financial Economics, 139(3), 719-749.

    Lee, D., Shin, H., Stulz, R. M. (2021). Why Does Equity Capital Flow out of High Tobin’s q Industries, Review of Financial Studies, 34(4), 1867-1906.

    Vokata, P. (2021). Engineering Lemons, Journal of Financial Economics, 142(2), 737-755.

    Wittry, M.D. (2021). (Debt) Overhang: Evidence from Resource Extraction, Review of Financial Studies34(4), 1699-1746.

    Zhang, S. (2021). Limited Risk Sharing and International Equity Returns, Journal of Finance, 76(2), 893 - 933.

    2020

    Bennett, B., Stulz, R. M., Wang, Z. (2020). Does the Stock Market Make Firms More Productive?. Journal of Financial Economics, 136(2), 281-306.

    Hou, K., Xue, C., Zhang, L. (2020). Replicating Anomalies. Review of Financial Studies, 33(5), 2019-2133.

    Goncalves, A., Xue, C., Zhang, L. (2020). Aggregation, Heterogeneity, and the Investment CAPM. Review of Financial Studies.

    Griffin, J. M., Shams, A. (2020). Is Bitcoin Really Untethered?. Journal of Finance, 75(4), 1913-1964.                

    2019

    Agarwal, S., Amromin, G., Ben-David, I., Dinc, S. (2018). The Politics of Foreclosures. Journal of Finance, 73(6), 2677-2717.

    Bai, H., Hou, K., Kung, H., Li, E.X.N., Zhang, L. (2019). The CAPM Strikes Back? An Equilibrium Model with Disasters. Journal of Financial Economics, 131(2), 269-298

    Ben-David, I., Birru, J., Rossi, A. (2019). Industry familiarity and trading: Evidence from the personal portfolios of industry insiders. Journal of Financial Economics, 132(1), 49-75.

    Ben-David, I., Franzoni, F., Moussawi, R. (2018). Do ETFs Increase Volatility?. Journal of Finance, 73(6), 2471-2535.

    Cavagnaro, D., Sensoy, B. A., Wang, Y., Weisbach, M. S. (2019). Measuring Institutional Investors' Skill at Making Private Equity Investments. Journal of Finance, 74(6), 3089-3134.

    Croce, M.M., Nguyen, T. T., Raymond, S., Schmid, L. (2019). Government Debt and the Returns to Innovation. Journal of Financial Economics, 132(3), 205-225.

    Hanselaar, R.M., Stulz, R. M., Van Dijk, M.A. (2019). Do firms issue more equity when markets become more liquid?. Journal of Financial Economics, 133(1), 64-82.

    Hou, K., Van Dijik, M. (2019). Resurrecting the Size Effect: Firm Size, Profitability Shocks, and Expected Stock Returns. Review of Financial Studies, 32(7), 2850-2889.

    Minton, B. A., Stulz, R. M., Taboada, A. (2019). Are the Largest Banks Valued more Highly?. Review of Financial Studies, 32(12), 4604-4652

    Nadauld, T., Sensoy, B. A., Vorkink, K., Weisbach, M. S. (2019). The Liquidity Cost of Private Equity Investments:  Evidence from Secondary Market Transactions. Journal of Financial Economics, 132(3), 158-181.

     

  • Working Papers

    Working papers and their respective abstracts can be viewed and downloaded from the Dice Center's working papers area:

    Working Papers