Xiaoqiao Wang, Jing Xie, Bohui Zhang, and Xiaofeng Zhao
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1833–1870, https://doi.org/10.1093/rof/rfaf044
Can a Simple Nudge Change Corporate Payout Policy?
Conventional wisdom holds that a firm’s dividend policy is a carefully calculated, stable decision reflecting deep strategic intent.… Read more...
Investor communication and payout policy: a field experiment Read More »
Iñaki Aldasoro, Sebastian Doerr, and Haonan Zhou
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1809–1832, https://doi.org/10.1093/rof/rfaf043
The paper investigates the behavior of non-bank financial institutions (non-banks) in syndicated lending during financial crises, particularly in comparison to banks.… Read more...
Non-bank lending during crises Read More »
Ran Duchin, David H Solomon, Jun Tu, and Xi Wang
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1721–1767, https://doi.org/10.1093/rof/rfaf037
Finance academics, as a whole, tend to dislike giving normative advice. Like the Hippocratic Oath, if we can’t be sure our advice is correct, we can at least stop ourselves giving bad advice.… Read more...
The cryptocurrency elephant in the room Read More »
Marianne Andries, Thomas M Eisenbach, R Jay Kahn, and Martin C Schmalz
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1699–1720, https://doi.org/10.1093/rof/rfaf029
The risks facing investors have a rich term structure with some risks relevant at shorter maturities and other risks relevant at longer maturities.… Read more...
The term structure of the price of variance risk Read More »
Jan Bena and Elena Simintzi
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1619–1661, https://doi.org/10.1093/rof/rfaf040
China’s economic opening transformed global production, with far-reaching consequences for the U.S. economy. While the literature has emphasized the impact of import competition from China on the U.S.… Read more...
Machines could not compete with Chinese labor: evidence from US firms’ innovation Read More »
The Review of Finance is pleased to announce its partnership with the 9th World Symposium on Investment Research (WSIR), which will be held in Edinburgh, Scotland, on May 3–4, 2026.
This collaboration strengthens the journal’s commitment to fostering high-quality scholarship in investment research and provides authors with an additional opportunity to reach both the academic community and the readership of the Review of Finance.… Read more...
Partnership between the Review of Finance and the World Symposium on Investment Research Read More »
Charlton “Eli” Freeman, and William Skimmyhorn
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1587–1618, https://doi.org/10.1093/rof/rfaf027
Effectively saving for retirement requires workers to coordinate savings across different accounts (e.g., Social Security, IRAs, defined contribution plans) and to select appropriate contribution rates, tasks for which they may not be prepared.… Read more...
Kim Fe Cramer
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1497–1535, https://doi.org/10.1093/rof/rfaf032
What are the general equilibrium effects of banks on households? Previous research has focused on labor markets. Banks extend credit to firms, thereby fostering economic activity and employment.… Read more...
Bank presence and health Read More »
Jan Müller-Dethard, Niklas Reinhardt, and Martin Weber
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1467–1495, https://doi.org/10.1093/rof/rfaf031
It is a long-standing fact that households mostly consume and rarely reinvest dividends. Among representative brokerage clients of one of Germany’s largest banks, we find the opposite: 80% reinvestments, 12% consumption.… Read more...
Reinvesting or Consuming Dividends: Account Structure Matters Read More »
Christoph Merkle, Michael Ungeheuer
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1397–1436, https://doi.org/10.1093/rof/rfaf028
Our study examines how investors perceive the sensitivity of their stock portfolios to overall market movements—commonly measured by market beta—using data from four large-scale online experiments.… Read more...
Beliefs about beta: upside participation and downside protection Read More »