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 »
Anurag A Mehrotra, Adam D Nowak, and Patrick S Smith
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1369–1395, https://doi.org/10.1093/rof/rfaf038
This paper tests for a principal-agent conflict in mortgage markets by examining the effect of securitization on servicers’ choice of asset liquidation channels: short sale versus real estate owned (REO).… Read more...
The effect of mortgage securitization on asset liquidation decisions Read More »
Tarun Ramadorai, Antoine Uettwiller, and Ansgar Walther
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1337–1367, https://doi.org/10.1093/rof/rfaf017
In this paper, we examine the heterogeneity in firms’ data extraction practices and privacy policies using a comprehensive dataset covering over 5,000 U.S.… Read more...
Privacy policies and consumer data extraction: evidence from US firms Read More »
Lin William Cong, Yuanyu Qu, and Guojun Wang
Review of Finance, Volume 29, Issue 5, September 2025, Pages 1303–1336, https://doi.org/10.1093/rof/rfaf033
Environmental monitoring faces data manipulation issues, undermining protection efforts. Blockchain technology offers a solution with its tamper-proof nature, enhancing data reliability.… Read more...
Blockchains for environmental monitoring: theory and empirical evidence from China Read More »
We are pleased to announce that Issue 5 of Volume 29 of the Review of Finance is now available.
To access the complete issue, please click here.… Read more...
Issue 5 of Volume 29 of the Review of Finance is now available! Read More »
Tu Nguyen, Sandy Suardi, Jing Zhao
Review of Finance, Volume 29, Issue 4, July 2025, Pages 1259–1302, https://doi.org/10.1093/rof/rfaf026
This study investigates the systemic implications of industry tournament incentives—the external pay disparities among CEOs across similar firms—for financial stability. Motivated by Coles, Li, and Wang (2020), who argue that industry tournament incentives increase managerial risk-seeking behavior, we extend their insight to assess whether these incentives contribute to systemic risk in the financial sector.… Read more...
Industry Tournament Incentives and the U.S. Financial Systemic Risk Read More »
Bastian von Beschwitz , Pekka Honkanen , Daniel Schmidt
Review of Finance, Volume 29, Issue 4, July 2025, Pages 1137–1188, https://doi.org/10.1093/rof/rfaf023
Over the past two decades, passive investment has transformed financial markets, with passive funds surpassing active funds in assets under management in 2019.… Read more...
Passive Ownership and Short Selling Read More »