Digests

We are pleased to announce that Issue 5 of Volume 29 of the Review of Finance is now available.

  1. Blockchains for environmental monitoring: theory and empirical evidence from China (Summary here)
    By Lin William Cong, Yuanyu Qu, and Guojun Wang
  2. Privacy policies and consumer data extraction: evidence from US firms (Summary here)
    By Tarun Ramadorai, Antoine Uettwiller, and Ansgar Walther
  3. The effect of mortgage securitization on asset liquidation decisions (Summary here)
    By Anurag A Mehrotra, Adam D Nowak, and Patrick S Smith
  4. Beliefs about beta: upside participation and downside protection (Summary here)
    By Christoph Merkle and Michael Ungeheuer
  5. A disaster explanation of equity term structures
    By Di Wu
  6. Reinvesting or Consuming Dividends: Account Structure Matters (Summary here)
    By Jan Müller-Dethard, Niklas Reinhardt, and Martin Weber
  7. Bank presence and health (Summary here)
    By Kim Fe Cramer
  8. Rent extraction amid borrowers’ adversity: evidence from activist short sellers’ attacks
    By Albert Kwame Mensah, Jeong-Bon Kim, Luc Paugam, and Hervé Stolowy
  9. Save more tomorrow, today: experimental evidence on the role of precommitment, urgency, and personalization (Summary here)
    By Charlton “Eli” Freeman and William Skimmyhorn

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 »

Marta Cota
Review of Finance, Volume 29, Issue 4, July 2025, Pages 1105–1136, https://doi.org/10.1093/rof/rfaf021

Biased income expectations shape retirement savings in ways that traditional policy models often overlook. In this paper, I outline a mechanism under which low-income workers, typically pessimistic about future earnings, delay retirement contributions, prioritizing liquidity as a buffer against uncertainty.… Read more...

Extrapolative Income Expectations and Retirement Savings Read More »

Donald E Bowen and Jérôme P Taillard
Review of Finance, Volume 29, Issue 3, May 2025, Pages 747–777, https://doi.org/10.1093/rof/rfaf010

The 2002 NYSE/NASDAQ board independence mandates allow us to study how changes in board composition affect firm performance. The mandates required firms to have a majority of independent directors, with two paths to compliance: (1) replacing non-independent directors with independent directors or (2) “reclassifying” existing non-independent directors as independent once they met certain criteria (such as being three years removed from prior employment at the firm).… Read more...

Revisiting Board Independence Mandates: Evidence from Director Reclassifications Read More »

Scroll to Top