Digests

Anna Maria C Menichini, and Maria Grazia Romano
Review of Finance, Volume 29, Issue 6, November 2025, Pages 1871–1907, https://doi.org/10.1093/rof/rfaf039

Leasing is widely used across capital-intensive industries and accounts for a large share of equipment and software financing in both the US and EU. … Read more...

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...

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...

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...

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...

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...

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...

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...

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...