Organisers: CEPR, European Central Bank, Review of Finance and Bocconi University (local host). Guest Editors Elena Carletti, Dirk Niepelt, Marcus M. Opp (Sponsoring RoF Editor), Claudio Tebaldi.
Date and Venue: A two-day conference will take place in Milan on September 25–26, 2025.… Read more...
We are pleased to announce that Issue 2 of Volume 29 of the Review of Finance is now available.
Issue 3 of Volume 29 of the Review of Finance is now available! Read More »
Hao Liang and Cara Vansteenkiste
Review of Finance, Volume 29, Issue 3, May 2025, Pages 851–886, https://doi.org/10.1093/rof/rfaf007
Corporate philanthropy often sparks debate about its impact on shareholder value, particularly in response to natural disasters. Is it a strategic move to enhance reputation, or does it reflect managerial agency problems?… Read more...
Disaster Relief, Inc.: When Is Corporate Philanthropy Good or Bad for Shareholders Read More »
Giorgia Simion and Ugo Rigoni
Review of Finance, Volume 29, Issue 3, May 2025, Pages 819–850, https://doi.org/10.1093/rof/rfaf014
As retail bond issuance can serve as an important funding source for banks during periods of market stress, it raises concerns about potential conflicts of interest between banks and their clients.… Read more...
Understanding Households’ Bank Bond Holdings Read More »
Pierre Chaigneau and Nicolas Sahuguet
Review of Finance, Volume 29, Issue 3, May 2025, Pages 779–818, https://doi.org/10.1093/rof/rfaf012
How can corporate executives be motivated to generate both financial and social value? One approach is to integrate Environmental, Social, and Governance (ESG) performance metrics into executive compensation plans.… Read more...
Executive Compensation with Environmental and Social Performance 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 »
Itzhak Ben-David, Mark J. Johnson, René M. Stulz
Review of Finance, Volume 29, Issue 3, May 2025, Pages 711–745, https://doi.org/10.1093/rof/rfaf009
The paper examines the resilience of data-driven lending during the unprecedented economic upheaval caused by the COVID-19 crisis, focusing specifically on small business fintech lending in March 2020.… Read more...
Models behaving badly: The limits of data-driven lending Read More »
Sulkhan Chavleishvili, Manfred Kremer
Review of Finance, Volume 29, Issue 3, May 2025, Pages 685–710, https://doi.org/10.1093/rof/rfaf013
The Global Financial Crisis highlighted a critical asymmetry in macro-financial linkages, namely the fact that financial conditions have particularly strong effects on real economic activity in times of elevated financial distress.… Read more...
CISS of death: Measuring financial crises in real time Read More »
Ali Kakhbod, A Max Reppen, Tarik Umar, Hao Xing
Review of Finance, Volume 29, Issue 3, May 2025, Pages 661–683, https://doi.org/10.1093/rof/rfaf008
In this study, we ask a simple yet fundamental question: does a firm’s cash holdings always rise in tandem with its size?… Read more...
We are pleased to announce that Issue 2 of Volume 29 of the Review of Finance is now available.
Issue 2 of Volume 29 of the Review of Finance is now available! Read More »