Author name: Patricia Ponce

We are pleased to announce that Issue 4 of Volume 29 of the Review of Finance is now available.

  1. Market Dominance in the Digital Age (Editor’s Choice)
    by Logan P Emery
  2. The green sin: how exchange rate volatility and financial openness affect green premia
    by Alessandro Moro , Andrea Zaghini
  3. Pricing Event Risk: Evidence from Concave Implied Volatility Curves (Summary here)
    by Lykourgos Alexiou, Amit Goyal, Alexandros Kostakis, Leonidas Rompolis
  4. Return Extrapolation and Dividends
    by Brad Cannon and John Lynch
  5. Exchange-Traded Funds and Transparency in Over-the-Counter Markets
    by Viet-Dung Doan
  6. Not In My Backyard: Intrinsic Motivation and Corporate Pollution Abatement
    by Angie Andrikogiannopoulou, Alexia Ventouri, Scott E Yonker
  7. Extrapolative Income Expectations and Retirement Savings (Summary here)
    by Marta Cota
  8. Passive Ownership and Short Selling (Summary here)
    by Bastian von Beschwitz, Pekka Honkanen, Daniel Schmidt
  9. Industry Tournament Incentives and the U.S.
… Read more...

Issue 4 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 »

We are pleased to announce that Issue 3 of Volume 29 of the Review of Finance is now available.

  1. Is One Share/One Vote Optimal
    by Denis Gromb and Viral Acharya
  2. Does the level of cash always increase with firm size? Theory and evidence from small firms (Summary here)
    by Ali Kakhbod, A Max Reppen, Tarik Umar, and Hao Xing
  3. CISS of death: Measuring financial crises in real time (Summary here)
    by Sulkhan Chavleishvili and Manfred Kremer
  4. Models behaving badly: The limits of data-driven lending (Summary here)
    by Itzhak Ben-David, Mark J.
… Read more...

Issue 3 of Volume 29 of the Review of Finance is now available! 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 »

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