Improving Access to Banking: Evidence from Kenya
Franklin Allen, Elena Carletti, Robert Cull, Jun QJ Qian, Lemma Senbet, Patricio Valenzuela
Review of Finance, Volume 25, Issue 2, March 2021, Pages 403–447, https://doi.org/10.1093/rof/rfaa024
Many Sub-Saharan African countries still face severe financial development gaps in terms of access to financial services.… Read more...
Improving Access to Banking: Evidence from Kenya Read More »
The Persistence of Fee Dispersion among Mutual Funds
Michael J Cooper, Michael Halling, Wenhao Yang
Review of Finance, Volume 25, Issue 2, March 2021, Pages 365–402, https://doi.org/10.1093/rof/rfaa023
The neoclassical model of mutual funds (Berk and van Binsbergen, 2015) argues that percentage fees are irrelevant, as fund size will adjust in equilibrium such that net alphas are equal to zero.… Read more...
The Persistence of Fee Dispersion among Mutual Funds Read More »
First Impression Bias: Evidence from Analyst Forecasts
David Hirshleifer, Ben Lourie, Thomas G Ruchti, Phong Truong
Review of Finance, Volume 25, Issue 2, March 2021, Pages 325–364, https://doi.org/10.1093/rof/rfaa015
We present the tests for first impression bias among professionals in the field.… Read more...
First Impression Bias: Evidence from Analyst Forecasts Read More »
Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers
B Espen Eckbo, Michael Kisser
Review of Finance, Volume 25, Issue 2, March 2021, Pages 275–324, https://doi.org/10.1093/rof/rfaa018
Do public industrial firms manage leverage towards a long-run target? We test three core predictions of dynamic tradeoff theory using a hitherto unexplored set of US public industrial companies: high-frequency net-debt issuers (HFIs).… Read more...
Tradeoff Theory and Leverage Dynamics of High-Frequency Debt Issuers Read More »
Gender Dynamics in Crowdfunding (Kickstarter): Evidence on Entrepreneurs, Backers, and Taste-Based Discrimination
Hadar Gafni, Dan Marom, Alicia Robb, Orly Sade
Review of Finance, Volume 25, Issue 2, March 2021, Pages 235–274, https://doi.org/10.1093/rof/rfaa041
This study focuses on the launch phase of the leading reward-based crowdfunding market – Kickstarter.… Read more...
The Effect of Regulatory Constraints on Fund Performance: New Evidence from UCITS Hedge Funds
Juha Joenväärä, Robert Kosowski
Review of Finance, Volume 25, Issue 1, February 2021, Pages 189 – 233, https://doi.org/10.1093/rof/rfaa017
In this paper we study the effect of regulatory constraints on fund performance and risk by comparing conventional and UCITS hedge funds.… Read more...
Default Option Exercise over the Financial Crisis and beyond
Xudong An, Yongheng Deng, Stuart A Gabriel
Review of Finance, Volume 25, Issue 1, February 2021, Pages 153 – 187, https://doi.org/10.1093/rof/rfaa022
Default on residential mortgages skyrocketed during the late-2000s, giving rise to widespread financial institution failure and global financial crisis.… Read more...
Default Option Exercise over the Financial Crisis and beyond Read More »
Credit Default Swaps and Bank Regulatory Capital
Chenyu Shan, Dragon Yongjun Tang, Hong Yan, Xing (Alex) Zhou
Review of Finance, Volume 25, Issue 1, February 2021, Pages 121 – 152, https://doi.org/10.1093/rof/rfaa021
A major development in bank capital regulation (Basel II and III) is the allowance of capital relief using credit derivatives such as credit default swaps (CDS).… Read more...
Credit Default Swaps and Bank Regulatory Capital Read More »
Sentiment in Central Banks’ Financial Stability Reports
Ricardo Correa, Keshav Garud, Juan M Londono, Nathan Mislang
Review of Finance, Volume 25, Issue 1, February 2021, Pages 85–120, https://doi.org/10.1093/rof/rfaa014
We use the text of financial stability reports (FSRs) published by central banks to analyze the relation between the sentiment they convey and the financial cycle.… Read more...
Sentiment in Central Banks’ Financial Stability Reports Read More »
Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE
Óscar Arce, Sergio Mayordomo, Ricardo Gimeno
Review of Finance, Volume 25, Issue 1, February 2021, Pages 43–84, https://doi.org/10.1093/rof/rfaa020
We analyse how the ECB’s purchases of corporate bonds under its Corporate Sector Purchase Programme (CSPP) affected the financing of Spanish firms.… Read more...
Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE Read More »