Author name: Patricia Ponce

The Duration Puzzle in Life-Cycle Investment
Servaas van Bilsen, Ilja A Boelaars, A. Lans Bovenberg
Review of Finance, Volume 24, Issue 6, November 2020, Pages 1271–1311, https://doi.org/10.1093/rof/rfaa009

Figure 1. Duration of fixed income portfolios in TDFs. The figure illustrates the (weighted) mean (solid line), the (weighted) 10% quantile (dash-dotted line) and the (weighted) 90% quantile (dashed line) of the modified duration of fixed income portfolios in TDFs in 2019 as a function of age.… Read more...

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Regulatory Certification, Risk Factor Disclosure, and Investor Behavior
Ruben Cox, Peter de Goeij
Review of Finance, Volume 24, Issue 5, September 2020, Pages 1079–1106, https://doi.org/10.1093/rof/rfaa003

Externalities of Regulatory Oversight on Investor Behavior in Financial Markets

Does regulatory approval of prospectuses act as a “certification” or “approval” of securities offerings?… Read more...

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Reaching for Yield in the ABS Market: Evidence from German Bank Investments
Matthias Efing
Review of Finance, Volume 24, Issue 4, July 2020, Pages 929–959, https://doi.org/10.1093/rof/rfz013

It is well documented how the creditworthiness of asset-backed securities (ABSs) deteriorated rapidly during the financial crisis, causing significant financial distress among investors and the economic system as a whole.… Read more...

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Internal Capital Markets in Times of Crisis: The Benefit of Group Affiliation
Raffaele Santioni, Fabio Schiantarelli, Philip E Strahan
Review of Finance, Volume 24, Issue 4, Issue 4, July 2020, Pages 773–811, https://doi.org/10.1093/rof/rfz020

This paper provides the first direct evidence of substitution towards internal capital markets in response to deterioration of the balance sheet condition of a firm’s bank.… Read more...

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Financial Development and Patterns of Industrial Specialization: Evidence from China
Qing He, Chang Xue, Chenqi Zhu
Review of Finance, Volume 21, Issue 4, July 2017, Pages 1593–1638, https://doi.org/10.1093/rof/rfw024

Foreign direct investment (FDI) and alternative financing channels play a significant role in shaping China’s industrial specialization, although standard financing channels such as the banking sector and capital markets have little impact, according to findings in Financial Development and Patterns of Industrial Specialization: Evidence from China, a study by Qing He, Chang Xue, and Chenqi Zhu.… Read more...

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Helping Hand or Grabbing Hand? Central vs. Local Government Shareholders in Chinese Listed Firms
Yan-Leung Cheung, P. Raghavendra Rau, Aris Stouraitis
Review of Finance, Volume 14, Issue 4, October 2010, Pages 669–694, https://doi.org/10.1093/rof/rfp024

Minority shareholders appear to be expropriated in state-owned (SOE) firms controlled by local governments but not in SOEs controlled by the Central government, according to an analysis of related party transactions (RPTs) between Chinese publicly listed firms and their state-owned shareholders by Yan-Leung Cheung, Raghavendra Rau, and Aris Stouraitis.… Read more...

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