Author name: Patricia Ponce

Gjergji Cici, Pei (Alex) Zhang
Review of Finance, Volume 28, Issue 6, November 2024, Pages 2017–2049, https://doi.org/10.1093/rof/rfae028

The corporate bond market is larger, more illiquid, and presumably less efficient than the equity market. These features provide numerous profit opportunities for active corporate bond mutual funds that are unique to the corporate bond market.… Read more...

Brent Kitchens, Robert Parham, Chris Yung
Review of Finance, Volume 28, Issue 6, November 2024, Pages 1991–2015, https://doi.org/10.1093/rof/rfae030

Selective disclosure allows a subset of privileged investors to gain access to material information before it is released to the public. This early access enables investors to trade on this information, so that market prices incorporate significant information even on days without public news announcements. … Read more...

Dion Bongaerts, Sarah D De Luca, Mark Van Achter
Review of Finance, Volume 28, Issue 6, November 2024, Pages 1953–1989, https://doi.org/10.1093/rof/rfae029

Recently, financial market runs, like the one on SVB bank, have underscored the importance of containing coordination failures in financial markets.… Read more...

Shusen Qi, Ralph De Haas, Steven Ongena, Stefan Straetmans, Tamas Vadasz
Review of Finance, Volume 28, Issue 6, November 2024, Pages 1881–1918, https://doi.org/10.1093/rof/rfae021

This article investigates how the introduction of information sharing between banks influences the spatial clustering of bank branches.… Read more...

Yufeng Han, Ai He, David E Rapach, Guofu Zhou
Review of Finance, Volume 28, Issue 6, November 2024, Pages 1807–1831, https://doi.org/10.1093/rof/rfae027

The Fama-MacBeth regression framework is a workhorse method for analyzing cross-sectional expected stock returns. In this paper, we extend the Fama-MacBeth framework for cross-sectional return prediction to incorporate big data and machine learning.… Read more...

Michael D Eriksen, Chun Kuang, Wenyu Zhu
Review of Finance, Volume 28, Issue 5, September 2024, Pages 1663–1686, https://doi.org/10.1093/rof/rfad041

We identify a specific channel through which appraisers introduce bias in the estimated values of some individual properties. Virtually all appraisers of residential property are required to first select comparable transactions (or “comps”) of properties with similar attributes, then document differences in attributes between the subject property and selected comps to reach their opinion of value.… Read more...

Roni Michaely, Guillem Ordonez-Calafi, Silvina Rubio
Review of Finance, Volume 28, Issue 5, September 2024, Pages 1575–1610, https://doi.org/10.1093/rof/rfae017

We uncover strategic voting behavior by some Environmental and Social (ES) funds that significantly decreases support for ES proposals when their votes are likely to be pivotal.… Read more...

Dong Yan
Review of Finance, Volume 28, Issue 5, September 2024, Pages 1483–1511, https://doi.org/10.1093/rof/rfae020

Whether the stock market affects real efficiency through its role of producing and aggregating information has been a central question for financial economists. In this paper, I show that information contained in stock prices has real effects on private firms, a significant yet often overlooked part of the economy, even without listing their shares. … Read more...

Fabrizio Core
Review of Finance, Volume 28, Issue 4, July 2024, Pages 1383–1418, https://doi.org/10.1093/rof/rfae014

This paper documents the existence of an intensive margin of the gender gap in innovative entrepreneurship in Italy. I document that, compared to men, not only do fewer women select into innovative entrepreneurship, but those who do hold less equity, make smaller investments, and are less likely to assume executive roles.… Read more...