Finance publications


2023 and forthcoming

Cici, G., Shane, P.B., & Yang, Y.S. (in press). Do buy-side analysts inform sell-side analyst research? Accounting & Finance.

Ghaderi, M., Kilic, M., & Seo, S. B. (in press). Why do rational investors like variance at the peak of a crisis? A learning-based explanation. Journal of Monetary Economics.

Cai, Z. & Juhl, T. (2023). The distribution of rolling regression estimators. Journal of Econometrics, 235 (2): 1447–1463.

Curti, F., Fauver, L., & Mihov, A. (in press). Workforce policies and operational risk: Evidence from U.S. bank holding companies. Journal of Financial & Quantitative Analysis.

Curti, F., Gerlach, J., Kazinnik, S., Lee, M., & Mihov, A. (2023). Cyber risk definition and classification for financial risk management. Journal of Operational Risk, 18 (2): 37–58.

Heston, S. L., Jones, C., Khorram, M., & Li, S., & Mo, H. (in press). Option momentum. Journal of Finance.

Hou, K., Mo, H., Xue, C., & Zhang, L. (in press). The economics of security analysis. Management Science.

Khorram, M., Mo, H., & Sanger, G. C. (2023). Information flow and credit rating announcements. Journal of Financial Markets, 65: 100837

Pisciotta, K. (2023). Analyst workload and information production: Evidence from IPO assignments. Contemporary Accounting Research, 40 (3): 1605–1640.

Goldie, B., Jiang, C., Koch, P., & Wintoki, M. B. (2023). Indirect insider trading. Journal of Financial & Quantitative Analysis, 58 (6): 2327–2364.


Bazley, W. J., Moore, J., & Vosse, M. M. (2022). Taxing the disposition effect: The impact of tax awareness on investor behavior. Journal of Financial & Quantitative Analysis, 57 (7): 2724–2765.

Cici, G., Kempf, A., & Peitzmeier, C. (2022). Knowledge spillovers in the mutual fund industry through labor mobility, Journal of Banking & Finance, 134: 106310.

Ghaderi, M., Kilic, M., & Seo, S. B. (2022). Learning, slowly unfolding disasters, and asset prices. Journal of Financial Economics, 143 (1): 527–549.

McLemore, P., Mihov, A., & Sanz, L. (2022). Global banks and systemic risk: The dark side of country financial connectedness. Journal of International Money & Finance, 129: 102734.

Curti, F., Frame, W. S., & Mihov, A. (2022). Are the largest banking organizations operationally more risky? Journal of Money, Credit & Banking, 54 (5): 1223–1259.

Berger, A., Curti, F., Mihov, A., & Sedunov, J. (2022). Operational risk is more systemic than you think: Evidence from U.S. bank holding companies. Journal of Banking & Finance, 143: 106619.

Beracha, E., He, Z., Wintoki, M. B., & Xi, Y. (2022). On the relation between innovation and housing prices: A metro level analysis of the US market. Journal of Real Estate Finance & Economics, 65: 622–644.


Bazley, W. J., Bonaparte, Y., & Korniotis, G. M. (2021). Financial self-awareness: Who knows what they don’t know? Finance Research Letters, 38: 101445.

Bazley, W. J., Cronqvist, H., & Mormann, M. (2021). Visual finance: The pervasive effects of red on investor behavior. Management Science, 67 (9): 5616–5641.

Bazley, W. J., Dayani, A., & Jannati, S. (2021). Transient emotions, perceptions of well-being, and mutual fund flows. Finance Research Letters, 41: 101825.

Cici, G., Hendriock, M., Jaspersen, S., & Kempf, A. (2021). #MeToo meets the mutual fund industry: Productivity effects of sexual harassment. Finance Research Letters, 40: 101687.

Cici, G., Hendriock, M., & Kempf, A. (2021). The impact of labor mobility restrictions on managerial actions: Evidence from the mutual fund industry. Journal of Banking & Finance, 122: 105994.

DeYoung, R. & Huang, M. (2021). The external effects of bank executive pay: Liquidity creation and systemic risk. Journal of Financial Intermediation, 47: 100920. 

Hou, K., Mo, H., Xue, C., & Zhang, L. (2021). An augmented q-factor model with expected growth. Review of Finance, 25 (1): 1–41.

Jones, C. & Mo, H. (2021). Out-of-sample performance of mutual fund predictors. Review of Financial Studies, 34 (1), 149–193.

Dambra, M., Gustafson, M. T., & Pisciotta, K. (2021). What is the effect of an additional dollar of IPO proceeds? Journal of Corporate Finance, 66: 101795.

Allen, F., Haas, M. D., Nowak, E., & Tengulov, A. (2021). Market efficiency and limits to arbitrage: Evidence from the Volkswagen short squeeze. Journal of Financial Economics, 142 (1): 166–194.

Jiang, C., Wintoki, M. B., & Xi, Y. (2021). Insider trading and the legal expertise of corporate executives. Journal of Banking & Finance, 127: 106114.


Bindal, S., Bouwman, C.H.S., Hu, S., & Johnson, S.A. (2020). Bank regulatory size thresholds, merger and acquisition behavior, and small business lending. Journal of Corporate Finance, 62: 1010519.

Duong, T. X. & Meschke, F. (2020) The rise and fall of portfolio pumping among U.S. mutual funds. Journal of Corporate Finance, 60: 101530.

Frame, W. S., Mihov, A., & Sanz, L. (2020). Foreign investment, regulatory arbitrage, and the risk of U.S. banking organizations. Journal of Financial & Quantitative Analysis, 55 (3): 955–988.

Mihov, A. (2020). Price pressure of trading and equity prices in hedge fund activism. Journal of Financial Research, 43 (1): 153–184.

Abdymomunov, A., Curti, F., & Mihov, A. (2020). U.S. banking sector operational losses and the macroeconomic environment. Journal of Money, Credit & Banking, 52 (1): 115–144.

Wintoki, M. B. & Xi, Y. (2020). Partisan bias in fund portfolios. Journal of Financial & Quantitative Analysis, 55 (5): 1717–1754.

Biggerstaff, L., Cicero, D., & Wintoki, M. B. (2020). Insider trading patterns. Journal of Corporate Finance, 64: 101654.


DeYoung, R., Glennon, D., Nigro, P., & Spong, K. (2019). Small business lending and social capital: Are rural banks different? Journal of Entrepreneurial Finance, 21(2): 99–136.

DeYoung, R. & Lei Li. (2019) Publicly traded versus privately held commercial banks: Capital access, growth and financial performance, Journal of Financial Services Research, 56 (1): 39–71.

Campello, M., Galvao, A., & Juhl, T. (2019). Testing for slope heterogeneity bias in panel data models. Journal of Business & Economic Statistics, 37 (4): 749–760.

Meschke, F. (2019). An empirical investigation of mutual fund boards. Quarterly Journal of Finance, 9 (4): 1950015.

Abdymomunov, A., & Mihov, A. (2019). Operational risk and risk management quality: Evidence from U.S. bank holding companies. Journal of Financial Services Research, 56 (1): 73–93.

Lin, L., Mihov, A., Sanz, L., & Stoyanova, D. (2019). Property rights institutions, foreign investment, and the valuation of multinational firms. Journal of Financial Economics, 134 (1): 214–235.

Mihov, A. & Naranjo, A. (2019). Corporate internationalization, subsidiary locations, and the cost of equity capital. Journal of International Business Studies, 50 (9): 1544–1565.

Hou, K., Mo, H., Xue, C., & Zhang, L. (2019). Which factors? Review of Finance, 23 (1): 1–35.

Wintoki, M. B. &Xi, Y. (2019). Friendly directors and the cost of regulatory compliance. Journal of Corporate Finance 58: 112–141.


Cici, G., Gehde-Trapp, M., Goericke, M.-A., & Kempf, A. (2018). The investment value of mutual fund managers’ experience outside the financial sector. Review of Financial Studies, 31 (10): 3821–3853.

Cici, G., Dahm, L., & Kempf, A. (2018). Trading efficiency of fund families: Impact on fund performance and investment behavior. Journal of Banking & Finance, 88: 1–14.

Chiorazzo, V., D’Apice, V., DeYoung, R., & Morelli, P. (2018). Is the traditional banking model a survivor? Journal of Banking & Finance, 97: 238–256.

DeYoung, R., Distinguin, I., & Tarazi, A. (2018). The joint regulation of bank liquidity and bank capital. Journal of Financial Intermediation 34: 32–46.

Galvao, A., Juhl, T., Montes-Rojas, G., & Olmo, J. (2018). Testing individual slope homogeneity in quantile regression panel data models with an application to the cross-section of stock returns. Journal of Financial Econometrics, 16 (2): 211–243.

Du, L., Masli, A., & Meschke, F. (2018). The effect of credit default swaps on the pricing of audit services. Auditing: A Journal of Practice & Theory, 37 (3): 117–144.

Dambra, M., Field, L. C., Gustafson, M., & Pisciotta, K. (2018). The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act. Journal of Accounting & Economics, 65 (2–3), 302-330.

Jiang, C., Kubick, T., Miletkov, M., & Wintoki, M. B. (2018). Offshore expertise for onshore companies: Director connections to island tax havens and corporate tax policy. Management Science, 64 (7): 3241–3268.


Anderson, C. W. & Huang, J. (2017). Institutional investment in IPOs and post-IPO M&A activity. Journal of Empirical Finance 41: 1–18.

Anderson, C. W., Huang, J., & Torna, G. (2017). Can investors anticipate post-IPO mergers and acquisitions? Journal of Corporate Finance 45: 496–521.

Cici, G., Jaspersen, S., & Kempf, A. (2017). Speed of information diffusion within fund families. Review of Asset Pricing Studies, 7 (1): 144–170.

Cici, G., Kempf, A., & Sorhage, C. (2017). Do financial advisors provide tangible benefits for investors? Evidence from tax-motivated mutual fund flows. Review of Finance, 21 (2): 637–665.

Huang, M., Masli, A., & Meschke, F., Guthrie, J. (2017). Clients' Workplace Environment and Corporate Audits. Auditing: A Journal of Practice & Theory, 36(4): 89–113.

Bansal, N., Joseph, K.,Ma, M., & Wintoki, M. B. (2017). Do CMO incentives matter? An empirical investigation of CMO compensation and its impact on firm performance. Management Science, 63 (6): 1993–2015.

Miletkov, M., Poulsen, A., & Wintoki, M. B. (2017). Foreign independent directors and the quality of legal institutions. Journal of International Business Studies, 48 (2): 267–292.


Cici, G., Kempf, A., & Puetz, A. (2016). The valuation of hedge funds’ equity positions. Journal of Financial & Quantitative Analysis, 51 (3): 1013–1037.

Cici, G. & Rosenfeld, C.(2016). A study of analyst-run mutual funds: The abilities and roles of buy-side analysts. Journal of Empirical Finance, 36: 8–29.

DeYoung, R. & Jang, K. (2016). Do banks actively manage their liquidity? Journal of Banking & Finance, 66: 143–161.

Akbas, F., Meschke, F., & Wintoki, M. B. (2016). Director networks and informed traders. Journal of Accounting & Economics, 62 (1): 1–23.

Ferson, W. & Mo, H.  (2016). Performance measurement with market and volatility timing and selectivity. Journal of Financial Economics, 121 (1): 93-110.

He, Z., & Wintoki, M. B. (2016). The cost of innovation: R&D and high cash holdings in U.S. firms. Journal of Corporate Finance, 41: 280–303.


Anderson, C. W. & Zhang, Y. J. (2015). External contracting and equity financing at biotech firms: Evidence from PIPEs. International Journal of Economics & Finance, 7 (2): 1–19.

Cici, G., Gibson, S., Gunduz, S. J., & Merrick, J. (2015). Market transparency and the marking precision of bond mutual fund managers. Journal of Portfolio Management 41 (2): 126–137.

Cici, G. & Palacios, P. (2015). On the use of options by mutual funds: Do they know what they are doing? Journal of Banking & Finance 50: 157–168.

DeYoung, R. (2015). How relationships can reduce risk in small business lending. European Economy: Banks, Regulation, and the Real Sector 2: 87–99.

DeYoung, R. (2015). Banking in the United States. In A. Berger, P. Molyneux, & J. Wilson (Eds.), The Oxford Handbook of Banking, 2nd Edition (pp. 825-848). Oxford: Oxford University Press.

DeYoung, R., Frame, W. S., Hirtle, B., & Kust, M. (2015). Banking supervision after the financial crisis. Journal of Applied Finance 25 (2): 5–15.

DeYoung, R., Gron, A., Torna, G., Winton, A. (2015). Risk overhang and loan portfolio decisions: Small business loan supply before and during the financial crisis. Journal of Finance, 70 (6): 2451–2488.

Cai, Z., Juhl, T., & Yang, B. (2015). Functional index coefficient models with variable selection. Journal of Econometrics, 189 (2), 272–284.

Rosenbloom, J. L., Ginther, D. K., Juhl, T., & Heppert, J. A. (2015). The effects of research and development funding on scientific productivity: Academic chemistry, 1990-2009. PLOS One, 10 (9): e0138176.

Huang, M., Li, P., Meschke, F., & Guthrie, J. P. (2015). Family firms, employee satisfaction, and corporate performance. Journal of Corporate Finance, 34: 108–127.

Hansen, B., Miletkov, M., & Wintoki, M. B. (2015). Investor protection and the role of firm-level financial transparency in attracting foreign investment. Financial Review, 50 (3): 393–434.

Miletkov, M., Moskalev, S., & Wintoki, M. B. (2015). Corporate boards and acquirer returns: International evidence. Managerial Finance, 41 (3): 244–266.