Finance publications

Overview

2024 and forthcoming

Balthrop, J., and Cici, G. (in press). Conflicting incentives in the management of 529 plans. Journal of Law & Economics.

Bazley, W., Cuculiza, C., & Pisciotta, K. (in press). Sleep disruptions and information processing in financial markets. Management Science.

Bazley, W., Bonaparte, Y., Korniotis, G., & Kumar, A. (2024). Discrimination and Economic Expectations. Management Science. 70(6), 4115-4131.

Bazley, W., & Jannati, S. (2024). The influence of regional sentiment on online borrowing. International Review of Financial Analysis. 95, 103423.

Cici, G., and Zhang, A. (in press). On the valuation skills of corporate bond funds. Review of Finance.

Cici, G., Shane, P., & Yang, S. (2024). Do buy-side analysts inform sell-side analyst research? Accounting & Finance. 64 (1): 687-691.

Ghaderi, M., Kilic, M., & Seo, S. B. (2024). Why do rational investors like variance at the peak of a crisis? A learning-based explanation. Journal of Monetary Economics. 142: 103513.

Mihov, Atanas, Dambra, Michael, and Sanz, Leandro. (forthcoming). Unintended Real Effects of EDGAR: Evidence from Corporate Innovation. The Accounting Review.

Mihov, Atanas, Frame, W. Scott, Lazaryan, Nika, and McLemore, Ping. (2024). Operational Loss Recoveries and the Microeconomic Environment: Evidence from the U.S. Banking Sector. Journal of Banking and Finance. 165: 107220.

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

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

Cornaggia, J., Gustafson, M., Kotter, J., & Pisciotta, K. (2024). Initial public offerings and the local economy: evidence of crowding out. Review of Finance. 28 (4): 1245—1273​.

2023

DeYoung, R. & Jang, K. (2023). Testing Dividend Tax Theory: Firm and Industry Heterogeneity, Journal of Financial Intermediation 56: 101060.

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

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. (2023). Option momentum. Journal of Finance. 78 (6): 3141-3192.

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.

2022

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.

2021

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.

2020

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.

2019

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.

2018

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.

2017

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.

2016

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.

2015

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.