Finance Research

Finance Research

Faculty Research at the Department of Finance

Faculty in the Department of Finance are known for their cutting-edge research in a wide array of finance areas, including corporate finance, investments and investor behavior, asset management and pricing, mergers and acquisitions, international finance, entrepreneurial finance, valuation, financial markets, financial reporting and more. Recent faculty research has appeared or is forthcoming in Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Applied Corporate Finance, Journal of Banking and Finance and Journal of Alternative Investments. Research by our faculty has also been cited in The Wall Street Journal, Bloomberg, USA Today, Marketwatch, The New York Times, MSN.com, Forbes and The Economist.

Award-winning Research and Publication

Finance professors David Brown and Scott Cederburg, along with their co-author Michael O’Doherty of the University of Missouri, won the 23rd Annual TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. The Samuelson Award recognizes outstanding research that the private and public sectors can use to maintain and enhance Americans’ financial well-being.

#10

national ranking of public finance department for publications in top finance journals
Washington University Survey of Top Finance Publications

#15

national ranking of public finance department for publications in top business journals
University of Colorado Survey of Top Business Publications


Our Research Stories

View All Faculty Research Stories

 


Finance Research Areas of Expertise


Select Faculty Publications

David C. Brown, "(Sub)Optimal Asset Allocation to ETFs" (with S. Cederburg and M. Towner)

David C. Brown, "Off Target: On the Underperformance of Target-Date Funds" (with S. Davies)

Alice Bonaime, "Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry ?" (with Emma Wang)

Mihai Ion, "Using Equity Market Reactions to Infer Exposure to Trade Liberalization," (with Andrew Greenland, John Lopresti and Peter K. Schott)

Alice Bonaime and Kathleen Kahle, "Employee Compensation Still Impacts Payout Policy?" (with David Moore and Alok Nemani)

Sandy Klasa, “Informed trading reactions to new private information: Evidence from nonpublic merger negotiations,” (with Shane Heitzman), second round submission requested at Management Science

Andrea Rossi, “Hedge Fund Profits and Fees”, (with I. Ben-David (The Ohio State University) and J. Birru (The Ohio State University))

Richard Sias, “Molecular Genetics, Risk Aversion, Return Perceptions, and Stock Market Participation,” (with Laura Starks and Harry Turtle), NBER working paper w27638

Mitch Towner and Aazam Virani, “Quasi-Insider Shareholder Activism: Corporate Governance at the Periphery of Control” (joint with Jonathan Cohn), Revise and Resubmit at Review of Corporate Finance Studies

Ryan WilliamsRestrictions to CEO Mobility, Performance-Turnover Sensitivity, and Compensation: Evidence from Non-Compete Contracts," (with Omesh Kini and David Yin), Review of Financial Studies, Revise and Resubmit. Highlighted on the Columbia Law School blog.

Richard Sias, "Active Technological Similarity and Mutual Fund Performance," Journal of Financial and Quantitative Analysis, forthcoming (with Ping McLemore, Zafer Yukel, and Chi Wan)

David C. Brown, "ETF Arbitrage, Non-Fundamental Demand, and Return Predictability," Review of Finance, forthcoming (with S. Davies and M. Ringgenberg)

Alice Bonaime and Kathy Kahle, "Employee Compensation Still Impacts Payout Policy?" Critical Finance Review, forthcoming (with D. Moore and A. Nemani)

Aazam Virani, "Why are Bidder Termination Provisions Included in Takeovers?", (with Zhiyao Chen, Hamed Mahmudi and Xiaofei Zhao), Revise and Resubmit, Journal of Financial and Quantitative Analysis

Sandy Klasa, “Informed Trading Reactions to New Private Information: Evidence from Nonpublic Merger Negotiations”, Management Science, forthcoming (with Shane Heitzman)

Alice Bonaime, "Why do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information", Journal of Financial and Quantitative Analysis, forthcoming (with Leonce Bargeron)

Aazam Virani, “Collective action and governance activism," Review of Finance, forthcoming (with Craig Doidge, Alexander Dyck and Hamed Mahmudi)

Scott Cederburg, "On the performance of volatility-managed portfolios," Journal of Financial Economics, forthcoming (with Michael S. O'Doherty, Feifei Wang and Xuemin (Sterling) Yan)

2020

David C. Brown, "Financing Efficiency of Securities-Based Crowdfunding," Review of Financial Studies, September 2020, 33(9), 3975-4023 (with S. W. Davies)

Alice Bonaime, "Payout Policy Tradeoffs and the Rise of 10b5-1 Preset Repurchase Plans," Management Science, 2020, 66, 2762-2786 (with Jarrad Harford and David Moore)

Mitch Towner, "Debt and Bargaining Outcomes: Evidence from U.S. Hospitals," Management Science, Vol. 66, Issue 5, 2020, 2083-2098

Kathleen Kahle, “Do board gender quotas affect firm value? Evidence from California Senate Bill No. 826,” Journal of Corporate Finance, 60, February 2020 (with Vince Intintoli and Dan Greene)


2019

Richard Sias, “Sentiment Metrics and Investor Demand,” Journal of Finance, Vol. 74, no. 2, 2019, pages 985-1024 (with Luke DeVault and Laura Starks) 

Mihai Ion, “Exports, Investment and Policy Uncertainty”, Canadian Journal of Economics, Vol. 52 (3), 2019 pages 1248-1288 (with Andrew Greenland and John Lopresti)

Scott Cederburg, "Understanding the risk-return relation: The aggregate wealth proxy actually matters," Journal of Business and Economic Statistics, Vol. 37, Issue 4, 2019, 721-735 (with Michael S. O'Doherty)

Scott Cederburg, "Pricing intertemporal risk when investment opportunities are unobservable," Journal of Financial and Quantitative Analysis, Vol. 54, Issue 4, 2019, 1759-1789

Andrea Rossi, "Industry Familiarity and Trading: Evidence from the Personal Portfolios of Industry Insiders," Journal of Financial Economics, April 2019, Volume 132, Issue 1, 49-75 (with Itzhak Ben and David Justin Birru) 


2018

Scott Cederburg, "Conditional benchmarks and predictors of mutual fund performance," Critical Finance Review, Vol. 7, Issue 2, 2018, 331-372 (with Michael S. O'Doherty, N. E. Savin and Ashish Tiwari)

Richard Sias, "Reconsidering Hedge Fund Contagion," Journal of Alternative InvestmentsVolume 21, number 1, 2018, 27-38 (with Harry Turtle and Bela Zykaj)

Alice BonaimeMihai Ion, "Does Policy Uncertainty Affect Mergers and Acquisitions?" Journal of Financial Economics, September 2018, Volume 129, Issue 3, 531-558 (with Huseyin Gulen)

Kathleen Kahle, "Eclipse of the Public Corporation or Eclipse of the Public Markets?" Journal of Applied Corporate Finance, 30, Winter 2018, no. 1, 1-9 (with Craig Doidge, G. Andrew Karolyi and René M. Stulz) 

Sandy Klasa, “The protection of trade secrets and capital structure decisions,” Journal of Financial Economics, Vol. 128, No. 2, 2018, 266-286 (with Hernan Ortiz-Molina, Matthew Serfling and Shweta Srinivasan)

Kathleen Kahle, "Director Connectedness: Monitoring Efficacy and Career Prospects,” Journal of Financial and Quantitative Analysis, February 2018, Vol. 53, no. 1, 65-108 (with Vincent Intintoli and Wanli Zhao)

Scott Cederburg, "Are stocks riskier over the long run? Taking cues from economic theory," Review of Financial Studies, February 2018, Vol. 31, Issue 2, 556-594 (with Doron Avramov and Katarina Lucivjanska)


2017

David C. Brown, Scott Cederburg, "Tax uncertainty and retirement savings diversification," Journal of Financial Economics, December 2017, Vol. 126, Issue 3, 689-71 (with Michael S. O'Doherty)

Richard Sias, "Hedge Fund Return Dependence: Model Misspecification or Liquidity Spirals?" Journal of Financial and Quantitative Analysis, October 2017, Vol. 52, Issue 5, 2157-2181 (with Harry Turtle and Blerina Zykaj)

David Brown, "Moral Hazard in Active Asset Management," Journal of Financial Economics, August 2017, Volume 125, Issue 2, 311-325 (with Shaun William Davies)

Kathleen Kahle, “Is the U.S. public corporation in trouble?Journal of Economic Perspectives, Summer 2017, Vol. 31 (3), 67-88 (with René M. Stulz)

Alice Bonaime, "The Timing and Source of Long-run Returns Following Repurchases," Journal of Financial and Quantitative Analysis, 2017, 52, 491--517 (with Leonce Bargeron and Shawn Thomas)

Richard Sias, "Hedge Fund Politics and Portfolios," Journal of Banking and Finance, February 2017, Vol. 75, 80-97 (with Luke DeVault) ​​


2016

Alice Bonaime, "The Cost of Financial Flexibility: Evidence from Share Repurchases," Journal of Corporate Finance, 2016, 38, 345-362 (with Kristine Hankins and Bradford Jordan)

Mihai Ion, “Policy Uncertainty and Corporate Investment,” Review of Financial Studies, 2016, Vol. 29 (3), 523-564 (with Huseyin Gulen)

Sandy Klasa, “Are ex-ante CEO severance pay contracts consistent with efficient contracting?,” Journal of Financial and Quantitative Analysis, 2016, Vol. 51, No. 3, 707-735 (with Brian Cadman and John Campbell)

Scott Cederburg, "Does it pay to bet against beta? On the conditional performance of the beta anomaly," Journal of Finance, 2016, Vol. 71, No. 2, 737-774 (with Michael S. O'Doherty)


2015

Richard Sias, “Hedge Fund Crowds and Mispricing,” Management Science, 2015, Vol. 62(3), 764-784 (with Harry Turtle and Blerina Zykaj)

Chris Lamoureux, "Measuring Private Information in a Specialist Market,'' Journal of Empirical Finance, 2015, Vol. 30, 92-119 (with Qin Wang) 

Alice Bonaime, "Mandatory Disclosure and Firm Behavior: Evidence from Share Repurchases", The Accounting Review, 2015, 90, 1333-1362

Scott Cederburg, "Asset-pricing anomalies at the firm level," Journal of Econometrics, 2015, Vol. 186, No. 1, 113-128 (with Michael S. O'Doherty)


2014

Alice Bonaime, "Capital Structure, Equity Mispricing, and the Gains to Stock Repurchases", Journal of Corporate Finance, 2014, 26, 182--200 (with Ozde Oztekin and Richard Warr)

Sandy Klasa, “Industry concentration and corporate disclosure policy,” Journal of Accounting and Economics, 2014, Vol. 58, No. 2, 240-264 (with Ashiq Ali and Eric Yeung)

Kathleen Kahle, “Declining propensity to pay?  A re-examination of the lifecycle theory,” Journal of Corporate Finance, August 2014, Vol.27, 345-366 (with Monica Banyi)

Sandy Klasa, “Refinancing risk and cash holdings,” Journal of Finance, 2014, Vol. 69, No. 3, 975-1012 (with Jarrad Harford and William Maxwell) [Lead Article – June Issue]

Kathleen Kahle, “The effect of demand for shares on the timing and underpricing of seasoned equity offerings,” Financial Management, Spring 2014, 43, no. 1,61-86. (with Vincent Intintoli and Shrikant Jategaonkar)

Alice Bonaime, "Financial Flexibility, Risk Management, and Payout Policy", Review of Financial Studies, 2014, 27, 1047--1101 (with Kristine Hankins and Jarrad Harford.)


Data Resources and Finance Data Station

Data Resources

Our Data Resources site contains information about the research data resources of the Department of Finance. The site is a resource for finance faculty, PhD students and master's students, as well as faculty and students from other college departments who conduct research using financial data.

Finance Data Station

The Finance Data Station provides access for finance faculty and students in three categories: finance data on the web (SEC EDGAR Database, Yahoo! Finance, NAICS, Bloomberg, U.S. Federal Reserve and Moody's), statistical software (Purchasing Strata and the R-System, Purchasing SAS for Windows, SAS Registration Form, UA Site Licensing and UNIX Software at UA) and UA finance computing (New Account and Computer Setup, Research Computing on UNIX, the Bloomberg Terminal, UA Free Software and Accessing Finance Journals).