Finance Faculty Publications

Finance Faculty Publications

Forthcoming Publications

Richard Sias, “Experts vs. Non-Experts in Online Crowdfunding Markets,” MIS Quarterly, forthcoming (with Mingfeng Lin and Zaiyan Wei)

Alice Bonaime and Kathy Kahle, "Share Repurchases" Handbook of Corporate Finance, forthcoming

Richard Sias, “The Fault in our Stars: Molecular Genetics and Technology Adoption,”  MIS Quarterly, forthcoming (with Sue Brown)

Richard Sias, “Words Matter: The Role of The Role of Readability, Tone, and Deception Cues in Online Credit Markets,” Journal of Financial and Quantitative Analysis, forthcoming (with Qing Gao and Mingfeng Lin)

Sandy Klasa, “Anticompetitive effects of horizontal acquisitions: the impact of within-industry product similarity,” Journal of Financial Economics, forthcoming (with Maryam Fathollahi and Jarrad Harford)

Richard Sias, "Active Technological Similarity and Mutual Fund Performance," Journal of Financial and Quantitative Analysis, forthcoming (with Ping Mclemore, Zafer Yuksel, 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?", Journal of Financial and Quantitative Analysis, forthcoming (with Zhiyao Chen, Hamed Mahmudi and Xiaofei Zhao)

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

Scott Cederburg, "On the economic significance of stock return predictability," Review of Finance, forthcoming (with Travis L. Johnson and Michael S. O'Doherty)

2023 Publications

Alice Bonaime "Mergers, Product Prices, and Innovation: Evidence from the Pharmaceutical Industry," Journal of Finance, forthcoming (with Ye (Emma) Wang)

2022 Publications

Scott Cederburg, "Stocks for the long run?  Evidence from a broad sample of developed markets," Journal of Financial Economics, Vol 143, Issue 1, 2022 409-433 (with A. Anarkulova and M. S. O'Doherty)

Andrea Rossi, "Ratings-Driven Demand and Systematic Price Fluctuations" Review of Financial Studies, , 2022, 35(6), 2790-2838 (with Itzhak Ben-David, Jiacui Li and Yang Song)

Andrea Rossi, "What do Mutual Fund Investors Really Care About?Review of Financial Studies, 2022, 35(4), 1723-1744  (with Itzhak Ben-David, Jiacui Li and Yang Song)

Scott Cederburg, "Is 'not trading' informative? Evidence from corporate insiders' portfolios," Financial Analysts JournalVol 78, Issue 1, 2022, 79-100 (with L. DeVault and K. Wang)

2021 Publications

Richard Sias, "Economic Policy Uncertainty and Self-Control: Evidence from Unhealthy Choices," Journal of Financial and Quantitative Analysis,  Vol 56, no. 4, 2021, 1446-1475 (with Ivalina Kalcheva and Ping McLemore)

Sandy Klasa, “Informed Trading Reactions to New Private Information: Evidence from Nonpublic Merger Negotiations,” Management Science, Vol 67, no. 4, 2021, 2630-2656 (with Shane Heitzman)

Sandy Klasa, “What determines the composition of a firm’s total cash reserves?,”  Journal of Corporate Finance, Vol 68, 2021, Article 101924 (with Laura Cardella and Douglas Fairhurst)

Kathleen Kahle, “Why Are Corporate Payouts So High in the 2000s?” with Rene Stulz. Journal of Financial Economics, 142, 1359-1380.

2020 Publications

Alice Bonaime, "Why do Firms Disagree with Short Sellers? Managerial Myopia versus Private Information," Journal of Financial and Quantitative Analysis, 2020, 55, 2431-2465 (with L. Bargeron). [Lead Article]

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

Scott Cederburg, "On the performance of volatility-managed portfolios," Journal of Financial Economics, Vol 138, Issue 1, 2020, 95-117 (with M. S. O'Doherty, F. Wang and X. Yan)

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 Publications

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 Publications

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 Publications

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 Publications

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 Publications

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 Publications

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.)