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Focus on Research

As discussed by the Association to Advance Collegiate Schools of Business (AACSB) in its 2020 Guiding Principles and Standards for Business Education, the “defining feature of quality business schools is that they are making a significant difference through educational activities, thought leadership, and engagement with external stakeholders. Quality schools create and disseminate intellectual contributions that have an impact on the theory, practice, and/or teaching of business, and have a positive impact on society.”

The Financial Times (FT) has designated a group of 50 journals which it uses to assign a FT Research Rank. The following are the list of publications by faculty recently published or forthcoming in a Journal on the FT-50 list.

Levit, Doron, Malenko, N., and Maug, E. (forthcoming) “Trading and Shareholder Democracy,” The Journal of Finance

Cong, L.W., Li, Ye, and Wang, N. (forthcoming) “Token-based Platform Finance,” Journal of Financial Economics

Kruger, S., Maturana, G., and Nickerson, Jordan (forthcoming) “How has COVID-19 Impacted Research Productivity in Economics and Finance?” Review of Financial Studies

Griffin, J., and Nickerson, Jordan (forthcoming) “Are CLO Collateral and Trance Ratings Disconnected?” Review of Financial Studies

Gurun, U., Nickerson, Jordan, Solomon, D. (forthcoming) “Measuring and Improving Stakeholder Welfare is Easier Said than Done,” Journal of Financial and Quantitative Analysis

Laudenbach, C., and Siegel, Stephan (forthcoming) “Personal Communication in an Automated World:  Evidence from Loan Repayments,” Journal of Finance

Huang, S., Song, Yang and Hong, X., (forthcoming). “The Smart Beta Mirage,” Journal of Financial and Quantitative Analysis.

An, Y., Benetton, M., and Song, Yang, (2023). “Index Providers: Whales Behind the Scenes of ETFs,” Journal of Financial Economics 149(3) pp 407-433

Bond, Philip, and Garcia, D. (2022) “The Equilibrium Consequences of Indexing,” The Review of Financial Studies 35(7) pp 3175-3230

Bond, Philip, and Zeng, Y. (2022) “Silence is Safest: Non-disclosure when the Audience’s Preferences are Uncertain,” Journal of Financial Economics 145(1) pp 178-193

Dyakov, T., Harford, Jarrad, and Qiu, B. (2022) “Better Kept in the Dark? Portfolio Disclosure and Agency Problems in Mutual Funds,” Journal of Financial and Quantitative Analysis 57(4) pp 1529-1563

Fathollahi, M., Harford, Jarrad, and Klasa, S. (2022) “Anticompetitive Effects of Horizontal Acquisitions:  The Impact of Within-industry Product Similarity,” Journal of Financial Economics 144(2) pp 645-659

Cheng, Y., Harford, Jarrad, Hutton, I., Shipe, S. (2022) “Ex Post Bargaining, Corporate Cash Holdings, and Executive Compensation,” Journal of Financial and Quantitative Analysis 57(3) pp 957-987

Hrdlicka, Christopher (2022) “Trading Volume and Time Varying Betas,” Review of Finance 26(1) pp 79-116

Johnson, W., Karpoff, Jonathan., and Yi, S. (2022) “The Lifecycle Effects of Corporate Takeover Defenses,” The Review of Financial Studies 35(6) pp 2879-2927

Pan, Y., Pikulina, E., Siegel, Stephan, and Wang, T. (2022) “Do Equity Markets Care About Income Inequality? Evidence from Pay Ratio Disclosure,” The Journal of Finance 77(2) pp 1371-1411

Lee, C.M.C., Huang, S., Song, Yang, and Xiang, H. (2022) “A Frog in Every Pan: Information Discreteness and the Lead-lag Returns Puzzle,” Journal of Financial Economics 145(2A) pp 82-102

Ben-David, I., Li, J., Rossi, A., and Song, Yang (2022) “Ratings-Driven Demand and Systematic Price Fluctuations,” The Review of Financial Studies 35(6) pp 2790-2838

Ben-David, I., Li, J., Rossi, A., and Song, Yang (2022) “What do Mutual Fund Investors Really Care About?” The Review of Financial Studies 35(4) pp 1723-1774

Bond, Philip, and Dow, J. (2021) “Failing to Forecast Rare Events,” Journal of Financial Economics 142(3) pp 1001-1016

Feng, Felix Zhiyu (2021) “Dynamic Compensation Under Uncertainty Shocks and Limited Commitment,” Journal of Financial and Quantitative Analysis 56(6) pp2039-2071

Feng, Felix Zhiyu, and Westerfield, Mark (2021) “Dynamic Resource Allocation with Hidden Volatility,” Journal of Financial Economics 140(2) pp 560-581

Duchin, R., and Harford, Jarrad (2021) “The COVID-19 Crisis and the Allocation of Capital,” Journal of Financial and Quantitative Analysis 57(7) pp 2309-2319

Ahmad, M.F., de Bodt, E., and Harford, Jarrad (2021) “International Trade and the Propagation of Merger Waves,” The Review of Financial Studies 34(10) pp 4876-4925

Burt, A., Hrdlicka, Christopher (2021) “Where Does the Predictability from Sorting on Returns of Economically Linked Firms Come From?” Journal of Financial and Quantitative Analysis 56(8) pp 2634-2658

Karpoff, Jonathan, Schonlau, R., and Suzuki, K. (2021) “Shareholder Perks and Firm Value,” The Review of Financial Studies 34(12) pp 5676-5722

Blouin, J., Fich, E., Rice, Edward, Tran, A. (2021) “Corporate Tax Cuts, Merger Activity, and Shareholder Wealth,” Journal of Accounting and Economics 71(1)

de Haan, E., Song, Yang, Xie, C., and Zhu, C. (2021) “Obfuscation in Mutual Funds,” Journal of Accounting and Economics 72(2-3)

Erel, I., Stern, Léa, Tan, C., and Weisbach, M. (2021) “Selecting Directors Using Machine Learning,” The Review of Financial Studies 34(7) pp 3226-3264

Bonaime, A., Harford, Jarrad, and Moore, D. (2020) “Payout Policy Tradeoffs and the Rise of 10b5-1 Preset Repurchase Plans,” Management Science 66(6) pp 3085-3110

Burt, A., Hrdlicka, Christopher, and Harford, Jarrad (2020) “How Much Do Directors Influence Firm Value?” Review of Financial Studies 33(4) pp 1818-1847

Dupont, Q., and Karpoff, Jonathan (2020) “The Trust Triangle: Laws, Reputation, and Culture in Empirical Finance Research,” Journal of Business Ethics 163(2) pp 217-238

Pan, Y., Siegel, Stephan, and Wang, T. (2020) “The Cultural Origin of CEOs’ Attitudes toward Uncertainty: Evidence from Corporate Acquisitions,” The Review of Financial Studies 33(7) pp 2977-3030

Song, Yang (2020) “The Mismatch Between Mutual Fund Scale and Skill,” Journal of Finance 75(5) pp 2555-2589

Harford, Jarrad, Jiang, F., Wang, R. and Xie, F. (2019) “Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment,” Review of Financial Studies 32(6) pp 2179-2224

Harford, Jarrad, Stanfield, J., and Zhang, F. (2019) “Do Insiders Time Management Buyouts and Freezeouts to Buy Undervalued Targets,” Journal of Financial Economics 131(1) pp 206-231

Harford, Jarrad, Martos-Vila, M., and Rhodes-Kropf, M. (2019) “Financial vs. Strategic Buyouts,” Journal of Financial and Quantitative Analysis 54 (6) pp 2635-2661

Chen, Z., Harford, Jarrad, and Kamara, Avraham (2019) “Operating Leverage, Profitability, and Capital Structure,” Journal of Financial and Quantitative Analysis 54(1) pp 369-392

Harford, Jarrad, Schonlau, R., and Stanfield, J. (2019) “Trade Relationships, Indirect Economic Links, and Mergers,” Management Science 65(7) pp 3085-3110

Kremens, Lukas, and Martin, I. (2019) “The Quanto Theory of Exchange Rates,” American Economic Review 109(3) pp 810-843

Andersen, L., Duffie, D., and Song, Yang (2019) “Funding Value Adjustments,” Journal of Finance 74(1) pp 145-192