The Journal of Financial and Quantitative Analysis (JFQA) publishes leading theoretical and empirical research in financial economics.
Joined March 2018
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Unlike "lazy prices" in the stock market, options traders quickly react to 10-K textual changes. More changes lead to steeper volatility smirks as traders incorporate new information, proving their superior skills at processing public filings. cambridge.org/core/journals/…
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Only investment banking and asset management deliver higher risk-adjusted lifetime earnings; other finance careers do not. The premium has declined over time, especially relative to tech, as job seekers increasingly see finance and tech as interchangeable. cambridge.org/core/journals/…
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Firm-level downside risks are not fully diversifiable: when idiosyncratic left-tail shocks move together, stocks exposed to this common downside factor earn a large premium, revealing a priced link between tail comovement and intermediary fragility. jfqa.org/wp-content/uploads/…
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ESG controversies are not just PR problems—they expose gaps in board expertise. We show firms appoint nonprofit-experienced directors to rebuild social capital, a move investors value and one linked to fewer future workplace incidents. #ESG jfqa.org/wp-content/uploads/…
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Beetsma, Hougaard Jensen, Pinkus and Pozzoli find domestic pension fund investment associated with 3–4% higher productivity in unlisted Danish firms, especially when funds hold larger stakes for longer, showing how patient capital can support firm growth. cambridge.org/core/journals/…
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Using U.S. mutual funds' international voting records, we investigate the role of active foreign investor monitoring. Our findings show that cross-border economic activity facilitates the global dissemination of best-practice shareholder activism. cambridge.org/core/journals/…
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The shift toward mechanical buyback execution is meant to protect shareholders from insider trading. But mechanical buybacks are far from benign—they magnify adverse selection costs from existing speculation, harming shareholders they aim to protect. jfqa.org/wp-content/uploads/…
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Decentralized resolution eases financing of banking groups, while centralized resolution promotes risk-sharing in crises. The optimal regime depends on banks’ risk and profitability, but may not be credible if regulators cannot commit to resolution plans. jfqa.org/wp-content/uploads/…
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M&As create efficiency gains by expanding internal markets. Using branch-level data, @lucasmariani89 and Bernardo Ricca show that firms redeploy high-ability workers to acquirers, while target units improve through restructuring and cost-cutting. cambridge.org/core/journals/…
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After Parkland, depositors pulled funds from banks tied to gun manufacturers, especially in Democratic-leaning markets. Tighter funding forced small gun lenders to cut CRA lending—political value misalignment reshapes deposit markets and bank operations. cambridge.org/core/journals/…
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M&As create efficiency gains by expanding internal markets. Using branch-level data, @lucasmariani89 and Bernardo Ricca show that firms redeploy high-ability workers to acquirers, while target units improve through restructuring and cost-cutting. cambridge.org/core/journals/…
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New research by Jie Chen, Xunhua Su, Xuan Tian, Bin Xu, and Xiaoyu Zhang shows that product market competition deters corporate misconduct by making violations more costly through heightened stakeholder backlash across product, labor, and capital markets. jfqa.org/wp-content/uploads/…
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This paper "Do Product Market Threats Discipline Corporate Misconduct?" has moved to cambridge.org/core/journals/…
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How does privatization affect bank liquidity creation? Using 4,000 banks across 56 countries, we show it increases liquidity creation overall, with effects shaped by institutions, but this pattern reverses during crises. cambridge.org/core/journals/…
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Huang, Jiang, Xuan, and Yuan show that banks raise loan spreads for firms near disaster areas, even when those firms are not directly affected, consistent with a salience-driven bias in risk assessment, leading to adverse effects on borrowing firms. jfqa.org/wp-content/uploads/…
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The persistent investment strategy “Swing for the Fences” leads to homeruns and strikeouts in a portfolio that drive fund flows and fees despite no improvement in performance. When highlighted in SEC disclosures, the effect on fund flows is more pronounced.jfqa.org/wp-content/uploads/…
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Financial risk taking in a collective life-cycle portfolio choice model for couples and in HILDA data substantially increases with the ability to share risk within the household due to a mean-preserving spread in the partners’ coefficients of risk aversion.jfqa.org/2026/04/03/intra-ho…
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With time-varying cost of capital (COC), firms save cash by raising external finance at low COC to hedge future high COC and avoid underinvestment. This hedging motive drives cash saving sensitivity to COC for constrained and presently unconstrained firms. jfqa.org/wp-content/uploads/…
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Can foreign exchange trade on the blockchain? Our first-of-its-kind study shows that decentralized exchange rates are generally efficient and closely track traditional FX through arbitrage and informed trading, linking prices and trading activity. jfqa.org/wp-content/uploads/…
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