Academic Publications

The Division of Economic and Risk Analysis maintains a diverse and robust research program. These research activities enhance the Division’s awareness and understanding of significant financial market issues and potential solutions to identified market failures and risks. Staff in the Division develop and implement novel research on a variety of topics germane to the SEC’s mission and publish the results of that research in a wide range of academic and practitioner journals, conference volumes, and scholarly books.

The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed in these publications are those of the authors and do not necessarily reflect the views of the Commission or of the authors’ colleagues upon the staff of the Commission.

Academic Publications RSS Feed
Date Publication Topic(s)
FALL 2023

Chowdhury K.P., 2023, Nonparametric functional analysis under joint estimation with applications to identifying highly cited papers, Journal of Informetrics, forthcoming.

SUMMER 2023

Knyazeva, A., Smith, E. (2023). Private Investments in Public Equity. In: Cumming, D., Hammer, B. (eds) The Palgrave Encyclopedia of Private Equity. Palgrave Macmillan, Cham.

SUMMER 2022

Kerry Back, Paul Barton, Mediation and strategic delay in bargaining and markets, Journal of Economic Dynamics and Control, Volume 141, 2022, 104377.

SUMMER 2021

Chandler Lutz, Lu Han, Ben Sand, and Derek Stacey, 2021, The Effects of a Targeted Financial Constraint on the Housing MarketReview of Financial Studies, Volume 34, Issue 8, August 2021, Pages 3742-3788.

SPRING 2021

Giulio Girardi, Kathleen W. Hanley, Stanislava Nikolova, Loriana Pelizzon, Mila Getmansky Sherman, Portfolio similarity and asset liquidation in the insurance industry, Journal of Financial Economics, Volume 142, Issue 1, 2021, Pages 69-96.

SPRING 2021

Audra L. Boone, Kathryn Schumann-Foster, Joshua T. White; Ongoing SEC Disclosures by Foreign Firms. The Accounting Review, 1 May 2021; 96 (3): 91-120.

WINTER 2021

Stuart Gabriel, Matteo Iacoviello, Chandler Lutz, 2021, A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession, The Review of Financial Studies, Volume 34, Issue 2, February 2021, Pages 864–906.

SUMMER 2020

Jan Jindra, Thomas Moeller, 2020, Time since Targets' Initial Public Offerings, Asymmetric Information, Uncertainty, and Acquisition Pricing, Journal of Banking and Finance, 118(105896):1-21.

SUMMER 2020

Peter Dixon, Corbin Fox, and Eric Kelley, 2020, To Own or Not to Own: Stock Loans around Dividend Payments, Journal of Financial Economics, forthcoming.

SPRING 2020

Peter Dixon, 2020, Why do Short Selling Bans Increase Adverse Selection and Decrease Price Efficiency?, Review of Asset Pricing Studies, forthcoming

SPRING 2020

Xiaotao Kelvin Liu and Biyu Wu, 2020, Do IPO Firms Misclassify Expenses? Implications for IPO Price Formation and Post-IPO Stock Performance, Management Science, forthcoming.

SPRING 2020

Christina McGlosson and Marco Enriquez, 2020, "Financial Industry Compliance With Big Data and Analytics," Journal of Financial Compliance, 3(2):103-117.

SPRING 2020

Audra L. Boone, Kathryn M. Schumann, Joshua T. White, 2020, Ongoing SEC Disclosures by Foreign Firms, The Accounting Review, forthcoming.

WINTER 2020

Xiaotao Kelvin Liu, Yu Tian, and Yue Zhang, 2019, The Joint Effects of Supervisor Pay Transparency and Vertical Pay Dispersion on Reporting Honesty, Journal of Management Accounting Research, forthcoming.

WINTER 2020

Bäckman, Claes, and Chandler Lutz. "The Impact of Interest-Only Loans on Affordability." Regional Science and Urban Economics 80 (2020): 103376.

FALL 2019

Erin Smith, 2019, Are Antitakeover Amendments Good for Shareholders? Evidence from the Adoption of Antitakeover Provisions in the Post-SOX Era, Quarterly Journal of Finance, 9(4):1-40.

SUMMER 2019

Peimin Chen, Igor Kozhanov, Peng Liu, and Chunchi Wu, 2019, Commercial Mortgage‐Backed Security Pricing with Real Estate Liquidity Risk, Real Estate Economics, forthcoming.

SUMMER 2019

Seife Dendir, Alexei G. Orlov, John Roufagalas, 2019, Do Economics Courses Improve Students’ Analytical Skills? A Difference-in-Difference Estimation, Journal of Economic Behavior and Organization, 165:1-20. (updated)

SPRING 2019

Lan Guo, Theresa LIbby, Xiaotao (Kelvin) Liu, Yu Tian, 2019, Vertical Pay Dispersion, Peer Observability, and Misreporting in a Participative Budgeting Setting, Contemporary Accounting Research,  37(01):575-602. (updated)

SPRING 2019

Jeffrey F. Jaffe, Jan Jindra, David Pedersen, and Torben Voetmann, 2020, Can Mispricing Explain the Value Premium?, Financial Management, 49(3):615-633. (updated)

Academic Publications
WINTER 2019

David Albouy, Alex Chernoff, Chandler Lutz, and Casey Warman, 2019, Local Labor Markets in Canada and the United States, Journal of Labor Economics, forthcoming.

Academic Publications
WINTER 2019

Xiaotao (Kelvin) Liu, Xiaoxia Liu, Colin D. Reid, 2019, Stakeholder Orientations and Cost Management, Contemporary Accounting Research, 36(1):486-512.

Academic Publications
WINTER 2019

Jeong-Bon Kim, Mikhail Pevzner, and Xiangang Xin, 2019, Foreign Institutional Ownership and Auditor Choice: Evidence from Worldwide Institutional Ownership, Journal of International Business Studies, 50(1):83-110.

Academic Publications
WINTER 2019

Vladimir Atanasov, Thomas Hall, Vladimir Ivanov, and Katherine Litvak, 2019, The Impact of Public Pension Funds and Other Limited Partners on the Governance of Venture Capital Funds, Quarterly Journal of Finance, 09(01): 1940003.

WINTER 2019

Jefferson Duarte, Edwin Hu, and Lance Young, 2020, A Comparison of Some Structural Models of Private Information Arrival, Journal of Financial Economics, 135(3):795-815. (updated)

WINTER 2019

Michael A. Goldstein, Joseph McCarthy, and Alexei G. Orlov, 2019, The Core, Periphery, and Beyond: Stock Market Comovements among EU and Non-EU Countries, The Financial Review, 54:5-56.

SUMMER 2018

Marcus Asplund, David Jinkins, Chandler Lutz, and Gyorgy Paizs, 2019, Winners and Losers from an Announced Durable Tax Hike: Tesla in Denmark, Applied Economics, 51(7):722-730. (updated)

SUMMER 2018

Rebel A. ColeIoannis V. Floros and Vladimir I. Ivanov, 2019, U.S. exchange upgrades: Reducing uncertainty through a two-stage IPO, Journal of Financial Intermediation, 38: 45-57. (updated)

SUMMER 2018

Mariassunta Giannetti and Mengxin Zhao, 2019, Board Ancestral Diversity and Firm Performance Volatility, Journal of Financial and Quantitative Analysis, 54(3):1117-1155. (updated)

WINTER 2018

Jeffrey F. Jaffe, Jan Jindra, David J. Pedersen, and Torben Voetmann, 2019, Do Unlisted Targets Sell at Discounts?, Journal of Financial and Quantitative Analysis, 54(3):1371-1401. (updated)

WINTER 2018

R. David McLean and Mengxin Zhao, 2018, Cash Savings and Capital Markets, Journal of Empirical Finance, 47: 49-64. (updated)

WINTER 2018

Anzhela Knyazeva, Diana Knyazeva, and Leonard Kostovetsky, 2018, Investor Heterogeneity and Trading, European Financial Management, 24(4):680-718. (updated)

SUMMER 2017

Daniel Fricke and Austin Gerig, 2018, Too Fast or Too Slow?  Determining the Optimal Speed of Financial Markets, Quantitative Finance, 18(4):519-532. (updated)

SPRING 2017

Massimo Guidolin, Alexei G. Orlov, and Manueal Pedio, 2018, How Good Can Heuristic-Based Forecasts Be? A Comparative Performance of Econometric and Heuristic Models for UK and US Asset Returns, Quantitative Finance, 18(1):139-169. (updated)

SPRING 2017

Na Dai, Vladimir Ivanov, and Rebel Cole, 2017, Entrepreneurial Optimism, Credit Availability, and Cost of Financing: Evidence from U.S. Small Businesses, Journal of Corporate Finance, 44:289-307.

WINTER 2017

Carl Hsin-han Shen and Hao Zheng, 2017, Tournament Incentives and Firm Innovation, Review of Finance, 22(4): 1515-1548. (updated) 

WINTER 2017

Massimo Guidolin, Alexei G. Orlov, and Manuela Pedio, 2017, The Impact of Monetary Policy on Corporate Bonds under Regime Shifts, Journal of Banking and Finance, 80:176-202. (updated)

WINTER 2017

Joseph P.H. Fan, Jun Huang, Felix Oberholzer-Gee, and Mengxin Zhao, 2020, Bureaucrats as Managers and their Roles in Corporate Diversification, Journal of Corporate Finance, 63(101171):1-14. (updated) 

WINTER 2017

Mary E. Barth, Wayne R. Landsman, and Daniel J. Taylor, 2017, The JOBS Act and Information Uncertainty in IPO Firm, The Accounting Review, 92(6): 25-47. (updated)

WINTER 2017

Natasha Burns, Jan Jindra, and Kristina Minnick, 2017, Sales of Private Firms and the Role of CEO Compensation, Journal of Corporate Finance, 43:444-463. (updated)

WINTER 2017

Ying L. Compton, Angela K. Gore, and Susan L. Kulp, 2017, Compensation design and political risk: the case of city managers, Review of Accounting Studies, 22(1):109-140.

FALL 2016

Nicole M. Boyson, Jean Helwege,and Jan Jindra, 2016, Thawing Frozen Capital Markets and Backdoor Bailouts: Evidence from the Fed's Liquidity Programs, Journal of Banking and Finance, 76:92-119. (updated)

FALL 2016

Ryan Goodstein, Paul Hanouna, Carlos Ramirez, and Christof W. Stahel, Contagion Effects in Strategic Mortgage Defaults, 2016, Journal of Financial Intermediation, 30:50-60. (updated)

FALL 2016

Dan Amiram, William Beaver, Wayne R. Landsman, and Jianxin Zhao, 2016, The Effects of CDS Trading on Syndicated Loans, Journal of Financial Economics, 126(2): 364-382 (updated)

FALL 2016

Woodrow T. Johnson and James M. Poterba, 2016, The Effect of Taxes on Shareholder Inflows around Mutual Fund Distribution Dates, Research in Economics 70(1):7-19. (lead article)

SUMMER 2016

Mark Flannery, Beverly Hirtle, and Anna Kovner, 2016, Evaluating the Information in the Federal Reserve Stress Tests, Journal of Financial Intermediation, 29:1-18. (updated)

SUMMER 2016

Cecilia Caglio, Kathleen Weiss Hanley, and Jennifer Marietta-Westberg, 2016, Going Public Abroad, Journal of Corporate Finance, 41:103-122. (updated)

SUMMER 2016

Matthew Cain, Stephen B. McKeon, and Steven Davidoff Solomon, 2016, Do Takeover Laws Matter? Evidence from Five Decades of Hostile Takeovers, Journal of Financial Economics, 124(3):464-485. (updated)

SUMMER 2016

Jeremy Ko and Jared Williams, 2017, The Effects of Regulating Hidden Add-on Costs, Journal of Money, Credit and Banking, 49(1):39-74. (updated)

SUMMER 2016

Michael Liebmann, Alexei G. Orlov, and Dirk Neumann, 2016, The Tone of Financial News and the Perceptions of Stock and CDS Traders, International Review of Financial Analysis 46:159-175.

SPRING 2016

Abby Kim, Yiuman Tse, and John Wald, 2016, Time Series Momentum and Volatility Scaling, Journal of Financial Markets, 30:103-124. (updated)

Asset Pricing, Market Efficiency
SPRING 2016

Jan Jindra, Torben Voetmann, and Ralph Walking, 2016, Private Class Action Litigation Risk of Chinese Firms Listed in the U.S., Quarterly Journal of Finance, 07(01): 1650020. (updated)

Acquisitions and Restructuring, Corporate governance, Mergers
SPRING 2016

Austin Gerig and David Michayluk, 2016, Automated Liquidity Provision, Pacific Basin Finance Journal, 45:1-13. (updated)

Info and market efficiency, Market microstructure
WINTER 2016
Archana Jain, Pankaj Jain, and Zabihollah Rezaee, 2016, Value-Relevance of Corporate Social Responsibility: Evidence from Short Selling, Journal of Management Accounting, 28(2):29-52. (updated)
WINTER 2016
Mila Getmansky, Giulio Girardi, and Craig M. Lewis, 2016, Interconnectedness in the CDS Market, Financial Analysts Journal, 72(4):62-82. (updated)
WINTER 2016

Iordanis Karagiannidis and Nadia Vozlyublennaia, 2016, Limits to Mutual Funds' Ability to Rely on Mean/Variance Optimization, Journal of Empirical Finance​, 37:282-292. (updated)

Asset Pricing, Investment decisions, Non-bank financial institutions, Portfolio choice
FALL 2015

Vladimir Ivanov, Amy Edwards, Igor Kozhanov, Tara Bhandari, and Scott Bauguess, 2015, Perspectives on the Economic Analysis at the SEC:  Panel Session from the 2014 FMA Annual Meeting, Journal of Applied Finance, 25(1):58-67.

FALL 2015

Mark J. Flannery, 2016, Stabilizing Large Financial Institutions with Contingent Capital Certificates, Quarterly Journal of Finance, 6(2):1650006. (updated)

Banks, Capital Structure, Depository Institutions, Financial Crises, Financing Policy
FALL 2015

Mark J. Flannery and Emanuela Giacomini, 2015, Maintaining Adequate Bank Capital: An Empirical Analysis of the Supervision of European Banks, Journal of Banking & Finance, 59: 236-249.

Banks, Depository Institutions, Disclosure, Financial Reporting, Government policy and regulation
SUMMER 2015
Hendrik Bessembinder, Allen Carrion, Laura A. Tuttle, and Kumar Venkataraman, 2016, Liquidity, Resiliency and Market Quality Around Predictable Trades: Theory and Evidence, Journal of Financial Economics, 121(1):142-166. (updated)
SUMMER 2015
Thaddeus Neururer, Edward J. Riedl, and George Papadakis, 2016, Tests of Investor Learning Models Using Earnings Innovations and Implied Volatilities, Review of Accounting Studies, 21(2):400-437. (updated)
SUMMER 2015

Audra Boone, Ioannis Floros, and Shane Johnson, 2016, Redacting Proprietary Information at the Initial Public Offering, Journal of Financial Economics, 120(1):102-123. (updated)

Corporate Governance, Disclosure, Financial Reporting, Government policy and regulation
SUMMER 2015

John Kose, Anzhela Knyazeva, and Diana Knyazeva, 2015, Governance and Payout Precommitment, Journal of Corporate Finance, 33:101-117.

Capital Structure, Corporate Governance, Financing Policy, Payout Policy
SUMMER 2015

Matt Cain, Jill E. Fisch, Sean J. Griffith, and Steven Davidoff Solomon, 2015, How Corporate Governance Is Made: The Case of the Golden Leash, Faculty Scholarship, Paper 1571.

Corporate Governance
SPRING 2015

Y.C. Loon and Ken Zhong, 2016, Does Dodd-Frank Affect OTC Transaction Costs and Liquidity? Evidence from Real-Time CDS Trade Reports, Journal of Financial Economics, 119(3):645-672. (updated)

Financial Crises, Government policy and regulation, Market microstructure
SPRING 2015

Jim Hodder, Jens Jackwerth and Olga Kolokolova, 2015, Improved Portfolio Choice Using Second-Order Stochastic Dominance, Review of Finance, 19(4):1623-1647. (updated)

Asset Pricing
SPRING 2015

Eitan Goldman and Peggy Huang, 2015, Contracutal vs. Actual Separation Pay Following CEO Turnover, Management Science, 61(5):1108-1120.

Corporate Governance, Disclosure, Financial Reporting
SPRING 2015
Jan Jindra and Dima Leshchinskii, 2015, Venture Capital Valuation, Partial Adjustment, and Underpricing: Behavioral Bias or Information Production?, Financial Review, 50(2):172-219. (updated)
Behavioral finance
WINTER 2015
Adam Yonce, 2015, US Corporate Investment Over the Political Cycle, Quarterly Journal of Finance, 5(1):1550015.
Government policy and regulation, Portfolio choice and investment
WINTER 2015

Brad Jordan and Tim Riley, 2015, Volatility and Mutual Fund Manager Skill, Journal of Financial Economics, 118(2):289-298. (updated)

Asset Pricing, Information, Market Efficiency
WINTER 2015
Kose John, Anzhela Knyazeva and Diana Knyazeva, 2015, Employee Rights and Acquisitions, Journal of Financial Economics, 118(1):49-69.
Acquisitions, and Restructuring, Mergers
WINTER 2015
Stephen G. Dimmock, William C. Gerken, and Jennifer Marietta-Westberg, 2015, What Determines the Allocation of Managerial Ownership within Firms? Evidence from Investment Management Firms, Journal of Corporate Finance, 30:44-64.
WINTER 2015

Thomas Dangl and Youchang Wu, 2016, Corporate Investment over the Business Cycle, Review of Finance, 20(1):337-371. (updated)

Capital Budgeting
WINTER 2015

Peter Iliev, Karl V. Lins, Darius P. Miller, and Lukas Roth, 2015, Shareholder Voting and Corporate Governance around the World, Review of Financial Studies, 28(8):2167-2202. (updated)

FALL 2014
Matt Cain and Steven M. Davidoff, 2014, A Great Game: The Dynamics of State Competition and Litigation, Iowa Law Review, 100:465. (updated)
Acquisitions, and Restructuring, Mergers
FALL 2014

Tim Husson, Craig J. McCann, Eddie O'Neal, and Carmen Taveras, 2014, Large Sample Valuations of Tenancies-in-Common, Journal of Real Estate Portfolio Management, 20(2):147-161.

Asset Pricing, Investment decisions, Portfolio choice
FALL 2014

Stephen Lenkey, Acar Tamersoy, Elias Khalil, Bo Xie, Bryan R. Routledge, Duen Horng Chau and Shamkant B. Navathe, 2014, Large Scale Insider Trading Analysis: Patterns and Discoveries, Social Network Analysis and Mining, 4:201. (updated)

Info and market efficiency
FALL 2014

Nicole Boyson, Jean Helwege, and Jan Jindra, 2014, Crises, Liquidity Shocks, and Fire Sales at Commercial Banks, Financial Management, 43(4):857-884.

Banks, Depository Institutions, Financial Crises
FALL 2014
Harold Black, Robert Schweitzer, Joshua White and Tracie Woidtke, 2014, Appointments of Academic Directors, Journal of Corporate Finance, 28:135-151. (updated)
Corporate Governance
SUMMER 2014

Christopher P. Clifford, Bradford D. Jordan, and, Timothy B. Riley, 2014, Average funds versus average dollars: Implications for mutual fund research, Journal of Empirical Finance, 28:249-260. (updated)

Investment decisions, Portfolio choice
SUMMER 2014
Sarah Clinton, Josh White and Tracie Woidtke, 2014, Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation, Journal of Accounting and Economics, 58(1):59-78. (updated)
Capital Structure, Disclosure, Financial Reporting, Financing Policy, Government Policy and Regulation
SUMMER 2014
Stephen Lenkey, 2014, Advance Disclosure of Insider Trading, Review of Financial Studies, 27(8): 2504-2537. (updated)
Info and market efficiency
SUMMER 2014
John Chalmers, Woodrow T. Johnson, and Jonathan Reuter, 2014, The Effect of Pension Design on Employer Costs and Employee Retirement Choices, Journal of Public Economics, 116: 17-34.
SUMMER 2014
Robert W. Fairlie and Samantha Grunberg, 2014, Access to Technology and the Transfer Function of Community Colleges: Evidence from a Field Experiment, Economic Inquiry, 52(3): 1040-1059. (updated)

SPRING 2014
Jongsub Lee, Kwang Lee, and Nandu Nagarajan, 2014, Birds of a Feather: Value Implications of Political Alignment Between Top Management and Directors, Journal of Financial Economics, 112(2): 232-250. (updated)
WINTER 2014

Matt Cain and Stephen B. McKeon, 2016, CEO Personal Risk-Taking and Corporate Policies, Journal of Financial and Quantitative Analysis, 51(1):139-164. (updated)

Acquisitions and Restructuring, Behavioral finance, Capital Structure, Financing Policy, Mergers
WINTER 2014
Craig M. Lewis and Patrick Verwijmeren, 2014, Cash-settled Convertible Bonds and the Value Relevance of their Accounting Treatment, Journal of Corporate Finance, 24: 101-111. (updated)
WINTER 2014
Marie Dutordoir, Craig M. Lewis, James K. Seward and Chris Veld, 2014, What We Do and Do Not Know about Convertible Bond Financing, Journal of Corporate Finance, 24: 3-20. (updated)
WINTER 2014
Stephen Lenkey, 2014, Activist Arbitrage, Lifeboats, and Closed-End Funds, Review of Finance, 18(1): 271-320. (updated)
Asset Pricing
FALL 2013
Stephen Brown, Bruce Grundy, Craig M. Lewis and Patrick Verwijmeren, 2013, Hedge Fund Involvement in Convertible Securities, Journal of Applied Corporate Finance, 25(4): 60-73.
FALL 2013
Cindy Alexander, Scott Bauguess, Gennaro Bernile, Yoon-Ho Alex Lee, and Jennifer Marietta-Westberg, 2013, Economic Effects of SOX Section 404 Compliance: A Corporate Insider Perspective, Journal of Accounting and Economics, 56(2-3): 267-290.
SUMMER 2013
Igor Kozhanov and Joseph Ogden, 2013, Corporate Retail Notes: A Good Alternative for Individual Investors?, Journal of Fixed Income, 23: 82-97.
Fixed Income Securities, Retail Investors
SUMMER 2013
Giulio Girardi and Tolga Ergun, 2013, Systemic Risk Measurement: Multivariate GARCH Estimation of CoVaR, Journal of Banking and Finance, 37: 3169-3180.
SUMMER 2013
Gergana Jostova, Stanislava (Stas) Nikolova, Alexander Philipov and Christof W. Stahel, 2013, Momentum in Corporate Bond Returns, Review of Financial Studies, 26: 1649-1693.
Asset Pricing
SUMMER 2013
Archana Jain, Pankaj K. Jain, Thomas McInish, and Michael Mckenzie, 2013, Worldwide Short Selling: Regulations, Activity, and Implications, Journal of Financial Economics, 109: 177-197.
Behavioral finance, Info and market efficiency, Market microstructure
SPRING 2013
Vladimir Ivanov, Kissan Joseph, and Jide Wintoki, 2013, Disentangling the Market Value of Customer Satisfaction: Evidence from Market Reaction to the Unanticipated Component of ACSI Announcements, International Journal of Research in Marketing, 30: 168-178.
WINTER 2013
Simona Mola, Raghavendra Rau, and Ajay Khorana, 2013, Is There Life after the Complete Loss of Analyst Coverage?, The Accounting Review, 88: 667-705.
WINTER 2013
Ying Huang, Susan Elkinawy, and Pankaj K. Jain, 2013, Investor Protection and Cash Holdings: Evidence from U.S. Cross-listings, Journal of Banking and Finance, 37: 937-951.
Corporate Governance, Financial Reporting Standards, International
WINTER 2013
Simona Mola, 2013, Framing the Initiation of Analyst Coverage on IPOs, Journal of Behavioral Finance, 14: 25-41.
FALL 2012
Vladimir Atanasov, Vladimir Ivanov, and Kate Litvak, 2012, Does Reputation Limit Opportunistic Behavior in the VC Industry? Evidence from Litigation Against VCs, Journal of Finance 67, 2215-2246.