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Content
November 2025, Volume 17, Issue 1
- 1-26 Systemic Risk Measures: From the Panic of 1907 to the Banking Stress of 2023
by Viral V. Acharya & Markus K. Brunnermeier & Diane Pierret - 27-48 Fragility of Financial Markets
by Itay Goldstein & Chong Huang & Liyan Yang - 49-76 US Treasury Market Functioning from the Global Financial Crisis to the Pandemic
by Tobias Adrian & Michael Fleming & Kleopatra Nikolaou - 77-92 Why Are There Financial Crises? Recent Developments in Theory
by Péter Kondor - 93-111 Model-Based Capital Regulation: Where Do We Stand and Where Should We Go from Here?
by M. Behn & R. Haselmann & V. Vig - 113-132 Fiscal Dominance: Implications for Bond Markets and Central Banking
by Jean Barthélemy & Eric Mengus & Guillaume Plantin - 133-150 Market Macrostructure: Institutions and Asset Prices
by Valentin Haddad & Tyler Muir - 151-172 Inflation and Regulation of Government Debt: US Historical Evidence
by Jonathan Payne & Bálint Szőke - 173-187 Regulating Market Microstructure
by Thomas H. Ernst & Chester S. Spatt - 189-206 The Evolution of Financial Services in the United States
by Robin Greenwood & Robert Ialenti & David Scharfstein - 207-223 New Payment Rails: Implications for Banking
by Christine A. Parlour & Uday Rajan - 225-242 The Demand and Supply of Convenience Assets
by Arvind Krishnamurthy & Yiming Ma - 243-266 Public Policies for Private Finance
by Ralph De Haas & Juanita González-Uribe - 267-294 The Effect of the Federal Reserve on the Stock Market: Magnitudes, Channels, and Shocks
by Benjamin Knox & Annette Vissing-Jorgensen - 295-319 Information in Derivatives Markets: Forecasting Prices with Prices
by Ian W.R. Martin - 321-341 Sustainable Investing
by Ľuboš Pástor & Robert F. Stambaugh & Lucian A. Taylor - 343-361 The Economics of Net Zero Banking
by Adair Morse & Parinitha Sastry - 363-393 Generative AI and Finance
by Andrea L. Eisfeldt & Gregor Schubert - 395-410 Financial Decision-Making Across the Lifespan: Insights from Neuroeconomics
by Camelia M. Kuhnen - 411-430 Risk, the Limits of Financial Risk Management, and Corporate Resilience
by René M. Stulz - 431-453 Market Power in Finance
by Alexandre Corhay & Howard Kung & Lukas Schmid
November 2024, Volume 16, Issue 1
- 1-38 Comparative Valuation Dynamics in Production Economies: Long-Run Uncertainty, Heterogeneity, and Market Frictions
by Lars Peter Hansen & Paymon Khorrami & Fabrice Tourre - 39-60 Recent Developments in Financial Risk and the Real Economy
by Ian Dew-Becker & Stefano Giglio - 61-87 Optimists, Pessimists, and Stock Prices
by Kent Daniel & Alexander Klos & Simon Rottke - 89-114 A Critical Review of the Common Ownership Literature
by Kristopher Gerardi & Michelle Lowry & Carola Schenone - 115-151 Supply and Demand and the Term Structure of Interest Rates
by Robin Greenwood & Samuel Hanson & Dimitri Vayanos - 153-177 Margin Rules and Margin Trading: Past, Present, and Implications
by Zhuo Chen & Zhiguo He & Wei Wei - 179-205 Central Banks, Stock Markets, and the Real Economy
by Ricardo J. Caballero & Alp Simsek - 207-232 Retail CBDC: Implications for Banking and Financial Stability
by Sebastian Infante & Kyungmin Kim & Anna Orlik & André F. Silva & Robert Tetlow - 233-251 Market Power in Banking
by Elena Carletti & Agnese Leonello & Robert Marquez - 253-271 Britain's Liability-Driven Investment Episode Was a Canary No One Elsewhere Bothered to Think About
by Paul M.W. Tucker - 273-294 Nonbank Financial Intermediation: Stock Take of Research, Policy, and Data
by Stijn Claessens - 295-324 The Marginal Value of Cash: Corporate Savings, Investment, and Financing
by Patrick Bolton & Hui Chen & Neng Wang - 325-342 The Benefits and Costs of Secured Debt
by Efraim Benmelech - 343-365 Contingent Credit Under Stress
by Viral V. Acharya & Maximilian Jager & Sascha Steffen - 367-390 Government Intervention in Innovation
by Sabrina T. Howell - 391-411 Demand-Side and Supply-Side Constraints in the Market for Financial Advice
by Jonathan Reuter & Antoinette Schoar - 413-434 Political Polarization and Finance
by Elisabeth Kempf & Margarita Tsoutsoura - 435-458 Long-Run Asset Returns
by David Chambers & Elroy Dimson & Antti Ilmanen & Paul Rintamäki - 459-483 Retail and Institutional Investor Trading Behaviors: Evidence from China
by Lin Tan & Xiaoyan Zhang & Xinran Zhang
November 2023, Volume 15, Issue 1
- 1-5 Introduction to the ARFE Theme on Financial Economics and COVID-19
by Matthew Richardson - 7-27 COVID-19: Epidemiological Models
by Andrew Atkeson - 29-54 Macro-Financial Stability in the COVID-19 Crisis: Some Reflections
by Tobias Adrian & Fabio M. Natalucci & Mahvash S. Qureshi - 55-68 Things Fall Apart: Fixed Income Markets in the COVID-19 Crisis
by Maureen O'Hara & Xing (Alex) Zhou - 69-89 Financial Markets and the COVID-19 Pandemic
by Niels J. Gormsen & Ralph S.J. Koijen - 91-113 Household Behavior (Consumption, Credit, and Investments) During the COVID-19 Pandemic
by Constantine Yannelis & Livia Amato - 115-125 Introduction to the ARFE Theme on the Social Discount Rate
by Deborah Lucas - 127-145 The Social Discount Rate: Legal and Philosophical Underpinnings
by W. Kip Viscusi - 147-164 Fixing Our Public Discounting Systems
by Frédéric Cherbonnier & Christian Gollier - 165-184 Missing Participants, Missing Markets, and the Social Discount Rate: Borrowing Constraints, Intergenerational Transfers, Altruism, and the Desire for Legacy
by Andrew Caplin & John Leahy - 185-195 Reflections on What Financial Economics Can and Cannot Teach Us About the Social Discount Rate
by Deborah Lucas - 197-219 Fiscal Capacity: An Asset Pricing Perspective
by Zhengyang Jiang & Hanno Lustig & Stijn Van Nieuwerburgh & Mindy Z. Xiaolan - 221-238 Trends in State and Local Pension Funds
by Oliver Giesecke & Joshua Rauh - 239-263 Sovereign Debt Puzzles
by Patrick Bolton & Mitu Gulati & Ugo Panizza - 265-290 Banking Crises in Historical Perspective
by Carola Frydman & Chenzi Xu - 291-326 Climate Stress Testing
by Viral V. Acharya & Richard Berner & Robert Engle & Hyeyoon Jung & Johannes Stroebel & Xuran Zeng & Yihao Zhao - 327-350 Corporate Social Responsibility
by Harrison Hong & Edward Shore - 351-367 The Changing Face of Chapter 11 Bankruptcy: Insights from Recent Trends and Research
by Edith Hotchkiss & Karin S. Thorburn & Wei Wang - 369-385 Default and Bankruptcy Resolution in China
by Edith Hotchkiss & Kose John & Bo Li & Jacopo Ponticelli & Wei Wang - 387-406 How to Use Microdata for Macro-Finance
by David Sraer & David Thesmar - 407-432 Macro-Finance Models with Nonlinear Dynamics
by Winston Wei Dou & Xiang Fang & Andrew W. Lo & Harald Uhlig - 433-448 Inflation and Asset Returns
by Anna Cieslak & Carolin Pflueger - 449-471 Inflation-Adjusted Bonds, Swaps, and Derivatives
by Robert A. Jarrow & Yildiray Yildirim - 473-491 Short-Term Rate Benchmarks: The Post-LIBOR Regime
by Bruce Tuckman - 493-522 The Q-Measure Dynamics of Forward Rates
by Riccardo Rebonato - 523-542 Smart Contracts and Decentralized Finance
by Kose John & Leonid Kogan & Fahad Saleh - 543-563 Robo-Advice: Transforming Households into Rational Economic Agents
by Francesco D'Acunto & Alberto G. Rossi - 565-593 Algorithmic Fairness
by Sanjiv Das & Richard Stanton & Nancy Wallace - 595-615 IPOs and SPACs: Recent Developments
by Rongbing Huang & Jay R. Ritter & Donghang Zhang - 617-640 Swing Pricing: Theory and Evidence
by Agostino Capponi & Paul Glasserman & Marko Weber - 641-662 Pari-Mutuel Betting Markets: Racetracks and Lotteries Revisited
by William T. Ziemba
November 2022, Volume 14, Issue 1
- 1-20 The Village Money Market Revealed: Financial Access and Credit Chain Links Between Formal and Informal Sectors
by Parit Sripakdeevong & Robert M. Townsend - 21-38 Zombie Lending: Theoretical, International, and Historical Perspectives
by Viral V. Acharya & Matteo Crosignani & Tim Eisert & Sascha Steffen - 39-56 Bank Supervision
by Beverly Hirtle & Anna Kovner - 57-74 The Economics of Liquidity Lines Between Central Banks
by Saleem Bahaj & Ricardo Reis - 75-93 Sovereign Debt Sustainability and Central Bank Credibility
by Tim Willems & Jeromin Zettelmeyer - 95-115 Bitcoin and Beyond
by Kose John & Maureen O'Hara & Fahad Saleh - 117-135 Some Simple Economics of Stablecoins
by Christian Catalini & Alonso de Gortari & Nihar Shah - 137-166 Nonbanks and Mortgage Securitization
by You Suk Kim & Karen Pence & Richard Stanton & Johan Walden & Nancy Wallace - 167-186 Student Loans and Borrower Outcomes
by Constantine Yannelis & Greg Tracey - 187-207 FinTech Lending
by Tobias Berg & Andreas Fuster & Manju Puri - 209-229 Financing Health Care Delivery
by Jonathan Gruber - 231-270 Financing Biomedical Innovation
by Andrew W. Lo & Richard T. Thakor - 271-293 Private or Public Equity? The Evolving Entrepreneurial Finance Landscape
by Michael Ewens & Joan Farre-Mensa - 295-318 The Effects of Public and Private Equity Markets on Firm Behavior
by Shai Bernstein - 319-335 Private Finance of Public Infrastructure
by Eduardo Engel & Ronald Fischer & Alexander Galetovic - 337-368 Factor Models, Machine Learning, and Asset Pricing
by Stefano Giglio & Bryan Kelly & Dacheng Xiu - 369-389 Empirical Option Pricing Models
by David S. Bates - 391-413 Decoding Default Risk: A Review of Modeling Approaches, Findings, and Estimation Methods
by Gurdip Bakshi & Xiaohui Gao & Zhaodong Zhong - 415-437 The Pricing and Ownership of US Green Bonds
by Malcolm Baker & Daniel Bergstresser & George Serafeim & Jeffrey Wurgler - 439-463 A Survey of Alternative Measures of Macroeconomic Uncertainty: Which Measures Forecast Real Variables and Explain Fluctuations in Asset Volatilities Better?
by Alexander David & Pietro Veronesi - 465-507 A Review of China's Financial Markets
by Grace Xing Hu & Jiang Wang - 509-534 Corporate Debt and Taxes
by Michelle Hanlon & Shane Heitzman - 535-561 Corporate Culture
by Gary B. Gorton & Jillian Grennan & Alexander K. Zentefis - 563-585 Kindleberger Cycles: Method in the Madness of Crowds?
by Randall Morck
November 2021, Volume 13, Issue 1
- 1-14 The Contributions of Stephen A. Ross to Financial Economics
by Stephen J. Brown & Philip H. Dybvig & William N. Goetzmann & Jonathan E. Ingersoll - 15-36 Climate Finance
by Stefano Giglio & Bryan Kelly & Johannes Stroebel - 37-55 Social Finance
by Theresa Kuchler & Johannes Stroebel - 57-77 The Rise of Digital Money
by Tobias Adrian & Tommaso Mancini-Griffoli - 79-110 The Economics of Insurance: A Derivatives-Based Approach
by Robert A. Jarrow - 111-127 Venture Capital Booms and Start-Up Financing
by William H. Janeway & Ramana Nanda & Matthew Rhodes-Kropf - 129-151 Financial Architecture and Financial Stability
by Franklin Allen & Ansgar Walther - 153-178 The Economics of Central Clearing
by Albert J. Menkveld & Guillaume Vuillemey - 179-199 Confronting Banking Crises: Lessons from the Field
by Marc Dobler & Marina Moretti & Alvaro Piris - 201-218 Banks and Negative Interest Rates
by Florian Heider & Farzad Saidi & Glenn Schepens - 219-246 Consumer Protection for Financial Inclusion in Low- and Middle-Income Countries: Bridging Regulator and Academic Perspectives
by Seth Garz & Xavier Gine & Dean Karlan & Rafe Mazer & Caitlin Sanford & Jonathan Zinman - 247-270 The Rise of State-Owned Investors: Sovereign Wealth Funds and Public Pension Funds
by William L. Megginson & Diego Lopez & Asif I. Malik - 271-299 Do Capital Structure Models Square with the Dynamics of Payout?
by Shiqi Chen & Bart M. Lambrecht - 301-320 Diversity on Corporate Boards
by Anzhela Knyazeva & Diana Knyazeva & Lalitha Naveen - 321-340 Trends in Corporate Borrowing
by Tobias Berg & Anthony Saunders & Sascha Steffen - 341-362 Does the Yield Curve Predict Output?
by Joseph G. Haubrich - 363-399 What Do We Know About Corporate Bond Returns?
by Jing-Zhi Huang & Zhan Shi - 401-430 Recent Developments in Factor Models and Applications in Econometric Learning
by Jianqing Fan & Kunpeng Li & Yuan Liao
December 2020, Volume 12, Issue 1
- 1-18 Robert C. Merton: The First Financial Engineer
by Andrew W. Lo - 19-38 Robert C. Merton and the Science of Finance
by Zvi Bodie - 39-65 The Information View of Financial Crises
by Tri Vi Dang & Gary Gorton & Bengt Holmström - 67-93 Refinancing, Monetary Policy, and the Credit Cycle
by Gene Amromin & Neil Bhutta & Benjamin J. Keys - 95-140 Macroeconomic Models for Monetary Policy: A Critical Review from a Finance Perspective
by Winston W. Dou & Andrew W. Lo & Ameya Muley & Harald Uhlig - 141-175 Global Banking: Toward an Assessment of Benefits and Costs
by Claudia M. Buch & Linda S. Goldberg - 177-192 Credit Default Swaps: A Primer and Some Recent Trends
by David Lando - 193-215 Debt Structure
by Paolo Colla & Filippo Ippolito & Kai Li - 217-235 Conflicts of Interest in Asset Management and Advising
by Chester S. Spatt - 237-276 Strategic Decisions in Takeover Auctions: Recent Developments
by B. Espen Eckbo & Andrey Malenko & Karin S. Thorburn - 277-304 Portfolio Choice Over the Life Cycle: A Survey
by Francisco Gomes - 305-326 The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges
by Michael T. Kiley - 327-355 Informed Options Trading Before Corporate Events
by Patrick Augustin & Marti G. Subrahmanyam - 357-375 Textual Analysis in Finance
by Tim Loughran & Bill McDonald - 377-398 Institutions and Innovation
by Jie (Jack) He & Xuan Tian
December 2019, Volume 11, Issue 1
- 1-20 Robert C. Merton and the Science of Finance
by Zvi Bodie - 21-37 The Anatomy of Distressed Debt Markets
by Edward I. Altman & Robert Benhenni - 39-64 A Review of China's Institutions
by Franklin Allen & Jun “QJ” Qian & Meijun Qian - 65-84 Municipal Bond Markets
by Dario Cestau & Burton Hollifield & Dan Li & Norman Schürhoff - 85-108 Measuring the Cost of Bailouts
by Deborah Lucas - 109-129 The Household Finance Landscape in Emerging Economies
by C. Badarinza & V. Balasubramaniam & T. Ramadorai - 131-152 Risk Adjustment in Private Equity Returns
by Arthur Korteweg - 153-171 Commercial Real Estate as an Asset Class
by Andra C. Ghent & Walter N. Torous & Rossen I. Valkanov - 173-195 Direct Versus Iterated Multiperiod Volatility Forecasts
by Eric Ghysels & Alberto Plazzi & Rossen Valkanov & Antonio Rubia & Asad Dossani - 197-219 Debt Covenants and Corporate Governance
by Sudheer Chava & Shunlan Fang & Praveen Kumar & Saumya Prabhat - 221-242 Technological Innovation, Intangible Capital, and Asset Prices
by Leonid Kogan & Dimitris Papanikolaou - 243-272 Digital Disruption in Banking
by Xavier Vives
November 2018, Volume 10, Issue 1
- 1-24 Liquidity, Leverage, and Regulation 10 Years After the Global Financial Crisis
by Tobias Adrian & John Kiff & Hyun Song Shin - 25-41 The Role of Housing and Mortgage Markets in the Financial Crisis
by Manuel Adelino & Antoinette Schoar & Felipe Severino - 43-58 Financial Crises
by Gary Gorton - 59-100 Mortgage-Default Research and the Recent Foreclosure Crisis
by Christopher L. Foote & Paul S. Willen - 101-123 Recent Research on Banks’ Financial Reporting and Financial Stability
by Stephen G. Ryan - 125-152 Systemic Risk 10 Years Later
by Robert Engle - 153-172 Regulatory Reform
by Andrew Metrick & June Rhee - 173-197 Intermediary Asset Pricing and the Financial Crisis
by Zhiguo He & Arvind Krishnamurthy - 199-217 Deregulating Wall Street
by Matthew Richardson & Kermit L. Schoenholtz & Lawrence J. White - 219-237 Deglobalization: The Rise of Disembedded Unilateralism
by Harold James - 239-259 Measuring Investor Sentiment
by Guofu Zhou - 261-286 Risks in China's Financial System
by Zheng (Michael) Song & Wei Xiong - 287-308 Shadow Banking in China
by Kinda Hachem - 309-328 Liquidity, Risk Premia, and the Financial Transmission of Monetary Policy
by Itamar Drechsler & Alexi Savov & Philipp Schnabl - 329-359 Risk-Neutral Densities: A Review
by Stephen Figlewski - 361-386 Capital Reallocation
by Andrea L. Eisfeldt & Yu Shi - 387-412 Capital Structure and a Firm's Workforce
by David A. Matsa - 413-448 Common-Ownership Concentration and Corporate Conduct
by Martin C. Schmalz - 449-479 Forecasting Methods in Finance
by Allan Timmermann - 481-497 Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty
by Hao Zhou - 499-517 Recurring Firm Events and Predictable Returns: The Within-Firm Time Series
by Samuel M. Hartzmark & David H. Solomon
November 2017, Volume 9, Issue 1
- 1-20 Do the Effects of Accounting Requirements on Banks’ Regulatory Capital Adequacy Undermine Financial Stability?
by Stephen G. Ryan - 21-41 What to Do About the GSEs?
by Lawrence J. White & Matthew P. Richardson & Stijn Van Nieuwerburgh - 43-83 Market Liquidity After the Financial Crisis
by Erik Vogt & Michael Fleming & Or Shachar & Tobias Adrian - 85-100 Agent-Based Models for Financial Crises
by Richard Bookstaber - 101-125 Information Disclosure in Financial Markets
by Itay Goldstein & Liyan Yang - 127-146 What Shapes Consumer Choice and Financial Products? A Review
by Cheryl Lim & Souphala Chomsisengphet & Sumit Agarwal - 147-167 Mutual Funds in Equilibrium
by Jonathan B. Berk & Jules H. van Binsbergen - 169-189 Exchange-Traded Funds
by Francesco Franzoni & Itzhak Ben-David & Rabih Moussawi - 191-231 An Overview of China's Financial System
by Franklin Allen & Jun “QJ” Qian & Xian Gu - 233-257 The Development of China's Stock Market and Stakes for the Global Economy
by Jennifer N. Carpenter & Robert F. Whitelaw - 259-282 A Firm's Cost of Capital
by Binying Liu & Iwan Meier & José Liberti & Ravi Jagannathan - 283-300 The Fundamentals Underlying Oil and Natural Gas Derivative Markets
by John E. Parsons - 301-331 A Primer on Portfolio Choice with Small Transaction Costs
by H. Mete Soner & Johannes Muhle-Karbe & Max Reppen - 333-351 Forward-Looking Estimates of Interest-Rate Distributions
by Jonathan H. Wright
October 2016, Volume 8, Issue 1
- 1-24 The Economics of High-Frequency Trading: Taking Stock
by Albert J. Menkveld - 25-51 Money Market Funds and Regulation
by Craig M. Lewis - 53-80 Agency Dynamics in Corporate Finance
by Bart M. Lambrecht & Stewart C. Myers - 81-95 Credit Supply Disruptions: From Credit Crunches to Financial Crisis
by Joe Peek & Eric Rosengren - 97-120 Deposit Insurance: Theories and Facts
by Charles W. Calomiris & Matthew Jaremski - 121-153 Equity Capital, Internal Capital Markets, and Optimal Capital Structure in the US Property-Casualty Insurance Industry
by J. David Cummins & Mary A. Weiss - 155-174 The Life Insurance Industry and Systemic Risk: A Bond Market Perspective
by Anna Paulson & Richard Rosen - 175-196 Credit Default Swaps: Past, Present, and Future
by Patrick Augustin & Marti G. Subrahmanyam & Dragon Y. Tang & Sarah Q. Wang - 197-219 Analysts’ Forecasts and Asset Pricing: A Survey
by S.P. Kothari & Eric So & Rodrigo Verdi - 221-288 Globalization and Asset Returns
by Geert Bekaert & Campbell R. Harvey & Andrea Kiguel & Xiaozheng Wang - 289-315 Education Financing and Student Lending
by Gene Amromin & Janice Eberly - 317-336 Small Business Bankruptcy
by Michelle J. White
December 2015, Volume 7, Issue 1
- 1-34 Finance, Theoretical and Applied
by Stewart C. Myers - 35-83 Consumption-Based Asset Pricing, Part 1: Classic Theory and Tests, Measurement Issues, and Limited Participation
by Douglas T. Breeden & Robert H. Litzenberger & Tingyan Jia - 85-131 Consumption-Based Asset Pricing, Part 2: Habit Formation, Conditional Risks, Long-Run Risks, and Rare Disasters
by Douglas T. Breeden & Robert H. Litzenberger & Tingyan Jia - 133-159 Behavioral Finance
by David Hirshleife - 161-178 Contributions to Defined Contribution Pension Plans
by James J. Choi - 179-200 The Value and Risk of Human Capital
by Luca Benzon & Olena Chyruk - 201-218 Asset Price Bubbles
by Robert A. Jarrow - 219-252 Disaster Risk and Its Implications for Asset Pricing
by Jerry Tsai & Jessica A. Wachter - 253-277 Analytics of Insurance Markets
by Edward W. Frees - 279-299 The Role of Risk Management in Corporate Governance
by Andrew Ellul - 301-337 The Axiomatic Approach to Risk Measures for Capital Determination
by Hans Föllmer & Stefan Weber - 339-355 Supervisory Stress Tests
by Andreas Lehnert & Beverly Hirtle