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Academic Publications

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.

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Date Publication Topic(s)  
Date: Oct. 2015Publication:

Mark J. Flannery, 2015,  Stabilizing Large Financial Institutions with Contingent Capital Certificates,  Quarterly Journal of Finance, forthcoming.

Topic(s):
Banks, Depository Institutions, Financing Policy, Capital Structure, Financial Crises
Date: Oct. 2015Publication:

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.

Topic(s):
Banks, Depository Institutions, Government policy and regulation, Financial Reporting, Disclosure
Date: Sept. 2015Publication:
Hendrik Bessembinder, Allen Carrion, Laura A. Tuttle, and Kumar Venkataraman, 2015, Liquidity, Resiliency and Market Quality Around Predictable Trades: Theory and Evidence, Journal of Financial Economics,  forthcoming.
Topic(s):
Date: Sept. 2015Publication:
Thaddeus Neururer, Edward J. Riedl, and George Papadakis, 2015, Tests of Investor Learning Models Using Earnings Innovations and Implied Volatilities, Review of Accounting Studies, forthcoming.
Topic(s):
Date: Aug. 2015Publication:

Audra Boone,  Ioannis Floros,  and Shane Johnson, 2015,  Redacting Proprietary Information at the Initial Public Offering, Journal of Financial Economics, forthcoming.

Topic(s):
Financial Reporting, Disclosure, Government policy and regulation, Corporate Governance
Date: Aug. 2015Publication:

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

Topic(s):
Corporate Governance, Payout Policy, Financing Policy, Capital Structure
Date: July 2015Publication:

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.

Topic(s):
Corporate Governance
Date: June 2015Publication:

Y.C. Loon and Ken Zhong, 2015, Does Dodd-Frank Affect OTC Transaction Costs and Liquidity? Evidence from Real-Time CDS Trade Reports, Journal of Financial Economics, forthcoming.

Topic(s):
Government policy and regulation, Market microstructure, Financial Crises
Date: June 2015Publication:

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

Topic(s):
Asset Pricing
Date: May 2015Publication:

Jan Jindra and Thomas Moeller, 2015, Target Financial Independence and Takeover Pricing, Journal of Financial Research, forthcoming

Topic(s):
Mergers, Acquisitions and Restructuring, Financing Policy, Capital Structure
Date: May 2015Publication:

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

Topic(s):
Corporate Governance, Financial Reporting, Disclosure
Date: May 2015Publication:
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)
Topic(s):
Behavioral finance
Date: March 2015Publication:
Adam Yonce, 2015, US Corporate Investment Over the Political Cycle, Quarterly Journal of Finance, 5(1):1550015.
Topic(s):
Government policy and regulation, Portfolio choice and investment
Date: Feb. 2015Publication:

Brad Jordan and Tim Riley, 2015, Volatility and Mutual Fund Manager Skill, Journal of Financial Economics, forthcoming.

Topic(s):
Asset Pricing, Information, Market Efficiency
Date: Feb. 2015Publication:
Kose John, Anzhela Knyazeva and Diana Knyazeva, 2015, Employee Rights and Acquisitions, Journal of Financial Economics, 118(1):49-69.
Topic(s):
Acquisitions, and Restructuring, Mergers
Date: Feb. 2015Publication:
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.
Topic(s):
Date: Jan. 2015Publication:

Thomas Dangl and Youchang Wu, 2015, Corporate Investment over the Business Cycle, Review of Finance, forthcoming.

Topic(s):
Capital Budgeting
Date: Dec. 2014Publication:
Matt Cain and Steven M. Davidoff, 2014, A Great Game: The Dynamics of State Competition and Litigation, Iowa Law Review, 100:465. (updated)
Topic(s):
Acquisitions, and Restructuring, Mergers
Date: Dec. 2014Publication:

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.

Topic(s):
Asset Pricing, Portfolio choice, Investment decisions
Date: Dec. 2014Publication:

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)

Topic(s):
Info and market efficiency
Date: Oct. 2014Publication:

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

Topic(s):
Banks, Depository Institutions, Financial Crises
Date: Oct. 2014Publication:
Harold Black, Robert Schweitzer, Joshua White and Tracie Woidtke, 2014, Appointments of Academic Directors, Journal of Corporate Finance, 28:135-151. (updated)
Topic(s):
Date: Sept. 2014Publication:

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)

Topic(s):
Portfolio choice, Investment decisions
Date: Aug. 2014Publication:
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)
Topic(s):
Date: Aug. 2014Publication:
Stephen Lenkey, 2014, Advance Disclosure of Insider Trading, Review of Financial Studies, 27(8): 2504-2537. (updated)
Topic(s):
Info and market efficiency
Date: Aug. 2014Publication:
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.
Topic(s):
Date: July 2014Publication:
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)

Topic(s):
Date: May 2014Publication:
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)
Topic(s):
Date: Feb. 2014Publication:

Matt Cain and Stephen B. McKeon, 2014, CEO Personal Risk-Taking and Corporate Policies, Journal of Financial and Quantitative Analysis, forthcoming.

Topic(s):
Acquisitions and Restructuring, Behavioral finance, Capital Structure, Financing Policy, Mergers
Date: Feb. 2014Publication:
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)
Topic(s):
Date: Feb. 2014Publication:
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)
Topic(s):
Date: Jan. 2014Publication:
Stephen Lenkey, 2014, Activist Arbitrage, Lifeboats, and Closed-End Funds, Review of Finance, 18(1): 271-320. (updated)
Topic(s):
Asset Pricing
Date: Dec. 2013Publication:
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.
Topic(s):
Date: Dec. 2013Publication:
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.
Topic(s):
Date: Sept. 2013Publication:
Igor Kozhanov and Joseph Ogden, 2013, Corporate Retail Notes: A Good Alternative for Individual Investors?, Journal of Fixed Income, 23: 82-97.
Topic(s):
Retail Investors, Fixed Income Securities
Date: Aug. 2013Publication:
Giulio Girardi and Tolga Ergun, 2013, Systemic Risk Measurement: Multivariate GARCH Estimation of CoVaR, Journal of Banking and Finance, 37: 3169-3180.
Topic(s):
Date: July 2013Publication:
Gergana Jostova, Stanislava (Stas) Nikolova, Alexander Philipov and Christof W. Stahel, 2013, Momentum in Corporate Bond Returns, Review of Financial Studies, 26: 1649-1693.
Topic(s):
Asset Pricing
Date: July 2013Publication:
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.
Topic(s):
Market microstructure, Info and market efficiency, Behavioral finance
Date: June 2013Publication:
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.
Topic(s):
Date: March 2013Publication:
Simona Mola, Raghavendra Rau, and Ajay Khorana, 2013, Is There Life after the Complete Loss of Analyst Coverage?, The Accounting Review, 88: 667-705.
Topic(s):
Date: March 2013Publication:
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.
Topic(s):
Corporate Governance, International, Financial Reporting Standards
Date: Feb. 2013Publication:
Simona Mola, 2013, Framing the Initiation of Analyst Coverage on IPOs, Journal of Behavioral Finance, 14: 25-41.
Topic(s):
Date: Dec. 2012Publication:
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.
Topic(s):
Date: Oct. 2012Publication:
Stephen J. Brown, Bruce D. Grundy, Craig M. Lewis and Patrick Verwijmeren, 2012, Convertibles and Hedge Funds as Distributors of Equity Exposure, Review of Financial Studies 25: 3077-3112.
Topic(s):
Date: Aug. 2012Publication:
Henk Berkman, Paul Koch, Laura Tuttle and Ying Zhang, 2012, Paying Attention: Overnight Returns and the Hidden Cost of Buying at the Open, Journal of Financial and Quantitative Analysis 47: 715-741.
Topic(s):
Date: Aug. 2012Publication:
Mark J. Flannery, Stanislava (Stas) Nikolova and Özde Öztekin, 2012, Leverage Expectations and Bond Credit Spreads, Journal of Financial and Quantitative Analysis 47: 689-714. [Lead article]
Topic(s):
Date: April 2012Publication:
Scott Bauguess, Marie Sushka and Myron Slovin, 2012, Large shareholder diversification, corporate risk taking, and the benefits of changing to differential voting rights, Journal of Banking and Finance 36: 1244-1253.
Topic(s):
Date: March 2012Publication:

Audra Boone and Vladimir Ivanov, 2012, Bankruptcy Spillover Effects on Strategic Alliance Partners, Journal of Financial Economics 103: 551-569.

Topic(s):
Date: March 2012Publication:

K. Jeremy Ko and Zhijian (James) Huang, 2012, Persistence of Beliefs in an Investment Experiment, Quarterly Journal of Finance 2.

Topic(s):
Behavioral finance, Info and market efficiency, Asset Pricing
Date: Feb. 2012Publication:

Kathleen Weiss Hanley and Gerard Hoberg, Litigation Risk, Strategic Disclosure and the Underpricing of Initial Public Offerings, 2012, Journal of Financial Economics 103, 235-254.

Topic(s):
Date: Feb. 2012Publication:

Yoon-Ho Alex Lee and K. Jeremy Ko, Consumer Mistakes in the Mortgage Market: Choosing Unwisely Versus Not Switching Wisely, 2012, University of Pennsylvania Journal of Business Law 14, 417-462.

Topic(s):
Behavioral finance, Government policy and regulation, Banks, Depository Institutions
Date: Jan. 2012Publication:
Nicole M. Boyson, Christof W. Stahel, and René M. Stulz, 2012, Liquidity Shocks and Hedge Fund Contagion, The Journal of Investment Management 10: 13-34.
Topic(s):
Financial Crises
Date: Oct. 2011Publication:

Barry Eichengreen, Rachita Gullapalli and Ugo Panizza, Capital Account Liberalization, Financial Development and Industry Growth: A Synthetic View, 2011, Journal of International Money and Finance 60, 1090-1106.

Topic(s):
Date: Oct. 2011Publication:

Vladimir Ivanov, C.N.V. Krishnan, Ron Masulis, and Ajai Singh, Venture Capital Reputation, Post-IPO Performance, and Corporate Governance, 2011, Journal of Financial and Quantitative Analysis 46, 1295-1333.

Topic(s):
Date: Sept. 2011Publication:

Craig M. Lewis and Patrick Verwijmeren, Convertible Security Design and Contract Innovation, 2011, Journal of Corporate Finance 17, 809-831.

Topic(s):
Date: Feb. 2011Publication:
Nicole M. Boyson and Christof W. Stahel, 2011, Liquidity and Hedge Fund Contagion, in Robert W. Kolb, ed. Financial Contagion: The Viral Threat to the Wealth of Nations, (John Wiley & Sons, Inc).
Topic(s):
Financial Crises
Date: Dec. 2010Publication:
Cindy Alexander, Mark Chen, Duane Seppi, and Chester Spatt, 2010, Interim News and the Role of Proxy Voting Advice, Review of Financial Studies 23: 4496-4540.
Topic(s):
Date: Oct. 2010Publication:
Nicole M. Boyson, Christof W. Stahel, and René M. Stulz, 2010, Hedge Fund Contagion and Liquidity Shocks, Journal of Finance 65: 1789–1816.
Topic(s):
Financial Crises
Date: Oct. 2010Publication:
Amy Edwards and Kathleen Weiss Hanley, 2010, Short Selling in Initial Public Offerings, Journal of Financial Economics 98: 21-39.
Topic(s):
Date: Oct. 2010Publication:

Ralph Walkling, Scott Bauguess, Jim Dunigan, Damien Park, Patrick McGurn, and Don Chew, 2010, Risk Management, Corporate Governance, and the Search for Long-term Investors, Journal of Applied Corporate Finance 22: 58-74.

Topic(s):
Date: Sept. 2010Publication:
Woodrow T. Johnson, 2010, Do Investors Trade Uniformly through Time?, Journal of Empirical Finance 17: 645-658.
Topic(s):
Date: July 2010Publication:
Kathleen Weiss Hanley and Gerard Hoberg, 2010, The Information Content of IPO Prospectuses, Review of Financial Studies 23: 2821-2864.
Topic(s):
Date: April 2010Publication:

Milan Borkovec and Hans G. Heidle, 2010, Building and Evaluating a Transaction Cost Model: A Primer, Journal of Trading 5: 57-77.

Topic(s):
Date: April 2010Publication:
Vladimir Ivanov and Fei Xie, 2010, Do Corporate Venture Capitalists Add Value to Startup Firms? Evidence from IPOs and Acquisitions of VC-Backed Companies, Financial Management, 120-152.
Topic(s):
Date: April 2010Publication:
Woodrow T. Johnson, 2010, Who Incentivizes the Mutual Fund Manager, New or Old Shareholders?, Journal of Financial Intermediation 19: 143-168. [Lead article]
Topic(s):
Date: Nov. 2009Publication:
William C. Johnson and Jennifer Marietta-Westberg, 2009, The Distribution of IPO Holdings Across Institutional Mutual Funds, Journal of Business Ethics 90: 119-128.
Topic(s):
Date: Sept. 2009Publication:
William C. Johnson and Jennifer Marietta-Westberg, 2009, Universal Banking, Asset Management, and Stock Underwriting, European Financial Management 15: 703-732.
Topic(s):
Date: Aug. 2009Publication:
Amar Gande and Craig M. Lewis, 2009, Shareholder Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Feedback, Journal of Financial and Quantitative Analysis 44: 823-850.
Topic(s):
Date: Aug. 2009Publication:
K. Jeremy Ko, 2009, Leveraged Investor Disclosures and Concentrations of Risk, Journal of Financial Markets 12: 368-390.
Topic(s):
Non-bank financial institutions, Financial Reporting, Disclosure, Government policy and regulation
Date: Aug. 2009Publication:
Steven L. Byers, 2009, Using Derivatives to Manage Interest Rate Risk in Robert Kolb and James Overdahl, ed. Companion to Financial Derivatives (John Wiley & Sons).
Topic(s):
Date: July 2009Publication:
Simona Mola and Massimo Guidolin, 2009, Affiliated Mutual Funds and Analyst Optimism, Journal of Financial Economics 93: 108-137.
Topic(s):
Date: Feb. 2009Publication:
Scott Bauguess, Sara Moeller, Frederik Schlingemann, and Chad Zutter, 2009, Ownership Structure and Target Returns, Journal of Corporate Finance 15: 48-65.
Topic(s):
Date: Dec. 2008Publication:
Vladimir Ivanov and Craig M. Lewis, 2008, The Determinants of Market-Wide Issue Cycles for Initial Public Offerings, Journal of Corporate Finance 14: 567-583.
Topic(s):
Date: Dec. 2008Publication:

Scott Bauguess and Mike Stegemoller, 2008, Protective Governance Structure and the Value of Acquisition Activity, Journal of Corporate Finance 14: 550-566.

Topic(s):
Date: Oct. 2007Publication:

Michael Rosen and Harvey Westbrook, 2007, Hidden Treasures: Accessing Hidden Liquidity, in Brian R. Bruce, ed. A Guide to Liquidity (Institutional Investor Journals)

Topic(s):
Date: July 2007Publication:

Milan Borkovec and Hans G. Heidle, 2007, The Magic of Hindsight: Creating a Post-Trade Transaction Cost Estimate Based on Realized Market Conditions, Journal of Trading 2: 34-49.

Topic(s):
Date: June 2007Publication:
Amy K. Edwards, Lawrence E. Harris, and Michael S. Piwowar, 2007, Corporate Bond Market Transaction Costs and Transparency, Journal of Finance 62: 1421-1451.
Topic(s):
Date: May 2007Publication:

K. Jeremy Ko and Zhijian (James) Huang, Arrogance Can Be a Virtue: Overconfidence, Information Acquisition, and Market Efficiency, 2007, Journal of Financial Economics 84: 529-560.

Topic(s):
Behavioral finance, Info and market efficiency, Asset Pricing
Date: Feb. 2006Publication:

Amy K. Edwards, Corporate Bond Market Microstructure and Transparency: the US Experience, 2006, BIS Papers 26.

Topic(s):
Date: Dec. 2005Publication:

Chris Hogan and Craig M. Lewis, Long-Run Investment Decisions, Operating Performance, and Shareholder Value Creation of Firms Adopting Compensation Plans Based on Economic Profits, 2005, Journal of Financial and Quantitative Analysis 40, 721-746.

Topic(s):
Date: Nov. 2005Publication:

Tim Loughran and Jennifer Marietta-Westberg, Divergence of Opinion Surrounding Extreme Events, 2005, European Financial Management 11, 579-601.

Topic(s):