Home

Footer

DeepDyve Logo
FacebookTwitter

Features

  • Search and discover articles on DeepDyve, PubMed, and Google Scholar
  • Read the full-text of open access and premium content
  • Organize articles with folders and bookmarks
  • Collaborate on and share articles and folders

Info

  • Pricing
  • Enterprise Plans
  • Browse Journals & Topics
  • About DeepDyve

Help

  • Help
  • Publishers
  • Contact Us

Popular Topics

  • COVID-19
  • Climate Change
  • Biopharmaceuticals
Terms |
Privacy |
Security |
Help |
Enterprise Plans |
Contact Us

Select data courtesy of the U.S. National Library of Medicine.

© 2023 DeepDyve, Inc. All rights reserved.

The Review of Financial Studies

Subject:
Accounting
Publisher:
Oxford University Press —
Oxford University Press
ISSN:
0893-9454
Scimago Journal Rank:
203

2023

Volume 36
Issue 10 (May)Issue 9 (Mar)Issue 8 (Jan)Issue 7 (Jan)

2022

Volume Advance Article
February
Volume 36
Issue 8 (Dec)Issue 7 (Dec)Issue 6 (Dec)Issue 5 (Sep)Issue 4 (Aug)Issue 3 (Aug)Issue 2 (Jun)Issue 1 (May)
Volume 35
Issue 12 (Aug)Issue 11 (Jun)Issue 10 (Jan)Issue 9 (Jan)

2021

Volume Advance Article
AugustJuneMayAprilFebruaryJanuary
Volume 35
Issue 12 (Sep)Issue 9 (Dec)Issue 8 (Nov)Issue 7 (Sep)Issue 6 (Aug)Issue 5 (Aug)Issue 4 (Jun)Issue 3 (Apr)Issue 2 (Mar)Issue 1 (Feb)
Volume 34
Issue 12 (Jan)Issue 11 (Oct)Issue 10 (Feb)Issue 9 (Aug)Issue 8 (Apr)Issue 6 (May)Issue 5 (Apr)Issue 4 (Mar)Issue 3 (Feb)Issue 2 (Jan)

2020

Volume Advance Article
DecemberNovemberOctoberSeptemberAugustJulyJuneMayApril
Volume 2020
JulyJuneMayAprilMarch
Volume 34
Issue 12 (Dec)Issue 10 (Dec)Issue 8 (Oct)
Volume 33
Issue 11 (Nov)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2019

Volume Advance Article
DecemberNovemberOctoberAugustMay
Volume 2019
DecemberOctoberJuneApril
Volume 32
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2018

Volume Advance Article
DecemberAprilIssue 8 (Apr)Issue 7 (Feb)Issue 6 (Jan)
Volume 31
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2017

Volume Advance Article
Issue 8 (Dec)Issue 7 (Sep)Issue 6 (Dec)
Volume 2017
December
Volume 31
Issue 5 (Nov)
Volume 30
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2016

Volume 2016
September
Volume 29
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2015

Volume 29
Issue 6 (Nov)
Volume 28
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2014

Volume 27
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2013

Volume 26
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2012

Volume 25
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2011

Volume 2011
JuneFebruary
Volume 24
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2010

Volume Advance Article
April
Volume 23
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2009

Volume Advance Article
DecemberNovemberSeptemberApril
Volume 22
Issue 12 (Dec)Issue 11 (Nov)Issue 10 (Oct)Issue 9 (Sep)Issue 8 (Aug)Issue 7 (Jul)Issue 6 (Jun)Issue 5 (May)Issue 4 (Apr)Issue 3 (Mar)Issue 2 (Feb)Issue 1 (Jan)

2008

Volume Advance Article
JulyJanuary
Volume 2008
August
Volume 21
Issue 6 (Nov)Issue 5 (Sep)Issue 4 (Jul)Issue 3 (May)Issue 2 (Apr)Issue 1 (Jan)

2007

Volume Advance Article
SeptemberJulyJuneJanuary
Volume 2007
March
Volume 20
Issue 6 (Nov)Issue 5 (Sep)Issue 4 (Jul)Issue 3 (May)Issue 2 (Mar)Issue 1 (Jan)

2006

Volume Advance Article
June
Volume 19
Issue 4 (Mar)Issue 3 (Feb)Issue 2 (Jan)Issue 1 (Oct)

2005

Volume 18
Issue 4 (Aug)Issue 3 (May)Issue 2 (Feb)Issue 1 (Nov)

2004

Volume Advance Article
OctoberSeptemberJuneFebruaryJanuary
Volume 2004
OctoberFebruaryJanuary
Volume 17
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

2003

Volume Advance Article
OctoberApril
Volume 2003
NovemberAprilFebruary
Volume 16
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

2002

Volume Advance Article
DecemberMayApril
Volume 2002
JuneApril
Volume 15
Issue 5 (Oct)Issue 4 (Jul)Issue 3 (Apr)Issue 2 (Jan)Issue 1 (Jan)

2001

Volume Advance Article
October
Volume 14
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

2000

Volume 13
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1999

Volume 1999
February
Volume 12
Issue 5 (Oct)Issue 4 (Jul)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1998

Volume 11
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1997

Volume 10
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1996

Volume 9
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1995

Volume 8
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1994

Volume 7
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1993

Volume 6
Issue 4 (Oct)Issue 3 (Aug)Issue 2 (Apr)Issue 1 (Jan)

1992

Volume 5
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1991

Volume 4
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1990

Volume 3
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1989

Volume 2
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

1988

Volume 1
Issue 4 (Oct)Issue 3 (Jul)Issue 2 (Apr)Issue 1 (Jan)

0037

Volume Advance Article
January

0036

Volume Advance Article
March

0035

Volume 0035
July

0032

Volume Advance Article
JuneMarch

0030

Volume Advance Article
March

0023

Volume Advance Article
February

0021

Volume Advance Article
April

0020

Volume Advance Article
October

0017

Volume 0017
November

0015

Volume Advance Article
April

0014

Volume Advance Article
November
journal article
LitStream Collection
Financing Competitors: Shadow Banks’ Funding and Mortgage Market Competition

Jiang, Erica Xuewei

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad031

Using novel shadow bank funding data, I find that shadow banks are funded by the very banks they compete with when originating mortgages. Evidence suggests that banks have market power in the upstream market for shadow banks’ funding, which in turn softens mortgage market competition through their strategic behaviors in both markets. I build and calibrate a quantitative model of vertical integration and competition to show that those consumers who would most benefit from shadow bank services are the ones to bear the costs. Secondary market innovation could increase downstream competition by reducing shadow banks’ reliance on their competitors.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
LitStream Collection
Shocked by Bank Funding Shocks: Evidence from Consumer Credit Cards

Chava, Sudheer; Ganduri, Rohan; Paradkar, Nikhil; Zeng, Linghang

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad039

Using the near universe of U.S. consumer credit cards, we show that banks transmit their wholesale funding shocks to consumers by reducing their credit card limits. Credit-constrained consumers who are unable to hedge against the transmitted shock by accessing other credit cards experience a stronger and more persistent reduction in aggregate credit card limits at the consumer level. Consequently, these credit-constrained consumers reduce their aggregate credit card borrowing. Our results document a credit card lending channel for the transmission of adverse bank shocks and show who bears the costs of fragile bank funding structures.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
LitStream Collection
Liquidity Constraints, Consumption, and Debt Repayment: Evidence from Macroprudential Policy in Turkey

Agarwal, Sumit; Hadzic, Muris; Song, Changcheng; Yildirim, Yildiray

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad024

Using account-level credit card data from a large Turkish bank, we study the impact of a unique credit card policy that increases minimum payment on consumption and debt repayment. We show that the policy reduces credit card spending and debt, boosts existing debt repayment, and reduces credit card delinquency. The credit card debt of affected consumers falls on average by 50$\%$ two years into the policy’s implementation. An increase in minimum payment has a stronger effect than does a decrease of a similar magnitude. We build a benchmark life cycle model with soft liquidity constraint to explain the reduction in credit card spending.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
LitStream Collection
Adjusting to Macroprudential Policies: Loan-to-Value Limits and Housing Choice

Tzur-Ilan, Nitzan

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad035

This study provides novel evidence regarding the effects of loan-to-value (LTV) limits on housing choices. Using a detailed loan-level dataset, I exploit the introduction of LTV limits in Israel. I find that the LTV limits led borrowers to choose housing units that were more affordable, farther from the central business district, and in lower socioeconomic neighborhoods. Additionally, these LTV limits increase interest rates and decrease loan amounts. The findings of this study indicate that macroprudential policies, which focus on the stability of the financial system, have micro implications on location choices, commuting costs, and movement to less-advantaged areas.
journal article
LitStream Collection
Financial Crises and the Transmission of Monetary Policy to Consumer Credit Markets

Indarte, Sasha

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad036

How does creditor health affect the pass-through of monetary policy to households? Using data on the universe of U.S. credit unions, I document that creditor asset losses increase the sensitivity of consumer credit to monetary policy. Identification exploits plausibly exogenous variation in asset losses and high-frequency identification of monetary policy shocks. Weaker lenders can respond more if they face financial frictions that easing alleviates. The estimates imply constraints on monetary policy become more costly in financial crises featuring creditor asset losses and that an additional benefit of monetary easing is that it weakens the causal, contractionary effect of asset losses.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online
journal article
LitStream Collection
Stock Market Stimulus

Greenwood, Robin; Laarits, Toomas; Wurgler, Jeffrey

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad025

We study the stock market effects of the arrival of the three rounds of “stimulus checks” to U.S. taxpayers and the single round of direct payments to Hong Kong citizens. The first two rounds of U.S. checks appear to have increased retail buying and share prices of retail-dominated portfolios. The Hong Kong payments increased overall turnover and share prices on the Hong Kong Stock Exchange. We cannot rule out that these price effects were permanent. The findings raise novel questions about the role of fiscal stimulus in the stock market.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
LitStream Collection
Does the Federal Reserve Obtain Competitive and Appropriate Prices in Monetary Policy Implementation?

An, Yu; Song, Zhaogang

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad032

Many of the Federal Reserve’s (the Fed’s) monetary policy operations involve trading with primary dealers. We find that, for agency MBS, dealers charge 2.5 cents (per $100 face value) higher selling to the Fed than to non-Fed customers. Controlling for the same dealer, same security, and same trading time, this discriminatory pricing likely arises from dealers’ market power rather than inventory costs. Further, matching trade size reduces the price differential by more than half, implying that dealers’ market power greatly relates to the Fed’s purchases in large amounts, whereas the Fed’s limited breadth of counterparty choice also plays some role.
journal article
LitStream Collection
Money Market Disconnect

Ballensiefen, Benedikt; Ranaldo, Angelo; Winterberg, Hannah

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad022

A repurchase agreement (repo) is a source of cash and collateral. We document that the money market is more segmented when the collateral motive prevails. Two crucial aspects of the central bank framework lead to this disconnect: banks’ access to the central bank’s deposit facility and assets’ eligibility for quantitative easing (QE). We show that repo rates lent by banks with access to the deposit facility and secured by QE eligible assets are more collateral-driven and disconnected from funding-based money market rates. Our results are relevant for different monetary policies and have suggestive implications for the monetary policy pass-through.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
LitStream Collection
When Do Low-Frequency Measures Really Measure Effective Spreads? Evidence from Equity and Foreign Exchange Markets

Jahan-Parvar, Mohammad R; Zikes, Filip

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad028

We present evidence that several popular low-frequency measures of effective spread suffer from a volatility-induced bias and that volatility is the primary driver of the variation of these liquidity proxies. Using data for U.S. equities and major foreign exchange rates, we show that the bias arises when the effective spread is small relative to volatility. We document that the bias has become more acute over time and show that volatility-biased measures fail to replicate some well-known results in empirical finance. We conclude by providing guidance on the choice of low-frequency measures in empirical applications.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
journal article
Open Access Collection
International Portfolio Choice with Frictions: Evidence from Mutual Funds

Bacchetta, Philippe; Tièche, Simon; van Wincoop, Eric

2023 The Review of Financial Studies

doi: 10.1093/rfs/hhad027

Using data on international equity portfolio allocations by U.S. mutual funds, we estimate a portfolio expression derived from a standard mean-variance portfolio model extended with portfolio frictions. The optimal portfolio depends on the previous month and the buy-and-hold portfolio shares, and a present discounted value of expected excess returns. We estimate expected return differentials and use them in the portfolio regressions. The estimates imply significant portfolio frictions and a modest rate of risk aversion. While mutual fund portfolios significantly respond to expected returns, portfolio frictions lead to a weaker and a more gradual portfolio response to changes in expected returns.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
Browse All Journals

Related Journals:

AbacusAustralian Accounting ReviewSocial and Environmental Accountability JournalJournal of Accounting LiteratureInternational Journal of Managerial and Financial Accounting