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The Impact of Incentives and Communication Costs on Information Production and Use: Evidence from Bank Lending

Forthcoming Articles

Author(s): JUN (QJ) QIAN, PHILIP E. STRAHAN, ZHISHU YANG

ABSTRACT In 2002 and 2003, many Chinese banks implemented reforms that delegated authority to individual loan officers. The...

The Journal of Finance - Accepted Articles

The WACC Fallacy: The Real Effects of Using a Unique Discount Rate

Forthcoming Articles

Author(s): PHILIPP KRÜGER, AUGUSTIN LANDIER, DAVID THESMAR

ABSTRACT In this paper, we test whether firms properly adjust for risk in their capital budgeting decisions. If managers use a...

The Journal of Finance - Accepted Articles

Rewarding Trading Skills Without Inducing Gambling

Forthcoming Articles

Author(s): IGOR MAKAROV, GUILLAUME PLANTIN

ABSTRACT This paper develops a model of active asset management in which fund managers may forgo alpha‐generating strategies,...

The Journal of Finance - Accepted Articles

Outsourcing in the International Mutual Fund Industry: An Equilibrium View

Forthcoming Articles

Author(s): OLEG CHUPRININ, MASSIMO MASSA, DAVID SCHUMACHER

ABSTRACT We study outsourcing relationships among international asset management firms. We find that in companies that manage...

The Journal of Finance - Accepted Articles

The Effect of Providing Peer Information on Retirement Savings Decisions

Forthcoming Articles

Author(s): JOHN BESHEARS, JAMES J. CHOI, DAVID LAIBSON, BRIGITTE C. MADRIAN, KATHERINE L. MILKMAN

ABSTRACT Using a field experiment in a 401(k) plan, we measure the effect of disseminating information about peer behavior on...

The Journal of Finance - Accepted Articles

Transparency in the Financial System: Rollover Risk and Crises

Forthcoming Articles

Author(s): MATTHIEU BOUVARD, PIERRE CHAIGNEAU, ADOLFO MOTTA

ABSTRACT We present a theory of optimal transparency when banks are exposed to rollover risk. Disclosing bank‐specific...

The Journal of Finance - Accepted Articles

A Comparative‐Advantage Approach to Government Debt Maturity

Forthcoming Articles

Author(s): ROBIN GREENWOOD, SAMUEL G. HANSON, JEREMY C. STEIN

ABSTRACT We study optimal government debt maturity in a model where investors derive monetary services from holding riskless...

The Journal of Finance - Accepted Articles

Investment Decisions of Nonprofit Firms: Evidence from Hospitals

Forthcoming Articles

Author(s): MANUEL ADELINO, KATHARINA LEWELLEN, ANANT SUNDARAM

ABSTRACT This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the...

The Journal of Finance - Accepted Articles

A Model of Mortgage Default

Forthcoming Articles

Author(s): JOHN Y. CAMPBELL, JOÃO F. COCCO

ABSTRACT In this paper we solve a dynamic model of households' mortgage decisions incorporating labor income, house price,...

The Journal of Finance - Accepted Articles

Asset Quality Misrepresentation by Financial Intermediaries: Evidence from the RMBS Market

Forthcoming Articles

Author(s): TOMASZ PISKORSKI, AMIT SERU, JAMES WITKIN

ABSTRACT We document that contractual disclosures by intermediaries during the sale of mortgages contained false information...

The Journal of Finance - Accepted Articles

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