Top Papers Published in Financial Management

The Editorial Board of Financial Management is pleased to recognize the top three (3) papers in each quarterly issue of the journal. Selected by the Executive Editor, Editors, and Associate Editors, these papers are presented in special sessions at the association's Annual Meetings, European Conferences, and Asia/Pacific Conferences. 

Volume 51, Issue 3 (Fall 2022)

What prevents women from reaching the top?
Matti Keloharju, Samuli Knüpfer, Joacim Tåg

Bank lending networks and the propagation of natural disasters
Ivan Ivanov, Marco Macchiavelli, João AC Santos

Investor learning and mutual fund flows
Jennifer Huang, Kelsey Wei, Hong Yan

Volume 51, Issue 2 (Summer 2022)

Does perception of social issues affect portfolio choices? Evidence from the #MeToo movement
Douglas Cook, Shikong (Scott) Luo

A hidden hand in corporate lobbying
Anqi Jiao

Industry centrality: Weak ties, industry attributes, and managerial contracting
Rasha Ashraf, Nishant Dass, Vikram Nanda

Volume 51, Issue 1 (Spring 2022)

Geographic proximity and price efficiency: Evidence from high-speed railway connections between firms and financial centers
Hao Gao, Yuanyu Qu, Tao Shen

Director diversity and inclusion: At the table but in the game?
Nemmara K. Chidambaran, Yun Liu, Nagpurnanand Prabhala

Ultimate ownership and bank competition
José Azar, Sahil Raina, Martin Schmalz

Volume 50, Issue 4 (Winter 2021)

Defined benefit pension de-risking and corporate risk-taking
Brian Silverstein

Do managers provide misleading earnings forecasts before stock repurchases?
Amrita Nain, Anand Vijh

Powerful independent directors
Kathy Fogel, Liping Ma, Randall Morck

Volume 50, Issue 3 (Fall 2021)

Political connections and informed trading: Evidence from TARP
Ozlem Akin, Nicholas Coleman, Christian Fons-Rosen, and José-Luis Peydró

The effects of political competition on the funding of public-sector pension plans
Sutirtha Bagchi

Blockchain speculation or value creation? Evidence from corporate investments
Don Autore, Nicholas Clarke, and Danling Jiang

Volume 50, Issue 2 (Summer 2021)

On a stakeholder model of corporate governance
Jonathan Karpoff

Are the risk attitudes of professional investors affected by personal catastrophic experiences?
Gennaro Bernile, Vineet Bhagwat, Ambrus Kecskés, and Phuong-Anh Nguyen

A rundown of merger target run-ups
Marie Dutordoir, Evangelos Vagenas-Nanos, Patrick Verwijmeren, and Betty Wu

Volume 50, Issue 1 (Spring 2021)

Twitter activity, investor attention, and the diffusion of information
David Rakowski, Sara Shirley, Jeffrey Stark

Advertising, investor attention, and stock prices: Evidence from a natural experiment
Erik Mayer

Learning and predictability via technical analysis: Evidence from Bitcoin and stock with hard-to-value fundamentals
Andrew Detzel, Hong Liu, Jack Strauss, Guofu Zhou, Yingzi Zhu

Volume 49, Issue 4 (Winter 2020)

Corporate Watchdogs
Marco Navone, Thomas To

Predicting hedge fund performance when fund returns are skewed
Andrea Heuson, Mark Hutchinson, Alok Kumar

Performance peer groups in CEO compensation contracts
Tor-Erik Bakke, Hamed Mahmudi, Ashley Newton

Volume 49, Issue 3 (Fall 2020)

Financial literacy and financial resilience: Evidence from around the world
Leora Klapper, Annamaria Lusardi

The dark side of individual blockholder philanthropy 
Tom Shohfi, Roger M. White

Portfolio manager home‐country culture and mutual fund risk‐taking
Wei Jiao

Volume 49, Issue 2 (Summer 2020)

Mispriced index option portfolios
George Constantinides, Michal Czerwonko, Stylianos Perrakis

A project-level analysis of value creation in firms
Jonathan Cohn, Umit Gurun, Rabih Moussawi

Local religious beliefs and municipal bond market outcomes
Alex Abakah

Volume 49, Issue 1 (Spring 2020)

The Benefits of Overvaluation: Evidence from Mergers and Acquisitions 
Evangelos Vagenas-Nanos

Order Anticipation Around Predictable Trades
Mehmet Saglam

The Investment Behavior of Buyout Funds: Theory and Evidence
Alexander Ljungqvist, Matthew Richardson, and Daniel Wolfenzon

Volume 48, Issue 4 (Winter 2019)

The Roles of Alternative Data and Machine Learning in Fintech lending: Evidence from the LendingClub Consumer Platform
Juapa Jagtiani, Catharine Lemieux

Machine Learning and Asset Allocation
Bryan Routledge

The Future of Fintech
Sanjiv Das

Volume 48, Issue 3 (Fall 2019)

Risk-taking Channel of Monetary Policy
Tobias Adrian, Arturo Estrella, Hyun Song Shin

Under-reaction to Political Information and Price Momentum
Jawad Addoum, Stefanos Delikouras, Da Ke, Alok Kumar

The Real Effects of Proxy Advisors on the Firm
Paul Calluzzo, Evan Dudley

Volume 48, Issue 2 (Summer 2019)

Identifying and Treating Outliers in Finance
John Adams, Darren Hayunga, Sattar Mansi, David Reeb, Vincenzo Verardi

The CDS-Bond Basis
Jennie Bai, Pierre Collin-Dufresne

What are Boards for? Evidence from Closely Held Firms in Colombia
Belén Villalonga, María-Andrea Trujillo, Alexander Guzmán, Neila Cáceres

Volume 48, Issue 1 (Spring 2019)

Will Money Talk? Firm Bribery and Credit Access
Shusen Qi, Steven Ongena

Does Firing a CEO Pay Off?
George Alexandridis, John Doukas, Christos Mavis

Measuring Sovereign Risk: Are CDS Spreads Better than Sovereign Credit Ratings?
Ivan Rodriguez, Krishnan Dandapani, Edward Lawrence

Volume 47, Issue 4 (Winter 2018)

The Theory and Practice of Corporate Risk Management: Evidence from the Field
Erasmo Giambona, John Graham, Campbell Harvey, Gordon Bodnar

Having a Finger in the Pie: Labor Power and Corporate Payout Policy
In-Mu Haw, Bingbing Hu, Donghui Wu, Xu Zhang

Experience and Brokerage in Asset Markets:: Evidence from Art Auctions
Brunella Bruno, Emilia Garcia-Appendini, Giacomo Nocera

Volume 47, Issue 3 (Fall 2018)

Leaning Against the Wind: Debt Financing in the Face of Adversity
Michael Brennan, Holger Kraft

Distress Anomaly and Shareholder Risk: International Evidence
Assaf Eisdorfer, Amit Goyal, Alexei Zhdanov

Management Risk Incentives and the Readability of Corporate Disclosures 
Bidisha Chakrabarty, Ananth Seetharaman, Zane Swanson, Xu (Frank) Wang

Volume 47, Issue 2 (Summer 2018)

Do Outside Directors with Government Experience Create Value?
Jun-Koo Kang, Le Zhang

Sold Below Value? Why Takeover Offers Can Have Negative Premiums
Utz Weitzel, Gerhard Kling

Mutual Fund Stock-Picking Skill: New Evidence from Valuation- versus Liquidity-Motivated Trading
Martin Rohleder, Dominik Schulte, Janik Syryca, Marco Wilkens

Volume 47, Issue 1 (Spring 2018)

CMBS Subordination, Ratings Inflation, and Regulatory-Capital Arbitrage
Richard Stanton, Nancy Wallace

Mutual Fund Managers' Prior Work Experience and Their Investment Skill
Rui Chen, Zhennan Gao, Xuyong Zhang, Min Zhu

School Holidays and Stock Market Seasonality
Lily Fang, Chunmei Lin, Yuping Shao

Volume 46, Issue 4 (Winter 2017)

On the Relative Performance of Investment‐Grade Corporate Bonds with Differing Maturities (tied for first)
Darrin DeCosta, Fei Leng, Gregory Noronha 

The Persistence of Opportunistic Insider Trading (tied for first)
Brandon N. Cline, Sinan Gokkaya, Xi Liu

Bank Competition and Leverage Adjustments
Fuxiu Jiang, Zhan Jiang, Jicheng Huang, Kenneth A. Kim, John R. Nofsinger

Volume 46, Issue 3 (Fall 2017)

Firm Opacity Lies in the Eye of the Beholder
Sandeep Dahiya, Giuliano Iannotta, Marco Navone

CEO Age, Risk Incentives, and Hedging Strategy
Ettore Croci, Alfonso del Giudice, Håkan Jankensgård

CEO's Inside Debt and Dynamics of Capital Structure
Eric R. Brisker, Wei Wang

Volume 46, Issue 2 (Summer 2017)

How Much Do Corporate Defendants Really Lose? A New Verdict on the Reputation Loss Induced by Corporate Litigation
Bruce Haslem, Irena Hutton, Aimee Hoffmann Smith

Short Interest, Returns, and Unfavorable Fundamental Information
Ferhat Akbas, Ekkehart Boehmer, Bilal Erturk, Sorin Sorescu

Mutual Fund Liquidity Costs
Jon A. Fulkerson, Timothy B. Riley

Volume 46, Issue 1 (Spring 2017)

Political Party Affiliation of the President, Majority in Congress, and Sin Stock Returns
Sanjiv Sabherwal, Salil Sarkar, Mohammad Riaz Uddin

Growing Pains: International Instability and Equity Market Returns
Zhuo Chen, Andrea Lu, Zhuqing Yang

Labor Rights, Venture Capital, and Firm Performance
Xuejing Xing, John S. Howe, Randy Anderson, Shan Yan

Volume 45, Issue 4 (Winter 2016)

Macroeconomic Expectations and the Size, Value, and Momentum Factors
Mikael C. Bergbrant, Patrick J. Kelly

Socially Responsible Investing by Universities and Colleges
Janet Kiholm Smith, Richard L. Smith

The Effect of CEO Option Compensation on the Capital Structure: A Natural Experiment
Onur Kemal Tosun