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 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 Investmentā€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