Forthcoming Papers

This is the editor's page (ivo welch), not the journal's page (managed by Alet Heezemans). The journal editor and typesetter pull the final author version from this webpage, then collaboratively edit the author for English, and finally typeset the CFR version of the article. Any changes in the publisher's process are not reflected back here. Ergo, papers on the NOW Publisher's Site always supersede the ones posted here.

If you have an accepted paper and it is not on this website or on NOW publisher's website, please send an email to ivo welch.

Future Issues

The following volume/issue ordering is tentative. The within-issue ordering has not been determined. We try to bundle papers with similar topics in order to increase casual reader interest, so this can change the ordering of acceptance time and publication time across papers. You can cite the papers below as CFR, forthcoming, for now.

11-1 (Theme: Equity Premium, Beta, Corporate Finance)

11-1 Timothy C. Johnson. Economic Uncertainty, Aggregate Debt, and the Real Effects of Corporate Finance (appendices to go online in printed version, but not in electronic version).
11-1 James W. Kolari and Seppo Pynnonen and Ahmet M. Tuncez. On long-run stock returns after corporate events .
- 11-1 Hendrik Bessembinder and Feng Zhang. Long Run Stock Returns after Corporate Events Revisited.
11-1 Xing Han. Understanding the Performance of Components in Betting Against Beta. (Included appendix will become online.)
11-1 Gunter Löffler, Equity Premium Forecasts Tend to Perform Worse Against a Buy-and-Hold Benchmark.
11-1 Andrew C. Chang and Phillip Li. Is Economics Research Replicable? Sixty Published Papers from Thirteen Journals Say "Often Not".
11-1 Ivo Welch. Simply Better Betas. Note: Handling editor was Campbell Harvey.

11-2 (Theme: Asset Pricy)

11-2 Andrew Y Chen and Tom Zimmerman. Open Source Cross-Sectional Asset Pricing. will maintain extensive website of factors. LINK http://www.openassetpricing.com.
11-2 Hyuna Park. An Intangible-adjusted Book-to-market Ratio Still Predicts Stock Returns.
11-2 Andrea L. Eisfeldt, Edward T. Kim, Dimitris Papanikolaou. Intangible Value.
11-2 Baruch Lev and Anup Srivastava, Explaining the Recent Failure of Value Investing.
11-2 Thiago de Oliveira Souza. Dissecting market expectations in the cross-section of book-to-market ratios.
- 11-2 Bryan Kelly and Seth Pruitt. Dissecting market expectations in the cross-section of book-to-market ratios: A Comment.
11-2 Paul Borochin and Yanhui Zhao. Risk Neutral Skewness Predicts Price Rebounds and so can Improve Momentum Performance.
(Short Replication Paper:) Kuan-Cheng Ko and Nien-Tzu Yang. The Pre-Holiday Premium of Ariel (1990) Has Largely Become A Small-Firm Effect Out of Sample.

11-3 Special Issue on Higher Moments (Ed: Juhani Linnainmaa)

11-3 Andrew Detzel and Jefferson Duarte and Avraham Kamara and Stephan Siegel and Celine Sun. The Cross-Section of Volatility and Expected Returns: Then and Now.
11-3 Seongkyu Gilbert Park and KC John Wei and Linti Zhang. The Fu (2009) Positive Relation between Idiosyncratic Volatility and Expected Returns Is Due to Look-Ahead Bias. (Code: sas and matlab code.)
11-3 Mardy Chiah, Philip Gharghori, and Angel Zhong, Has Idiosyncratic Volatility Increased? Not in Recent Times. Sep 2020.
11-3 John Y. Campbell and Martin Lettau and Burton Malkiel and Yexiao Xu. Idiosyncratic Equity Risk Two Decades Later, Mar 2022.
11-3 Markus Leippold and Michal Svaton. Trend and Reversal of Idiosyncratic Volatility Revisited.
11-3 Russell P. Robins and Geoffrey Peter Smith, A New Look at Expected Stock Returns and Volatility.
11-3 Juan Carlos Matallin-Saez, Better performance of mutual funds with lower R2's does not suggest that active management pays (web annex).
11-3 Haimanot Kassa and Feifei Wang and Xuemin (Sterling) Yan. Expected Stock Market Returns and Volatility: Three Decades Later.
11-3 Anghel, Dan Gabriel and Petre Caraiani and Alina Rosu and Ioanid Rosu. Asset Pricing with Systematic Skewness.
11-3 Harvey, Campbell R. and Akhtar Siddique. /Conditional Skewness in Asset Pricing: 25 Years of Out-of-Sample Evidence.

11-4 (Theme: Asset Pricy)

11-4 Omri Even-Tov and Panos N. Patatoukas and Young S. Yoon. The Jobs Act Did Not Raise IPO Underpricing.
11-4 Yu-An Chen and Dan Palmon. Analyst Recommendations Respond More Symmetrically to Major News after Regulation FD and the Global Settlement: A Replication and Extension of Conrad, Cornell, Landsman, and Rountree (2006)
11-4 Sven Klingler. High Funding Risk and Low Hedge Fund Returns.
11-4 John Adams, Darren Hayunga, and Sattar Mansi. Scale and Performance in Active Management are Not Negatively Related.
- Lubos Pastor, Robert F. Stambaugh, Lucian A. Taylor, and Min Zhu. Diseconomies of Scale in Active Management: Robust Evidence.

11-4 Charles Martineau. Rest in Peace Post-Earnings Announcement Drift.
11-4 Gorman, Jake, Farida Akhtar, Robert B Durand and John Gould, It Could Be Overreaction, Not Lottery-Seeking, That Is Behind Bali, Cakici And Whitelaw's Max Effect.
11-4 Chen, Minxia, and Joseph Cherian and Ziyun Li and Yuping Shao and Marti G. Subramanyam, Clientele Effect in Sovereign Bonds: Evidence from Malaysia.

12-1 (Theme: Corporate Financy / Closer To AP)

12-1 John E. Hund and Donald Monk and Sheri Tice. The Berger-Ofek Diversification Discount is Just Poor Firm Matching. Note: Berger-Ofek have declined the invitation to write a response.
12-1 Yongjin Kim and Bryan R. Routledge. Does Macro-Asset Pricing Matter for Corporate Finance.
Russell:
- 12-1 Wei Wei and Alex Young. Selection Bias or Treatment Effect? A Re-Examination of Russell 1000/2000 Index Reconstitution. Not for Publication: Regression Discontinuity Versus Instrumental Variables: Response to Appel, Gormley, and Keim (2020)
- 12-1 Simon Glossner. Russell Index Reconstitutions, Institutional Investors, and Corporate Social Responsibility .
- 12-1 Appel, Gormley, Keim. Identification using Russell 1000/2000 index assignments: A discussion of methodologies.
12-1 Liu, Clark, and Baolian Wang. Demand Curves for Stocks Slope Down in the Long Run: Evidence from the Chinese Split-Share Structure Reform.

12-2 (Theme: Corporate Financy)

12-2 Eric de Bodt and Jean-Gabriel Cousin and Micah S. Officer. The relation between equity misvaluation and stock payment in mergers is spurious
12-2 Joseph T. Halford and John J. McConnell and Valeriy Sibilkov and Nataliya Zaiats. Existing Methods Provide Unreliable Estimates of the Marginal Value of Cash.
12-2 Heitor Almeida, Murillo Campello, and Michael S. Weisbach. The Cash Flow Sensitivity of Cash: Replication, Extension, and Robustness.
12-2 Alice Bonaimé, Kathleen Kahle, David Moore, and Alok Nemani. Employee Compensation Still Impact Payout Policy.
12-2 Nilanjan Basu and Imants Paeglis and Melissa Toffanin. Insider ownership and firm value: one shape does not fit all.
12-2 Zdrojewski, Antony, and Alexander W. Butler. Are two-way fixed-effect difference-in-differences estimates blowing smoke? A cautionary tale from state- level bank branching deregulation.

Not Yet Assigned

Heber Farnsworth, 2021, Mutual Fund Flows and Performance in Rational Markets (Revisited). Great paper.
Calluzzo, Paul, and Fabio Moneta and Selim Topaloglu, 2021. Complex Instruments Have Increased Risk and Reduced Performance at Mutual Funds.
Schneider, Christoph, and Oliver Spalt. Bidder and Target Size Effects in M&A Are Not Driven by Overconfidence or Agency Problems.
Zantout, Zaher, Kimberly Gleason, and Anand Systla, The Diminishing Scientific Impact of New Research in Finance.
Bliss, Barbara A and Mitch Warachka and Marc Weidenmier, How the Stock Ticker Decreased Price Efficiency in the Early 20th Century. appendix.
Anne-Marie Anderson and Benjamin Jansen, Law of One Price Violation in Parent-Subsidiary Relations.
Peixin Li and Baolian Wang, The Ungeheuer and Weber (2021) Comove and Stock Returns Effect Disappears with Control for Idiosyncratic Volatility.

Ungeheuer-Weber Res[pmse, So what do we learn from Li and Wang (2022)?.

Kroencke, Tim A, Robust Inference for Consumption-based Asset Pricing with Power.
Kleibergen-Zhao Response: A Powerful Test Needs to Be Size-Correct: Response to "Robust Inference for Consumption-based Asset Pricing with Power.", November 2022.
Nader Atawnah, Ghasan A Baghdadi, Huu Nhan Duong, Edward J. Podolski. The Bright Side of Foreign Competition: Import Penetration and Default Risk.
Loughran, Tim: Do Factors Matter?. Dec 13, 2022.
Hasler, Mathias, Is the Value Premium Smaller Than We Thought?. Jan 12, 2023.
- Fama-French Response, Comment on Hasler (2022).
Barth, James R., Mark Mitchell, and Yanfei Sun. Runs to Banks: The Role of Sweep Banking Deposits During Market Downturns. Jan 10, 2023.
Ahn, Byung Hyun, Panos N. Patatoukas, and Steven Davidoff Solomon, Universal Demand Laws Did Not Increase Management Entrenchment. Feb 26, 2023. (Supplement)
Nanda, Vikram K., and Alexander A. Vadilyev, "The Corporate Propensity to Dissave", July 2023.
Bork, Lasse, Pablo Robira Kaltwasser, Piet Sercu, and Tom Vinaimont. "Exchange Rates do not Predict Commodity Prices.", Sep 2023.

We try to bunch papers into volumes based on similarity. Thus, it may happen that some papers are published early, while other papers are published late. The idea is that papers have externalities on one another, making them more likely to be of interest when grouped together with other more similar papers.

Whenever possible, the CFR requests that authors choose titles that make the key point of their paper clear even without reading the abstract.